Summary
Grover Cleveland's "Message on the Repeal of the Sherman Silver Purchase Act (1893)" asserts that the nation's economic distress stems directly from the over-issuance of silver dollars and the resulting depletion of its gold reserves. Cleveland argues that this policy, intended to increase the money supply, has instead fostered uncertainty and panic, undermining confidence in the currency. He contends that repealing the Act is essential to restoring fiscal stability and safeguarding the gold standard.
The message details how the government's commitment to purchasing silver at a fixed rate has led to an excess of legal tender notes redeemable in gold, thereby draining the Treasury's gold stock. Cleveland emphasizes the urgent need for legislative action to halt this practice and restore the parity of gold and silver coins, believing this will encourage investment and alleviate the financial crisis gripping the country.
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Key concepts
- Sherman Silver Purchase Act — A United States law enacted on July 14, 1890, that obligated the U.S. Treasury to purchase a large amount of silver bullion, issuing certificates in return.
- Gold Standard — A monetary system in which the standard economic unit of account is based on a fixed quantity of gold.
- Bimetallism — A monetary standard in which the value of the monetary unit is based on two metals, usually gold and silver.
- Treasury Reserves — The amount of gold and silver held by a national treasury to back its currency.