Bland-Allison Act

- enacted in 1878 in the United States law, restoring bimetallism. It imposes an obligation on the U.S. government to purchase at market prices of silver worth 2-4 mill ion dollars and killing of the circulation of silver coins. Also established the ratio of gold to silver at 1:16. This law was enacted by the U.S. Congress despite a veto of President Rutherford Hayes. Name Bland-Allison Act, named after Congressmen: Richard P. Bland (Democrat from Missouri), and William B.