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The Bland–Allison Act, also referred to as the Grand Bland Plan of 1878, was an act of the United States Congress requiring the U.S. Treasury to buy a certain amount of silver and put it into circulation as silver dollars.
Cleveland and Treasury Secretary Daniel Manning stood firmly on the side of the gold standard, and tried to reduce the amount of silver that the government was required to coin under the Bland–Allison Act of 1878. [130] Cleveland unsuccessfully appealed to Congress to repeal this law before he was inaugurated. [131]
Striking back, Congress overrode another of Hayes's vetoes and enacted the Bland-Allison Act that required the purchase and coining of silver. [1] Congress also approved a generous increase in pension eligibility for Northern Civil War veterans.
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]
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 ...
In response to anti-competitive practices by railroads, Cleveland signed the Interstate Commerce Act of 1887, which established the first independent federal agency. During his first term, he unsuccessfully sought the repeal of the Bland–Allison Act and a lowering of the tariff.
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).