The Indian silver decree has caused a commotion all over
the world. The members of the Latin Union are to hold a conference ; and it is supposed the Union will be abolished,—a rumour, we think, premature. The American silver-kings are aghast at the fall in price, which has reached 2s. 6d. an ounce, though it is now 2s. 10d. ; and almost all the mines in Colorado have been closed down. President Cleveland has summoned Congress for August 7th, to repeal unwise legis- lation; and the silver party is preparing all manner of schemes to be proposed if the Sherman Act is repealed. Many silver- mines in Australia are also shut, and Mexican stocks, whether railway or national, have fallen heavily. The silver market is, in fact, alarmed, and is taking advantage of the opportunity to reduce output of the metal until the Americans have decided on their course. What that course will be, it is difficult to predict. The Sherman Act must be repealed for the sake of solvency ; but the Democrats are divided about currency, and neither party will like losing four or five silver States. If we may venture a tentative opinion, it is that Congress will adopt the Indian plan, make gold the standard, but keep silver as token-money, with a higher value than the Indian one in relation to gold. Government will then buy silver as it wants it, but at a high price.
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