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Period 2, 5, & 6
We will examine the debate in the United States over the use of gold and silver. We will also examine what an allegory is. Go Over Homework
Chapter 5 Notes
Allegory
Letter
Farmers and the Populist Movement
US prints greenbacks during the Civil War Greenbacks couldn’t be exchanged
for gold or silver Worth less than hard money
Pulling the Greenbacks out of circulation caused prices to drop
Wheat went from $2 a bushel to 68 cents
Farmers paid high prices to the railroad to grain Railroads had a Monopoly- no competition and
could charge what they wanted Farmers organized into the Grange to fight the
railroads
Populist Party Platform
Economic Reforms Increase the money supply Graduated income tax
Society Reforms 8 hour workday Restriction on immigration
Government Reforms Election of US Senators 1 term for President
Bimetallism v. Gold Standard
Bimetallism Use both gold and
silver to back papery money
Allows for money to be printed
Gold Standard Use only gold to back
paper money
Less money to be printed
Currency more stable
Election of 1896
William Jennings Bryan
William McKinley
Populist Movement fails to win the election of 1896
Two powerful legacies Lower class could organize to try and
improve situation Many reforms are passed in the 20th
century
What is an allegory?
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