The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1893-08-30
At a Ratio OF Twenty to One:

WASHINGTON, August oO.-Senator
Voorhees, is i'll receipt of the following
letter from Secretary Carlisle, giving his
views upon the proposed change OF the
present ratio between silver and gold to q
ratio of 20 to l:
TREASURY DEPARTMENT,
OFFICE OF SECRETARY.
Washington, D. c., Aug. -, 1893.
Hon. Daniel w. Voorhees,, United States
Senate.
SIR: Referring to our conversation
relative to the probable cost incident to
the change from tho present coming ratio
between gold and silver Il to 1G for the
standard silver dollar and to II 95 for
subsidiary silver) to ratio OF to 20, you
are respectfully informed that the num-
ber of silver dollars coined since 1878
aggregates 419,332, $50. Without any
allowance for abrasion and loss incident
to melting the same, the coming value OF
these dollars, at q ratio Of to 20 would
be 1858 222 162 or $S4, 0,22S less than
their present face value.
To recoin these dollars at ratio Of to
90 would require an addition Of 1885, 700
ounces of new bullion, which at the
average price paid for silver under the
act of July II, 1890, $0.93i, would cost
1883, 100.
In addition to this, estimate that there
would be loss from abrasion and in the
melting of these dollars of at least 81, ,000,-
600, which amount, together with the
difference in the face value OF the coins
(SSl,110, 1881 would have to he reimbursed
to the Treasury by an appropriation Tor
that purpose.
From the fact that the silver dollars are
distributed throughout tho country, IT
would be necessary, as they are redeemed
them to the mints, and the expense Of
transportation for $500, 600, 900, the amount
outside of the stock on hand at the sub
treasures and mints at Philadelphia, San
Francisco and New Orleans, would
average at least one and half per cent,
or 81, $780, 900.
I therefore estimate the cost of recoin-
ing the silver dollars already coined as
follows: Now bullion to be added, $751;
SS3,700; loss by abrasion and melting,
S3,000,OOO; cost of coinage labor, mate
rials, etc., 5000, 900; copper for alloy,
S6S, 200; transportation OF dollars. to
mints, $4,5OO,6OO. Total, SS9,74l 900.
The stock of subsidiary silver coin in
the country is estimated at S77,00C, 900,
which at full weight would contain 55,-
699,s75 ounces Of fine silver. This
pamount, at ratio Of l to 20, would coin
S55, ,s43, ,SS2, or S21, ,156, 197 less than the
present face value. To recoin SIT 100000
of subsidiary silver into an equal amount
of fractional coin, at ratio of to 90,
would require the addition Of 1s,797, ,625
fine ounces, which at SO93i per fine
ounce, the average price paid for silver
under act of July IA, 1890, would cost
17,52S,7s5. There would be a loss of
about q per cent by abrasion from the
face value, or about 81, 1925, 900.
would therefore estimate the cost of
recoining the subsidiary silver in the
country, at ratio of to 20. as follows:
New bullion, $17, 7,52s,785; loss by abra-
sion, S1,925 900; cost of coinage, Qabor,
materials, etc., S2,500,000; copper for
alloy, S16,636; cost of transportation, 81
1851 900. Total, $23, ,124, ,421.
Reorganization Estimated cost of re-
coming silver dollars. SS9, 9,741 300; esti-
mated cost Of recoining subsidiary silver,
S23, ,421. Total, S1l2, ,S66,32l.
Very respectfully,
j. G. CARLISLE, Secretary.