Specie Payment Resumption Act

(redirected from Resumption Act of 1875)

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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References in periodicals archive ?
In the 1870s the US dollar gradually moved to its old parity, particularly after the passage of the Resumption Act of 1875. No significant changes in competitiveness resulted immediately prior to, or upon, resumption.