The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-22
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COST OF RECOINAGF.

Secretary Carlisle has within the following
letter to Senator Voorhees,. Chairman Of the
Senate Finance Committee, showing that 1t
would cost tho government e112, s66,32 to
recon our silver currency. upon Senator
Vests proposed ratio of 20 to l.
Referring TO our conversation relative to
the probable cost incident TO the change
from the present coming ratio between gold
and silver Il to 16 for the standard silver dol
lars and to Ii. 95 for subsidiary silver to a
ratio Of to 20. you are respectfully informed
that the number of silver dollars coined
since 1878 aggregates 4l9, 1892, $50.
Without any allowance for abrasion and
loss incident to melting the same, the coming
value of these dollars at ratio OF | to 20
would bo 1888, 222 i62. or sS4, 10, 28S less than
their present face value
TO recoin these dollars at a ratio of to
20 would require tho addition of ST $40. 100
ounces of now bullion. which at the average
price paid for silver under the act of July
IL. 1880. go 800 would cost ELS, sS3. 700.
In addition to this l estimate that there
would be loss from abrasion and In tho
melting of these dollars Of at least S. 000, 000
which amount together with the difference
In the face value of abe coins, 1854 Tic, 2sS, }
would have to be reim burstd to the treasury
by an appropriation ftr that purpose. From
the fact that the silver dollars are distributed
throughout the country it would be nsees-
sary, as thew are redeemed o: tho several
sub-treasuries. TO transport them to the
minis.
And tho expense for transportation for
$500. 600. 900, the amount outside of tho stock
on hand at the sub-treasuries and mints at
Philadelphia. San Francisco and New Or
leans. would average at least ~ per cent.
or "a. 900.
Il. therefore. estimate the cost Of RECON-
ing tho silver dollars already coined as fol-
lows:
New bullion to be added s75. 1888, 700.
Loss by abrasion and melting. 90, 600, 900:
cost of coinage, labor. materials, etc.
5000 900: copper for alloy, SOS, 200: trans
portation Of dollars To mints, $4,000, 900.
Total, &S9. TAI 900
The stock of subsidiary silver coin In the
country Is estimated at s77. 900. 900, which at
full weight would contain 55,699.s75 ounces
OF fine silver. This amount at ratio of TO
20 would coin $55, S43 500. or $2l, 1855, 1877 less
than the present face value
TO rscoin s77 900, 900 Of subsidiary silver
into an equal amount of fractional coin at
ratio OF to 20 would require tho addition of
lh7T,62 tine ounces. which at o. 994 per
fine ounce. the average price paid for silver
under the act OF July IA. 1890, would cost
Sl7. SAG. 1856.
iHoio WOIiu 10 lOsS Oh ABOUT ~ per
cent. by abrasion from the face value, or
about 81. 925.O00
Il would. therefore. estimate the cost OF
recoining the subsidiary silver in the country
ut ratio Of | t. 20 as follows:
New bullion. eli. 62s. 755: loss by abrasion.
Si,926.000; cost of coinage, Qabor. materials
etc.. $1,000, 0O0 copper Tor alloy, els. $685.
cost OF transportation, Sl.l55, 900 - total.
S23. i24.42i.
'Recapitulation: Estimated cost OF recoin-
Ing silver dollars. $S9. TAI. 800; estimated cost
OF recoining subsidiary silver. t23, i24, 42i-
total. $ll2.s66. 1921.
This ought to end all further talk Of re-
coming at different ratio from the present.
II would simply impose this enormous cost
upon the government to leave US just where
We are now.
There Is but one cure for our ills, and
that is the unconditional repeal OF the
sherman Act.