Simply put if you can buy the 16" chuck cheap, buy it. What most don't realize is that the newer lathes can't swing more than the rated size. A while ago I got a high precision job, bought at the time a New DoAll Lathe, found out later it was a Harrison. It was 15", max swing was 15.006"! Might be a bit of exaggeration but I doubt if I could get more than a piece of paper between 15" diameter and the ways! So I wouldn't worry about a 16" 4 jaw chuck on a 16" Monarch that will swing more than 18". But I would get a smaller chuck when it becomes available. I'm lucky, have a larger lathe but I have chucked items in the 24" Hendey where the jaws just cleared the ways. I just made sure I was no where near the jaws when running the lathe and waited until the chuck came to a complete stop before doing anything near the jaws. I was reminded to not do anything until the chuck completely stopped when I attempted to do something when the rotational speed slowed well below 1 RPM when the clutch was released. I have an E size Aloris tool post with 1-1/2 carbide tool holder and was attempting to do something, when the jaw came around it began to squeeze my finger between it and the tool holder, I was able to pull it out in time, the chuck continued to rotate almost 1/2 turn in about 1 minute before stopping! The weight of the chuck and the 16" X 36" steel bar added to the spindle and gearing has quite a bit of inertia. Thought it looked as if it was stopped it wasn't, from now on I'm sure it's stopped before doing anything! My finger is fine, squeeze was not much only slight pressure. Also large 4 jaw chucks might have T slots so they can be used as a face plate, my 20" has a T slot located between the jaws. It came with a allen cap screw that must be removed to put anything in the T slot so it will prevent what ever from flying out. I do have a 22" Face Plate as well as a few smaller chucks but the weight of the chuck makes changing it a bit of a task. However I have a 14" L&S model X with a 15" 4 jaw chuck it it all the time, it too has t slots. Yeah I'm lazy so having a lathe with with a 4 jaw chuck mounted all the time saves having to change the chuck but I can change it as all the lathes have D1-6 spindles (except the 24" is D1-8) and a pile of just about every size chuck available. Reason for all the chucks is for Jaw size.