Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-08-21
SENATOR VOORHEES,, TRUMP,

| He VIII Play 1t In the Senate ON Tues
| daE-It is In the Form of n Letter
From Secretary Carlisle Saying Tha
the Free Coinage Of silver at a Ratio
of Twenty to One is Impossible.
WASHINGTON, Aug. 20-The Washing
ton Post to day Gays:
The free coinage of silver at a ratio of q
to 1, or at any increased ratio, Is practical
| ty impossible. This is the trump card
which Senator Voorhees, Is to play in the
senate on Tuesday. Secretary Carlisle
first gave to Senator Voorhees, verbally the
data to make good the assertion that free
coinage ia imprscticabte. He has gone
lurther and has prepared q letter which
the senator will read in the senate on Tues
day, stating that it will cost between s11O,-
OO0, 900 and s11s, 100000 to carry out the
bill.
It is true there is nothing in Senator
Vests bill about re coinage. But it does
not need a prophets vision to know that
dollars below par which only the govern
ment is compelled to take will drift with
alarming rapidity into the treasury in pay
ment of customs duties and taxes and there
will remain adding to the congestion of the
currency. Unless they can be re-coined
they will be useless as money, and If there
is to be free coinage at any increased ratio
some of the silver fnsnciers must pro-
vide the secretary of the treasury with
over 500, 0OO,0 900 to execute the law.
The letter above referred to from Secre-
tary Carlisle to Senator Voorhees, is dated
August 10 and is as follows:
referring to our conversation relative
to the probable cost incident to the change
from the present coinage ratio between
gold and silver Il to 16 for the standard
silver dollars and to IA. 95 for subsidiary
silver to ratio of to 20, you are re-
spectfully informed that the number of
silver dollars coined since 1878 is AIS, $780,
$50.
"Without any allowance for abrasion
and loss incident to melting the same, the
coinage value of these dollars at rate of
l to 20 would be $685., 222, 1862, or $S4, no.
25S less than their present face value. To
reooin these dollars at ratio of l to 20
would require the addition of 81 ,376 ounces
of new bullion, which at the average price
paid for silver under the act of July, 1890,
1914, would cost $75, 1888, 700.
Gin addition to this estimate that there
would be loss from abrasion and In the
melting of these dollars of at least So, 000,-
600, which amount, together with the diff
ference in the face value of the coins,
$S4, 11O, 2S8, would have to be reimbursed
to the treasury by an appropriation for
that purpose.
From the fact that the silver dollars
are distributed throughout the country it
would be necessary, as they are redeemed
at the several sub-treasuries, to transport
A. L.
transportation for $500, 200, 900, the
amount outside of the stock on hand at the
sub-treasury, the minis at Philadelphia,
San Francisco and New Orleans would
average at least one and a half per cent.
or 81. 500, coo.
81, therefore, estimate the cost of RECON-
ing the silver dollars already coined as fol-
lows:
New bullion to DO added, $50, 1888. 700;
loss by abrasion and melting, So, 600, 600;
cost of coinage Qabor, materials, etc }, S.
$50 600; copper for alloy, $6S 200; trans-
portstiou Of dollars to mfn.s, 81, 500, 600;
total, $50, 741, 900.
THE stock of subsidiary silver coin In
the country is estimated at ST, 900, 900,
which at full weight would contain S.
500, 975 ounces of fine silver. This amount
at a ratio Of L to 20 would coin $50, 843, 802,
or $21, 156, 1877 less than the present face
value.
"To recon 81, OOO,O of subsidiary sill
yer into an equal amount Of fractional
coin, at a ratio of to 20, would require
the addition of 1S, 1907, 1926 fine ounces at
.O325 per fine ounce. The average price
paid for silver under the act of July IA,
1890, would cost SIT, 528, 7S5.
"There would be a loss of about q per
cent. by abrasion from the face value, or
about 81, 925, 900
81 would, therefore, @ innate the cost of
re- coming subsidiary silver in the country
at a ration of 1 to 20 as follows:
"New bullion. s17,528, 7S5; loss by
abrasion, 81 1925, 900; cost of coinage, la
Dor, materials, etc., s.. 5oo.0 600; copper
for alloy, SIS, 636; cost of transportation
$155, 900; total, $25, 1874 ,421.
''Recspitulation: Estimated cost of re,
coinage oliver dollars, $50, 741 300; esti
mated cost of reeoining subsidiary silver,
$23, 1874 ,421; total. $l12. 1866, 1891.
Very respectfully,
| J. G. CARLISLE, Secretary"