Sherman Act
an act of the United States Congress, approved July 14, 1890.
It was the culmination of a long disagreement between the two Houses over a financial policy, neither side being disposed to yield. This bill was supported SHERRILL by Senator Sherman and others as a compromise measure. It instructed the Secretary of the Treasury to buy silver bullion to the amount of 4,500,000 ounces a month, and to issue Treasury notes in payment. Though the bill was approved , the financial policy continued to be a disturbing question and arguments favoring a repeal were presented at almost every opportunity. The business depression of dep depression of the summer of 1893 was believed to be a consequence of the bill, and President Cleveland summoned Congress to convene in special session, Aug. 7. A bill to repeal the silver-purchasing proviso of the Sherman Act passed the House Aug. 28. In the Senate, the Voorhees bill was presented as a substitute, its provisions being a repeal of the silver-purchasing clause, but affirming bimetallism as a National policy. After a protracted contest the Voorhees bill passed the Senate, Oct. 30. It was concurred in by the House Nov. 1, and the President approved it the same day.