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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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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]
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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He acquiesced in suspending specie payments to bank depositors, setting a precedent for the Panics of 1837 and 1857. [107] Although Monroe agreed that improved transportation facilities were needed, he refused to approve appropriations for internal improvements without constitutional amendments.
Three-dollar piece ($3) United States Value 3 United States dollars Mass 5.015 g Diameter 20.5 mm (.807 in) Edge reeded Composition 90% gold, 10% copper Gold.1451 troy oz Years of minting 1854 (1854) –1889 (1889) Mint marks D, O, S. Found immediately below the wreath on the reverse. Philadelphia Mint pieces lack mint mark. Obverse Design Liberty as a Native American princess Designer James B ...