What economic event led to the rise of the Populist movement in the late 19th century?

The rise of the Populist movement in the late 19th century was primarily driven by economic distress faced by farmers, particularly due to deflation and the monopolistic practices of railroads. During this period, many farmers found themselves in dire financial straits, as crop prices plummeted due to overproduction and deflation, making it increasingly difficult for them to pay off debts. Additionally, railroads often charged exorbitant rates for transporting their goods, which further exacerbated their financial struggles.

The Populist movement aimed to address these grievances by advocating for a range of reforms, including the regulation of railroad rates, the implementation of monetary policies such as the free coinage of silver to increase the money supply, and other measures to enhance the economic standing of farmers and laborers. This movement represented a significant grassroots effort to challenge the existing economic conditions that seemed to favor industrialists and monopolistic entities over the agricultural community.