Populist Party Grange • Grange (1867) – organization (created by Oliver Kelly) of farmers that banded together to fight rising Freight costs Munn v. Illinois 1877 • Supreme court declared private property could be regulated by state/federal government when such regulations would benefit the public good *Regulate the railroads helps farmers Farmers Alliance • Farmers' Alliances – formed after Grange looses support. Continues to work to support farmers Interstate Commerce Act 1887 • Law that was designed to regulate the railroad industry • Required that railroad rates be "reasonable and just," • did not empower the government to fix specific rates. *failed to stop the Monopolies * Fixed by Hepburn Act (1906) Beginning of the People’s Party • Farmers Alliance • needed more support in Washington Formed the Populist Party to fight for Farmers rights in 1892 Omaha Platform • • • • • • • Goals of Populist party: government ownership of transportation Increase in the money supply Progressive Income Tax- more money you make, more you pay Paper currency Direct elections of senators Eight hour workday Panic of 1893 • Worst Economic depression up to that date in American History • Started due to: -Railroad Failure from quick expansion and no ability to pay loans -Wall street crash Gold Standard v. Bimetallism • Two views on money • Gold StandardPaper Money would be backed by Gold - Bimetallism- Gold and Silver would be used as money William Jennings Bryan • Populist leader, Gave • speech before election -“Cross of Gold Speech” Bryan states need for bimetallism and the dangers of the Gold Standard Election of 1896 • Republican William McKinley - Wanted Gold Standard Versus • William J. Bryan -wanted bimetallism • McKinley wins but Bryan influences future populist reforms