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:
“The payment of debts is necessary for social order. The non-payment is quite equally necessary for social order. For centuries humanity has oscillated, serenely unaware, between these two contradictory necessities.”
—Simone Weil (1909–1943)
“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.”
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“The situation is that of him who is helpless, cannot act, in the event cannot paint, since he is obliged to paint. The act is of him who, helpless, unable to act, acts, in the event paints, since he is obliged to paint.”
—Samuel Beckett (1906–1989)