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Major Events with Benjamin Harrison
- 1890 - Sherman Anti-Trust Act
The Sherman Anti-Trust Act was passed by Congress in 1890. It was passed unanimously since both parties promised anti-trust legislation to the voters. However, it was not very successful. The key provision stated that "Every contract, combination in the form of trust or otherwise, or conspiracy, in restrain of trade or commerce among the several states, or with foreign nations, is hereby declared illegal." This clause was very weak because it was very ambiguous - what exactly was a trust? The law was tested in 1895 in the Knight v. US case. Even though the Knight company controlled over 95% of the U.S. sugar market, the Supreme Court declared it legal and thus trusts were still safe from prosecution.
- 1890 - Sherman Silver Purchase Act
The Sherman Silver Purchase Act expanded the Bland-Allison bill, and provided that the government would buy 4.5 million ounces of silver each month. Although this increased the amount of silver bought monthly, the miners in the west were still unsatisfied and it would not be until 1896 that this conflict would be solved.
- 1890 - McKinley Tariff
The McKinley Tariff was passed in conjunction with the Sherman Silver Purchase Act. It increased the rates and the number of products put on the list. For the first time in US history grain, which was over produced in the United States, was put on the tariff list.
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