Panic of 1893

Bimetallism

-Farmers had too many debts and loans

System in which government would
-Railroads expand faster than markets,
give and
citizens
sooneither gold or silver for
become bankrupt.
checks or paper currency. This could
greenbacks
-Gold supply depleted due to purchasing
lead tosilver.
inflation, where
prices rise
Bland
Act couldn't
of 1878be exchanged
Paper
money
that
-People panicked and traded money
(good
for gold.
for farmers), value Allison
of money
forpeople
silver or
gold. Worth less than hard
-Stock prices fell in Wall Gold
Street.Bugs
decreases, and more
have
money
of
the
same
supposed to
value.
Law
that
required
government
buy and
-Price of silver plummets;
silver mines
money.
close
Bankers
and
businessmen
who
favored
the
Gold
coin at least 2 million to 4 million worth of
-Wages, prices, investments,
and purchases
Standard,
backing money with gold. They wanted to
silver monthly.
decline.
follow the gold standard b/c loans would be repaid in
Democrats
stable money.

Republicans

Political party composed

ofHudson
laborers Kelly
Oliver
The
Southern
Alliance
and farmers.
Political party composed of mostly business
Considered
to be the
Father of
the Grange
The
largest Farmers'
Alliance,
which
was
owners and bankers.
composed of white southern farmers.

Cross of Gold speech

Silverites

Farmers' Alliances
Grange

Those who favored bimetallism, usually

Speech given by William Jennings Bryan,
Groups
of
farmers
or sympathizers
of
farmers of laborers.
They
wanted
also
known
as the Patrons
of Husbandrya
Democratic nominee, showing his dislike
for
the
farmers
issues
who
educated
towns
about
bimetallism b/c their
products
would
social and educational organization where
agricultural
and rural
wanted
be sold at higher prices.
farmers
attempted
to issues.
combatThey
the power
of
low
interest
rates
on
loans
and
government
railroads and fought for their rights.
deflation
ownership of banks and railroads.
-Prices fall since value of money increases
Gold Standard Populists
-Fewer people have money, so the rich get richer. Populism
Backing dollars solely
with
gold.economically
This
These
people
wanted
an
The
movement
of the people;
a political
could lead to deflationPrices
fall,
increase indemanding
the money supply,
so they'd
movement
more representation
inflation
value of money increases,
fewer
more money
for their goods,
ofreceive
THE
PEOPLE
government
and toincome
people have money,
benefits
thein
rich.
tax,
& a federal
loan program. Politically, they
advance interests of farmers and laborers.
-Prices rise since value of money decreases
wanted single terms for the president and
Populist party calls for bimetallism,
-Everyone has money
vice president, a secret ballot, election of
government ownership of banks and
senators by popular vote, and a secret ballot
railroads, lower interest rates on loans, and
to end vote fraud. They wanted an 8-hour
free coinage of silver.
work day and immigration restrictions.

Platform
William Jennings Bryan
Populist
ideals became
Democratic
Democratic
nomineethe
who
gave the party,
andfamous
kept alive
theofconcept
that the
Cross
Gold speech,
favored by
government
is responsible
for reforming
both Democrats
and Populists.
His VP was
social
injustices
supposed
to .be Arthur Sewall, a Maine
banker. Populists instead nominated
Thomas Watson for VP.