Changes

Prior to 1893, both Silver and Gold were used as a metallic standard for currency in the United States. The Sherman Act authorized the treasury to purchase 4.5 million ounces of silver per month. This inflated the price of silver, causing eastern investors to start hoarding gold as a hedge. The unrest this caused in the Colorado mines resulted in the repeal of the Act. When this happened, the mining of silver began to rapidly decline, causing further destabilization in the silver mining industry.

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