SHERMAN ACT

Approved by Congre , July 14, 1890; backed by Senator Sherman and others. It was in the nature of a compromise measure adopted after long discu ion and disagreements on financial policy. By the terms of the Act of Secretary of the Treasury was instructed to buy silver bullion to the amount of $4,500,000 a month and i ue treasury notes in payment. Though the Act was approved, contreversy continued and arguments for its repeal were frequently made. The busine depre ion in the summer of 1893 was said to be due to this bill, and President Cleveland called a special se ion of Congre on August 7. Repeal of the silver purchasing provision was pa ed by the House August 28. The Voorhees Bill was offered as a substitute in the senate. This repealed the silver purchasing proviso, and confirmea the national policy of bi-metallisni. The was pa ed by the senate October 30, bill the House concurred November 1, and 1890. (1867), an American lawyer, }. COCK Washington, s. of Charles Hitch cock at and was educated at Yale University. He being engaged in the practic e of After New York from 1891-1909 he law in States minister to Argent ina was United when ill health forced him to until 1911 the diplomatic service and retire from following year he resumed the the of law. Author: Have We @ practice Far Eastern Policy?, 1920.