Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-22
AGAINST FREE COINAGE
Why Senator Voorhees, Will OPP
pose the Silverites.
TT rs A PRACTICAL IMPossIBILITY
"A Letter from Secretary Carlisle In which
Il shown That Free Coinage Law
Would Cost the Government n Hun
/ dred Million Dollars.

~ LfIItT fEOtu Httfctefg IN 'ff''s'
Ia shown That n FREQ Coinage Law
would Cost the Government a Hun
drca Million Dollars.
WASHINGTON, Aug. 21.--In an article
headed 1.-THE Present Situation" the
Washington Post says:
The free coinage Of silver ut ratio OF 20
to 1, or at any increased ratio, is specifically
impossible.
This is the trump card which Senator
VOORHEES, is TO play In the senate tomor-
row. II is behind this barrier that he is to
intrench himself This is to be his ex-
PLANTATION for abandoning the convictions
of lifetime; this ia TO be his answer to
those who will quote against him his
memorable speecte s in the past.
This trump card has been placed in Sem
ator Voorhees, hands by the administra-
ton Secretary Carlisle, who, despite all
assertions 10 the contrary, Is loyal TO the
president to the last 'egree, first gave TO
Senator Voorhees, v q lily the data TO
make good the assertion that free coinage
Is impraoticablo He has gone further
than this md has prepared an elaborate
letter which the senator will read in the
senate. In this letter the statement is
made that Il will cost the government DO.
tween s1i2, ooO, 900 and S113 100000 to carry
out the provisions of Senator Vests free
coinage bill
Il Is true that there IL nothing In Sena-
tor Vests bill about recoinage. But it
does not need prophets vision to know
that dollars below par, which only the
government is compelled TO take, will
drift with alarming rspidity into the
treasury in payment of customs dues and
accounts, and there they will remain, add
ing TO tho congestion Of the currency. I'm
less they can be recoined they will be use
less rs money, and il there is to be free
coinage at an increased ratio some Of the
silver lnanciers In the senate must provide
tho secretary Of the treasury with over
Sl00,o00,0O0 20 execute the law.
Altogether It would seem as if the silver
men were involved in situation from
which It will be difficult for them to ex-
tricate themselves
The letter Of Secretary Carlisle referred
to In the foregoing is as follows;
referring TO our conversation relative
to the probable cost incident 10 the change
lIDiu Nllb DiEbtub bDiLhkO ibNS bNhNttli
gold and silver q to 16 for the standard
silver dollars and TO 1893 for subsidiary
silver to a ratio Of 10 90. you are respect
fully informed that the number of silver
dollars coined since 1873 aggregates 49,
332,45O.
Without any allowance for abrasion
and loss incident to melting the same the
coming value of these dollars, ut ratio
of to %, would be 1898, 222, 1862, or SS4, no.
2SS less than their present face value. To
recon these dollars at the ratio of TO %
would require the addition OF 1880 700
oIuces of new bullion, which, at the ave
rage price paid for silver under the act Of
July IA, 1890 would cost s75. SAG, 200.
an addition 10 this | estimate that
there would be loss from abrasion and in
the melting OF these dollars Of at least
$3,OO0,O00 which amount. together with
the difference in the face value, of the
coins asa, 10, 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 II
would be necessary, as they are redeemed
at the several sub-treasuries, TO transport
them to the mints, and the expense Of
transportation for $500 5000 the amount
outside Of the stock on hand at the sub
treasures and minis at Philadelphia, San
Francisco and New Orleans would average
at least IL per cent or =, 800, 900.
III therefore estimate the cost of re coin
Ing the silver dollars already coined as
follows: New bullion TO be added, s75, SS5,
zoo; loss by abrasion and melting, 5000
900, cost of coinage Qobor, materials etc. J,
5000, O0O copper for alloy, SOS,2C0; trans
portation of dollars TO minis, S4,5O0,000
total, $50, 741 900.
THE stock of subsidiary silver coin In
the country is estimated at 81 100000,
which at full weight would contain 55,-
COS, $50 ounces of fine silver. This amount,
at a ratio of TO 90, would coin S55, $40, SOP,
OF e2l, 158, l07 less than the present face
value.
ITO recon 81, 900, 600 Of subsidiary sill
yer into an equal amount Of fractional
coin at a ratio of to % would require the
addition Of 1871 COS fine ounces which, ut
the average price paid for silver under the
o.. - lI a. 1890, would cost sl7 ,52S, 1855.
There would be loss of about 2H per
cru. by aggression from the face value, or
about 81, $4,000.
II would. therefore. estimate the cost of
recoining the subsidiary silver in the
country at n ratio of 1 10 20 as follows:
New bullion, sl7.52S,1Sj; loss by abrasion,
Sl.02j, 900; cost OF coinage Qabor, materials,
e:c) 2,50O, 600; copper for alloy, Sl5,636;
cost of transportation, q, $4,000; total,
$25, l24,42l."