Final answer:
The Populist Party supported William Jennings Bryan in the 1896 election because his policies aligned closely with theirs, particularly on silver currency. They nominated their vice-presidential candidate to maintain party identity, but after Bryan's loss, the Populist Party struggled to distinguish itself from the Democrats.
Step-by-step explanation:
In the 1896 election, the Populist Party supported William Jennings Bryan instead of presenting their candidate. Their decision stemmed from Bryan's alignment with many of their policies, especially regarding the silver standard and economic reforms favorable to farmers.
The Populists recognized Bryan's potential to enact the changes they desired and chose political pragmatism over risking a split in votes that could lead to a Republican victory. Despite the shared goals, the Populist Party attempted to maintain its identity by nominating its vice-presidential candidate, Tom Watson. Ultimately, Bryan's defeat also signaled a decline for the Populist Party as they struggled to remain distinguishable from the Democrats in the following years.