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The crisis deepened when the Bank of England suspended specie payments on February 25, 1797 under the Bank Restriction Act 1797. The bank's directors feared insolvency when English account holders, who were nervous about a possible French invasion, began withdrawing their deposits in sterling rather than bank notes.
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.
[24] To avoid further financial panics, Buchanan encouraged the US Congress to pass a law to provide the immediate forfeiture of a bank's charter if a bank suspended specie payments. He asked state banks to keep one dollar in specie for every three issued as paper, and he discouraged the use of federal or state bonds as security on bank notes ...
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 ...
A wildcat bank is broadly defined as one that prints more currency than it is capable of continuously redeeming in specie. A more specific definition, established by historian of economics Hugh Rockoff in the 1970s, applies the term to free banks whose notes were backed by overvalued securities – bonds which were valued at par by the state, but which had a market value below par. [2]
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 ...
Sarkaria said a car is stolen every 14 minutes in Ontario, which has a population of about 15.6 million. Ontario will suspend driver’s licenses for convicted car thieves for at least 10 years ...
United States 294 U.S. 317 (1935): The owner of $106,300 in federal gold certificates surrendered them as required by Executive Order 6102, receiving only their face value in currency. He sued in the United States Court of Claims for an additional $64,000 representing the loss of the dollar against gold.