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:
“Latin America is very fond of the word “hope.” We like to be called the “continent of hope.” Candidates for deputy, senator, president, call themselves “candidates of hope.” This hope is really something like a promise of heaven, an IOU whose payment is always being put off. It is put off until the next legislative campaign, until next year, until the next century.”
—Pablo Neruda (1904–1973)
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—Alicia F. Lieberman (20th century)
“My dream thou brok’st not, but continued’st it.
Thou art so true that thoughts of thee suffice
To make dreams truths and fables histories;
Enter these arms, for since thou thought’st it best
Not to dream all my dream, let’s act the rest.”
—John Donne (1572–1631)