The precise position of the Silver question in America is
described by the Philadelphia correspondent of the Times. The House of Representatives has passed a Bill making silver, which is now worth 11 per cent. less than gold, legal tender equally with gold, by a majority of two-thirds. The Bill has also passed the Finance Committee of the Senate, and when the Senate re- assembles, on January 10, the whole body will also pass it by a considerable majority. It is doubtful, however, if this majority will amount to two-thirds. If it does not, President Hayes will probably veto the Bill, as he undoubtedly will veto another Bill postponing the resumption of specie payments. The mercantile classes of the East are greatly alarmed about this Silver Bill, and are refusing accommodation to the cities, banks, and private borrowers of the West, unless they will specifically promise to pay in gold. The tone of the anti-silver party is not hopeful, but it is men- tioned that sufficient silver coin cannot be issued to make a great
intpreinien all at-onoe. Much is- made of the inconvenience of paying large sums in silver, but as silver was once the universal coin: outside England, and is so still in India-, that inconvenience nartnbt be unendurable. Cheques meet that difficulty.
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