Page:The World's Famous Orations Volume 10.djvu/237

 SHERMAN

��When the bill came to the Senate, an amend- ment was made on the motion of Senator Alli- son, who changed the scope of the bill and au- thorized and directed the secretary of the Treas- ury to purchase from time to time silver bullion at the market price, not less than $2,000,000, not more than $4,000,000 worth per month, and cause the same to be coined into silver dollars as fast as purchased. It also provided that any holder of the coin authorized by that act might deposit the same with the treasurer of the United States in sums not less than $10, and receive cer- tificates therefor of not less than $10 each, and that the coin deposited should be retained in the Treasury for the payment of the certificates on demand. This bill so amended passed both houses. It was known as the Bland- Allison Act. It greatly added to the difficulties of resumption, and for that reason was vetoed by President Hayes, but became a law over his veto.

Under its provisions the United States pur- chased over 291,000,000 ounces of silver at the cost of $308,279,260. It was hoped that this enormous purchase would arrest the decline of silver, but in spite of it silver steadily declined in market value, and at the present price the loss to the government on the purchase of silver under this act amounts to over $100,000,000.

When Congress met in December. 1889. there was a strong desire in both Houses to utilize sil- ver as legal tender money under conditions that would not demonetize gold. As the result of

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