The Providence news. (Providence [R.I.]) 1891-1906, 1893-08-21
Sluns Shot He Swung at the Heads
Of the SilYePiteS.
A HARD BLOW At FREE SILVER.
How the Debate viii BE Conducted This
Week I'm Both branches OF Congress
and who VIII Mako the Chief
Speeches.

WASHINGTON, Aug. 21.--In an article
on "The present situation" which the
Washington Post makes the most promi-
nent feature in yesterdays issue, it says:
The free coinage of silver ut ratio of
20 to /, or at any increased ratio. is prac-
tically impossible.
This is the trump card which Senator
Voorhees, is to play in the Senate on Tuesday.
1t is behind this barrier that he is TO en-
trench himself This is to be his explana-
tion for abandoning the convictions of
\ lifetime; this Is to be his answer to those
who will quote against him his memorable
speeches of the past. This trump card
has been placed In Senator Voorhees, hands
by the Administration. Secretary Carlisle.
who, despite all assertions to the contrary,
is loyal to the President In the last degree,
f.gs 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 tomorrow. In this let
ter the statement is made that 1t will cost
the country between $1l2, 100000 and
$4,000, 900 TO carry out the provisions Of
Senotor Vests free coinage bill.
1t is true, that there Is nothing In Sena-
tor 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 Treas
ury in payment of customs dues and taxes
and there will remain, adding to the con-
gestion of the curreucy. Unless they can
Al x-.tll l~.x
and If there is to be free coinage at an in
creased ratio some of the silver financiers
in the Senate must provide the Secretary
of the Treasury with over 500, 900. 900 TO
execute the law.
Altogether, it would seem as il the sill
yer men were involved In situation from
which it will be difficult for them to extri-
cate themselves.
The letter OF Secretary Carlisle referred
TO in the foregoing is as follows:
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY.
WASHINGTON. Aug. 10, 1893.
Hon. DANIEL w. VOORHEES,, United
States Senate.
SIR-Referring TO our conversation rela-
tive to the probable cost incident to the
change from the present coming ratio be-
gold and silver q to 10 for the standard
silver dollars and to 14.95 for subsidiary
silver to a ratio of to 20, you are re-
ppectfully informed that the number of
silver dollars coined since 1878 aggregates
4l9, 832, 450.
Without any allowance for abrasion, and
loss incident to melting the same, the coin
ing value of these dollars at ratio of 1 to
90 would be 1898, 222, ,162, or $84, ITO, 2SS
less than their present face value.
To recoin these dollars at a ratio of ] to
90 would require the addition Of 81 ,876,-
ZOO ounces of new bullion, which at the
average price paid for silver, under the act
of July IA, 1890 (so.93 1-4), would cost
$75, ,S93, 200.
In addition to this estimate that there
would be a loss from abrasion, and in the
melting of these dollars of at lest SO, 000,
600, which amount, together with the dii-
ference in the face value OF the coins (SS4,-
10, ,2SS), would have to be reimbursed TO
the Treasury by an appropriation for that
purpose.
From the fact that silver dollars are dis
tributed throughout the country It would
bc necessary rs they are redeemed at the
several sub-treasuries to transport them TO
tho mints; and the expense OF transporta-
tion for So 000 900, the amount outside of
the stock OH hand at the sub treasures and
mints at Philadelphia, San Francisco and
New Orleans, would average at least one
and "A half per cent, or "a, 900, 600.
1, therefore, estimate the cost Of recoin-
ing the silver dollars already coined as fol-
lows:
New bullion TO be added, S75, ,S93, 700;
loss by abrasion and melting, $4,000, 900;
cost of coinage Qabor, materials, etc. &c.
900, 900; copper for alloy, 5000; trans
portation OF dollars to mints, 81, SOC, ,000
Total, $50, TAI 900.
The stock of subsidiary silver coin Ia tho
country is estimated at s77, 900, 600 which
ut full weight would contain %, 500. 815
ounces of fine silver This amount at n
ratio of to 20 would coin s55, ,Si3, 500 or
S2l, 1856, 1917 less than the present face
value
10 recoin s77 900, 00O Of subsidiary silver
into AN equal amount OF fractional coin. at
n ratio OF 60 20 would require the addi-
ton OF 1897, $40 fine ounces which at
S0.93 IA per fine ounce, the average price
paid for silver under the act OF July IA,
1890, would cost Sls, ,52S, ,sSJ.
There would be a loss Of about two and
q half per cent 10y abrasion from tho face
value, or about a. ,92j, 600
1 would, therefore. estimate the cost OF
reconing the subsidiary silver In the coun-
try nc ratio Of to 20 as follows: New
bullion, $17 ,52S, 1S5; loss by abrasion, ST.
s25. 900, cost of coinage Qabor, materials.