The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-08-21
AGAINST FREE COINAGE
Why Senator Voorhees, Will 0p-
pose the Silveritss.
IT Is A PRACTICAL IMPossIBILITY
A Letter from Secretary Carlisle In which
Is Shown That Free Coinage Law
Would Cost the Government u Hun
dred Million Dollars.


Would Cost the Government Hun
dred Million Dollars.
WASHINGTON, Aug. a1.-In an article
headed 1.-THE Present Situation" the
Washington Post says:
The free coinage of silver at ratio of 90
to or at any increased ratio, practically
impossible.
This Is the trump card which Senator
voorhees, is to play in the senate tomor-
row. 1t is behind this barrier that he is to
intrench himself. This is to be his ex-
PLANTATION for abandoning the convictions
Of q 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 placed in Sem
ator Voorhees, hands by the administra-
tion. 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 the 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. In this letter the statement is
made that 1t will cost the government be.
tween sl12, 900, coo and Sll3 000, 900 to carry
out the provisions OF Senator Vests free
coinage bill.
1t is true that there is nothing in Sena-
tor Vests bill about recoinage But 1t
does not need prophets vision to know
that dollars below par, which only the
government Is compelled to take, will
drift with charming rapidity into the
treasury In payment Of customs dues and
accounts, and there they will remain, add
ing to the congestion OF the currency. I'm
less they can be recoinsd they will be use
iess as money, and IL there is to be free
coinage at an increased ratio some of the
silver financiers in the senate must provide
the secretary of the treasury with over
sl00,000,0 900 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 ex-
tricate themselves.
The letter of Secretary Carlisle referred
TO in the foregoing is as follows:
referring 20 our conversation relative
70 the probable cost incident to the change
from the present coinage rate between
gold and silver q to 10 for the standard
silver dollars and to 14.05 for subsidiary
silver) to ratio Of to 60 you are respect
fully Informed that the number of silver
dollars coined since 1878 aggregates 49,
BE-, 49,
without any allowance for abrasion
and loss incident to melting the same the
coming value of these dollars, Mt ratio
OF to 30, would be S3S3, ,222, 1872, or ssI, no,
SsS less than their present face value To
recoin these dollars at the ratio Of / to 90
would require the addition of 81, 316, 700
ounces of new bullion, which, at the ave-
rage price paid for silver under the act of
July IA, 1850, would cost Sf5, ,ss3, 700
In addition to this | estimate that
there wo I'D bo n loss from abrasion and in
the melting of these dollars Of at least
q, 900, which amount together with
She difference in the face value, of the
'coinI (Ss1, no 2Ss) which have to be reim-
bnrsed to the treasury by an appropria-
tion for that purpose.
From the fact that the silver dollars
are distribu ed throughout the country it
would be necessary, MS they are redeemed
At the several subtreasuries, to transport
them to the mints, aud the expeuse of
transportation for $500, ,0Oo, 900, the amount
outside Of the stock on hand at the sub
treasures and nints at Philadelphia, San
Francisco aud New Orleans would average
Mt least fI5 per cent. or 81. SOC, 600
II therefore estimate the cost of re coin
Ing the silver dollars already coined as
follows: New bullion to be added, s75, $685.
SUO; loss by abrasion and melting, s., 0OO-
oOD; cost of coinage aabor, materials. etc },
$500, 900; copper for alloy, S8s,9OO; trans
portation Of dollars TO nints, q, 800, 900;
total. $50, TAI ,9G0
THE stock Of subsi diary silver coin in
the country is estimated at 277, 600 900,
which at full weight would contain 55,-
So, ,S75 ounces of fine silver. This amount.
st ratio of to 20, would coin sos, ,s43, ,s02,
or sal, 1877 less than the present face
value.
80 recon s17, 900 of subsidiary sill
yer into All equal amount of fractional
coin at a ratio of to 30 would require the
addition of 1879, ,6e5 fine ounces which, at
The average price paid for silver under the
n ef lnly u, 1900 would cost tlT, ,52s, ,7s5.
There would be loss of about 215 per
rent. by abrasion from the face value, or
about 81, 900
Il would, therefore estimate the cost of
Fecoining the subsidiary silver in the
country at ratio of l to 90 as follows:
New bullion, 1879, Ts5; loss by abrasion,
N,o25, 900; cost of coinage Qabor, materials,
ssc) s2,50o,O0O; copper for alloy, $15,6s6;
cost of transportation, 81, ,f55, 900; total,
ss5, 1874, ,42l."