Congress hoped inflation would stimulate the economy and passed what became known as the "Inflation Bill" in 1874. Many farmers and workingmen favored the bill, which would have added $64 million in greenbacks to circulation, but some Eastern bankers opposed it because it would have weakened the dollar. Belknap, Williams, and Delano told Grant a veto would hurt Republicans in the November elections. Grant believed the bill would destroy the credit of the nation, and he vetoed it despite their objections. Grant's veto placed him in the conservative faction of the Republican Party and was the beginning of the party's commitment to a gold-backed dollar. Grant later pressured Congress for a bill to further strengthen the dollar by gradually reducing the number of greenbacks in circulation. When the Democrats gained a majority in the House after the 1874 elections, the lame-duck Republican Congress did so before the Democrats took office. On January 14, 1875, Grant signed the Specie Payment Resumption Act, which required gradual reduction of the number of greenbacks allowed to circulate and declared that they would be redeemed for gold beginning on January 1, 1879.