jan 9, 1875 - Resumption Act
Description:
t caused contraction, a decrease in the nation's supply of paper currency. This legislation was a deflationary measure, it pledged the government to continue its policy of withdrawing paper currency (greenbacks) from circulation by redeeming all paper currency with gold. In the disagreement over hard money/cheap money, this legislation favored the wealthy, who had loaned large sums and wanted (hard money) to counter the inflationary pressure of all the currency that had been printed by the government during the Civil War.
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APUSH
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