The Homestead Act of 1862 was one of the more significant developments. The Homestead Act allowed the head of each household to gain 160 acres offered by the government. This went on the prove the governments support for settlement. Over 600,000 families gained the 160 acres of land in a span of 40 years. Another major development was the Battle of Wounded Knee which occurred in 1890. This massacre left about 150 Native Americans dead. It is often referred to as the Massacre of Wounded Knee, it’s also known as the final clash between the Sioux and federal troops. This was known as the end of the clashes, but it also had massacred numerous Native Americans. The Populist Party, or the People’s Party was a new political party which had risen in 1892. The main goal of the Populist Party Platform was to increase the money supply. The Populists had numerous ideas to achieve their goal. Some ideas included graduated income taxes, introducing a federal loan program, popular vote of the Senators, term limits, secret ballot, 8 hour workdays, and immigration restrictions. The Populist Party was eventually incorporated by the Democratic Party. Graduated income tax is when the wealthy upper class pay more tax and lower class pays less tax. These were several ideas that the Populist Party had to accomplish their …show more content…
The Panic of 1893 was one of the most important challenges faced. The Panic of 1893 ultimately caused many railroads to go bankrupt, it caused stocks and silver prices to fall as well as wages, investments and consumer purchases to also fall as a result, several banks and businesses were closed. This led the country falling into a depression with a high unemployment rate of 20%. An economic development was bimetallism. Bimetallism was when silver and gold were both used as a basis for currency, it allowed for more money to be in circulation.This led to higher prices (inflation). It made it easier to pay loans off. The populists favored this. The banks and creditors, however, favored gold standard. Gold standard was when only gold was used as a basis for money. Less money was in circulation (deflation). The transcontinental railroad was the first railroad to cross country borders. It greatly affected the economy when it became more expensive to transport animals and crop for farmers. Railroads became huge, and land grants were given to lay tracks. This greatly affected the