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TeachMeFinance.com - explain Resumption act of 1875 historic definition... Resumption act of 1875 -- A bill enacted into law January 7, 1875, which provided for the resumption of specie payments by the government on January 1, 1879. When the day appointed for resumption arrived the Treasury Jield more than $114,000,000 in gold in excess of outstanding gold certificates and the premium on gold in the market had disappeared. In fact greenbacks (paper money) were at par on December 17, 1878. The Gold Room in New York, where speculative operations in gold had been carried on, closed the following day and never reopened. No gold was withdrawn from the Treasury on resumption and only $11,000,000 was withdrawn during the year. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.