Silver Dollar Blog - The Bland-Allison Act

Mar 11, 2012

 

The Bland-Allison Act

In the mid 1800's you could literally walk into a bank with your raw silver and  have it converted into legal tender. That is why the coinage act of 1873 was called a crime because the act changed everything. You could no longer convert you silver into legal tender. What the coinage act of 1873 did was demonetized silver by only providing deposits of gold bullion for coinage.

On February 28th, 1878 the Bland Allison Act was introduced which fathered the Morgan Dollar.  Richard P. Bland was a representative from Missouri and William B. Allison was a representative from Iowa came together for a common cause. This act restored silver to legal-tender and required the Treasury to purchase 2-4 million dollars of silver bullion each month. This silver would be coined in to silver dollars at a ratio of 16:1.this brought back bimetallism so now both gold and silver were a monetary standard.

Who Vetoed the Bland-Allison Act?

Republican President Rutherford B. Hayes. President Hayes sent  it back to congress, but congress passed it above his head and thus we have the Bland-Allison Act.

At first these coins were called Bland Dollars, but it didn't stick in the twentieth century most folks referred to them as Morgan Dollars  The Morgan Dollars were to be coined at 412.5 grains in weight and 0.900 - nine-tenths pure silver and ten percent copper. During the Bland-Allison Act 291,272,018.56 silver was purchased which cost $308,279,260.71. That comes to 378,166,793 standard silver dollars. 

The Bland-Allison stayed an act until 1890 when the Sherman Silver Purchase Act came into play. The Act was named after Senator John Sherman an Ohio Republican. Now treasury had to purchase 4,500 ounces of silver bullion per month. The act stated the purchase would be at current market price not to exceed $1.00 for 371.25 grains of pure silver.

Next we will talk more about the Sherman Silver Purchase Act



Add Comment




Submit a Comment
Name:  *
Email:  *
Website:
Comment:  *
* Indicate required fields
Navigation

Circulation Years

Misc Categories


MorganDollarStore.net - The easiest way to complete your Morgan Silver Dollar collection. Morgan Dollars minted from 1878 to 1904 and again in 1921

© 2019 Morgan Silver Dollars - The easiest way to complete your Morgan Silver Dollar collection. Morgan Dollars minted from 1878 to 1904 and again in 1921
Privacy Policy  |   Terms & Conditions  |   Contact   |