Sherman Silver Purchase Act

The Sherman Silver Purchase Act of 1890 was a U.S. law that required the government to buy a certain amount of silver each month to support silver miners and promote the use of silver for currency. This aimed to help farmers and miners and expand the money supply. However, it increased government gold reserves’ demand, causing concerns about gold shortages. The act contributed to financial instability and was repealed in 1893 to restore confidence in the U.S. gold standard.