The Butler weekly times. (Butler, Mo.) 1881-1918, 1893-08-24
TUE COINAGE QUESTION.
Figures Complied by Secretary Carlisle.

Washington, D, c. August 20 =
Senator Voorhees,, during his speech
on the financial question in the Sen
ate on Tuesday next, will read the
following letter from Secretary Car
Isle, to show the difficulties in the
way of the free coinage of silver at a
changed ratio:
Treasury Department, Office OF
the Secretary, Washington, D c,
Aug 19-Hon Daniel w VOORHEES,,
United States Senate: Sir-Refer-
ring to our conversation relative 10
the probable cost incident to the
change from the present coming
ratio between gold aud silver Il to
16 for standard silver dollars AMI l
to IL 95 for subsidiary silver to a
ratio OF to 20, you are respectfully
informed that the number of silver
dollars coined since 1878 aggre gates
419,332, ,45O. Without any allow
aDce for abrasion and loss incident
to melting the same, the coming val
ue of these dollars at ratio of l to
20 would be 1888, 222, 1862. or $S4,-
310,22S less than their present face
value. To recon these dollars at
ratio of l to 20 would require the
addition of 81, 1867, 700 ounces of new
bullion. which at the average price
paid for silver, under the act of July
IA, 1890 (93tc, would cost S75, ,SS3,
700. Iu addition to this. | estimate
that there would be loss from
abrasion aud ill the melting of these
dollars of at least S3,000,000, which
amounts. together with the differ
ence In the face value of the coin
(S4,31O,22S,) would have to be reim-
bursed to the Treasury by an appro
priation for that purpose From
the fact that the silver dollars are
distributed throughout the country.
it would be necessary, "a they re-
deem at the several Treasures.
to transport them to the mlnts, and
the expense of transportation for
| Conn n0A 0nn &1o ,tc,I IL,
of the stock On hand at the Sub
Treasures aud nlints at Philadelphia,
San Francisco and New Orleans
would average at least Il per cent,
or 81, 100000 It is therefore, esti-
mated that the cost of recoining the
silver dollars already coined would
be as follows:
New bullion to be added ......,..... So, ,sS3, 80
Loss by abrasion and melting ...... 300, ,D5i
Cost of coinage tlabor, material, etc $500, o..
Trans portation of dollars to mints 800 0ot
The stock of subsidiary silver
coin in the country is estimated at
$77,O0O,000, which at full weight
would contain 55,699,e75 ounces Of
fine silver This amount at ratio
of l to 20 would coin $50, ,S43,S 500
or S21,156. 1917 less than the pres,
ent face value.
To recoin S77,0OO,OOO of subsld
iary silver into an equal amount Of
fractional coin at a ratio of l to &c
would require the addition OF Is.
1852 fine ounces, which at 934c
per fine ounce (the average price
paid for silver under the act Of July
IA, 1S90,) would cost S17,25S, S,7s5
There would be loss of about q
per cent by abrasion from the face
; value, or about S1,925,OO0. I would,
therefore. estimate the cost Of re-
! coming the subsidiary silver in the
country al a ratio of l to 20 as fol
lows:
New busil0n- 81. ,.sI> :
Loss by abrasion -....-...-. .-.-.--- ,ass ,ens
Cost Of coinage tabor, material. etc :, so e0s
. Copper for alloy. oy..-..-.-...-.---.... Il, ,6f
Cost OF transportation .-..-. $50 toS
Total ----.--.--.---. j SIS la ,iaI
kKcAPiTULAT1oN.
Estimated cost of reeoining silver
dollars -.-.---.---. - -.--.-- $50, al .sss
Estimated cost of recoining sUbs.-
diaH silver -------------. es. ia A.
Total 1890. .-.----------.-... Slla, s6s T.
Very respectfully,
J. g. CARLISLE,
Secretarv.