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 year.
It had to replace all of its gold reserves with silver within one year.
It was to get rid of the normal gold standard for one of just silver.
It had to purchase at least four million ounces of silver each month.

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03-10-2017
History

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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 year.
It had to replace all of its gold reserves with silver within one year.
It was to get rid of the normal gold standard for one of just silver.
It had to purchase at least four million ounces of silver each month.

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lonnynisby lonnynisby · Answer 1 · 2017-10-06T04:19:28+02:00

lonnynisby lonnynisby

06-10-2017

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

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scouteo scouteo · Answer 2 · 2019-07-22T03:16:37+02:00

The correct answer is D) it had to purchase at least four million ounces of silver each month.

The Sherman Silver Purchase Act of 1890 required the federal government to purchase at least four million ounces of silver each month.

The Sherman Silver Purchase Act of 1890 was enacted on July 14, 1890. It substituted the Bland-Allison Act of 1878. The Sherman Act was the result of many complains of farmers and miners. Farmers had many troubles to pay their debts and wanted to pay those debts with a cheap dollar. The case of miners was different, they had extracted a lot of silver from the mines in the West and the oversupply made that the price of silver went down. They asked for a surge in demand for silver.