The Caucasian. (Clinton, N.C.) 188?-1913, 1893-08-24
AGAINST FREE COINAGE
Wbv Senator voorhees, VIII OPP
pose the Silverites.
TT IS A PRACTICAL INPOSsIBILTTY

A Letter from secretary Carlisle In Which
woald Cost the Gov~rnm~s, q Hun
ar~d Nt,lian Dollars
WASHINGTON. Aur. al.-Tn an article
/ headed The Present Situation" the
Washington Pot saws:
The free coinage 81 silver at y ratio of "
10 l. or at any increased ratio. is practically
impossible.
This is the trump card which Senator
VOORHEES, is 10 play in the senate tomor-
row. II is behind this barrier that he il Ia
intreuch himself This is tn he his ex-
PLANTATION for abandoning the convictions
Of a lifetime; this is Ia be his answer 20
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 tho
president TO the last degree, first gave Ia
senator Voorhees, verbally the data 10
make good the assertion that free coinage
is impracticable. He has gone further
than this and has prepared an elaborate
letter which the senator viii read in the
senate. In this letter the statement is
tween Sll2, 900, 900 aud SllS oo0, coo 10 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 il
does not need n prophets vision to know
that dollars below par. which only the
government is compelled 70 take, will
drift with alarming rapidity into the
treasury in payment of customs dues and
accounts, and there they will remain, add
ing 20 the congestion of the currency. I'm
less they can be recoined they will be use
less as money, and If there il to be free
coinage Mt an increased ratio some of the
silver financiers in the senate must provide
the secretary of the treasury with over
$lO0, 0nO, 600 to execute the law.
Altogether it would seem as if the silver
men were involved in u 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 to our conversation relative
to the probable cost incident to the change
from the present coinage rate between
gold aud silver q to 10 for the standard
silver dollars and TO IA % for subsidiary
silver to a ratio of to 30, you are respect
fully informed that the number of silver
dollars coined since 1878 aggregates 49,
1872, $50.
without any allowance for abrasion
and loss incident to melting the same the
coming value of these dollars, at a ratio
of TO 90, would be 1893 DID 162, or SS4, no.
2SS less than their present face value. To
recon these dollars at the ratio of l to 20
would require the addition of 81, $40, 700
ounces of new bullion, which, at the ave
rage price paid for silver under the act of
July IA. 1890, would cost SIS, 1888, 700.
I'm addition to this | estimate that |
there would be loss from abrasion and in |
the melting of these dollars of at least |
81, 100000, which amount. together with |
the difference in the face value, of the |
coins 1884, ITO, 2SS) which have to be REIN |
bursed to the treasury by an appropria-
ton for that purpose.
From the fact that the silver dollars
are distributed throughout the country it |
would be necessary, as they are redeemed |
at the several sub-treasuries to transport |
them to the minis, and the expense of
for $500, OOO, 900, the amount
on side of the stock on hand at the sub
tire 'suries and mints at Philadelphia, San
Francisco and New Orleans would average
at least IS per cent. or s., SOC, 600
Il therefore estimate the cost of re COIN
ing the silver dollars already coined as
follows: New bullion to be added, SIS, $685.
'"i; loss by abrasion and melting, &, OOO.-
MO; cost of coinage Qabor, materials, etc },
si,2n.OoO; copper for alloy, SOS, 200; trans
Portatlon of dollars to minis, a, 500, 600;
total. $50, TAI, 900.
The stock of subsi diary silver coin in
he country is estimated at SIT. 900 900.
which at full weight would contain S..
"@.S75 ounces of fine silver This amount.
1t ratio of to 90 would coin S55, S4S. SOP,
1r 81, l56, 1917 less than the emit face
value.
ITO recoin ST 600, 900 of subsidiary sill
'"r into an equal amount of fractional
;oin at ratio of to 20 would require the
.'idi on of is, 197 ,625 fine ounces which. at
he aver ige price paid for silver under the
= 1t 'bnlv IA. 1890, would cost $1T,52s. 1855.
There would be loss of about OK per
:-. ~ abrasion from the face value. or
bout 81, $4,000.
i would, therefore, estimate the cost of
coming the subsidiary silver in the
'untr} at ratio of l to 20 as follows.
"'" bullion, Sl7,52s, 1856; loss by abrasion.
':*2o.oU; cost of coinage Qabor, materials.
e. $500, 900; copper for alloy, s15.636:
y 4 transportation, 81, 155, 900; total
5,iA, &21."