Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-08-24

WASHINGTON, Aug. 20-The Washington
Post to-day says: The free coinage of silver
at ratio Of ~ to J. or at an increased ra'
tio, is practically impossible. This is tins
trump card which Senator Voorhees, is to
play in the Senate on Tuesday.
Secretary Carlisle first gave to Senator
voorhees, verbally the date to make good
the assertion that free coinage is impractic'
able. He has gone further and has prepared
a letter, which the senator will read in tht
Senate on Tuesday, stating that it will cost
between Sl10 600, 900 aud $l13, 000 900 to
carry out tue provisions Of Senator Vests
free coinage bill.
1t 1, true that there is nothing In Senator
Vests bill about re-consge but 1t does not
need a prophets vision to know that dol'
lars below par, which only the government
is compelled to take, will drift with alarm
ing rapidity into the treasury in payment
Of customs duties and taxes and there will
remain, adding to the congestion Of the cur
rency. Unless they can be recoined they
will be useless as money, and if there is ia
be free coinage at an increased ratio, somt
OF the silver tinancers in the Senate must
provide the secretary of the treasury with
over $780, 600, 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:
Sir:-Reterring to our conversation, rela.
sive to the probable cost incident TO ths
change from the presentScoining ratio be-
tween gold and silver u to 16 for the stand
ard silver dollars and l TO IA 90 for subsi-
diary silver to ratio of l to 90, you ara
respectfully informed that the number Of
silver dollars coined since 1873 aggregatef
419, 1852, 450.
al hra all nd
loss incident to melting the same the coin
ing value Of these dollars at ratio of -
to would be 1888, 222 1872, or ssi, ITO, 2Si
less than their present face value. To
coin these dollars at ratio of 10 to "a
| would require tho addition Of 81 $40 1Ol
ounces of new bullion which at the aver
age price paid for silver under the act Of
July H. 1890, CS6.934 would cost $75,-
oS3, TOO
In addition to this / estimate tha. ther
would be loss from abrasion and in th {
melting of these dollars of at least IS 900, Z.
O0O which amount, together with the diff
ference i'll the face value of the coins ($Si Z
10, 2SS) would have to be reimbursed to tn G
treasury by an appropriation for that pure
pose.
| From the fact that the silver dollars arc
distributed throughout the country, it would
several sub-treasuries to transport thom to
the mints and the expense Of transactions
for $500, 900, 000 the amount outside Of tho
stock on hand at the sub-tressury mints al
| Philadelphia, San Fraucisc and New Or.
| leans would average a least one and half
per cent or 81, 500, 900.
| | therefore estimate the cost OF recoining
the silver dollars already coined as folowss
New bullion to be added, S15, SS3, 700 loss
by abrasion and melting, So 900, 900; cost OF
coinage, labor, materials, etc y S. 290, 0O0s
copper for alloy SOS, 200; 0;transportation of dol
lars to mints, 81, 500, 600; total, $50, TAI, :
800.
The stock OF subsidiary silver coin In the
country is estimated at $1I coo, 900, whicF
at full weight would contain %, 500, S13
ounces OF fine silver. This amount at 6
ratio OF one to 20 would mean $j5, S53, S02,
or S2l, 1856, 1877 less than the present face
value.
To rscoin S77, 900, 900 OF subsidiary silver
into an equal amount Of fractional coin, al
aratio OF to 20 would require the ad
dtion Of 13, 1871, ,G25 fine ounces, which al
99t csnts per fine ounce, the average price
paid for silver under the act of July II,
1890, would cost SIT, 52S, 7Sj. There would
be loss of about - per cent by abrasion
from the face value or about g. 925, 600.
| would, therefore, estimate the cost o.
recoining the subsidiary silver in tue coun.
try at ratio of to 20 as follows:
New bullion, ST., 526, 7S5, loss by abrs
sion, 81, 925, 600; cost of coinage Qabor,
materials, etc. g., 500, 600; copper for al
10y, SIS, 636; cost of transportation, 81, 155,
600. Total, S23, l24 42l.
Recapitulation: Estimated coat OF recoin
ing silver dollars, $50, TAI, 900; estimated
cost Of rscoining subsidiary silver, $23, l24, (
42l. Total, SIP, 500, 321.
j. q. CARLISLE, secretary.