The Forty-third Congress had three months of existence left to it after the vote of November, 1874. Already defeated overwhelmingly at the polls, it had nothing to risk by a move in sound-money legislation, and possibly much to gain. It used this three-months' period to enact a law of the first importance, not only to the nation, but to the Republican party's future history--a law which must fairly be described, however, under the circumstances of the time, as an expression of death-bed repentance. This was the Specie-Resumption Act, drawn up by a party committee, and submitted to Congress, in December, 1874, by Senator John Sherman. It fixed the date for resumption of specie payments at January 1, 1879, provided for the reduction of legal-tender notes from $382,000,000 to $300,000,000, but made no provision for any further retirement of the notes. It went through Congress on January 7, 1875. It was contended by some that under the Resumption Act of 1875 there could be no reissue of the greenbacks once received into the Treasury. Inflationist successes of 1877-1878 settled this uncertainty, as Congress, May 31, 1878, ordered that there be no further destruction of greenbacks. The amount then outstanding was $346,681,000--the volume of legal tenders still current. THE STRUGGLE FOR RESUMPTION[11] The Resumption Act is one of the most curious laws in financial history. It was plain in its requirement that on and after January 1, 1879, the Treasury should "redeem in coin the United States legal-tender notes then outstanding, on their presentation for redemption"; but it left the Treasury to make whatever arrangements it might choose. The law, it is true, conferred ample powers. In order "to prepare and provide for the redemption in this Act authorized or required," it empowered the Secretary of the Treasury "to use any surplus revenues, from time to time, in the Treasury not otherwise appropriated, and to issue, sell, and dispose of bonds of the United States at not less than par in coin." This power was perpetual. The Law of 1875 involved the double problem of providing for resumption at the stipulated date, and of maintaining it afterward. It is the first of these undertakings, which we shall now sketch. There were, as we have already seen, two influences at work in 1875, which made possible the achievement as it would not have been in 1866. These influences--the shifting of the foreign trade balance in favor of the United States and the subsequent check to gold exports--were factors on which no finance minister could have reckoned. Both in fact developed after the passage of the Resumption Law. But even after allowing for these accidental commercial advantages, the credit for the return to specie payments on January 1, 1879, belongs individually and without dispute to John Sherman.