The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-21
EXPENSE OF RECOINAGE.
What a Change Of Ratio in Silver
Means in Cost.

Letter From Secretary Carlisle to SEN
ator Voorhees, Itemizing the Price
the People Would Have to Pay for
Modifying the Proportions of the
Two Metals - over S112, 100000
Would Have to Be Appropriated for
the Purpose.
Washington, Aug. Ex-senator Voor-
hees is in receipt of the following letter
from Secretary Carlisle, giving his views
upon proposed change of the present
ratio between silver and gold to a ratio of
20 to
Treasury Department, Once OF the Secreta-
ry, Washington, Aug. 10, 1s93.-Hon. Daniel
w. Voorhees,, U. s. Senate: Sir-Referring to
our conversation relative to the probable cost
incident to the change from the present coin
ing ratio between gold and silver q to 16 for
the standard silver dollars and to 14.95 for
subsidiary silver to a ratio of 1 to 90 you are
respectfully informed that the number of sill
yer dollars coined since 1873 aggregates 4l9-
1872, 400
WITHOUT CALCULATING ABRASION.
Without any allowance for abrasion and
loss incident to melting the same, the coin
ing value of these dollars, at ratio of to 90
a-,lD
their present face value.
To recon these dollars at ratio of to 20
would require the addition of 81 ,376 200 ounces
of new bullion, which a the average price
paid for silver under the act of July II, 1890
9314c, would cost S75, ,8S3, 700.
In addition to this, 1 estimate that there
would be loss from abrasion, and in the
melting Of these dollars, of at least So, 900 600
which amount, together with the difference in
the tace valve Of the coins (aS4. llO.2SS), would
have to be reimbursed to the treasury by an
appropriation for that purpose.
THE ITEM OF TRANSPORTATION.
From the fact that silver dollars are distrib-
uted throughout the country it would be nee
essary, as they are redeemed at the several
Sub-treasuries, to transport them to the
mints, and the expense of transportation for
$500 900 900, the amount outside Othe stock
on hand at the subtreaSuries and mints at
Philadelphia. San Francisco and New Or
leans. would average at least one and one
half per cent; "a 100000.
COST OF RECOINING SILVER DOLLARS.
I therefore estimate the cost of recoining
the silver dollars already coined as follows:
New bullion to be added ........ S75. 1888, 700
Loss by abrasion and melting ....... 3,000,OO0
Cost Of coinage. labor, material, etc. 6,290,0OO
PpPsr TTaRsportation , Of dollars to mint. 4aO00o0
Total $50 741 800
The stock of subsidiary silver coin in the
country is estimated at 81 100000, which, fun
weight, would contain 55 500 S75 ounces of fine
silver. This amount, at ratio of l to 20,
would coin $50 S43 S02, or ST. 1856 1877 less than
| the present face value, To recoin SIT 900 600
of subsidiary silver into an equal amount Of
fractional coin, at ratio OF l to 20, would
add 18 T97, ,625 fine ounces which, at 1894 per
fine ounce, the average price paid for silver
under the act Of July H. 1890, would cost
| ST., ,52s. .785 There would be a loss Of about
| 21k per cent. by abrasion from the face value,
or about 81 ,925, 900
| COST OF RECOINTNG SUBSIDIARY SILVER.
would, therefore, estimate the cost of re-
coming the subsidiary silver in the country
at ratio of l to 20, as follows;
New bullion ..............,........ Sl7 752S 755
Loss by abrasion. 1925 900
Cost Of coinage. labor material etc, $500 900
Copper for alloy. Oy..................... Is 636
Cost of transportation -. -. ..... 1855 900
Total.................. ...... $28, ,124, ,421
REHABILITATION.
Estimated cost Of recoining silver
dollars. $50 741 800
Estimated cost Of recoining subsid-
larry silver. ACKNOWLEDGEMENTS. % 124 ,421
Total. S112, 1866 321
Very respectfully,
J. G. CARLISLE, Secretary.