FARMERS PROBLEMS
Glossary of Terms Relevant to Economics in Early America
FARMERS PROBLEMS
Populism- A movement begun by farmers in the late 1800s to address issues affecting their way of life.
Inflation-an increase in prices due to an increase in money supply. Populists advocated an increase in the supply of money to ease problems caused by deflation after the Civil War.
The Grange: Organizations started by farmers. Originally intended as social organizations and opportunities to gain agricultural education. Became a powerful force in the beginning of the Populist movement which tried to obtain government regulation of railroads and freight rates.
Alliances: organized to promote the political causes of farmers. Supported state laws to limit the foreclosing of mortgages and limit unfair railroad practices. Regional alliances take the place of local grange organization in advancing political causes.
Crop-lien system: System whereby farmers would buy supplies on credit, paying off when the crops were harvested and sold for the year. In some instances, the debt would be more than the amount earned in the crop resulting in the perpetual system of debt for the farmer.
Gold Standard- Money in circulation is backed by gold. Amount of money in circulation is restricted by amount of gold to back it. Farmers were opposed to the gold standard because it restricted the amount of money in circulation.
William Jennings Bryan- Cross of Gold Speech. Famous Speech declaring that the US “shall not crucify mankind on a cross of Gold” opposes the gold standard.
AGRICULTURAL REVOLUTION 1880S AND 1890S
The change from primitive to modern farming methods.
1. Improvements in farm machinery
a. steel plow replaces the wooden plow
b. Reaper invented by Cyrus McCormick
2. Scientific agriculture
a. decreased farm population
b. increased production
c. increased mechanization
d. Commercial farming replaces self-sufficient farming
PROBLEMS OF FARMERS
1. Money problems- shortage of money. Farmers not getting enough money for their crops-deflation.
2. Distributors took too much of the wealth produced on farms
3. Railroads- charged different rates for shipments( long hauls were cheaper than short hauls)
4. Overproduction- led to falling prices for crops
5. Interest rates- farmers had to pay back much more than they borrowed
6. high farm costs- families owed money, had to increase their mortgages
ATTEMPTS TO SOLVE PROBLEMS
Farm organizations
1. The Grange
created to educate farmers on better methods of farming
-ended up becoming more political in fighting the railroads and created the cooperatives
2. The Cooperatives
created to help farmers by bypassing distributors
farmers could sell directly to big city markets and buy products at wholesale prices
INTERSTATE COMMERCE ACT OF 1887
suppose to correct a number of the railroad’s practices
resulted in :
a) making it illegal for railroads to pool, rebate, or charge higher prices for short trips than long trips or charge unreasonable rates.
b) created a commission(ICC) to investigate railroads accused of violating these laws.
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