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specie |
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See: cash, currency, money SPECIE. Metallic money issued by public authority.
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| The states with banking institutions required banks to accept Confederate currency on deposit at par as a new condition for the suspension of specie payment. Specie payments, required by law until 1870, deposited hard money into an economy weakened by the Civil War, overshadowing much-vaunted cotton and cattle production as a financial restorative. In the early days of the war, Austria-Hungary, France, Germany, and Russia all went off the gold standard as they suspended specie payments and instituted legal or de facto embargoes on the export of gold by private citizens. |
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