Question Why was the Sherman Silver Purchase Act passed? Select the two correct answers. (1 point) Responses to shrink the money supply to shrink the money supply to help farmers repay debts to help farmers repay debts to increase the money supply to increase the money supply to replace the gold standard with silver to replace the gold standard with silver to eliminate silver from the money supply to eliminate silver from the money supply
The two correct answers are:
1. To help farmers repay debts
2. To increase the money supply
The two correct answers are:
1. To help farmers repay debts
2. To increase the money supply
To determine why the Sherman Silver Purchase Act was passed, we need to analyze the context and objectives of the act. Here are the two correct answers:
1. To help farmers repay debts: The Sherman Silver Purchase Act was passed partly to assist farmers in repaying their debts. During this period, many farmers were struggling with mounting debts, and the government aimed to provide support by increasing the money supply, making it easier for them to repay their loans.
2. To increase the money supply: Another objective of the Sherman Silver Purchase Act was to increase the money supply. By increasing the government's purchase of silver, it allowed for the creation of more currency, thus expanding the money supply in circulation.
Therefore, the two correct answers are:
- To help farmers repay debts
- To increase the money supply