Huntsville gazette., 1893-08-26
"THE PRESENT SITUATION"

Inc trump Card said to be Held by Senas
tor voorhees, to be Played at the Proper
Iime-fhe Free Coinage or Silver Prac-
tically Impossible at Any Increased
hati0 of Vaiue-What 1t Would Cost
inc Government to Increase the Ratio
to 20 to 4.
WARRINGTON, Aug. 21.-In an article
headed The Present Situaticn,r which
the Washington Post makes the most
prominent feature in Yesterdays issue,
it says:
The free coinage OF a silver at a
ratio OF 20 to l. or at any increased
ratio, is practically impossible.
This is the trump card which Sem
ator Voorhees, is to play in the senate
on Tuesday. 1t is behind this barrier
that he is to intrench himself This
IS to be his explanation for abandoning
the convictions of life time. This il
TO be his answer TO those who will
quote against him his memorable
speeches made in the past,
This trump card has been placed in
senator Voorhees, hand by the admins
tratlon. Secretary Carlisle who, despite
all assertions to the contrary, is
loyal to the president to the last de-
gree, first gave to Senator Voorhees,, YER
bally. the data to make good this
assertion that free coinage is impracti-
cable. He has gone farther than this
and has prepared an elaborate letter,
which the senator will read in the
senate on Tuesday. In this letter the
statement is made that it will cost the
country between SIP 600, 900 and s1I3.-
0Co,OOO to carry out the provisions Of
Senator Vests free-coinage bill.
ut is true there is nothing in Sena-
tor Vests bill about recoinage. But
1t does not need a prophets vision to
know that dollars below par which
only the government is compelled to
take, will drift with alarming rapiditv
into the treasury in payment Of Gus
toms dues and taxes, and thereby add
ing to the congestion of the currency.
Unless they can be recoined they will
be useless as money, and if there is to
be free coinage at an increased ratio
some of the silver fnanciers in the
senate must provide the secretary of
the treasury with over 500, 900, 0C0 to
execute the law
Altogether it would seem as if the
silver men were involved in a situa-
tion from which it would be difficult
to extricate themselves. The letter of
Secretary Carlisle, referred to in the
foregoing, is as follows:
TREASURY DEPARTMENT
OFFICE OF THE SECRETARY,
WASHINGTON. Aug. lS, 1898.
HON. DANIEL w. Voorhees, Dear Sir: Re-
ferring 70 our conversation relative 10 the
probable cost incids snt to the change from the
present coinage ratio between gold and silver
q TO l6 for standard silver dollars) to a ratio
of to 90 you are respectfully informed that
the number of silver dollars coined since 1873
aggregates 4i9, ,332,4 $50. Without any allowance
for abrasion and loss incident to melting the
same the coin value OF these dollars ut o ratio
Of 70 20 would be 1888 e. 1866 or Ss4 ITO 22S less
than their face value: copper for alloy, $50 200;
transportation of dollars TO mints, f4.500,0)0:
total S89, ,741 800.
The stock Of subsidiary silver coin in the
country IS estimated at s;7,0oO0OO, which at full
weight would contain 55 s75 ounces OF fine
silver. This amount at a ratio OF to % would
coin s55 s43 s02 or S21 56 197 less than the pres
ent face value.
10 recon s77,0O0 900 Of subsidiary silver
into an equal amount OF fractional coin at a
rdllO Oh 10 ~ WOuld require the duutlOn OF
i5. 797. .625 fine ounces which at s073i4 per fine
ounce the average price paid for silver under
the act OF July IA, 1922 would cost S17258.7s5
There would te loss of about 214 per cent ~
abrasion from the face value, or about si.925
600 l would, therefore. estimate the cost Of re-
coming the subsidiary silver in the country at
a ratio Of to 20 as follows:
New bullion 2I7 25a785
Loss by abrasion .............. ...,. T. a25 0J1
Cost of coinage 0abor material etcl. 2500.0 900
Copper for alloy y....................... Is $50
Cost of TRANSFORMATION ............... 1850 0G0
Total Observation-Disclosures. f23.12442l
RECAPTULATION.
Estimated cost OF recoining silver
dollars '.......s &C. al 200
Estimated cost,of recoluing subsidi-
ary silver ............... .. 2312t42l
Total. ................. ..... sl12, ,s66 32I
Very respectfully,
J. G.. CARLISLE, Secretary.