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The Sherman Silver Purchase Act was a United States federal law enacted on July 14, 1890. [1] The measure did not authorize the free and unlimited coinage of silver that the Free Silver supporters wanted. It increased the amount of silver the government was required to purchase on a recurrent monthly basis to 4.5 million ounces.
In United States: The silver issue. …antitrust law, it enacted the Sherman Silver Purchase Act, which required the secretary of the treasury to purchase each month 4,500,000 ounces (130,000 kilograms) of silver at the market price. This act superseded the Bland–Allison Act of 1878, effectively increasing the government’s monthly purchase ...
May 18, 2018 · The Sherman Silver Purchase Act required the U.S. treasury to more than double its monthly purchase of silver to 4.5 million ounces. The direct effect of the Sherman Act was a threat to the U.S. Treasury's gold reserves and a $156 million increase in the amount of paper money in circulation.
The Sherman Silver Purchase Act provided for the following: The Treasury would purchase 4.5 million ounces (or 281,250 pounds) of silver each month at market rates. The Treasury would issue notes redeemable in either gold or silver. The planned government purchases amounted to almost the total monthly output from the mines.
Less than two weeks after Congress passed the antitrust law, it enacted the Sherman Silver Purchase Act, which required the secretary of the treasury to purchase each month 4,500,000 ounces (130,000 kilograms) of silver at the market price. This act superseded the Bland–Allison Act of 1878, effectively increasing the government’s monthly ...
Oct 1, 2019 · The act required the federal government to buy 4.5 million ounces of silver every month at market prices, purchased with a new issue of treasury notes and minted into dollar coins, both of which could be redeemed for gold from the U.S. Treasury.
Sherman Silver Purchase Act, 1890, passed by the U.S. Congress to supplant the Bland-Allison Act 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.
