A $ 10 silver certificate carrying the image of Robert Morris , issued in 1878 . Since silver dollars rarely circulated , silver circulated almost exclusively in the form of paper silver certificates .
same day . The Act was in effect until 1890 . Economist Neil Carothers writes , “ This famous law was not a free-coinage measure , or a bimetallic measure , or a change of standard measure . It was a subsidiary coinage law .” So , after two years of nonstop agitation by the silver movement to “ restore legal bimetallism ,” they ended up with a continuation of the gold standard . Nonetheless , they did get the “ dollar of the daddies ” they demanded , which was called the “ Bland dollar ” at the time .
What makes Bland-Allison unique is that never before did the US government purchase gold or silver bullion wholly with its income . It never did for gold what it did for silver . Economist J . Laurence Laughlin writes , “ This mechanical and forced coinage of fixed amounts of silver each month , irrespective of the desires of the business community or the needs of exchange , was flying in the face of the principal of demand and supply . The legislators in 1878 had committed to repeal the laws of demand and supply .”
The Provision for Silver Certificates
Another important amendment by Allison was the provision for silver certificates .
Laughlin writes , “ In its after-effects , this provision proved more effective in carrying out the purpose of the advocates of silver than it was expected …” The provision states :
That any holder of the coin authorized by this act may deposit the same with the Treasurer or any assistant treasurer of the United States , in sums not less than $ 10 , and receive therefor certificates of not less than $ 10 each , corresponding with the denominations of the United States notes . The coin deposited for , or
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