\spˈɛsi ɹɪsˈʌmpʃən], \spˈɛsi ɹɪsˈʌmpʃən], \s_p_ˈɛ_s_i ɹ_ɪ_s_ˈʌ_m_p_ʃ_ə_n]\
Definitions of SPECIE RESUMPTION
Sort: Oldest first
In 1861, after the breaking out of the Civil War, the banks of New York suspended coin payments, and their example was followed by most of the banks through the country. Congress authorized the issue of large quantities of United States notes, to be a legal-tender. January 14, 1875, an act was passed by Congress ordering the resumption of specie payments of Government contracts to begin January 1, 1879. To this end the purchase of bullion and the manufacture of subsidiary coin was at once begun for the redemption of fractional notes. These notes were rapidly presented for redemption, compelling the Government to run its mints over business hours.
By John Franklin Jameson