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Treasury to buy 4.5 million ounces of silver at market price (per month).  The seller receives Treasury notes that are legal tender and redeemable for gold or silver at the discretion of the Treasury.  The treasury tended to redeem in gold b/c they wanted to maintain a gold standard.

Silver prices continued to fall.  Since the treasury tended to pay out in gold, gold reserves fell.  They were close to being forced to suspend payment in specie for al paper money, which would be leaving the gold standard, unless something happened.  This caused the act to get repealed by Grover Cleveland.