Page:The Presidents of the United States, 1789-1914, v. III.djvu/175

RUTHERFORD BIRCHARD HAYES 141 judicial departments of the government to inquire into and punish violations of the law, and that every means in his power would be exerted to that end. At the same time he expressed his "absolute assurance that, while the country had not yet reached complete unity of feeling and confidence between the communities so lately and so seriously estranged, the tendencies were in that direction, and with increasing force." He deprecated all inter ference by congress with existing financial legisla tion, with the confident expectation that the resumption of specie payments would be "success fully and easily maintained," and would be "fol lowed by a healthful and enduring revival of business prosperity." On January 1, 1879, the resumption act went into operation without any difficulty. No preparation had been made for that event until the beginning of the Hayes administra tion. The secretary of the treasury, in 1877, began to accumulate coin, and, notwithstanding the op position it found, even among Republicans, this policy was firmly pursued by the administration until the coin reserve held against the legal-tender notes was sufficient to meet all probable demands. Thus the country was lifted out of the bog of an irredeemable paper currency. The operation was facilitated by increased exports and a general re vival of business. Although his first nominee for the office of col-