Today Chelsea continued to present on Chapter 5 Section 3. I learned that farmers were in debt because the machinery was expensive and that they had to borrow money from banks. Wheat prices were also low. I learned that another problem was that in small towns when they had to ship the grains the railroads could charge more in the East than in the West because of lack of competition. They even charged more for short distances in the West. I also learned that the farmers than started to grow more grain and bought more land, which put them into more debt. Prices for crops were falling and banks were mortgaging farms throughout the 1820's. I learned that the farmers and debtors pushed the government to issue more money into circulation because the farmers wanted inflation (crop prices would go up). Next we talked about the Populists.The Populists were common people such as farmers and factory workers. They were known as the People's Party. I learned that they wanted to give more power to the people, increase money circulation, and aslo wanted inflation so they charge higher prices on crops. Another thing that they wanted was a graduate income tax, which means the more more you make the moer you have to pay for taxes. I also learned that they wanted direct election of Senators because before the Legislature would elect white, wealthy men. They also wanted single terms for the president and vice preseident, but they also wanted a secret voting ballot. I learned that they also wanted an 8 hour work day, and restrictions on the number of immigrants because they took jobs away from the common people.
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