SHERMAN ACT
\ʃˈɜːmən ˈakt], \ʃˈɜːmən ˈakt], \ʃ_ˈɜː_m_ə_n ˈa_k_t]\
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A bill submitted by Senator Sherman, of Ohio, and passed by Congress July 14, 1890. This act provided that the Secretary of the Treasury purchase each month 4,500,000 ounces of silver bullion at market price, treasury notes of legal-tender character to be issued in payment therefor, and these notes to be redeemable on demand, in coin at the treasury. It also provided that 2,000,000 ounces be coined each mouth into standard silver dollars, and that the silver legislative act of February 28, 1878, be repealed. The purchasing clause of the Sherman act was repealed in 1893.
By John Franklin Jameson