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:
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“The poem of the mind in the act of finding
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To find: the scene was set; it repeated what
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Then the theatre was changed
To something else. Its past was a souvenir.”
—Wallace Stevens (18791955)