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It was Grover Cleveland who supported and pushed through the repeal of the Sherman Silver Purchase Act. Cleveland was the 24th U.S. President.
The Sherman Silver Purchase Act nearly caused the US to go bankrupt. Farmers demanded relief from the low prices of crops, high interest rates, and the high cost of buying new expensive equipment. They wanted free silver to bring relief to their farms. The US Treasury created a note that would be able to be redeemed for gold. J.P. Morgan loaned the US gold that allowed it to stay afloat. The currency back in the day was backed by gold. With little gold left in the treasury, it would have made the US Dollar worthless.
people demanded most of the treasury's gold.
The Bland-Allison Act of 1878 re-established the silver dollar as a form of currency and committed the U.S. government to the purchase of a certain amount of silver each month for coinage.
In the Luoisian Purchase/Territory, you can find valueble resources like oil, natural gas, coal, gemstones, copper, iron ore, lead, zinc, silver, limestone, sulphur, diamonds, and helium.
It was Grover Cleveland who supported and pushed through the repeal of the Sherman Silver Purchase Act. Cleveland was the 24th U.S. President.
William Henry Harrison
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. 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 1893 broke, President Cleveland called a special session of Congress and secured (1893) the repeal of the act.
It had to purchase at least four million ounces of silver each month.
buy silver with bond that could be traded for gold
miners and farmers
sherman silver purchase act of 1890
It decreased as people sold silver and collected gold.
The Sherman SilverPurchase Act of 1890
The Sherman Silver Purchase Act nearly caused the US to go bankrupt. Farmers demanded relief from the low prices of crops, high interest rates, and the high cost of buying new expensive equipment. They wanted free silver to bring relief to their farms. The US Treasury created a note that would be able to be redeemed for gold. J.P. Morgan loaned the US gold that allowed it to stay afloat. The currency back in the day was backed by gold. With little gold left in the treasury, it would have made the US Dollar worthless.
Personally... I have no clue at all, but I'll make a guess and say Barney the Dinosaur. Does that answer your question?
people demanded most of the treasury's gold.