Wednesday, May 11, 2011

Resumption act of 1874/ Sadie Ainsworth and Alexis Tsefalas// Tara

this is one of the silver coins used as money and also a gold coin
This act was passed because they missed counting the votes and neither side trusted eachother to recount the votes so it was passes
The goverment issued greenbacks instead of silver and the citizens were angered because it was less value then silver.
Gold was one of the most valued items and since the goverment gave greenbacks that scared the citizens that they would not get their specie back.
These are greenbacks and this is what the goverment issued instead of gold or silver.
This picture is showing the frustration of people who wanted to be paid in specie not greenbacks.
The rusumption act was that the goverment treasury would build up  more specie and the would refund the greenbacks.
This is a representitive who helped vote for the resumption act .
The results of the resumption act were that the greenbacks would be deposited at banks.
Have you ever had money taken away from you? well if you have you know how the citizens in 1875 felt when the goverment issued greenbacks instead of specie.  Silver and gold was the money type in that era but after the war they did not have enough money to pay people for their jobs and expansies so they issued the greenbacks. Since everyone had to trust the goverment to keep the greenbacks would still be accuontable to be used for money.  They had a bill that would let the greenbacks be turned back in for silver and gold. The law only passed because the voting ballets were mixed up so that either side did not trust eachother to recount the ballets so they passed the vote having the green backs tunred back to specie.  

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