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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.
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 ...
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.
Congress suspended the gold standard in 1861 early in the Civil War and began issuing paper currency (greenbacks). The federally issued greenbacks were gradually supposed to be eliminated in favor of national bank notes after the Specie Payment Resumption Act of 1875 was passed. However, the elimination of the greenbacks was suspended in 1878 ...
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 ...
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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