Search results
Results from the WOW.Com Content Network
Overridden by the House on February 28, 1878 (196–73) Overridden by the Senate and became law on February 28, 1878 (46–19) The Bland–Allison Act , also referred to as the Grand Bland Plan of 1878 , was an act of the United States Congress requiring the U.S. Treasury to buy a certain amount of silver and put it into circulation as silver ...
The Coinage Act of 1873 or Mint Act of 1873 was a general revision of laws relating to the Mint of the United States.By ending the right of holders of silver bullion to have it coined into standard silver dollars, while allowing holders of gold to continue to have their bullion made into money, the act created a gold standard by default.
To advocates of what became known as free silver, the 1873 act became known as the "Crime of '73". Pro-silver forces, with congressional leaders such as Missouri Representative Richard P. Bland, sought the passage of bills to allow depositors of silver bullion to receive it back in the form of coin.
DeCanio offers evidence that the Coinage Act of 1873, legislation that eliminated bimetallism and which the Populists denounced as the "Crime of 73", was influenced by bribes that William Ralston, president of the Bank of California, paid to Henry Linderman, director of the Philadelphia Mint.
They referred to this act as "The Crime of ’73", as it was judged to have inhibited inflation. [8] The Panic of 1893 was a severe nationwide depression that brought the money issue to the fore. The silverites argued that using silver would inflate the money supply and mean more cash for everyone, which they equated with prosperity.
Over six days, he summarizes the United States’ financial history from the passage of the Coinage Act in 1792 to 1894, when the pamphlet was published. Coin introduces the audience to what he calls the "Crime of 1873", or the Fourth Coinage Act, which became controversial as the nation's debt and money supply went into doubt after the Civil War.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
Western mining interests and others who wanted silver in circulation labeled this measure the "Crime of '73". For about five years, gold was the only metallic standard in the United States until passage of the Bland–Allison Act on February 28, 1878, requiring the US Treasury to purchase domestic silver bullion to be minted into legal tender ...