U.S. troops also blocked the White League Democrats in January 1875, after they had wrested from the Republicans the organization of the state legislature. Nevertheless, the revolution of 1874 is generally regarded as the independence day of Reconstruction, although not until President Hayes withdrew the troops in 1877 and the Packard government fell did the Democrats actually hold control of the state and city. The financial condition of the city when the whites gained control was very bad. The tax-rate had risen in 1873 to 3%. The city defaulted in 1874. On the interest of its bonded debt, it later refunded this ($22,000,000 in 1875) at a lower rate, to decrease the annual charge from $1,416,000 to $307,500.