Specie Payment Resumption Act
- Specie Payment Resumption Act
The Specie Payment Resumption Act (January 14, 1875, ch. 15, 18 Stat. 296) provided for the redemption of United States paper currency, known colloquially as greenbacks, in gold beginning in 1879. Drafted by Ohio Senator John Sherman, the Resumption Act was drafted in opposition to the Eastern financial community, who objected to how the act allowed the Treasury Secretary to manipulate the money supply. Indeed, the measure was hardly drafted in response to the demands of powerful economic groups, but to remove a divisive economic issue from the approaching presidential election of 1876. The Resumption Act actually marks a much more important political transformation in the power of the American state. Specifically, the measure marks the institutionalization of discretionary regulatory authority in an executive bureaucracy; as such, it established perhaps the single most salient characteristic of modern American government, as a form of state authority originally created by Salmon Chase during the Civil War had been institutionalized by the Resumption Act a decade following the conclusion of the Civil War.
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specie payment — ▪ American finance the redemption of U.S. paper money by banks or the Treasury in metallic (usually gold) coin. Except for a few periods of suspension (1814–15, 1836–42, and 1857), Americans were able to redeem paper money for specie… … Universalium
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1875 — Années : 1872 1873 1874 1875 1876 1877 1878 Décennies : 1840 1850 1860 1870 1880 1890 1900 Siècles : XVIIIe siècle XIXe … Wikipédia en Français
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