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:
“Put God in your debt. Every stroke shall be repaid. The longer the payment is withholden, the better for you; for compound interest on compound interest is the rate and usage of this exchequer.”
—Ralph Waldo Emerson (1803–1882)
“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.”
—Alicia F. Lieberman (20th century)
“You can’t take back an act you were able to think.”
—Friedrich Dürrenmatt (1921–1990)