Bland-Allison Act

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The Bland-Allison Act was an 1878 act of Congress requiring the U.S. Treasury to buy a certain amount of silver and put it into circulation as silver dollars. Though the bill was vetoed by President Rutherford B. Hayes, the Congress overrode Hayes' veto on February 28, 1878 to enact the law[1].

Contents

Background and Results

The five-year depression following the Panic of 1873 caused cheap-money advocates (led by U.S. Representative Richard P. Bland, a Democrat of Missouri), to join with silver-producing interests in urging a return to bimetallism, the use of both silver and gold as a monetary standard[2].

The controversial Coinage Act of 1873 (also called the Fourth Coinage Act or Mint Act) embraced the gold standard and de-monetized silver. Silver advocates, decrying the so-called "Crime of '73," demanded restoration of free coinage actually bought more than the $2 million minimum amount[citation needed] and never circulated the silver dollars. The law was replaced in 1890 by the similar Sherman Silver Purchase Act, which in turn was repealed by Congress in 1893.[3].

See also

notes

External links

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