Western farmers and ranchers were upset with the government in 1890 when they raised the tariff rate, which led to a steep decline in beef and crop exports.
A tariff is a tax that a government imposes on goods and services that are imported from other nations. Its purpose is to raise the price and reduce the appeal or at the very least the competitiveness of imports compared to native products.
The prices farmers were paid for their crops appeared to be declining. By 1897, the price of corn had dropped from 41 cents per bushel to 30 cents. Farmers made less money in 1894 when they planted 24 million acres of cotton than they did in 1873 when they planted 9 million acres. Many farmers struggled to pay off their debts due to exorbitant interest rates of up to 10% annually. Smaller, less well-funded farmers who worked on tiny plots of marginal land struggled to survive, while those who could afford to mechanize their operations and buy larger acreage could compete successfully.
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