The Specie Payment Resumption Act of January 14, 1875, was a law in the United States of America which restored the nation to the gold standard through the redemption of previously unbacked United States Notes. The decision further constricted the nation's money supply and was seen by critics as an exacerbating factor of the so-called "Long Depression" which struck in 1873.
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Famous quotes containing the words payment, resumption and/or act:
“There are always those who are willing to surrender local self-government and turn over their affairs to some national authority in exchange for a payment of money out of the Federal Treasury. Whenever they find some abuse needs correction in their neighborhood, instead of applying the remedy themselves they seek to have a tribunal sent on from Washington to discharge their duties for them, regardless of the fact that in accepting such supervision they are bartering away their freedom.”
—Calvin Coolidge (1872–1933)
“Coming together again after a long day apart can be an experience where joy, relief, anger, and fatigue are all present in different degrees both for the parent and for the child. Because of their importance in marking the resumption of direct contact, reunions deserve as much attention and care as separations to enhance the relationship between parent and child.”
—Alicia F. Lieberman (20th century)
“I wish my countrymen to consider that whatever the human law may be, neither an individual nor a nation can ever commit the least act of injustice against the obscurest individual without having to pay the penalty for it. A government which deliberately enacts injustice, and persists in it, will at length even become the laughing-stock of the world.”
—Henry David Thoreau (1817–1862)