History of the United States II / Unit 5 USH2 0614 short lesson, about 20 seconds
The Sherman Silver Purchase Act
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The idea
The Sherman Silver Purchase Act of eighteen ninety required the Treasury to purchase four and a half million ounces of silver every month.
In practice
Treasury notes paid for the silver, redeemable in gold, draining the gold reserve.
Where people slip
The act did little for debtors. Investors turned the notes into gold, and President Cleveland had it repealed in eighteen ninety-three.
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