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1890

Sherman Silver Purchase Act

The Treasury must purchase more silver than under Bland–Allison. This is still not free coinage at 16 to 1.

Ten-dollar Treasury note of 1890.
Ten-dollar Treasury note of 1890, paper issued for the Sherman silver purchases.Public domain.

The Sherman Silver Purchase Act of 1890 raised the Treasury’s silver purchases above the Bland–Allison amount. Notes issued to pay for that silver could be used to draw gold.

Holders who doubted the gold line could drain the Treasury’s gold. The Act is not free coinage at 16 to 1. The purchase duty is repealed in the panic year 1893.

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