The times. (Owosso, Mich.) 1882-1897, 1893-08-25
NO FREE COINAGE.
PRACTICALLY IMPOSSIBLE, SAYS THE
WASHINGTON POST.

the Country Many Million Dollars to
Carry Out the Provisions of Senator
Vests Bill.
WASHINGTON, Aug. Elm an article
headed 1.-THE Present Situation, which
the Washington Post makes the most
prominent feature in Sundays issue, it
says:
1.-THE free coinage of silver at ratio
of 20 to 1, or at any increased ratio, is
practically impossible.
"This is the trump card which Sena-
tor Voorhees, is to play in the senate on
Tuesday. 1t is behind this barrier that
he is to intrench himself. This is to be
his explanation for abandoning the con-
victions Of lifetime. This is to be his
answer to those who will quote against
him his memorable speeches in the past.
"This trump card has been played in
Senator Voorhees, hand by the admin
istration. Secretary Carlisle. who,
despite all assertions to the contrary, is
loyal to the president to the last degree,
first gave to Senator Voorhees, verbally
the data to make good this assertion
that free coinage is impracticable. He
has gone further than this, and has
prepared an elaborate letter which the
senator will read in the senate on Tues
day. In this letter the statement is
made that it will cost the country be-
tween S112, 900, 900 and $4,000, 600 to
carry out the provisions of Senator
Vests free coinage bill.
at is true that there is nothing in
Senator Vests bill about recoinage.
But it does not need prophets vision
to know that dollars below par, which
only the government is compelled to
take will drift with alarming rapidity
into the treasury in payment of GUS
toms dues and taxes. and there they will
remain. adding to the congestion of the
currency. Unless they can be recoined
they will be useless as money, and if
there is to be free coinage at an in
creased ratio some of the silver finan-
ciers in the senate must provide the
secretary of the treasury with $780, 00,-
900 to execute the law.
Altogether it would seem as if the
silver men were involved in situation
from which it will be difficult for them
to eXtricate themselves"
The letter of Secretary Carlisle re-
ferred to III the foregoing is as follows:
TREASURY DEPARTMENT.
OFFICE OF THE SECRETARY,
WASHINGTON, Aug. 10.
Hon. Daniel Voorhees,, United States
Senate.
DEAR SIR--Referring to our conversation
relative to the probable cost incident to
the change from the present coming ratio
between gold and silver Il to 10 for the
standard silver dollars, and l to 1895 for
subsidiary silver to ratio of to 20, you
are respectfully informed that the number
of silver dollars coined since 1873, aggre-
gates 4l9, 332 $50.
Without any allowance for abrasion and
loss incident to melting the same, the coin
value Of these dollars, at ratio of | to 90,
would be S33, 222 1866, or SS4, Ito, 22S less than
their present face value.
To recon these dollars at a ratio of l to
90 would require the addition of 81 1916 700
ounces of new bullion, which, at the aver
age price paid for silver under the act of
July IA, 1890 $3.50, would cost SO, 1888 700.
In addition to this, l estimate that there
would be n loss from abrasion, and in the
melting of these dollars of at least 5000,
600, which amount together with the diff
ference in the face value of the coins, 1884,
110,22S, would have to be reimbursed to the
treasury by an appropriation for that pur-
pose
From the fact that the silver dollars are
distributed throughout the country it
would be necessary, as they are redeemed
at the several subtreasuries to transport
| them to the minis, and the expense of
| transportation for S300,000,0O0, the amount
outside of the stock on hand at the sub
! treasures and minis at Philadelphia, San
| Francisco and New Orleans, would average
| at least q per cent or 81 ,500,0 600.
| /, therefore, estimate the cost of recoining
the silver dollars already coined, as fol
lows:
New bullion to be added ....... .$75, $3.50, zoo
! Loss by abrasion and netting. 100000
| Cost of coinage (labor, material
etc) ....................... $1,000
Copper for alloy ................. $500
minis ....................... $4,000
Total Observation-Disclosures 9, al 600
The stock of subsidiary silver coin in the
country is estimated at 81 100000, which
at full weight would contain 55,699,S75