Daily Texarkana Democrat., 1893-08-23

dues, taxes, and thereby adding to the
congestson Of the currency. Unless
they can be recoined they will be use
less as money, and if there Yves to be
free coinage at an increased ratio some
Of the financiers in the Senate must
provide the secretary with over $780,
100000 to execute the law.
Altogether it would seem that the
silver men are involved in a situation
from which Il would be difficult to
,extricate themselves"
4 The letter of Secretary Carlisle re-
lferred to in the foregoing is as fol-
flows. f
Treasury Department of the Secre-
tsry, Washington, Aug. 1s, 1898.
Hon. Daniel w. Voorhees,:
| Dear Sir--Referring to our CONVEX
sation relative to the probable cost
Incident to the change from the pres
ent coinage ratio between gold and
silver, Il to 16 for the standard silver
dollar) to ratio of to 20, you are
respectfully informed that the number
of silver dollars coined since 1873 ag-
gregated 4l9, S32,450. Without any
i allnxwso&s for . Il raoinn op1 1neo ;,o;
dent to melting the same, the coin
value of these dollars at ratio of to
20 would be $3S3, ,222, ,166, or $S4,110,-
228 less than their present face value.
To recoin these dollars at ratio Of l
to 20 would require the addition of
81, ,S76,700 ounces of new bullion,
which, at the average price paid for
silver under the act of July IA, 1890,
$o.9sA), would cost $75,8s97O0. In
addition to this | estimate that there
would be loss in abrasion and in the
melting of these dollars of at least
$3,000,000, which amount, together
with the difference in the face value of
the coins, 7S1,128,SsS), would have
to be reimbursed to the treasury by
an appropriation for that purpose.
From the fact that silver dollars
are distributed throughout the coun-
try IL would be necessary as they are
redeemed at the several sub-treasuries,
to transport them to the mints and
expense Of transportation for S9G0,000,-
900, the amount that stock on hand
at tho sub-trcasury and mints at Phil
adelphia, San Francisco and New Or
leans would average at least one-half
per cent of $4,5OOOO0.
II 10 therefore estimated that the
cost OF coming the silver dollars al
ready coined is as follows:
New bullion to be added. $55,SS3,700
Loss by abrasion and melt
ing -. ........ ....... 100000
Cost Of coinage Qabor, ma
| terial, etc) )........... 100000
Copper for alloy ...... $4,000
transportation of dollars
to mint. ;. ........... 100000
| Total. $S9,741, 800
! The stock Of subsidiary silver coin
in the country is estimated at $77000,'
600, whice at full weight would coin
55,659,875 ounces of fine silver. This
amount at ratio Of to 20 would coin
| $56, 6,s4S,SO2, or 1921, 1,156,197 less than
the present face value. 10 recoin
\ $77,000,000 of subsidiary silver into
an equal amount of fractional coin at
q ratio Of to 20 would require the
addition of 1S,7Oz625 fine ounce,
which, at $O.93a per fine ounce, the
average price paid for silver under
the act of July IA, 1890, would cost
| $7l,25s,785. There would be loss of
about PIP per cent, by abrasion from
the face value, or about $1,925,000. I
would therefore, estimate the cost Of
recoining the subsidiary silver in the
country at ratio of ] to 20 as fol-
lows:
Now bullion. .........$17,25S,7s5
Loss by abrasion ..... 1,925,000
Cost Of coinage Qabor, ma
u terial, etc etc............. 100000
Copper for alloy ....... 1868
Cost Of transportation 90. 1,555,000
Il fAN
u Total. ~. .$21S,124,521
/ RECAPITULATIoN:
Estimated cost Of coming
| silver dollars. ......$ 9,741,900
Estimated cost Of recoin-
ing subsidiary silver, J.. 25,124,421
i Total $112,866,321
Very respectfully,
g JIG. CARLISLE, Secretary
MO OTHER Sarsaparilla has the
- merit to secure the confidence d
I entire communities and hold 1t year after
gear. Like HOODS sarsaparilla.