Sherman Antitrust Act and Sherman Silver Purchase Act become law

Antitrust Provisions. The Sherman Antitrust Act established rules for free competition in commerce, prohibiting unfair monopolies, anticompetitive agreements, and unilateral conduct attempting to monopolize markets. Senator George Hoar clarified that superior skill alone did not constitute monopoly, but practices preventing fair competition did. The federal government began filing cases under the Act in 1890, marking the start of federal antitrust enforcement.

Silver Purchase Mandate. The Sherman Silver Purchase Act, originally known as the Silver Purchase Act of 1890, required the government to purchase 4.5 million ounces of silver monthly, approximately the entire American output. This legislation was enacted in tandem with the McKinley Tariff. The House passed the bill in June 1890, establishing a recurrent monthly purchase obligation that exceeded previous Bland-Allison requirements.

Authorship and Signing. Senator John Sherman was the principal author of the Sherman Antitrust Act, which President Benjamin Harrison signed into law on July 2, 1890. Sherman had previously shown little interest in the trust question but entered the fray as it rose in national consciousness. The Silver Purchase Act was enacted on July 14, 1890, a different date than the Antitrust Act signing.