Question

In 1893, the Cleveland administration's repeal of the Sherman Silver Purchase Act

Answer 1

In 1893, the Cleveland administration's repeal of the Sherman Silver Purchase Act caused the value of currency to contract. The correct option among all the options given in the question is option "A". The Sherman Silver Purchase Act was passed on 14th of July in the year 1890. It was actually a United states Federal Law and it did not allow the free and unlimited coinage of the metal silver. However it increased the amount of silver in the hands of the government. Under this Act the government bought millions of pounds of silver at market rate and issued paper currency.