While scouting the projects of the extreme Radicals for interfering in distant countries, he occasionally made a display of Athens' power abroad, as in his expedition to the Black Sea,' and in the colonization of Thruii, 2 which marks the resumption of a Western policy.
He contested the constitutionality of the Civil Rights Bill, opposed the resumption of specie payments, advocated the payment of the public debt in silver and supported the Bland-Allison Act.
On the 12th of April 1883 the forced currency was formally abolished by the resumption of treasury paynients in gold with funds obtained through a loan of 14,500,000 issued in London on the 5th of May 1882.
Owing to the hostility of the French market, the loan was covered with difficulty, and, though the gold premium fell and commercial exchanges were temporarily facilitated by the resumption of cash payments, it is doubtful whether these advantages made up for the burden of 640,000 additional annual interest thrown upon the exchequer.
Gradually the increase of traffic consequent upon the industrial development of Italy decreased the annual losses of the state, but the position of the government in regard to the railways still remained so unsatisfactory as to render the resumption of the whole system by the state on the expiration of the first period of twenty years in 1905 inevitable.