Exam 19: Financial Developments 1863–1914

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The Populist movement was a political movement in the late 19th century in the United States that sought to represent the interests of the common people, particularly farmers and laborers, against the entrenched power of big business and the wealthy elite. The movement was characterized by its support for policies that would improve the economic welfare of the working class, including public education, low unemployment, and the abolition of a national banking system.

Supporters of the Populist movement wanted the federal government to assume responsibility for economic welfare because they believed that the existing economic system was rigged in favor of the wealthy and powerful. They saw public education as a means of empowering the working class and providing opportunities for upward mobility. Low unemployment was a priority because many Populists were farmers who were struggling with falling crop prices and high levels of debt, and they believed that government intervention could create jobs and stabilize the economy.

The Populists also sought to abolish the national banking system because they believed it was controlled by wealthy interests and did not serve the needs of the common people. They advocated for a system of government-owned banks that would provide credit at low interest rates to farmers and small businesses, and they saw this as a way to break the power of the big banks and create a fairer financial system.

Overall, supporters of the Populist movement wanted the federal government to assume responsibility for economic welfare in order to create a more equitable society where the interests of the working class were prioritized over those of the wealthy elite. They saw public education, low unemployment, and the abolition of the national banking system as essential components of this vision.