In 1893, the Cleveland administration's repeal of the Sherman Silver Purchase Act

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18-08-2015
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In 1893, the Cleveland administration's repeal of the Sherman Silver Purchase Act

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taskmasters taskmasters · Answer 1 · 2015-08-22T13:55:48+02:00

In the year 1890 the Sherman Silver Purchase Act was passed by the US congress. This act did not allow unlimited coinage of silver. This act was passed in response to the deflation of the economy caused by overproduction. This act was repelled by President Cleveland in the year 1993 as the gold reserves of the US treasury was getting diluted. This repelling of the act brought great relief to those suffering people. The economy of US also started reviving from the misery and the devaluation of US currency stopped.