US President Grover Cleveland repeals the Sherman Silver Purchase
Act of 1890, which had increased the amount of silver the
government was obliged to purchase every year. This had attempted
to secure silver as the basis for the American currency, but with
Cleveland's repeal of the Act, gold returns to its place as the
foundation of consumer confidence.
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Editors. "Grover Cleveland repeals Sherman bill on compulsory silver purchase". The Literary Encyclopedia. First published 30 December 2011
[http://www.litencyc.com/php/stopics.php?rec=true&UID=19103, accessed 20 August 2017.]