ࡱ> :<9y jbjbj 7{{X 8& 21NNNNN)))$)r))NNpppRNNppppN`.<p01pMdMpMp,)Z@p4)))*F)))1M))))))))) : 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 railroads 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.     89:LR$%-KWXY[\^_abdefghij̻⫯h;h<jh<U h;CJhf z5CJ\aJh;5CJ\aJh;5CJ\aJh;CJaJhY5CJaJhYhY5CJaJ9:KLk l '(QR8R1$7$8$H$Rp%fI h} )*bpW1$7$8$H$WXZ[]^`acdefghij !1$7$8$H$1$7$8$H$50P/ =!"#$%8 Dp^ 666666666vvvvvvvvv666666>6666666666666666666666666666666666666666666666666hH6666666666666666666666666666666666666666666666666666666666666666662 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~_HmH nH sH tH @`@ NormalCJ_HaJmH sH tH DA D Default Paragraph FontViV  Table Normal :V 44 la (k (No List PK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭V$ !)O^rC$y@/yH*񄴽)޵߻UDb`}"qۋJחX^)I`nEp)liV[]1M<OP6r=zgbIguSebORD۫qu gZo~ٺlAplxpT0+[}`jzAV2Fi@qv֬5\|ʜ̭NleXdsjcs7f W+Ն7`g ȘJj|h(KD- dXiJ؇(x$( :;˹! 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Originally intended as                  w2 YxH0 social organizations and opportunities to gain agricultural education.                      2 ox0 Becam  g2 o=0 e a powerful force in the beginning of the Populist movement                   s2 xE0 which tried to obtain government regulation of railroads and freight                      2 x0 rates.    2 0     2 x0    p2 xC0 Alliances: organized to promote the political causes of farmers.                    X2 x30 Supported state laws to limit the foreclosing of mo              &2 0 rtgages and limit     v2 xG0 unfair railroad practices. Regional alliances take the place of local                   V2 x20 grange organization in advancing political causes.               2 0     2 x0    2 0x0 Crop   2 00 - d2 0;0 lien system: System whereby farmers would buy supplies on                  X2 Ex30 credit, paying off when the crops were harvested an                ,2 E0 d sold for the year.        q2 [xD0 In some instances, the debt would be more than the amount earned in                      n2 pxB0 the crop resulting in the perpetual system of debt for the farmer.                     2 p{0     2 x0    2 x 0 Gold Standard       2 0 - 2 0   X2 30 Money in circulation is backed by gold. Amount of                :2 x0 money in circulation is restric         L2 g+0 ted by amount of gold to back it. Farmers              t2 xF0 were opposed to the gold standard because it restricted the amount of                      +2 x0 money in circulation.        2 "0     2 x0    ,2 x0 William Jennings Bryan       2 :0 - 2 @0   C2 J%0 Cross of Gold Speech. Famous Speech           b2 x:0 declaring that the US shall not crucify mankind on a cros                   2 K 0 s of Gold      22 1x0 opposes the gold standard.         2 1L0     2 Gx0    @Times New Roman--@Times New Roman--- "SystemvѴ @@@vEvű @@--  00//..&S՜.+,0 hp  NHCSR  FARMERS PROBLEMS Title  !"#$%&'()*+,-./02345678;Root Entry F1/=1TableMWordDocument7SummaryInformation(|"DocumentSummaryInformation81CompObjr  F Microsoft Word 97-2003 Document MSWordDocWord.Document.89q