Grover Cleveland repeals Sherman bill on compulsory silver purchase

(57 words)
  • Editors

Historical Context Note

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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Citation:
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 31 July 2014.]