BLAND ALLISON ACT FEBRUARY 1878 BLAND ALLISON ACT BANKING/FINANCE U.S GOV'T LEGISLATIVE U.S GOVERNMENT AND CONSTITUTION ECONOMY AND LABOR IN FEBRUARY 1878 CONGRESS PASSED THE BLAND ALLISON ACT WHICH ALLOWED FOR THE FREE AND UNLIMITED COINAGE OF SILVER AT THE RATIO OF 16 TO 1 CONGRESS PASSED THE ACT OVER PRESIDENT RUTHERFORD B HAYES'S VETO IN 1873 CONGRESS HAD SUSPENDED THE MINTING OF THE SILVER DOLLAR FARMERS WANTED TO INCREASE THE MONEY SUPPLY BY PUTTING MORE SILVER INTO CIRCULATION IN RESPONSE THE BLAND ALLISON ACT SUPPORTED BY FREE SILVER DEMOCRATS WAS PASSED IT ALLOWED THE TREASURY TO MINT BETWEEN 2 AND 4 MILLION OF SILVER EACH MONTH FINANCIALLY STRAINED CITIZENS AND WESTERN SILVER MINERS SUPPORTED THE FREE SILVER MOVEMENT EASTERN BANKERS WHO OWNED MOST OF THE NATION'S GOLD OPPOSED THE ACT THEY WERE CONCERNED THAT INCREASING THE CIRCULATION OF OTHER FORMS OF CURRENCY SUCH AS GREENBACKS AND SILVER COINS WOULD DECREASE THE VALUE OF GOLD HOWEVER THE ACT DID NOT SIGNIFICANTLY INFLUENCE THE PRICE OF GOLD THE CONFLICT BETWEEN THOSE WHO WANTED TO KEEP THE GOLD STANDARD AND THOSE WHO WANTED CHEAP MONEY CONTINUED FOR YEARS
