The act was disapproved by President Hayes, but immediately passed over his veto, February 28, 1878. The advocates of gold monometallism believed that the issue of these dollars would speedily drive gold from the country. Owing to the limitation of the new coinage no such effect was experienced, and the silver dollars, or the certificates representing them, floated at par with gold, which, indeed, far from leaving the country, was imported in vast amounts nearly every year. After 1880 the money in circulation in the United States was gold coin, silver coin gold certificates, greenbacks or United States notes, and the notes of the national banks. The so-called Sherman Law, of 1890, added a new category, the treasury notes issued in payment for silver bullion. It stopped the compulsory coinage of full-tender silver, though continuing and much increasing the purchase of silver bullion by the Government. The repeal of the purchase clause of this law, in 1893, put an end to the acquisition of silver by the United States. January 1, 1879, the next year after the silver bill was passed, the United States, under the Resumption Act of January 14, 1875, began again the payment, which had been suspended ever since 1862, of specie in liquidation of greenbacks. The possibility of this had been under discussion for some years, and was disbelieved in by many thoughtful financiers and public men. The credit of the momentous step was mostly due to John Sherman, Secretary of the Treasury in the cabinet of President Hayes. He believed resumption to be as possible as it was important. By the sale of 4-1/2 per cent. bonds redeemable in 1891, he had accumulated before the appointed day $ 138,000,000 of coin, nearly all in gold, amounting to about forty per cent. of the greenbacks then outstanding. Resumption proved easier than even he anticipated. The greenbacks had risen to par--the first time in seventeen years--December 18th, thirteen days before the date fixed for beginning gold payments, and when the day arrived only straggling applications for coin were made, less in amount than was asked for in greenbacks as interest by bondholders, who could have demanded coin. During the entire year only $11,456,536 in greenbacks were offered for redemption, while over $250,000,000 in them were paid out in coin obligations. It was found that people preferred paper to metal money, and had no wish for gold instead of notes when assured that the exchange could be made at their option. Notwithstanding our acceptance of greenbacks for customs--$109,467,456 during 1879--the treasury at the end of that year experienced a dearth of these and a plethora of coin, having actually to force debtors to receive hard money.