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The new Standard Act away from 1900 repealed the brand new You.S. dollar’s historical relationship to silver and defined they only as the 23.22 grains (step 1.505 g) away from good silver (otherwise $20.67 for every troy ounce from 480 grains). Paper currency are given once more within the 1862 without the backing out of gold and silver coins considering the Civil Combat. However, by December 1861, the brand new Partnership government’s way to obtain specie is actually outstripped from the need for redemption and have been compelled to suspend redemption temporarily. Although not, gold and silver coins continued to be provided, evoking the decline of one’s freshly printed cards because of Gresham’s rules. Inside the 1869, Supreme Courtroom governed within the Hepburn v. Griswold one Congress could not require loan providers to just accept All of us Cards, however, overturned you to definitely governing next 12 months on the Legal tender Circumstances. In the 1875, Congress enacted the new Specie Commission Resumption Act, demanding the fresh Treasury to allow You.S.
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