Populist Party
(1892) A political party also known as the People's Party of the U.S.A.; the party supported free, unlimited coinage of silver, establishment of a federal income tax, and government ownership of the railroads. It was created by Farmers' Alliance members; William Jennings Bryan was an important representative of the Populist Party. The Populist Party was a powerful political party from the late 1800s that promoted reform. Many of the party's reforms were successful. Populist reformers succeeded in getting new laws passed, such as the adoption of an eight-hour workday and the abandonment of the gold standard.
Bimetallism
(1880s and 1890s) A monetary standard that is based on two metals (silver and gold) rather than one metal. The bimetallism movement forced the U.S. government to purchase a great deal of silver, which then led to an economic depression and the Panic of 1893.
Bessemer Process
A method of removing impurities from pig iron to produce molten steel. It was patented in 1865
Significance: The Bessemer process enabled steel to be mass-produced at affordable prices. By 1901, the United States was the world's leading steel producer. With a cheaper and more plentiful steel supply, railroad companies were able to build railroads at a faster pace. This process contributed to the completion of the Transcontinental Railroad.
Vertical and Horizontal Integration
Vertical integration—a system of related businesses in which a company owns its suppliers. Andrew Carnegie and Carnegie Steel practiced vertical integration.
Horizontal integration—a system of related businesses in which a company owns its competitors. Rockefeller and Standard Oil practiced horizontal integration.
Labor Union
A group of workers, united in their goals, who act collectively to fight for issues such as shorter work days, higher wages, and safer working conditions.
Important early labor unions included the Knights of Labor (1869), American Federation of Labor (AFL, 1881). Important Union Leaders consist of Samuel Gompers (AFL), Eugene Debs (American Railway Union) Labor unions changed the relationship between workers and owners. Before labor unions formed, business owners often took advantage of workers. Workers had to work long hours and were often paid unfair wages. Labor unions forced business owners to consider the well-being of their employees.
