The Senate of the United States passed the Bland Bill
making silver legal tender on the 16th inst., by 48 to 21, or rather more than the two-thirds majority which will be needful to override the President's veto. The majority passed, however, amend- ments taking the profits on coinage from the mine-owners and giving them to the Republic, ordering the Treasury to buy from £400,000 to £800,000 worth of silver every month, and coin it as fast as possible. The Government is not, however, to retain above £1,000,000 in silver—exclusive of silver undergoing coinage—at any one time. It is calculated that the effect of this amendment will be to furnish just silver coin enough to pay duties in, and no more. The House of Representatives is very angry at this amendment, but will probably accept it, and pass the Bill. The price of silver is consequently " hardening" in Europe, having risen to 55d. an ounce, or quite the equivalent of greenbacks. Our impression remains unchanged that by the time the Bill is at work the cheap-money men will have discovered that they have lowered American credit to get a trifle they cannot see. Of course the danger remains that they may take some stronger step, but the " dollar of our fathers "has more attraction for the masses than inconvertible paper. When one pays in silver, one does not feel such a thief.
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