The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-08-22
He is AGAINST FREE COINAGE.
Why Senator Voorhees, Will OPP
pose the Silverites.
1t Ia Practical ImpossibiIity-A Letter
From Secretary Carlisle In Which 1t is
Shown That "a FREQ Coinage Law
Would Cost tho Government Hun
dred Million Dollars

WASHINGTON. Aug. 21-In an article
headed 1.-The Present Situation" the
Washington Post says:
The free coinage of silver ut n ratio of %
to |, or at any increased ratio, is practically
impossible
This is the trump card which Senator
voorhees, is to play in the senate tomor-
row. 1t is behind this barrier that he is to
intrench himself. This is to be his en-
PLANTATION for abandoning the convictions
OF "A lifetime; this is to be his answer to
those who will quote against him his
memorable speeches in the past
This trump card has been placed in Sem
ator Voorhees, hands by the administers
ton. Secretary Carlisle, who, despite all
assertions to the contrary, is loyal to the
president to the last degree, first gave to
Senator Voorhees, verbally the data to
make good the assertion that free coinage
is inipracticable. He has gone further
than this and has prepared an elaborate
letter which the senator will read in the
senate. In this letter the statement is
made that it will cost the government be.
tween Sll2,O00,00 and Sl13 .O0O, 600 to carry
out the provisions of Senator Vests free
coinage bill.
1t is true that there is nothing in Senn-
tor Vests bill about recoinage But it
does not need a prophets vision to know
that dollars below par. which only the
government is compelled to take, will
drift with alarming rapidity into the
treasury in payment of customs dues and
accounts, and there they will remain, add
ing to the congestion of the currency I'm
less they can be recoined they will he use
less as money, and if there is to he free
coinage ut an increased ratio some of the
silver financjers in the senate must provide
the secretary of the treasury with over
SlO0,OO0,000 TO execute the law.
Altogether it would seem rs il the silver
men were involved in II situation from
which it will be difficult for them to cx-
tricatc themselves.
The letter of Secretary Carlisle referred
to in the foregoing is rs follows:
"Referring to our conversation relative
to the probable cost incident to the change
from the present coinage rate between
gold and silver q to 1G for the standard
silver dollars and to 1495 for subsidiary
silverl to n ratio of to 20, you are respect
fully Informed that the number of silver
dollars coined since 1878 aggregates 49,
1872, 4lO
without any allowance for abrasion
and loss incident to melting the same the
coming value of these dollars, at ratio
of to 30. would be 1888, 222 1872, or SS4 no.
2SS less than their present face value To
recoin these dollars at the ratio of TO 20
would require the addition of 81, 37G, 700
Ounces of new bullion, which, at the ave-
rage price paid for silver under the act of
July ii. 1890, would cost $15, SS3, 200.
In addition to this estimate that
there wo I'D be loss from abrasion and in
the melting of these dollars of at least
the difference in the face value, of the
coins 1854, ll0,2SS) which have to be REIN
bursed to the treasury by an appropria-
ton for that purpose.
From the fact that the silver dollars
are distributed throughout the country it
would be necessary, as they are redeemed
nj the several sub-treasuries, to transport
them to the minis, and the expense of
transportation for $500. 600 900, the amount
outside of the stock on hand mt the sub
treasures and minis at Philadelphia, San
Francisco and New Orleans would average
at least lt9 per cent. or 81 800, 600
II therefore estimate the cost of re coin
Ing the silver dollars already coined rs
follows: New bullion to be added, so $751;
700; loss by abrasion and melting. s.. O0O.-
600; cost of coinage Qabor, materials, etc)
$6,29O,0 900; copper for alloy, SIS 200; trans
portation of dollars to minis, 81, 500, 900;
total, $50. 141 800
1.-The stock of subsidiary silver coin in
the country is estimated at ST., OOO, 900,
which ut full weight would contain 55,-
G.H,SI5 ounces of fine silver. This amount.
at ratio of to 20, would coin $50, $40, 500,
or S2l lob, 1877 less than the present face
value.
'To recoin $1,000, 900 of subsidiary sill
yer into an equal amount of fractional
coin at a ratio of to 20 would require the
addition of 1871, Cos fine ounces which, ut
the average price paid for silver under the
n"r {" ~, 1890, would cost Sl7, 52S, 7S5.
There would be u loss of about 2lI per
cent. ny abrasion from the face value, or
about 81 ,295, 900.
Il would, therefore. estimate the cost of
recoining the subsidiary silver in the
country ut ratio of 1 to 20 as follows:
New bullion, sl7.t23,7s loss by abrasion,
Sl,925, 900; cost of coinage Qabor, materials
etc., $2.50O,oOO copper for alloy. sl5636:
cost of transportation, 81 ,155, 900; total,
S25, l24, 42l."