The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1893-08-24
PROBABLE COST OF BECOMING.
Secretary Carlisle Tells Senator VOOr-
hees 1t Will Be $112,869,321.

WASHINGTON, D. c., Aug. 2O.-Secretary
Carlisle has sent the following letter to
Senator VOORHEES,, chairman of the
finance committee of the Senate, giving
the probable cost of changing silver
money from the present coming ratio to
that proposed by Senator Vest in his
substitute for the bill introduced by Mr..
VOORHEES, in the Senate to repeal the
Sherman law:
"Referring to our remuneration relative
to the probable cost incident to the
change from the present coming ratio
between gold and silver 1 to 16 for the
standard silver dollars and 1 to 1895
for subsidiary silver) to q ratio of to
90, you are respectfully informed that
the number OF silver dollars coined since
1873 aggregates Ais, 1892 ,45O.
"Without any allowance for abrasion
and loss incident to melting the same,
the coming value of these dollars at a
ratio of to 20 would be $3.50, 222, 1852,
or 1874, ITO, 288 less than their present
face value.
"To recon these dollars at q ratio OF
to 20 would require the addition of
81, 376, 700 ounces of new bullion, which
at the average price paid for silver under
the act of July IA, 1890, ($O.93A.) would
cost 81, 883,7OO.
GIN addition to this I estimate that
there would be loss from abrasion and
in the melting of these dollars of at least
3,OOO,O 900, which amount, together
with the difference in the face value of
the coins, 1854, 11O,2S9,) would have to
be reimbursed to the treasury by an
appropriation for that purpose. From
the fact that the silver dollars are distri-
buted throughout the country it would
be necessary, as they are redeemed at the
several sub-treasuries, to transport them
to the mints.
"And the expense for transportation
for $500, 900, 900, the amount outside of
the stock on hand at the sub-treasuries
and minis at Philadelphia, San Francisco
and New Orleans, would average at
least X per cent. or 81, 100000.
81, therefore, estimate the cost OF
| recoining the silver dollars already coined
| as follows:
"New bullion to be added $75. 1888, 700.
Gloss by abrasion and melting, 3d.
OOO, 900; cost of coinage, (labor, mate
rails, etc, y Sc, 900, 900 copper for alloy,
SOS, 200; transportation of dollars to
mints, 81, 500, 900. Total, $S9, al 600.
"The stock of subsidiary silver coin in
| the country is estimated at $77 ,OOO, 900,
WulCh HU luIA WCiShC "oulu Contain
5,699,875 ounces of fine silver. This
amount at ratio of 1 to 20 would coin
$50, 843,s 1902, or $21, 1861 less than
| the present face value.
"To recon ST. 900, 900 of subsidiary
silver into an equal amount of fractional
coin at a ratio of to 20 would require
the addition OF 1877, 625 fine ounces,
which at $O.93A per fine ounce, the
average price paid for silver under the
act of July IA, 1890, would cost ST.
| 52S, 1855.
"There would be loss of about 2H
per cent. by abrasion from the face value,
or about 81 1926, 900.
81 would, therefore, estimate the cost
of recoining the subsidiary silver in the
country at a ratio of to 20 as follows
"New bullion, $685. 1856; loss by
abrasion, 81 1926, 900; cost of coinage,
| (labor, materials, etc., 81, 500, 900
copper for alloy, S15,6a6; cost OF
transportation, 81 ,155, OOO-total, $23, )
1874 ,421.
"Recapitulation: Estimated cost OF
| recoining silver dollars, $50, TAI, 900 !;
estimated cost of recoining subsidiary
silver, $23,124,421,-total, $112, $685.
321.