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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.
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Hard money policies support a specie standard, usually gold or silver, typically implemented with representative money. In 1836, when President Andrew Jackson 's veto of the recharter of the Second Bank of the United States took effect, he issued the Specie Circular , an executive order that all public lands had to be purchased with hard money.
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.
On January 14, 1875, Grant signed the Resumption of Specie Act, and he could not have been happier; he wrote a note to Congress congratulating members on the passage of the act. The legislation was drafted by Ohio Republican Senator John Sherman. This act provided that paper money in circulation would be exchanged for gold specie and silver ...
June 22, 1874: Revised Statutes of the United States June 23, 1874: Poland Act, 18 Stat. 253 January 14, 1875: Specie Payment Resumption Act ch. 15, 18 Stat. 296 March 1, 1875: Civil Rights Act of 1875, (Butler-Sumner Act) 18 Stat. 335
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Republican campaign poster of 1896 attacking free silver. Free silver was a major economic policy issue in the United States in the late 19th century. Its advocates were in favor of an expansionary monetary policy featuring the unlimited coinage of silver into money on-demand, as opposed to strict adherence to the more carefully fixed money supply implicit in the gold standard.