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Updated: June 13, 2025
In view of the fact that the industrial and commercial countries of Europe were almost universally reducing their silver coinage, the passage by the United States of an act which substantially doubled the amount of silver purchased under the Bland-Allison law seems extraordinary.
In addition to further improvements in the civil service laws, Cleveland was interested in a long list of reforms which he placed before Congress in his first message: the improvement of the diplomatic and consular service; the reduction of the tariff; the repeal of the Bland-Allison silver-coinage act; the development of the navy, which he characterized as a "shabby ornament" and a naval reminder "of the days that are past"; better care of the Indians; and a means of preventing individuals from acquiring large areas of the public lands.
As the metal was worth at that time about a dollar an ounce, this represented an increase, for the time being, over the maximum allowed under the Bland-Allison Act and more than double the minimum required by that measure, which was all the Treasury had ever purchased. But the Silver Purchase Act failed to check the downward trend in the value of the metal.
So powerful was the demand, especially from the West, that in 1878 the Bland-Allison Act, passed over the veto of President Hayes, provided for the restoration of the silver dollar to the list of coins, with full legal tender quality, and required the Treasury to purchase in the open market from two to four million dollars' worth of bullion each month.
Even under the Bland-Allison Act the Treasury Department had experienced great difficulty in keeping in circulation a reasonable proportion of the silver dollars and the silver certificates which were issued in lieu of part of them, and in maintaining a sufficient gold reserve to insure the stability of the currency.
In the same message he urged the repeal of the Bland-Allison silver-coinage act, the reduction of the internal revenue, revision of the tariff, a better navy, post-office savings banks, and enlightened Indian legislation. Altogether it was clear that he had laid aside much of the partisan in succeeding to his high office.
Although the coinage of silver in the twelve years during which the Bland-Allison act was in force amounted to $378,000,000, the danger that Cleveland's prophecy would come to pass was lessened by several facts.
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