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.

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?