The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-22
FREE COINAGE
Why Senator Voorhees, Will 0p-
pose the SilVerites.
IT Is A PRACTICAL IMPOssIBILITY
A Letter from Secretary Carlisle In Which
Il shown That n FREQ Coinage Law
Would Cost the Government q Hun
fred Million Dollars.

Is shown That FREQ Coinage Law
Would Cost tho Government q Hun
fred Million Dollars.
WAsHISGTON. Aug. Elm an article
headed "fhe Present Situation" the
Washington Post says:
The free coinage of silver at ratio Of %
to ], or at any increased ratio, Is practically
impossible.
This is the trump card which Senator
VOORHEES, is to play in the senate tomor-
row. II is behind this barrier that be is to
intrench himself. This is to be his ex-
PLANTATION for abandoning the convictions
of a 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 Sen
ator Voorhees, hands by the administra-
ton. 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 70
make good the asse vtion that free coinage
Is impracticable lie 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 it VIII cost the government be-
tween sll2, 200, 900 and sl13 600 900 to carry
out the provisions of Senator Vests free
coinage bill.
II il true that there is nothing In Sena-
tor Vests bill about reeoinage. But il
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
treasury in payment OF customs dues and
accounts, aud there thoy will remain, add
ing to the congestion Of the currency. I'm
less they can be recoiued they will be use
less as money, and II there is 10 be free
coinage at an increased ratio some OF the
silver fnancier5 in the senate must provide
the secretary of tho treasury with over
100000 900 20 execute the law.
Altogether 1t would seem as IL the silver
men were involved In n 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:
"Reforrinq 10 our conversation relative
TO the probable cost Incident 10 the change
from the present coinage rate between
gold and silver q TO 10 for the standard
silver dollars and to i495 for subsidiary
silver to a ratio Of TO 20, you are respect
fully informed that the number of silver
dollars coined since 1873 aggregates 4l9,-
1872, $50.
without any allowance for abrasion
and loss incident to melting the same the
coming value Of these dollars, at ratio
of to %, would be 1888, 222, 1872 or $S4, no.
2ss less than their present face value. TO
recon these dollars at the ratio of ! TO 70
would reduire the addition of sl,376, 700
ounces of new bullion, which, at the ave
rage price paid for silver under the act OF
July IA, 1890 would cost S75, Se3, 700.
In addition To this | estimate that
there wo I'D be a loss from abrasion and in
the melting Of these dollars OF at least
5000. O00 which amount, together with
the difference ia the face value, OF tho
coins 81, 110 $3.50 which have TO be REIN
bursed to tho treasury by IN approprla-
ton for that purpose.
From the fact that the silver dollars
are distributed throughout the country 1t
would be necessary, as they are redeemed
at the several sub-treasuries, 10 transport
them to the minis, and the expense OF
transportation for $500, 600, the amount
outside OF the stock on hand at the sub
treasures and minis at Philadelphia, San
| Francisco and New Orleans would average
at least ~ per cent. or S4.500,OO
al therefore estimate the cost OF re coin
Ing the silver dollars already coined as
follows: New bullion TO be added, $685.,
1905 loss by abrasion and melting, $1,000
900; cost Of coinage Qabor, materials, etc.,
5000. 900; copper for alloy, s6S,2OO: trans
portation Of dollars to minis, si,oOOOOO;
total, SO, al ,9tO
"The stock of subsidiary silver coin in
the country is estimated at 100000,
which at full weight would contain So,
! e89, s75 ounces OF lue silver. This amount,
at ratio of TO 20, would coin Sj5, $40, SOP,
or s2l, l56, l97 less than the present face
value
ITO recon s77, O0O, 600 Of subsidiary sill
yer into an equal amount Of fractional
coin at a ratio OF to 20 would require the
addition of rs, 797 625 fine ounces which, at
he average price paid for silver under the
ao. ~ .jn... q 1890, would cost Sl7,52s, 7e5.
There would be a loss Of about ~ per
cel.. hyaa.t.ion from the face value, or
about 81, $4,000. j..
Il would, therefore. estimate the cost OF
recoining the subsidiary silver in the
country at a ratio Of 20 20 as follows:
New bullion, sizes, 7s5; loss by abrasion,
/ 81. 925. COO cost OF coinage Qabor, materials,
e.c), $500, 600; copper for alloy, sl5'o55
cost Of transportation, A,l55@O; total
S25, 124, 49l."