Sherman Silver Purchase Act Law and Legal Definition
The Sherman Silver Purchase Act of 1890 is a U.S. federal statute. The Act is an attempt to reduce the financial constraints of farmers due to fall in price of the silver.
The Act provides:
1. for the purchase of 4.5 million ounces of silver each month at market rates; and
2. for the issuance of notes redeemable either in gold or silver.
The Act has entrusted the treasury to carry out the actions set forth by the Act.
This Act is the successor to the Bland-Allison Act of 1878 and the Act became dormant in 1893.