Search results
Cleveland believed that the Sherman Silver Purchase Act of 1890—which required the secretary of the treasury to purchase 4.5 million ounces of silver each month—had eroded confidence in the stability of the currency and was thus at the root of the nation’s economic troubles.
President Grover Cleveland summoned an emergency session of Congress on August 7, 1893, for the repeal of the act to prevent the further depletion of the government's gold reserves. [7] In 1890, the price of silver dipped to $1.16 per ounce.
Despite the mounting demand for free coinage of silver, Cleveland firmly believed that the silver purchases under the act of 1890 were in good part responsible for the panic that was causing distress in 1893.
Oct 1, 2019 · When Democrat Grover Cleveland (1837-1908) was elected U.S. president in November 1892 it was widely assumed that the Sherman Silver Purchase Act would be repealed to protect the nation's gold reserves.
from the perspective of one nineteenth-century president, Grover Cleveland. In 1896 Cleveland overcame congressional opposition in order to repeal the Sherman Silver Purchase Act. An important part of his success was two rhetorical strategies designed to appeal to the public. The first was a series of public acts that drew
Grover Cleveland repealed the Silver Purchase Act, which obligated the government to purchase a fixed amount of silver each month and diminished the Treasury’s supply of gold.
During the Panic of 1893, President Grover Cleveland attempted to protect dwindling US gold reserves by making the unpopular decision to repeal the Sherman Silver Purchase Act of 1890.
