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US Civil War

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Why were poll taxes created

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Q: What two groups favored passage of the Sherman Silver Purchase Act?
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What did the Sherman Silver Purchase act require the US Treasury to do?

buy silver with bond that could be traded for gold


What happened to the supply of gold in the US Treasury after the Sherman Silver Purchase Act?

It decreased as people sold silver and collected gold.


The sherman silver purchase act of 1890?

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.


In addition to gold and silver what did the London Company hope to find at Jamestown?

(1) be the hub of exploration for a Northwest Passage to China, (2) provide a new source for gold and silver, and (3) find new areas for plantations where the materials England needed could be produced


How did the panic of 1893 affect the outcome of the election of 1896?

The Panic of 1893 came as a result of the "Free Silver" policies of the Democrats, which had re-taken the Presidency with Grover Cleveland's second election victory in 1892. Although the Free Silverites hadn't achieved all their goals with the Sherman Silver Purchase Act of 1890, this piece of legislation did force the Federal Government to increase its purchase of silver. By 1893, this had resulted in a severe depletion of federal gold reserves and ensuing run on banks, and commensurate economic depression. Even though Grover Cleveland's domestic fiscal policies were more in line with the pro-gold standard conservatives, his political reputation suffered terribly. In the aftermath, he seemed to have no popularity either with the Republicans, nor with his own Democrat party. At the Democratic National Convention in Chicago in 1896, the force of the Free Silver movement with Democrats became starkly obvious. Although silver policies weren't the main concern of Populists at that time, it was an issue they had in common with the Democrats. To avoid splitting the Free Silver vote and certainly lose to the fiscally conservative Republicans, the Populists merged with the Democrats and their Free Silver advocates carried the day by nominating William Jennings Bryan, a boisterous pro-silver Congressman from Nebraska, over their incumbent president. So the election of 1896 brought an end to the Populist Party. But their sacrifice would be made in vain because Republican Bill McKinley, propelled by millionaire Mark Hanna's historically expensive political campaign, won the presidency in 1896.

Related questions

Sherman silver purchase act?

The Sherman Silver Purchase Act was a law by the government requiring the government to purchase more silver each month. The law was repelled in in 1893.


Who pushed through the repeal of the sherman silver purchase act?

It was Grover Cleveland who supported and pushed through the repeal of the Sherman Silver Purchase Act. Cleveland was the 24th U.S. President.


Who was President of sherman silver purchase Act?

William Henry Harrison


What did the Sherman Silver Purchase Act of 1890 require the Federal government to do?

It had to purchase at least four million ounces of silver each month.


Who forced the repeal of the Sherman Silver Purchase Act?

Personally... I have no clue at all, but I'll make a guess and say Barney the Dinosaur. Does that answer your question?


Why was Sherman Silver Purchase Act repeal?

Caused the value of currency to contract.


What did the Sherman Silver Purchase act require the US Treasury to do?

buy silver with bond that could be traded for gold


What was the sky high republican tariff in 1890?

sherman silver purchase act of 1890


Why was the Sherman Silver Purchase Act repealed?

it threatened to undermine the U.S. treasury's gold reservers.


What problem was caused by the Sherman Silver Purchase Act?

people demanded most of the treasury's gold.


What happened to the supply of gold in the US Treasury after the Sherman Silver Purchase Act?

It decreased as people sold silver and collected gold.


The sherman silver purchase act of 1890?

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.

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