On January 14,1875, Grant signed the Specie Payment Resumption Act into law, which required gradual reduction of the number of greenbacks allowed to circulate and declared that specie payment (i.e., in gold or silver) would resume in 1879.
Grant signed the Specie Payment Resumption Act into law. This was on January 14,1875. Specie payment (i.e.) would resume in 1879. This is in gold or silver. This was what Grant declared on January 14,1875. Law required gradual reduction of the number of greenbacks. These greenbacks were allowed to circulate.