Overview
This lecture covers the origins, key figures, beliefs, and legacy of the Populist (People’s) Party in late 19th-century America, highlighting its impact on modern politics.
The Rise of Populism
- Late 1800s saw rapid industrialization in the U.S., benefiting some but leaving many farmers struggling.
- Low inflation and high loan interest rates hurt farmers, causing widespread frustration and anger.
- Farmers blamed wealthy elites (plutocrats), especially bankers and large corporations, for their hardships.
Early Populist Organizations
- Groups like the Grangers, Farmers’ Alliances, and Greenbackers advocated for lower railroad rates and higher taxes on the wealthy.
- Urban labor and rural farmer groups united, forming larger organizations such as the Farmers and Laborers Union of America.
- By the late 1880s, these movements posed a serious challenge to the Democratic and Republican parties.
Formation of the Populist (People’s) Party
- The Populist Party was officially founded in 1891, gaining early influence in states like Kansas.
- Notable leaders included Jerry Simpson, William Peffer, and Mary Elizabeth Lease.
- The movement promoted racial and gender equality, criticizing the influence of big business in government.
The 1892 Platform and Election
- In 1892, the Populist Party nominated James B. Weaver for president and adopted a platform including:
- Free and unlimited coinage of silver for inflation.
- Elimination of the national banking system.
- Increased circulation of cash and easy borrowing.
- Government ownership of communication and transportation.
- Progressive income tax.
- Direct election of U.S. senators.
- More direct democracy in legislation.
- Banning foreign land ownership.
- Weaver received over a million votes and 22 electoral votes in 1892.
Decline and Legacy of the Populist Movement
- Internal divisions emerged over issues like alcohol prohibition, civil rights, and alignment with other parties.
- In 1896, Populists supported William Jennings Bryan, but divisions and changing economic conditions weakened the movement.
- Economic recovery reduced the urgency of Populist demands; after 1900, the party faded.
- Many former Populists joined the Democratic or new Socialist Party, but their ideas influenced future progressive reforms.
Key Terms & Definitions
- Populist — supporter of a movement representing ordinary people’s interests against elites.
- Plutocrat — a person who gains power from wealth.
- Gilded Age — period of rapid economic growth and inequality in late 19th-century America.
- Progressive income tax — tax where higher earners pay a higher rate.
- Direct election of senators — system where voters, not state legislatures, choose U.S. senators.
Action Items / Next Steps
- Review Populist Party platform and its influence on later progressive reforms.
- Prepare for discussion on how populism shapes modern political rhetoric.