Repeal of silver purchase acts
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Repeal of silver purchase acts hearing before the Committee on Banking and Currency, United States Senate, Eighty-eighth Congress, first session on H.R. 5389 ... April 29, 1963 by United States. Congress. Senate. Committee on Banking and Currency

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Published by U.S. G.P.O. in Washington .
Written in English


  • Silver mines and mining -- United States,
  • Silver question

Book details:

The Physical Object
Paginationv, 211 p. :
Number of Pages211
ID Numbers
Open LibraryOL15264756M

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The Sherman Silver Purchase Act required the U.S. treasury to more than double its monthly purchase of silver to million ounces. The direct effect of the Sherman Act was a threat to the U.S. Treasury's gold reserves and a $ million increase in the amount of paper money in circulation. The Sherman Silver Purchase Act was part of a broader compromise. The Democrats gave their support to the highly protective McKinley Tariff in return for Republican votes for silver. The Sherman Silver Purchase Act provided for the following: The Treasury would purchase million ounces (or , pounds) of silver each month at market rates. 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. After the panic of broke, President Cleveland called a special session of Congress and secured () the repeal of the act. The repeal was passed in the House by a vote of , and by a vote of in the Senate. President Cleveland was convinced that the drain on US gold reserves was due to the Sherman Silver Act. He called Congress into special session, and was able to convince them to repeal the act.

The government purchases of silver were subsequently nearly doubled by the Sherman Silver Purchase Act, further extending the boom into the early s. The repeal of the act in resulted in a collapse of silver prices, bringing about an end to boom. After . The act, which became Public Law (77 Stat. 54), repealed the Silver Purchase Act of and related laws, repealed a tax on silver transfers, and authorized the Federal Reserve to issue one- and two-dollar bills, in addition to the notes they were already issuing. Books at Amazon. The Books homepage helps you explore Earth's Biggest Bookstore without ever leaving the comfort of your couch. Here you'll find current best sellers in books, new releases in books, deals in books, Kindle eBooks, Audible audiobooks, and so much more. The Free Silver Movement gained added political strength at the outset because of the sharp economic depression of the mids. Its first significant success was the enactment of the Bland-Allison Act in , which restored the silver dollar as legal tender and required the U.S. Treasury to purchase each month between $2,, and $4,, worth of silver and coin it into dollars.

"The Boy Orator of the Platte." Nebraskan Congressman who spoke for the cause of free silver, advocating against the repeal of the Sherman Silver Purchase Act. Later, , he gained a Democratic nomination after his famed "Cross of Gold" speech. His platform wanted the unlimited coinage of silver at a 16 to 1 ounce ratio of silver to gold. On June 30th, President Grover Cleveland called for a special session of Congress to repeal the Sherman Silver Purchase Act of "The present perilous condition," he declared, "is largely the result of a financial policy which the Executive branch of the government finds embodied in unwise laws which must be executed until repealed by. This is a list of Acts of the Parliament of England for the years up until For Acts passed during the period – see List of Acts of the Parliament of Great also the List of Acts of the Parliament of Scotland, the List of Acts of the Parliament of Ireland to , and the List of Acts of the Parliament of Ireland, – Following the repeal of the Sherman Law and other acts and tendencies unfavourable to silver coinage in and thereafter, the silver question became the dominant issue in politics, resulting in the success of the Populist-Democratic fusion party in three successive elections, and permanently and greatly altering prior party organizations.