Final answer:
The Populists sought to inflate the economy by advocating for the use of both gold and silver to back the currency, aiming to increase the money supply to help indebted farmers and reduce reliance on international markets. Industrial workers feared inflation would raise prices faster than wages. The Populist Party's influence waned as the economy recovered and major parties absorbed some of their policies.
Step-by-step explanation:
The Populists wanted to inflate the economy by increasing the amount of currency in circulation, which they believed would help farmers who were in debt due to the deflationary effects of the gold standard. They advocated for bimetallism, the use of both gold and silver to back currency, which would increase the money supply and lead to inflation. Their rationale was that inflation would relieve farmers and others who owed money by making it easier to pay off debts with cheaper dollars.
However, most industrial workers were wary of inflation, fearing that a rapid increase in the money supply would increase consumer prices faster than wages could keep up. The Populists also supported policies of import substitution industrialization, land reform, and efforts to reduce dependency on international markets. Despite their initial growth, the Populist Party declined following the 1896 presidential election, as the economy began to recover and elements of their platform were co-opted by the Republicans and Democrats.
The discovery of gold in Alaska and the economic boost from the Spanish-American War further diminished the urgency for the drastic economic reforms the Populists had championed, although their reformist zeal and some of their ideas would continue to influence American politics into the twentieth century.