Strongly supported by western mining interests and farmers, the Bland-Allison Act—which provided for a return to the minting of silver coins—becomes the law of the land.
The strife and controversy surrounding the coinage of silver is difficult for most modern Americans to understand, but in the late 19th century it was a topic of keen political and economic interest. Today, the value of American money is essentially secured by faith in the stability of the government, but during the 19th century, money was generally backed by actual deposits of silver and gold, the so-called “bimetallic standard.” The U.S. also minted both gold and silver coins. Continue reading “THIS DAY IN HISTORY – Silver dollars made legal – 1878”
