Short Answer 
The Populist Party, formed in the late 19th century to represent farmers and laborers, aimed for economic reform through key goals outlined in the Omaha Platform, such as the unlimited coinage of silver, direct Senate elections, and a graduated income tax. While they achieved some success, particularly with the 17th Amendment for direct Senate elections, many of their objectives remained unfulfilled and they encountered challenges uniting different social groups.
Step 1: Understand the Foundation of the Populist Party
The Populist Party, also known as the People’s Party, emerged in the late 19th century to advocate for the needs of farmers and laborers. Their formation was a response to economic challenges faced by these groups, and they sought to amplify their voices in the political arena. Key to their platform were three main goals, which reflected their commitment to economic reform and democratic practices.
Step 2: Key Goals of the Populist Party
The Populist Party outlined their aspirations in the Omaha Platform, emphasizing three major objectives:
- Unlimited coinage of silver: This aimed to increase the money supply, assisting farmers in repaying debts.
- Direct election of U.S. Senators: Intended to make the political process more democratic and accountable to the citizens.
- Graduated income tax: This proposed a tax system where wealthier individuals would pay a larger share, promoting a fairer economy.
Step 3: Achievements and Challenges
The Populist Party experienced some significant milestones, most notably influencing the passage of the 17th Amendment, which allowed for the direct election of Senators in 1913. However, many of their other objectives, such as the unlimited coinage of silver, were not realized. Additionally, they faced major hurdles, including racial tensions and the difficulty of unifying urban workers with farmers for a common cause.