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47:, allowing them to pay their debts with cheaper dollars. Mining companies, meanwhile, had extracted vast quantities of silver from western mines. The resulting oversupply drove down the price of their product, often to below the point at which the silver could be profitably extracted. They hoped to enlist the government to increase the demand for silver.
413:
38:
supporters wanted. It increased the amount of silver the government was required to purchase on a recurrent monthly basis to 4.5 million ounces. The
Sherman Silver Purchase Act had been passed in response to the growing complaints of farmers' and miners' interests. Farmers had immense debts that
114:
that could be redeemed for either silver or gold. The result was the substantial expansion in the volume of circulating dollars without a proportionate growth in the gold stock. The crash in the silver dollar's bullion value in the 1890s from 80 cents to approximately 50 cents increased public
58:
to settle differences between the Senate and House versions of the Act. Sherman was instrumental in getting the conference committee to reach agreement on a final draft of the Act. Nonetheless, once agreement on the final version was reached in the conference committee, Sherman found that he
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81:
Under the Act, the federal government purchased millions of ounces of silver, with issues of paper currency. It became the second-largest buyer in the world, after the
British Crown in India, where the
54:, an Ohio Republican and chairman of the Senate Finance Committee, was not the author of the bill, but once both houses of Congress had passed the Act and the Act had been sent to a Senate/House
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179:
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Originally, the bill was simply known as the Silver
Purchase Act of 1890. Only after the bill was signed into law did it become the "Sherman Silver Purchase Act." Senator
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anxiety on their continued ability to convert silver dollars and banknotes into gold. The result was a run on the
Treasury's gold stock and the onset of the
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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.
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disagreed with many sections of the act. So tepid was
Sherman's support that when he was asked his opinion of the act by President
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138:. On November 1, 1895, US mints halted production of silver coins, and the government closed the
142:. Banks discouraged the use of silver dollars. The years 1893–95 had the lowest productions of
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President
Cleveland Message on the Repeal of the Sherman Silver Purchase Act
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of 1878, the US government was now required to purchase 4.5 million
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307:
Allen, Larry (1999). "Sherman Silver Act of 1890 (United States)".
174:. Re-issued: Plain Label Books, unknown date, under a new title:
30:
The measure did not authorize the free and unlimited coinage of
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395:
353:
Van Dusen, Laura King (2013). "Sherman Silver
Purchase Act".
166:, first edition: New York, The Century Co., 1920, ix–635 p.,
146:
for the entire series, creating several scarce coins.
86:
was backed by silver rather than gold. Instead of the
1167:
List of federal judges appointed by
Benjamin Harrison
130:
per ounce. By the end of the year, it had fallen to
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Historic Tales from Park County: Parked in the Past
1157:First International Conference of American States
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334:Socolofsky, Homer E.; Spetter, Allan B. (1987).
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134:. By December 1894, the price had dropped to
8:
1558:Agricultural Experiment Stations Act of 1887
338:. Lawrence, KS: University Press of Kansas.
1867:United States federal currency legislation
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1355:
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110:to buy the silver with a special issue of
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74:, an Ohio Republican and chairman of the
1435:New York Institute for Special Education
1172:1892 United States presidential election
1053:1888 United States presidential election
475:Maryland Tobacco Inspection Act of 1747
270:. New York: Random House. p. 485.
155:
126:In 1890, the price of silver dipped to
66:The act was enacted in tandem with the
94:million that had been required by the
357:. Charleston, SC: The History Press.
208:
176:The United States Since the Civil War
7:
1548:Dependent and Disability Pension Act
1112:Dependent and Disability Pension Act
443:Monetary policy of the United States
427:central banking in the United States
1521:Presidential Succession Act of 1886
1177:1892 Republican National Convention
1058:1888 Republican National Convention
1048:1880 Republican National Convention
1043:Benjamin Harrison Presidential Site
725:New York Clearing House Association
336:The Presidency of Benjamin Harrison
315:(1st ed.). Santa Barbara, CA:
537:Article I of the U.S. Constitution
106:every month. The law required the
14:
1667:Overthrow of the Hawaiian Kingdom
1583:Indian Appropriations Act of 1889
1102:Inauguration of Benjamin Harrison
291:Morgan Silver Dollars (1878–1921)
1830:
1829:
1470:
1463:
1338:
1337:
1083:
1076:
631:Second Bank of the United States
379:
1531:Interstate Commerce Act of 1887
1309:(great-great-great grandfather)
1303:(great-great-great grandfather)
789:Compound interest treasury note
574:First Bank of the United States
1872:People's Party (United States)
1630:Democratic National Convention
1603:Democratic National Convention
1536:Interstate Commerce Commission
1499:Democratic National Convention
1401:President of the United States
1038:70th Indiana Infantry Regiment
1007:President of the United States
513:Continental currency banknotes
268:The Rise of Theodore Roosevelt
76:House Ways and Means Committee
1:
1702:Grover Cleveland High School
1440:1881 Buffalo mayoral election
881:Specie Payment Resumption Act
626:Banking in the Jacksonian Era
254:Socolofsky & Spetter 1987
197:Socolofsky & Spetter 1987
39:could not be paid off due to
1445:1882 New York state election
943:National Monetary Commission
1887:51st United States Congress
1647:Sherman Silver Purchase Act
1430:Grover Cleveland Birthplace
1127:Sherman Silver Purchase Act
1117:51st United States Congress
919:Sherman Silver Purchase Act
651:New York Safety Fund System
525:U.S. Finance Superintendent
501:Second Continental Congress
222:Sherman Silver Purchase Act
21:Sherman Silver Purchase Act
1903:
1620:1892 presidential election
1593:1888 presidential election
1489:1884 presidential election
1259:William Henry Harrison III
162:Charles Ramsdell Lingley,
27:enacted on July 14, 1890.
1801:
1682:National Democratic Party
1672:Venezuelan crisis of 1895
1511:Wedding to Frances Folsom
1461:
1392:
1316:
1297:(great-great-grandfather)
1253:Elizabeth Harrison Walker
1241:Russell Benjamin Harrison
1074:
998:
827:2nd Industrial Revolution
817:Public Credit Act of 1869
703:Independent U.S. Treasury
491:1st Industrial Revolution
438:
311:The Encyclopedia of Money
25:United States federal law
1882:1890 in economic history
1780:Richard Falley Cleveland
1728:Mount Cleveland (Alaska)
1652:Wilson–Gorman Tariff Act
1588:Federal judges appointed
1206:Fort Harrison State Park
742:Legal Tender Act of 1862
555:U.S. Treasury Department
1147:Immigration Act of 1891
857:National Gold Bank Note
812:Contraction Act of 1866
561:U.S. Treasury Secretary
266:Morris, Edmund (1979).
1723:Cleveland, Mississippi
1403:(1885–1889, 1893–1897)
1271:William Henry Harrison
1201:Fort Benjamin Harrison
568:U.S. Treasury security
469:Tobacco Inspection Act
224:; accessed 2009.04.08.
16:1890 United States law
1301:Benjamin Harrison III
1235:Mary Dimmick Harrison
1122:Sherman Antitrust Act
912:Juilliard v. Greenman
905:Refunding Certificate
771:National banks system
765:Interest bearing note
644:McCulloch v. Maryland
531:Bank of North America
507:U.S. dollar banknotes
453:Commercial Revolution
112:Treasury (Coin) Notes
1857:1890 in American law
1762:Richard F. Cleveland
1677:Enabling Act of 1889
1543:Tenure of Office Act
1412:Governor of New York
1295:Benjamin Harrison IV
1137:General Revision Act
1063:Front porch campaign
1015:Senator from Indiana
937:Aldrich–Vreeland Act
852:Currency Act of 1870
519:Bank of Pennsylvania
319:. pp. 251–252.
56:conference committee
1814:←Benjamin Harrison→
1807:← Chester A. Arthur
1794:(great-grandfather)
1637:Second inauguration
1526:Electoral Count Act
1291:(great-grandfather)
1285:(great-grandfather)
1283:Benjamin Harrison V
1265:John Scott Harrison
1247:Mary Harrison McKee
1068:Crown Hill Cemetery
1033:Berkeley Plantation
949:Federal Reserve Act
871:Coinage Act of 1873
845:Hepburn v. Griswold
795:Coinage Act of 1864
753:Fractional currency
731:Coinage Act of 1857
720:Coinage Act of 1853
709:Coinage Act of 1849
663:Coinage Act of 1834
580:Coinage Act of 1792
239:, pp. 141–142.
178:, 310 p. See: page
164:Since the Civil War
1821:William McKinley →
1792:Richard Falley Jr.
1506:First inauguration
1329:Grover Cleveland →
1322:← Grover Cleveland
1289:John Cleves Symmes
899:Silver certificate
838:Legal Tender Cases
777:National Bank Note
759:National Bank Acts
747:United States Note
585:United States Mint
1844:
1843:
1768:Francis Cleveland
1744:Frances Cleveland
1706:Buffalo, New York
1568:Berlin Conference
1553:Hatch Act of 1887
1352:
1351:
1229:Caroline Harrison
1194:Benjamin Harrison
992:Benjamin Harrison
958:
957:
931:Gold Standard Act
893:Bland–Allison Act
887:Twenty-cent piece
806:Three-cent nickel
714:Three-cent silver
591:U.S. dollar coins
384:The full text of
364:978-1-62619-161-7
345:978-0-7006-0320-6
326:978-1-57607-037-6
96:Bland–Allison Act
61:Benjamin Harrison
1894:
1862:July 1890 events
1833:
1832:
1756:Esther Cleveland
1610:Murchison letter
1474:
1467:
1455:Westland Mansion
1415:
1404:
1386:Grover Cleveland
1379:
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1162:Baltimore crisis
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121:Grover Cleveland
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72:William McKinley
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691:Wildcat banking
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603:1792 half disme
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1279:(grandmother)
1278:
1277:Anna Harrison
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1273:(grandfather)
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675:Civil War Era
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388:at Wikisource
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220:Answers.com,
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1691:Public image
1657:Coxey's Army
1646:
1481:Presidencies
1336:
1327:
1320:
1231:(first wife)
1193:
1186:Public image
1126:
918:
910:
862:
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836:
761:(1863; 1864)
685:Free banking
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637:Suffolk Bank
543:Section VIII
482:(1751; 1764)
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125:
119:. President
84:Indian rupee
80:
65:
52:John Sherman
49:
29:
20:
18:
1711:Los Angeles
1615:Gray Gables
1414:(1883–1885)
1017:(1881–1887)
1009:(1889–1893)
945:(1909–1912)
927:(1890–1891)
907:(1879–1907)
901:(1878–1964)
889:(1875–1878)
876:Free silver
864:Knox v. Lee
859:(1870–1875)
830:(1870–1914)
808:(1865–1889)
802:(1864–1873)
791:(1863–1864)
785:(1863–1933)
773:(1863–1913)
767:(1863–1865)
755:(1862–1876)
749:(1862–1971)
738:(1861–1862)
736:Demand Note
727:(1853–1863)
716:(1851–1873)
705:(1846–1913)
699:(1842–1865)
693:(1836–1865)
687:(1836–1865)
678:(1840–1870)
659:, 1832–1836
653:, 1829–1842
639:, 1818–1858
633:, 1816–1836
622:(1812–1913)
616:(1793–1857)
610:(1793–1857)
599:(1792–1873)
587:(1792–1873)
576:(1791–1811)
559:1789–1913;
541:1787–1788;
533:(1781–1791)
527:(1781–1785)
521:(1780–1781)
515:(1775–1779)
503:(1776–1780)
494:(1760–1840)
456:(1607–1760)
90:million to
36:Free Silver
1851:Categories
1758:(daughter)
1752:(daughter)
1261:(grandson)
1255:(daughter)
1249:(daughter)
1132:Lodge Bill
1094:Presidency
614:Large cent
209:Allen 1999
150:References
102:of silver
1877:Metallism
1578:Dawes Act
1573:Scott Act
1196:(Niehaus)
1152:Geary Act
608:Half cent
597:Half dime
548:Section X
70:of 1890.
45:inflation
41:deflation
34:that the
1835:Category
1788:(sister)
1782:(father)
1625:Campaign
1598:Campaign
1494:Campaign
1450:Mugwumps
1343:Category
1267:(father)
657:Bank War
431:pre–1913
317:ABC-CLIO
108:Treasury
593:(1792–)
509:(1775–)
300:Sources
104:bullion
1746:(wife)
1737:Family
1716:Queens
1221:Family
951:(1913)
939:(1908)
933:(1900)
921:(1890)
915:(1884)
895:(1878)
883:(1875)
867:(1871)
848:(1870)
647:, 1819
471:(1730)
361:
342:
323:
274:
172:21-574
170:
136:$ 0.60
132:$ 0.69
128:$ 1.16
100:ounces
32:silver
23:was a
1770:(son)
1764:(son)
1243:(son)
1423:Life
1409:28th
1026:Life
1004:23rd
425:and
359:ISBN
340:ISBN
321:ISBN
272:ISBN
168:LCCN
19:The
180:173
92:$ 4
88:$ 2
1853::
244:^
229:^
187:^
1378:e
1371:t
1364:v
984:e
977:t
970:v
433:)
429:(
415:e
408:t
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367:.
348:.
329:.
280:.
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