New-York tribune., 1878-02-18

We incline to the belief that an important
victory has been won in the Senate by the
advocates OF a sound currency and the de
tenders Of the public faith. A silver bill has
PASSED, it is true, and with fifty votes recorded
or pared in its favor, while there Is no evil
dence that Senator Ransom, of North Carolina,
who was absent without pair, would not
vote for the bill. Fifty-One votes will
pass the bill over veto in the Senate,
and there is no assurance that any
of the Senators who now support II will
change their position when voting after
veto But the bill has been so amended that
its passage in the House by a twO-thirds
vote, while only too likely, is not yet absO-
lntely certain. The only changes, since the
vote on the resolution of Senator Matthews,
were those of Senator Kellogg, then dodging, to
the affirmative, and Of Senators Window and
Paddock, then in the negative, to tie afirma-
tive and these changes were then predicted,
it seems correctly, by the advocates of the
bill. But it is now known that decided
majority of the Senate was opposed to the bill
without amendment.
The amendment made is that which was an
tcipated by us on Friday. In attempting TO
cut out the palpable job which the House bill
contained, the Senate has cut very near, il ii
has not quite destroyed, the life OF the bill
itself. 1t has provided that no silver dollars
shall be coined except by the Government
itself, after purchases Of not less than
SO. .OOO, 900 nor more than P4,O00,O00 each
month of bullion at Its market value.
But it is surprising that one important
point was overlooked; there is no provision
whatever requiring the Secretary of the Treas
ury to use or issue the silver dollars thus
coined. He can coin only S2,000,00O each
month. and has power to add every dollar
TINS coined to the store in the Treasury and,
as the present store of gold is over O,OOO,-
600 IN excess of coin certificates and other i'm
mediate obligations, he can continue for two
wears and half to pay out gold only,
ard to accumulate silver, provided the coin re-
ceipts and expenditures of the Treasury are not
materially changed. Thus, unless the Secre-
tary of the Treasury pleascs, not dollar OF
the new silver can get into circulation, or be
received for duties, or paid out for interest or
anv other purpose, until the entire store of
gold now in the Treasury, and all that may
hereafter accumulate by surplus revenues or
sales of bonds, shall be exhausted.
In taking this course, the Treasury would
the return for December 81, the Bank of
France held $4OS, 500, 900 in coin and bullion,
of which $1S1, ,92O,OO0 was in gold coin,
S53. 500 900 in gold bullion, and T173OSO,OO0
in silver coin, and in the latter item there had
been an increase of about $50, 900, 900 since
July last, and much larger increase during
the wear preceding. In other words, France
has been steadily receiving silver and paying
ont gold, and its hoard of silver has been
growing much more rapidly than Secretary
Sherman would need to increase his hoard i'll
order to keep new silver dollars out of circula-
ton for more than two years. In view OF
this fact the provision authorizing the
issue of silver certificates against silver coin
deposited i'll the Treasury by individuals Will
he of no practical bearing for a long time, since
it does not apply to the trade dollar or the
subsidiary coins, and the Secretary can readily
prevent the issue of any others until after
new Congress has assembled i'll the Winter Of
1S79-'SO.
There is proviso in the bill, as reported
to the Senate from its committee, that the
"amount of money at any one time invested
" in such silver bullion, exclusive of such result
ing CON- shall not exceed $5,000,0 !" but
this, it will be seen, does not limit i'll any re-
spect the amount of silver coin which the Sec
retary of the Treasury may deem it wise to
retain.
Moreover, even though the Secretary should
pay ont silver dollars as fast as cOined-a pro-
ceeding which would expose the Treasury to
constant loss by the receipt of silver instead
of gold for customs-the amount paid out