The farmers' union. (Memphis, Mo.) 1891-1895, 1893-09-21
| A LOOTED TREASURY
ONE RESULT OF A "CHANGE OF
RATIO"
carliSle's Letter to senator Noorhee>-The
Secretary of the Ire. sury Estimates the
steal The Figures Submitted to the SEN
ate Reform Matters.
Facts FOR Reflection.


Facts Tor Reflection.
Daniel W. Voorhees,. Chairman of
| the Finance Committed. lately read
the following in the United States
| Senate Chamber:
TREASURY DEPARTMENT. OFFICE OF
SECRETARY, WASHINGTON. ID. C.-The
Hon. Daniel W. Voorhees,. United
| States Senate SlE; Referring to our
conversation relative to the probable
cost incident to the change from the
| present coming ratio between gold and
silver Il to Ii for Il standard silver
dollar and to H. % for subsidiary sill
| ver, to IA ratio of l to 20 YOU are re-
| specially informed that the number
of silver dollars coined since 1873 ag-
gregate 40. ST.. 100. Without any al
lOwance for abrasion or loss incident
| to melting the same the coming value
Of these dollars at il rate OF to 20
would be 1893, -. lG2 or SS4. llo.22S
less than their present face value. 10
RECON- these dollars at Il ratio OF to
20 would require the addition of 81,
;iG7 100 ountes of new bullion. which
at the average price paid for silver,
| under the act of July II, 1890, 93t
cents, would cost SO. SS3. 700 In adj
dltion t" this estimate that there would
be 2. loss from abrasion, and III the
melting OF these dollars. of ut least
S3,OU0,oOO, which amount, together
with the difference III the face value
of the CONS So, 10, 22Sl would have
to be reimbursed to the Treasury by
ia
From The fact that the silver dollars
| are distributed throughout the .oun-
try it would be necessary. as they are
redeemed ut the several sub-treasuties,
to transport them to the mints. and
the expense OF transportation for
500, 100000, the amount outside of
| the stock on hand ut the sub-treasu
ries and minis at Philadelphia. San
Francisco and New Orleans. would
average at least per cent. or 81
800, 600. therefore estimate the cost
of recoining the silver dollars already
coined as follows:
New bullion To IL. ;,,I,.ea.........l.:, So 40
Loss; by abrasion ANA 'nrltiUg T.. -... 3.tsn'sn
Cost {" coinage. ia bor materials, etc t.=D,o .
Copper tor alloy 1890. ............. 6S..1n
Transportation of dollars to luint~.. t.:An,uu
-
The stock OF subsidiary silver coin
| III the country Is estlmatt.'' at 81.
ooo.OOo, which at full weight would
contain oJ,639, 50 ounces nf fine sill
Yer. This amount ut !: ratio Of to 20
would coin So, $3.50 or 81. lot, 1913
less than the present face value. To
recon So .OUO, 900 of subsidiary silver
into an equal amount of fractional
coin, at ratio OF l to 20, would re-
luire the adui ion of Is, 797 ,Go5 fine
ounces. which at 10; cents ler fine
ounce, the average price paid for sill
Yer under the act of July II, 1890,
would cost ST., lbs. 7So. There would
be loss of aboLt ,. per cent. by
abrasion from the face value. or about
81, ?25,OOO l would therefore, esti-
mate the cost of reconing the subsi-
diary silver in the country at ratio Of
| TO 20, as follows:
New bullion Observation-Disclosures. Sl.,oS 1S5
Loss by abrasion ....-.. lFe5tst
lost OF coinage labor mater ais. etc. - 900
Copper for alloy .....-.--..... H.. 1880
Cost of transportation. .....--.....-.. ll:s,tnt
Total s,3 ,ol III
RE- A1'I tITATlpN.
Estimated cost pf ct.nin. silver dol
Estimated, rost Of rec, .n.n4 subsidiary
silver -..----...-.- ;Si2i4H
Total .............. s,l.>t,; :...l
Very respectfully.
J. q. CARLISLE. See.