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Topic: Sherman Silver Purchase Act

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Grover Cleveland

	United States - Economy: The Silver Crash and The Reciprocity Principle
		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 "Sherman Silver Purchase Act" 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 silver act was felt around the country but not as severely as it was in Colorado.
	members.aol.com /greenmm23/myhomepage (1078 words)

	The Key Factors to Free Silver Movement (Site not responding. Last check: 2007-10-21)
		The Bland-Allison Act of 1878 was such a Congressional Act that was to aid the silver producers and farmers who were demanding the return of silver.
		With this increase in the purchase of silver there were many fears by the deflationists that the nation would leave the gold standard.
		He believed that silver was the country's "greatest peril" and that the repeal of the act would lead the nation out of depression.
	mason.gmu.edu /~dbill/page2.html (461 words)

	From Revolution to Reconstruction: Documents:Grover Cleveland, Message on the repeal of the Sherman Silver Purchase ...
		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.
		This law provides that in payment for the 4,500,000 ounces of silver bullion which the Secretary of the Treasury is commanded to purchase monthly there shall be issued Treasury notes redeemable on demand in gold or silver coin, at the discretion of the Secretary of the Treasury, and that said notes may be reissued.
		I earnestly recommend the prompt repeal of the provisions of the act passed July 14, 1890, authorizing the purchase of silver bullion, and that other legislative action may put beyond all doubt or mistake the intention and the ability of the Government to fulfill its pecuniary obligations in money universally recognized by all civilized countries.
	odur.let.rug.nl /~usa/D/1876-1900/reform/grover.htm (957 words)

	Search Results for "Sherman" (Site not responding. Last check: 2007-10-21)
		Sherman is said by many to be the greatest of the Civil War generals....
		Sherman Antitrust Act, 1890, first measure passed by the U.S. Congress to prohibit trusts; it was named for Senator John Sherman.
		Sherman, James Schoolcraft, 1855-1912, Vice President of the United States (1909-12), b.
	www.bartleby.com /cgi-bin/texis/webinator/sitesearch?FILTER=col65&query=Sherman (226 words)

	Currency and sherman (Site not responding. Last check: 2007-10-21)
		An initial removal of foreign capital resulted from the Sherman Silver Purchase Act of 1890, which provided for the monthly purchase of 4,500,000 ounces of silver and the Treasury's release of legal tender notes that would be redeemable in either gold or silver.
		This act translated into a twofold increase in the amount of silver that the federal governments had to purchase.
		In the aftermath of the passage of the Sherman Silver Purchase Act, the price of silver declined, which resulted in a fall in the value of the notes or legal tender issued.
	ccat.sas.upenn.edu /~jeturner/sherman.html (666 words)

	The Silver Question
		In 1837, Congress established a relationship between silver and gold at the ratio of 16 to 1 (meaning that 16 ounces of silver were to be equal in value to one ounce of gold).
		Mine operators remembered the advantage of having a ready market through government purchase and began to refer to demonetization as the "Crime of '73." The mining interests were still a small force, but they found that they could increase their clout by allying with the farmers.
		Traditionally farmers were often mired in debt, depending upon banks for the funds to purchase seed and equipment in the spring and hoping for a successful harvest to pay off their debt in the fall.
	www.u-s-history.com /pages/h763.html (823 words)

	Dr. B's Homepage
		The Bland-Allison Act was replaced in 1890 by the Sherman Silver Purchase Act, which allowed increased coinage of silver.
		Sherman Antitrust Act - One of the great landmarks in the development of the U.S. government-business relationship, the Sherman Anti-Trust Act of 1890 was enacted by Congress to prohibit trusts and combinations in restraint of trade or commerce among states or with foreign nations.
		At first the Sherman Act was rendered ineffective by Supreme Court decisions such as in UNITED STATES V. The act's provision for federal injunctions, however, was used against unions until the Norris-La Guardia Act of 1932.
	www.myschoolonline.com /page/0,1871,999-126152-1-99246,00.html (4368 words)

	Sherman Silver Purchase Act on Encyclopedia.com (Site not responding. Last check: 2007-10-21)
		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.
		The Sherman Silver Purchase Act (supported by John Sherman only as a compromise with the advocates of free silver) threatened, when put into operation, to undermine the U.S. Treasury's gold reserves.
	www.encyclopedia.com /html/S/ShermanS1P1A1.asp (344 words)

	Background
		In 1890, the Sherman Silver Purchase Act was passed and authorized the United States Treasury to buy 4.5 million ounces of silver monthly and issue bank notes for it.
		The Sherman Silver Purchase Act was repealed in 1893.
		William Jennings Bryan, the Democratic nominee for president in 1896, was a prominent advocate for the free coinage of silver.
	tiger.towson.edu /~hsauer1/Background.htm (757 words)

	Crime of '73, Bland Allison Act (Site not responding. Last check: 2007-10-21)
		A long version: in the early 1870s, the market value of silver was much higher than the value the mint would give to miners to use the silver for minting coins.
		in 1873 a law (the coinage act of 1873) was passed which basically acknowledged the current situation and officially ended the minting of silver coins.
		allison, the act required the us treasury to purchase between 2 million and 4 million worth of silver bullion monthly, to be coined into silver dollars.
	www.owlnet.rice.edu /~mwfriedm/terms/adele17.html (470 words)

	Sherman Silver Purchase Act
		Sherman Silver Purchase Act, 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.
		free silver: Political Ferment and Legislative Compromise - Political Ferment and Legislative Compromise The demands for unlimited silver coinage led to the...
	www.factmonster.com /ce6/history/A0844879.html (190 words)

	Gen. Longstreet Wars for Gold
		The Gold Standard Act of 1890, which officially established the gold standard in America, was the culmination of a twenty-year battle between inflationists, who favored unlimited government purchase of silver (the "Free Silver" movement), and the advocates of sound money based on the gold standard.
		The 1873 Bland-Allison Act required the Treasury to purchase between $2 million and $4 million worth of silver per month, and the 1890 Sherman Silver Purchase Act required the government to buy increasing amounts of silver, paid for in Silver Certificates and Treasury Notes that were redeemable in gold.
		The 1896 election was the high tide of the free silver movement, characterized by William Jennings Bryan's famous "cross of gold" speech in which he denounced the deflation that accompanied the gold standard and advocated inflationary finance as the key to prosperity.
	www.mises.org /freemarket_detail.asp?control=205 (620 words)

	The Silverton Northern Story (Site not responding. Last check: 2007-10-21)
		This branch was the local example of a frenzy of mining activity all over the West spurred by the passage of the Sherman Silver Purchase Act of 1890.
		The idea was to revitalize the silver industry and the San Juans were alive with mining activity.
		As luck would have it, the Sherman Silver Purchase Act was repealed in the summer of 1893.
	www.narrowgauge.net /sn_story.htm (1019 words)

	Congressional Politics in the Gilded Age: A Classroom Simulation \| David L. Ghere \| Gilded Age \| OAH Magazine of History
		Following the Civil War, new regional issues such as the coinage of silver and the regulation of railroads were added to the longstanding regional issues of the protective tariff and civil rights for African Americans.
		The political efforts of farmers and the silver mining industry resulted in the Bland-Allison Act of 1878 and the Sherman Silver Purchase Act of 1890, as well as the emergence of the Populist Party and the Silverite Party in the early 1890s.
		Silver Purchase Bill—The United States Treasury will purchase 4.5 million ounces of silver per month from domestic mining companies and issue new paper money of comparable value to be redeemable in either gold or silver.
	www.oah.org /pubs/magazine/gilded/ghere.html (2844 words)

	AllRefer.com - Bland-Allison Act (U.S. History) - Encyclopedia
		The act as adopted required the U.S. Treasury to purchase between $2 million and $4 million worth of silver bullion each month at market prices; this was to be coined into silver dollars, which were made legal tender for all debts.
		Attempts of the free-silver forces to replace the act with provision for unlimited coinage were defeated, as were attempts of the gold-standard forces to repeal it altogether.
		It remained law until replaced by the Sherman Silver Purchase Act of 1890.
	reference.allrefer.com /encyclopedia/B/BlandAll.html (268 words)

	Short Stories: Gold or Silver Standard
		They hoped that the free coinage of silver would aid their cause as well as both the Greenbacks and silver mining interests.
		By 1890, the strength of silver interests had reached a high and another compromise act was passed, the Sherman Silver Purchase Act.
		The story ends with Dorothy's problem being resolved when she discovers the power of her silver slippers (In the original, her slippers were silver, not red).
	www.bu.edu /econ/faculty/kyn/newweb/Ec341_money/Assignments/stories_gold_silver.htm (862 words)

	The Last Good Democrat by Thomas DiLorenzo
		Inflationists thought they had the upper hand as a result of the Sherman Silver Purchase Act of 1890 (sponsored by Senator John Sherman of antitrust law fame, who was also the senate sponsor of the McKinley Tariff Act and the Sherman Antitrust Act in that same year.
		Sherman and his Republican Party cohorts wanted to flood the nation with silver (and gold) to expand expenditures on "public works" and other big-government schemes.
		Cleveland allowed the Act to become law without his signature, and an enlightened Supreme Court subsequently ruled the income tax unconstitutional for the time being.
	www.lewrockwell.com /dilorenzo/dilorenzo73.html (1685 words)

	Notecards 901-950
		The introduction of large quantities of overvalued silver into the ecomony lead to a run on the ferderal gold reserves, leading to the Panic of 1893.
		Use of two metals, gold and silver, for currency as America did with the Bland-Allison Act and the Sherman Silver Purchase Act.
		He said people must not be "crucified on a cross of gold", referring to the Republican proposal to eliminate silver coinage and adopt a strict gold standard.
	www.apstudent.com /ushistory/cards/cards19.html (1400 words)

	The Revolt of the Debtor
		The Sherman Anti-Trust Act, passed in 1890, was a pioneering but weak law that tried to deter the new corporations and monopolies that existed.
		Discontented debtors were turning to free silver as a cure-all, as such pamphlets as Coin’s Financial School, written by William Hope Harvey, influenced many toward the free silver cause.
		Free silver seemed to be a religion, with Bryan the “savior” of all free silverites.
	www.course-notes.org /chptoutlines/apusnotes/Chapter-28.htm (2057 words)

	History 222 Supplementary Materials
		Those who saw silver as a way to expand the currency supply now joined with silver interests to denounce the Crime of '73 and press for the resumption of coinage at at the old 16:1 ratio.
		The next piece of compromise legislation was the 1890 Sherman Silver Purchase Act which directed the Treasury to purchase a set weight of silver (4.5 million ounces) a month.
		FDR hoped to act as the arbiter of all interests--the rich and poor, workers and farmers, rural and urban.
	www.middlesexcc.edu /faculty/John_Kruszewski/222supplementary.html (2084 words)

	Free Silver Movement -- Britannica Concise Encyclopedia - The online encyclopedia you can trust!
		Supporters of free silver included owners of silver mines in the West, farmers who believed that an expanded currency would increase the price of their crops, and debtors who hoped it would enable them to pay their debts more easily.
		Its first significant success was the enactment of the Bland-Allison Act in 1878, which restored the silver dollar as legal tender and required the U.S. Treasury to purchase each month between $2,000,000 and $4,000,000 worth of silver and coin it into dollars.
		Conservatives charged that the Sherman Act was the cause of the panic, and in the summer of 1893 Congress repealed that act.
	www.britannica.com /ebc/article-9035287 (1173 words)

	Morgan Dollars, Peace Dollars, Trade Dollars and other Silver Dollars for Sale from South Western Collectibles Grading ...
		The Free Silver Movement's first major achievement was the Bland-Allison Act of 1878, which resulted in the re-emergence of the silver dollar in the Morgan type.
		Not only was the silver dollar restored as legal tender (which marked the beginning of the Morgan dollar), but the US Treasury was also required to purchase between $2 and $4 million for coining dollars.
		In 1890, Congress passed the Sherman Silver Purchase Act (over a presidential veto by Benjamin Harrison) which increased the amount of silver purchased by over 50%.
	www.swcgs.com /Coins_For_Sale/Silver_Dollars_For_Sale.html (550 words)

	Bass Sale 1 Session 1
		However, by 1890 the supplies of silver purchased under the Bland-Allison Act of February 28, 1878, were running low, and it was not certain how many more silver dollars would be minted.
		At this time the future supply of silver dollars was somewhat uncertain, although the Sherman Silver Purchase Act (1890) and other legislation (such as the melting of trade dollars for their bullion) eventually produced enough of the metal to coin silver dollars through 1904.
		Seward was the negotiator instrumental in the purchase of Alaska from Russia.
	www.harrybassfoundation.org /basscatalogs/BASSSALE1/b1-1-e.htm (4140 words)

	MSN Encarta - Printer-friendly - Grover Cleveland
		Instead of surrendering to the public clamor for free coinage of silver as the remedy for the depression, the president persuaded Congress, which was controlled by Democrats, to repeal the Sherman Silver-Purchase Act of 1890.
		These firms were permitted to purchase more than $62 million in government bonds and to pay for them in gold.
		Nevertheless, in the West and the South Populists, mostly farmers in favor of free silver, complained that bankers owned the nation.
	encarta.msn.com /text_761554156___20/Grover_Cleveland.html (1024 words)

	American President
		Cleveland’s most forceful response to the depression was to blame the Sherman Silver Purchase Act of 1890, passed during the Harrison administration, for the nation’s economic troubles.
		This law required the Treasury to purchase 4.5 million ounces of silver a month to be coined as silver dollars.
		Upon repeal of the act, holders of U.S. government bonds (and the silver certificates the government once used to purchase silver) began cashing them in for gold.
	www.americanpresident.org /history/grovercleveland/biography/DomesticAffairs.common.shtml (1521 words)

	United States History: The Gilded Age (1890) to World War I
		Cleveland's second administration was marked by increasing conflict between the interests of the agricultural reformers, whose followers lived in the West, and those of the large bankers and manufacturers of the country, the seat of whose enterprises was generally in the East.
		Among the new laws were the Elkins Act (1903), aimed at eliminating the discriminatory practice of secret rebates given by various railroads to certain shippers, and the Hepburn Act (1906), aimed at strengthening the Interstate Commerce Commission in its authority over railroads and other public carriers.
		The Clayton Act also exempted all labor unions and agricultural associations from the provisions of the antitrust laws; prohibited, in most instances, the use of the injunction in labor disputes; and expressed the principle that strikes, peaceful picketing, and boycotts do not violate the federal laws.
	www.emayzine.com /lectures/Gilded~1.htm (2121 words)

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