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LONDON CORRESPONDENCE.

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FOREIGN AND COLONIAL.

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A NEW METAl* :

THE SILVER BILL PASSED.

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THE SILVER BILL PASSED. The House of Representatives at Washington has passed the Silver Bill over the President's veto by 196 votes against 73. After the House of Representa- tives had passed the Silver Bill over the President's veto, it was transmitted to the Senate, which passed it over the veto by 46 votes against 19. The bill thus becomes law, it having again passed both Houses ot the Legislature by a majority of two-thirds. President Hayes communicated his decision to veto Mr. Bland's Silver Bill in a message to Con- gress. The President therein stated that it had been his earnest desire to concur with Con- gress in the adoption of such measures, tending to increase the silver coinage, as would not im- pair the obligation of contracts either public or private, or injuriously affect the public credit. It was only in the conviction that this bill did not meet these essential requirements that he felt com- pelled to veto it. Mr. Hayes then proceeds to point out the difference in the value of the gold and silver dollar, and reminds Congress of the sales of bonds for gold on the understanding on the part of the purchasers that they would be paid in gold. In view of that fact it might justly be re- garded as a grave breach of faith to pay them in silver. The capital defect in the bill was that it contained no provision protecting persons from the operation of pre-existing debts, in case the coinage of silver which it created should continue of less value than that which was the sole legal tender when they were contracted. The silver dollar should be made a legal tender only at market value. The standard value could not be changed without the consent of both con- tracting parties. National promises should be kept with unflinching fidelity, and he (the President) could not sign a bill which, in his judg- ment, authorised the violation of sacred obligations. The obligation of public faith transcended all questions of profit, or public advantage, and the unquestionable maintenance of the public faith should ever be carefully gua-ded by the Execu- tive, by Congress, and by the people of the United States. It was his firm conviction that if the country was to be benefited by the silver coinage, it could be done only by the issue of dollars of full value, which would defraud no man. A currency Worth less than it purported to be would in the end defraud not only the creditors, but all engaged in legitimate business, and most assuredly the daily labourer. The following is the text of the Bland Silver Bill in its amended form. The paragraph within paren- theses was the conclusion of the bill when first re- ported to the Senate. That paragraph was subse- quently struck out, and the new matter which follows introduced in italics: "An Act to authorise the free coinage of the standard silver dollar, and to restore its legal-tender character. "Be it enacted by the Senate and House of Re- presentatives of the United States of America in Congress assembled: That there shall be coined at the several Mints of the United States, silver dollars of the weight of four hun- dred and twelve and a half grains Troy of standard silver, as provided in the Act of January 18,1837, on which shall be the devices and superscriptions pro- vided by said Act, which coins, together with all silver dollars heretofore coined by the United States of like weight and fineness, shall be a legal tender, at their., nominal value, for all debts and dues, public and private, except where otherwise provided by contract (and any owner of silver bullion may deposit the same at any United States coinage mint or assay office, to be coined into such dollars for his benefit upon the same terms and conditions as gold bullion is deposited for coinage under existing laws). And the Secretary of the Treasury is authorised and directed, out of any money in the Treasury not otherwise appropriated to purchase from time to time silver bullion, at the market price thereof, not less than two million dollars per month, nor more than four million dollars per month, and cause the same to be coined into such dollars. And any gain or seignorage arising from this coinage shall be accounted for and paid into the Treasury as provided under existing laws, relative to the subsidiary coinage. Provided that the amount of money at any one time invested in such silver bullion, exclusive of such resulting coin, shall not exceed fiye million dollars. Sec. 2. AU Acts and parts of Acts inconsistent with the provisions of this Act are hereby repealed. "Passed the House of Representatives, November 5, 1877."

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ENGLISH VISITORS A$SAN FRAN-…

SCENE AT A POOR-LAW INQUIRY.

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. THE EASTERN QUESTION.

!M Rl.lAMENTAliT LWELLIGE.V0E

LONDON MARKETS.

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