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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 party's platform focused upon repeal of the Specie Resumption Act of 1875 and the renewed use of non-gold-backed United States Notes in an effort to restore prosperity through an expanded money supply. [16] The convention nominated New York economics pamphleteer Peter Cooper as its presidential standard-bearer. Cooper declared to the ...
President Hayes began his address by highlighting the successful implementation of the Resumption Act of 1875, which had restored specie payments. He noted the economic revival following the stabilization of currency, with increased foreign demand for American goods and a reduction in the public debt.
The Specie Payment Resumption Act, passed in 1875, ordered that greenbacks be gradually withdrawn and replaced with a gold-backed currency, beginning in 1879. [5] At the same time, economic depression had made it more expensive for debtors to pay debts they had contracted when the currency was less valuable. [6]
In June 1874, Congress established a maximum for Greenback circulation of $382,000,000, and in January 1875, approved the Specie Payment Resumption Act, which authorized a reduction of the circulation of Greenbacks towards a revised limit of $300,000,000, and required the government to redeem them for gold, on demand, after January 1, 1879.
Maryland Gov. Lawrence J. Hogan, Jr. sees himself as a “new species” of Republican who will lead the party after Donald Trump’s time in office.
The following year, Congress passed the Specie Resumption Act of 1875, ... Poor economic conditions also caused voters to turn against the Republican Party.
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