The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-21
Indiana's Tall Sycamore 10 Shake the
Cradle from the Tree on Tuesday.
In Advocating His National Bank Circula-
tion Bill He Will Show that Free Coinage
ct an Increased Ratio Is Impossible.
Trump Card Placed In Senator VoOr.
hees's Hand by Secretary Carlisle.
Letter Showing that Il Woula Cost Over S1i2.s
900, 600 to Carry Mr.. Vests 20 TO l Ratio
Proposition-yiews ofSenatOr Mcpherson.
THE SPEECH OF HIS LIFE

THE SPEECH OF HIS LIFE
Senator voorhees, Boohed for Great ors-
torical Effort on Finance Tomorrow.
Special 10 the Indianapolis Journal
WASHINGTON. Aug. 20.-It 10 expected
tnat Senator Voorhees, Will make the fnan-
cial speech of his life on Tuesday. when he
wall advocate the passage Of the national
bank circulation bill. and that he will
voice the position of Presidents Cleveland
and Secretary Carlisle upon the measure.
He Is to speak ex csthedra.
In an article headed The Present Sitna-
tion.n which the Washington Post mskes
tho most prominent feature In to-day's
Issue, IL says: The free coinage Of siiver
ct ratio of twenty 90 one or &C any in
creased ratio. is practically impossible.
This is the trump card which Senator Voor-
hees 10 TO play In the Senate on tuesday.
10 10 behind this barrier that be 10 20
intrench himself. This is 60 be his ex.
planation for abandoning the convictions
of Q lifetime; this is to be his answer TO
those who will quote against him his mem-
orable speeches In the past This trump
card hes been placed in Senator voorheess
hand by tho administration. Secretary
Carlisle. who. despiAs ali assertions to ths
contrary. IL loyal - enc President to tbs
last degree. first eavs TO Senator Voorhees,
verbally the data 20 shake good this asser-
sion that free coinage is impracticable.
He has gone furtbar than this. and has pre-
pared an elaborate letter, which the Sem
ator will read In the Senate on Tuesday.
In this letter the statement 10 made thati ~
will cost the country between COO
and Sis. .000. 900 % carry out the provisions
of Senator Vests free-coinage bill.
1T is true that there IS nothing IN Sena-
tor Vests bill about recoinage. But 10
does not need q prophets vision 20 know
that dollars below par. which only the
government is compelled to take. will drift
with alarming rapidity into the treasury
I'm payment of customs dues and taxes. and
there they Will remain, adding 60 the con-
gestion of the currency. Unless they oan
be reooined they will be useless as money!
and If there Is TO be free coinage at an In
creased ratio. some Of the SILVER Senators
in the Senate must provide the Secretary
of the Treasury with over 500, ,O0o. 900 20 ex-
ecute the law. Altogether IL would seem
as If the silver men were involved IN sit-
nation from which it will be difficult fof
them to extricate themselves"
SECRETARY CARLIsLE's LETTER.
The letter of Secretary Carlisle. referred
to in the foregoing. is dated Treasury DoA
partment, Office of the Secretary. Washing.
ton, Aug. 49," and 10 addressed to Hon.
Daniel w. Voorhees,, United States Sen.
ste." It reads:
Dear Sir-Referring TO our conversation rehap
tive TO the probable cost incident TO the change
from the present coming ratio between gold and
silver-1 10 16 for the standard silver dollars.
and TO l4.S5 for subsidiary silver-suhiect 10 q
ratio OF L TO 20, you are respectfully informed
that the number of silver dollars coined since
1873 aggregates 419,332, ,450. Without any ale
lowance for abrasion and loss incident to melts
tr,er ha Nm vain NJ has do1l "a
q ratio OF L TO 20, would be 1888, ,222 166, or
$S4, HOPES less than their present face value,
would require the addition of 81. $4,000 ounces
of new bullion which, at the average price pai6
for silver under the act of July IA, 1890 (9Sx
this estimate that there would be q loss from
abrasion and in the melting OF these dollars OF
at least S3.0O0.000. which amount. together
with the difference in the face value OF the coina
tsS4, 10, 2Ss), would have 70 be reimbursed 20
the treasury by an appropriation for that purs
From the fact that the silver dollars are dis,
tributed throughout the country it would ba
necessary as they are redeemed med at the several
and the expense or transporting the amount
outside the stock on hand at the subtreasurfes
and mints at Philadelphia. San Francisco and
New Orleans, would average at least 1 y per
cent. or S4.500.000. therefore estimate the
OF recoining the silver dollars already coined
as follows:
New bullion TO be added. ee3 70d
Loss BIZ abrasion and melting ------ 100000
Costof coinage dabor, material, etcl 6.2e0.OOO
aGl Of dollars to mints 4SooooS
Total.-----.----.------.-.-- TAI 900
The stock OF subsidiary silver coin In the treas,
ury is estimated at $77, 600. 900. which, at full
weight. would contain 81, ,699,575 ounces OF finG
silver. This amount. at ratio OF 10 20, would
present face value. To recoin S77.o00. 900 Of
subsidiary silver into an equal amount of frao-
tional coin, at ratio OF 10 20, would require
the addition OF 1879, ,625 fine ounces which, af
93l cents per fine ounce, the average price paid
for silver under the act of July Ii. 1890, would
cost $17.52S.7e5. There would be a loss Of
about 2lo per cent by abrasion from the face
value, or about $l,925.0o0 would. therefore,
estimate tho cost or recoining the subsidiary
silver In the country. at q ratio OF / 60 20. a.
follows:
Loss by abrasion lon------.---..----.----- 1.9So.OO9
Cost OF coinage Qabor. material, etc., $500. .00o
Copper I0r alloy. l0,oot
Cost or transportation 1,loo.OO0
Total.......................... .s2s, ,2ss, ,421
RecdpituIation.
Estimated cost OF recoining silver
dollars. ...........-.-.....-........ sse,74l. 900
Estimated cost Of recoining subsi-
diary silver. ver.----.------.----..----- 23,124.z21
Total. ,e66, ,32I
]. @. CARLISLE, Secretary.