Question

What was the Sherman silver purchase act of 1890

Answer 1

Answer: The Sherman Silver Purchase Act of 1890 was an act that required the government to buy 4.5 million ounces of silver every month. Because of this, the government created coins.

Step-by-step explanation:

Answer 2

The Sherman Silver Purchase Act of 1890 was a United States federal law passed by Congress on July 14, 1890. It required the U.S. Treasury to purchase between four and four-and-a-half million ounces of silver each month and issue silver certificates for the purchases. The intent of the law was to increase the money supply and stimulate the economy. It also had the effect of increasing the price of silver, which benefited silver producers. The law was repealed in 1893, but its legacy continues to influence the debate over silver and gold as a form of money.