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Events on Thursday 28 February 1878 1
1878Bland-Allison ActUS Congress mandates federal purchase of silverCongress passed the act over President Rutherford B. Hayes's veto, requiring the US Treasury to purchase silver bullion and mint it into silver dollars. The law responded to pressure from silver-mining interests and farmers seeking currency inflation during the Long Depression. It remained in effect until replaced by the Sherman Silver Purchase Act in 1890.