SPECIE RESUMPTION
\spˈɛsi ɹɪsˈʌmpʃən], \spˈɛsi ɹɪsˈʌmpʃən], \s_p_ˈɛ_s_i ɹ_ɪ_s_ˈʌ_m_p_ʃ_ə_n]\
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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
Word of the day
Platidiam
- An inorganic water-soluble platinum complex. After undergoing hydrolysis, it reacts DNA produce both intra interstrand crosslinks. These crosslinks appear to impair replication and transcription of DNA. The cytotoxicity cisplatin correlates with cellular arrest in G2 phase cell cycle.