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The Specie Payment Resumption Act of January 14, 1875 was a law in the United States that restored the nation to the gold standard through the redemption of previously unbacked United States Notes [1] and reversed inflationary government policies promoted directly after the American Civil War.
The Greenbackers condemned the National Banking System, created by the National Banking Act of 1863, the harmonization of the silver dollar (Coinage Act of 1873 was in fact the "Crime of '73" to Greenback), and the Resumption Act of 1875, which mandated that the U.S. Treasury issue specie (coinage or "hard" currency) in exchange for greenback ...
Since the Specie Payment Resumption Act of 1875 required the Treasury Department to pay gold specie in exchange for greenbacks starting in 1879, Morrill advised Congress to increase the government's gold supply leading up to that date. [7]
In June 1874, Congress established a maximum for Greenback circulation of $382,000,000, and in January 1875, approved the Specie Payment Resumption Act, which authorized a reduction of the circulation of Greenbacks towards a revised limit of $300,000,000, and required the government to redeem them for gold, on demand, after January 1, 1879.
In 1873, the government passed the Fourth Coinage Act and soon resumed specie payments without the free and unlimited coinage of silver. This put the U.S. on a mono-metallic gold standard, angering the proponents of monetary silver, known as the silverites. They referred to this act as "The Crime of ’73", as it was judged to have inhibited ...
On the other other hand, as opponents of the Endangered Species Act have so often argued, when the lives and livelihoods of workers are on the line, the cost -- and value -- of endangered species ...
Economist David Rosenberg said that the resumption of student loan payments coupled with the Federal Reserve's rate hikes will fuel a consumer-led recession, according to Insider. But while this ...
The last time payments were over $1 billion for the week was back in March 2020, before they were put on pause by the federal government because of the COVID-19 pandemic.