in 1893, the cleveland administration;s repeal of the sherman silver purchase act
Are these your choices?
A. caused the value of currency to contract.
B. brought immediate relief to people suffering under the 1893 depression.
C. had no long-term possibility of reviving the depressed economy.
D. empowered conservative Democrats.
What is your answer?
As with a lot of multiple choice questions, the answers beg the issue. By doing away with silver coinage, it increased dependence on gold to back US currency, and since gold was scarce (silver was plentiful), the banks clung to a gold standard. Cleveland thought unsecured greenback dollars would cause inflation so farmers could pay debts in deflated currency, but the banks didn't buy it, so the depression deepened. It was a position taken by Republicans, so when it didn't work, it did empower Democrats who wanted the silver standard. So, either A or D could be correct. I wish I knew what your teacher emphasized.
The Sherman Silver Purchase Act was a U.S. federal law passed in 1890. It required the U.S. government to purchase large amounts of silver, increasing the money supply and supporting the market price of silver. However, due to various economic factors, including a decline in silver prices and an economic depression in the early 1890s, there was a growing concern over the effect of the Act on the economy.
In 1893, Grover Cleveland was the President of the United States, and his administration decided to repeal the Sherman Silver Purchase Act. The repeal was motivated by several factors. First, the Treasury's gold reserves were dwindling, and the government was facing a financial crisis. Second, there was a fear that the increased money supply from purchasing large quantities of silver would lead to inflation and harm the overall economy. Lastly, international pressure from foreign countries, particularly European nations, who were wary of the unlimited coinage of silver, also contributed to the decision to repeal the Act.
To find more detailed information about the Cleveland administration's repeal of the Sherman Silver Purchase Act in 1893, you can refer to historical documents, books, or reputable online sources that specialize in U.S. history or economic history during that time period. Online libraries, academic databases, or websites of reputable universities can be good starting points for your research. Additionally, you can explore historical archives or consult with experts in the field for a more in-depth understanding.