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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.
What is the history of the Morgan silver dollars?
I love the history of Morgan Dollar starting in 1878 with the Bland-Allison Act that required the Treasury purchase a grand total of 2-4 million dollars of silver every month. By 1890 the government passed a new act called the Sherman Silver Purchase Act now the treasury had to purchase $4,500,000 ounces of silver every month. A lot of that silver found a home sitting in the treasury vaults instead of being minted. So in 1898 congress approved yet another bill that required that silver be minted. By 1904 the storage of silver had run out and so did the time for the Morgan Dollar. But wait in 1918 the Pittman Act was passed this authorized the melting of up to 350,000,000 silver dollars. One provision in the act stated the replacement of all silver dollars melted thus we have one more year in 1921 that the Morgan Dollar was minted. That same year the Peace dollar was minted.
How did the search for the northwest passage lead to the founding of the north American colonies?
The search for the Northwest Passage drove most of the early explorers, it was why so many voyages were financed even when little gold and silver was being returned. The information brought back by those voyages was used to found many North American Settlements and Colonies.
