Another economic issue that transpired during the late nineteenth century was that of the currency and the standardization of railroad costs
Another economic issue that transpired during the late nineteenth century was that of the currency and the standardization of railroad costs. These two issues were the major tenets for the founding of the Populist Party, a group mostly comprised of farmers who were frustrated with the lack interference from behalf of the government in regards to the rates of railraods and the disparity in rates and their desire for the free coinage of silver. Following the establishment of the gold standard, or “The Crime of ’73,” the Populists were incenseed at the demonetization of silver, as it reduced the money supply overall, which in turn increased the interest rates for the farmers. This was interpreted as yet another slight against the citizens who felt their best interests where being ignored in favor of the large businesses and trusts Doc 7. Members of the Populist Party direct their rhetoric towards their elected representatives in politics to take some form of action in favor of the farmers and working class citizens rather than monolithic enterprises. The question of the railroads was yet another issue the Populist Party demanded to be addressed. The monopolization of the railroad industry began to eliminate competition in what was originally meant to be a free market, causing a disparity in rates between companies, rates farmers had to pay in order to efficiently transport their crops. Although this particular conflict was dealt with to a degree through the Interstate Commerce Act of 1887, it ultimately failed as it was never truly enforced due to the contradictory and vague nature of the legislation Doc 4. This writ was signed into law by Congress under the administration of President Benjamin Harrison who claimed that it was most certainly constitutional for the federal government to extend their jurisdiction into regulating interstate commerce, following the outcry from farmers who spoke sharply against the unfair rates that were being imposed upon them.