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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 Greenbackers condemned the National Banking System, created by the National Banking Act of 1863, the harmonization of the silver dollar (Coinage Act of 1873 was in fact the "Crime of '73" to Greenback), and the Resumption Act of 1875, which mandated that the U.S. Treasury issue specie (coinage or "hard" currency) in exchange for greenback ...
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 ...
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 Trump administration ordered a critical agency that assists other government departments to cancel all of its media contracts amid outrage over federal tax dollars flowing to news outlets ...
The order did not provide further details on how such a stockpile would be set up and analysts and legal experts are divided on whether an act of Congress will be necessary.
(Reuters) -European leaders were bracing for U.S. tariffs after sweeping levies imposed by U.S. President Donald Trump, affecting billions of dollars in trade between Mexico, China and Canada ...