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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.
However, because the total face value of the notes in circulation was almost exactly twice the actual gold reserves held (£10,865,050 of notes, compared to £5,322,010 in bullion), [3] this would have bankrupted the Bank, and Parliament decided to suspend these "specie payments" with immediate effect; this suspension was renewed annually until ...
Meta said Wednesday that it will allow some Facebook users to view eBay listings on its Marketplace service, as it tries out a possible way to resolve European Union charges of anticompetitive ...
He acquiesced in suspending specie payments to bank depositors, setting a precedent for the Panics of 1837 and 1857. [107] Although Monroe agreed that improved transportation facilities were needed, he refused to approve appropriations for internal improvements without constitutional amendments.
The U.S. tech company said eBay sellers will gain exposure to Facebook's audience while people using Marketplace will have access to a broader array of listings from the eBay community.
Online marketplace behemoth eBay said it plans to no longer accept American Express, citing what the company says are “unacceptably high fees” and that customers have other payment options to ...
Bankers had been pushing for the suspension of specie payments – the gold equivalent of banknotes – but with Keynes's help, the Chancellor of the Exchequer (then Lloyd George) was persuaded that this would be a bad idea, as it would hurt the future reputation of the city if payments were suspended before it was necessary.
Bimetallism became a center of political conflict toward the end of the 19th century. To finance the Civil War, the U.S. switched from bimetallism to a flat greenback currency. In 1873, the government passed the Fourth Coinage Act and soon resumption to specie payments began without the free and unlimited coinage of silver. This put the U.S. on ...