In the United States in the early eighteen hundreds, fifteen ounces of silver had the same value as one ounce of gold. This value did not change until after eighteen sixty. That was when mines in the western United States began to produce large amounts of silver. The extra silver caused the price of the metal to fall.
FRANK OLIVER: In eighteen seventy-one, Germany declared that it would no longer support its paper money with silver. Instead, it would use only gold. Other European countries quickly did the same thing.
loc.govA cartoon from the political magazine Puck in support of ending silver purchases which were expanding the money supply
The United States did, too. In eighteen seventy-three, Congress passed a law that stopped the government from using silver as money. Western silver producers protested. They put great pressure on lawmakers to change the law. Five years later, Congress passed a compromise bill.
The compromise bill said the government could issue limited amounts of silver money. It said the government must buy two million dollars' worth of silver each month for that purpose.
SHIRLEY GRIFFITH: Twelve years later, during President Benjamin Harrison's administration, Congress passed a new silver purchase bill.
It said the government must buy four-and-one-half million ounces of silver each month. The Treasury Department would buy the silver with new paper money that could be exchanged for silver or gold. The new law increased the amount of silver money used in the United States.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25