The currency contest still rages in the United States. The
Chambers of Commerce throughout the older States are furiously protesting against any measure allowing the free coinage of silver, which they affirm will disorganise all com- merce. The Senate, however, has passed the Bill tfuthorising such coinage, and fixing the value of gold at sixteen times that of silver, and it is feared that the House of Representatives may adopt it, in which case President Harrison, it is said, will be afraid to exercise his veto. The West is almost a unit for the Bill, the Silver Ring is believed to be spending great sums in order to secure the measure, and the strongest hope of sound finaneiera is in a compromise under which the monthly quantity of silver to be purchased by the Treasury will be il4cre48_0c1 by 50 per cent. That is 'a mere stop-gap;
The majority in the Union has determined to try its. dangerous experiment ; it is absolute, and it eau be made. wiser by nothing short of practical experience. It will very soon find out what a fluctuating currency means in business ; and meanwhile, external commerce can be partly protected by inserting a "gold clause" in all heavy contracts for goods.. The bankers, it is said, are doubtful if the measure will hurt them, and as they are experts in the value of silver, they will probably be hit last. Note that wages are declining everywhere in consequence of the McKinley Tariff.
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