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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.
Suspended Constitution of 1876 after leading Spanish Armed Forces coup d'etat. Alexander I of Yugoslavia Yugoslavia: 1929–1931 An assassination in the National Assembly was used as a pretext for absolutism and the dissolution of the Assembly. Kimon Georgiev Bulgaria: 1934 Suspended the Tarnovo Constitution after the 1934 Bulgarian coup d'état.
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.
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.
Many state legislatures, particularly in rural western states, passed extra relief measures for debtors. Another response to the panic was monetary expansion, primarily at the state level. In Tennessee, Kentucky and Illinois, state banks suspended specie payments and issued large amounts of inconvertible notes.
KYIV/LONDON (Reuters) -Ukraine's parliament passed a law on Thursday allowing the government to suspend foreign debt payments, just as it resumed formal talks with bondholders to restructure some ...
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.
Ukraine's President Volodymyr Zelenskiy has signed a law allowing the government to suspend foreign debt payments until Oct. 1, paving the way for a moratorium to be called that would formally ...