jul 15, 1890 - Billion-dollar Congress: Sherman Silver Purchase Act (POL, WXT)

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After the election of 1888, the Republicans controlled the Presidency as well as the Congress. In this majority-republican congress, the House passed the first billion-dollar governmental budget. During this time frame, the Republican Congress passed a multitude of legislation aimed to alter the social and economic state of the United States. For instance, the Congress passed a bill that aimed to defend the voting rights of African Americans but this bill would be denied by the Senate. Moreover, the congress passed economic bills like the McKinley Tariff of 1890, which raised the cost of import tariffs during peacetimes by a cost margin increase of 48 percent. Congress also increased the monthly pension the federal government provided towards Civil War Veterans, widows, and children. In order to protect growing businesses and competition, Congress passed the Sherman Antitrust Act which prohibited any activities enforced by a power to prevent interstate commerce and competition in the marketplace. Under a similar title, the Congress passed the Sherman Silver Purchase Act of 1890 which increased the amount of silver that circulated within the United States economy, in the hopes that the American economy would grow accordingly; however, the Act was not enough to satisfy the economic needs of farmers and miners.

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