Why was the Sherman silver purchase act passed? Select two correct answers. To shrink the money supply, to help farmers repay debts, to increase the money supply, to replace the gold standard with silver, or to eliminate silver from the money supply,

Answer 1

The Sherman Silver Purchase Act was passed primarily for the following reasons:

1. To help farmers repay debts - Many farmers were struggling with debt and believed that increasing the money supply through silver would make it easier to repay loans.

2. To increase the money supply - The act aimed to increase the amount of silver that could be bought by the government, thereby expanding the money supply and potentially leading to inflation, which would help those in debt.

So, the correct answers are: to help farmers repay debts and to increase the money supply.