The American House of Representatives has passed, by an immense
majority-167 to 53—a Bill making silver legal tender for all debts, public and private, except where payment in gold is fixed by law. It is still doubtful if the Senate will accept this Bill, but the majority shows that the Republicans have given way, and if the law is carried the effect will be most important. The value of silver, which has already risen to 570. per oz., will probably rise to par, or 60d. per oz., and the Indian silver difficulty will be nearly over. Should this be the case, the practical injustice done by the Bill will be very slight, though we still believe that a double standard can never be fair in principle. The debtor promises in one currency and pays in another. This is, however, remedied in large transactions by determining the coinage in the contract, and in small transactions produces no perceptible in- convenience.
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