Specie Payment Resumption Act

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Specie Payment Resumption Act

Legislation in the United States, passed in 1875, that made greenbacks (fiat currency issued during the U.S. Civil War) exchangeable for silver. This increased the value of the U.S. dollar and reduced inflation. However, agricultural and other interest groups found the higher inflation desirable as it made their debts more affordable. As a result, the act was controversial both before and after its passage.
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In the economic area, the passage of the Resumption Act, which resumed the payment of specie, brought an end to the severe depression following the Panic of 1873.
President Grant Reconsidered
In the United States, the Resumption Act had restored the gold standard in 1879, and the Gold Standard Act of 1900 had established gold as the ultimate standard of value.
The International Gold Standard and U.S. monetary policy from World War I to the New Deal
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