Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-08-24

WASHINGTON, Aug. 20-A letter
from Secretary Carlisle to Senator Voor-
hees declares that free coinage under
the provisions of Senator Vests bill
would cost the country over $112,0 900.
The secretary's letter is as follows;
TREASURY DEPARTMENT, OFFICE OF THE
SECRETARY, WASHINGTON. Aug. 10, 1S93.--
Hon. Ddnid w Voorhees,, " $. Sendte.--SrR:
Referring to our conversation relative to
the probable cost incident to the change
from the present coming ratio between
gold and silver. to l6 for the standard
silver dollars, and to H. % for the subsi-
diary silver to ratio of | to 20, you are
respectfully informed that the number of
silver dollars coined since 1878 aggregate
419. 332, 450.
Without any allowance for abrasion
and loss incident to melting the same, the
coming value OF these dollars at ratio of
to 20 wouldibe 1888, 222, 162, or SS4, ITO. 2sS
less than their present face value. To
recon these dollars at ratio of l to 20
would require the addition of 81 1916, 100
ounces of new bullion, which, at the
average price paid for silver under the
act OF July 14th, 1So0--0.9 34-would cost
S75, SS3. 700.
In addition to this | estimate that there
would be loss from abrasion, and in the
melting of these dollars. of ut least So, OOO,-
difference in the face value of the coins
SS4, 10 2SS-would have TO be reimb ursed
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, us they are redeemed
at the several suh-treasuries, to transport
them TO the minis, aud the expense of
transportation for 1900, 900 900, the amount
outside of the stock on hand at the sub
treasures and minis at Philadelphia, San
Francisco and New Orleans, would aver
age at least IL per cent Of "a, 5O0,000
l, therefore, estimate the cost of recoin-
ing the silver dollars already coined, as
follows:
New bullion to be added, S75, $50, 700.
Loss by abrasion and melting, $4,000, 900.
Cost OF coinage Qabor, materials, &C., }
Sc, 200, 600.
Cooper for alloy, SOS, 200.
Transportation of dollars to minis,
S. SOC, 900.
Total, $50, TAI, 900.
The stock of subsidiary silver coin in
the country is estimated at S77 200 600,
which at full weight would contain S.
$50, S75 ounces of fine silver. This amount
at a ratio of to 20 would coin sos, S43, S02
or s2l 1875 less than the present face
value.
To recon S77, 00O. 5000 of subsidiary silver
Aheo VI COln az
ratio of l to 2Owouid require the addition
OF lS,T97,625 fine ounces. which at S0.93t
per fine ounce, the average price paid for
silver under the act of July 14th, 1880,
would cost ST., 52S, 1856. There would be a
loss of about "a per cent by abrasion from
the face value or about 81 ,295, 900.
l would, therefore, estimate the cost OF
recoining the subsidiary silver in the coun-
try at a ratio of 1 to 20, as follows:
New bullion, Sl7 ,52S, 1855.
Loss by abrasion, 81, 295, 900. I'D
Cost Of coinage Qabor, materials, &c.,
S2,500,000.
Copper for alloy. $15,636.
Cost of transportation, 81, $4,000,
Total, 1928 1A.42l.
Recapitulation:
Estimated cost of recoining silver dol.
\ lars, $50, TAI, 900.
4 Estimated cost of recoining subsidiary
silver, S23. 124.42l.
Total, $ll2. S66, 32l.
Very respectfully, J. G. CARLISLE,
Secretary.