Final answer:
In the 1892 presidential election, the Populist Party saw success with candidate James B. Weaver winning over a million votes and influencing the national election, but their broader reform agenda was overshadowed by the tariff issue. By aligning with Democrat William Jennings Bryan in the 1896 election, who then lost, and failing to connect with an increasing urban population, the Populist Party's impact waned.
Step-by-step explanation:
The Populist Party, also known as the People's Party, had significant success in the 1892 presidential election. Populist presidential candidate James B. Weaver won over a million votes and carried four western states. The party also influenced the national election by contributing to the defeat of incumbent Republican President Benjamin Harrison by Democratic candidate Grover Cleveland. Despite this impact, the Populists were unable to divert focus from the tariff issue which dominated Republican and Democratic campaigns, and therefore, could not fully promote their broader reform agenda. The strategy of fusion politics where Populists cooperated with other parties, although sometimes effective at a local level, eventually diluted their distinct political identity.
In the ensuing 1896 presidential election, the Populist Party aligned themselves with the Democratic candidate William Jennings Bryan, who supported similar economic reforms including the silver standard. Bryan's defeat to Republican William McKinley marked a significant setback for the Populists. As the nation's population became increasingly urban, the Populist Party struggled to adapt and connect with this demographic, ultimately leading to their decline as a political force.