27:
252:
575:
350:
The limitation placed on the supply of new notes and the
Treasury control over the issue of new notes allowed for economic stability. Prior to the acceptance, the devaluation of silver forced local governments into a financial turmoil. In addition, there was a need for money supply to increase as the
354:
In addition, the priority that was placed on the coinage of silver dollars left very little available silver for the coinage of silver coins of lesser denominations, particularly half dollars and quarters. As a result, these coins had extremely low mintages (fewer than 5,000 half dollars were struck
346:
Throughout 1860 to 1871, several attempts were made by the
Treasury to establish the bimetallic standard by having gold and silver dollar coins. However, the discovery of silver led to an influx of supply, lowering the price of silver. The eventual removal of the bimetallic standard, including the
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231:
of Iowa, they agreed to a proposal that allowed silver to be purchased at market rates, metals to be minted into silver dollars, and required the US Treasury to purchase between $ 2 million to $ 4 million silver each month from western mines.
282:
repealed the act in 1893. Advocates of free silver included owners of silver mines in the West, farmers who believed an inclusion of silver would increase crop prices, and debtors who believed it would alleviate their debts. Although the
568:
315:. As a result of demonetized silver, gold became the only metallic standard in the United States and became the default standard. The price of gold was more stable than that of silver, largely due to silver discoveries in
239:, who held interests in industrials and banking, vetoed the measure, which was overturned by Congress. As a result, the Hayes administration purchased the limited amount of silver each month. This act helped restore
409:
323:
describes this problem. The U.S. government finally ceded to pressure from the western mining states and the Bland–Allison Act went into effect in 1878. The law was replaced in 1890 by the similar
335:
Western miners and debtors regarded the Bland–Allison Act as an insufficient measure to enforce unlimited coinage of silver, but opponents repealed the act and advocated for the
716:
339:. The effect of the Bland–Allison act was also blunted by the minimal purchase of silver required by the Hayes administration. Although the act was a near turning point for
278:(referred to by opponents as 'the Crime of '73'"). Although the Bland–Allison Act of 1878 directed the Treasury to purchase silver from the "best-western" miners, President
711:
327:, which in turn was repealed by Congress in 1893. These were two instances where the United States attempted to establish bimetallic standards in the long run.
1144:
319:
and other places in the West, and the ratio of the gold price to the silver price increased from 16-to-1 in 1873 to nearly 30-to-1 by 1893. The term
939:
595:
591:
216:
693:
705:
843:
243:
with gold and silver both supporting the currency. However, gold remained heavily favored over silver, paving way for the gold standard.
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729:
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1055:
675:
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Bland–Allison Act and the acceptance of the gold standard formed the monetary stability in the late 19th century.
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An Act to authorize the coinage of the standard silver dollar, and to restore its legal-tender character.
985:
516:
274:. In 1873, Congress had removed the use of silver dollar from the list of authorized coins under the
1105:
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980:
267:
of the late 19th century advocated the unlimited coinage of silver, which would have resulted in
637:
185:
170:
166:
162:
1080:
1073:
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621:
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256:
191:
Hayes's veto on
February 28, 1878, to enact the law. The text of the act can be found in the
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859:
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631:
292:
271:
446:
Agger, Eugene E. (1918). "Our Large Change: The
Denominations of the Currency".
410:
The
Greenback Era: A Social and Political History of American Finance, 1865-1879
356:
1133:
430:
351:
credit system expanded and large banks established themselves across states.
336:
308:
204:
188:
174:
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in 1879, 1882, and 1884, and 5,000 quarters were struck in 1886) until the
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224:
208:
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227:, the use of both silver and gold as a standard. Coupled with Senator
86:
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459:
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over silver. Those who advocated for silver labeled this act as the
825:
520:
220:
251:
223:), to join with silver-producing interests in urging a return to
316:
343:, gold continued to be favored over the bimetallism standard.
429:
Acts, Bills, and Laws, 1878.U.S. History. March 14th <
195:under the further reading section of this article.
169:to buy a certain amount of silver and put it into
1131:
330:
116:on February 15, 1878 (48–21) with amendment
549:Senate and House debates from February 28, 1878
539:The American economy: a historical encyclopedia
255:Portrait of Senator Allison which hangs in the
576:
441:
439:
1145:United States federal currency legislation
583:
569:
431:http://www.u-s-history.com/pages/h718.html
393:Rutherford B. Hayes: Warrior and President
493:Paul Studenski and Herman Edward Krooss,
16:1878 United States law on monetary policy
436:
250:
203:The 5 1/2-year depression following the
644:Maryland Tobacco Inspection Act of 1747
246:
142:Overridden by the Senate and became law
1132:
495:Financial History of the United States
298:
564:
510:
445:
612:Monetary policy of the United States
596:central banking in the United States
425:
423:
421:
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894:New York Clearing House Association
480:Walton, Gary M. and Rockoff, Hugh,
13:
706:Article I of the U.S. Constitution
504:
448:The Quarterly Journal of Economics
138:on February 28, 1878 (196–73)
122:on February 21, 1878 (passed)
14:
1161:
416:
211:advocates (led by Representative
144:on February 28, 1878 (46–19)
110:on November 5, 1877 (163–34)
800:Second Bank of the United States
177:. Though the bill was vetoed by
120:House agreed to Senate amendment
25:
958:Compound interest treasury note
743:First Bank of the United States
482:History of the American Economy
682:Continental currency banknotes
487:
474:
398:
382:
104:in the House as H.R. 1093
1:
1050:Specie Payment Resumption Act
795:Banking in the Jacksonian Era
369:Specie Payment Resumption Act
331:Reactions and economic impact
198:
1112:National Monetary Commission
7:
1088:Sherman Silver Purchase Act
820:New York Safety Fund System
694:U.S. Finance Superintendent
670:Second Continental Congress
362:
325:Sherman Silver Purchase Act
47:45th United States Congress
10:
1166:
157:, also referred to as the
996:2nd Industrial Revolution
994:
986:Public Credit Act of 1869
872:Independent U.S. Treasury
842:
660:1st Industrial Revolution
658:
620:
607:
513:The Encyclopedia of Money
97:
92:
73:
65:
60:
52:
41:
33:
24:
1150:1878 in economic history
911:Legal Tender Act of 1862
724:U.S. Treasury Department
375:
159:Grand Bland Plan of 1878
1026:National Gold Bank Note
981:Contraction Act of 1866
730:U.S. Treasury Secretary
547:Congressional Record -
295:continues to this day.
136:Overridden by the House
737:U.S. Treasury security
638:Tobacco Inspection Act
537:Cynthia Northrup, ed.
260:
163:United States Congress
1081:Juilliard v. Greenman
1074:Refunding Certificate
940:National banks system
934:Interest bearing note
813:McCulloch v. Maryland
700:Bank of North America
676:U.S. dollar banknotes
622:Commercial Revolution
511:Allen, Larry (2009).
389:Ari Arthur Hoogenboom
287:ended, the debate of
254:
1140:1878 in American law
1106:Aldrich–Vreeland Act
1021:Currency Act of 1870
688:Bank of Pennsylvania
285:free silver movement
265:free-silver movement
247:Free-silver movement
193:Congressional Record
161:, was an act of the
132:on February 28, 1878
1118:Federal Reserve Act
1040:Coinage Act of 1873
1014:Hepburn v. Griswold
964:Coinage Act of 1864
922:Fractional currency
900:Coinage Act of 1857
889:Coinage Act of 1853
878:Coinage Act of 1849
832:Coinage Act of 1834
749:Coinage Act of 1792
321:limping bimetallism
299:Coinage Act of 1873
276:Coinage Act of 1873
237:Rutherford B. Hayes
182:Rutherford B. Hayes
130:Rutherford B. Hayes
93:Legislative history
21:
1068:Silver certificate
1007:Legal Tender Cases
946:National Bank Note
928:National Bank Acts
916:United States Note
754:United States Mint
523:. pp. 48–50.
305:Fourth Coinage Act
261:
229:William B. Allison
19:
1127:
1126:
1100:Gold Standard Act
1062:Bland–Allison Act
1056:Twenty-cent piece
975:Three-cent nickel
883:Three-cent silver
760:U.S. dollar coins
541:(2003) p. 28
517:Santa Barbara, CA
497:(2003) – Page 216
413:(1964) pp. 356–65
307:acknowledged the
155:Bland–Allison Act
151:
150:
114:Passed the Senate
76:Statutes at Large
56:February 28, 1878
20:Bland–Allison Act
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952:Gold certificate
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515:(2nd ed.).
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395:(1995) pp. 96–98
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280:Grover Cleveland
213:Richard P. Bland
108:Passed the House
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866:Forstall System
860:Wildcat banking
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772:1792 half disme
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632:Bills of credit
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592:Monetary policy
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507:
505:Further reading
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484:(2010), p. 350.
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460:10.2307/1885428
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293:monetary policy
272:monetary policy
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42:Enacted by
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454:(2): 257–277.
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357:Barber coinage
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175:silver dollars
165:requiring the
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167:U.S. Treasury
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128:by President
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1005:
930:(1863; 1864)
854:Free banking
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806:Suffolk Bank
712:Section VIII
651:(1751; 1764)
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313:Crime of '73
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269:inflationary
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257:U.S. Capitol
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1114:(1909–1912)
1096:(1890–1891)
1076:(1879–1907)
1070:(1878–1964)
1058:(1875–1878)
1045:Free silver
1033:Knox v. Lee
1028:(1870–1875)
999:(1870–1914)
977:(1865–1889)
971:(1864–1873)
960:(1863–1864)
954:(1863–1933)
942:(1863–1913)
936:(1863–1865)
924:(1862–1876)
918:(1862–1971)
907:(1861–1862)
905:Demand Note
896:(1853–1863)
885:(1851–1873)
874:(1846–1913)
868:(1842–1865)
862:(1836–1865)
856:(1836–1865)
847:(1840–1870)
828:, 1832–1836
822:, 1829–1842
808:, 1818–1858
802:, 1816–1836
791:(1812–1913)
785:(1793–1857)
779:(1793–1857)
768:(1792–1873)
756:(1792–1873)
745:(1791–1811)
728:1789–1913;
710:1787–1788;
702:(1781–1791)
696:(1781–1785)
690:(1780–1781)
684:(1775–1779)
672:(1776–1780)
663:(1760–1840)
625:(1607–1760)
405:Irwin Unger
341:bimetallism
241:bimetallism
225:bimetallism
209:cheap-money
171:circulation
1134:Categories
783:Large cent
199:Background
102:Introduced
66:Public law
34:Long title
777:Half cent
766:Half dime
717:Section X
289:inflation
234:President
179:President
61:Citations
53:Effective
826:Bank War
600:pre–1913
521:ABC-CLIO
363:See also
221:Missouri
217:Democrat
189:overrode
186:Congress
81:20
762:(1792–)
678:(1775–)
468:1885428
207:caused
1120:(1913)
1108:(1908)
1102:(1900)
1090:(1890)
1084:(1884)
1064:(1878)
1052:(1875)
1036:(1871)
1017:(1870)
816:, 1819
640:(1730)
527:
466:
371:(1875)
317:Nevada
184:, the
126:Vetoed
85:
554:(PDF)
464:JSTOR
376:Notes
83:Stat.
69:45–20
594:and
525:ISBN
433:>
303:The
291:and
263:The
215:, a
153:The
45:the
456:doi
219:of
173:as
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458::
259:.
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