What is the Sherman Silver Purchase Act and who did it benefit?

The Sherman Silver Purchase Act required the U.S. treasury to more than double its monthly purchase of silver to 4.5 million ounces. The direct effect of the Sherman Act was a threat to the U.S. Treasury’s gold reserves and a $156 million increase in the amount of paper money in circulation.Click to see full answer. Correspondingly, what did the Sherman Silver Purchase Act do?Sherman Silver Purchase Act. 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.Furthermore, what was a result of the repeal of the Sherman Silver Purchase Act? After the Panic of 1893 broke, President Grover Cleveland oversaw the repeal of the act to prevent the depletion of the government’s gold reserves. In 1890, the price of silver dipped to $1.16 per ounce. By the end of the year, it had fallen to $0.69. Furthermore, 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.Why was the Sherman Silver Purchase Act passed Brainly?Explanation: 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.