In
the year 1890 the Sherman Silver Purchase Act was passed by the US congress.
This act did not allow unlimited coinage of silver. This act was passed in
response to the deflation of the economy caused by overproduction. This act was
repelled by President Cleveland in the year 1993 as the gold reserves of the US
treasury was getting diluted.
This
repelling of the act brought great relief to those suffering people. The economy
of US also started reviving from the misery and the devaluation of US currency
stopped.
