1961
DOI: 10.2307/3111682
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The Business Community and the Origins of the 1875 Resumption Act

Abstract: Far from being a manifestation of the rising tide of business influence in society, the 1875 Resumption Act really demonstrated that to legislators of the day the wishes of important segments of the community were less important than considerations of party politics.

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“…40 Republican efforts to resume specie payments accelerated following Democratic victories in the 1874 midterm elections, which were widely interpreted as a mandate supporting inflation. 41 Although the Republicans still narrowly controlled the Senate, the election had reversed the Republican majority in the House, giving the Democrats a sixty-seat majority. When the lame-duck Republicans convened in December 1874, they worried that the incoming Democratic majority would implement inflationary legislation, moving the country further from reinstating the gold standard.…”
Section: State Autonomy and American Political Development 121mentioning
confidence: 99%
“…40 Republican efforts to resume specie payments accelerated following Democratic victories in the 1874 midterm elections, which were widely interpreted as a mandate supporting inflation. 41 Although the Republicans still narrowly controlled the Senate, the election had reversed the Republican majority in the House, giving the Democrats a sixty-seat majority. When the lame-duck Republicans convened in December 1874, they worried that the incoming Democratic majority would implement inflationary legislation, moving the country further from reinstating the gold standard.…”
Section: State Autonomy and American Political Development 121mentioning
confidence: 99%