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Farming Economics in the Late 1800's
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The Return of Agrarian Values Capitalism is the foundation of America and its opportunities; however, in the time period known as the Gilded Age the many flaws of capitalism were easily seen in the corrupt society. When the United States was founded the farmer was the cornerstone of the nation’s society. Their views were greatly respected by almost every politician in the country, especially those who believed in the Jeffersonian Ideal. It stated that the agrarian system was the best possible way of life for Americans and that farmers were to be highly respected, as they were the key to life in America. Eventually that began to change as industry became a huge part of the country and the rich industrialists gained political power. The new industry also worked against the farmers as it provided technological innovations that increased production so much, the market was flooded with farmers’ products, drastically reducing prices and profits. Also, with the monopoly of the railroads and the lack of competition, transportation and storage rates of goods skyrocketed to levels that were impossible for farmers to make any profits. They eventually came to have many debts to equipment vendors and other banks & lenders. Furthermore, as the value of money deflated, the amount of their debts increased along with a drop in earnings. All of this combined to anger American farmers, and they created the Populist Party. In the Platform of the People’s (Populist) Party of 1892, representatives of the farmers express their anger with these trends. Also, political cartoons began to show up around the country, such as the drawing in The Farmer’s Voice, a Chicago newspaper, which shows the poor farmer being locked in chains by an eastern aristocrat teamed with the government. Life was hard for the American farmer during the Gilded Age. Valuable agriculturalist demands for reform were shut down by corrupt government officials that worked for immoral industrialists, meanwhile, overproduction and monopolies continued to harm valuable farming interests. Even though industrialists and President McKinley disagreed, one of the most important issues to farmers was the reinstatement of silver as official currency. A major objective of the growing Populist Party was the restoration of silver as currency.
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