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<p>[QUOTE=&quot;CamaroDMD, post: 1886107, member: 5233&quot;]Not exactly accurate...although the Bland-Allison Act did direct the treasury to purchase silver from western miners.&nbsp; This was replaced by the Sherman Silver Purchasing Act of 1890 which increased the amount of silver purchased per month to 4.5 million ounces.</p><p><br /></p><p>They paid for the silver using coin notes which could be redeemed in gold or silver.&nbsp; Most investors redeemed it in gold and depleted the government&#039;s gold reserves which contributed to the Panic of 1893.&nbsp; So, it sort of backfired.[/QUOTE]</p><p><br /></p>

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