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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 terms required a down payment of one-fourth of the total cost and the balance in four annual payments. Failure to pay in full in five years meant forfeiture. [ 13 ] [ 72 ] [ 73 ] Public land debt ballooned from $3 million in 1815 to $17 million in 1818.
Long title: An Act to amend and continue, until one month after the conclusion of the present war, the provisions contained in an act, passed in the session of parliament of the thirty-sixth and thirty-seventh years of his present Majesty, chapter ninety-one, videlicet, on the twenty second of June one thousand seven hundred and ninety-seven, for the restriction on payments of cash by the bank.
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.
Despite the July 1862 legislation, postage stamps remained a form of currency until postage currency gained momentum in the spring of 1863. [20] In 1863, Secretary Chase asked for a new fractional currency that was harder to counterfeit than the postage currency. The new fractional currency notes were different from the 1862 postage currency ...
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SAO PAULO/BRASILIA (Reuters) -Brazil's telecommunications regulator said on Friday it was suspending access to Elon Musk's X social network in the country to comply with an order from a judge who ...
Thanks to the independent treasury, the government has not suspended [specie] payments, as it was compelled to do by the failure of the banks in 1837. It will continue to discharge its liabilities to the people in gold and silver. Its disbursements in coin pass into circulation and materially assist in restoring a sound currency. [16]