The first session (extra) of the Forty-fifth Congress opened October 15, 1877. The most important business of this session, and indeed of President Hayes' administration, was the legislation on the silver question, which came up before the House suddenly on November 5, 1877, on motion of Mr. Richard P. Bland, of Missouri, that the rules be suspended so as to permit the introduction of a bill for the free coinage of the standard silver dollar. The motion was carried, and had the effect of cutting off all debate and amendment. The bill, as passed in the House, provided for the coinage of the standard silver dollar (412½ grains), to be legal tender at face value for all debts public and private, and any owner of silver bullion might deposit it in any United States mint and have it coined into dollars for his own benefit. The Bland bill was thus a remonetization of silver on absolutely a free coinage basis, and if passed by the Senate and approved by the President in its original form it would unquestionably have had a serious effect upon the credit of the Government. Its introduction and passage in the House caused a flurry in the money market, and distinctly affected the refunding of the public debt, but fortunately it was amended in the Senate so as to deprive it largely of its destructive effect on the national credit. Mr. Allison (Republican), of the Committee on Finance in the Senate, reported an amendment, striking out the free coinage provision, and providing that the Secretary of the Treasury should purchase at the market price not less than $2,000,000 nor more than $4,000,000 per month of silver bullion to be coined into dollars, any gain to be for the benefit of the Treasury. The House accepted the Allison amendment, but President Hayes vetoed the bill and it was passed over his veto February 28, 1878. A strong but unsuccessful attempt had been made to repeal the specie resumption act, but now, after seventeen years of suspension of specie payment, which had seriously affected the public credit during all these years, the time approached for resumption. John Sherman was Secretary of the Treasury under President Hayes, and the great act of resumption took place quietly under his direction on January 1, 1879. Mr. Sherman had fought for resumption in both Houses of Congress, and was now permitted, by his official position, to bring about the execution of the law. Its effect on the public credit had been marked for several months before the statutory time of resumption by a better feeling throughout the country in financial circles. The manner in which the entire subject had been treated reflected the greatest credit on the ability of Mr. Sherman, and ranked him with Alexander Hamilton as a great financier.