because the populist called on black farmers and white farmers to work together
The Populist Party lost the election of 1896. This caused the group's finances to dwindle and ultimately led to the failure of the group altogether.
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The significance of the populism is to appeal to the interest and conceptions of the general people. Populism was a term that was used against politicians opponents.
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According to conventional wisdom populism has a strong appeal to farmers, peasants and the lower middle classes.
There isn't a definitive end to populism, as it is a political style that continues to resurface. Populism can wane when economic conditions stabilize, social issues change, or charismatic leaders lose influence. External events and shifts in public opinion can also impact the popularity of populist movements.
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Historians generally view populism as a failure, but a successful one. It was successful because its failure brought about opportunity for some needed reforms.