Sherman Silver Purchase Act


Also found in: Wikipedia.

Sherman Silver Purchase Act,

1890, passed by the U.S. Congress to supplant the Bland-Allison ActBland-Allison Act,
1878, passed by the U.S. Congress to provide for freer coinage of silver. The original bill offered by Representative Richard P. Bland incorporated the demands of the Western radicals for free and unlimited coinage of silver.
..... Click the link for more information.
 of 1878. It not only required the U.S. government to purchase nearly twice as much silver as before, but also added substantially to the amount of money already in circulation. The Sherman Silver Purchase Act (supported by John Sherman only as a compromise with the advocates of free silverfree silver,
in U.S. history, term designating the political movement for the unlimited coinage of silver. Origins of the Movement

Free silver became a popular issue soon after the Panic of 1873, and it was a major issue in the next quarter century.
..... Click the link for more information.
) threatened, when put into operation, to undermine the U.S. Treasury's gold reserves. After the panic of 1893 broke, President Cleveland called a special session of Congress and secured (1893) the repeal of the act.
References in periodicals archive ?
The outcome of this new political pressure was the Sherman Silver Purchase Act of 1890, which was designed to supplant the Bland-Allison Act.
9) Cleveland successfully marshaled public opinion against the Sherman Silver Purchase Act, which he blamed for the crisis, and he appealed to a joint session of Congress on August 6, 1893, for its repeal.
Cleveland's response to the Panic of 1893 was to repeal the Sherman Silver Purchase Act of 1890, which he saw as undermining confidence and ultimately to blame for the crisis.
Ultimately, the silver issue was secondary to the 1893 crisis, so although the Cleveland administration's response, repealing the Sherman Silver Purchase Act, resolved concerns over the stability of the gold standard, it did not immediately bring recovery.
Going Public" in the Nineteenth Century: Grover Cleveland's Repeal of the Sherman Silver Purchase Act.
Senate gave final congressional approval to repealing the Sherman Silver Purchase Act of 1890.