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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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By the end of the month the banks had suspended specie payment on their own banknotes. The Demand Notes then began to appear at assistant treasurers' offices in great numbers for redemption, [ 12 ] but since the government could not obtain adequate supplies of coin it was forced to follow suit and suspend redeeming the Demand Notes for gold in ...
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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 ...
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The bank run came to a head on May 10, 1837, when banks in New York City ran out of gold and silver. They immediately suspended specie payments, and would no longer redeem commercial paper in specie at full face value. [3] A significant economic collapse followed: despite a brief recovery in 1838, the recession persisted for nearly seven years.
In the absence of gold and silver coin, the premium for specie began to devalue paper currency. [10] After the New York banks suspended specie payments (quickly followed by Boston and Philadelphia) [ 11 ] the premium on gold rose from 1–3% over paper in early January 1862 to 9% over paper in June 1862, [ 10 ] by which time one paper dollar ...