The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-21
MIR. VOORHEES, TRUMP CARD
now HE WILL ANSWER HIS CRITICS IN
MS SPEECH ON TUESDAY.

Secretary Carlisle Has Furnished Him with
Data TO Prove that Free Coinage mt A.y
Increased Ratio, as Proposed In Senator
Vests Bill, IL Practically Impos.,bie-It
Would Cost the Government More Tbnn
Sis, 900, 900 Linridgc, Fellows, aud
Bynum to Take Part In the Silver Debate
In the House. which will Close This Week
WASHINGTON. Aug Ex-senator Voorhees, is
down for a speech on Tuesday on the silver
repeal bill which bears his name. and 1t is
hardly to be expected that he will fail to call
forth interroqntions and Interruptions which
will make his speech interesting aside from
its intrinsic merits. The trump card which
Senator Voorhees, is to play in his speech Is
that free coinage at ratio Of 20 to /, or Mt any
increased ratio, is practically impossible. This
is to be his explanation for abandoning the
convictions he has so long entertained: this Is
to be his answer to those who will quote
against him his speeches in tho past. This
trump card has been placed in Senator Noor-
hees's hands by the Administration. Secre-
fury Carlisle first gave to tho Senator verbally
the data to make good this assertion that free
coinage Is i'm practicab lc. lie has gone further
than this. and has prepared an elaborate let
ter which the Senator will read In the Senate
on Tuesday In this letter tho statement is
made that 1t will cost the country between
S1l2OOU 900 ard 81 Ii. 900. 900 to carry out the
provisions OF Senator Vests free coinage bill
1t is true that there Is nothing in Senator
Vests bill about reconage. But 1t does not
need a prophets vision to know that dollars
below par. which only the Government Is com
PEELED to take will drift with alarming rapdity
into the Treasury in payments OF customs
dues and taxes. and there will remain. adding
to the congestion OF the currency. Unless
they can be recoined they will be useless as
money and II there is to be free coinage at an
increased ratio some OF the silver iinanciers
in the Senate must provide the Secretary OF the
Treasury with over slOOOOu.OOO to execute
the law. Altogether. 1t would seem as IL the
silver men were involved in a situation from
which 1t will be difficult for them to eXtricate
themselves. The letter OF Secretary Carlisleis
as follows:
WAslIiSGrox ID C.. Aug. IL, Is9a
HIN. Dani,i ". T"rhe,., Un,,ei Stn's' S'na'c
SIR: Ref, rrtng to conversation relative the
probable incident to the change from the present
coming ratio between gold and silver to Is for tho
standard silver dollars and to II 10 Tor subsidiary
silver) ratio OF to 20. you are respectfully in.
formed thai tho number OF silver dollars coined since
1873 aggregates +lH332,45o without any allowance
for abrasion cide mt to melting the same he
coming value OF these dollars at ratio of to 20
would be $3.50 222 IT, Ss+. 2ss less than their
preset mt face value.
To recon these dollars st ratio OF to 20 would
quire the addition OF 81 $40 100 bullion
which at the price paid for silver under tho
OF July H. 1890 (sOn3iQ would cost $75 $50 200.
In addition to this estimate that there would be
loss abrasion and in tn. melting OF these dollars
OF at least 5000 Jo which amount. together with
the difference n the face value Of the coins Ss4 no.
2SS would nave to be reimbursed to the Treasury by
appropriation for that purpose
From the fact that the silver dollars are distributed
throughout the country 1t would lie necessary they
are redeemed at the several SubTreasures. to trans
port them to the minis. And tho expense OF trans
por,aion for $500 100000 the amount outside of the
stock hand at the SubTreasrries and mints Phi
Adeiphia. San Francisco. and New Orleans. wonld
average at least and half cent or 800 600
therefore estimate the cost Of reconinE tho silver
dollars already coined as fol!owsi
New bullion added ..,......,...... SIS Ss3 700
Loss by abrasion and melting 5,uOO0D
Cost Of coinage Uabor. materials kc),...... 6?1OooO
Trans portation OF dollars 4.3ooooo
Total $50 al 500
The stock OF subsidiary silver coin the country
estimated at ST. 10000. which u. fuli weight would
ain 10. 500 ST5 ounces OF fine silver THIS amount
a ratio OF to 20 woud coin s5j.s43.so2. S2l,
l56.ls7 less than the present face value. To recon
$1,000 600 OF subsidiary silver into an equal amount
of fractional CON- at ratio OF to 20 would require
the addition Of 49, 49, nne ounces which, at so p3l
per fine ounce the average price pad for silver under
the Of July IA. $40 would cost 81 52s 7s5 There
would be loss OF about III cent by abrasion from
tho face value or about 81 a25 900. would there.
fore estimate the of rccoining tho subsidiary sill
in the country at II ratio Of to 20 as follows:
New bullion. ...........'. SlI52s7s5
LOSS by
OF coinage (labor materials, c).... 2.5UOOOO
Copper for alloy Observation-Disclosures. 1886
Cost OF transportation ll6oUoO
$23 ia. AL
REcAP1IuLArION
Estimated cost OF recoining silver dollara $50 T41 900
Estimated cost OF reco. Mug subsidiary
23la442l
Total. II stin 32l