REMONETIZATION OF SILVER IN AMERICA.

New Zealand Times, Volume XXXIII, Issue 5349, 20 May 1878, Page 3

REMONETIZATION OF SILVER IN AMERICA.

(From tho Bullioni&t.)' The Bland Bill has become law at lafat. President Hayes exercised his veto, but ifc had no effect, as tho House of Representatives arid, the donate immediately passed the measure by more than tho requisite two-thirds, majorities over the Presidential act of prohibition. No hope therefore now..remains, of, United States being saved from the commission; of a gross act of perfidy and broach of the national faith, which blots the fair fame, of the once model Republic. Tho act is done; and all, the discredit of it is.thoir»,;even although it should ultimately prove that ifc does purposes of those who prompted : it. There remains of course the. chance, as wo pointed out last .week, .of. tho Supreme . Court of tho United States, interposing, to Ido justice in tho teeth .of Congress.;, ; Wo observe it is intimated that Mr. Sherman, the Secretary of tho Treasury, is taking steps at:once to have tho law put in force. , .That being so, it uniy be assumed that ho .will as soon as possible proceed to offer silver in payment of tho interest on tho United States (bonds... Another course isopen to him if ha should wish to, abide by the dictates of honor ami good faith, as wo should have been prepared to, expect ho would, judfdug from tho tone in, which Air. Sherman lias repeatedly spoken in his reports of the proposal to pay m silver. Wore he really anxious to tost the legabty of the Bland Bill it is open to Mr. Sherman to take counsel with tho Attorney-General/.of . the ; United States, and concert with him the steps, that will require to be. taken in order to bring the general question to an issue, in tho Supreme Court. Were that done we cannot but hope the Court would prove worthy of its great reputation in former days, and would exercise ltd authority to annul an interpretation of the Acts of Congress, on the faith of which the, funded loans were raised,. which 'alike damaging to American credit and injurious to the interests of the bondholders, j , .< For the moment, however, the plmnccs are uncertain, and tho 'prospect is, therefore, gloomy and indefinite.'":Tho only substantial, grotinda of hope for tho bondholders aro th'it in

the natuVnl courso"cf things the demand for silver wilt enhance the market value, and that the price will, gradually rioe until it is on or near the same level with the price of gold. Iu that event the loss will he reduced t > a trifle. And in the meantime we may expgot-fo-see the movement with has begun in the Eastern State’, to .put:,, all future contracts in a gold basis, extend through the-Union. It will be observed, that Mr. Hayes, in his message to Congress,., abates that the injustice of The Bland Bill wholly con-ist i in applying its provisions to tho existing contracts. there been a clause,in the Bill exempting these, there would have been no great objection taken to the American.silver, legislation. .The United States are of course entitled to take advantage of their -supplies of silver, and to.use themi-for coinage purposes if convenient. . The only serious objection is to making a depreciated currency legal standard on the°sarae level as gold, .and that must remain an act. .of had faith .which stamps the American Congress .with: tho moral infamy of heiug.guilty of partial repudiation. -r,!,, ! (From the American Tra veller.)

* There seems to he ,as much difficulty in America, where it is the absorbing topic, as in England, where it is comparatively' unknown,, to understand the working of Bland’s Silver Bilk Briefly, here,is an illustration':—A man in the West, say-Ohio,•: has-horrpwed 15,000. dollars in “greenbacks,",bought IT 700 dollars* in gold with them, .and intends to keep the gold-tilt the Bland Bill is law, wlicnV if his fond expectations- are; realised,; ho will buy 1(5,333, silver -dollars,-with .the gold, pay .with, them his debt of 13.000 dollars and accrued interest, anil pocket; the balance, as well as the patriotism—honesty ! “ The silver; dollar of our forefathers■ or.. of our grandmothers is simply absurdity beside Bland’s Bill now.