t in an impending deficiency in the Treasury. This was now
remedied by the Act approved March 3, 1875, to protect the sinking-fund
and provide for the exigencies of the Government. This Act repealed
the provision for a reduction of ten per cent in certain customs
duties under the Act of June 6, 1872, which had really been passed
without full consideration or due appreciation of its probably
effect. The Act also increased the duties on sugars and certain other
articles, raised the tax on spirits from 70 to 90 cents a gallon, and
on tobacco from 20 to 24 cents per pound, and modified in many respects
the regulations concerning the collection of revenue from these products.

Such was the action as originally devised for resumption of specie
payment. The most remarkable feature of the bill to that end was the
promptness with which it was passed, after the long period of
preparatory debate in both Houses of Congress on the subject. Nearly
ten years had elapsed since the war closed, and although the subject
was one which constantly engaged the attention of financiers and to a
large extent enlisted the interest of the public, it had never been
framed into a practical legislative measure. It had now been
accomplished, as might well be said, in a day. The pressure upon the
Republicans, caused by the Democratic victory of the preceding autumn,
was very great. The Democratic senators and representatives, though
recording themselves unanimously in opposition to the measure, were
not willing to risk its defeat by the parliamentary strategy of delay,
as they might easily have done. Their party leaders had no faith in
the measure, but they knew how troublesome was the subject; they knew
that it had proved the stumbling-block in the Republican policy for
years, and they were more than willing that it should be taken out of
the way on the eve of their accession to the control of the House of
Representatives. If the Act should prove to be successful their
hostility to it might be forgotten and they could well arraign their
opponents for so long neglecting to enact it. If on the other hand
it should prove unsuccessful, it would remain a standing reproach to
the financial policy of the Republican party. Benefits as they well
knew are soon forgotten, while injuries are tenaciously remembered; and
this they believed was as true of parties as of persons. In short, as
the leaders of the Democracy viewed it, the Resumption Act, pass