Which act did President Grover Cleveland repeal in response to the economic downturn during the Panic of 1893?

President Grover Cleveland repealed the Sherman Silver Purchase Act in response to the economic downturn during the Panic of 1893. This act, originally passed in 1890, required the federal government to purchase and coin a significant amount of silver in addition to the gold it was already required to hold. The intention behind the act was to increase the money supply and aid farmers and others who were advocating for inflationary measures.

However, by 1893, the economic conditions had worsened, largely due to overextension in railroad construction and international economic pressures, leading to a loss of confidence in the U.S. economy. Many believed that the inflated currency caused by the silver purchases was contributing to financial instability. As a result, Cleveland and his administration sought to stabilize the economy and restore investor confidence by repealing the Sherman Silver Purchase Act. This repeal aimed to shift the focus back to gold as the standard for currency, thereby reducing the money supply and addressing the economic crisis.