Ask a New Question
Menu

Why was the Sherman Silver Purchase Act passed? Select the two correct answers. (1 point) Responses to shrink the money supply to shrink the money supply to help farmers repay debts to help farmers repay debts to increase the money supply to increase the money supply to replace the gold standard with sil

1 answer

The Sherman Silver Purchase Act was passed primarily to:

  1. Help farmers repay debts: The act aimed to increase the money supply, which would help alleviate the pressures on farmers who were struggling with debt.
  2. Increase the money supply: By allowing the government to purchase silver and mint it into coins, the act sought to expand the money supply, which was seen as essential for addressing deflationary pressures in the economy.

Therefore, the two correct answers are to help farmers repay debts and to increase the money supply.