Editing Bland–Allison Act (section)

==Background==
The 5 1/2-year depression following the [[Panic of 1873]] caused [[Free Silver|cheap-money]] advocates (led by Representative [[Richard P. Bland]], a [[History of the Democratic Party (United States)|Democrat]] of [[Missouri]]), to join with silver-producing interests in urging a return to [[bimetallism]], the use of both silver and gold as a standard.<ref>[[Irwin Unger]], ''[[The Greenback Era: A Social and Political History of American Finance, 1865-1879]]'' (1964) pp. 356–65</ref> Coupled with Senator [[William B. Allison]] of Iowa, they agreed to a proposal that allowed silver to be purchased at market rates, metals to be minted into silver dollars, and required the US Treasury to purchase between $2 million to $4 million silver each month from western mines.<ref name=US>Acts, Bills, and Laws, 1878.U.S. History. March 14th <http://www.u-s-history.com/pages/h718.html></ref> [[President of the United States | President]] [[Rutherford B. Hayes]], who held interests in industrials and banking, vetoed the measure, which was overturned by Congress. As a result, the Hayes administration purchased the limited amount of silver each month. This act helped restore [[bimetallism]] with gold and silver both supporting the currency. However, gold remained heavily favored over silver, paving way for the gold standard.