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<p>[QUOTE="Conder101, post: 481182, member: 66"]The Sherman Silver Purchase Act did not cause the fall in the price of silver, that was already occuring and had been for some time. The collapse was being caused by ove production at the mines. The Act was an attempt to provide a market for the excess silver and to try and support the price. The Act DID however lead to the panic of 1893. Not because of the purchase of silver, but because it was purchased with notes that were redeemable in gold, and the gold was worth more than the silver that had been brought in. So the notes were immediately redeemed and in the process depleted the nations gold reserves to the point where the government was in serious danger of having to default on its obligations. (The obligations had to be paid in gold and the government no longer had enough gold to pay them.)[/QUOTE]</p><p><br /></p>
[QUOTE="Conder101, post: 481182, member: 66"]The Sherman Silver Purchase Act did not cause the fall in the price of silver, that was already occuring and had been for some time. The collapse was being caused by ove production at the mines. The Act was an attempt to provide a market for the excess silver and to try and support the price. The Act DID however lead to the panic of 1893. Not because of the purchase of silver, but because it was purchased with notes that were redeemable in gold, and the gold was worth more than the silver that had been brought in. So the notes were immediately redeemed and in the process depleted the nations gold reserves to the point where the government was in serious danger of having to default on its obligations. (The obligations had to be paid in gold and the government no longer had enough gold to pay them.)[/QUOTE]
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