U.S. HISTORY: Populist Party

-Prices for their crops were falling due to over-production of grains -Banks were charging high interest rates on mortgages & were foreclosing on debtors -Railroads charged high rates for shipping & storing their crops

-The gov't reduced the paper money (greenbacks) & relied on gold-backed currency -This led to deflation making it harder for farmers to pay off debts -When westerners appealed to their politicians, nothing was done

-These groups attacked abusive banks & railroad companies -They called on farmers to form their own co-op stores, banks, & storage silos to avoid exploitation -Both groups failed to gain improvements for farmers

Formed in 1890 & demanded . . . -Government regulation of railroads in order to lower rates -A national income tax to take the burden of taxation off farmers -Direct-election of Senators to make politicians more responsive -Bimetalism: Using gold & silver to inflate the money supply

-He embraced Populist ideas & was nominated by the Democrat & Populist Parties in the 1896 presidential election. -Lost the election to William McKinley