This Day in Wall Street History 1934: 'Silver Purchase Act' is passed

President Franklin Roosevelt's first term in office was packed with busy days, and June 19, 1934, was certainly no exception.

Indeed, on this day Congress passed a veritable smorgasbord of legislation, including the "Silver Purchase Act." Along with nationalizing silver stocks, the bill charged the president with increasing the Treasury's silver supply.

Though silver was hardly about to supplant the gold standard, the legislation called for silver to equal one-third of the Treasury's gold holdings. And, while to some to the "Silver Act" was perhaps little more than another blip during Roosevelt's furious first term, the passage of the bill marked a rare victory for the long-suffering silver movement, which had pushed for the adoption of metal since the late 19th century.

Source: History.com