The converter would draw more current than a plain 110VAC 1.5HP motor.
The transformer drops the 110VAC down to 24 volts AC. That causes some loss due to transformer efficiency, lets call it 95% efficient.
Then, the voltage going through the rectifier has a voltage drop because of the way the voltage wave is clipped by the diodes.
The output of a bridge rectifier is about 80% ,IIRC. Thus, running a 1.5HP - 24VDC@60 amps =1500Watt motor from a transformer and rectifier will require about 2000 watts or 110VAC@18 amps.
A regular 110VAC 1.5 HP motor would use 4 less amps.
For those who notice that the DC motor numbers used appears to be higher that the standard of 746 watts per HP...you are right. Most DC motors are HP rated at their developed HP, but the power is stated at max draw. Thus a 1.5HP motor is also called a 1500Watt motor...and those numbers don't jive until you factor in the efficiency, which is usually 75-90% for DC motors. Beware of anyone who claims their DC motors are 95-99% efficient.