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Cleveland believed that the Sherman Silver Purchase Act of 1890—which required the secretary of the treasury to purchase 4.5 million ounces of silver each month—had eroded confidence in the stability of the currency and was thus at the root of the nation’s economic troubles.
The Sherman Silver Purchase Act was a United States federal law enacted on July 14, 1890. The measure did not authorize the free and unlimited coinage of silver that the Free Silver supporters wanted. It increased the amount of silver the government was required to purchase on a recurrent monthly basis to 4.5 million ounces.
Apr 15, 2023 · This law provides that in payment for the 4,500,000 ounces of silver bullion which the Secretary of the Treasury is commanded to purchase monthly there shall be issued Treasury notes redeemable on demand in gold or silver coin, at the discretion of the Secretary of the Treasury, and that said notes may be reissued.
Grover Cleveland repealed the Silver Purchase Act, which obligated the government to purchase a fixed amount of silver each month and diminished the Treasury’s supply of gold.
Grover Cleveland's experience with the Sherman Silver. Purchase Act demonstrates not only that earlier presidents successfully wooed the pub- lic, but abo that the understanding of rhetoric put forth by scholars such as Jeffrey K. Tulis, Samuel Kernell, and James Ceaser is extremely limiting .
Cleveland accomplished tariff reform, repealing the Sherman Silver Purchase Act of 1890 (which placed silver as the backing of currency) and advocated for free trade. Congress prevented Cleveland from supporting revolutionaries in Cuba, and the conflict continued, negatively affecting American economic interests and business relations.
President Cleveland addresses Congress during a special session. On June 30, Cleveland called the special session of Congress for August 7 to address the economic crisis (the Panic of 1893) through tariff reform and the repeal of the silver-purchase law.
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