Soon after the close of the war there arose an agitation to retire the greenbacks from circulation, and to return to a "hard money" basis. Many people objected. Finally the issue was compromised, with a moderate reduction of the amount in circulation. The next logical step was to devise some plan for redeeming them on demand, when presented at the treasury. After considerable debate and discussion both in and out of Congress, a law was enacted (1875) which provided that beginning with January 1, 1879, the government would pay specie for greenbacks. In anticipation of the demand that might be made on him, the secretary of the treasury began to accumulate a gold reserve, which, by the end of 1878, amounted to more than a hundred million dollars. As January 1, 1879, drew near, the premium on gold declined until it disappeared. Contrary to expectations the people did not rush to the treasury to exchange their greenbacks for gold. The mere fact that the gold was there sufficed.