Final answer:
The Populist Party was formed in the 1890s by farmers seeking economic reform and government intervention in the economy. While initially successful at a state level, the party eventually lost its influence but left a lasting impact on American political ideas.
Step-by-step explanation:
Origins and Impact of the Populist Party
The People's Party, commonly known as the Populists, emerged from the economic turmoil of the late 19th century. Farmers, who faced hardships due to overproduction, high tariffs, and an indifferent federal government, founded the party in hope of creating much-needed economic reform. The Populists sought to join forces with urban workers to champion policies like government control of railroads, a subtreasury plan, a graduated income tax, the direct election of U.S. Senators, and the unlimited coinage of silver. Despite making significant progress in state legislatures and even sending delegates to Congress, the Populist Party struggled to unite a diverse population and eventually faded by 1900. Nonetheless, their ideas significantly influenced American politics, as many Populist proposals were later adopted into the platforms of the Republican and Democratic parties during the Progressive Era.