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specie |
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specie 1. coin money, as distinguished from bullion or paper money 2. in specie a. (of money) in coin b. Law in the actual form specified How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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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