Search results
Results From The WOW.Com Content Network
In 1873, Congress had removed the use of silver dollar from the list of authorized coins under the Coinage Act of 1873 (referred to by opponents as 'the Crime of '73'"). Although the Bland–Allison Act of 1878 directed the Treasury to purchase silver from the "best-western" miners, President Grover Cleveland repealed the act in 1893. [4]
A Democrat, Bland served in the United States House of Representatives from 1873 to 1895 and from 1897 to 1899, [1] representing at various times the Missouri 5th, 8th and 11th congressional districts. Nicknamed "Silver Dick" for his efforts to promote bimetallism, Bland is best known for the Bland–Allison Act.
The Bland–Allison Act of 1878 allowed the coining of new silver dollars, thus creating this system. Contrary to popular belief, the limping standard was not abandoned upon enactment of the Gold Standard Act of 1900. [2] [page needed]
The Bland–Allison Act was vetoed by President Rutherford B. Hayes, but was enacted by Congress over his veto on February 28, 1878. [10] Implementation of the Bland–Allison Act did not end calls for free silver. The 1880s saw a steep decline in the prices of grain and other agricultural commodities.
The Sherman Silver Purchase Act of 1890, while falling short of the Free Silver movement's goals, required the U.S. government to buy millions of ounces of silver above what was required by the 1878 Bland–Allison Act (driving up the price of silver and pleasing silver miners).
He vetoed the Bland–Allison Act of 1878, which put silver money into circulation and raised nominal prices, but Congress overrode his veto. He also arbitrated a territorial dispute between Argentina and Paraguay after the Paraguayan War. His policy toward western Indians anticipated the assimilationist program of the Dawes Act of 1887. At the ...
Instead of the $2 million to $4 million that had been required by the Bland–Allison Act of 1878, the US government was now required to purchase 4.5 million ounces of silver bullion every month. [2] The law required the Treasury to buy the silver with a special issue of Treasury (Coin) Notes that could be redeemed for either silver or gold ...
The resulting Bland–Allison Act of 1878 simply had the government buy a certain, more limited amount of silver, which the Treasury was permitted to put into circulation as silver dollars. It was far less inflationary than Bland's original bill. The Act passed over the veto of President Rutherford B. Hayes.