Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-08-25
Letter from Mr.. Carlisle
showing what the RecoinRge OF our
silver Would Cost, should the Ratio
BE Changed.

showing what the Recoinage of our
silver Would Cost, should the Ratio
BE Changed.
1t is favorite idea of many of the sill
yer men to have free coinage enacted, with
the ratio raised from the present 10 to / up
to say 20 to /. This would make the pres
ent silver dollars of light weight, and they
would quickly flow into the treasury where
they would be of no use as money unless
reconed. At the request of Senator Voor-
hees Secretary Carlisle prepared a letter
showing what the recoinage of our silver
currency would cost. This letter, which is
| given herewith, Mr.. voorhees, had read in
the Senate Monday, as the preface to a
speech made by him on the silver ques-
ton:
Si:-Referrlng to our conversation rel
alive to the probable cost incident to the
change from the present coming ratio be-
tween gold and silver Il to Is for the stand
ard silver dollars and l to 14.95 for sub
sidiary silver to ratio of l to 20, you
are respectfully informed that the number
of silver dollars coined since 1878 aggre-
gates 419, 332, $50. Without any allowance
for abrasion and loss incident to melting
the same, the coming value of these dol
lars at a ratio of / to 20 would be 1888,
222, 1872, or $S4, 110,2SS less than their
present face value.
To recon these dollars at a ratio of to
20 would require the addition of S1,3T6,-
700 ounces of new bullion, which at the
average price paid for silver, under the act
of July IA, 1890 ($0.93t) would cost $50,
$50, 700.
In addition TO this estimate that there
would be loss from abrasion, and in the
melting of these dollars of at least 5000,
600, which amount, together with the face
value of the coins (SS4, l10,SS2,), would
have to be reimbursed to the treasury by
an appropriation for that purpose.
From the fact that the silver dollars are
distributed throughout the country, ii
would be necessary, as they are redeemed
at the several sub-treasuries, to transport
them TO the mints. And the expense of
transportation for 5000 00O, 600, the amount
outside of the stock on hand at the sub
treasures and the minis at Philadelphia,
San Francisco and New Orleans, would
average at least one and half per cent, or
S4,500,00 ! therefore estimate the cost
of recoining the silver dollars already
coined as follows:
New bullion to be added s75, $50. 7OC
Loss by abrasion and melting. 3.OOOO0
Cost of coinage labor, materials, ETC., 6,291 ~
Copper for alloy s.. 2Ol
Transportation OF dollars to mints, $4,000
Total sS9.74i,9O,
The stock of subsidiary silver coin in
, the country is estimated at 81, 900, 900
which at full weight would contain 30, 699,
S75 ounces of fine silver. This amount
, at a ratio of to 20, would coin 500, $40, =.
S02 or S21, l56, 1877 less than the present
face value. To recon ST., 900, 600 Of sub
sdiary silver into an equal amount of frac
tional coin, at a rate of | to 20, would re
: quire the addition of 1877, 62j fin,
l ounces, which at $0.03t per fine ounce, tn
average price paid for silver under the &C
of July Il. 1890 would cost Sl7,52S, 7Sj
l There would be a loss of about y pc
1 cent by abrasion from the face value, o
r about 81, 925, 900. | would, therefore, es
innate the cost OF recoinng the subsidiar,
t silver in the country at ratio Of to 2
as follows:
: New bullion, sl7,52s. IS
r | Loss by abrasion, l.g2j, %
Cost Of coinage labor. materials, etcl 2,5OOOo
Copper for alloy, 1863
e Cost of transportation, l,l55OI
D Total s23,1el4.
RECAPITULATION.
d lars, sS9,7H, %
: silver, gs,i2I.4 T.
=, Total. sll2 S68, 80
e Very respectfully,
T j. G.. CARLISLE, Secretary.