The Hayes administration brings about the resumption…

The Hayes administration brings about the resumption of gold payments for Civil War “greenbacks” on January 1, 1879.

Once the public is confident that they can redeem greenbacks for specie (gold), however, few do so; when the Act takes effect, only $130,000 out of the $346,000,000 outstanding dollars in greenbacks are actually redeemed.

Together with the Bland–Allison Act, the successful specie resumption effects a workable compromise between inflationists and hard money men and, as the world economy begins to improve, agitation for more greenbacks and silver coinage will quiet down for the rest of Hayes's term in office.