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424
Feb. 12, 1873.
See §67, p. 435.

FORTY-SECOND CONGRESS.

S ess.

III.

Ch.

131.

1873.

CHAP. C X X X I. — A n A ct revising and amending the Laws relative to the Mints, Assayoffices, and Coinage o f the United States.

B e it enacted by the Senate and Hom e o f Representatives o f the United
States o f America in Congress assembled, That the mint o f the United
Mint estab­
lished as a bureau, States is hereby established as a bureau o f the Treasury Department,
and includes
embracing in its- organization and under its control all mints for the
what.
manufacture o f coin, and all assay-offices for the stamping o f bars, which
are now, or which may be hereafter, authorized by law. The chief officer
Director, ap­
pointment, and
o f the said bureau shall be denominated the director o f the mint, and shall
term of office;
be under the general direction of the Secretary o f the Treasury. He
shall be appointed by the President, by and with the advice and consent
o f the Senate, and shall hold his office for the term o f five years, unless
sooner removed by the President, upon reasons to be communicated by
him to the Senate.
S e c . 2. That the director o f the mint shall have the general super­
powers;
vision of all mints and assay-offices, and shall make an annual report
to the Secretary o f the Treasury of their operations, at the close of each
reports;
fiscal year, and from time to time such additional reports, setting forth
the operations and condition o f such institutions, as the Secretary o f the
Treasury shall require, and shall lay before him the annual estimates for
annual esti­
mates.
their support. And the Secretary o f the Treasury shall appoint the
Clerks, number number of clerks, classified according to law, necessary to discharge the
and appointment. duties o f said bureau.
S e c . 3. That the officers o f each mint shall be a superintendent, an
Officers of each
mint, and their assayer, a melter and refiner, and a coiner, and for the mint at Philadel­
appointment.
phia, an engraver, all to be appointed by the President o f the United
States, by'and with the advice and consent of the Senate.
S ec. 4. That the superintendent o f each mint shall have the control
Superintendent
of mint, powers; thereof, the superintendence of the officers and persons employed therein,
and the supervision o f the business thereof, subject to the approval o f the
reports, their director of the mint, to whom he shall make reports at such times and
form and con­
according to such forms as the director o f the mint may prescribe, which
tents.
shall exhibit, in detail, and under appropriate heads, the deposits of bul­
lion, the amount o f gold, silver, and minor coinage, and the amount of
un parted, standard, and refined bars issued, and such other statistics and
The superintendent o f each mint shall
Moneys or bul­ information as may be required.
lion.
also receive and safely keep, until legally withdrawn, all moneys or bul­
lion which shall be for the use or the expenses o f the mint. He shall
receive all bullion brought to the mint for assay or coinage; shall be the
keeper o f all bullion or coin in the mint, except while the same is. legally
Coin.
in the hands o f other officers ; and shall deliver all coins struck at the
mint to the persons to whom they shall be legally payable. From the
report of the assayer and the weight o f the bullion, he shall compute
the value of each deposit, and also the amount o f the charges or deduc­
,Deposits.
tions, if any, o f all which he shall give a detailed memorandum to the
depositor; and he shall also give at the same time, under his hand, a
certificate of the net amount of the deposit, to be paid in coins or bars
Certificate of
deposit, to be
o f the same-species o f bullion as that deposited, the correctness o f which
countersigned by certificate shall be verified by the assayer, who shall countersign the
assayer.
same; and in all cases o f transfer o f coin or bullion, he shall give and
Transfers ,)f
coin, &c.
receive vouchers, stating the amount and character o f such coin or bullion,
Quarterly ac­ lie shall keep and render, quarter-yearly, to the director of the mint, for
counts to direc­ the purpose o f adjustment, according to such forms as may be prescribed
tor, &c.
by the Secretary o f the Treasury, regular and faithful accounts of his
transactions with the other officers of the mint and the depositors; and
shall also render to him a monthly statement of the ordinary expenses of
Assistants,
the mint or assay-office under his charge. He shall also appoint all
clerks, &c.
assistants, clerks, (one o f whom shall be designated “ chief clerk,” ) and
workmen employed under his superintendence; but no person shall be

FORTY-SECOND CONGRESS.

S e ss.

III.

Ch.

131.

1873.

425

appointed to employment in the offices o f the assayer, melter and refiner, clerks, &c., in
coiner, or engraver, except on the recommendation and nomination in &*ces of assa>
rer'
writing of those officers, respectively; and he shall forthwith report to Appointments
the director o f the mint the names o f all persons appointed by him, the jyrectorP
and a 10
duties to be performed, the rate o f feompensation, the appropriation from proveOyViruT
which compensation is to be made, and the grounds o f the appointment;
and if the director o f the mint shall disapprove the same, the appointment
shall be vacated.
S e c . 5 . That the assayer shall assay al metals and bullion, whenever Assayer’s dusuch assays are required in the operations of the m int; he shall also ties,
make assays o f coins or samples of bullion whenever required by the super­
intendent.
S e c . 6. That the melter and refiner shall execute all the operations
Melter and
which are necessary in order to form ingots o f standard silver or gold, refiner,
and alloys for minor coinage, suitable for the coiner, from the metals
legally delivered to him for that purpose; and shall also execute all the
operations which are necessary in order to form bars conformable in all
respects to the law, from the gold and silver bullion delivered to him for
that purpose. He shall keep a careful record of all transactions with the
superintendent, noting the weight and character o f the bullion; and shall
be responsible for all bullion delivered to him until the same is returned
to the superintendent and the proper vouchers obtained.
S e c . 7. That the coiner shall execute all the operations which are
Coiner,
necessary in order to form coins, conformable in all respects to the law,
from the standard gold and silver ingots, and alloys for minor coinage,
legally delivered to him for that purpose; and shall be responsible for all
bullion delivered to him, until the same is returned to the superintendent
and the proper vouchers obtained.
S e c . 8. That the engraver shall prepare from the original dies already
Engravei.
authorized all the working-dies required for use in the coinage of the sev­
eral mints, and, when new coins or devices are authorized, shall, if required New coins or
by the director o f the mint, prepare the devices, models, moulds, and devlcesmatrices, or original dies, for the same; but the director o f the mint shall
nevertheless have power, with the approval of the Secretary o f the
Treasury, to engage temporarily for this purpose the services o f one or
more artists distinguished in their respective departments of art, who shall
be paid for such service from the contingent appropriation for the mint
at Philadelphia.
S e c . 9. That whenever any officer o f a mint or assay-office shall be
If any officer a
temporarily absent, on account o f sickness or any other cause, it shall be abseuti &c,s
lawful for the superintendent, with the consent of said officer, to appoint
some person attached to the mint to act in the place o f such officer during
his absence ; but all such appointments shall be forthwith reported to the
director of the mint for his approval; and in all cases whatsoever the
principal shall be responsible for the acts of his representative. In case superintendo f the temporary absence of the superintendent, the chief clerk shall act enti
in his place ; and in case of the temporary absence o f the director o f the director,
mint, the Secretary o f the Treasury may designate some one to act in his
place.
S e c . 10. That every officer, assistant, and clerk o f the mint shall, beOathofoffifore he enters upon the execution o f his office take an oath or affirmation
before some judge o f the United States, or judge of the superior court, or pioyees.
o f some court o f record of any State, faithfully and diligently to perform
the duties thereof, in addition to other official oaths prescribed by la w ;
which oaths, duly certified, shall be transmitted to the Secretary o f the
Treasury ; and the superintendent o f each mint may require such oath or
affirmation from any o f the employees o f the mint.
S kc. 11. That the superintendent, the assayer, the melter and refiner, Bond of miperand the coiner o f each mint, before entering upon the execution o f their

426

FORTY-SECOND CONGRESS.

S ess.

in .

Ch.

131.

1873.

intendent and
others;

respective offices, shall become bound to the United States, with one or
more sureties, approved by the Secretary of’ the Treasury, in the sum of
not less than ten nor more than fifty thousand dollars, with condition for
the faithful, and diligent performance o f the duties o f his office. Similar
bonds may be required o f the assistants and clerks, in such sums as the
of assistants
«nd clerks;
superintendent shall determine, with the approbation o f the director of
the m int; but the same shall not be construed to relieve the superin­
tendent or other officers from liability to the United States for acts, omis­
sions, or negligence o f their subordinates or employees: Provided, That
Increase there­ the Secretary o f the Treasury, may, at his discretion, increase the bonds
of.
o f the superintendent.
S bc. 12. That there shall be allowed to the director of the mint an
Salary of di­
rector;
annual salary o f four thousand five hundred dollars, and actual necessary
travelling expenses in visiting the different mints and assay-offices, for
which vouchers shall be rendered, to the superintendents o f the mints at
superintend­
ents, assayers,
Philadelphia and San Francisco, each four thousand five hundred dollars ;
& c .;
to the assayers, meltera and refiners, and coiners o f said mints, each three
thousand dollars; to the engraver o f the mint at Philadelphia, three
thousand dollars; to the superintendent of the mint at Carson city,
three thousand dollars; and to the assayer, to the melter and refiner, and
to the coiner o f the mint at Carson city, each, two thousand five hundred
dollars; to the assistants and clerks such annual salary shall be allowed
assistants,
clerks, and work­ as the director o f the mint may determine, with the approbation of the
men;
Secretary o f the Treasury; and to the workmen shall be allowed such
wages, to be determined by the superintendent, as may be customary and
reasonable according to their respective stations and occupations, and
approved by the director o f the m int; and the salaries provided for in
this section, and the wages of the workmen permanently engaged, shall be
payable
monthly.
payable in monthly instalments.
Standard of
gold and silver
coins.
Alloy.

Gold coins;

S e c . 13. That the standard for both gold and silver coins o f the United
States shall be such that o f one thousand parts by weight nine hundred
shall be of pure metal and one hundred o f a llo y ; and the alloy o f the
silver coins shall be o f copper, and the alloy of the gold coins shall be of
copper, or of copper and silver; but the silver shall in no case exceed
one-tenth o f the whole alloy.
S e c . 14. That the gold coins o f the United States shall be a one-dollar

piece, which, at the standard weight o f twenty-five and eight-tenths grains,
shall be the unit o f value; a quarter-eagle, or two-and-a-half dollar piece;
a three-dollar piece; a half-eagle, or five-dollar piece; an eagle, or tendollar piece; and a double eagle, or twenty-dollar piece. And the
standard weight o f the gold dollar shall be twenty-five and eight-tenths
standard
weight;
grains ; o f the quarter-eagle, or two-and-a-half dollar piece, sixty-four and
a half grains; o f the three-dollar piece, seventy-seven and four-tenths
grains ; o f the half-eagle, or five-dollar piece, one hundred and twentynine grains; of the eagle, or ten-dollar piece, two hundred and fifty-eight
grains; o f the double-eagle, or twenty-dollar piece, five hundred and
sixteen grains; which coins shall be a legal tender in all payments at
their nominal value when not below the standard weight and limit of
tolerance provided in this act for the single piece, and, when reduced in
to be legal
weight, below said standard and tolerance, shall be a legal tender at
tender;
valuation in proportion to their actual weight; and any gold coin of the
reduction in
United States, if reduced in weight by natural abrasion not more than
weight by natural one-half of one per centum below the standard weight prescribed by law,
abrasion;
after a circulation o f twenty years, as shown by its date o f coinage, and at
a ratable proportion for any period less than twenty years, shall be
where to be
received at their nominal value by the United States treasury and its
received.
offices, under such regulations as the Secretary o f the Treasury may pre­
scribe for the protection of the government against fraudulent abrasion oi

FORTY-SECOND CONGRESS.

S ess.

III.

Ch.

131.

1873.

427

other practices ; and any gold coins in the treasury o f the United States
reduced in weight below this limit o f abrasion shall be recoined.
S e c . 15. That the silver coins o f the United States shall be a tradeSilver coins
dollar, a half-dollar, or fifty-cent piece, a quarter-dollar, or twenty-fivecent piece, a dime, or ten-cent piece; and the weight o f the trade-dollar weight;
shall be four hundred and twenty grains troy; the weight o f the halfdollar shall be twelve grams (grammes) and one-half o f a gram, (gramme;)
the quarter-dollar and the dime shall be respectively, one-half and onfifth o f the weight o f said half-dollar; and said coins shall be a legal to be legal
tender at their nominal value for any amount not exceeding five dollars in tender.
any one payment.
S e c . 16. That the minor coins o f the United States shall be a five-cent Minor coins,
piece, a three-cent piece, and a one-cent piece, and the alloy for the five and their alloy ;
and three cent pieces shall be o f copper and nickel, to be composed o f
three-fourths copper and one-fourth nickel, and the alloy o f the one-cent
piece shall be ninety-five per centum o f copper and five per centum o f tin
and zinc, in such proportions as shall be determined by the director o f the
mint. The weight o f the piece o f five cents shall be seventy-seven and weight;
sixteen-liuudredths grains, troy ; o f the three-cent piece, thirty grains ;
and o f the one-cent piece, forty-eight grains; which coins shall be a legal to be legal
tender, at their nominal value, for any amount not exceeding twenty-five tender.
cents in any one payment.
S e c . 17. That no coins, either o f gold, silver, or minor coinage, shall No coins, ex­
hereafter be issued from the mint other than those o f the denominations, cept, &c.
standards, and weights herein set forth.
S e c . 18. That upon the coins o f the United States there shall be the Devices and
following devices and legends: Upon one side there shall be an impres­ legends upon
sion emblematic o f liberty, with an inscription o f the word “ Liberty ” coins.
and the year o f the coinage, and upon the reverse shall be the figure
or representation o f an eagle, with the inscriptions “ United States o f
Inscriptions.
Am erica• and “ E Pluribus Unuin,” and a designation o f the value of the
”
coin ; but on the gold dollar and three-dollar piece, the dime, five, three,
and one cent piece the figure o f the eagle shall be omitted; and on the
reverse o f the silver trade-dollar, the weight and fineness of the coin
shall be inscribed ; and the director o f the mint, with the approval o f
the Secretary o f the Treasury, may cause the motto “ In God we trust ”
to be inscribed upon such coins as shall admit o f such motto ; and any one
o f the foregoing inscriptions may be on the rim o f the gold and silver
coins.
S e c . 19. That at the option o f the owner, gold or silver may be cast Bars of gold or
into bars of fine metal, or of standard fineness, or unparted, as he may silver;
prefer, with a stamp upon the same designating the weight and fineness, stamp and de­
and with such devices impressed thereon as may be deemed expedient to vices ;
prevent fraudulent imitation, and no such bars shall be issued o f a less limit to weight.
weight than five ounces.
S e c . 20. That any owner o f gold bullion may deposit the same at any
Deposits of
mint, to be formed into coin or bars for his benefit; but it shall be lawful gold bullion for
coinage;
to refuse any deposit o f less value than one hundred dollars, or any bullion
so base as to be unsuitable for the operations o f the m int; and when gold
and silver are combined, if either metal be in such small proportion that
it cannot be separated advantageously, no allowance shall be made to the
depositor for its value.
S e c . 21. That any owner of silver bullion may deposit the same at any of silver bul­

mint, to be formed into bars, or into dollars of the weight o f four hundred lion.
and twenty grains, troy, designated in this act as trade-dollars, and no
deposit o f silver for other coinage shall be received; but silver bullion
contained in gold deposits, and separated therefrom, may be paid for in
silver coin, at such valuation as may be, from time to time, established by
the director of the mint.

423
Bullion to be
weighed when
deposited, and
receipt given;

fitness and
mode of melting,
how determined.
Assay of bul­
lion;

raport of assayer.

Charges for
converting bul­
lion into coin,
and preparation
o f bars;

not to exceed
the actual aver­
age cost.

Assayer to
verify certain cal­
culations and
countersign certiticate.
Purchase of
bullion for silver
coinage.
Gain to be
credited to silverprotit fund, and
paid into the
treasury.

Silver coins to
be paid out where
and for what.

Proviso.

FORTY-SECOND CONGRESS.

S ess.

III.

Ch. 131.

1873.

S e c . 22. That when bullion is deposited in any o f the mints, it shall be
weighed by the superintendent, and, when practicable, in the presence o f
the depositor, to whom a receipt shall be given, which shall state the
description and weight o f the bullion ; but when the bullion is in such a
state as to require melting, or the removal o f base metals, before its value
can be ascertained, the weight, after such operation, shall be considered as
the true weight o f the bullion deposited. The fitness o f the bullion to be
received shall be determined by the assayer, and the mode of melting by
the melter and refiner.
S kc. 23. That from every parcel o f bullion deposited for coinage or
bars, the superintendent shall deliver to the assayer a sufficient portion
for the purpose o f being assayed, but all such bullion remaining from
the operations o f the assay shall be returned to the superintendent by the
assayer.
Sue. 24. That the assayer shall report to the superintendent the quality
or fineness o f the bullion assayed by him, and such information as will
enable him to compute the amount o f the charges hereinafter provided for,
to be made to the depositor.
S kc. 25. That the charge for converting standard gold bullion into
coin shall be one-fifth o f one per centum; and the charges for converting
standard silver into trade-dollars, for melting and refining when bullion
is below standard, for toughening when metals are contained in it which
render it unfit for coinage, for copper used for alloy when the bullion is
above standard, for separating the gold and silver when these metals
exist together in the bulliou, and for the preparation o f bars, shall be
fixed, from time to time, by the director, with the concurrence o f the
Secretary of the Treasury, so as to equal but not exceed, in their judg­
ment, the actual average cost to each mint and assay-oifice o f the material,
labor, wastage, and use o f machinery employed in each of the cases
aforementioned.
S e c . 26. That the assayer shall verify all calculations made by the
superintendent o f the value o f deposits, and, if satisfied o f the correctness
thereof, shall countersign the certificate required to be given by the super­
intendent to the depositor.
S e c . 27. That in order to procure bullion for the silver coinage
authorized by this act, the superintendents, with the approval of the
director o f the mint, as to price, terms, and quantity, shall purchase such
bullion with the bullion-fund. The gain arising from the coinage o f such
silver bullion into coin o f a nominal value exceeding the cost thereof
shall be credited to a special 'fund denominated the silver-profit fund.
This fund shall be charged with the wastage incurred in the silver
coinage, and with the expense o f distributing said coins as hereinafter
provided. The balance to the credit o f this fund shall be from time to
time, and at least twice a year, paid into the treasury o f the United
States.
S k c . 28. That silver coins other than the trade-dollar shall be paid out
at the several mints, and at the assay-office in New York city, in exchange
for gold coins at par, in sums not less than one hundred dollars ; and it
shall be lawful, also, to transmit parcels o f the same, from time to time, to
the assistant treasurers, depositaries, and other officers o f the United
States, under general regulations proposed by the director o f the mint,
and appi-oved by the Secretary o f the Treasury; but nothing herein
contained shall prevent the payment o f silver coins, at their nominal
value, for silver parted from gold, as provided in this act, or for change
less than one dollar in settlement for gold deposits : Provided, That, for
two years after the passage of this act, silver coins shall be paid at the
mint in Philadelphia and the assay-office in New York city for silver
bullion purchased for coinage, under such regulations as may be pre-

FORTY-SECOND CONGRESS.

S ess.

III.

Ch . 131.

1873.

429

scribed by the director o f the mint, and approved by the Secretary o f the
Treasury.
S e c . 29. That for the purchase o f metal for the minor coinage authorized Purchase of
by this act, a sum not exceeding fifty thousand dollars in lawful money o f metal .or the mi*
f
the United States shall be transferred by the Secretary o f the Treasury to nor colnaSe >
the credit o f the superintendent o f the mint at Philadelphia, at which to be carried on
establishment only, until otherwise provided by law, such coinage shall be °"1 at Ph!lallel/
carried on. The superintendent, with the approval o f the director o f the p ia’
mint as to price, terms, and quantity, shall purchase the metal required
for such coinage by public advertisement, and the lowest and best bid
shall be accepted, the fineness o f the metals to be determined on the mint
assay. The gain arising from the coinage of such metals into coin o f a Minor-coinage
nominal value, exceeding the cost thereof, shall be credited to the special proflt fund'
fund denominated the minor-coinage profit fund; and this fund shall be
charged with the wastage incurred in such coinage, and with the cost o f
distributing said coins as hereinafter provided. The balance remaining to Minor coins,
the credit o f this fund, and any balance o f profits accrued from minor where delivercoinage under former acts, shall be, from time to time, and at least twice a a e’ c’ ’
year, covered into the treasury o f the United States.
S e c . 30. That the minor coins authorized by this, act may, at the dis- exchangeable
cretion o f the director o f the mint, be delivered in any o f the principal for what;
cities and towns o f the United States, at the cost o f the mint, for trans­
portation, and shall be exchangeable at par at the mint -in Philadelphia,
at the discretion o f the superintendent, for any other coins o f copper,
bronze, or copper-nickel heretofore authorized by law ; and it shall be
lawful for the treasurer and the several assistant treasurers and depos­
itaries o f the United States to redeem, in lawful money, under such rules redeemable in
as may be prescribed by the Secretary o f the Treasury, all copper, bronze, wllat sum
aand copper-nickel coins authorized by law when presented in sums o f not
less than twenty dollars ; and whenever, under this authority, these coins
are presented for redemption in such quantity as to show the amount
outstanding to be redundant, the Secretary of the Treasury is authorized Sncb coinage
and required to direct that such coinage shall cease until otherwise ordered 10 cease: wheu.
by him.
S e c . 31. That parcels o f bullion shall be, from time to time, trans- Melting and
ferred by the superintendent to the melter and refiner; a careful record refining,
o f these transfers, noting the weight and character o f the bullion, shall
be kept, and vouchers shall be taken for the delivery o f the same, duly
receipted by the melter and refiner, and the bullion thus placed in the
hands o f the melter and refiner shall be subjected to the several processes Ingots for coinwhich may be necessary to form it into ingots o f the legal standard, and aSe>
o f a quality suitable for coinage.
S e c . 32. That the ingots so prepared shall be assayed; and if they to be assayed
prove to be within the limits allowed for deviation from the standard, the aml certificate
assayer shall certify the fact to the superintendent, who shall thereupon glven’
receipt for the same, and transfer them to the coiner.
S e c . 33 . That no ingots shall be used for coinage which differ from _ not to be nsed,
the legal standard more than the following proportions, namely: In gold f^ | e^ lff^ ore
ingots, one thousandth ; in silver ingots, three thousandths ; in minor- tilaa’ &0,’
coinage alloys, twenty-five thousandths, in the proportion o f nickel.
S e c . 34. That the melter and refiner shall prepare all bars required Bars for payfor the payment of deposits; but the fineness thereof shall be ascertained
and stamped thereon by the assayer; and the melter and refiner shall &c.
deliver such bars to the superintendent, who shall receipt for the same.
S e c . 35. That the superintendent shall, from time to time, deliver to Ingots for comthe coiner ingots for the purpose o f coinage ; a careful record o f these
c0inerJ'
e e
transfers, noting the weight and character of the bullion, shall be kept,
and vouchers shall be taken for the delivery o f the same, duly receipted
by the coiner; and the ingots thus placed in the hands o f the coiner shall

FORTY-SECOND CONGRESS.

Deviations in
weights of gold
coins not to ex­
ceed, &c. j

of silver coins;

of the minor
coins.

Coiner to de­
liver coins to the
superintendent;

coins to be
tested, and if not
satisfactory, &c.

Proceedings at
each delivery of
coins by the
coiner to a super­
intendent.

Clippings, &c.,
of bullion.

S ess.

III.

Ch.

131.

1873.

be subjected to the several processes necessary to make from them coins
in all respects conformable to law.
S ec . 36. That in adjusting the weights o f the gold coins, the following
deviations shall not be exceeded in any single piece: In the double-eagle
and the eagle, one-half o f a grain; in the half-eagle, the three-dollar picce,
the quarter-eagle, and the one-dollar piece, one-fourth o f a grain. And
in weighing a number o f pieces together, when delivered by the coiner to
the superintendent, and by the superintendent to the depositor, the devia­
tion from the standard weight shall not exceed one-hundredth o f an ounce
in five thousand dollars in double-eagles, eagles, half-eagles, or quartereagles, in one thousand three-dollar pieces, and in one thousand one-dol­
lar pieces.
S ec . 37. That in adjusting the weight o f the silver coins the following
deviations shall not be exceeded in any single piece': In the dollar, the
half and quarter dollar, and in the dime, one and one-half grains; and in
weighing large numbers of pieces together, when delivered by the coiner
to the superintendent, and by the superintendent to the depositor, the de­
viations from the standard weight shall not exceed two-hundredths of an
ounce in one thousand dollars, half-dollars, or quarter dollars, and one-hun­
dredth of an ounce in one thousand, dimes.
S ite. 38. That in adjusting the weight o f the minor coins provided by
this act, there shall be no'greater deviation allowed than three grains for
the five-cent piece and two grains for the three and one cent pieces.
S ec . 39. That the coiner shall, from time to time, as coins are prepared,
deliver them to the superintendent, who shall receipt for the same, and
who shall keep a careful record o f their kind, number, and actual weight;
and in receiving coins it shall be the duty o f the superintendent to ascer­
tain, by the trial o f a number o f single pieces separately, whether the
coins o f that delivery are within the legal limits o f the standard weight;
and if his trials for this purpose shall not prove satisfactory, he shall cause
all the coins of such delivery to be weighed separately, and such as are
not o f legal weight shall be defaced and delivered to the melter and refiner
as standard bullion, to be again formed into ingots and recoined; or the
whole delivery may, if more convenient, be remelted.
S e c . 40. That at every delivery o f coins made by the coiner to a super­
intendent, it shall be the duty o f such superintendent, in the presence o f
the assayer, to take indiscriminately a certain number o f pieces o f each
variety for the annual trial o f coins, the number for gold coins being not
less than one piece for each one thousand pieces or any fractional part o f
one thousand pieces delivered ; and for silver coins one piece for each two
thousand pieces or any fractional part o f two thousand pieces delivered.
The pieces so taken shall be carefully sealed up in an envelope, properly
labelled, stating the date o f the delivery, the number and denomination o f
the pieces inclosed, and the amount o f the delivery from which they were
taken. These sealed parcels containing the reserved pieces shall be de­
posited in a pyx, designated for the purpose at each mint, which shall be
kept under the joint care of the superintendent and assayer, and be so
secured that neither can have access to its contents without the presence
o f the other, and the reserved pieces in their sealed envelopes from the
coinage o f each mint shall be transmitted quarterly to the mint at Phila­
delphia. A record shall also be kept at the same time o f the number and
denomination o f the pieces so taken for the annual trial o f coins, and of
the number and denomination o f the pieces represented by them and so
delivered, a copy o f which record shall be transmitted quarterly to the
director o f the mint. Other pieces may, at any time, be taken for such
tests as the director o f the mint shall prescribe.
Sue. 41. That the coiner shall, from time to time, deliver to the super­
intendent the clippings and other portions o f bullion remaining after the

FORTY-SECOND CONGRESS.

S ess.

III.

Ch. 131.

1873.

431

process o f coining; and the superintendent shall receipt for the same and
keep a careful record o f their weight and character.
S e c . 42. That the superintendent shall debit the coiner with the
Coiner to be
amount in weight o f standard metal o f all the bullion placed in his hands, charged with
Sind credit him with the amount in weight o f all the coins, clippings, and ^ edited?d10
other bullion returned by him to the superintendent. Once at least in Accounts of
every year, and at such time as the director o f the mint shall appoint, coiner and melter
there shall be an accurate and full settlement of the accounts o f the coiner, funv^ettied'at’8
and the melter and refiner, at which time the said officers shall deliver up least once in each
to the superintendent all the coins, clippings, and other bullion in their yearpossession, respectively, accompanied by statements o f all the bullion de­
livered to them since the last annual settlement, and all the bullion
returned by them during the same period, including the amount returned
for the purpose o f settlement.
S e c . 43. That when all the coins, clippings, and other bullion have
Superintendent
been delivered to the superintendent, it shall be his duty to examine the t0 examine the
accounts and statements rendered by the coiner and the melter and therainer ami°
refiner, and the difference between the amount charged and credited to melter and reeach officer shall be allowed as necessary wastage, if the superintendent
amount
shall be satisfied that there has been a bona-fide waste of the precious allowable as neometals, and if the amount shall not exceed, in the case o f the melter and essary wastage
refiner, one thousandth o f the whole amount of gold, and one and one-half
thousandth of the whole amount o f silver delivered to him since the last
annual settlement, and in the case o f the coiner, one thousandth o f the
whole amount o f silver, and one-half thousandth o f the whole amount o f
gold that has been delivered to him by the superintendent; and all copper
used in the alloy o f gold and silver bullion shall be separately charged to
the melter and refiner, and accounted for by him.
S e c . 44. That it shall also be the duty o f the superintendent to forward
Balance-sheet
a correct statement o f his balance-sheet, at the close o f such settlement, to th /d te c to r'o f
the director of the mint, who shall compare the total amount o f gold and the mint
silver bullion and coin on hand with the total liabilities o f the mint. A t Expense acthe same time a statement o f the ordinary expense account, and the mon- count,
eys therein, shall also be made by the superintendent.
S ec . 45. That when the coins or bars which are the equivalent to any Payment of
deposit o f bullion are ready for delivery, they shall be paid to the depos- c°ins or bars to
itor, or his order, by the superintendent; and the payments shall be made,
i f demanded, in the order in which the bullion shall have been brought to
the m int; but in cases where there is delay in manipulating a refractory
deposit, or for any other unavoidable cause, the payment of subsequent
deposits, the value o f which is known, shall not be delayed thereby; and
in the denominations o f coin delivered, the superintendent shall comply
with the wishes o f the depositor, except when impracticable or inconven­
ient to do so.
S e c . 46. That unparted bullion may be exchanged at any of the mints
Unparted bulfor fine bars, on such terms and conditions as may be prescribed by the
be ex'
director o f the mint, with the approval of the Secretary o f the Treasury; c a fa ’
n 'e
and the fineness, weight, and value o f the bullion received and given in
exchange shall in all cases be determined by the mint assay. The charge Charge for
to the depositor for refining or parting shall not exceed that allowed and PartmS*
deducted for the same operation in the exchange o f unrefined for refined
bullion.
S e c . 47. That for the purpose o f enabling the mints and the assaySecretary of the
office in New York to make returns to depositors with as little delay as Jtre&“r^ ^ L e®
5
possible, it shall be the duty of the Secretary of the Treasury to keep in bullion’ to make
the said mints and assay-office, when the state o f the treasury will admit speedy returns to
thereof, such an amount of public money, or bullion procured for the pur- i;o„°$ltor3 0
pose, as he shall judge convenient and necessary, out o f which those who
bring bullion to the said mints and assay-office may be paid the value

432

Fund may be
withdrawn.

Assay commis­
sioners to test
weight of coins
anuually;

when and
where;

if a majority
are not present.
Test to be re­
ported as satisfac­
tory, if, &c.
If test is not
satisfactory, fact
to be reported,
and officers in
error to be dis­
qualified.
Standard troy
pound of the mint
of the United
States.

Standard
weights for each
mint and assayo-ftice;

to be regulated
and tested annu­
ally.

Obverse working-dies at each
mint to bo, de­
stroyed at, &c.
Dies of a na­
tional character,
and medals,where
may be made.
Proviso.

Moneys from
charges and de­
ductions, <S:c., to
be covered into
the treasury:
no part for
salaries, &c.

FORTY-SECOND CONGRESS.

S ess.

III.

Ch. 131.

1873.

thereof, in coin or bars, as soon as practicable after the value has been
ascertained ; and on payment thereof being made, the bullion so deposited
shall become the property o f the United States; but the Secretary of the
Treasury may at any time withdraw the fund, or any portion thereof.
S e c . 48. That to secure a due conformity in the gold and silver coins
to their respective standards of fineness and weight, the judge o f the dis­
trict court of the United States for the eastern district o f Pennsylvania,
the comptroller o f the currency, the assayer o f the assay-office at New
York, and such other persons as the President shall, from time to time,
designate, shall meet as assay-commissioncrs, at the mint in Philadelphia,
to examine and test, in the presence o f the director o f the mint, the line­
ness and weight o f the coins reserved by the several mints for this pur­
pose, on the second Wednesday in February, annually, and may continue
their meetings by adjournment, if necessary; if a majority o f the commis­
sioners shall fail to attend at any time appointed for their meeting, the
director o f the mint shall call a meeting of the commissioners at such
other time as he may deem convenient; and if it shall appear by such
examination and test that these coins do not differ from the standard fine­
ness and weight by a greater quantity than is allowed by law, the trial
shall be considered and reported as satisfactory; but if any greater devia­
tion from the legal standard or weight shall appear, this fact shall be
certified to the President of the United States; and if, on a view of the
circumstances o f the case, he shall so decide, the officer or officers implicated
in the error shall be thenceforward disqualified from holding their respec­
tive offices.
S ec . 49. That for the purpose o f securing a due conformity in weight
o f the coins o f the United States to the provisions o f this act, the brass
troy-pound weight procured by the minister o f the United States at Lon­
don, in the year eighteen hundred and twenty-seven, for the use o f the
mint, and now in the custody o f the mint at Philadelphia, shall be the
standard troy pound o f the mint o f the United States, conformably to
which the coinage thereof shall be regulated.
S ec . 50. That it shall be the duty o f the director o f the mint to procure
for each mint and assay-office, to be kept safely thereat, a series o f stand­
ard weights corresponding to the aforesaid troy pound, consisting o f a onepound weight and the requisite subdivisions and multiples thereof, from
the hundredth part o f a grain to twenty-five pounds ; and the troy weights
ordinarily employed in. the transactions o f such mints and assay-offices
shall be regulated according to the above standards at'least once in every
year, under the inspection o f the superintendent and assayer; and the
accuracy of those used at the mint at Philadelphia shall be tested annually,
in the presence o f the assay-commissioners, at the time o f the annual ex­
amination and test o f coins.
S e c . 51. That the obverse working-dics at each mint shall, at the end
o f each calendar year, be defaced and destroyed by the coiner in the pres­
ence o f the superintendent and assayer.
S e c . 52. That dies o f a national character may be executed by the
engraver, and national and other medals struck by the coiner o f the mint
at Philadelphia, under such regulations as the superintendent, with the
approval of the director o f the mint, may prescribe: Provided, That such
work shall not interfere with the regular coinage operations, and that no
private medal dies shall be prepared at said mint, or the machinery or
apparatus thereof be used for that purpose.
S e c . 53. That the moneys arising from all charges and deductions on
and from gold and silver bullion and the manufacture o f medals, and from
all other sources, except as hereinbefore provided, shall, from time to
time, be covered into the treasury o f the United States, and no part of
such deductions or medal charges, or profit on silver or minor coinage,
shall be expended in salaries or wages ; but all expenditures of the mints

FORTY-SECOND CONGRESS.

S ess.

III.

Ch.

181.

1873.

433

and assay-offices, not herein otherwise provided for, shall be paid from Expenditures
appropriations made by law on estimates furnished by the Secretary o f appropriation
the Treasury.
made) &0.
^ S e c , 5 4 . That the officers o f the United States assay-office at New Officers o f asY ork shall be a superintendent, an assayer, and a melter and refiner, who say-office at No sv
shall be appointed by the President, by and with the advice and consent ap^^tment
o f the Senate. The business o f said assay-office shall be in all respects Business of the
similar to that o f the mints, except that bars only, and not coin, shall be assay-°fficemanufactured therein; and no metals shall be purchased for minor coin­
age. All bullion intended by the depositor to be converted into coins of Bullion,
the United States, and silver bullion purchased for coinage, when assayed,
parted, and refined, and its net value certified, shall be transferred to the
mint at Philadelphia, under such directions as shall be made by the Sec­
retary of the Treasury, at the expense of the contingent fund o f the mint,
and shall be there coined, and the proceeds returned to the assay-office.
And the Secretary o f the Treasury is hereby authorized to make the Adjustment of
necessary arrangements for the adjustment o f the accounts upon such accounts,
transfers between the respective offices.
S e c . 55. That the duties o f the superintendent, assayer, and melter and Duties, &c., of
refiner o f said office shall correspond to those o f superintendents, assayers,
and melters and refiners o f mints; and all parts o f this act relating to say'-ofRce;
mints and their officers, the duties and responsibilities of such officers, and
others employed therein, the oath to be taken, and the bonds and sureties
to be given by them, (as far as the same may be applicable,) shall extend
to the assay-office at New York, and to its officers, assistants, clerks, work­
men, and others employed therein.
S e c . 5 6 . That there shall be allowed to the officers of the assay-office tlieir salaries.
at New York city the following salaries per annum: To the superin­
tendent, four thousand five hundred dollars ; to the assayer, and to the
melter and refiner, each, three thousand dollars; and the salaries o f assist­
ants and clerks, and wages to workmen, and their manner of appointment,
shall be determined and regulated as herein directed in regard to mints.
S e c . 57. That the business o f the branch-mint at Denver, while con­ Business of asducted as an assay-office, and of the assay-office at Boise city, Idaho, and yer^Boise city6” *
all other assay-offices hereafter to be established, shall be confined to the and elsewhere, to
receipt o f gold and silver bullion, for melting and assaying, to be returned
t0
to depositors of the same, in bars, with the weight and fineness stamped
thereon; and the officers o f assay-offices, when their services are neces­
sary, shall consist o f an assayer, who shall have charge thereof, and a
melter, to be appointed by the President, by and with the advice and
consent o f the Senate; and the assayer may employ as many clerks, Officers of such
workmen, and laborers, under the direction o f the director of the mint, as t)i|jjTS
a*rie3?nd
s
may be provided for by law. The salaries o f said officers shall not exceed
’
the sum of two thousand five hundred dollars to the assayer and melter,
one thousand eight hundred dollars each to the clerks, and the workmen
and laborers shall receive such wages as are customary, according to their
respective stations and occupations.
S e c . 58. That each officer and clerk to be appointed at such assay- their oath and
offices, before entering upon the execution of his office, shall take an oath ^°jgg2 ch> 128
or affirmation before some judge o£ the United States, or of the supreme vol. xii. p. 002.
’
court, as prescribed by the act o f July second, eighteen hundred and sixtytwo, and each become bound to the United States o f America, with one or
more sureties, to the satisfaction o f the director of the mint or o f one of
the judges o f the supreme court o f the State or Territory in which the
same may be located, and of the Secretary o f the Treasury, conditioned Assayera t0 u
for the faithful performance o f the duties o f their offices; and the said disbursing
assayers shall discharge the duties o f disbursing agents for the payment o f ageQ
tsthe expenses o f their respective assay-offices.
v oi.. xvrr. P ub . — 28

434
mhiMo hX™ the

FORTY-SECOND CONGRESS.

S ess.

III.

Ch.

131.

1873.

^EC'
'^ Ia*
general direction o f the business o f assay-offices o f
the United States shall be under the control and regulation o f the director
o f the mint, subject to the approbation o f the Secretary o f the Treasury;
offices, subject, an(j for that pUrp0ge it shall be the duty o f the said director to prescribe
Regulations,
such regulations and to require such returns, periodically and occasionally,
returns, and
and to establish such charges foy melting, parting, assaying, and stamping
charges.
bullion as shall appear to him to be necessary for the purpose of carrying
into effect the intention o f this act.
Provisions reS e c . 60. That all the provisions o f this act for the regulation o f the
Utmg to the mint m;nts 0f the United States, and for the government o f the officers and
offices.^ ° a S '5 persons employed therein, and for the punishment o f all offences connected
Sa,
with the mints or coinage of the United States, shall be, and they are
hereby declared to be, in full force in relation to the assay-offices, as far
as the same may be applicable thereto.
Penalty for
S e c . 61. That if any person or persons shall falsely make, forge, or
&cn«fn*coin’or counterfei*;' or cause or procure to be falsely made, forged, or counterbarsjln^theTimil- feited, or willingly aid or assist in falsely making, forging, or counterfeititude, & c.;
ing, any coin or bars in resemblance or similitude o f the gold or silver
coins or bars, which have been, or hereafter may be, coined or stamped
at the mints and assay-offices o f the United States, or in resemblance or
similitude o f any foreign gold or silver coin which by law is, or hereafter
may be made, current in the United States, or are in actual use and circu­
lation as money within the United States, or shall pass, utter, publish, or
or knowingly se^> or attempt to pass, utter, publish, or sell, or bring into the United
having in posses- States from any foreign place, or have in his possession, any such false,
Itc"1 such^couif’ forged’ or 00unterfeited coin or bars, knowing the same to be false, forged,
terfeited, &c.,
or counterfeited, every person so offending shall be deemed guilty of
coin or bars;
felony, and shall, on conviction thereof, be punished by fine not exceeding
five thousand dollars, and by imprisonment and confinement at hard labor
not exceeding ten years, according to the aggravation o f the offense,
for counterfeit-'
S e c . 62. That if, any person or persons shall falsely make, forge, or
ing, &c., minor counterfeit, or cause or procure to be falsely made, forged, or counterinc;nsuch false^' feited,or willingly aid or assist in falsely making, forging, or counterfeiting,
coin;
any coin in the resemblance or similitude o f any o f the minor coinage
which has been, or hereafter may be, coined at the mints o f the United
States; or shall pass, utter, publish, or sell, or bring into the United
States from any foreign place, or have in his possession any such false,
forged, or counterfeited coin, with intent to defraud any body politic or cor­
poration, or any person or persons whatsoever, every person so offending
shall be deemed guilty o f felony, and shall, on conviction thereof, be pun­
ished by fine not exceeding one thousand dollars and by imprisonment
and confinement at hard labor not exceeding three years,
for fraudulently
S ec. 63. That if any person shall fraudulently, by auy art, way, or
impairing- &c'i means whatsoever, deface, mutilate, impair, diminish, falsify, scale, or
rent coins'erCU l'ghten
r"
g°ld or silver coins which have been, or which shall hereafter
be, coined at the mints o f the United States, or any foreign gold or silver
coins which are by law made current, or are in actual use and circulation
as money within the United States, every person so offending shall be
deemed guilty of a high misdemeanor, and shall be imprisoned not exceed­
ing two years, and fined not exceeding two thousand dollars,
for fraudulently
S e c . 64. That if any o f the gold or silver coins which shall be struck
^r siive?coin^of* or c0' nei^ at any
^ e mints ° f the United States shall be debased, or
the United
made worse as to the proportion o f fine gold or fine silver therein con­
states;
tained ; or shall be o f less weight or value than the same ought to be,
pursuant to the several acts relative thereto ; or if any o f the weights used
or defacing
at any o f the mints or assay-offices o f the United States shall be defaced,
weights, &c.
increased, or diminished through the fault or connivance o f any o f the
officers or persons who shall be employed at the said mints or assayoffices, with a fraudulent intent; and if any o f the said officers or persons
general direction
of the assay-

FORTY-SECOND CONGRESS.

S ess.

III.

Ch. 131.

1873.

435

shall embezzle any o f the metals which shall at any time be committed to Penalty for
their charge for the purpose o f being coined, or any of the coins which ^ a ^ o r " !^ •
shall be struck or coined at the said mints, or any medals, coins, or other or medals, &c. ’
moneys o f said mints or assay-offices at any time committed to their
charge, or o f which they may have assumed the charge, every such officer
or person who shall commit any or either o f the said offenses shall be
deemed guilty o f felony, and shall be imprisoned at hard labor for a term
not less than one year nor more than ten years, and shall be fined in a
sum not exceeding ten thousand dollars.
S ec . 65. That this act shall take effect on the first day o f April, eigh- When act to
teen hundred and seventy-three, when the offices o f the treasurer o f the talie effectmints in Philadelphia, San Francisco, and New Orleans shall be vacated, urer at^&cvvaand the assistant treasurer at New York shall cease to perform the duties cated.
o f treasurer o f the assay-office. The other officers and employees o f the Other officers,
mints and assay-offices now appointed shall continue to hold their respec- & > to continue
«■
tive offices, they having first given the necessary bonds, until further glve bonds’ &cappointments may be required, the director o f the mint at Philadelphia
being styled and acting as superintendent thereof. The duties o f the Superintendtreasurers shall devolve as herein provided upon the superintendents, and ents t0 act a$
said treasurers shall act only as assistant treasurers o f the United States : ^Treasurers to
P r o v id e d , That the salaries .heretofore paid to the treasurers o f the mints act only as assistat Philadelphia, San Francisco, and New Orleans, acting as assistant treas- ant treasurers.
urers, shall hereafter be paid to them as “ assistant treasurers of the United
States,” and that the salary o f the assistant treasurer at New York shall Salaries not
not be diminished by the vacation of his office as treasurer o f the assay- diminished,
office.
S e c . 66. That the different mints and assay-offices authorized by this Names of the
act shall be known as “ the mint o f the United States at Philadelphia,” Afferent mints
“ the mint o f the United States at San Francisco,” “ the mint o f the aa assay"° ces'
United States at Carson,” “ the mint of the United States at Denver,”
“ the United States assay-office at New York,” a n d t h e United States
assay-office at Boise city, Idaho,” “ the United States assay-office at
Charlotte, North Carolina; ” and all unexpended appropriations hereto- Unexpended
fore authorized by law for the use of the mint o f the United States at appropriations.
Philadelphia, the branch-mint o f the United States in California, the
branch-mint o f the United States at Denver, the United States assayoffice in New York, the United States assay-office at Charlotte, North
Caroiina, and the United States assay-office at Boise city, Idaho, are
hereby authorized to be transferred for the account and use o f the institu­
tions established and located respectively at the places designated by this
act.
S ec . 67. That this act shall be known as the “ Coinage act o f eighteen This act to be
hundred and seventy-three; ” and all other acts and parts o f acts per- ^ 01^ , as coinaSe
taining to the mints, assay-offices, and coinage o f the United States in- a ’ °'
consistent with the provisions o f this act are hereby repealed: Provided, Other acts, &c.,
That this act shall not be construed to affect any act done, right ac“ c^-.
crued, or penalty incurred, under former acts, but every such right is feet, &c.
hereby saved; and all suits and prosecutions for acts already done in
violation of any former act or acts of Congress relating to the subjects
embraced in this act may be begun or proceeded with in like manner as
if this act had not been passed; and all penal clauses and provisions in
existing laws relating to the subjects embraced in this act shall be
deemed applicable thereto: A nd provided further, That so much o f the
P??1
first section o f “ An act making appropriations for sundry civil expenses § i, 7 ’ c '
’
o f the government for the year ending June thirty, eighteen hundred Vol. xvi. p. 296
and seventy-one, and for other purposes,” approved July fifteen, eighteen
hundred and seventy, as provides that until after the completion and
occupation o f the branch-mint building in San Francisco, it shall be law­
ful to exchange, at any mint or branch-mint o f the United States, urire-

436

FORTY-SECOND CONGRESS.

S ess.

III.

Ch.

132,133,135.

1873.

fined or imparted bullion, whenever, in the opinion o f the Secretary o f the
Treasury, it can be done with advantage to the government, is hereby
repealed.
A p p r o v e d , February 12, 1873.
Feb. 12, 1873.

C H A P . C X X X I I . — A n A ct fo r a public Building at Atlanta, Georgia.

Public building

at Atlanta for
officeS&c°S
t~

Appropriation,

Plans and esti-

matesNo money to be
used until juris-

amfright to'tax
released.

Feb. 12, 1873.
-

Be it enacted by the Senate and House o f Representatives o f the United
States o f America in Congress assembled, That the Secretary o f theTreasury ^ an(j he is hereby, authorized and directed to cause to be constructed a suitable brick building, with a fire-proof vault extending to
each story, at Atlanta, Georgia, for the accommodation o f the United
States circuit and district courts, post-office, and other government
offices; and the sum o f one hundred and ten thousand dollars is hereby
appropriated for the purpose aforesaid., out of any money in the treas­
ury not otherwise appropriated; and the Secretary o f the Treasury shall
cause proper plans and estimates to be made, so that no expenditures
shall be made or authorized for the full completion o f said building beyond the sum herein appropriated: Provided, That no money hereby
appropriated shall be used or expended until the valid title to the land
f°r a s*te> independent and unexposed to danger from fire in adjacent
buildings, which it is understood the city of Atlanta is ready to donate
for this purpose, shall be vested in the United States, nor until the State
o f Georgia shall cede its jurisdiction over the same, and also duly release
and relinquish to the United States the right to tax or in any way assess
said site, or the property of the United States that may be thereon,
during the time that the United States shall be or remain the owner
thereof.
A p p r o v e d , February 12, 1873.
C H A P . C X X X I I I .— A n A ct to provide f o r the Removal o f the wooden Buildings on
Judiciary Square.

Be it enacted by the Senate and House o f Representatives o f the United
States o f America, in Congress assembled, That the engineer in charge of
public buildings and grounds be, and he is hereby, directed to cause the
Judiciary square, wooden buildings situated on Judiciary square, of Washington city, to be
sold and removed therefrom, and that he pay to the Women’s Christian
Proviso.
Association of Washington the proceeds o f such sale: Provided, That the
governor o f the District o f Columbia shall find and provide for said asso­
ciation suitable buildings for at least one year after their removal from said
square.
A p p r o v e d , February 12, 1873.

Certain wooden
buildings to be

Feb. 13, 1873.
1867 ch. 176.
Vol. xiv. p. 533-

C H A P . C X X X V . — A n A ct to amend an Act, entitled “ A n A ct to establish a uniform
System o f Bankruptcy throughout the United States,’’ approved M arch second, eighteen
hundred and sixty-seven.

Be it enacted by the Senate and House o f Representatives o f the United
act States o f America, in Congress assembled, That whenever a corporation
not to apply to created by the laws o f any State, whose business is carried on wholly
tSns'against**" within the State creating the same, and also any insurance company so
which proceedcreated, whether all its business shall be carried on in such State or not,
inftituted mlhe ^as
Pro<'ee<lings duly commenced against such corporation or company
State courts for
before the courts o f such State for the purpose o f winding up the affairs
winding up their o f such corporation or company and dividing its assets ratably among its
air8'
creditors and lawfully among those entitled thereto prior to proceedings
having been commenced against such corporation or company under the
bankrupt laws o f the United States, any order made, or that shall be made,
by such court agreeably to the State law for the ratable distribution or
payment o f any dividend o f assets to the creditors o f such corporation
or company while such State court shall remain actually or construcBankrupt


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102