What did the Sherman Silver Purchase Act do?

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.Click to see full answer. In this way, why was the Sherman Silver Purchase Act important?Farmers had immense debts that could not be paid off due to deflation, and they urged the government to pass the Sherman Silver Purchase Act in order to boost the economy and cause inflation, allowing them to pay their debts with cheaper dollars. Originally, the bill was simply known as the Silver Purchase Act of 1890.One may also ask, who created the Sherman Silver Purchase Act? After much debate and compromise, Congress passed the Sherman Silver Purchase Act of 1890, a bill backed by Ohio Senator John Sherman. The Sherman Silver Purchase Act was very similar to the Bland-Allison Act, but increased the amount of silver the government had to buy each month to 4.5 million ounces. Thereof, what did the Sherman Silver Purchase Act do quizlet? In 1890, an act was passed so that the treasury would by 4.5 million ounces of silver monthly and pay those who mined it in notes that were redeemable in either gold or silver. This law doubled the amount of silver that could be purchased under the Bland-Allison Law of 1878.What was the purpose of the Bland Allison Act of 1878?The Bland–Allison Act, also referred to as the Grand Bland Plan of 1878, was an act of United States Congress requiring the U.S. Treasury to buy a certain amount of silver and put it into circulation as silver dollars. Though the bill was vetoed by President Rutherford B.