Final answer:
The Populist Party aimed to unite farmers and workers against the elite financial interests. They proposed progressive reforms like a graduated income tax and the coinage of silver to inflate the currency, aiding debtors. Their efforts to build a broad coalition faced challenges due to fears of inflation among urban workers, and they eventually declined after aligning with Democrats in 1896.
Step-by-step explanation:
Strategy and Appeal of the Populist Party
The Populist Party, also known as the People's Party, was formed in the 1890s and focused on the needs of farmers and the working class. Core to their strategy was the vision to unite the agricultural workers of the South and Midwest with the industrial workers of urban areas. Their platform advocated for measures like a graduated income tax, the direct election of U.S. Senators, loan programs to benefit farmers, a shortened workday, and especially the unlimited coinage of silver, which was believed to help put more wealth in the hands of the working class by causing inflation that would make their debts cheaper to pay off.
The Populists attempted to appeal to a broad section of America by confronting the interests of bankers and wealthy corporations. They aimed to attract the support of black voters, ethnic groups, and religiously diverse citizenry, due to the increasing diversity of the urban workforce. Despite their efforts, the Populist Party faced challenges in attracting industrial workers who feared that inflation would lead to instability and affect their wages.
During the election of 1896, the Populists supported Democratic candidate William Jennings Bryan, who shared their economic views. However, this strategy also led to their decline as a separate political entity, as they began to be perceived as an extension of the Democratic Party, ultimately being absorbed by the two-party system.