The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1893-08-25

The Trump Card Said to be Held by Sena-
tor Voorhees, to be Played at the Proper
Time-The Free Coinage of Silver Prac-
tically Impossible at Amy Increased
Ratio of Value-What it Would Cost
the Government to Increase the Ratio
20 20 to L.
WASHINGTON, Aug. 21.-In an article
headed ''The Present Situation, +" which
the Washington Post makes the most
prominent feature in yesterdays issue,
it says:
The free coinage of a silver at a
ratio of 20 to /. or at any increased
ratio, is practically impossible.
This is the trump card which Sem
ator Voorhees, is to play in the sen ate
on Tuesday. 1t is behind this barrier
that he is to intrench himself. This
is to be his explanation for abandoning
the convictions of a lifetime. This is
to be his answer to those who will
quote against him his memorable
speeches made in the past.
This trump card has been placed in
Senator Voorhees, hand by the admins
tration. Secretary Carlisle who, despite
all assertions to the contrary, is
loyal to the president to the last de-
gree, first gave to Senator Voorhees,, ,ver-
bally, the data to make good this
assertion that free coinage is impracti-
cable. He has gone farther than this
and has prepared an elaborate letter,
which the senator will read in the
senate on Tuesday. In this letter the
statement is made that it will cost the
country between S112, 900, 900 and S113,-
100000 to carry out the provisions of
Senator Vests free-coinage bill.
''It is true there is nothing in Sena-
tor Vests bill about recoinage. But
it does not need a 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 thereby add
ing 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 increased ratif
some of the silver inanciers in the
senate must provide the secretary of
the treasury with over 500, 900, 600 to
execute the law.
altogether it would seem as if the
silver men were involved in situa-
tion from which it would be difficult
to extricate themselves. The letter of
Secretary Carlisle, referred to in the
foregoing, is as follows:
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
WASHINGTON, Aug. 18, 1893.
Hon. DANIEL. W. VOORHEES-DeGr Sir: Re-
ferring to our conversation relative to the
probable cost incident to the change from the
pnf0 rafin hafVx roll md Gil
q to 16 for standard silver dollars) to d ratio
of to 20, you are respectfully informed that
the number of silver dollars coined since 1873
aggregates 419, ,332, $50. Without any allowance
for abrasion and loss incident to melting the
same the coin value of these dollars at ratio
of to 20 would be 1888 222 1866 or SS4 22S less
than their face value: copper for alloy, $6S 200;
transportation of dollars to mints, S4,500,000;
total, $50 741, 800
The stock of subsidiary silver coin in the
country is estimated at $77 600, which at full
weight would contain 55, 699,S75 ounces of fine
silver This amount at a ratio of to 20 would
coin s55 843 8O2 or s21 156 197 less than thepres
ent face value.
To recoin ST. 900 of subsidiary silver
into an equal amount of fractional coin at
ratio of to 20 would require the addition of
is. .797 625 fine ounces which at so. 1914 per fine
ounce, the average price paid for silver under
the act of July II, $780, would cost $l7,25S, 7S5.
There would be a loss of about 2h per cent. by
abrasion from the face value, or about $685.
600 1 would, therefore, estimate the cost of re-
coming the subsidiary silver in the country at
o ratio of l to 20 as follows:
New bullion &17 25S, ,7S5
Loss by abrasion. on................ 1,925,OO0
Cost of coinage Qabor, material y. 2,500,GO0
Conner for ALLOW y..........,, Is 653
Cost of trans portation n........... 1555, 900
Total $23 124, ,421
RECAPITULATION.
Estimated cost of recoining silver
dollars s.................... .....s 80 741, 800
Estimated cost.of recoining subsidi-
ary silver ..,............. -. % ,421
Total. SIP sec, ,321
Very respectfully
j. G. CARLISLE, Secretary.