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.
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.
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.
The following year, Congress passed the Specie Resumption Act of 1875, which would back United States currency with gold. [45] Backing American currency with gold helped curb inflation and stabilize the dollar.
The Specie Payment Resumption Act of 1875 required the treasury to redeem any outstanding greenbacks in gold, thus retiring them from circulation and restoring the gold standard. [109] Hayes and Secretary of the Treasury Sherman both supported a restoration of the gold standard, and the Hayes administration stockpiled gold in preparation for ...
Pages in category "January 1875" The following 6 pages are in this category, out of 6 total. ... Specie Payment Resumption Act; V. Vicksburg massacre
As the session began, many in the Democratic caucus were determined to repeal the Specie Payment Resumption Act of 1875. [84] That Act, passed when Republicans last controlled the House, was intended to gradually withdraw all greenbacks from circulation, replacing them with dollars backed in specie (i.e., gold or silver).