Search results
Results From The WOW.Com Content Network
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, Congress had removed the use of silver dollar from the list of authorized coins under the Coinage Act of 1873 (referred to by opponents as 'the Crime of '73'"). Although the Bland–Allison Act of 1878 directed the Treasury to purchase silver from the "best-western" miners, President Grover Cleveland repealed the act in 1893. [4]
Since the Specie Payment Resumption Act of 1875 required the Treasury Department to pay gold specie in exchange for greenbacks starting in 1879, Morrill advised Congress to increase the government's gold supply leading up to that date. [7]
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.
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 ...
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 ...
Reliever Tanner Scott's $72 million, four-year contract was finalized Thursday by the Los Angeles Dodgers, raising the World Series champions' offseason spending to $452 million on eight players.
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