Changes

Two forces drove this pro-silver or "free silver" movement:  Westerners had discovered silver mines, so they wanted the silver to become more valuable, and farmers wanted to cause inflation to increase the prices for their goods and lower the real cost of their debts to the banks.   

Two forces drove this pro-silver or "free silver" movement:  Westerners had discovered silver mines, so they wanted the silver to become more valuable, and farmers wanted to cause inflation to increase the prices for their goods and lower the real cost of their debts to the banks.   

Westerns and Southerners arranged for passage of the Bland-Allison Act in 1878, which required the government to purchase $2-4 million worth of silver each month.  In addition, a bill passed (over President Rutherford Hayes' veto) allowing for the free and unlimited coinage by the government of silver, such as silver dollars, at a value of 16-to-1 relative to gold (16 ounces of silver = 1 ounce of gold in value).  The government began minting silver dollars that are collectors' items today (and worth much more than one dollar now).

Westerns and Southerners arranged for passage of the Bland-Allison Act in 1878, which required the government to purchase $2-4 million worth of silver each month.  In addition, a bill passed (over President Rutherford Hayes' veto) allowing for the free and unlimited coinage by the government of silver, such as silver dollars, at a value of 16-to-1 relative to gold (16 ounces of silver was worth 1 ounce of gold).  The government began minting silver dollars that are collectors' items today (and worth much more than one dollar now).

But the price of silver fell as more was mined, because more of something usually means it is less valuable.  The monthly government purchases declined also.  Deflation continued for the next ten years.  $100 in 1878 was equivalent to only $84.43 in 1890.  Imagine that!  Deflation is devastating to farmers, as their income from milk and beef and other farm products decreases, while their debts grow higher in real value.

But the price of silver fell as more was mined, because more of something usually means it is less valuable.  The monthly government purchases declined also.  Deflation continued for the next ten years.  $100 in 1878 was equivalent to only $84.43 in 1890.  Imagine that!  Deflation is devastating to farmers, as their income from milk and beef and other farm products decreases, while their debts grow higher in real value.

The Populist Party no longer exists today but it had an enormous influence on the development of the United States.  Its platform included demands for the secret ballot, the direct election of senators, the right of citizens to have referenda or initiatives to change their state laws directly (New Jersey voters just passed two laws on Election Day), reforms of banks, and a "graduated" income tax that charges a higher percentage of wealthy people than of poor people.  All of these ideas eventually became law.  The Populist Party was also pro-silver and argued for a government takeover of the railroads.  Many farmers supported the Populist Party, which reached its zenith in the 1890s.  It disappeared because economic conditions improved and because it took an unpopular position against the Spanish-American War (note how wars often end the life of political parties!).

The Populist Party no longer exists today but it had an enormous influence on the development of the United States.  Its platform included demands for the secret ballot, the direct election of senators, the right of citizens to have referenda or initiatives to change their state laws directly (New Jersey voters just passed two laws on Election Day), reforms of banks, and a "graduated" income tax that charges a higher percentage of wealthy people than of poor people.  All of these ideas eventually became law.  The Populist Party was also pro-silver and argued for a government takeover of the railroads.  Many farmers supported the Populist Party, which reached its zenith in the 1890s.  It disappeared because economic conditions improved and because it took an unpopular position against the Spanish-American War (note how wars often end the life of political parties!).

The Republican Party recaptured the White House in 1896, as a Republican from Ohio named William McKinley was elected.  His Irish name helped attract support of large numbers of Scotch-Irish immigrants.  McKinley favored the gold standard.  After being reelected in 1900, he was assassinated in 1901 in Buffalo by an unemployed anarchist, and 96-foot tall obelisk (a mini-Washington Monument) was built in the center of the Buffalo to honor him.  Teddy Roosevelt, his Vice President, then became President and held power until 1908.

The Republican Party recaptured the White House in 1896, as a Republican from Ohio named William McKinley was elected.  His Irish name helped attract support of large numbers of Scotch-Irish immigrants.  McKinley favored the gold standard.  After being reelected in 1900, he was assassinated in 1901 in Buffalo by an unemployed anarchist, and a 96-foot tall obelisk (a mini-Washington Monument) was built in the center of the Buffalo to honor him.  Teddy Roosevelt, his Vice President, then became President and held power until 1908.

== Imperialism ==

== Imperialism ==