JAMES BAIRD WEAVER

This is a fascinating historical quotation. Karl Marx and Friedrich Engels wrote The Communist Manifesto in 1848 in England and in less than 40 years, American politicians were already in fear of the doctrine. Communism had one of the fastest spreads of any ideology. By 1886 we already see the beginnings of a Red Scare. At the time, most laws were designed to protect the wealthy and the middle class, and many discriminated against workers and the poverty stricken.

Weaver thought that the huge Federal land holdings should only be used to give land to homeless people. With land, they could build shelter, plant food, and raise cattle. In modern times it is much more difficult to help the homeless for few people could survive on a parcel of land even if given.

At the time any private bank could issue their own money. Private sector bankers thought it outrageous that the Congress should consider trampling on their rights to issue money. The solution that was finally adopted some years later was to use the Federal Reserve Board to control the money supply. It is independent of the Congress and the President but members are appointed by the President and confirmed by the Senate. Our system, like no other system, is a compromise where neither the Government or the Private Sector controls the American money supply.

Most people owned a little land as most of America were still farmers. They had small amounts of money at different times but spent it for necessities. A relatively few people (mostly in the East) had money—gold and paper currency backed by gold. If the price of property was high, only rich could afford to buy it. The home mortgage system did not then exist, so there was no way that the average land owner could get enough money to buy land to expand farms or buy for children unless the price was low. Today, most land owners want the price of land to be high. The financial system in use at the time makes the difference.

The Republicans had won with Abraham Lincoln in 1860.

This is a remarkable quotation in that it proposed exactly what the United States did in the Nixon administration. We went off the gold standard and backed American money with the wealth and “full faith and credit” of the nation and all its assets. It has been the strongest and most sought after currency in the world despite the fact that it is not backed by gold or silver as earlier American currency was.

Western populists were terribly suspicious of the cities. Note that the migration to cities was noticeable enough to be considered a problem. Better roads and the railroads made relocation easier.

Threadneedle and Lombard streets was the center of the London Financial District.

Threadneedle and Lombard streets was the center of the London Financial District.

The Republicans had won with Abraham Lincoln in 1860.

This is a fascinating historical quotation. Karl Marx and Friedrich Engels wrote The Communist Manifesto in 1848 in England and in less than 40 years, American politicians were already in fear of the doctrine. Communism had one of the fastest spreads of any ideology. By 1886 we already see the beginnings of a Red Scare. At the time, most laws were designed to protect the wealthy and the middle class, and many discriminated against workers and the poverty stricken.

Western populists were terribly suspicious of the cities. Note that the migration to cities was noticeable enough to be considered a problem. Better roads and the railroads made relocation easier.

Money was backed by gold then and therefore limited and the country was growing, and needed more money to finance development. But the only way to then have more money in circulation was for the government to borrow it from the people who had it—mostly wealthy people in the East and in England. These gold owners charged very high interest rates. However there was much more silver in the U. S. and more was being mined every day. So for many populists, the answer was to make silver a basis for money. But those who had gold backed money wanted to maintain the shortage of currency in the growing nation The populists naively thought that if there was sufficient money supply all other problems like labor strife would disappear. Some did when the money supply was finally expanded, but it was no panacea.

Weaver thought that the huge Federal land holdings should only be used to give land to homeless people. With land, they could build shelter, plant food, and raise cattle. In modern times it is much more difficult to help the homeless for few people could survive on a parcel of land even if given.

Weaver was ahead of his time. 7 years later, Congress would pass the first Interstate Commerce Act that began to regulate the railroads. Many others would follow.

This is a remarkable quotation in that it proposed exactly what the United States did in the Nixon administration. We went off the gold standard and backed American money with the wealth and “full faith and credit” of the nation and all its assets. It has been the strongest and most sought after currency in the world despite the fact that it is not backed by gold or silver as earlier American currency was.

At the time any private bank could issue their own money. Private sector bankers thought it outrageous that the Congress should consider trampling on their rights to issue money. The solution that was finally adopted some years later was to use the Federal Reserve Board to control the money supply. It is independent of the Congress and the President but members are appointed by the President and confirmed by the Senate. Our system, like no other system, is a compromise where neither the Government or the Private Sector controls the American money supply.

Most people owned a little land as most of America were still farmers. They had small amounts of money at different times but spent it for necessities. A relatively few people (mostly in the East) had money—gold and paper currency backed by gold. If the price of property was high, only rich could afford to buy it. The home mortgage system did not then exist, so there was no way that the average land owner could get enough money to buy land to expand farms or buy for children unless the price was low. Today, most land owners want the price of land to be high. The financial system in use at the time makes the difference.

At the time, this was considered a very radical point of view by the Democrats and Republicans. It was classic populism.