The Sherman Silver Purchase Act was an 1890United States federal law. While not authorizing the free and unlimited coinage of silver that the silverites wanted, it increased the amount of silver the government was required to purchase every month. In addition to the $2-4 million dollars that had been required by the Bland-Allison Act of 1878, the US government was now required to purchase an additional 4.5 million ounces of silver bullion every month. The law required the Treasury to buy the silver with notes that could be redeemed for either silver or gold. That plan backfired, as people turned in their silver Treasury notes for gold dollars, thus depleting the government's gold reserves. After the Panic of 1893 broke, President Grover Cleveland oversaw the repeal of the Act in 1893 to prevent the depletion of the country's gold reserves. 1890 (MDCCCXC) was a common year starting on Wednesday (see link for calendar) of the Gregorian calendar (or a common year starting on Friday of the Julian calendar). ... The United States Code (U.S.C.) is a compilation and codification of the general and permanent federal Law of the United States. ... General Name, Symbol, Number silver, Ag, 47 Chemical series transition metals Group, Period, Block 11, 5, d Appearance lustrous white metal Atomic mass 107. ... The Bland-Allison Act of 1878 was a response to the Fourth Coinage Act, or the Crime of 73! demonetizing silver. ... A precious metal is a rare metallic element of high, durable economic value. ... The United States Department of the Treasury is a Cabinet department and the treasury of the United States government. ... The Panic of 1893 was a serious decline in the economy of the United States that began in 1893 and was precipitated in part by a run on the gold supply. ... Stephen Grover Cleveland (March 18, 1837 – June 24, 1908) was the 22nd (1885–1889) and 24th (1893–1897) President of the United States, and the only President to serve two non-consecutive terms. ... 1893 (MDCCCXCIII) was a common year starting on Sunday (see link for calendar). ...
ShermanSilverPurchaseAct, 1890, passed by the U.S. Congress to supplant the Bland-Allison Act Bland-Allison Act, 1878, passed by the U.S. Congress to provide for freer coinage of silver.
The ShermanSilverPurchaseAct (supported by John Sherman only as a compromise with the advocates of free silver free silver, in U.S. history, term designating the political movement for the unlimited coinage of silver.
Free silver became a popular issue soon after the Panic of 1873, and it was a major issue in the next quarter century.
The great silver strikes of the 80's in the San Juan mountains and in places like Leadville made silver prices fall even further, but the mining of silver continued to be a profitable venture.
The "ShermanSilverPurchaseAct" was passed by Congress and the price of silver shot up from.84 cents to $1.50 an ounce, but it's market value would drop from this high.
The repel of the silveract was felt around the country but not as severely as it was in Colorado.
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