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.”
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centuries of books unwritten piled behind these shelves;
and we still have to stare into the absence
of men who would not, women who could not, speak
to our life—this still unexcavated hole
called civilization, this act of translation, this half-world.”
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