View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

NATIONAL MONETARY COMMISSION.

474

2 ^ t o0f Apr'

Resolved , That the President o f the United States be,
and he is hereby authorized to cause to be engaged, such
principal artists as shall be necessary to carry the pre­
ceding resolution into effect, and to stipulate the terms
and conditions o f their service, and also to cause to be
procured such apparatus as shall be requisite for the
same purpose.
Approved, March 3, 1791.
A C T O F A P R I L 2, 1792.

246.

stat. l ., C h a p . X V I . — A n act establishing a Mint , and regulating

the Coins of the United States.
S e c t i o n 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Con­
gress assembled, and it is hereby enacted and declared,

•

eV ^ ‘ T hat a M int for the purpose o f a national coinage be, and
the same is established: to be situate and carried on at the

seat of government.

7

seat o f the Government o f the United States, for the
time being: A n d that for the well conducting o f the
business o f the said mint, there shall be the following
officers and persons, namely, a Director, an Assayer, a
C hief Coiner, an Engraver, a Treasurer.
(Section 2 provides for the employment of clerks, work­
men, and servants.)
Duty of the
officers.

S e c . 3. A n d be it further enacted, That the respective

functions and duties of the officers above mentioned shall
be as fo llo w : The Director o f the mint shall have the
chief management o f the business thereof, and shall super­
intend all other officers and persons who shall be em­
ployed

Assayer.

therein.

The

Assayer

shall receive

and

give

receipts for all metals which may law fully be brought to
3 Act
sec. 2.

^of Mar. the mint to be coined; shall assay all such of them as may
’

chief coiner,

require it, and shall deliver them to the C hief Coiner to
be coined.

The Chief Coiner shall cause to be coined all

metals which shall be received by him for that purpose,
according to such regulations as shall be prescribed by
Engraver,

this or any future law.

The Engraver shall sink and

prepare the necessary dies for such coinage, with the
proper devices and inscriptions, but it shall be law ful for
the functions and duties o f Chief Coiner and Engraver
Treasurer,

to be performed by one person.

The Treasurer shall re­

ceive from the C hief Coiner all the coins which shall have
been struck, and shall pay or deliver them to the persons

475

L A W S C O N C E R N IN G COINAGE.

respectively to whom the same ought to be paid or de­
livered; he shall moreover receive and safely keep all
monies which shall be for the use, maintenance and
support o f the m int, and shall disburse the same upon
warrants signed by the Director.
(Section 4 provides oath o f office for every officer and
clerk.
(Section 5 provides that assayer, chief coiner, and
treasurer shall each give bond in the sum o f ten thousand
dollars.
(Section 6 provides salaries.
(Section 7 provides for the settlement of accounts for
services and administration, making reports, etc.
(Section 8 provides for buildings and expenses.)
S e c . 9. And be it further enacted, T hat there shall be thf coins6to be

from time to time struck and coined at the said M in t,struck'
coins o f gold, silver, and copper, o f the follow ing de­
nominations, values and descriptions, viz. E a g l e s — each
to be o f the value o f ten dollars or units, and to contain

Eagles.

two hundred and forty-seven grains and four eighths of
a grain of pure, or two hundred and seventy grains of
standard gold.

H a lf eagles—

each to be of the value of

H a lf eagles.

five dollars, and to contain one hundred and twenty-three
giains and six eighths o f a grain o f pure, or one hundred
and

thirty-five

eagles—

grains

of

standard

gold.

Q u a r t e r ea§ e" a r 4 e r

each to be o f the value o f two dollars and a half

dollar, and to contain sixty-one grains and seven eighths
° f a grain o f pure, or sixty-seven grains and four eighths
n a grain o f standard gold.
e

D ollars

or

u n it s —

D o l l a r s or

each to u ^ s . 1

the value of a Spanish milled dollar as the same is

mn\ current, and to contain three hundred and seventynne grains and four sixteenth parts o f a grain o f pure, or
° U hundred
1
H alf

dollars—

and sixteen grains o f standard silver.
each to be o f half the value o f the dollar

IIalf dollars-

01 U , and to contain one hundred and eighty-five grains
11d
and ten sixteenth parts o f a grain o f pure, or two hundred
Quarter dol­
an *figfit grains o f standard silver. Q u a r t e r d o l l a r s —
lars.
tach to be of one fourth the value o f the dollar or unit,

am to contain ninety-two grains and thirteen sixteenth
parts of a grain of pure, or one hundred and four grains
0

K
tandard silver.

D is m e s —

each to be o f the value o f

Dismes.

one tenth o f a dollar or unit, and to contain thirty-seven
giains and two sixteenth parts o f a grain o f pure, or
orty-one grains and three fifth parts o f a grain o f standai

silver.

H a l f d is m e s —




each to be o f the value o f one

H a lf dism es.

f




476

NATIONAL MONETARY COMMISSION.
twentieth o f a dollar, and to contain eighteen grains and
nine sixteenth parts o f a grain o f pure, or twenty grains
and four fifth parts of

Cents.

C ents—

Haif cents,

per.

a grain

o f standard silver.

each to be o f the value o f the one hundredth part

of a dollar, and to contain eleven penny-weights o f cop8, 1792.

H alf

cents—

each to be o f the value of half a cent,

and to contain five penny-weights and h alf a penny­
weight o f copper.

vices.what

de'

S ec. 10. And be it further enacted, That, upon the said
coins respectively, there shall be the follow ing devices and
legends, n am ely: Upon one side o f each o f the said coins
there shall be an impression emblematic o f liberty, with an
inscription o f the word Liberty, and the year o f the coin­
age ; and upon the reverse o f each o f the gold and silver
coins there shall be the figure or representation o f an
eagle, with this inscription, “ United States o f America
and upon the reverse o f each of the copper coins, there
shall be an inscription which shall express the denomina­
tion o f the piece, namely, cent or h alf cent, as the case may
require.

vahie^of^gofd
t o silv e r.

S ec.
A nd & it further enacted, T hat the propore
tional value o f gold to silver in all coins which shall by
law be current as money within the United States, shall
be as fifteen to one, according to quantity in weight, o f
pure gold or pure silver; that is to say, every fifteen
pounds weight o f pure silver shall be o f equal value in all
payments, with one pound weight o f pure gold, and so
in proportion as to any greater or less quantities o f the

respective metals.
go,stanS rda
for
S ec.
And be it further enacted, T hat the standard
alloy how to f or all gold coins o f the United States shall be eleven
parts fine to one part a llo y ; and accordingly that eleven
parts in twelve o f the entire weight o f each o f the said
coins shall consist o f pure gold, and the remaining one
twelfth part o f alloy; and the said alloy shall be com­
posed o f silver and copper, in such proportions not ex­
ceeding one h alf silver as shall be found convenient; to
be regulated by the Director o f the M in t, for the time
being, with the approbation o f the President o f the
United States, until further provision shall be made by
law.

A n d to the end that the necessary information may

be had in order to the making o f such further provision,
reIpoert the ^ shall be the duty o f the Director o f the M in t, at the
t°r
MinT^touching expiration o f a year after commencing the operations o f
gold *coins.y ofthe said M int, to report to Congress the practice thereof

LAWS CONCERNING COINAGE.

477

during the said year, touching the composition o f the
alloy o f the said gold coins, the reasons for such practice,
and the experiments and observations which shall have
been made concerning the effects o f different proportions
o f silver and copper in the said alloy.

S ec. 13. And be it further enacted, T hat the standard snferndYns—
c0
for all silver coins o f the United States, shall be one ^reguhnedt0
thousand four hundred and eighty-five parts fine to one
hundred and seventy-nine parts a llo y ; and accordingly
that one thousand four hundred and eighty-five parts in
one thousand six hundred and sixty-four parts o f the en­
tire weight o f each o f the said coins shall consist o f pure
silver, and the remaining one hundred and seventy-nine
parts o f a llo y ; which alloy shall be wholly o f copper.

A llo y .
P e rso n s m ay
g o ld and

S ec. 14. And be it further enacted, T hat it shall b e b rin g
___
lawful for any person or persons to bring to the said M i n t ^

Coined

gold and silver bullion, in order to their being coined; p£ns| of ex'
e
and that the bullion so brought shall be there assayed
and coined as speedily as may be after the receipt thereof,
and that free o f expense to the person or persons by
whom the same shall have been brought. A n d as soon as 24, ci8oo, Ach!
A
the said bullion shall have been coined, the person o r g fijio w ’^the
persons by whom the same shall have been delivered,|^efor? K e ­
shan upon demand receive in lieu thereof coins o f the ducting h a l f
same species o f bullion which shall have been so deliv­
ered, weight for weight, o f the pure gold or pure silver
therein contained: Provided nevertheless, T hat it shall
he at the mutual option o f the party or parties bringing
such bullion, and o f the Director o f the said M int, to
make an immediate exchange o f coins for standard bul10n’ w ith a deduction o f one h alf per cent, from the
weight o f the pure gold, or pure silver contained in the
said bullion, as an indemnification to the M in t for the
tune which will necessarily be required for coining the
said bullion, and for the advance which shall have been
so made in coins.

A n d it shall be the duty o f the Secre-r e^uty °f SQj
a
C

tary o f the Treasury to furnish the said M int from time j^easury here'
to time whenever the state o f the Treasury w ill admit
t k reof, with such sums as may be necessary for effecting
e said exchanges, to be replaced as speedily as may be
? U ° the coins which shall have been made o f the bullion
or which the monies so furnished shall have been ex­
c h a n g e d ; and the said deduction o f one h alf per cent.

T h e h a lf p er

constitute a fund towards defraying the expenses o f B ltute a tana.
J

the said Mint.




NATIONAL MONETAEY COMMISSION.

478

livering °cofns S ec. 1^. ^ n^ ^e ^ further enacted, That the bullion
bringing VuV- w^ich shall be brought as aforesaid to the M int to be
lion, and .pen-coined, shall be coined, and the equivalent thereof in
undue, prefer-CO S rendered, if demanded, in the order in which the
m
3 i795°chM sa^ tm lli°n shall have been brought or delivered, giving
86
priority according to priority o f delivery only, and with­
out preference to any person or persons; and if any pref­
erence shall be given contrary to the direction aforesaid,
the officer by whom such undue preference shall be given,
shall in each case forfeit and pay one thousand dollars;
to be recovered with costs o f suit.

A n d to the end that it

may be known i f such preference shall at any time be
given, the assayer or officer to whom the said bullion shall
be delivered to be coined, shall give to the person or per­
sons bringing the same, a memorandum in writing under
his hand, denoting the weight, fineness and value thereof,
together with the day and order o f its delivery into the
M int.
a lawful™ ten6 S ec . 16. A nd he it further enacted, T hat all the gold
d
er>
and silver coins which shall have been struck at, and is­
sued from the said M int, shall be a lawful tender in all
payments whatsoever, those o f full weight according to
the respective values herein before declared, and those of
less than full weight at values proportional to their re­
spective weights.
couform!b™ato
<

S ec. 17. And he it further enacted. That it shall be the

w
eightH
taetcard

the respective officers o f the said M int, carefully
and faith fu lly to use their best endeavours that all the
gold and silver coins which shall be struck at the said
M int shall be, as nearly as may be, conformable to the
several standards and weights aforesaid, and that the
copper whereof the cents and h alf cents aforesaid may be
composed, shall be o f good quality.

, T to Tr as
f „;
urerh ® reserve S ec. 18. A n d the better to secure a due conformity o f
J
three'pTece^'of
sa^
an(t s^ ver c°in s to their respective standards,
a ssa yed
t0 16^ e ^ f ur^ er enacted, T hat from every separate mass o f
3
standard gold or silver, which shall be made into coins at
the said M int, there shall be taken, set apart by the Treas­
urer and reserved in his custody a certain number o f
pieces, not less than three, and that once in every year the
when^ and




by

pieces so set apart and reserved, shall be assayed under
the inspection o f the C h ief Justice o f the United States,
the Secretary and Comptroller o f the Treasury, the Sec-

479

LAWS CONCERNING COINAGE.

retary for the Department o f State, and the Attorney
General o f the United States, (who are hereby required to
attend for that purpose at the said M int, on the last M on­
day in July in each year,) or under the inspection o f any
three o f them, in such manner as they or a majority of
them shall direct, and in the presence o f the Director,
assayer and chief coiner of the said M in t; and if it shall
be found that the gold and silver so assayed, shall not be
inferior to their respective standards herein before de­
clared more than one part in one hundred and forty-four
parts, the officer or officers of the said M int whom it may
concern shall be held excusable; but if any greater in­
feriority shall appear, it shall be certified to the Presi­
dent o f the United States, and the said officer or officers
l

11 ,

•

7

#

.

P e n a lty onidebasing
tne

small be deemed disqualified to hold their respective offices, coins.
S ec . 19. And be it further enacted, T hat if any of the
gold or silver coins which shall be struck or coined at the
said M int shall be debased or made w orse as to the pro­
r
portion o f fine gold or fine silver therein contained, or
shall be o f less weight or value than the same ought to be
pursuant to the directions o f this act, through the default
or with the connivance o f any o f the officers or persons
wh ° shall be employed at the said M int, for the purpose
° f profit or gain, or otherwise with a fraudulent intent,
and if any o f the said officers or persons shall embezzle
any of the metals which shall at any time be committed
to their charge for the purpose o f being coined, or any of
the coins which shall be struck or coined at the said M int,
every such officer or person who shall commit any or
either of the said offences, shall be deemed guilty of
el°n y 5 and shall suffer death.
S e c . 20. And be it further enactedr That the money of
,

account of the United States shall be expressed in dollars
or units, dismes or tenths, cents or hundredths, and milles
° r thousandths, a disme being the tenth part o f a dollar,
a cent the hundredth part o f a dollar, a mille the thou­
sandth part o f a dollar, and that all accounts in the pub­
ic offices and all proceedings in the courts o f the United
►
Tates shall be kept and had in conformity to this regu-

Approved, April 2,




1792.

M on ey o f a c­
co u n t to be exiressed in d olars, etc.

f




NATIONAL MONETARY COMMISSION.

480

A C T O F M A Y 8, 1792.

l

stat. l., qh p X X X I X . —A n
a>

D irector_
p u rch a se
coin ed

act to provide for &copper coinage.

S e c t i o n 1. B e it enacted by the Senate and H om e of
Representatives of the United States of America in Cono f gress assembled, That the Director of the M int, with the

c o p - approbation
in to

o f the President o f the United States, be

authorized to contract for and purchase a quantity o f
copper, not exceeding one hundred and fifty tons, and

1800P '. i 2 4 ’ that the said Director, as soon as the needful preparation
ch
w h eV cV to

shall be made, cause the copper by him purchased to be
coined at the M int into cents and h alf cents, pursuant to
“ the act establishing a M int, and regulating the coins of
the United S t a t e s ;” and that the said cents and h alf
cents, as they shall be coined, be paid into the Treasury o f
the United States, thence to issue into circulation,

pubiistfwhen a

^ EC*

^ farther enacted, That after the ex-

has1 been p a id pirat i ° n ° f six calendar months from the time when there
the Treas' shall have been paid into the Treasury by the said
Director, in cents and h alf cents, a sum not less than fifty
thousand

dollars, which time shall

forthwith

be an­

nounced by the Treasurer in at least two gazettes or news­
papers, published at the seat o f the Government o f the
United States, for the time being, no copper coins or
pieces whatsoever, except the said cents and h alf cents,
shall pass current as money, or shall be paid, or offered
to be paid or received in payment for any debt, demand,
Penalty

offering

for claim, matter or thing whatsoever; and all copper coins

1

to

°

7

AA

pass other cop-or pieces, except the said cents and h alf cents, which
p er coin s.

r

„

.

shall be paid or offered to be paid or received m payment
contrary to the prohibition aforesaid, shall be forfeited,
and every person by whom any o f them shall have been so
paid or offered to be paid or received in payment, shall
also forfeit the sum o f ten dollars, and the said forfeiture
and penalty shall and may be recovered with costs o f suit
for the benefit o f any person or persons by whom in­
formation o f the incurring thereof shall have been given.
Approved, M ay 8, 1792.

481

LAWS CONCERNING COINAGE.

A C T O F J A N U A R Y 14, 1793.
C h a p . I I .— A n act to amend an act intituled '''An act es- 299 s ta t* L->
‘

tablishing a M in t , and regulating the coins o f the
U nited S ta tes ,” so fa r as respects the coinage o f copper.
B e it enacted by the Senate and H ou se o f R epresen ta­
tives o f the U nited S ta tes o f A m erica in C ongress assem­
bled, That every cent shall contain two hundred and eight 0 ^ 2°ohA?6
grains o f copper, and every h alf cent shall contain one centTand\aif
hundred and four grains o f copper; and that so much o f centsthe act, intituled “ A n act establishing a M int, and regu­
lating the coins o f the United States,” as respects the
weight o f cents and h alf cents, shall be, and the same is
hereby repealed.

Approved, January 14, 1793.
A C T O F F E B R U A R Y 9, 1793.
C h a p . V .— A n act regulating fo reig n coins , and f o r oth er

J stat. l .,

purposes.
S e c t i o n 3. B e it enacted by the Senate and H ouse o f
R epresentatives o f the U nited S tates o f A m erica in Con9ress assem bled , T hat from and after the first day o f ei^ atcoins fes-

July next, foreign gold and silver coins shall pass cur- tabiished.
rent as money within the United States, and be a legal
tender for the payment o f all debts and demands, at the
several and respective rates following, and not otherwise,
Vlz: The gold coins o f Great Britain and Portugal, o f
their present standard, at the rate o f one hundred cents
for every twenty-seven grains o f the actual weight there­
o f , the gold coins o f France, Spain and the dominions o f
l_pain, o f their present standard, at the rate o f one huntred cents for every twenty-seven grains and two-fifths
° tl £ rain, o f the actual weight thereof. Spanish milled
to ars, at the rate o f one hundred cents for each dollar,
e actual weight whereof shall not be less than sevencon pennyweights and seven grains; and in proportion
or the parts o f a dollar. Crowns o f France, at the rate
one hundred and ten cents for each crown, the actual
"h e r e o f, shall not be less than eighteen pennyei^
and seventeen grains, and in proportion for the
r s o a crown. But no foreign coin that may have
een, or shall be issued subsequent to the first day o f Janary> one thousand seven hundred and ninety-two, shall
X d *eiuler, as aforesaid, until samples thereof shall have




NATIONAL MONETARY COMMISSION.

482

been found, by assay, at the M int of the United States,
to be conformable to the respective standards required,
and proclamation thereof shall have been made by the
President o f the United States.
S ec. 2. Provided always, and Ire it further enacted,
.
.
J 1
'
.
_ 1
S pa n ish d o lla rs T hat at the expiration o f three years next ensuing the
shall cease to .
r.
^
D
be a tend er,
time when the coinage o f gold and silver, agreeably to the

whe n aii
coi ns except

act, entitled “ A n act establishing a M int, and regulating
the coins o f the United States,” shall commence at the
mint o f

the United

States, (which time

shall

be an­

nounced by the proclamation o f the President o f the
United States,) all foreign gold coins, and all foreign
silver coins, except Spanish milled dollars and parts of
such dollars, shall cease to be a legal tender, as aforesaid.
other foreign S ec. 3. A nd he it f urther enacted, That all foreign gold
coined'anew, and silver coins, (except Spanish milled dollars, and parts
o f such dollars,) which shall be received in payment for
monies due to the United States, after the said time, when
the coining o f gold and silver coins shall begin at the
M int o f the United States, shall, previously to their being
issued in circulation, be coined anew, in conformity to the
act, entitled “ A n act establishing a M in t and regulating
A fte r July i,
1793,
fifty-

the coins o f the United States.”
S ec. 4. A n d he it further enacted, T hat from and after
7

fifth’section of the first day o f July next, the fifty-fifth section o f the act,
i certain act
j
9
7
•
^
rating‘ foreign entitled “ A n act to provide more effectually for the col1799, ch. 1 2 lection o f the duties imposed by law on goods, wares and
2]
merchandise imported into the United States,” which as­
certains the rates at which foreign gold and silver coins
shall be received for the duties and fees to be collected in
virtue o f the said act, be, and the same is hereby repealed.
As s ay

of

S ec . 5. And he it further enacted, T hat the assay, pro-

com ence.
m

vided to be made by the act, entitled “ A n act establishing

sec.‘is-.’ 1

’ a M int, and regulating the coins o f the United States,”
shall commence in the manner as by the said act is pre­
scribed, on the second M onday o f February, annually, any
thing in the said act to the contrary notwithstanding.
Approved, February 9, 1793.

l S ta t. L., N ote.— The proclamation required by section 2 o f the above act
680,
w as issued July 22, 1707. (See 11 Statutes at Large, 755.)
The collection act o f March 2, 1799, provides for the collection
o f all duties and fees in money o f the United States or in foreign
coins at the rates prescribed by section 1 above; and also provides
that no foreign coins which are not by law a tender for debts shall
be received, except under a proclamation o f the President authoriz­
ing the same.




483

LAWS CONCERNING COINAGE.

A C T O F M A R C H 3, 1794.
C iia p . I V .— A n act in alteration of the act establishing a

i stat.

l .,

Mint and regulating the coins of the United States.
S e c t i o n 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Con­
gress assembled, T hat from and after the passing this act

11 shall be the duty o f the treasurer o f the M int to receive
q

.

^

#

Duty of
M t herein

th e
in.

ana give receipts for all metals which may law fully b e ( ^ o0^hAfg
>
brought to the M in t to be coined; and for the purpose o f - ’
ascertaining their respective qualities, shall deliver from
every parcel so received, a sufficient number o f grains to
the assayer, who shall assay all such o f them as may require it.

A ssay ,

A n d the said treasurer shall from time to time

deliver the said metals to the chief coiner to be coined in
such quantities as the Director o f the M in t may prescribe.

(Section 2 provides that the assayer and chief coiner
give bond.)

shall

S ec. 3. And be it further enacted, T hat so much o f the ta£ art °t C
react entitled “ A n act establishing a M int and regulating pea{ 7 ch. ig .
d2)
the coins o f the United States,” as comes within the pur­
view of this act be and the same is hereby repealed.

Approved,

March 3, 1794.
A C T O F M A R C H 3, 1795.

.

C hap X L V I I .— A n act supplementary to the act intituled

43g

stat- L-»

An act establishing a M int , and regulating the coins of
the United States.”
} S e c t i o n 1. Be it enacted by the Senate and House of

Representatives of the United States of America in Conyress assembled, and it is hereby enacted and declared,
1 hat for the better conducting o f the business of the M int Ac*

Apr- 2>

die United States there shall be an additional officer Additi0^alf7f:
* ppointed therein by the name o f the melter and refiner,M ,n t £y A he
io.se duty shall be to take charge o f all copper, and silver “ «^er and re'
°i gold bullion delivered out by the treasurer o f the M int His duty>
a ter it has been assayed, agreeably to the rules and cus­
toms o f the M in t already directed and established, or
v

ich may hereafter be directed and established by the

Recounting officers o f the Treasury, and to reduce the same
iuto bars or ingots fit for the rolling m ills, and then to delVer them to the coiner or treasurer, as the Director shall




judge expedient; and to do and perform all other duties
belonging to the office o f a melter and refiner or which
shall be ordered by the Director of the M int.
(Section 2 provides that the melter and refiner shall
take oath o f office and give bond.
(Section 3 provides salary for said melter and refiner.
(Section 4 authorizes the temporary employment of a
melter and refiner.)
th e rM intr to

re-

bunion deposited, etc.

.
^ U^ ^e ^ further enacted, That the treasurer of
(
M in t shall, and he is hereby directed, to retain two
cents per ounce from every deposit o f silver bullion below
S

ec

the standard o f the United States, which hereafter shall
be made for the purpose o f refining and coining; and four
cents per ounce from every deposit of gold bullion made
as aforesaid, below the standard of the United States, un­
less the same shall be so far below the standard as to re­
quire the operation o f the test, in which case, the treas­
urer shall retain six cents per ounce, wffiich sum so re­
tained shall be accounted for by the said treasurer with
the Treasury o f the United States as a compensation for
Treasurer of
n ot be ob lig ed
t a in d e p o s its o f

melting and refining the same.
S ec . 6. And be it further enacted, That the treasurer of
the M int shall not be obliged to receive from any person,
f 0r the purpose o f refining and coming, any deposit of
silver bullion, below the standard o f the United States, in
a smaller quantity than two hundred ounces; nor a like
deposit o f gold bullion below the said standard, in a
smaller quantity than twenty ounces.

MintC ay0fgive
m
bum one r o f C
ethe

S ec.

^ n d be it further enacted, That from and after

^ ie Passing of this act, it shall and may be lawful for the

United states*1 °fficers ° f the M int to give a preference to silver or gold
6
s e c” i 5 C ‘ 16’ bullion, deposited for coinage, which shall be of the stand­
h
ard o f the United States, so far as respects the coining of
the same, although bullion below the standard, and not
yet refined, may have been deposited for coinage, previous
thereto, any law to the contrary notwithstanding: Pro­
vided,, T hat nothing herein shall justify the officers of the
M int, or any one o f them, in unnecessarily delaying the
refining any silver or gold bullion below the standard,
P re s id e n tm a y
f Gd U C 6

th ©

w eig h t o f cop p er coin .




that may be deposited, as aforesaid.
S Ec. 8. And be it further enacted, That the President of
the United States be, and he is hereby authorized, wffien7

*

7

ever he shall think it for the benefit of the United States,
to reduce the weight of the copper coin of the United

LAWS CONCERNING COINAGE.

485

States: Provided , Such reduction shall not, in the whole,
exceed two pennyweights in each cent, and in the like
proportion in a half cent; o f which he shall give notice
by proclamation, and communicate the same to the then
next session o f Congress.
S ec. 9. And be it f urther enacted, T hat it shall be the M
ode of discluty o f the Treasurer o f the United States, from time to cents and half
*
*
•
'
cents
time, as often as he shall receive copper cents and half
cents from the treasurer of the M int, to send them to the
bank or branch banks o f the United States, in each o f the
States where such bank is established; and where there
is no bank established, then to the collector o f the princi­
pal town in such State (in the proportion o f the number
o f inhabitants of such State) to be by such bank or col­
lector, paid out to the citizens of the State for cash, in
sums not less than ten dollars value; and that the same
be done at the risk and expense o f the United States,
under such regulations as shall be prescribed by the De­
partment of the Treasury.
Approved, March 3, 1795.
A C T O F M A Y 27, 1796.
C h a p . X X X I I I . — A n act respecting the mint.

[Expired’] 75'
4

S e c t i o n 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Con­
gress assembled, That there shall be appropriated for the ^Act^of ^.T .
an

purchase o f copper for the further coinage o f cents and

f

®

Act of Apr.

24,

1800,

ch,

half cents, a sum equal to the amount o f the cents a n d 34 .
i

•

.

half cents which shall have been coined at the
.

.

Appropriation
mint, a n d for the pur7
chase of copper.

delivered to the treasurer o± the United States, subse­
quent to the first day o f January, one thousand seven hun­
dred and ninety-six, which sum shall be payable out of
any monies in the treasury not otherwise appropriated.
S ec . 2. And be it further enacted, That from and after rilrt„ of s'01*
3
the passing of this act, there shall be retained from every JJo^to be recleposit in the mint, o f gold or silver bullion below the
standard of the United States, such sum as shall be equiv­
alent to the expense incurred in refining the same, and
an accurate account o f such expense on every deposit shall
be kept, and o f the sums retained on account of the same,
which shall be accounted for by the treasurer of the mint,
to the treasurer o f the United States.




NATIONAL MONETARY COMMISSION.

S ec. 3. And be it further enacted, That this act shall
continue in force for the term o f two years from the
passing thereof, and from thence until the end o f the
next session o f Congress thereafter holden, and no longer.
Approved, M ay 27, 1796.
[N o. 6.]
J u ly 22, 1797.

B

y

Respecting Coinage and Tender.

JO H N A D A M S, THE PRESIDENT OF THE UNITED STATES OF
A

m e r ic a .

A P R O C L A M A T IO N .
Whereas an act o f the Congress o f the United States
was passed on the ninth day o f February, 1793, intituled

1793, ch. 5.

“ A n act regulating foreign coins and for other purposes,”
in which it was enacted “ that foreign gold and silver
coins, shall pass current as money within the United

V ol. 1, p. 300.

States, and be a legal tender for the payment o f all debts
and demands ” at the several and respective rates therein
stated: and that “ at the expiration o f three years, next

1792, ch. 16.

ensuing the time when the coinage o f gold and silver
agreeably to the act intituled “ A n act establishing a M int
and regulating the coins o f the United States,” shall com­
mence at the M int o f the United States, (which time shall

V o l.l , p. 246.

C o in a g e o f
silv er d ecla red
to h a ve com ­
m enced O ct. 15,
1794, and the
coin a g e o f gold
J u ly 1 ,1 7 9 5 .

be announced by the Proclamation o f the President o f the
United States,) all foreign gold coins, and all foreign sil­
ver coins, except Spanish milled dollars, and parts o f such
dollars, shall cease to be a legal tender as aforesaid.
Now therefore, I , the said John Adam s, President of
the United States, hereby proclaim, announce, and give
notice to all whom it may concern, that agreeably to the
act last above mentioned, the coinage o f silver at the M int
of the United States, commenced on the fifteenth day of
October, one thousand seven hundred and ninety-four,
and the coinage of gold on the thirty-first day of July,
one thousand seven hundred and ninety-five: and that,
consequently, in conformity to the act first above men­
tioned, all foreign silver coins, except Spanish milled
dollars and parts of such dollars, will cease to pass cur­

F oreig n coin s
n ot to be a ten­
der a fte r those
dates.




rent as money within the United States and to be a legal
tender for the payment o f any debts or demands after the
fifteenth day o f October next, and all foreign gold coins
will cease to pass current as money within the United
States and to be a legal tender as aforesaid for the pay-

LAWS CONCERNING COINAGE.

487

ment of any debts or demands after the thirty-first day
of July, which will be in the year o f our Lord one thou­
sand seven hundred and ninety-eight.
In testimony whereof, I ’have caused the Seal o f the
United States to be affixed to these presents, and signed
the same with my hand. Done at Philadelphia, the
twenty-second day of July, in the year o f our Lord, one
thousand seven hundred and ninety-seven, and of the
independence o f the United States the twenty-second.

[ l.

s.]

J ohn A dams.

B y the President:

T imothy P ickering,
Secretary of State.
A C T O F F E B R U A R Y 1, 1798.
C h a p . X I . — A n act supplementary to the act intituled 539 s 1 a t ■ L-’

“A n act regulating foreign coins, and for other pur-

[Obsolete.]

poses.”
Be it enacted by the Senate and House of Represent­
atives of the United States of America in Congress as-,
sembled, That the second section of an act, intituled “ A n 9 f793°chF§bC
act regulating foreign coins, and for other purposes,” b e ,g ^ c t ^ o f Feb.
and the same is hereby suspended, for and during t

h

e

ch 38

space o f three years from and after the first day of Jan­
uary, one thousand seven hundred and ninety-eight, and
until the end of the next session of Congress thereafter,
during which time the said gold and silver coins shall be
and continue a legal tender, as is provided in and by the
first section o f the act aforesaid; and that the same coins
shall thereafter cease to be such tender.
Approved, February 1, 1798.
A C T O F A P R I L 24, 1800.
Chap.

X X X I V . — A n act respecting the Mint.

2 Stat. l „ 53.

S ection 1. Be it enacted by the Senate and House of
Representatives of the United States of America in Con­
gress assembled, T hat a sum equal to the amount of the Appropriation
cents and half cents, which shall have been coined at the chaseof copper.
M int, and delivered to the Treasurer o f the United States, 1792>ch- "•
subsequent to the third day o f March, in the year one
thousand seven hundred and ninety-nine, shall be, and
15712 °—10------ 33




488

NATIONAL MONETAEY COMMISSION.

the same is hereby appropriated for the purchase o f cop­
per for the further coinage of cents and half cents; and
that a sum equal to the amount o f cents and half cents,
which shall be hereafter coined at the M int, and delivered
to the Treasurer o f the United States in any one year,
shall be, and the same is hereby appropriated for the
annual purchase o f copper for the coinage of cents and
h alf cents, which sums shall be payable out of any monies
in the Treasury not otherwise appropriated.
iion ard ep osited ’
fo r the E xp en se

° fVolfi,i440.

®EC*
And be it further enacted, That there shall be
sta in e d from every deposit in the M int, o f gold or silver
bullion below the standard of the United States, such sum
as shall be equivalent to the expense incurred in refining
the same, and an accurate account of such expense on
every such deposit shall be kept, and of the sums retained
on account o f the same, which shall be accounted for by
the treasurer o f the M int, with the Treasury o f the United
States.
Approved, A p ril 24, 1800.
A C T O F M A Y 14, 1800.

^Obsolete’]86' C h a p . L X X . — A n act supplementary to the act establish­
ing the mint, and regulating the coins of the United

States.
Be it enacted by the Senate and House of Representa­
tives of the United States of America hi Congress assemhied. That until the fourth dav of March one thousand

Act of M ar.
3, 1801, ch. 21.
7
'
.
The mint _ eight hundred and one, the mint shall remain in the city
to
P h ila d elp h ia ,

of Philadelphia, and be carried on as heretofore under
the laws now in force; any law to the contrary n o tw ith ­
standing.
Approved, M ay 14, 1800.
A C T O F M A K C H 3, 1801.

2 s t a t.L .,m .

T o rem ain at
h iiad eip h ia.




C h a p . X X I .—

A n act concerning the Mint.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assembled, That the M int shall remain in the city o f PhilaimpQ the fourth day o f March, in the year one
thousand eight hundred and three.

LAWS CONCERNING COINAGE.

489

S ec . 2. And be it further enacted, That during the con- toC perfpmed
be a
tinuance o f the M int at the city of Philadelphia, the du- judgelndattor*
ties now enjoined on the Chief Justice of the U n i t e d andnthe
States, the Secretary and Comptroller of the Treasury, commissioner
the Secretary for the Department o f State, and the A ttor­
ney General of the United States, by the eighteenth sec­
tion o f the act, intituled “ A n act establishing a M int, and
regulating the coins o f the United States,” passed the sec­
ond day of A p ril, one thousand seven hundred and
ninety-two, shall be performed by the district judge of
Pennsylvania, the attorney for the United States in the
district o f Pennsylvania, and the commissioner of loans
for the State o f Pennsylvania.
Approved, March 3, 1801.
(H ie following acts further prolong the continuance of
the mint at Philadelphia: March 3, 1803 (ch. 36, 2 Stat.
U , 2 4 2 ), A pril 1, 1808 (ch. 41, 2 Stat. L ., 4 8 1 ), December
2, 1812 (ch. 2, 2 Stat. L ., 7 8 7 ), January 14, 1818 (ch. 4,
3 Stat. L ., 4 0 3 ), March 3, 1823 (ch. 43, 3 Stat. L ., 77 4 ),
M ay 19, 1828 (ch. 67, 4 Stat. L ., 2 7 7 ).)
A C T O F F E B R U A R Y 24, 1804.
C h a p . X I I I .— A n act for laying and collecting duties on 2 stat. l ., 2 5 1 .

imports and tonnage within the territories ceded to the
L nited >
States, by the treaty of the thirtieth of April ,
one thousand eight hundred and three, between the
United States and the French Republic, and for other
purposes.
S ection 1. * * * : and the following acts, that is t o 2 f 7g9
ofc® f 2
e
say, the act, intituled, “ A n act to establish the treasury de­
partment.”
*
*
*
*
*
“ A n act to establish a mint and to regulate the coins of 2 i792;o h L
>
fCA3 6
the United States.”
“ A11 act regulating foreign coins, and for other pur- 9 ^93,'ch.1 '
>
^
poses.”
A n d the act supplementary to, and amendatory of the
two last-mentioned acts, or so much of the said acts as is
now in force, * * *, shall extend to, and have full
force and effect in the above-mentioned territories.
*
*
*
*
*
Approved, February 24, 1804.




NATIONAL MONETARY COMMISSION.

490

A C T O F A P R I L 10, 1806.
2 s t a t . L . , 374 . C

h a p

.

X X I I . — A n act regulating the currency of foreign

coins in the United States.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assembled, That from and after the passage o f this act, for-

F oreig n g 9ia
and silv e r c o in s
to be c u rre n ^ m
s ta t e s

at

.

.

r

„

0

eign gold and silver coins shall pass current as money
within the United States, and be a legal tender for the

the

payment of all debts and demands, at the several and re­

rates.

spective rates following, and not otherwise, v iz :
rateslns and

The gold coins o f Great Britain and Portugal, of their
present standard, at the rate o f one hundred cents, for
every twenty-seven grains o f the actual weight thereof;
the gold coins o f France, Spain, and the dominions of
Spain, o f their present standard, at the rate of one hun­
dred cents, for every twenty-seven grains and two-fifths
o f a grain, of the actual weight thereof.

Spanish milled

dollars, at the rate of one hundred cents for each, the
actual weight whereof shall not be less than seventeen
pennyweights and seven grains, and in proportion for the
parts of a dollar. Crowns of France at the rate of one
hundred and ten cents, for each crown, the actual weight
whereof shall not be less than eighteen pennyweights and
seventeen grains, and in proportion for the parts of a
crown. A n d it shall be the duty of the Secretary of the

s e c r e ta r y o f
th e T re a s u ry to
the Sf oS ey g°n T reasury5
r iS

J

•L

t ° cause assays o f the foreign gold and silver
coin s etc
t° coins made current by this act, to be had at the Mint of
be had a t th e
.
J
.
m in t, etc., and the United States, at least once in every year, and to make
to m ake re p o rt
C ongressSult

7

^

7

t0 reP01’t ° * the resillt thereof to Congress, for the purpose
o f enabling them to make such alterations in this act, as
may become requisite, from the real standard value o f
such foreign coins. A n d it shall be the duty o f the Secre­
tary o f the Treasury, to cause assays of the foreign gold
and silver coins o f the description made current by this
act, which shall issue subsequently to the passage of this
act, and shall circulate in the United States, at the Mint
aforesaid, at least once in every year, and to make report
o f the result thereof to Congress, for the purpose of en­
abling Congress to make such coins current, if they shall

r a r t o f a fo r -

p
evoid'i 300




deem the same to be proper, at their real standard value,
g EC 2. And be it further enacted, That the first section
the a c *o intituled “ A n act regulating foreign coins, and
for other purposes,” passed the ninth day of February,
one thousand seven hundred and ninety-three, be, and

LAWS CONCERNING COINAGE.

491

the same is hereby repealed. A n d the operation of the theP
other°n
secf
second section o f the same act shall be, and is hereby sus-tlon suspended*
pended for, and during the space of, three years from the
passage o f this act.
Approved, A p ril 10, 180G.
A C T O F A P R I L 21, 1806.
C h a p . X L I X . — An act for the punishment of counter-

| stat. l .,

felting the current coin of the United States; and for
other purposes.
(Section 1 provides penalties for falsely making and
uttering coins of the United States, or of foreign coun­
tries made current in the United States.
(Section 2 provides penalties upon those who shall im­
port into the United States any false or counterfeit coins
to be circulated in this country.
(Section 3 provides penalties for impairing, falsifying,
etc., the coins of the United States, or those of foreign
countries in circulation in the United States.
(Section 4 provides that the jurisdiction of the indi­
vidual States is not to be affected by this act.)
Approved, A p ril 21, 1806.
A C T O F A P R I L 14, 1812.
C h a p . L \ I.— An act to prohibit the exportation of specie, 7Q stat. l .,
2

goods, wares and merchandise, for a limited time.
_
^ enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, th a t it shall not be law ful, during the continuance

E x p o r ta tio n

or tne act, entituled “ A n act laying an embargo on all the ffgns manufacships and vessels in the ports and harbors of the United tulUt°ofid\er'
States, for a limited time,” to export from the United 4 > isi2, ch. 49 .
States or the territories thereof, in any manner what­
ever, any specie, nor any goods, wares or merchandise of
foreign or domestic growth or manufacture; and if an}^
person shall, with intent to evade this law, export or at­
tempt to export any specie, goods, wares or merchandise
from the United States or the territories thereof, either
by land or water, such specie, goods, wares and merchan­
dise, together with the vessel, boat, raft, cart, wagon,
sleigh or other carriage in which the same shall have been
exported or attempted to be exported, shall, together with
the tackle, apparel, horses, mules and oxen, be forfeited,




NATIONAL MONETARY COMMISSION.

492

and the owner or owners o f such specie, goods, wares or
merchandise, and every other person knowingly concerned
in such prohibited exportation, on conviction thereof,
shall each respectively forfeit and pay a sum not exceed­
ing ten thousand dollars for every such offence: Pro_ p r °A l?.0 *vided however, that nothing in this section contained,
shall be construed to prevent the departure of vessels,
which according to the act last above mentioned, are or
may be permitted to depart in the manner and under the
restrictions provided by the said act.

S ec. 2. And he it further enacted, That it shall be law-

o fAny

t ue
alufnrct e i
i °c
^or the President o f the United States, or such other
empToyeY t oP ers0n as he shall have empowered for that purpose, to
b
P
ationnto? the employ any part of the land or naval forces, or militia

em
bargo.

G fpe United States or of the territories thereof, as may
f
be judged necessary,* for the purpose o f preventing the
illegal departure o f any ship or vessel, or the illegal ex­
portation o f any specie, or o f any goods, wares or mer­
chandise, contrary to the provisions o f this, or o f the
last above mentioned act, and for the purpose of detain­
ing, taking possession of, and keeping in custody, any
such ship or vessel, specie, goods, wares or merchandise.
(Section 3 provides penalties, etc., for a violation of
this act, and how they are to be recovered.)
Approved, A p ril 14, 1812.
A C T O F J A N U A R Y 14, 1818.

| stat. l „

C

h a p

.

TV.— A n act further to prolong the continuance of
the Mint at Philadelphia.

Act ^to

Be it enacted hy the Senate and House of Representa­
tives of the United States of America in Congress assemTabled, That the act entitled “ A n act concerning the M int,”

at Phiiadei-approved March the third, one thousand eight hundred
phia, continued iri
. . .
,
for five years, and one, is hereby revived, and continued m force and op­

eration for the further term of five years from the fourth
day of March next.
The collector

g EC 2 .

And he it further enacted, That during the con-

perform the du-tinuance

o f the Mint, at the city ot 1Philadelphia, the
ties enjoined
4
t
. t
^
r
7
on the com - duties which were enjoined on the commissioner of loans
missioner of
J
,
loans.
for the State o f Pennsylvania, by the second section of
^ i80i°chM ' the acC entitled “ A n act concerning the M int,” passed on
n
the third day of March, one thousand eight hundred and
one, shall be performed by the collector of the port of




Philadelphia for the time being.
Approved, January 14, 1818.

LAWS CONCERNING COINAGE.

493

A C T O F M A R C H 3, 1823.

Chap.

X L I I I .— An act further to 'prolong the continu- 77$ stat' L-’

ance of the Mint at Philadelphia.
Be it enacted by the Senate and House of Representa- [Expired.]
tires of the United States of America, in Congress assem­
bled, That the act, entitled “ A n act concerning the M int,” 3 fgoLch^i,
approved March the third, one thousand eight hundred ^ i cer°evS
°t
iyed
and one, is hereby revived and continued in force a n d for five yearsoperation for the further term o f five years, from the
fourth day of March next.
S ec. 2. And be it further enacted, That, during the con- m^ ^ £ e r ° o f
tinuance of the M int at the city of Philadelphia, the
^ per
the
duties which were enjoined on the commissioner of loanscoHe^ctoij^of
for the State o f Pennsylvania, by the second section of
the act, entitled “ A n act concerning the M int,” passed on
the third day o f March, one thousand eight hundred and
one, shall be performed by the collector o f the port of
Philadelphia for the time being.
S ec. 3. And be it further enacted, That when any silver, m®|$aisS
a
used
brought to the Mint for coinage, shall require refining, th e ^ refi^n g^an
in
d
expense of the materials used in the process shall be d e -ti0? s. t0
filinfnrl p__
,,
„
.
.
m
ade from the
auctea Horn the amount o f the deposit; and that, when deposit, ayd acsilver so deposited, shall be o f a quality superior to that o f unitedr statese
r
y
the legal standard o f the silver coins of the United States,
a deduction shall be made from the amount, equal to the
expense o f the copper necessary to reduce it to the said
standard; and" that all such deductions be regularly ac­
counted for, by the treasurer o f the M int, to the Treasury
of the United States.

Approved, March 3, 1823.
A C T O F M A R C H 3, 1825.

Chap.

L X V .— A n act more effectually to provide for the
punshment of certain crimes against the United States,
and for other purposes.
*

*

*

*

*

(Sections 20 and 21 make it an offence and punishable
to falsely make, forge, or counterfeit, etc., gold, silver or
copper coin.)
*
*
*
*
*
(Section 23 makes it an offence and punishable to de­
base, etc., any gold or silver coins, or to embezzle any
coinage metal or coins.)
*
*
*
*
*

Approved, March 3, 1825.




| stat- L-»

NATIONAL MONETARY COMMISSION.

494

A C T O F M A Y 19, 1828.

27* stat.

l .,

C h a p . L X Y I I .— A n act to continue the Mint at the City

of Philadelphia, and for other purposes.
Be it enacted by the /Senate and House of Representa­
tives of the United States of America , in Congress as3, i80i,°chM sembled, That the act, entitled “ A n act concerning the
2L
M int,” approved March the third, one thousand eight
hundred and one, be, and the same hereby is, revived and
continued in force and operation, until otherwise pro­
vided by law.
For purpose

S ec. 2. And be it further enacted, That, for the pur-

dueconformity, pose of securing a due conformitv in weight of the coins
the brass troyA
®
*. .
7
e
weight p r o - 0f the United States, to the provisions of the ninth seccured in 1827 .
7
1
shall he the lion o f the act, passed the second o f A p ril, one thousand
pound
seven hundred and ninety-two, entitled
1792 ch. 1G
.
*

A n act estab-

lishing a M int, and regulating the coins o f the United
States,” the brass troy pound weight procured by the
minister o f the United States at London, in the year one

thousand eight hundred and twT
enty-seven, for the use of
the M int, and now in the custody of the Director thereof,
shall be the standard troy pound of the M int of the
United States, conformably to which the coinage thereof
shall be regulated.
series of
S ec. 3. And be it further enacted, That it shall be the

a
w eig h ts c o r r e spon d in g tothe

,

'

7

duty of the Director of the Mint to procure, and safely

aforesaid troy
r
7
^
pound weight, to keep a series of standard weights, corresponding to the
to he procured.
A.
. . °
7
r
®

aforesaid troy pound, consisting o f an one pound weight,
and the requisite subdivisions and multiples thereof, from
the hundredth part of a grain to twenty-five pounds; and
that the troy weights ordinarily employed in the transac­
tions of the M int, shall be regulated according to the
above standards, at least once in every year, under his
inspection; and their accuracy tested annually in the
presence o f the assay commissioners, on the day of the
annual assay.
when silver
S ec . 4. And be it further enacted, That, when silver
bullion is found
_
'
7.
7 .
to require the bullion,
brought to the Mint
for coinage,is found to
the test.




requirethe operation of the

test, the expense o f the

materials employed in the process, together with a reason­
able allowance for the wastage necessarily arising there­
from, to be determined by the melter and refiner o f the
M int, with the approbation o f the Director, shall be re­
tained from such deposit, and accounted for by the treas­
urer o f the M int to the Treasury of the United States.

495

LAWS CONCERNING COINAGE.

S e c . 5. And be it further enacted, That, when silver f0undertoUc ° Q
on
bullion, brought to the M int for coinage, shall be found
a P£°$or'
£

to contain a proportion of gold, the separation thereof
shall be effected at the expense of the party interested
therein: Provided , nevertheless, That, when the propor-

Proviso,

tion of gold is such that it cannot be separated advan­
tageously, it shall be lawful, with the consent of the
owner, or, in his absence, at the discretion of the D i­
rector, to coin the same as an ordinary deposit of silver.
S ec . 6. And be it further enacted, That the Director of the iMint°may

the M int may employ the requisite number o f clerks, at uisPtey number
a compensation not exceeding in the whole the sum o f o£clerksseventeen hundred dollars, and such number o f workmen
and assistants as the business o f the M int shall, from time
to time, require.
S ec . 7. And be it further enacted, That it shall be lawful for the Director of the M int to receive, and cause to be
assayed, bullion not intended for coinage, and to cause
ceitificates to be given o f the fineness thereof by such officer as he shall designate for that purpose, at such rates of
charge, to be paid by the owner o f said bullion, and under

the Mfnt^retoiV e D
b a assayed
tendedfor0
coinagAC of j an.
ttC

^ 18 7, ck- 3
1^
>

such regulations, as the said Director may, from time to
time, establish.
Approved, M ay 19, 1828.
ACT

OF

JUNE

27, 1834.

4 stat.
civil and diplomatic expenses of government for the 689'
year one thousand eight hundred and thirty-four.

C h a p . X C I I .— An act making appropriations for the

*

%

*

ifc

l .,

*

S ec . 3. And be it further enacted, T hat no payment of top^ m
madenin
the money, appropriated by this act, or any other act J^nk notes upassed at the present session o f Congress, shall be made raaee 0f pay-

in the note or notes of any bank which shall not be at par
value at
provided
strued to
payment,

the place where such payment may be made,
that nothing herein contained shall be con­
make any thing but gold and silver a tender in
of any debt due from the United States to

individuals.
*

*

*

*

*

Approved, June 27, 1834.
(Sim ilar provisions are contained in the appropriation
acts of March 3, 1835, chap. 30, sec. 4, 4 Stat. L ., 771;




a
4 9 6

N A T IO N A L

M ONETARY

C O M M IS S IO N .

A p ril 14, 1836, chap. 52 (lim iting amount, etc.), 5 Stat.
L ., 9.)
A C T O F J U N E 28, 1834.
coo Stat’ L ’ C HAP- N C V .— An act concerning the gold coins of the
United States, and for other purposes.

Be it enacted hy the Senate and House of Representa­
tives of the United States of America, in Congress asstandara and sembled. That the gold coins of the United States shall

weight of coins.

'
m
®
contain the following quantities of metal, that is to sa y :

each eagle shall contain two hundred and thirty-two
grains o f pure gold, and two hundred and fifty-eight
grains o f standard g o ld ; each half eagle one hundred and
sixteen grains of pure gold, and one hundred and twentynine grains of standard g old ; each quarter eagle shall
contain fifty-eight grains of pure gold, and sixty-four
and a half grains of standard g o ld ; every such eagle shall
be o f the value o f ten dollars; every such half eagle shall
be of the value o f five dollars; and every such quarter
eagle shall be of the value of twr dollars and fifty cents;
o
and the said gold coins shall be receivable in all pay­
ments, when o f full weight, according to their respective
values; and when o f less than full weight, at less values,
proportioned to their respective actual weights.
G ld and siio i
S ec . 2. And he it further enacted. That all standard
v e r deposited
.
1
1
be
or S^ ver deposited for coinage after the thirty-first
wit b 1n five of July next, shall be paid for in coin under the direc­
tion of the Secretary of the Treasury, within five days
from the making o f such deposit, deducting from the
Proviso.

amount o f said deposit of gold and silver one-half of one
per centum : Provided , That no deduction shall be made
unless said advance be required by such depositor within

forty days.
Rate at w
hich S ec. 3. And he it further enacted. That all gold coins of
gold coin shall
J
.
.
.
.
h receivable, the United States, minted anterior to the thirty-first day
e
of July next, shall be receivable in all payments at the
rate o f ninety-four and eight-tenths o f a cent per penny­
weight.

‘

bG
e setdap r for S ec. 4. And he it further enacted, That the better to
C tS
°a
assay.
secure a conformity o f the said gold coins to their re­




spective standards as aforesaid, from every separate mass
o f standard gold which shall be made into coins at the
said M int, there shall be taken, set apart by the Treasurer
and reserved in his custody, a certain number of pieces,

LAWS

C O N C E R N IN G

C O IN A G E .

497

not less than three, and that once in every year the pieces
so set apart and reserved shall be assayed under the in­
spection o f the officers, and at the time, and in the man­
ner now provided by law, and, if it shall be found that
the gold so assayed, shall not be inferior to the said
standard hereinbefore declared, more than one part in
three hundred and eighty-four in fineness, and one part in
five hundred in weight, the officer or officers of the said
M int whom it may concern, shall be held excusable; but
if any greater inferiority shall appear, it shall be certi­
fied to the President o f the United States, and if he shall
so decide, the said officer or officers shall be thereafter
disqualified to hold their respective offices: Provided , That

I>rovlso*

if, in making any delivery o f coin at the M int in pay­
ment o f a deposit, the weight thereof shall be found de­
fective, the officer concerned shall be responsible to
the owner for the full weight, if claimed at the time of
delivery.

S . 5.

fofce fter
cV

ec And be it further enacted, That this act shall be
July
m orce from and after the thirty-first day of July, in th e31’ 1834,
} eai one thousand eight hundred and thirty-four.
Approved, June 28, 1834.
A C T O F J U N E 28, 1834.
C hap.

X C V I . — A n act regulating the value of certain 4 sta t.L .,700.

foreign gold coins within the United States.
Be it enacted by the Senate and House of Representa­
tives of the United States of America , in Congress assem­
bled, That, from and after the thirty-first day o f July

n 625,
next, the following gold coins shall pass as current a s ^ a t e s
at
money within the United States, and be receivable in all coins shall b
e
payments, by weight, for the payment of all debts and

J u ly 3 1 ,1 8 3 4 .

demands, at the rates following, that is to sa y : the gold
coins
than
cents
gold

o f Great Britain, Portugal, and Brazil, of not less
ofp^.tutwenty-two carats fine, at the rate of ninety-four &
al»an ’ Brazild
and eight-tenths o f a cent per pennyweight; the
coins o f France nine-tenths fine, at the rate of France,

ninety-three cents and one-tenth o f a cent per penny­
weight; and the gold coins o f Spain, Mexico, and Co- a s P n0m °
nd c0i’ bfaC
lombia, o f the fineness o f twenty carats three grains and
seven-sixteenths of a grain, at the rate o f eighty-nine
cents and nine-tenths of a cent per pennyweight.




N A T IO N A L

498
A nnu al assays
to be made.

M ONETARY

C O M M IS S IO N .

S ec . 2. And be it f urther enacted, That it shall be the
duty of the Secretary o f the Treasury to cause assays of

the aforesaid gold coins, made current by this act, to be
had at the Mint o f the United States, at least once in
every year, and to make a report of the result thereof to
Congress.
Approved, June 28, 1834.
A C T O F M A R C H 3, 1835.
4 stat.L.,774. c HAP. X X X I X . — A n act to establish branches of the

Mint of the United States.
Be it enacted by the Senate and House of Rejnesentatives of the United States of America , in Congress assemb ranches o f y[ed T hat branches o f the M int of the United States

New Orleans;

7
.
shall be established as follow s: one branch at the city of
Xew Orleans for the coinage of gold and silver; one

c h arlotte;

branch at the towT of Charlotte, in Mecklinburg County,
n

Dahiohnega.

in the State o f North Carolina, for the coinage o f gold
only; and one branch at or near Dahlohnega, in Lumpkin

the Mint to be
established at

County, in the State o f Georgia, also for the coinage of
forP pm
Thasing
sites, etc.

0I1ly. A n d for the purpose of purchasing sites,
erecting suitable buildings, and completing the necessary
combinations o f machinery for the several branches afore­
said, the following sums, to be paid out o f any money
in the Treasury not otherwise appropriated, shall be, and
hereby are, appropriated: for the branch at New O r­
leans, the sum o f two hundred thousand dollars; for the

Officers to

branch at Charlotte, fifty thousand dollars; for the
branch at Dahlohnega, fifty thousand dollars.
be
S ec . 2 . And be it further enacted, That, so soon as the

t h e buiidingsnecessarv
are erected.
•>




buildings are erected for the purpose of well con. °
/
A
ducting the business of each o f the said branches, the fol­
lowing officers shall be appointed upon the nomination of
the President, and with the advice and consent o f the
Senate: one superintendent, one treasurer, one assayer,
one chief coiner, one melter, and one refiner. And the
superintendent of each mint shall engage and employ as
many clerks and as many subordinate workmen and
servants as shall be provided for by la w ; * * *
(T he second paragraph fixes the salaries of the officers
and clerks and appropriates the necessary amounts to pay
the same.

Resolution No. 5, o f March 3, 1851, authorizes

LAWS

C O N C E R N IN G

C O IN A G E .

499

treasurers o f mints to appoint their own clerks subject
to the approval o f the Secretary of the Treasury.
(Section 3 provides that the officers and clerks referred
to shall take an oath or affirmation, and give bond, and
the act o f A p ril 2, 1844 (chap. T, 5 Stat. L ., 6 5 2 ), pre­
scribes that such oath or affirmation may be taken before
any judge o f the Supreme Court, or o f any court o f rec­
ord in the State.)
S ec . 4. And be it further enacted, That the general ^Generai^dnecdirection of the business of the said branches o f the Mint b betundo> [b|
°lrec 0r J
of the United States shall be under the control and regu-Mint at Phiialation of the Director of the M in t at Philadelphia, sub­
ject to the approbation o f the Secretary o f the Treasury;
and for that purpose, it shall be the duty of the said
Director to prescribe such regulations, and require such
returns, periodically, and occasionally, as shall appear
to him to be necessary for the purpose of carrying into
effect the intention o f this act in establishing the said
branches; also, for the purpose of discriminating the
coin which shall be stamped at each branch, and at the
Mint itself; also, for the purpose of preserving uni­
formity of weight, form, and fineness in the coins stamped
at each place; and for that purpose, to require the trans­
mission and delivery to him, at the M int, from time to
time, such parcels of the coinage o f each branch as he
shall think proper to be subjected to such assays and
tests as he shall direct.
S ec.

5. And be it further enacted, That all the laws, ul^ ®

and parts of laws, made for the regulation of the Mint «'xtended t0 the
or the united States, and for the government of the offi­
cers and persons employed therein, and for the punish­
ment of all offences connected with the M int or coinage
of the United States, shall be, and the same are hereby,
declared to be in full force, in relation to each of the
branches of the Mint by this act established, so far as the
same shall be applicable thereto.
Approved, March 3, 1835.
(The act o f February 13, 1837 (chap. 14, 5 Stat. L .,
147), provides for the officers and their salaries at the
branch mints at New Orleans, Charlotte, and Dahlohnega, and the act o f February 27, 1843 (5 Stat., 6 0 2),
changes the duties o f the officers at Charlotte and Dahlohnega.)
N ote.— The branch mint at New Orleans having been closed on
account o f the rebellion, its reopening was provided for by the act




»
5 0 0

N A T IO N A L

M ONETARY

C O M M IS S IO N .

of June 20, 1874 (18 Stat. L., 97), and the assaying and stamping
o f bullion thereat was authorized by the acts o f August 15, 1S76
(19 Stat. L „ 158), and March 3, 1877 (19 Stat. L., 307).
Other branch mints were established as follow s: In California,
July 3, 1S52 (10 Stat L., 11) ; at San Francisco, February 12,
1870 (17 Stat. L „ 435, sec. 3495, R. S.) ; at Denver, April 21, 1S62
(12 Stat. L., 3S2, sec. 3495, R. S.).
The act o f February 20, 1895 ( 28 Stat. L., 673), provided for
coinage at Denver, but the act o f March 2, 1895 (28 Stat. L.,
784) and subsequent appropriation acts up to 1904 provided
that until the office should become a coinage mint in accordance
with law, it should continue as an assay office.
A t Carson City, Nev., March 3, 1863 (12 Stat L., 770, sec. 3495,
R. S .).
The establishment o f a mint at Manila is authorized by the
act o f July 1, 1902 ( 32 Stat. L., 710).

A C T O F J A N U A R Y 18, 1837.
5 stat.L.,136. c HAp. I I I .— A n act supplementary to the act entitled

“A n act establishing a Mint , and regulating the coins
of the United States.’ '
’1

1

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress as2’ sembled, That the officers o f the M int of the United States
7

°i!

1 i 92, cn. l o .
£ ct o f M ar. 3,

ghall be a Director, a treasurer, an assayer, a melter and

i843t0ch
F46 27’ re^ ner’ a
c° i ner and an engraver, to be appointed
.AM Apr. 3,by the President o f the United States, by and with the
officers.
advice and consent o f the Senate.
D u ties

of—

D irector.

S ec . 2. And be it further enacted, That the respective

duties of the officers o f the M int shall be as follow s:
First. The Director shall have the control and manage­
ment o f the M int, the superintendence of the officers and
persons employed therein, and the general regulation and
supervision o f the business o f the several branches. A nd
in the month o f January o f every year he shall make re­
port to the President of the United States o f the opera­
tions o f the M int and its branches for the year preceding.
A n d also to the Secretary of the Treasury, from time to
time, as said Secretary shall require, setting forth all the
operations of the M int subsequent to the last report made

Treasurer.




upon the subject.
Second. The treasurer shall receive, and safely keep all
moneys which shall be for the use and support o f the
M in t; shall keep all the current accounts of the M int, and
pay all moneys due by the M int, on warrants from the
Director. H e shall receive all bullion brought to the

LAWS

C O N C E R N IN G

501

C O IN A G E .

M int for coinage; shall be the keeper o f all bullion and
coin in the M int, except while the same is legally placed
in the hands o f other officers, and shall, on warrants from
the Director, deliver all coins struck at the M int to the
persons to whom they shall be legally payable.

A n d he

shall keep regular and faithful accounts o f all the trans­
actions o f the M int, in bullion and coins, both with the
officers o f the M int and the depositors; and shall present,
quarter-yearly, to the Treasury Department of the United
States, according to such forms as shall be prescribed by
that Department, an account o f the receipts and disburse­
ments of the M int, for the purpose o f being adjusted and
settled.

Third. The assa}rer shall carefully assay all metals used

A ssayer.

in coinage, whenever such assays are required in the oper­
ations of the~Mint; and he shall also make assays o f coins
v henever instructed to do so by the Director.
Fourth. I he melter and refiner shall execute all the

^Meiter and re-

operations^ which are necessary in order to form ingots of
standard silver or gold, suitable for the chief coiner, from
the metals legally delivered to him for that purpose.
i if tii. 1 he chief coiner shall execute all the operations

C h ie f coiner,

which arc necessary in order to form coins, conformable
m all respects to the law, from the standard silver and
gold ingots, and the copper planchets, legally delivered to
him for this purpose.

Sixth. The engraver shall prepare and engrave, with

E n graver,

the legal devices and inscriptions, all the dies used in the
coinage of the Mint and its branches.
S ec. 3. And he it further enacted, That the Directorof^stanTand
shall appoint, with the approbation of the President,clerksassistants to the assayer, melter and refiner, chief coiner,
and engraver, and clerks for the Director and treasurer,
whenever, on representation made by the Director to the
President, it shall be the opinion of the President that
such assistants or clerks are necessary. A n d it shall be Their duties,
the duty o f the assistants to aid their principals in the
execution of their respective offices, and o f the clerks to
perform such duties as shall be prescribed for them by the
Director.
S e c . 4 . And he it further enacted, That whenever a n y cageC f C
o tempo°
officer of the Mint shall be temporarily absent, on account
absence,

o f sickness, or any other sufficient cause, it shall be law­
ful for the Director, with the assent o f said officer, to
appoint some person attached to the M int, to act in the




502

N A T IO N A L

Employ m e n t

o f w orkm en an d
serva n ts.

M ONETARY

C O M M IS S IO N .

place of such officer during his absence, and that the
Director shall employ such workmen and servants in the

r J

.

M int as he shall from time [to time] find necessary.
(Section 5 provides that oath shall be taken by officers,
assistants, and clerks.
(Section 6 requires that certain officers shall and their
assistants and clerks may be required to give bond.
(Section 7 fixes salaries and w^ages of officers, clerks,
assistants, workmen, and servants.)

S ta n d a rd fo r
gold and s ilv er
coins.

S ec . 8. And be it further enacted, T hat the standard for

both gold and silver coins o f the United States shall here­
after be such, that of one thousand parts by weight, nine
hundred shall be of pure metal, and one hundred of alloy;
and the alloy o f the silver coins shall be of copper; and
the alloy o f the gold coins shall be of copper and silver,

A lloy s.

provided that the silver do not exceed one-half of the
whole alloy.
Weight

of

s ilv e r coin s.

S ec . 9. And be it further enacted, That o f the silver

coins, the dollar shall be of the weight of four hundred
and twelve and one-half grains; the half dollar of the
weight of two hundred and six and one-fourth grains;
the quarter dollar of the weight o f one hundred and three
and one-eighth grains; the dime, or tenth part of a dollar,

D olla rs, etc.,
tenders, etc.

o f the weight of forty-one and a quarter grains; and the
h alf dime or twentieth part of a dollar, of the weight of
twenty grains, and five-eighths of a grain. And that
dollars, half dollars, and quarter dollars, dimes, and half
dimes, shall be legal tenders o f payment, according to
their nominal value, for any sums whatever.

* °f

S ec . 10* And be it f urther enacted, That of the gold

shall b e ^ lega i

c0^
ns?
weight of the eagle shall be two hundred and
fifty-eight grains; that of the half eagle one hundred and

goM coin s

tender, etc.

twenty-nine grains; and that of the quarter eagle sixtyfour and one-half grains.

A nd that for all sums what­

ever, the eagle shall be a legal tender of payment for ten
dollars; the h alf eagle for five dollars; and the quarter
eagle for two and a half dollars.

And be it further enacted, That the silver coins
'
,
,
issued at the M int o f the United States, and the
coins issued
.
since July^31, gold coins issued since the thirty-first day o f July, one
s ilv e r coin s
S ec . 11.
h ere to fo re i s •
sued, and gold heretofore

tiaiu erse lfr-thousand eight hundred and thirty-four, shall continue to
tend>
be legal tenders of payment for their nominal values, on
the same terms as if they were of the coinage provided for




by this act.

503

LAWS CONCERNING COINAGE.

W e ig h t
S ec. 12. And be it further enacted, That of the copper copper coins.of
coins, the weight o f the cent shall be one hundred and

sixty-eight grains, and the weight o f the half-cent eightyProportional
four grains. A n d the cent shall be considered o f the value of a dol­
lar.
value o f one hundredth part o f a dollar, and the half-cent
of the value of one two-hundredth part o f a dollar.
S ec . 13. And be it further enacted, That upon the coins l e Devices and
g e n d s of
struck at the Mint there shall be the following devices and coins.
legends: upon one side of each o f said coins there shall be
an impression emblematic o f liberty, with an inscription
of the word Liberty, and the year o f the coinage; and
upon the reverse o f each of the gold and silver coins, there
shall be the figure or representation o f an eagle, with the
inscription United States of America, and a designation
of the value of the coin; but on the reverse of the dime
and half dime, cent and h alf cent, the figure of the eagle
shall be omitted.
(Sections 14 to 19 provide that gold and silver bullion 5 S t a t . L.,
136.
brought to the mint shall be received and coined for the
benefit of the depositor, and that the only subjects of
charge to him shall be for refining, toughening, and sep­
arating, and for metal used for alloy, the rate of charge
being fixed from time to time so as not to exceed the
actual expense incurred. For the net amount of the de­
posit a certificate shall be given, payable in coins of the
same metal as the deposit.)
S ec. 20. A n d 'b e it further enacted, That parcels ° f buTrffofn
1
rSb°y
bullion shall be, from time to time, transferred by the tr®
.asure/ 4®
ireasurer to the melter and refiner; that a careful record finerof these transfers, noting the weight and character of
the bullion, shall be k e p t; and that the bullion thus placed
m the hands of the melter and refiner shall be subjected
to the several processes which may be necessary to form
it into ingots o f the legal standard, and o f a quality suit­
able for coinage.
S ec . 21. And be it further enacted, That the ingots
<i

'

.

‘r

ingots to be

assayed, etc.

tnus prepared shall be assayed by the assayer, and if they
prove to be within the limits allowed for deviation from
the standard, they shall be transferred by the melter and
refiner to the treasurer, accompanied by the assaver’s cer­
tificate o f their fineness; and that a careful record o f the
transfer shall be kept by the treasurer.
S ec. 22. And be it further enacted, That no ingots o f ^ D e v i a t i o n
gold shall be used for coinage of which the quality differs s t a n d a r d ai.

&

^

J

more than two thousandths from the legal standard; and
15712°— io------34




lowed in ingots

gold and sil-

NATIONAL MONETARY COMMISSION.

504

that no ingots o f silver shall be used for coinage of which
the quality differs more than three thousandths from the
legal standard.
account8 l fth
w
™nerer

be it further enacted, That in the treas-

S ec. ^3.

and re urer’s account with the melter and refiner, the melter
and refiner shall be debited with the standard weight of
all the bullion placed in his hands, that is to say, with
the weight o f metal of legal standard fineness which it
will make; and that he shall be credited by the standard
weight o f all the ingots delivered by him to the treasurer;
and that once at least in every year, at such time as the
Director shall appoint, the melter and refiner shall de­
liver up to the treasurer all the bullion in his possession,
in order that his accounts may be settled up to that tim e;
and, in this settlement, he shall be entitled to a credit for
the difference between the whole amount o f bullion de­
livered to him, and received from him, since the last

n ^e'lfe^s'a r°y
waste.
Proviso.

settlement, as an allowance for necessary waste: Pro­
vided, That this allowance shall not exceed two thou­
sandths of the whole amount o f gold and silver bullion,
respectively, that had been delivered to him by the treas­

urer.
I n g o t s for
S ec . 24. And he it f urther enacted, That the treasurer

coinage.

shall, from time to time, deliver over to the chief coiner,
ingots for the purpose o f coinage; that he shall keep a
careful record o f these transfers, noting the weight and
description o f the ingots; and that the ingots thus placed
in the hands o f the chief coiner shall be passed through
the several processes necessary to make from them coins,
in all respects conformable to law.
Devi ati on
S e c . 25. And he it further enacted, That in adiusting
s t a nda rd ai- the weights o f the coins, the following deviations from the
lowed in the
°
1
°
w e i g h t s of standard weight shall not be exceeded in any of the single

coins in siosrl©
pieces.
pieces:

^

*
*

~

In the dollar and half dollar, one grain and a h a lf;

in the quarter dollar, one grain; in the dime and half
dime, half a g ra in ; in the gold coins, one-quarter of a
g ra in ; in the copper coins, one grain in the pennyweight;
numb’ r T
gether.




an(^ that in weighing a large number o f pieces together,
when delivered from the chief coiner to the treasurer,
and from the treasurer to the depositors, the deviations
from the standard weight shall not exceed the following
lim its: Four pennyweights in one thousand dollars; three
pennyweights in one thousand half dollars; two penny­
weights in one thousand quarter dollars; one pennyweight
in one thousand dim es; one pennyweight in one thousand

505

LAWS CONCERNING COINAGE.

h alf dimes; two pennyweights in one thousand eagles;
one and a half pennyweight in one thousand h alf eagles;
one pennyweight in one thousand quarter eagles.
S ec. 26. And be it further enacted, That the chief w
efghed.t0 **
coiner shall, from time to time, as the coins are prepared,
deliver them over to the treasurer, who shall keep a care­
ful record o f their kind, number, and weight ; and that,
in receiving the coins, it shall be the duty of the treas­
urer to see whether the coins o f that delivery are within
the legal limits of the standard w eight; and if his trials
for this purpose shall not prove satisfactory, he shall
cause all the coins of this delivery to be weighed sepa­
rately, and such as are not o f legal weight shall be deli\ered to the melter and refiner, as standard bullion, to
be again formed into ingots and recoined.
S ec . 27. And be it further enacted, That at every de- pr£S 'r s f 0
e ° edto b®
livery of coins made by the chief coiner to the treasurer,
annual
it shall be the duty o f the treasurer, in the presence of
the assayer, to take indiscriminately, a certain number of
pieces of each variety for the annual trial of coins, (the
number being prescribed by the director,) which shall
be carefully labeled, and deposited in a chest appropriated
foi the purpose, kept under the joint care of the treasuier and assayer, and so secured that neither can have
access to its contents without the presence of the other.
S ec. 28. And be it further enacted, That the chief ofDisposmon
coiner shall, from time to time, deliver to the treasurer etc.
the clippings and other portions of bullion remaining
after the process of coining, and that the treasurer shall
keep a careful record of their amount.
S ec . 29. And be it further enacted, That in the treasuier s account with the chief coiner, the chief coiner

Treasurer's

shall chief coiner,

be debited with the amount in weight of standard metal
of all the bullion placed in his hands, and credited with
the amount, also by weight, o f all the coins, clippings, and
other bullion delivered by him to the treasurer; and that
once at least in every year, at such time as the Director
shall appoint, the chief coiner shall deliver to the treas­
urer all the coins and bullion in his possession, so that his
accounts may be settled up to that tim e; and, in this set-f0^ nn
°e^ sa^
n
tlement, he shall be entitled to a credit for the difference wastebetween the whole amount o f ingots delivered to him,
and of the coins and bullion received from him, since the
last settlement, as an allowance for necessary waste: Pro-




Provlso-

5 0 6

N A T IO N A L

M ONETARY

C O M M IS S IO N .

wided, T hat this allowance shall not exceed two thou­
sandths o f the whole amount o f the silver, or one and
one-half thousandth o f the whole amount o f the gold,
that had been delivered to him by the treasurer.
b u n fo ifd e p o s in
ed to be coin ed .

SE <
C
And be it further enacted, That when the
coins which are the equivalent to any deposite of bullion
are ready for delivery, they shall be paid over to the de­
positor, or his order, by the treasurer, on a warrant from
the Director; and the payment shall be made, if de­
manded, in the order in which the bullion shall have been
brought to the M int, giving priority according to pri­
ority of deposite only; and that in the denominations of
coin delivered, the treasurer shall comply with the wishes
of the depositor, unless when impracticable or inconven­
ient to do so; in which case, the denominations of coin
shall be designated by the Director.

pub>?c>° m o n e y
i

S

ec

.

And be it further enacted, That for the pur-

thebm i n t by Pose
kP
enabling the M int to make returns to depositors
T rea su ry r y of with as little delay as possible, it shall be the duty of the
Secretary o f the Treasury to keep in the said M int, wdien
the state of the Treasury will admit thereof, a deposite
o f such amount of public money, or of bullion procured
for the purpose, as he shall judge convenient and neces­
sary, not exceeding one million of dollars, out of which
those who bring bullion to the Mint may be paid the value
thereof, as soon as practicable, after this value has been
ascertained; that the bullion so deposited shall become the
property of the United States; that no discount or inter­

o f A nnua1

est shall be charged on moneys so advanced; and that
the Secretary of the Treasury may at any time withdrawT
the said deposite, or any part thereof, or may, at his
discretion, allow the coins formed at the M int to be given
for their equivalent in other money,
trial
g E Ci 32. And be it further enacted, That to secure a

3 i823°chM due conformity in the gold and silver coins to their re­
42
sec. 2 , rep ea led ’. Spective standards and weights, an annual trial shall be




made of the pieces reserved for this purpose at the M int
and its branches, before the judge o f the district court of
the United States, for the eastern district o f Pennsylvania,
the attorney o f the United States, for the eastern district
o f Pennsylvania, and the collector o f the port of Philadel­
phia, and such other persons as the President shall, from
time to time, designate for that purpose, who shall meet
as commissioners, for the performance o f this duty, on the
second Monday in February, annually, and may continue

LAWS

C O N C E R N IN G

C O IN A G E .

507

their meetings by adjournment, i f necessary; and if a ma­
jority of the commissioners shall fail to attend at anytime
appointed for their meeting, then the Director o f the M int
shall call a meeting of the commissioners at such other
time as he may deem convenient; and that before these
commissioners, or a majority of them, and in the pres­
ence of the officers o f the M int, such examination shall
be made of the reserved pieces as shall be judged suffi­
cient ; and if it shall appear that these pieces do not differ
from the standard fineness and weight by a greater
quantity than is allowed by law, the trial shall be con­
sidered and reported as satisfactory; but if any greater
deviation from the legal standard or weight shall ap­
pear, this fact shall be certified to the President of the
United States, and if, on a view o f the circumstances o f
the case, he shall so decide, the officer or officers im pli­
cated in the error shall be thenceforward disqualified
from holding their respective offices.
P u rch a se o f
S e c . 33. And be it further enacted, That copper bullion
co p p e r b ullion .
shall be purchased for the M int, from time to time, by
the treasurer, under instructions from the Director; that
the cost shall be paid from the fund hereinafter pro­
vided fo r; and that the copper bullion shall be of good
quality, and in form of planchets fit for passing at once
into the hands of the chief coiner.
S e c . 34.

And be it further enacted, That the copper

C oin age
cop p er.

o f

planchets shall .be delivered, from time to time, by the
treasurer to the chief coiner, to be by him coined; and all
such copper shall be returned to the treasurer, by the
chief coiner, weight for weight, without allowance for
waste.
S e c . 35. And be it further enacted, That it shall be the copper coins
t , „
'
.
5
m a y b e exauty ot the treasurer of the M int to deliver the copper changed for

coins, in exchange for their legal equivalent in other
money, to any persons who shall apply for them: Pro-

Proviso.

vided , That the sum asked for be not less than a certain
amount, to be determined by the Director, and that it be
not so great as, in his judgment, to interfere with the
capacity of the M int to supply other applicants.
S e c . 3G. And be it further enacted, That the copper tracnsp^er 0iat
0P rted
coins may, at the discretion o f the Director, be delivered ^ ptnse o£ the
e
in any of the principal cities and towns of the United

States, at the cost o f the M int for transportation.
S e c . 37.

And be it further enacted, T hat the money re- m sp°received
™ ey

ceived by the treasurer in exchange for copper coins shall copper cofnsfor




508

N A T IO N A L

M ONETAEY

C O M M IS S IO N .

form a fund in his hands, which shall be used to pur­
chase copper planchets, and to pay the expense of trans­
portation of copper coins; and that if there be a surplus,
the same shall be appropriated to defray the contingent
expenses of the Mint.
peaie<fr acts

^ EC‘
^ n^ ^e it further enacted, That all acts or
parts of acts heretofore passed, relating to the M int and
coins o f the United States, which are inconsistent with
the provisions o f this act, be, and the same are hereby
repealed.
Approved, January 18, 1837.
A C T O F M A K C H 3, 1849.

o stat.

l

.,

C h a p . C I X .— An act to authorize the coinage of gold

dollars and double eagles.

coinage

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemotbled, That there shall be, from time to time, struck and

and gold doi-

coined at the Mint of the United States and the branches
in all respects to law (except that

ized. 1
thereof, conformably
See act Feb.
7
"
21 ,1853, sec. 7 ! on the reverse o f the

A

x

x

gold dollar the figure o f the eagle
s e at Fb shall be omitted,) and conformablv in all respects to th
e c sec..
e
e
12 1873
77
.
A
14!
' standard for gold coins now established by law, coins of
gold o f the following denominations and values, v iz .:
double eagles, each to be of the value of twenty dollars,
or units, and gold dollars, each to* be of the value o f one
dollar, or unit.
S e c . 2. And be it further enacted. That, for all sums
'
whatever, the double eagle shall be a legal tender for
ma.
twenty dollars, and the gold dollar shall be a legal tender
for one dollar.
ah laws now
S e c . 3. And be it f urther enacted. That all laws now in

Double eagle
and gold dollar
to be legal ten-

in force in re-

.

.

;

.

„ ,

T .

..

Ration ^to t the

force in relation to the coins o± the United States, and the

United^ states

striking and coining the same, shall, so far as applicable,
have full force and effect in relation to the coins herein
.
,
authorized, whether the said laws are penal or otherwise;

coins he rei n
authorized.

and whether they are for preventing counterfeiting or
debasement, for protecting the currency, for regulating
and guarding the process o f striking and coining, and the
preparations therefor, or for the security of the coin, or
for any other purpose.
w e i g h t s of




S e c . 4 . And be it further enacted, That, in adjusting
the weights of gold coins henceforward, the following

509

LAWS CONCERNING COINAGE.

deviations from the standard weight shall not be exceeded
in any o f the single pieces— namely, in the double eagle,
the eagle, and the h alf eagle, one h alf o f a grain, and in
the quarter eagle, and gold dollar, one quarter o f a g ra in ;
and that in weighing a large number o f pieces together,
when delivered from the chief coiner to the treasurer,
and from the treasurer to the depositors, the deviation
from the standard weight shall not exceed three penny­
weights in one thousand double eagles; two pennyweights
in one thousand eagles; one and one half pennyweights
in one thousand half eagles; one pennyweight in one
thousand quarter eagles; and one half o f a pennyweight
in one thousand gold dollars.
Approved, March 3, 1849.
A C T O F M A Y 23, 1850.
C h a p . X I I .— A n act supplementary to the act entitled 43® stat. l .,

'A n act supplementary to the act entitled 1 n act
A
establishing a mint, and regulating the coins of the
United States
Ue it enacted by the Senate and House of Representa^
hues of the United States of America in Congress assem­
bled, lh a t, for the purpose of enabling the mint and th<f°mint aand
branch mints of the United States to make returns to^nch^ m
^nt^s
depositors with as little delay as possible, it shall be la w - t u r n s
ui tor the President o f the United States, when the state
me treasury shall admit thereof, to direct transfers to
irom time to time to the mint and branch mints
oi such sums of public money as he shall judge conin d u e

the

to de-

P resid en t

to d ire ct transm oney,

\ enlent and necessary, out of which those who bring
bullion to the mint may be paid the value thereof, as soon
as practicable after this value has been ascertained; that
the bullion so deposited shall become the property of the
United States; that no discount or interest shall be
charged on money so advanced; and that the Secretary
of the Treasury may at any time withdraw the said deposite, or any part thereof, or may, at his discretion,
allow the coins formed at the mint to be given for their
equivalent in other money: Provided , That the bonds
given

by

the

United

States

treasurers

and superin­

tendents o f the mint shall be renewed or increased at the
discretion o f the Secretary of the Treasury, under the
operation o f this act.
Approved, M ay 23, 1850.




P rov iso,

NATIONAL MONETARY COMMISSION.

510

A C T O F S E P T E M B E R 30, 1850.
rg9 stat. l ., C h a p . X C . — A n act making appropriations for the civil

and diplomatic expenses of government for the year
ending the thirtieth of June, eighteen hundred and
;fifty-one, and for other purposes.
*

*

*

*

*

T m su ^au -

The Secretary of the Treasury be, and he is hereby,

t r a c t 2 w ith c as-

authorized and directed to contract, upon the most rea-

?n

y
cai?foTnr sonable terms, with the proprietors of some well-estabiaS

fix theSvayiue o f

fer v i s i o n

s0 f
U

h shed assaying works now in successful operation in
California, upon satisfactory security, to be judged by

assayer States the Secretary of the Treasury, who shall, under the super­
vision o f the United States assayer to be appointed by
the President, by and with the advice and consent of the
Senate, perform such duties in assaying and fixing the
value o f gold in grain and lumps, and in forming the
same into bars, as shall be prescribed by the Secretary
of the Treasury, and that the said United States assayer
shall cause the stamp of the United States, indicating
the degree of fineness and value, to be affixed to each bar
or ingot of gold that may be issued from the establishP ro v iso .

F u rth er pro-

ment. Provided , That the United States shall not be
held responsible for the loss of any gold deposited with
said proprietors for assay: And provided, further, That
the salary o f said assayer shall be fixed by the Secretary
o f the Treasury, not to exceed five thousand dollars.
*

*

*

*

*

Approved, September 30, 1850.
( A similar provision is contained in the act of August
31, 1852, chap. 108, 10 Stat. L ., p. 97.)
A C T O F M A R C H 3, 1851.
9 stat.

l .,

C h a p . X X . — A n act to reduce and modify the rates of

postage in the United States, and for other purposes.
Be it enacted by the Senate and House of Representa­
tives of the United, States of America in Congress assem­
bled,

*

New coin of
v a l u e of 3

S ec.

*

*

*

*

*

*

*

11. And be it further enacted, That from and after
'

.

,,

'

c r ee not o f the Passag e ° t this act, it shall be lawful to com at the
e&
1853,

M int o f the United States and its branches, a piece of the

A ct of Feb.
12 1873, S6C .

denomination and legal value o f three cents, or three hun25
=
7
dredths of a dollar, to be composed of three fourths silver

M ar.

id.




3,

’

511

LAWS CONCERNING COINAGE.

and one fourth copper, and to weigh twelve grains and

weight,

three eighths o f a g ra in ; that the said coin shall bear such

Device,

devices as shall be conspicuously different from those of
the other silver coins, and o f the gold dollar, but having
the inscription United States o f America, and its denomi­
nation and date; and that it shall be a legal tender in^

M ade

a

tend-

payment of debts for all sums of thirty cents and under.
And that no ingots shall be used for the coinage of the
three-cent pieces herein authorized, of which the quality
differs more than five thousandths from the legal stand­
ard; and that, in adjusting the weight o f the said coin,

W eigh t.

the following deviations from the standard weight shall
not be exceeded, namely, one-half of a grain in the single
piece, and one pennyweight in a thousand pieces.

Approved, March 3, 1851.
A C T O F J U L Y 3, 1859,
C h a p . L I V . — An act to establish a branch of the Mint o /

io stat- L-’

the United States in California.
_ ^ e it enacted by the Senate and House of Representa­

tives of the United States of America in Congress assem­
bled, That a branch o f the M int of the United States be

Branch^m
mt

established in California, to be located by the Secretary
° f the Treasury, for the coinage of gold and silver.
*

*

*

*

*

S ec . 8. And be it further enacted, That, if required b y say^dIndcast

the holder, g old 'in grain or lumps shall be refined, as-ingotsaran°d
sayed, cast into bars or ingots, and stamped in said branch stam
ped at exmint, or in the M int of the United States, or any o f i t s ’tor.
branches, in such manner as may indicate the value and
fineness of the bar or ingot, which shall be paid for by the
owner or holder o f said bullion, at such rates and charges,
and under such regulations, as the Director of the Mint,
under the control of the Secretary o f the Treasury, may
from time to time establish.

Approved, July 3, 1852.
A C T O F F E B R U A R Y 21, 1853.
C h a p . L X X I X . — A n act amendatory of existing laws 16^° stat L >

relative to the half dollar, quarter dollar, dime, and half i853,cU og,
sec. 7.
dime.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem-




512

,

W eig h t o f the
h a lf d o lla r and
q u a rter, dim e
an d h a lf d im e,
a fte r June 1,
1853.

NATIONAL MONETARY COMMISSION.

bled, That from and after the first day o f June, eighteen
hundred and fifty-two, [three] the weight of the half
dollar or piece of fifty cents shall be one hundred and
ninety-two grains, and the quarter dollar, dime, and half
dime, shall be, respectively, one half, one fifth, and one
tenth of the weight of said half dollar.

S uch c o i n s ,
w hen to be a
lega l tender.

P u r ch a se of
th e silv er b u l­
l i o n fo r s u c h
coin a g e.

S ec. 2. And be it f urther enacted, That the silver coins
issued in conformity with the above section, shall be legal
tenders in payment o f debts for all sums not exceeding
five dollars.
S ec. 3. And be it further enacted, That in order to pro­
cure bullion for the requisite coinage o f the subdivisions
of the dollar authorized by this act, the treasurer of the
M int shall, with the approval of the Director, purchase
such bullion with the bullion fund of the Mint. He shall
charge himself with the gain arising from the coinage of
such bullion into coins o f a nominal value exceeding the
intrinsic value thereof, and shall be credited with the d if­
ference between such intrinsic value and the price paid
for said bullion, and with the expense of distributing said
coins as hereinafter provided.

The balances to his credit,

or the profit of said coinage, shall be, from time to time,
on a warrant of the Director of the M int, transferred to
the account of the Treasury of the United States.
Such
coin s,
h ow to he ex­
c h a n g e d and
p a id o u t o f
m int.

S ec. 4. And be it further enacted, That such coins shall
be paid out at the M int, in exchange for gold coins at par,
in sums not less than one hundred dollars; and it shall be
lawful, also, to transmit parcels of the same from time to
time to the assistant treasurers, depositaries, and other
officers o f the United States, under general regulations,

A m o u n t of
c o i n a g e reg u ­
lated.

No p r i v a t e
deposits for
said coin s to be
received.




proposed by the Director o f the M int, and approved by
the Secretary o f the Treasury: Provided , however, That
the amount coined into quarter dollars, dimes, and half
dimes, shall be regulated by the Secretary o f the Treasury.
S ec. 5. And be it further enacted, That no deposits for
coinage into the half dollar, quarter dollar, dime, and half
dime, shall hereafter be received, other than those made
by the treasurer of the M int, as herein authorized, and
upon account o f the United States.
(Section 6 provides that when gold or silver is deposited
for coinage, there shall be a charge to the depositor, in
addition to the charge for refining or parting the metals,
of one-half of one per centum, this provision not applying
to silver coined into the subdivisions of the dollar.)

513

LAWS CONCERNING COINAGE.

S e c . 7. A n be it further enacted, That from time to $3G£s?ab?ishedf
time there shall be struck and coined at the M int of the

United States, and the branches thereof, conformably in
all respects to law, and conformably in all respects to the
standard of gold coins now established by law, a coin of
gold of the value of three dollars, or units, and all the ^
pro- act ro
? 1849, ch.
7j?!?ns
•.
p
.
1
1
visions of an act entitled “ A n act to authorize the coinage 199> “ a^e aP
;
or gold dollars and double eagles,” approved March th ird ,coineighteen hundred and forty-nine, shall be applied to the
com herein authorized, so far as the same may be applica­
ble ; but the devices and shape of the three dollar piece
shall be fixed by the Secretary o f the Treasury.
S ec . 8. And be it further enacted, That this act shall b e feJt j ^ e ef'
°
e 2

in force from and after the first day o f June next.
Approved, February 21, 1853.

18i853, ch. 96,
sec- 7- ’

A C T O F M A R C H 3, 1853.
C

. X C V I .— A n act to supply deficiencies in the a p - 18^ °
propriations for the service of the fiscal year ending
the thirtieth of June, one thousand eight hundred and
fifty-three.

h a p

*

*

*

*

sta t-

L>

*

. ®ECAnd be it further enacted, That when gold or caG
tingrffiver
silver shall be cast into bars or ingots or formed into disks 1 t°ngo^s
0 di s’barB
°
’
at. the M int o f the United States, or any of the branches
thereof, or at any assay office o f the United States, the
charge for refining, casting, or forming said bars, ingots,
or d ^ks shall be equal to, but not exceed, the actual cost
° f the operation, including labor, wastage, use o f ma­
chinery, materials, etc., to be regulated from time to
time bv the Secretary of the Treasury. A nd the Secre­
tary o f the Treasury is hereby authorized to regulate vic^ fo fa s it
the
the size and devices of the new silver coin, authorized by thorizedn act
by
an act entitled “ A n act amendatory o f existing laws rela- of 1853, ch. 79.
live to the half dollar, quarter dollar, dime, and half
dime,” passed at the present session; and that, to procure
such devices, as also the models, moulds, and matrices or
original dies for the coins, disks, or ingots authorized by
said act, the Director o f the M int is empowered, with the
approval o f the Secretary o f the Treasury, to e n g a g e ^ A d d itio n a l
temporarily for that purpose the services o f one or more mint,
artists, distinguished in their respective departments, who
shall be {laid for such services from the contingent appro­
priation for the M in t: A nd that hereafter the three centthe' 3e1Q coh/
ce t




514

NATIONAL MONETARY COMMISSION.

coin now authorized by law shall be made o f the weight
o f three fiftieths of the weight o f the h alf dollar, as pro­
vided in said act, and o f the same standard o f fineness.
chA79,°to1take A n d the said act, entitled “ x\n act amendatory of existing
1853* A p r ‘ ly laws relative to the h alf dollar, quarter dollar, dime, and
half dime,” shall take effect and be in full force from and
after the first day o f A p ril, one thousand eight hundred
and fifty-three, any thing therein to the contrary notwith­
standing.
*

*

*

*

*

Approved, March 3, 1853.
A C T O F M A R C H 3, 1853.
igio stat. l „ C h a p . X C Y I I . — A n act making appropriations for the

civil and diplomatic expenses of Government for the
year ending the thirtieth of June, eighteen hundred and
fifty-four.
*

*

anq • sjiap ^ the duty o f the superintendent of
{.

the M int to cause to be paid annually into the Treasury of
the United States the profits o f the M int, and to present a
quarterly account of the expenditures o f the M int to the
Secretary of the Treasury;

R e fin in g of
gold in private
establishments,




S ec. 5. And he it further enacted, That when private
'
7
,r
establishments shall be made to refine gold bullion, the
Secretary o f the Treasury, if he shall deem them capable
o f executing such work, is hereby authorized and required
to limit the amount thereof, which shall be refined in the
M int at Philadelphia, from quarter to quarter, and to re­
duce the same progressively as such establishments shall
be expended [extended?] or multiplied, so as eventually,
and as soon as may be, to exclude refining from the M int,
and to require that every deposit of gold bullion made

Proviso.

therein for coinage shall be adapted to said purpose, without need o f refining: Provided , That no advances in coin
shall be made upon bullion after this regulation shall be
carried into effect, except upon bullion refined as herein
prescribed.
N o te to S e c t io n 5.— Section 3, act o f February 20, 1861 (12
Stat. L., 144), extends the provisions o f this section to the branch
mints and the assay office at New York, in all cases where de­
posits o f bullion are made for coins or fine bars.

515

LAWS CONCERNING COINAGE.

(Section 10 provides for the establishment o f an assay
office in the city o f New Y ork .)
S ec. 11. And be it further enacted, That the owner or
_e

it

,

.

otvners o f any gold or silver bullion, m dust or otherwise,

R eceip t to be
given fo r bullion.

or of any foreign coin, shall be entitled to deposite the
same in the said office, and the treasurer thereof shall
give a receipt, stating the weight and description thereof,
in the manner and under the regulations that are or
may be provided in like cases or deposits at the M int of
the United States with the treasurer thereof.

A nd such

bullion shall, without delay, be melted, parted, refined,
and assayed, and the net value thereof, and of all foreign
coins deposited in said office, shall be ascertained; and
the treasurer shall thereupon forthwith issue his certifi-

Certificateof

or tne net value thereof, payable in coins o f the same
1
,,
,
.
’ ^ ^
metai as that deposited, either at the office of the assistant

p osit, w hen ree e iv a b le f o r
public dues,

ed ie
m j.

treasurer o f the United States, in New Y ork, or at the
Mint o f the United States, at the option of the depositor,
to be expressed in the certificate, which certificates shall
be receivable at any time within sixty days from the date
thereof in payment o f all debts due to the United States
at the port of New Y ork for the full sum therein certified.
A ll gold or silver bullion and foreign coin deposited, toI°e , ^ form
^
melted, parted, refined, or assayed, as aforesaid, shall,
<d the option o f che depositor, be cast in the said office
mto bars, ingots, or disks, either o f pure metal or o f
standard fineness, (as the owner may prefer,) with a
stamp thereon o f such form and device as shall be pre­
scribed by the Secretary of the Treasury, accurately
designating its weight and fineness: Provided , That no
mgot, bar, or disk shall be cast of less weight than five

P ro v iso ,

ounces, unless the same be of standard fineness, and o f
either one, two, or three ounces in weight. A nd all
gold or silver bullion and foreign coin intended by the
depositor to be converted into the coins of the United
States, shall, as soon as assayed and its net value certified
as above provided, be transferred to the M int of the
United States, under such directions as shall be made

After a s s a y
transferred0 to
cofned.mt

and

by the Secretary of the Treasury, and at the expense of
the contingent fund of the M int, and shall there be coined.
A nd the Secretary o f the Treasury is hereby authorized,
with the approval o f the President- o f the United States,
to make the necessary regulations for the adjustment of
the accounts between the respective officers, upon the




Accounts-

516

NATIONAL MONETARY COMMISSION.

transfer o f any bullion or coin between the assay office,
R egu la tio n s

the M int, and assistant treasurer in New York.
S ec . 12. And be it further enacted. That the operations
ot melting, parting, refining, and assaying in the said
office shall be under the general directions o f the Director
of the M int, in subordination to the Secretary o f the
Treasury; and it shall be the duty o f the said Director to
prescribe such regulations and to order such tests as shall
be requisite to insure faithfulness, accuracy, and uni­
formity in the operations o f the said office.

Laws respect­
ing the mint to

S ec . 13. And be it further enacted, That the laws of the

assP officeSaid
ay

United States for the government o f the M int and its
officers in relation to the receipt, payment, custody of
deposits, and settlement o f accounts, the duties and re­
sponsibilities o f officers and others employed therein, the
oath to be taken and the bond and sureties to be given by
them (as far as the same may be applicable) shall extend
to the assay office hereby established, and to its officers,
assistants, clerks, workmen, and others employed therein.

Charges for
assaying, etc.

S ec . 14. And be it further enacted, That the same

charges shall be made and demanded at the said assay
office for refining, parting, casting into bars, ingots, or
disks, and for alloy, as are, or shall be made and demanded
at the M in t; and no other charges shall be made to de­
positors than by law are authorized to be made at the
M in t; and the amount received from the charges hereby
authorized shall be accounted for and appropriated for
defraying the contingent expenses o f the said office.
(Section 15 authorizes the Secretary o f the Treasury
to procure quarters and machinery for said assay office.
(Section 16 changes the salary o f the assistant treasurer
of the United States at New Y ork .)

Approved, March 3, 1853.
si 2i2at' Lv




(Other assay offices were established as follow s: A t
Boise City, February 19, 1869 (15 Stat. L ., 2 7 0 ), sec. 3495,
R. S .; at Charlotte, N. C., February 12, 1873'(17 Stat. L .,
4 3 5 ), sec. 3495, R . S .; at Helena, Mont., M ay 12, 1874
(18 Stat. L ., 45) ; at St. Louis, February 1, 1881 (21 Stat,
L ., 322) ; at Deadwood, S. Dak., June 11, 1896 (29 Stat.
L ., 4 1 4 ), February 19, 1897 (28 Stat, L ., 559) ; at Seattle,
W ash., M ay 21,1898 (30 Stat. L ., 420) ; at Salt Lake City,
M ay 30, 1908 (35 Stat. L ., 4 7 4 ).)

LAWS CONCERNING COINAGE.

ACT

OF

FEBRUARY

517

21, 1857.

C h a p . L V I .— A n act relating to foreign coins and to the lg11 stat- L->
3

coinage of cents at the Mint of the United States.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, That the pieces commonly known as the quarter, S ^°^r “ and
p
h
eighth, and sixteenth of the Spanish pillar dollar, and of ^.|xitoDbe°reS
the Mexican dollar, shall be receivable at the Treasury £fhted S°atesby
ed ft r
of the United States, and its several offices, and at the
several post-offices and land-offices, at the rates o f valua­
tion following,— that is to say, the fourth of a dollar,
oi piece o f two reals, at twenty cents; the eighth o f a
dollar, or piece of one real, at ten cents; and the six­
teenth of a dollar, or h alf real, at five cents.
(Section 2 provides that the said coins, when so re­
ceived, shall not be paid out again, but shall be recoined
at the M int, and that the expenses of transmission and
lecoinage “ shall be charged against the account o f silver
profit and loss.” )
S ec . 3. And be it further enacted, That all former acts ma£j”g 0reign
% a

authorizing the currency o f foreign gold or silver coins,

fegamen-

and declaring the same a legal tender in payment for dAssrays of f’ordebts, are hereby repealed; but it shall be the duty of mf^Tnd^anthe Director of the M int to cause assays to be made, fr o m ^ 1^ 6 ’0 '^ '1
1 11 ,
time to time, o f such foreign coins as may be known to
our commerce, to determine their average weight, fineness,
and value, and to embrace in his annual report a state­
ment of the results thereof.
S ec . 4. And be it further enacted, That from and after co^p4d*ioa n d
0
the passage o f this act, the standard weight o f the centcents-

coined at the M int shall be seventy-two grains, or three
twentieths o f one ounce troy, with no greater deviation
than four grains in each piece; and said cent shall be com­
posed o f eighty-eight per centum of copper and twelve
per centum o f nickel, o f such shape and device as may
be fixed by the Director o f the M int, with the approbation
of the Secretary o f the Treasury; and the coinage of the
half cent shall cease.
S ec . 5. And be it further enacted, That the Treasurer, Purchase of
of the M int, under the instruction o f the Secretary o f th e forTreasury, shall, from time to time, purchase from the
bullion fund o f the M int the materials necessary for the
coinage o f such cent piece, and transfer the same to the




NATIONAL MONETARY COMMISSION.

518

Former laws proper operative officers o f the M int to be m anufactured

and returned in coin. A n d the laws in force relating to
the M in t and the coinage o f the precious metals, and in
P rofits.
regard to the sale and distribution o f the copper coins,
shall, so fa r as applicable, be extended to the coinage herein
provided f o r : P rovid ed , That the net profits o f said coin­
age, ascertained in like manner as is prescribed in the
second section o f this act, shall be transferred to the
Treasury o f the U nited States.
may'bepaWout S ec. 6. A n d be it fu rth er enacted, That it shall be
ted etc.ansmlt law fu l to pay out the said cent at the M int in exchange
fo r any o f the gold and silver coins o f the U nited States,
and also in exchange fo r the form er copper coins issued:
and it shall be law fu l to transmit parcels o f the said cents,
from time to time, to the assistant treasurers, deposita­
ries, and other officers o f the U nited States, under general
regulations proposed by the D irector o f the M int, and
approved by the Secretary o f the Treasury, fo r exchange
To be paid out as aforesaid. A n d it shall also be law fu l fo r the space
fo r c e r t a i n
_
*
coins f at toid 0f tw o years from the passage o f this act and no longer,
years.
to pay out at the M int the cents aforesaid fo r the fra c­
tional parts o f the dollar hereinbefore named, at their
nom inal value o f twenty-five, tw elve-and-a-half, and sixand-a-quarter cents, respectively.

su ch 6
cen ts.

N o t e . — Section 2, act o f March 3, 1859 (chap. 80, 11 Stat. L.,
422), extends the provisions o f this section for two years from
February 21, 1859. The latter act was repealed by section 3, act
o f June 25, 1860 (chap. 211, 12 Stat. L., 104).

o^n
Directr
o?°of S ec. D A n d be it fu rth er enacted, That hereafter the
m ad^up0 £ D irector o f the M int shall make his annual report to the
June 30.
Secretary o f the Treasury, up to the thirtieth o f June in
each year, so that the same may appear in his annual re­
port to Congress on the finances.
A p p rov ed , February 21, 1857.
N o te .— Section 3566 o f the Revised Statutes o f 1874 provides
that “ all foreign gold and silver coins received in payment for
moneys due to the United States shall, before being issued in
circulation, be coined anew.”

A C T O F A P R I L 21, 1862.
12

382




stat.

l„

C h a p . L I X .— A n A c t to establish a branch m int o f the
•
.
'
U nited States at D en v er , m the T erritory o f C olo­
rado.
B e it enacted by the Senate and H ouse o f R epresen ta­
tives o f the U nited States o f A m erica in C ongress assem-

LAWS CONCERNING COINAGE.

519

bled, T h at a branch o f the m int o f the U nited States atBra“^he m in t
be located and established at Denver, in the T erritory o f coIn goldC olorado, fo r the coinage o f gold.
S ec . 2. A n d be it fu rth er enacted, That, fo r carryin g mP ® c e r s of
on the business o f said branch, the follow in g officers shall
be appointed as soon as the public interest shall require
their service, upon the nom ination o f the President, by
and with the advice and consent o f the Senate, nam ely:
one superintendent, one assayer, one melter and refiner,
and one co in e r; and the said superintendent shall em ploy
as many clerks, subordinate workmen, and laborers, under
the direction o f the Secretary of the Treasury, as may
be required. * * *

(T h e rest o f the section fixes salaries o f officers and
clerks.)
(Section 3 prescribes that officers and clerks shall take
oath of office and give bonds.)
S ec . 4. A n d be it fu rth er enacted , That the general di- u^ r nCcon
er
°troi
section of the business o f said branch o f the mint o f the
Director of

tt

•.

t

Mint, etc,

United States shall be under the control and regulation
of the director of the mint at Philadelphia, subject to
the approbation o f the Secretary o f the Treasury; and
for that purpose it shall be the duty of the said director pr^S ^ t°r'eg!£
c
to prescribe such regulations and require such returns *
ations>etc-

periodically and occasionally, and to establish such
charges fo r parting, assaying, refining, and coining, as
shall appear to’ him to be necessary fo r the purpose o f
carryin g into effect the intention o f this act in establish­
ing said b ra n ch ; also fo r the purpose o f preserving uni­
form ity o f weight, form , and finish in the coin stamped
at said branch.
S e c . 5. A n d be it fu rth er enacted, That said branch toBr§gCdeposit
niint shall be a place o f deposit fo r such public moneys £°‘s public mon'
Rs the Secretary o f the Treasury m ay direct. A n d the
Superintendent o f said branch mint, who shall perform
the duties o f treasurer thereof, shall have the custody o f
the same, and also perform the duties o f assistant treas­
u rer; and fo r that purpose shall be subject to all the
provisions contained in an act entitled “ A n act to pro°>
vide fo r the better organization o f the treasury, and fo r
the collection, safe-keeping, transfer, and disbursement
o f the public revenue,” approved A ugust six, eighteen
hundred and forty-six, which relates to the treasury o f
the branch mint at New Orleans.

15712°— 10----- 35




NATIONAL MONETARY COMMISSION.

520
C ertifica tes o f
d ep osit m ay be
issued in p aym ent fo r dep o sits fo r co in -

cig6.

u ia tk m

S ec. 6. A n d be it fu rth er enacted. That the superin.
'
.
’
.
r
tendent o t said branch m int be authorized, under the
.
.
1
direction or the Secretary o f the Treasury, and on terms
.
^
7
to be prescribed b y him , to issue in paym ent o f the gold
dust and bullion deposited fo r assay and coinage or bars,
drafts, or certificates o f deposit, payable at the Treasury
or any Sub-treasury o f the U nited States, to any de­
positor electing to receive paym ent in that form ,

S ec.
A n d be it fu rth er enacted, That all the laws
t0 {m d parts o f laws now in force fo r the regulation o f the
mint o f the U nited States, and fo r the governm ent o f
the officers and persons em ployed therein, and fo r the
punishment o f all offences connected with the mint or
coinage o f the U nited States, shall be and they are hereby
declared to be in fu ll force in relation to the branch o f
the mint by this act established, as fa r as the same may
be applicable thereto.
(Section 8 makes appropriation to carry this act into
effect.)

ofnunt"

bran ch 1 6
,1

A pp rov ed, ApriJ. 21, 1862.
N o te .— By the act o f July 12, 1870 (16 Stat. L., 241), it was
provided, “ That after the first day o f April, 1870, the branch
mint at Denver shall be carried on as an assay office only, and all
unexpended balances o f appropriations shall be paid and covered
into the treasury o f the United States, and all the offices not
herein provided for are hereby abolished.” The offices provided
for are assayer, melter, and three clerks.

A C T O F M A R C H 3, 1863.
12

stat- L-’ C h a p . X C V I .— A n act to establish a branch m int o f the
U nited States in the T erritory o f Nevada.

B ra n ch m in t
established
C arson c i t y ,

apiKfin't Officers
o f m int.

S u p e r in t e n d clerks! a p p om t




B e it enacted by the Senate and H ouse o f R epresenta­
tives o f the U nited States o f A m erica in Congress assembled, T h at a branch o f the m int o f the U nited States be
'
located and established at Carson C ity, in the T erritory
o f Nevada, fo r the coinage o f gold and silver,
S ec .
A n d & ^ fu rth er enacted , That, fo r carryin g
e
on the business o f said branch, the fo llo w in g officers shall
be appointed, as soon as the public interest shall require
their service, upon the nom ination o f the President, by
and w ith the advice and consent o f the Senate, nam ely:
one superintendent, one assayer, one melter and refiner,
and one coin er; and the said superintendent shall em ploy
as many clerks, subordinate workmen, and laborers, under

LAWS CONCERNING COINAGE.

521

the direction o f the Secretary o f the Treasury, as may be
required. (R est o f section fixes salaries o f officers, clerks,
etc.)
(Section 3 provides that officers and clerks shall take
oaths, and give bonds.)
S e c . 4. A n d be it fu rth er enacted, That the general
D ir e c to r o f
i,
,
'
*
o
m in t to d ire ct
Direction o f the business o f said branch o f the mint o f business of
the United States shall be under the control and regula­
tion o f the director o f the m int at Philadelphia, subject
to the approbation o f the Secretary o f the T re a su ry ; and
fo r that purpose it shall be the duty o f the said director
to prescribe such regulations and require such returns
periodically and occasionally, and to establish such charges
fo r parting, assaying, refining, and coining, as shall ap­
pear to him to be necessary fo r the purpose o f carrying
m to effect the intention o f this act in establishing said
branch ; also fo r the purpose o f preserving u n iform ity o f
heigh t, form , and finish in the coin stamped at said
branch.

S ec. 5. A n d be it fu rth er enacted, T h at said branch toB^ nch^^mint
mint shall be a place o f deposit fo r such public moneys d ep osit fo r pubas the Secretary o f the Treasury m ay direct. A n d the S u p e r in t e n d fcuperintendent o f said branch mint, who shall perform tody,
the duties o f treasurer thereof, shall have the custody o f
the same, and also perform the duties o f assistant treas­
urer; and fo r that purpose shall be subject to all the p ro ­
visions contained.in an act entitled “ A n act to provide fo r v 184^ ch. oo,
the better organization o f the treasury, and fo r the collec- ° " ’ p“ >
tion, safe-keeping, transfer, and disbursement o f the
public revenue,” approved A ugust six, eighteen hundred
and forty-six, w hich relates to the treasury o f the branch
mint at New Orleans.
S e c . 6 . A n d be it fu rth er enacted, T h at the superin- s u p e r in t e n d lenaent o f said branch m int be authorized, under t h e dust etc., de.
7
p o s ite d ,
by
Direction o f the Secretary o f the Treasury, and on fm'ms d r a f t s ^ o r ^certo be prescribed by him , to issue in paym ent o f the gold p osit,
dust and bullion deposited fo r assay and coinage or bars,
drafts, or certificates o f deposit, payable at the treasury
or any sub-treasury o f the U nited States, to any depositor
electing to receive paym ent in that form .
S e c . 7. A n d be it fu rth er enacted, T h at all the laws
and parts o f laws now in force fo r the regulation o f the made ^ appn«7
mint o f the U nited States, and fo r the governm ent o f the branch,
officers and persons em ployed therein, and fo r the punish-




522

NATIONAL MONETARY COMMISSION.

merit o f all offences connected with the m int or coinage
o f the U nited States shall be, and they are hereby, de­
clared to be in fu ll force in relation to the branch o f the
m int by this act established, as fa r as the same may be
applicable thereto.
(Section 8 makes an appropriation to carry this act
into effect.)
A pp rov ed, M arch 3, 1863.
A C T O F A P R I L 22, 1864.
is stat.L.,5 4 . C h a p . L X Y I . — A n act in amendment o f an act entitled

“ A n act relating to foreign coins and the coinage o f
cents at the m int o f the U nited S t a t e s a p p r o v e d F e b ­
ruary tw en ty-on e , eighteen hundred and fifty-seven .
B e it enacted by the Senate and H ouse o f R epresenta­
tives o f the U nited States o f A m erica in Congress assem­
S t a n d a r d bled, That, from and after the passage o f this act, the
w eight, etc., o f
m int.
standard weight o f the cent coined at the mint o f the
U nited States shall be forty-eigh t grains, or one tenth o f
A ct Feb. 12, one ounce t r o y ; and said cent shall be com posed o f ninety1873, s e c t i o n
16.
five per centum o f copper, and five per centum o f tin and
zinc, in such p roportions as shall be determined by the
T w o-cent
p i e c e s to be D irector o f the M in t; and there shall be from time to
coined.
time struck and coined at the mint a two-cent piece, o f
I b id .
the same com position, the standard weight o f which shall
be ninety-six grains, or one-fifth o f one ounce troy, with
no greater deviation than fou r grains to each piece o f said
Shape, d evices,
cent and tw o-cent coin s; and the shape, mottoes, and de­
etc.
vices o f said coins shall be fixed by the D irector o f the
M int, with the approval o f the Secretary o f the T reasu ry;
and the laws now in force relating to the coinage o f cents
and p rovid in g fo r the purchase o f material and prescrib­
in g the appropriate duties o f the officers o f the m int and
the Secretary o f the Treasury be, and the same are hereby,
extended to the coinage herein provided for.
T resen t law s
S e c . 2 . A n d be it fu rth er enacted, That all laws now in
extended there­
to.
force relating to the coins o f the U nited States and the
R evised S ta t­
utes, 5462.
striking and coining the same shall, so far as applicable,
be extended to the coinage herein authorized, whether said
laws are penal or otherwise, fo r the security o f the coin,
regulating and gu ardin g the process o f striking and coin ­
ing, fo r preventing debasement or counterfeiting, or fo r
any other purpose.




LAWS CONCERNING COINAGE.

523

S ec. 3. A n d be it fu rth er enacted, T h at the D irector o f M in { r t o S e c u r e
e
the M int shall prescribe suitable regulations to insure a a i io y ^ i n ^ u c°h
due con form ity to the required weights and p rop ortion scoinso f alloy in the said co in s ; and shall order trials thereof to
be made from time to time by the assayer o f the mint,
w hereof a report shall be made in w ritin g to the D irector.
S ec . 4. A n d be it fu rth er enacted, T h at the said coins ^legaftende?
shall be a legal tender in any paym ent, the one-cent coin
fo r w h at
to the amount o f ten cents, and the tw o-cent coin to the Repealed,
amount o f twenty cents; and it shall be law fu l to pay out
said coins in exchange fo r the law fu l currency o f the
United States, (except cents or h a lf cents issued under
form er acts o f Congress,) in suitable sums, b y the treas­
urer o f the mint, and by such other depositaries as the
Secretary o f the Treasury m ay designate, under general
regulations proposed by the D irector o f the M int and ap­
proved by the Secretary o f the T rea su ry ; and the expenses
incident to such exchange, distribution, and transmission
may be paid out o f the profits o f said coin a g e; and the net
profits o f said coinage, ascertained in like manner as is
prescribed in the second section o f the act to w hich this
is a supplement, shall be transferred to the Treasury o f
the United States.
(Section 5 prescribes a penalty for making coins in­

tended to be passed as one or two cent pieces.)
Approved, A p r il 22, 1864.
A C T O F J U N E 8, 1864.

C hap . C X I V .— A n act to 'punish and p rev en t the coun- 12o3 stat' L'’

terfeitin g o f coin o f the U nited States.
(T h is act prescribes a penalty fo r counterfeiting, etc.,
current coins o f the U nited States or o f foreign countries.)
A C T O F M A R C H 3, 1865.
C h a p . C.— A n act to autho7uze the coinage o f three-cent 51*3 stat- L >

pieces, and f o r oth er purposes.
B e it enacted by the Senate and H ouse o f R epresenta­
tives o f the United States o f A m erica in Congress assem­
bled, That so soon as practicable after the passage o f pl -^c 3 to6 be
this act, there shall be coined at the M int o f the U nited coined.

States a three-cent piece, composed of copper and nickel




524

NATIONAL MONETARY COMMISSION.

we?ghtP°shape’ *n suc^ proportions, not exceeding twenty-five per centum
d ev ice,’ etc.
’ 0f nickel, as shall be determined by the D irector o f the
M int, the standard w eight o f which shall be thirty grains,
w ith no greater deviation than fou r grains to each piece,
and the shape, mottoes, and devices o f said coin shall be
determined b y the D irector o f the M int, w ith the apL a w s appH-proval o f the Secretary o f the Treasury.
A n d the laws
cable.
now in force relating to the coinage o f cents, and p ro v id ­
ing fo r the purchase o f m aterial and prescribing the ap­
propriate duties o f the officers o f the M int, and o f the
Secretary o f the Treasury be, and the same are hereby,
extended to the coinage herein provided for.
Law s
coin s
S ec.
^e ^ f ur^ e r enacted, That all laws now in
Ing
to
tendedTo^tbfs ^ o r c e 5 relating to the coins o f the U nited States, and the
coin , etc.
striking and coinage o f the same, shall so fa r as a p p li­
cable be extended to the coinage herein authorized,
whether said laws are penal or otherwise, fo r the security
o f the coin, regulating and gu ardin g the process o f strik­
ing and coining, fo r preventing debasement, or counterD irector
offeitin g , or fo r any other purpose. A n d the D irector o f
M in t to m ake
reg u la tion s
the M int shall prescribe suitable regulations to insure a
due con form ity to the required weights and proportions
o f alloy in the said coin, and shall order trials thereof
to be made from tim e to time, by the assayer o f the M int,
w h ereof a report shall be made in w ritin g to the D irector.
T o be legal
S ec. 3. A n d be it fu rth er enacted, T h at the said coin
tender fo r 60
cents.
shall be a legal tender in any paym ent to the amount o f
sixty cents. A n d it shall be law fu l to pay out said coins
in exchange fo r the law fu l currency o f the U nited States,
coinhemayC ( except cents or half-cents or two-cent pieces issued under
ebe
cbange'foMawi f ° rmer acts ° f Congress,) in suitable sums by the TreasexceptC etcnCy’ urer
U
the M int, and by such other depositaries as the
Secretary o f the Treasury m ay designate, and under gen2 Act92of APr- eral regulations approved b y the Secretary o f the Treas2’,Actf;of Apr.uj.y_ A n d under the like regulations the same may be
r>’ActgOf Feb. exch ang eci in suitable sums fo r any law fu l currency o f
16.
the U nited States; and the expenses incident to such exhowX
pafdn&es’ change, distribution, and transmission, may be paid out
o f the profits o f said coinage, and the net profits o f said
coinage, ascertained in like manner as is prescribed in
the second section o f the act entitled “ A n act relating to
foreign coins, and the coinage o f cents at the M int o f the
U nited States,” approved February twenty-first, eighteen
hundred and fifty-seven, shall be transferred to the Treas-




LAWS CONCERNING COINAGE.

525

ury o f the U nited States: P rovid ed , That from and after a£ o ftoCe n
b o isthe passage o f this act, no issues o f fractional notes o f thCeentsd under 5
United States shall be o f a less denom ination, than five
cents, and all such issues o f a less denom ination, at that
time outstanding, shall, when paid into the Treasury or
any designated depositary o f the U nited States, or re­
deemed or exchanged as now provided by law, be retained
and cancelled.
(Section 4 prescribes a penalty fo r k n ow ingly m aking
or passing counterfeits o f such coins.)
S ec . 5. A n d be it fu rth er enacted. That, in addition to “ in G w
od e
.
-iT
i
7
7
trust,” may be
tne devices and legends upon the gold, silver, and other placed on coins
coins o f the U nited States, it shall be law fu l fo r the sued.
D irector o f the M int, w ith the approval o f the Secretary
o f the Treasury, to cause the m otto “ In G od we trust ” to
fie placed upon such coins hereafter to be issued as shall
admit o f such legend thereon.
S ec . 6. A n d be it fu rth er enacted, That the one and 2-eenrco°nsato
two cent coins o f the U nited States shall not be a legal ^ a legal tentender fo r any payment exceeding fou r cents in am ount; cents,
and so much o f the laws o f the U nited States heretofore
enacted as are in conflict w ith the provisions o f this act,
are hereby repealed.
Approved, M arch 3, 1865.

A C T O F M A Y 16, 1866.
C h a p . L X X X f .— A n act to authorize the coinage o f five- 4?14 stat- L->

cent 'pieces.
B e it enacted by the Senate and H ouse o f R epresenta­
tives o f the U nited States o f A m erica in Congress as­
sembled, That, so soon as practicable after the passage o f pieces6 to* be
this act, there shall be coined at the M int o f the U nited coined of copStates a five-cent piece com posed o f copper and nickel, in
such proportions, not exceeding twenty-five per centum
o f nickel, as shall be determined by the D irector o f the
M int, the standard w eight o f which shall be seventy- W e i g h t ,
seven and sixteen hundredths grains, with no greater etc.
deviation than tw o grains to each p iece; and the shape,
mottoes and devices o f said coin shall be determined by
the D irector o f the M int, with the approval o f the Secre­
tary o f the T rea su ry ; and the laws now in force relating Laws relating
.
.
„
„
® to coinage of
to the coinage o f cents, and p rovid in g tor the purchase o f cents, etc.,^to
material, and prescribing the appropriate duties o f the coinage.




526

NATIONAL MONETARY COMMISSION.

officers o f the M int and the Secretary o f the Treasury, be,
and the same are hereby, extended to the coinage herein
provided for.
L a w s relating
S e c . 2. A n d be it fu rth er enacted, That all laws now in
tended to this force relating to the coins o f the U nited States, and the
applicable.
striking and coining o f the same, shall, so fa r as a pp li­
cable, be extended to the coinage herein authorized,
whether said laws are penal or otherwise, fo r the security
o f the coin, regulating and gu ardin g the process o f strik­
in g and coining, fo r preventing debasement or counterasR anoytions fa tin g , or fo r any other purpose. A n d the D irector o f
toS
the M int shall prescribe suitable regulations to insure a
due con form ity to the required weights and proportions
o f alloy in the said coin, and shall order trials thereof to
be made from time to time by the assayer o f the M int,
Report.
w hereof a report shall be made in w ritin g to the D irector.
to
be legal
S e c . 3. A n d be it fu rth er enacted, That said coin shall
t f i QQGr t o
'
1
amount of $1 . be a legal tender in any paym ent to the amount o f one
T o be paid in dollar.
A n d it shall be law fu l to pay out such coins
currency. f ° 1 in exchange fo r the law fu l currency o f the U nited States,
2 , ii792°f Apr' (except cents, or h a lf cents, or two-cent pieces, issued
22^1864. Apr'u n d er form er acts o f Congress,) in suitable sums, by the
treasurer o f the M int, and by such other depositaries as
the Secretary o f the Treasury may designate, and under
general regulations approved by the Secretary o f the
Treasury. A n d under the like regulations the same may
be exchanged in suitable sums fo r any law fu l currency
o f the U nited States, and the expenses incident to such
exchange, distribution, and transmission may be paid out
o f the profits o f said coin a g e; and the net profits o f said
coinage, as ascertained in the manner prescribed in the
second section o f the act entitled “ A n act relating to
foreign coins and the coinage o f cents at the M int o f the
U nited States,” approved February twenty-first, eighteen
hundred and fifty-seven, shall be transferred to the
No fractional Treasury o f the United States: P rovid ed , That from
less \ h a^ io and after the passage o f this act no issues o f fractional
n
sued, and oia notes o f the U nited States shall be o f a less denom ination
canceled.
than ten cen ts; and all such issues at that time outstandutese 3 5 7 3 . c ing shall, when paid into the Treasury or any designated
,V
depository o f the U nited States, or redeemed or ex­
changed as now provided by law, be retained and
cancelled.
(Section 4 denounces the unauthorized m aking o f such
coins.)




527

LAWS CONCERNING COINAGE.

Sec. 5. A n d be it fu rth er enacted, That it shall be law- de*J dinsum
fy
s
ful for the Treasurer and the several assistant treasurers °h $io0. less
fann
o f the U nited States to redeem in national currency,
under such rules and regulations as may be prescribed
by the Secretary o f the Treasury, the coin herein author­
ized to be issued, when presented in sums o f not less than
one hundred dollars.
Approved, M ay 16, 1866.
J O IN T R E S O L U T IO N O F M A R C H 22, 1867.
[No. 6.] Joint resolution in relation to certain coin and
bullion on special deposit in the Treasury.

15 stat. L->

% e it resolved by the Senate and H ouse o f R epresen ta­
^
tives o f the U nited States o f A m erica in C ongress assem­
bled, That the one hundred thousand dollars, or there- ande^ j7 on
c°o£
about, in coin and bullion, now on special deposit in |P a d®P^it
ec| le
the Treasury o f the U nited States, after said bullion is «ry to^jConconverted by directions o f the Treasurer into coin, be
thed easd
TrP
paid into the Treasury.
ury<

Approved, M arch 22, 1867.
ACT

OF

JU LY

20, 1868.

C h a p . C L X X V I I .— A n act m aking appropriations fo r
sundry civil expenses o f the G overnm ent fo r the year
ending June th irty, eighteen hundred and sixty-n in e,
and fo r other purposes.
*

*

*

*

parted bullion for refined bars shall be made until author­
ized by law.
*

*

l .,

*

* * * : P rovid ed , T h at the M int o f the U nited
qj ;
’
.
states, and branches, shall continue to refine gold and
•
i
,
’
®
Miver bullion, and no contract to exchange crude or unnnT>t A u i c
®

*

is stat.

*

. M i n t and

branches to re­
fln< b u l l i o n ,
;
and not to con-

t r a c t to exchange, etc.

*

Approved, J u ly 20, 1868.
A C T O F F E B R U A R Y 19, 1869.
C h a p . X X X I I I .— A n act to locate and establish an assay

stat- L<

office in the T erritory o f Idaho.
P e it enacted b y the Senate and H ouse o f R epresen ta­
tives o f the United States o f A m erica in Congress assem­
bled, That a U nited States assay office be located and t oAs®
ay
established at Boise C ity, in the T erritory o f Idah o, fo r ashed at Boise

ji

,

^7

tbe assaying of gold and silver.




4
7

.

7

City, Idaho.

For the carrying on of

528

NATIONAL MONETARY COMMISSION.

the business o f said office the fo llo w in g officers shall be
appointed, as soon as the public interest shall require
their service, upon the nomination o f the President, by
and w ith the advice and consent o f the Senate, n am ely:
Officers.
One superintendent, one assayer, and one melter and re­
finer, and tw o clerks, and the superintendent m ay em ploy
as many subordinate workm en and laborers, under the
direction o f the Secretary o f the Treasury, as may be
required. (P est o f section authorizes and fixes salaries.)
(Section 2 directs that officers and clerks shall take
oaths and give bonds.)
Director o f
S e c . 3. A n d be it fu rth er enacted, T h at the general
mint to con'
.
7
D
,
duct the husi- direction o f the business o f said assay office o f the U nited
States shall be under the control and regulation o f the
director o f the mint at Philadelphia, subject to the apr ? t ^ r ^ s 8’ Pr°k at i° n o f the Secretary; and fo r that purpose it shall
charges, etc. ’ be the duty o f the said director to prescribe such regu­
lations, and to require such returns periodically and oc­
casionally, and to establish such charges fo r parting,
assaying, m elting, and refining, as shall appear to him
to be necessary fo r the purpose o f carryin g into effect the
intention o f this act in establishing said assay office.
Assay office
S ec . 4. A n d be it fu rth er enacted, T h at said assay
to be place of
*
*
d e p o s i t for office shall be a place o f deposit fo r such public moneys
public moneys.
,
1846,c h .9°. as the Secretary o f the .treasury may direct.
A n d the
59.
’
superintendent o f said assay office who shall perform
the duties o f treasurer thereof, shall have the custody o f
the same, and also perform the duties o f assistant treas­
u rer; and fo r that purpose shall be subject to all the p ro ­
visions contained in an act (entitled) “ A n act to provide
fo r the better organization o f the treasury, and fo r the
collection, safe-keeping, transfer and disbursement o f the
public revenue,” approved A ugust sixth, eighteen hun­
dred and forty -six , which relates to the treasury o f the
branch mint o f New Orleans.
C ertificates
g Ec. 5. A n d be it fu rth er enacted, That the superino f deposit to
'
.
.
,
..
7 , .
be issued intendent o f said assay office be authorized, under the dip a y me nt o f .
^
gold dust, etc. ;rection o f the Secretary o f the lrea su ry, and on terms to
be prescribed b y him, to issue in payment o f the gold
dust and bullion deposited fo r assay and coinage, or bars,
drafts, or certificates o f deposit, in sums o f not less than
where payable, one hundred dollars, payable at the treasury, or any sub­
treasury o f the U nited States, to any depositor electing to
receive paym ent in that form .




LAWS CONCERNING COINAGE.

529

(Sections 6 and 7 appropriate fo r the construction o f
said assay office, and provide that the laws fo r the regu­
lation o f the assay office at New Y ork , and punishment
fo r offenses shall be applicable thereto.)
Approved, February 19,1869.
A C T O F J U L Y 15, 1870.

Chap. C C X C I I .— A n

act m aking appropriations fo r sund ry civil expenses o f the G overnm ent fo r the year
ending June th irty , eighteen hundred and seven ty-on e,
and fo r other purposes.

1 s t. l„
6 ta

'
it enacted by the Senate and H ouse o f R epresenta­
tives o f the United States o f A m erica in Congress assem­
bled, * * *
F or continuing the w ork on the branch m int bu ild in g bu®idn nsmii n
iC
n
in San Francisco, C alifornia, five hundred thousand dol- San Francisco,
la rs : P rovid ed , T h at the total cost o f the building, exclu- n o^ liceed 8*
sive o f the sum paid fo r the site thereof, shall not ex­
ceed one m illion five hundred thousand d ollars: A n d unp“rte nebuied
provided fu rth er, T h at it shall be law fu l, until after th e “ °£an a
“ /
com pletion and occupation o f said branch mint building, a°y e™
mt’ un'
to exchange, at any m int or branch m int o f the U nited
States, unrefined or unparted bullion whenever, in the
opinion o f the Secretary o f the Treasury, it can be done with advantage to the governm ent: P rovid ed , T h at t he o
f
e^ ’
weight, fineness, and value o f the bullion received andtermined by
given m exchange shall be determined by the mint assay:
A n d provid ed fu rth er, That the authority hereby given P ro v iso .
shall not be construed so as to interfere w ith the rights
and privileges now or heretofore enjoyed by depositors
o f bullion at said mints.
A pp roved, J u ly 15, 1870.
A C T O F M A R C H 3, 1871.

Chap.

C X X I V . — n act to provid e fo r the redem ption r
A
o f cop p er and oth er token coins.

B e it enacted by the Senate and H ouse o f R epresenta­
tives o f the U nited States o f A m erica in Congress assem-




is s t. l.,
ta

530

NATIONAL MONETARY COMMISSION.

ud baseC
metli ^ e(^i T h at the Secretary o f the Treasury is hereby authorcoinage to be ized an(] required to redeem in law fu l money, under such
redeemed in
. J1
siims of notruies and regulations as he m ay from time to time prescribe, all copper, bronze, coper-nickel, and base-metal
coinage o f every kind heretofore authorized by law, when
mayC C i s c o n - Presentecl hi sums o f not less than twenty d ollars; and
be d
tinued, when, w henever under this authority these coins are presented
fo r redemption in such quantity as to show the amount
outstanding to be redundant, the Secretary o f the Treas­
ury is authorized to discontinue or dim inish the m anu­
facture and issue o f such coinage until otherwise ordered
b y him.
A pp rov ed, M arch 3, 1871.
A C T O F F E B R U A R Y 12, 1873.
4 17 stat. l C
., hap. C X X X I . —A n act revising and amending the laws

relative to the m ints, assay-offices, and coinage o f the
U nited States.
B e it enacted by the Senate and H ouse o f R epresen ta­
tives o f the U nited States o f A m erica in C ongress assem, M as easBu-b -jw ’ T h at the M int o f the U nited States is hereby
int ta
lished
J
ryau and in-established as a Bureau o f the Treasury Departm ent, emcludes what.
. . .
.
.
A
r
7.
a 11 former bracing in its organization and under its control all mints
acts repealed,
°
°
.
sec. 07.
fo r the m anufacture o f com , and all assay-offices fo r the
stam ping o f bars, which are now, or which m ay be herep i r e c t o r ; ap- after, authorized by law.
Th e ch ief officer o f the said
polntment, and
1
J
term of office; Bureau shall be denominated the D irector o f the M int,
and shall be under the general direction o f the Secretary
o f the Treasury. H e shall be appointed by the President,
by and with the advice and consent o f the Senate, and
shall hold his office fo r the term o f five years, unless
sooner rem oved by the President, upon reasons to be com ­
municated by him to the Senate.
powers;
S ec. 2. That the D irector o f the M int shall have the
general supervision o f all mints and assay-offices, and
reports;
shall make an annual report to the Secretary o f the Treas­
ury o f their operations, at the close o f each 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
annual esti-before him the annual estimates fo r their support. A n d
the Secretary o f the Treasury shall appoint the number
cierks^ num- o f clerks, classified according to law , necessary to dispointment. ap charge the duties o f said Bureau.




LAWS CONCERNING COINAGE.

531

S ec. 3. That the officers o f each m int shall be a superin- eaO
fficers a of
tendent, an assayer, a melter and refiner, and a coiner, {je
e^ ap p oin t-

and fo r the mint at Philadelphia, an engraver, all to be ute|vl3 4 9 6 Statr
appointed by the President o f the U nited States, by and
with the advice and consent o f the Senate.
S ec. 4. That the superintendent o f each m int shall have e^t” fmin°teami
the control thereof, the superintendence o f the officers and
stat_
persons em ployed therein, and the supervision o f the busi- utes, 3503 .
ness thereof, subject to the approval o f the D irector o f the
M int, to whom he shall make reports at such times and foj™
rtand ^onaccording to such form s as the D irector o f the M int may teiJts.
prescribe, which shall exhibit, in detail, and under app ro­
priate heads, the deposits o f bullion, the amount o f gold,
silver, and m inor coinage, and the amount o f unparted,
standard, and refined bars issued, and such other statistics
and inform ation as m ay be required. The superintendent bun jo °eys or
° f each mint shall also receive and safely keep, until ute|V e 6 .stat"
35 o
legally withdraw n, all moneys or bullion which shall be
for the use or the expenses o f the mint. H e shall receive
all bullion brought to the mint fo r assay or coin a g e; shall Coinbe the keeper o f all bullion or coin in the mint, except
while the same is legally in the hands o f other officers;
and shall deliver all coins struck at the mint to the per­
sons to whom they shall be legally payable. F rom the Deposits,
report o f the assayer and the w eight o f the bullion, he
shall com pute the value o f each deposit, and also the
amount o f the charges or deductions, i f 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, deposVt?Cto* be
1
a certificate o f the net amount o f the deposit, to be paid£°u°^ | ^ rned
ln coins or bars o f the same species o f bullion as that de­
posited, the correctness o f which certificate shall be veri­
fied by the assayer, who shall countersign the sam e; and C7n
0 7etcf.ers °f
in all cases o f transfer o f coin or bullion, he shall give
and receive vouchers, stating the amount and character o f
such coin or bullion. H e shall keep and render, quarter- ^ £ ^ **2* £11
yearly, to the D irector o f the M int, fo r the purpose o f rector’ etc.
adjustment, according to such form s as may be prescribed
by the Secretary o f the Treasury, regular and faith fu l
accounts o f his transactions with the other officers o f the
mint and the depositors; and shall also render to him a
m onthly statement o f the ordinary expenses o f the mint
or assay-office under his charge.
H e shall also appoint all assistants, clerks, (one o f cle^kl!etc.ats’
whom shall be designated “ ch ief cle r k ” ,) and workm en




532

NATIONAL MONETARY COMMISSION.

offlcek
ofeassayn emp l°y e(l under his superintendence; but no person shall
er, etc.
be appointed to employment in the offices of the assayer,
melter and refiner, coiner, or engraver, except on the
recommendation and nomination in writing o f those offito b
A e0irei3ortedcers’ resPectiv ely ; and he shall forthwith report to the
to D ire c to r and X)irector of the M int the names o f all persons appointed
him
.

by him, the duties to be performed, the rate of compensa­
tion, the appropriation from which compensation is to
be made, and the grounds of the appointment; and if the
Director of the M int shall disapprove the same, the ap­
pointment shall be vacated.

tiesSsayer S d
U
S ec.
That the assayer shall assay all metals and
utesV3 5 0 7 Stat bullion, whenever such assays are required in the opera­
tions o f the M in t; he shall also make assays of coins or
samples o f bullion whenever required by the superin­
tendent.
M elter and reg EC> g . That the melter and refiner shall
finer.
.
.
utesV3 5 0 8 Stat the operations which are necessary in order to

execute all

form ingots
of standard silver or gold, 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 o f 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
coiner.

and the proper vouchers obtained,
S ec . 7. That the coiner shall execute all the operations
which are 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 de­

E n grav er.

livered 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.
g E > g# That the engraver shall prepare from the origi­
C
nal dies already authorized all the working-dies required
for use in the coinage of the several mints, and, when

dev?cesT in ornew coins or devices are authorized, shall, if required by
O s
utesV e o Stat> the Director o f the M int, prepare the devices, models,
35 d
molds, and matrices, or original dies, for the same; but
the Director of the M int shall nevertheless have power,
with the approval o f the Secretary of the Treasury, to




engage temporarily for this purpose the services o f one

LAWS CONCERNING COINAGE.

533

or more artists distinguished in their respective depart­
ments of art, who shall be paid for such service from the
contingent appropriation for the mint at Philadelphia.
S ec . 9 . That whenever any officer of a mint or assay-} Absent °etcer
office shall be temporarily absent, on account o f sickness Revi5.e stata
or any other cause, it shall be lawful for the superin­
tendent, with the consent o f said officer, to appoint some
person attached to the mint to act in the place of such
o cer during his absence; but all such appointments shall
e orthwith reported to the Director o f the M int for his
approval; and in all cases whatsoever the principal shall
e responsible for the acts o f his representative.

In case

0
re temporary absence of the superintendent, the chief |”tp
.erlnten<3'
e eik shall act in his place; and in case of the temporary
« sence of the Director o f the M int, the Secretary o f the D irector,
r
reasury may designate some one to act in his place.
S ec. 10. That every officer, assistant, and clerk o f the ceAssistants,
Im t shall, before he enters upon the execution of his p1 ‘j?^'sand em
1o
'
office, take an oath or affirmation before some judge of utesV 5 0 0 Stat"
3
e United States, or judge o f the superior court, or of
some court of record o f any State, faithfully and dili­
gently 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 of the Treas­
ury? and the superintendent o f each mint may require
such oath or affirmation from any o f the employees o f
the mint.
S e c . 1 1 . That the superintendent, the assayer, the in®endeatSUand
uielter and refiner, and the coiner o f each mint, before ot^ y ed stat_
entering upon the execution of their respective offices, utes>3501-

shall become bound to the United States, with one or
ruore sureties, approved by the Secretary of the Treas­
ury, m 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 of his office. Similar
bonds may be required of the assistants and clerks, in £nd^erks*nta
such sums as the superintendent shall determine, with
the approbation of the Director of the M in t; but the
same shall not be construed to relieve the superintendent
or other officers from liability to the United States for
acts, omissions, or negligence of their subordinates or
employees: Provided , That the Secretary of the Treas­
ury, may, at his discretion, increase the bonds o f the grease theresuperintendent.




NATIONAL MONETARY COMMISSION.

534

of di-

s a la r y

S ec. 12. That there shall be allowed to the Director
the M int an annual salary o f four thousand five hun­
dred dollars, and actual necessary travelling expenses in

reR evised s t a t - o f

visiting the different mints and assay-offices, for which
vouchers shall be rendered, to the superintendents of
s u p e r i n t e n d - the
assa yers, e t c . ;

mints at Philadelphia and San Francisco, each four
thousand five hundred dollars; to the assayers, melters

and refiners, and coiners of said mints, each three thou­
sand dollars; to the engraver of the mint at Philadel­
phia, 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 huncferksanand^re(^ dollars; to the assistants and clerks such annual
w orkm en ;
salary shall be allowed as the Director o f the M int may
determine, with the approbation of the 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 respec­
tive stations and occupations, and approved by the D im onth- rect0r of the M in t; and the salaries provided for in this

pa ya b ie

section, and the wages o f the workmen permanently en­
gaged, shall be payable in monthly instalments.
S ta n d a rd
of
gold and silv er
coin s.
R evised S ta t­
utes, 3514.

Alloy.

S ec . 13. That the standard for both gold and silver
coins of 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 alloy; and the alloy of the
silver coins shall be of copper, and the alloy o f the gold
coins shall be o f copper, or of copper and silver; but
the silver shall in no case exceed one-tentli of the whole
alloy.

G old c o i n s ;
S ec . 14. That the gold coins of the United States shall
in?2 .act Apr‘ “’ be a one-dollar piece, which, at the standard weight o f
1S L
3
18 3 7 *

June ~8’ twenty-five and eight-tenths grains, shall be the unit of
Jfin' 18,value; a quarter-eagle, or tw o-and-a-half dollar piece;

isti! Feb' 21’ a three-dollar piece; a half-eagle, or five-dollar piece; an
utes,V 5 i i Stat eagle, or ten-dollar piece; and a clouble-eagle, or twenty3
26 Sei 89C T h .dollar piece.
a o,
A nd the standard weight of the gold dolg45,a n d a r d lar shall be twenty-five and eight-tenths grains; o f the
t
quarter-eagle, or tw o-and-a-half dollar piece, sixty-four




and a-half grains; o f the three-dollar piece, seventyseven and four-tenths grains; of the half-eagle, or five18±9

Mar’ 3’ dollar piece, one hundred and twenty-nine grains; o f the
eagle, or ten-dollar piece, two hundred and fifty-eight
grains; of the double-eagle, or twenty-dollar piece, five

535

LAWS CONCERNING COINAGE.

hundred and sixteen grains; which coins shall be a legal Jj°r .e legal ten'
b
tender in all payments at their nominal value when not ^

sea gtat.

below the standard weight and limit o f tolerance pro- utes>3585yided in this act for the single piece, and, when reduced
in weight, below said standard and tolerance, shall be a
legal tender at valuation in proportion to their actual
weight; and any gold coin o f the United States, if re- ™ ^ ht
uc'bynn
at>
duced in weight by natural abrasion not more than o n e -UR
evi^edastathalf of one per centum below the standard weight pre- utes»3305*
scribed by law, after a circulation o f twenty years, as
shown by its date of coinage, and at a ratable propor­
tion for any period less than twenty years, shall be received at their nominal value by the United States Treas-

t0

be re‘

llry an(l its offices, under such regulations as the Secre­
tary o f the Treasury may prescribe for the protection of
the Government against fraudulent abrasion or other
practices; and any gold coins in the Treasury o f th e utel,V 5 id Stat"
3 2
United States reduced in weight below this limit of
abrasion shall be recoined.
S ec. 15. That the silver coins o f the United States shall s ilv e r c o i n s ;
he a trade-dollar, a half-dollar, or fifty-cent piece, a

R evised

stat-

"uarter-dollar, or twenty-five-cent piece, a dime, or teneent piece; and the weight o f the trade-dollar shall be
four hundred and twenty grains tr o y ; the weight o f the weighty gtat
half-dollar shall be twelve grams (grammes) and one- utes, 3586.
half of a gram, (gram m e;) the quarter-dollar and the
dime shall be respectively, one-half and one-fifth o f the
weight o f said half d ollar; and said coins shall be a legal t°r Iesal tenbe
tender at their nominal value for any amount not exceed­
ing five dollars in any one payment.
S ec. 16. That the minor coins o f the United States shall M
inor c°,ns’
i
.
and theiralloy;
ne a five-cent piece, a three-cent piece, and a one-cent
piece, and the alloy for the five and three-cent pieces shall u
t®|V 5 stat*
35e1d
be o f copper and nickel, to be composed o f three-fourths
s®
^t
copper and one-fourth nickel, and the alloy o f the one- A s ­
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 M int. T h e welsht;
weight o f the piece o f five cents shall be seventy-seven
and sixteen-hundredths grains, troy; of the three-cent
piece, thirty grains; and o f the one-cent piece, forty-eight
grains; which coins shall be a legal tender, at their nomi- ae be Iegal ten’
r
nal value, for any amount not exceeding twenty-five cents ute r 358d .Stat*
7
in any one payment.
15712°— 10----- 3G




NATIONAL MONETARY COMMISSION.

536
No coins,
cept, etc.
ib id .,

ex-

3516.

S e c . 17 . That no coins,

J

either of

#

0 7

gold,
7

silver,

coinage, shall hereafter be issued from the mint other
than those of the denominations, standards, and weights
herein set forth.

legends6u Pa0 S ec. 18.
nd
c°Aevised statutes, 3517.
In s crip tion s.

That upon the coins o f the United States there

the following devices and legends: Upon one side
there shall be an impression emblematic o f liberty, with
an inscription o f the word “ Liberty ” and the year o f the
coinage, and upon the reverse shall be the figure or repre­
sentation of an eagle, with the inscriptions “ United
States o f America ” and “ E Pluribus U num ,” and a
designation o f the value o f the coin; but on the gold dol­
lar and three-dollar piece, the dime, five, three, and one
cent piece the figure o f the eagle shall be om itted; and on
the reverse o f the silver trade-dollar the weight and
fineness o f the coin shall be inscribed; and the Director
o f the M int, wdth the approval o f the Secretary of the
Treasury, may cause the motto “ In God we trust ” to be
inscribed upon such coins as shall admit o f such m otto;
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
stat-m a y be cast into bars o f fine metal, or o f standard fineutes, 3518.
J
7
ness, or unparted, as he may prefer, with a stamp upon
stamp and de-the same designating the weight and fineness, and with

orB
siiver^ s° ld
R evised

such devices impressed thereon as may be deemed expedilimit to weight, ent to prevent fraudulent imitation, and no such bars

shall be issued o f a less weight than five ounces.
D e p o s its o f
gold b u llion fo r

S e c . 20. That any owner o f gold bullion may deposit

c°Rev?se’d stat- the same at any mint, to be formed into coin or bars for
utes, 3 5 1 9 .

his benefit; but it shall be lawful to refuse any deposit of
less value than one hundred dollars, or any bullion so base
as to be unsuitable for the operations of the m int; and
when gold and silver are combined, i f either metal be in
such small proportion that it cannot be separated advan­
tageously, no allowance shall be made to the depositor
for its value.

HonSilver bul’

S e c . 21. That any owner o f silver bullion may deposit

utes,V d
352 o.Stat’ ^ ie same at any mint, to be formed into bars, or into dol­
lars of the weight o f four hundred and twenty grains,




troy, designated in this act as trade-dollars, and no de­
posit 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 valua-

or minor

537

LAWS CONCERNING COINAGE.

tion as may be, from time to time, established by the
Director of the M int.
S ec . 2 2 .
• .
.

That when bullion is deposited in any o f the
.

r

J

Bullion to be

w eighed

w h en’

mints, it. shall be weighed by the superintendent, and,
when practicable, in the presence of the depositor, t o r Revis^ statwhom a receipt shall be given, which shall state the de­
scription and weight o f the bullion; but when the bullion
is in such a state as to require melting, or the removal
of base metals, before its value can be ascertained, the
weight, after such operation, shall be considered as the
tiue weight of the bullion deposited. The fitness of the f i t ness

and

uunion to be received shall be determined by the assayer, ing, how deteranci the mode o f melting by the melter and refiner.

Sec. 23. That from every parcel o f bullion deposited lioassay of buI'
for coinage or bars, the superintendent shall deliver to utesV 5 2 2 Stat'
3
the assayer a sufficient portion for the purpose of being
assayed, but all such bullion remaining from the opera­
tions of the assay shall be returned to the superintendent
Dy the assayer.
S ec. 24. That the assayer shall report to the superin- 8ay ?.ort of as
®
tendent the quality or fineness o f the bullion assayed by utes,V e .Stat*
35 23
am , 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 e c . 25. That the charge for converting standard g o h lcnc^arf asti*0
£

bullion into coin shall be one-fifth o f one per centum; and5“j“ °2nd^ e P
°
the charges for converting standard silver into trade- ^e^ised statdollars, for melting afid refining when bullion is below utes>3524standard, 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 w hen these metals exist together in
T
the bullion, and for the preparation o f bars, shall be fixed,
from time to time, by the Director, with the concurrence
of the Secretary o f the Treasury, so as to equal but not pot to exceed
exceed, in their judgment, the actual average cost to eacherage cost,
mint and assay-office o f the material, labor, wastage, and
use of machinery employed in each o f the cases afore­
mentioned.
S ec . 26. That the assayer shall verify all calculations ver'ifySa certain
made by the superintendent o f the value of deposits, and,c£jcuia«ons
if satisfied o f the correctness thereof, shall countersign the
certificate,

certificate required to be given by the superintendent to utes, 3525.
the depositor.




T~

538

NATIONAL MONETARY COMMISSION.

,?,u / se
rch

b u llio n f o r s il-

S ec . 27. That in order to procure bullion for the silver

.

.

.

,

veR
eyiseasstat- coinaSe authorized by this act, the superintendents, with
a
utes, 3526 .
the approval o f the Director of the M int, as to price,
G ain

to

terms, and quantity, shall purchase such bullion with the
The gain arising from the coinage of such

be bullion fund.

ver^profit fu n d , stiver bullion into com o f a nominal value exceeding the
th e T rea su ry ,

cost thereof shall be credited to a special fund denomi­
nated the silver-profit fund.

This fund shall be charged

with the wastage incurred in the silver coinage, and with
the expense of distributing said coins as hereinafter pro­
vided.

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.
t silver coins
w h ere and for
w h at.
R evised stat-

utes 3527.

S ec. 28. That silver coins other than the trade-dollar
shall be paid out at the several mints, and at the assay(

*

#

office in New Y ork Citv, in exchange for gold coins at
.

o

o

par, in sums not less than one hundred dollars; and it
shall be law ful, also, to transmit parcels o f the same,
from time to time, to the assistant treasurers, deposita­
ries, and other officers o f the United States, under general
regulations proposed by the Director of the Mint, and
approved by the Secretary of the T reasury; but nothing
herein contained shall prevent the payment o f silver coins,

P ro v iso .

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 o f this act, silver coins shall be
paid at the mint in Philadelphia and the assay-office in
New Y ork City for silver bullion purchased for coinage,
under such regulations as may be prescribed by the
Director o f the M int, and approved by the Secretary of
the Treasury.

rurchase of
S ec . 29. That for the purchase of metal for the minor
m
fnor coinage! coinage authorized by this act, a sum not exceeding fifty
utes,V3528?tat thousand dollars in lawful money o f the United States

shall be transferred by the Secretary of the Treasury to
to be carried the credit o f the superintendent of the mint at Philadel-

ade?phiaatIh11 phia, at which establishment only, until otherwise pro­




vided by law, such coinage shall be carried on.

The

superintendent, with the approval o f the Director o f the
M int 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 M int assay. The

539

LAWS CONCEKNING COINAGE.

gain arising from the coinage o f such metals into coin

M in or - c o in ­
age p rofit fu n d . ■

of a nominal value, exceeding the cost thereof, shall be
credited to the special fund denominated the minor-coinage profit fu n d ; and this fund shall be charged with the
wastage incurred in such coinage, and with the cost of
distributing said coins as hereinafter provided.

The bal-

ance remaining to the credit o f this fund, and any bal­
ance o f profits accrued from minor coinage under former W
here0rd iC
e iverS
acts, shall be, from time to time, and at least twice a able- etc- ;

year, covered into the Treasury o f the U nited States.
S ec . 30. That the minor coins authorized by this act ®orh hage;able
w

may, at the discretion of the Director o f the M int, be ute|( 3529 Stat"
V
delivered in any of the principal cities and towns o f the
United States, at the cost o f the M int, for transportation,
and shall be exchangeable at par at the mint in Philadel­
phia, at the discretion of the superintendent, for any
other coins of copper, bronze, or copper-nickel heretofore
authorized by la w ; and it shall be lawful for the Treas­
urer and the several assistant treasurers and depositaries
of the United States to redeem, in lawful money, under
such rules as may be prescribed by the Secretary of the
Treasury, all copper, bronze, and copper-nickel coins au­
thorized by law when presented in sums o f not less than
twenty dollars; and whenever, under this authority, these tQ h coinage
s^
coins are presented for redemption in such quantity as
to show the amount outstanding to be redundant, the
Secretary o f the Treasury is authorized and required to
direct that such coinage shall cease until otherwise
ordered by him.
. k E < 31. That parcels of bullion shall be, from time to
C

and

Pme, transferred by the superintendent to the melter and utE i s 3 0stat'
|v3|
refiner; a careful record o f these 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 melter and refiner, and the bullion thus
placed in the hands o f the melter and refiner shall be
subjected to the several processes which may be neces­
sary to form it into ingots o f the legal standard, and o f
a quality suitable for coinage.

Coinafe°;t s

fo r

S ec . 32. That the ingots so prepared shall be assayed; to dbcermcate
e
and if they prove to be within the limits allowed for gi£e°j:sed stat_
e
deviation from the standard, the assayer shall certify the utes, 3531fact to the superintendent, who shall thereupon receipt
for the same, and transfer them to the coiner.




540
n o t to tie used
i f th ey d i f f e r
fro m , e tc., m ore
th a n , etc.
I R evised S ta t­
utes, 3533.

NATIONAL MONETARY COMMISSION.

S ec. 33. That no ingots shall be used for coinage which
differ from the legal standard more than the following
proportions, nam ely: In gold ingots, one-thousandth; in
silver ingots, three-thousandths; in minor-coinage alloys,

/ B a rs fo r paym e n t of de­
p o s i t s , th eir
fineness, etc.
R evised S ta t­
u tes, 3534.

In g o ts fo r
coin a g e to be
d e liv e r e d to
coin er.
! R evised S ta t­
utes, 3532.

twenty-five-thousandths, in the proportion o f nickel.
S ec. 34. That the melter and refiner shall prepare all
bars required for the payment of deposits; but the fine­
ness thereof shall be ascertained and stamped thereon by
the assayer; and the melter and refiner shall deliver such
bars to the superintendent, who shall receipt for the same.
S ec. 35. That the superintendent shall, from time to
time, deliver to the coiner ingcts for the purpose o f coin­
age ; a careful record of these transfers, noting the weight
and character o f the bullion, shall be kept, and vouchers
shall be taken for the delivery of the same, duly receipted
by the coiner; and the ingots thus placed in the hands of
the coiner shall be subjected to the several processes neces­
sary to make from them coins in all respects conformable
to law.

D ev ia tion s in
w eig h ts o f gold
c o in s n ot t o e x ­
ceed, e t c . ;
R evised S ta t­
utes, 3535.

S ec . 3G. 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
of a grain; in the half-eagle, the three-dollar piece, the
quarter-eagle, and the one-dollar piece, one-fourth o f a
grain. A n d in weighing a number of pieces together,
when delivered by the coiner to the superintendent, and
by the superintendent to the depositor, the deviation from
the standard weight shall not exceed one-hundredth of
an ounce in five thousand dollars in double-eagles, eagles,

half-eagles, or quarter-eagles, in one thousand three-dol­
lar pieces, and in thousand one-dollar pieces.
o f s ilv e r c o i n s ;
S ec . 37. That in adjusting the weight o f the silver coins
R evised S ta t­
utes, 3536.
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-lialf grains; and in weigh­
ing large numbers of pieces together, when delivered by
the coiner to the superintendent, and by the superintend­
ent to the depositor, the deviations from the standard
weight shall not exceed two-hundredths of an ounce in

o f m in or coins.
R evised S ta t­
utes, 3537.




one thousand dollars, half-dollars, or quarter-dollars, and
one-hundredth of an ounce in one thousand dimes.
S ec. 38. That in adjusting the weight of the minor
coins provided by this act, there shall be no greater devia-

laws

c o n c e r n in g

c o in a g e .

541

tion allowed than three grains fo r the five-cent piece and
h\o grains fo r the three and one cent pieces.
S ec. 39. T h at the coiner shall, from time to time, as iiv
^?incoins dto
coins are prepared, deliver them to the superintendent, superintend­
ent) shall receipt fo r the same, and w ho shall keep a care- Revised stat. 1 record o f their kind, number, and actual weight ; a n d l,tes’
m receiving coins it shall be the duty o f the superintend- ed^nd^Vnot
ent to ascertain, by the trial o f a number o f single piecesH^lsfuctory’ _
separately, whether the coins o f that delivery are within
the legal limits o f the standard w e ig h t; and i f his trials
or this purpose shall not prove satisfactory, he shall
cause all the coins o f such delivery to be weighed sep­
arately , and such as are not o f legal weight shall be deaeed and delivered to the melter and refiner as standard
ulnon, to be again form ed into ingots and recoin ed; or
he whole delivery may, i f more convenient, be remelted.
S ec. 40. T h at at every delivery o f coins made by tlie atPeacheddeiivS
coiner to a superintendent, it shall be the duty o f such ery of.ooins^by
superintendent, in the presence o f the assayer, to take ® Perintend'
“
indiscriminately a certain number o f pieces o f each variety Revised statfo r the annual trial o f coins, the number fo r gold coins utes’
Jeing not less than one piece fo r each one thousand pieces
or any fractional part o f one thousand pieces d elivered;
and fo r silver coins one piece fo r each two thousand pieces
or any fractional part o f tw o thousand pieces delivered.
The pieces so taken shall be carefu lly sealed up in an en­
velope, p roperly labeled, stating the date o f the delivery,
the number and denom ination o f the pieces inclosed, and
he amount o f the delivery from which they were taken,
hese sealed parcels containing the reserved pieces shall
e deposited in a p yx, designated fo r the purpose at each
hamt, which shall be kept under the join t care o f the
superintendent and assayer, and be so secured that neither
can have access to its contents w ithout the presence o f the
other, and the reserved pieces in their sealed envelopes
from the coinage o f each m int shall be transmitted quar­
terly to the mint at Philadelphia. A record shall also be
kept at the same time o f the number and denom ination o f
the pieces so taken fo r the annual trial o f coins, and o f
the number and denom ination o f the pieces represented
hy them and so delivered, a cop y o f which record shall be
transmitted quarterly to the D irector o f the M int. Other
pieces may, at any time, be taken fo r such tests as the
D irector o f the M int shall prescribe.




542
C lip p in g s ,
e tc., o f b u llion .
R evised S ta t­
u tes, 3540.

NATIONAL MONETARY COMMISSION.

S ec. 41. That the coiner shall, from time to time, de­
liver to the superintendent the clippings and other por­
tions o f bullion remaining after the process of coining;
and the superintendent shall receipt for the same and keep
a careful record o f their weight and character.

C oin er to be
ch a rg ed w i t h
w h a t, and to be
credited .
R evised S ta L
utes, 3541.
A cco u n ts o f
coin er and
m elter and re­
finer to be fu lly
settled a t least
on ce in e a c h
year.

S ec. 42. That the superintendent shall debit the coiner
w ith the amount in weight o f standard metal o f all the
7
bullion placed in his hands, and credit him with the
amount in weight of all the coins, clippings, and other
bullion returned by him to the superintendent. Once at
least in every year, and at such time as the Director of
the M int shall appoint, there shall be an accurate and full
settlement o f the accounts o f the coiner, and the melter
and refiner, at which time the said officers shall deliver up
to the superintendent all the coins, clippings, and other
bullion in their possession, respectively, accompanied by
statements o f all the bullion delivered to them since the
last annual settlement, and all the bullion returned by
them during the same period, including the amount re­
turned for the purpose o f settlement.

S u p erin ten d ­
ent to exam ine
the a c c o u n t s ,
e tc., o f the c o in ­
er and m elter
and refiner.
R evised S ta t­
utes, 3542.

S ec. 43. That when all the coins, clippings, and other
bullion have been delivered to the superintendent, it shall
be his duty to examine the accounts and statements ren­

W h a t a m ou n t
a llo w a b le a s
n e c e s s a r y
w astage.

each officer shall be allowed as necessary wastage, if the
superintendent shall be satisfied that there has been a
bona-fide waste o f the precious metals, and if the amount

dered by the coiner and the melter and refiner, and the
difference between the amount charged and credited to

shall not exceed, in the case of the melter and refiner, one
thousandth of the whole amount of gold, and one and
one-half thousandth o f the wdiole amount o f silver de­
livered 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.
B ala n ce-sh eet
S ec. 44. That it shall also be the duty o f the superin­
to be fo r w a r d ­
ed to the D i­ tendent to forward a correct statement o f his balancerector o f the
M int.
sheet, at the close o f such settlement, to the Director of
R evised S ta t­
utes, 3543.
the M int, who shall compare the total amount of gold




and silver bullion and coin on hand with the total lia-

LAWS CONCERNING COINAGE.

bilities o f the mint.

A t the same time a statement of the

543
E x p e n s e a c­
cou nt.

ordinary-expense account, and the moneys therein, shall
also be made by the superintendent.
S ec. 45. That when the coins or bars which are the
equivalent to any deposit o f bullion are ready for delvery, they shall be paid to the depositor, or his order,

P aym ent o f
coin s or bars to
d ep ositors.
R evised S ta t­
utes, 3544.

.J
superintendent; and the payments shall be made,
i ' emanded, in the order in which the bullion shall have
een brought to the m int; but in cases where there is
th& ^ maniPulating a refractory deposit, or for any
^
0 er unavoidable cause, the payment of subsequent de­
posits, the value o f which is known, shall not be delayed
leie .y ’ and in the denominations o f coins delivered, the
superintendent shall comply with the wishes o f the de­
positor, except when impracticable or inconvenient to
do so.
S ec. 46. That unparted bullion may be exchanged at
aiiy of the mints for fine bars, on such terms and con-

U nparted
bullion m ay be
exchanged.

1 ions as may be prescribed by the Director of the M int,
^ i t i the approval o f the Secretary o f the Treasury; and

R evised S ta t­
utes, 3540.

ie fineness, weight, and value o f the bullion received
an given in exchange shall in all cases be determined
y the mint assay. The charge to the depositor for rening or parting shall not exceed that allowed and de­

C h a rge
partin g.

of

ne ed for the same operation in the exchange o f unre­
ined for refined bullion.
ec

an

.

4<. That for the purpose o f enabling the mints

the assay-office in New Y ork to make returns to de­

positors with as little delay as possible, it shall be the
a y of the Secretary o f the Treasury to keep in the said
and assay-office, when the state o f the Treasury
admit thereof, such an amount o f public money, or
u ion procured for the purpose, as he shall judge conven­
ient and necessary, out o f which those who bring bullion
n the said mints and assay-office may be paid the value
hereof, in coin or bars, as soon as practicable after the
^alue has been ascertained; and on payment thereof

S ecreta ry o f
the T r e a s u r y
to k e e p , e t c .,
m oney or bu l­
l i o n ‘to m ake
speedy returns
to d ep ositors o f
b ullion .
R evised S ta t­
utes, 3545.

emg made, the bullion so deposited shall become the
property of the United States; but the Secretary o f the
reasury may at any time withdraw the fund, or any
portion thereof.

F un d m ay be
w ith d ra w n .

S ec. 48. That to secure a due conformity in the gold

A ssay co m ­
m i s s i o n e r s to
test w eig h t o f
coins
a n n u a lly ;
R evised S ta t­
utes, 3547.

and silver coins to their respective standards o f fineness
and weight, the judge o f the district court o f the United
States for the eastern district of Pennsylvania, the Comp-




544

NATIONAL MONETARY COMMISSION.

troller o f the Currency, the assayer o f the assay-office at
New Y ork, and such other persons as the President shall,
and from time to time, designate, shall meet as assay-com­

when

w h ere;

missioners, at the mint in Philadelphia, to examine and
test, in the presence o f the Director of the M int, the fine­
ness and weight o f the coins reserved by the several mints

for this purpose, on the second Wednesday in February,
annually, and may continue their meetings by adjournmajority ment, if necessary; if a majority o f the commissioners

if a
n ot p resent.

7

J

.

J

shall fail to attend at any time appointed for their meet­
ing, the Director o f the Mint shall call a meeting of the
commissioners at such other time as he may deem conTest to be re-venient; and if it shall appear by such examination and
factory?S ete. test that these coins do not differ from the standard
if,a
fineness and weight by a greater quantity than is allowed
by law, the trial shall be considered and reported as
if test is n o t satisfactory; but if any greater deviation from the legal
faetstoC re-standard or weight shall appear, this fact shall be certibe°r
E°ersdinDr °o fied to the President of the United States; and if, on a
e r fr
to^be disquaii y jew o;f
circumstances of the case, he shall so decide,
the officer or officers implicated in the error shall be
thenceforward disqualified from holding their respective
offices.
standard troy
S e c . 49. That for the purpose o f securing a due con-

poun d

of

the

.

.

.

£

.

.

Mint of the form ity in weight of the coins of 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 London,
R evised

|tat- in the year eighteen hundred and twenty-seven, for the
use of the M int, and now in the custody o f the mint at

Philadelphia, shall be the standard troy pound of the
M int o f the United States, conformably to which the
coinage thereof shall be regulated,
s t andard
S$c. 50. That it shall be the duty o f the Director o f the
m int and a s s a y - M int to procure for each mint and assay-office, to be kept
R evised

stat- safely thereat, a series o f standard weights corresponding
to the aforesaid troy pound, consisting o f a one-pound
weight and the requisite subdivisions and multiples
thereof, from the hundredth part o f a grain to twentyfive pounds; and the troy weights ordinarily employed

to be

regulated
and tested annu aiiy.




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 or the superin­
tendent and assayer; and the accuracy o f those used at
the mint at Philadelphia shall be tested annually, in the

LAWS CONCERNING COINAGE.

545

presence o f the assay-commissioners, at the time o f the
annual examination and test o f coins.
S ec. 51. That the obverse working-dies at each m in t. obverseworkshall, at the end o f each calendar year, be defaced and m to^be^deint
destroyed by the coiner in the presence o f the superin- Revised’stattendent and assayer.
utes’ 3< 50’
>
S ec. 52. That dies o f a national character may be exe- Dies of a nacuted by the engraver, and national and other medals ter°aandhm
edstruck by the coiner o f the mint at Philadelphia, under b m
e& ade.re m
ay
such regulations as the superintendent, with the approval
o f the Director o f the M int, may prescribe: Provided , Revteed'statnit such work shall not interfere with the regular coin- utes’ 355L
age operations, and that no private medal dies shall be
prepared at said mint, or the machinery or apparatus
t ereof be used for that purpose.

That the moneys arising: from all charges and

S ec . 53.
,M
oneys from
derbi^f'
J
°
charges and deueuuctions on and from gold and silver bullion and t h e auctions, etc.,
m u n n fn ,
„
to be covered
lanuiacture o f medals, and from all other sources, except into.the Treasas hereinbefore provided, shall, from time to time, be cov- ^Revjsed statered into the Treasury of the United States, and no part
no part for sal•
#
o /
a
aries etc.

0 Sllch deductions or medal charges, or profit on silver or

Gnor coinage, shall be expended in salaries or wages; but
a 1 expenditures of the mints and assay-offices, not herein ^ Expenditures
otherwise provided for, shall be paid from appropria-appropriations
tions made by law on estimates furnished by the Secretary
o f the Treasury.
S ec. 54. That the officers of the United States assay- saOffi^rs of asoffice at New Y ork shall be a superintendent, an assayer, New York^d
and a melter and refiner, who shall be appointed by the m
entpresident, by and with the advice and consent of the
Senate. The business o f said assay-office shall be in a l l ..
respects similar to that o f the mints, except that bars only, fiC
Revised stat_
and not coin, shall be manufactured therein; and n o utes- 3f 53rnetals shall be purchased for minor coinage. A ll bul- I5ulll0nlion intended by the depositor to be converted into coins
° f 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 Phila­
delphia, under such directions as shall be made by the
Secretary o f the Treasury, at the expense o f the con­
tingent fund o f the Mint, and shall be there coined, and
the proceeds returned to the assay-office. And the Secretary of the Treasury is hereby authorized to make the
necessary arrangements for the adjustment o f the ac­
counts upon such transfers between the respective offices.




NATIONAL MONETARY COMMISSION.

546

f^upertotend’
ent,

etc.,

of

S ec.
^hat ^ ie duties of the superintendent, assayer,
and melter and refiner of said office shall correspond to

0Revised stat- those 0E superintendents, assayers, and melters and refiners of mints; and all parts of this act relating to 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 assayoffice at New York, and to its officers, assistants, clerks,
workmen, and others employed therein.
their salaries.
S ec. 56. That there shall be allowed to the officers of the
R evised S ta t•
,
„ ....
,
u_t.es, 3550, assay-office at New York City the following salaries per
annum: to the superintendent, four thousand five hundred
dollars; to the assayer, and to the melter and refiner, each,
three thousand dollars; and the salaries of assistants and
clerks, and wages to workmen, and their manner of
appointment, shall be determined and regulated as herein
directed in regard to mints.
B
usiness of g E > 57, That the business at the branch mint at DenC

utes, 3555 .

a ssa y offices at

8SyveandB 8e ver» w^ e conducted as an assay-office, and of the assayei S
e
w
here, to be office at Boise City, Idaho, and all other assay-offices
R evised stat- hereafter to be established, shall be confined to the receipt
11 1 6 S,
o O O oj
t
•
-1
•
3559 , 3560.
0f gold and silver bullion, for melting and assaying, to
be returned to depositors of the same, in bars, with the,
weight and fineness stamped thereon; and the officers of
assay-offices, when their services are necessary, shall con­
sist of an assayer, who shall have charge thereof, and a
melter, to be appointed by the President, by and with the
advice and consent of the Senate; and the assayer may
employ as many clerks, workmen, and laborers, under the
direction of the Director of the Mint, as may be pros uThTs say Jed for by law. The salaries of said officers shall not
salaries1 their excee<^ the sum of two thousand five hundred dollars to
3
the assayer and melter, one thousand eight hundred dol­
lars each to the clerks, and the workmen and laborers
shall receive such wages as are customary, according to
their respective stations and occupations,
bon °ath and S ec. 58. That each officer and clerk to be appointed at
d
1862 , ch 128 . sllc]1 assay-offices, before entering upon the execution of
.




his office, shall take an oath or affirmation before some
judge of the United States, or of the Supreme Court, as
prescribed by the act of July second, eighteen hundred
and sixty-two, and each become bound to the United States
of America, with one or more sureties, to the satisfac­

LAWS CONCERNING COINAGE.

547

tion of the Director of the Mint or one of the judges
of the supreme court of the State or Territory in which
the same may be located, and of the Secretary of the

Treasury, conditioned for the faithful performance of
the duties of their offices; and the said assayers shall dis- ( Assayers^to
charge the duties of disbursing agents for the payment agents.
of the expenses of their respective assay-offices.
S ec . 59. That the general direction of the business of D
irector of
assay-offices of the United States shall be under the con- have th gene^
trol and regulation of the Director of the Mint, subject of the assay
to the approbation of the Secretary of the T r e a s u r y ; e t c . ; ’reguiaioi tnat purpose it shall be the duty of the said an charges.
d
Hector to prescribe such regulations and to require
Hich returns, periodically and occasionally, and to establs such charges for melting, parting, assaying, and
^ ‘imping bullion as shall appear to him to be necessary
oi the purpose of carrying into effect the intention of
this act.
S ec . G . That all the provisions of this act for the regu- rrnvis i ons
O
la 10n
the mints of the United States, and for the gov- m
ints fo apply
eminent of the officers and persons employed therein, R evised statan
or the punishment of all offenses connected with the
1 1 1 s 01 coinage of the United States, shall be, and they
111
aie ereby declared to be, in full force in relation to the
^ay-offices, as far as the same may be applicable thereto.

maU t 1' T h at
» .

lf

a n j

PerS° n ° r PerSOnS Sha11 f a l s e l y

c o u n te rfe itin g 1
;

’ r° rge, or counterfeit, or cause or procure to be etc> any c° in

x a ls p lv

i

?

.

A

. .

or

bars,

in

y made, forged, or counterfeited, or willingly aid^g^edstata^sist in falsely making, forging, or counterfeiting, utes, 3562.
any com or bars in resemblance or similitude of the gold
01 S ver coins or bars, which have been, or hereafter
1^
be, coined or stamped at the mints and assay-offices
0 fbe United States, or in resemblance or similitude of
any foreign gold or silver coin which by law is, or herea er may be made, current in the United States, or are
ni actual use and circulation as money within the United
^tates, or shall pass, utter, publish, or sell, or attempt
know
ingly
Pass, utter, publish, or sell, or bring into the United
g e^
or ctk fates from any foreign place, or have in his possession,
c n et^'
o n t(
any such false, forged, or counterfeited coin or bars,co5n or bars •
s
knowing the same to be false, forged, or counterfeited,
every person so offending shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine
not exceeding five thousand dollars, and by imprison-




548

NATIONAL MONETARY COMMISSION.

ment and confinement at hard labor not exceeding ten
years, according to the aggravation o f the offense,
ing C
etc^minor

^ EC* ®2. That if any person or persons shall falsely

t°e ra n’g°r
iS
such m a^e’ f ° rg e 5 or counterfeit, or cause or procure to be
fa RevisedSstat- ^ l^se^y made, forged, or counterfeited, or willingly aid
u tes, 5 4 5 8 .
or assist in falsely making, forging, or counterfeiting,
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 corporation, or any person
or persons whatsoever, every person so offending shall
be deemed guilty o f felony, and shall, on conviction
thereof, be punished by fine not exceeding one thousand
dollars and by imprisonment and confinement at hard
labor not exceeding three years.
fo r
ing,

fra u d u etc.,

gold

ren t c o i n s ;
u tes, 5459.

S

ec

. 63.

That if any person shall fraudulently, by any

art, way, or means whatsoever, deface, mutilate, impair,
diminish, falsify, scale, or lighten the gold or silver

1 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, even1 person so offending shall be deemed guilty
,
o f a high misdemeanor, and shall be imprisoned not ex­
ceeding two years, and fined not exceeding two thousand
dollars.

fo r

fra u d u -

lpntlv debasing
the

e c

.

64. T hat if any o f the gold or silver coins which

shall be struck or coined at any o f the mints o f the United

United

States shall be debased, or made worse as to the propor-

silver coins or

the

S

or

gold

*

tion o f fine gold or fine silver therein contained; or
shall be o f less weight or value than the same ought to
weights?etcn s

pursuant to the several acts relative thereto; or if
any o f the weights used at any o f the mints or assayoffices o f the United States shall be defaced, 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 assay-offices, with a fraudulent intent;

em
bezznngm tr an(^ ^ any
e0
sa^ °fficers or persons shall embezzle
m
edals' etcins’ any
^ ie metals which shall at any time be committed
to their charge for the purpose o f being coined, or any




o f the coins which shall be struck or coined at the said
mints, or any medals, coins, or other moneys o f said mints

549

LAWS CONCERNING COINAGE.

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 of
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

when act to
effect

o f A p ril, eighteen hundred and seventy-three, when the
offices o f the treasurer o f the mints in Philadelphia, San
Francisco, and New Orleans shall be vacated, and the

office oftre as v a c a te d .’

assistant treasurer at New Y ork shall cease to perform
the duties o f treasurer of the assav-office. The other offi- o t h e r offi•'
cers,
etc.,
to
cers and employees o f the mints and assay-offices now continue^ give
appointed shall continue to hold their respective offices, uteS S9 7 Stat'
ev|4
they having first given the necessary bonds, until further
appointments may be required, the Director o f the M int
at Philadelphia being styled and acting as superintend- ejSu ^ ri“c £;
tan
ent thereof. The duties o f the treasurers shall devolve treasurers to
as herein provided upon the superintendents, and said a c t ^ y ^ a s treasurers shall act only as assistant treasurers o f the ers.
United States: Provided , That the salaries heretoforedi®f^s^
r
paid to the treasurers o f the mints at Philadelphia, San

not

Francisco, and New Orleans, acting as assistant treas­
urers, shall hereafter be paid to them as “ assistant treas­
urers o f the United States,” and that the salary o f the
assistant treasurer at New Y o rk shall not be diminished
by the vacation o f his office as treasurer o f the assayoffice.

S ec. 66. That the different mints and assay-offices a u -J.^ ame®of.^ e
thorized by this act shall be known as “ the mint o f th ea“J assay ofs
United States at Philadelphia,” “ the mint o f the United

stat'

States at San Francisco,” “ the mint o f the United States
at Carson,” “ the mint o f the United States at Denver,”
“ the United States assay-office at New Y o rk ,” and “ the
United States assay-office at Boise City, Idaho,” “ the
United States assay-office at Charlotte, North C arolina; ”
and all unexpended appropriations heretofore authorized ap^ropriatfolas!
by law for the use of the mint o f the United States at
Philadelphia, the branch-mint o f the United States in
California, the branch-mint o f the United States at D en­
ver, the United

States assay-office in New Y ork , the

United States assay-office at Charlotte, North Carolina,
and the United States assay-office at Boise City, Idaho,
are hereby authorized to be transferred for the account




550

NATIONAL MONETARY COMMISSION.

and use o f the institutions established and located re­
spectively at the places designated by this act.
beTh
k nVwC as
n

S ec . 67. T hat this act shall be known as the “ Coinage
coinage act, etc. acf 0f eighteen hundred and seventy-three; ” and all other

acts and parts o f acts pertaining to the mints, assay-offices,
and coinage o f the United States inconsistent with the
e t?trepe;UedS;provisions o f this act are hereby repealed: Provided,
toC
affecteetcno^ ^ a t this act shall not be construed to affect any act done,

right accrued, or penalty incurred, under former acts, but
every such right is hereby saved; and all suits and prose­
cutions for acts already done in violation o f any former
act or acts o f Congress relating to the subjects embraced
in this act may be begun or proceeded with in like manner
as i f 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:
ofR870ach 296^^ nd PT
ie
f
(>vided further, That so much o f the first section
sec. l, voi. 16. 0 f “ A n act making appropriations for sundry civil ex­

penses o f the Government for the year ending June thirty,
eighteen hundred and seventy-one, and for other pur­
poses,”

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 lawT
ful to exchange, at any mint or branch-mint
o f the United States, unrefined or unparted bullion, when­
ever, in the opinion o f the Secretary o f the Treasury, it
can be done with advantage to the Government, is hereby
repealed.
Approved, February 12, 1873.
REVISED STATUTES APPLICABLE TO THE SUBJECT OF
COINAGE.
Bur e a u of
c Feb.

lV, p. 424.




S ec . 343. There shall be established in the Treasury

!2, m s , Department a Bureau o f the M int, embracing in its
organization and under its control all mints for the man­
ufacture o f coin, and all assay-offices for the stamping of
bars, which are now, or which may be hereafter, author­
ized by law.

The chief officer o f the said Bureau shall

be denominated the Director o f the M int, and shall be
under the general direction o f the Secretary o f the Treas­
ury.

H e 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 re­
moved by the President, upon reasons to be communi­
cated by him to the Senate.

551

LAWS CONCERNING COINAGE.

S e c . 345. The Director o f the M int shall have the gen°r(^ o rts
s
eral supervision of all mints and assay-offices, and shall d ^ 0^ - 1873
ir|

make an annual report to the Secretary o f the Treasury ^71^ ,4| 2’ v-4
o f their operations, at the close o f each 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 be­
fore him the annual estimates for their support.

A nd the

Secretary o f the Treasury shall appoint the number o f
clerks, classified according to law, necessary to discharge
the duties o f said Bureau.
S e c . 3474. No gold or silver other than coin of standard

what coin re-

fineness o f the United States, shall be receivable in pay-

Aug. 3i, 1852,
ch. 108, sec. 2,

1

^

ment o f dues to the United States, except as provided invoi. io,’ pp. 9L
9o.

section twenty-three hundred and sixty-six, Title “ Pub- ^Fek2L 1857,
lie Lands,” and in section thirty-five hundred and sixty- 3W 0 ’. n , p!
1
seven, Title “ Coinage, W eights, and Measures.”
S e c . 3 4 9 5 . The different mints and assay-offices shall

tr and
s

be known as—
aSFeb'°i2? i 873 ,
First. The mint o f the United States at Philadelphia. vh'iL p S
43566'
Second. The mint of the United States at San Francisco.
Third. The mint o f the United States at New Orleans.
Fourth. The mint of the United States at Carson.

at ^eiena0® ^

F ifth . The mint of the United States at Denver.
May8i2 b
d fs7L
Sixth. The United States assay-office at New York.
voK 18Seventh. The United States assay-office at Boise City,
Idaho.
Eighth. The United States assay-office at Charlotte,
North Carolina.
N ote .— For list o f acts establishing branch mints and assay
offices see Note to act o f March 2, 1835 ( 4 Stat. L., 774), and
March 3, 1853 (10 Stat. L., 181-212).

S e c . 349G. The officers of each mint shall be a superin-

tendent, an assayer, a melter and refiner,and a coiner; and,

officers

of

Feb’. 12, 1873,

for the mint at Philadelphia, an engraver; all to be ap- v. 17, p. 424.
pointed by the President, by and with the advice and
consent o f the Senate.
S e c . 3497. The superintendents o f the mints at Phila- ents1 of Certain
1
delphia, San Francisco, and New7 Orleans shall be, and ^'^duties^of
perform the duties o f, treasurers o f said mints respectively. tre/as
b
i“re^ c 65

S ec. 3500. Every officer, assistant, and clerk appointed of°offlcers°^se
for any mint shall, before he enters upon the execution
a nd
o f his office, take an oath before some judge o f the United
States, or judge o f some court of record o f the State in
which such mint is located, faith fu lly and diligently to
15712°— 10----- 37




sec- 10-

NATIONAL MONETARY COMMISSION.

552

perform the duties thereof; in addition to other official
oaths prescribed by law, such oath, duly certified, shall
be transmitted to the Secretary o f the Treasury.

The

superintendent o f each mint may require such oath from
any o f the employes o f the mint.
(See Secs. 1756, 1757.)
Bonds of offiS ec . 3501. The superintendent, the assayer, the melter
cers, assistants,
^ ,
7
.
, »
fcn cleric.
d
and refiner, and the coiner o f each mint, before entering
1

S0C« 1 1 •

*

g

_

^

#

)

-

. - _

upon the execution o f their respective omces, shall become
bound to the United States, with one or more sureties,
approved by the Secretary o f 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 of his office.

Similar bonds may be required

o f the assistants and clerks, in such sums as the superin­
tendent shall determine, with the approbation o f the
Director o f the M in t ; but the same shall not be construed
to relieve the superintendent or other officers from lia­
bility to the United States for acts, omissions, or negli­
gence o f their subordinates or.employes; and the Secretary
o f the Treasury may, at his discretion, increase the bonds
o f the superintendents.
who to act

S ec. 3502. Whenever any officer o f a mint or assay-office

in absence o f , - , , , ,
,
,
. » •,
director, super-shall be temporarily absent, on account o± sickness or any
other officer. 5 other cause, it shall be lawful for the superintendent, with
r
i sec. .
consent 0f suc]1 0ffjcer5 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 o f the M int for his approval;
and in all cases whatsoever the principal shall be respon­
sible for the acts o f his representative. In case o f the
temporary absence o f the superintendent, the chief clerk
shall act in his place; in case o f the temporary absence o f
the Director o f the M int the Secretary o f the Treasury
may designate some one to act in his place.
General du-

S ec . 3503. The superintendent o f each mint shall have

tee
ndentseriof the control thereof, the superintendence o f the officers and

mibid., sec. 4. persons employed therein, and the supervision o f the busi­




ness thereof, subject to the approval o f the Director of the
M int.

H e shall make reports to the Director o f the M int

at such times and according to such forms as the Director
may prescribe; which shall exhibit in detail, and under
appropriate heads, the deposits o f bullion, the amount of
gold, silver, and minor coinage, and the amount o f un-

LAWS CONCEBNING COINAGE.

553

parted, standard, and refined bars issued, and such other
statistics and information as may be required.
S e c . 3504. H e shall keep and render, quarter-yearly, to

iua.

the Director o f the M int, for the purpose o f adjustment
according to such forms as may be prescribed by the Sec­
retary o f the Treasury, regular and faithful accounts o f
his transactions with the other officers of the M int and
the depositors; and shall also render to him a monthly
statement o f the ordinary expenses o f the mint or assayoffice under his charge.

H e shall also appoint all assist­

ants, clerks, one o f whom shall be designated “ chief
clerk,” and workmen employed under his superintend­
ence ; but no person shall be appointed to employment in
the office o f the assayer, melter and refiner, coiner, or en­
graver, except on the recommendation and nomination in
writing o f those officers, respectively.

H e shall forthwith

report to the Director o f M int the names of all persons
appointed by him, the duties to be performed, the rate o f
compensation, the appropriation from which compensa­
tion is to be made, and the grounds o f the appointment;
and if the Director o f the M int shall disapprove the same,
the appointment shall be vacated.
S ec. 3505. A n y gold coins o f the United States, if r e - . coins reduced
duced in weight by natural abrasion not more than one- abrasion.
,
j
lo x d ., sec. 14.
half o f one per centum below the standard weight
prescribed by law, after a circulation of twenty years, as
shown by the date o f coinage, and at a ratable proportion
for any period less than twenty years, shall be received at
their nominal value by the United States Treasury and
its offices, under such regulations as the Secretary o f the
Treasury may prescribe for the protection o f the Govern­
ment against fraudulent abrasion or other practices.
S e c . 3 5 0 6 . The superintendent o f each mint shall re-

.

i

p i

i

__

.

Duties of superintendents

ceive and saiely keep, until legally withdrawn, all moneys *u j^an^buf
o
or bullion which shall be for the use or the expenses o f lioj?
.i

*

.

the mint.

-_

.

._

.

t

H e shall receive all bullion brought to the

mint for assay or coinage; shall be the keeper o f all bul­
lion or coin in the mint, except while the same is legally
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 o f the assayer and the

weight o f the bullion, he shall compute the value o f each
deposit, and also the amount o f the charges or deduc­
tions. if any, o f all which he shall give a detailed memo-




i

Omsec. 4 .
wy
d

554

NATIONAL MONETARY COMMISSION.

randum to the depositor; and he shall also give at the
same time, under his hand, a certificate o f the net amount
o f the deposit, to be paid in coins or bars of the same
species o f bullion as that deposited, the correctness of
which certificate shall be verified by the assaver, who shall
countersign the same, and in all cases of transfer of coin
or bullion, shall give and receive vouchers, stating the
amount and character o f such coin, or bullion.
D u ties

of

as-

ibid., sec. 5.

S ec . 3507. The assaver shall assay all metals and bullion, whenever such assays are required in the operations
o f the m in t; and shall make assays o f coin or samples o f

D u t i e s of
m elters an d re-

bullion whenever required by the superintendent.
s EC. 3508. The melter and refiner shall execute all the

sec 6 °P erat i ° ns which are necessary in order to form ingots of
standard silver or gold, 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.
H e shall keep a careful record o f all transactions with
the superintendent, noting the weight and character of
the bullion, and shall be responsible for all bullion deliv­
ered to him until the same is returned to the superintend­
ent and the proper vouchers obtained.
Duties

ibid., sec.

of
7.

S ec. 3509. The coiner shall execute all the operations
which are 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 deliv­
ered to him for that purpose: and shall be responsible
for all bullion delivered to him, until the same is re­
turned to the superintendent and the proper vouchers
obtained.

gravers8 of en'

ibid., sec. 8.




S ec. 3510. The engraver shall prepare from the original dies already authorized all the working-dies required
for use in the coinage o f the several mints, and, when
new coins or devices are authorized, shall, if required by
the Director o f the M int, prepare the devices, models,
molds, and matrices, or original dies, for the same; but
the Director o f the M int shall nevertheless have power,
with the approval o f the Secretary o f the Treasury, to
engage temporarily for this purpose the services o f one
or more artists, distinguished in their respective depart­
ments o f art, who shall be paid for such service from the
contingent appropriation for the mint at Philadelphia.

LAWS CONCERNING COINAGE.

555

S ec. 3511. The gold coins of the United States shall be th?oluC uVa
n
a one-dollar piece, which, at the standard weight of ® *,* ^e tand
h
efgh
twenty-five and eight-tenths grains, shall be the unit of seedactes'ep
t'.
value; a quarter-eagle, or two and a half dollar piece; ^ 1890;_ h
,6C pa three-dollar piece; a half-eagle, or five-dollar piece; 485
an eagle, or ten-dollar piece; and a double-eagle, or
twenty-dollar piece.

A n d the standard weight o f the

gold dollar shall be twenty-five and eight-tenths grains;
o f the quarter-eagle, or two and a h alf 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 twenty-nine grains;
o f the eagle, or ten-dollar piece, two hundred and fiftyeight grains; o f the double-eagle, or twenty-dollar piece,
five hundred and sixteen grains.
S ec . 3512. A n y

gold

coins in the Treasury o f the

Recoinage of

United States, when reduced in weight by natural abra- 19A^S 0
c 7^
sion more than one-half of one per centum below the i|i, s. i4, v.
standard weight prescribed by law, shall be recoined.
S ec. 3513. The silver coins o f the United States shall a n ye\
sg
be a trade-dollar, a half-dollar, or fiftv-cent piece, a w
e]fid sec 15
t;>
quarter-dollar, or twenty-five-cent piece, a dime, or ten- 3,Sit 7 C Ap£;
5 ts
cent piece; and the weight o f the trade-dollar shall be Jjo. i?8juiyr
22,
four hundred and twenty grains tro y ; the weight o f the 1 8 act M
ar
half-dollar shall be twelve grams and one-half o f a gTam ; 3961887’24Ch
p'
the quarter-dollar and the dime shall be, respectively,634one-half and, one-fifth o f the weight o f said half-dollar.
S ec . 3514. The standard for both gold and silver coins

s n adfor
ta dr

o f the United States shall be such that o f one thousand coinsand silver
parts by weight nine hundred shall be o f pure metal and
one hundred o f alloy.
be o f copper.

Ibtd" Sec' 13'

The alloy o f the silver coins shall

The alloy o f the gold coins shall be o f cop­

per, or o f copper and silver; but the silver shall in no
case exceed one-tenth o f the whole alloy.
(See Sec. 5460.)
S e c . 3515. The minor coins o f the United States shall

Minor coins,

c
their wei ght
oe a nve-cent piece, a three-cent piece, and a one-cent and anoy.^

1

piece.

The alloy for the five and three cent pieces shall

see act sept.

oe ot copper and nickel, to be composed o f three-fourths 9|5, v. 20, p.
copper and one-fourth nickel.

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 M int.

The weight of

the piece o f five cents shall be seventy-seven and sixteen-




NATIONAL MONETARY COMMISSION.

556

hundredths grains troy; o f the three-cent piece, thirty
grains; and o f the one-cent piece, forty-eight grains,
issue of oth- S ec . 3516. No coins, either o f gold, silver, or minor
er coins prohib- .
i n ,
.
.
.
ited.
coinage, shall hereafter be issued from the M int other
A c t of Feb.
0 5
.
12 , 1793 , ch.than those o f the denominations, standards, and weights
131, s. 17, v
jn ^ j g Title.
(See secs. 5457-5462.)
uponcoinstl°ns S e c . 3517. Upon the coins there shall be the following
md., sec. is. devices and legends: Upon one side there shall be an im­
pression emblematic o f liberty, with an inscription o f the
word “ Liberty ” 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 America ”
and “ E

Pluribus U num ,”

and

a designation o f the

value o f 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 om itted; and on the reverse o f the
silver trade-dollar the weight and the fineness o f the coin
shall be inscribed.
silver bars and S ec . 3518. A t the option o f the owner gold or silver
md., sec. 19. may ke cast into bars Gf fine metal, or o f standard fine­
ness, or unparted, as he may prefer, with a stamp upon
the same designating the weight and fineness, and with
such devices impressed thereon as may be deemed expe­
dient to prevent fraudulent imitation, and no such bars
shall be issued o f a less weight than five ounces,
coining gold S ec . 3519. A n y owner* o f gold bullion may deposit the

b u l l io n ;

J

w h en

®

J

r

deposits may same at any mint, to be formed into coin or bars for his

ibid., sec. 20 . benefit.

I t shall be law ful, however, 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.
In cases where gold and silver are combined, i f either
metal be in such small proportion that it cannot be sep­
arated advantageously, no allowance shall be made to the
depositor for its value.
silver b u i - S ec . 3520. A n y owner o f silver bullion may deposit the
received

f o r same at any mint, to be formed into bars, or into dollars

donors1 trade' ° f the weight o f four hundred and twenty grains troy,
"
md., sec. 21. designated in this Title as trade-dollars, and no deposit




o f silver for other coinage shall be received.

Silver bul­

lion contained in gold deposits, and separated therefrom,
m ay, however, be paid for in silver coin, at such valua­
tions as may be, from time to time, established by the
Director o f the M int.

LAWS CONCEBNING COINAGE.

557

S ec . 3521. W hen bullion is deposited in any o f the
mints, it shall be weighed by the superintendent,

and,

bab
pertaining

when practicable, in the presence o f the depositor, to

its

>sec- 22-

whom a receipt shall be given, which shall state the de­
scription and weight o f the bullion.

W h en , however, the

bullion is in such a state as to require melting, or the
removal o f base metals, before its value can be ascer­
tained, the weight, after such operation, shall be con­
sidered 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 o f melting by the melter
and refiner.
S ec . 3522. From every parcel o f bullion deposited for li0'^ssay of bul‘
coinage or bars, the superintendent shall deliver to the n>w., sec. 23 .

assayer a sufficient portion for the purpose of being as­
sayed.

The bullion remaining from the operations of the

assay shall be returned to the superintendent by the
assayer.

S . 3523.

re^0srstay<to su°

ec
The assayer shall report to the superintendent the quality or fineness o f the bullion assayed by him, P ^ n te n ^ ^ *
and such information as will enable him to compute the li0/ 6f(fSg d24
y^
amount o f the charges hereinafter provided for, to be
made to the depositor.

3524.

S ec .
The charge for converting standard gold co„
bullion into coin shall be one-fifth o f one per centum.

b rrf„g bur
eat
etc ’ int0

The charges for converting standard silver into trade2^
5
dollars for melting and refining when bullion is below §a£t 1]jy 18a|t
standard, for toughening when metals are contained in yh-1|5j) ^

2’

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
bullion, and for the preparation o f bars, shall be fixed,
from time to time, by the Director, with the concurrence
o f the Secretary o f the Treasury, so as to equal but not
exceed, in their judgment, the actual average cost to each
mint and assay-office o f the material, labor, wastage, and
use o f machinery employed in each o f the cases afore­
mentioned.
S ec . 3525. The assaver shall verify all calculations Assayer to
^
verify cslculo.made by the superintendent o f the value o f deposits, and, tio n s o f the
if satisfied o f the correctness thereof, shall c o u n t e r s i g n p o s i t s and
■1

.„

.

,

.

,

,,

.

countersign

the certificate required to be given by the superintendent certificates. ^
to the depositor.




NATIONAL MONETARY COMMISSION.

S ec . 3526. In order to procure bullion for the silver
coinage authorized by this title, the superintendents, with
the approval o f the Director o f the M int, as to price,
terms, and quantity, shall purchase such bullion with the
bullion-fund.

The gain arising from the coinage of such

silver bullion into coin o f a nominal value exceeding the
cost thereof shall be credited to a special fund denomi­
nated the silver-profit fund. This fund shall be charged
with the wastage incurred in the silver coinage, and with
the expense o f distributing such silver coins as herein­
after 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 of the United States.
P a y in g o u t
s ilv e r c o in s fo r
gold coin s a u ­
th orized .
sec. 28.

Ibid.,

S ec . 3527. Silver

coins other than

the trade-dollar

shall be paid out at the several mints, and at the assayoffice in New Y ork City, in exchange for gold coins at
par, in sums not less than one hundred dollars.

It shall

be law ful, 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 regu­
lations proposed by the Director o f the M int, and ap­
proved by the Secretary o f the Treasury.

Nothing herein

contained shall, however, prevent the payment o f silver
coins, at their nominal value, for silver parted from gold,
as provided in this Title, or for change less than one dol­
lar in settlement for gold deposits.

But for two years

after the twelfth day o f February, eighteen hundred and
seventy-three, silver coins shall be paid at the mint in
Philadelphia, and the assay-office in New Y ork City, for
silver bullion purchased for coinage, under such regu­
lations as may be prescribed by the Director o f the M int
and approved by the Secretary o f the Treasury.
P u rch a se o f
m etal f o r m i­
nor
c o in a g e ;
th e m in o r-co in ­
age p rofit fu n d.
sec. 29.

Ibid.,




S ec . 3528. For the purchase o f metal for the minor
coinage authorized by this Title, a sum not exceeding
fifty thousand dollars in lawful money o f the United
States shall be transferred by the Secretary o f the Treas­
ury to the credit o f the superintendent o f the mint at
Philadelphia, at which establishment only, until other­
wise provided by law, such coinage shall be carried on.
The superintendent, with the approval o f the Director
o f the M int as to price, terms, and quantity, shall pur­
chase the metal required for such coinage by public ad­
vertisement, 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

LAWS CONCERNING COINAGE.

559

into coin o f a nominal value, exceeding the cost thereof,
shall be credited to the special fund denominated the
minor-coinage

profit

fu n d ;

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 the credit o f this

fund, and any balance o f profits accrued from minor coin­
age under former acts, shall be, from time to time, and
at least twice a year, covered into the Treasury.
S ec. 3529. The minor coins authorized by this Title m jne coins•
ore
may, at the discretion o f the Director o f the M int, be de- ie/ ^ p
tisec’ 30
livered in any o f the principal cities and towns o f the
United States, at the cost of the M int, for transportation,
and shall be exchangeable at par at the mint in Philadel­
phia, at the discretion o f the superintendent, for any other
coins o f copper, bronze, or copper-nickel heretofore au­
thorized by law.

It shall be lawful for the Treasurer and

the several assistant treasurers and depositaries o f the
United States to redeem, in lawful money, under such
rules as may be prescribed by the Secretary of the Treas­
ury, all copper, bronze, and copper-nickel coins authorized
by law when presented in sums o f not less than twenty
dollars. Whenever, under this authority, these coins are
presented for redemption in such quantity as to show
the amount outstanding to be redundant, the Secretary
o f the Treasury is authorized and required to direct that
such coinage shall cease until otherwise ordered by him.
S ec. 3530. Parcels o f bullion shall be, from time to
time, transferred by the superintendent to the melter and
refiner.

Transfer of
m ation

into in-

A careful record o f these transfers, noting the S°/6id., #ec. 31.

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. The bullion thus
placed in the hands o f the melter and refiner shall be sub­
jected to the several processes which may be necessary to
form it into ingots o f the legal standard, and o f a qual­
ity suitable for coinage.
S ec . 3531. The ingots so prepared shall be assayed. I f .lsJ.°?e tsa^ re
°d
be
they prove to be within the limits allowed for deviation ceipt?<i for.
from the standard, the assayer shall certify the fact to
the superintendent, who shall thereupon receipt for the
same, and transfer them to the coiner.
S ec . 3532. The superintendent shall, from time to time. ingote tocoiner
s
deliver to the coiner ingots for the purpose of coinage. fo ^ t a|® 3 J
r/ ‘n s ' J
A careful record 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 coiner. The ingots thus placed in the hands of the
coiner shall be subjected to the several processes necessary
to make from them coins in all respects conformable to
law.
ingots*used fo r
S ec . 3533. No ingots shall be used for coinage which
coinage.
differ from the legal standard more than the following
Iota., sec. oo.
m
,
.
i i *
proportions, nam ely: In gold ingots, one thousandth; in
silver ingots, three thousandths; in minor-coinage alloys,
Preparation

and

sta m p in g

twenty-five thousandths, in the proportion o f nickel.
S ec . 3534. The melter and refiner shall prepare all bars
.

r

.

,

n

of bars for pay-required for the payment o f deposits; but the fineness
m ent o f d ep os-

,

„

,

7

ltB
jbid gec 34 thereof shall be ascertained and stamped thereon by the
assayer.

The m elter and refiner shall deliver such bars

to the superintendent, who shall receipt for the same.
D e v i a t i ons
a llow ed in ad-

S ec . 3535. In adjusting the weights o f the gold coins,

fusling*wights the follow ing deviations shall not be exceeded in any
ibid., sec. 36. single piece: In the double-eagle and the eagle, one-half
o f a g rain ; in the half-eagle, the three-dollar piece, the
quarter-eagle, and the one-dollar piece, one-fourth of a
grain. A n d in weighing a number o f pieces together,
when delivered by the coiner to the superintendent, and
by the superintendent to the depositor, the deviation from
the standard weight shall not exceed one hundredth o f
an ounce in five thousand dollars in double-eagles, eagles,
half-eagles, or quarter-eagles, in one thousand threedollar pieces, and in one thousand one-dollar pieces,
coins s i l ver

S ec. 3536. In adjusting the weight o f the silver coins

[The w o fd th e follow ing deviations shall not be exceeded in any
fourthltne^afcs^ le piece: In the dollar, the h alf and quarter dollar,
ng
by acteiof iFeb and

dime, one and one-half grains.

A n d in weigh-

19’ p1!!^ ’] V l‘ ing [ al larSe number o f pieces together, when delivered
O
by the coiner to the superintendent, and by the super­
intendent to the depositor, the deviations from the stand­
ard weight shall not exceed two-hundredths o f an ounce
in one thousand dollars, half-dollars, or quarter-dollars,
and one-hundredth of an ounce in one thousand dimes.
of m i n o r

S ec . 3537. In adjusting the weight o f the minor coins

/bid., sec. 38 . provided by this Title, there shall be no greater devia­
tion allowed than three grains for the five-cent piece and
two grains for the three and one cent pieces.
D eliv ery o f
c o in s by co in e r
and t r i a l o f

S ec . 3538. The coiner shall, from time to time, as coins
.

are prepared, deliver them to the superintendent, who

p zwd., sec. 39. shall receipt for the same, and who shall keep a careful
i




T

LAWS CONCERNING COINAGE.

record o f their kind, number, and actual weight.

561

In

receiving coins it shall be the duty o f the superintendent
to ascertain, by the trial of a number o f single pieces
separately, whether the coins o f that delivery are within
the legal limits o f the standard w eigh t; 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 de­
faced and delivered to the melter and refiner as stand­
ard bullion, to be again formed into ingots and recoined;
or

the

whole

delivery

m ay,

if

more

convenient, be

remelted.
S ec . 3539. A t every delivery o f coins made bv th e . Trial pieces
.
.
J
J
y
to be sealed up

comer to a superintendent, it shall be the duty o f such a™ transmit1
superintendent, in the presence of the assayer, to take

at

indiscriminately a certain number o f pieces o f each vari-

/bid., sec. 40.

ety 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 de­
livered; and for silver coins one piece for each two
thousand pieces or any fractional part o f two thousand
pieces delivered.

T he pieces so taken shall be carefully

sealed up in 'an envelope, properly labeled, 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 deposited in a pyx, designated for the purpose
Rt each mint, which shall be kept under the joint care
° f the superintendent and assayer, and be so secured that
neither can have access to its contents without the pres­
ence o f the other, and the reserved pieces in their sealed
envelopes from the coinage o f each mint shall be trans­
mitted quarterly to the mint at Philadelphia. A record
shall also be kept at the same time o f the number and
denomination of the pieces so taken for the annual trial
of coins, and o f the number and denominations o f the
pieces represented by them and so delivered, a copy o f
which record shall be transmitted quarterly to the D i­
rector o f the M int.

Other pieces may, at any time, be

taken for such tests as the Director o f the M in t shall
prescribe.
S ec . 3540. The coiner shall, from time to time, deliver „ Disposal of
;
7
clippings, etc.
to the superintendent the clippings and other portions /bid., sec. 41.




NATIONAL MONETARY COMMISSION.

562

o f bullion remaining after the process o f coining; and
the superintendent shall receipt for the same and keep
Yearly settlem e n t or accounts of coiner, and of melter and refiner

Ibid., sec. 4 2 .

a careful record of their weight and character.
S ec . 3541. The superintendent shall debit the coiner
.

1

with the amount in weight o f standard metal of all the
°

bullion placed in his hands, and credit him with the
y

7

.

amount in weight o f all the coins, clippings, and other
bullion returned b}T him to the superintendent.

Once at

least in every year, and at such time as the Director o f
the M int shall appoint, there shall be an accurate and
fu ll settlement of the accounts of the coiner, and the
melter and refiner, at which time those officers shall de­
liver up to the superintendent all the coins, clippings,
and other bullion in their possession, respectively, ac­
companied by statements of all the bullion delivered 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.
wastageancefor

S ec.

ibid., sec. 4 3 . tmlHon

3 5 4 2 . W hen all the coins, clippings, and other
have been delivered to the superintendent, it shall

be his duty to examine the accounts and statements ren­
dered by the coiner and the melter and refiner.

The

difference between the amount charged and credited to
each officer shall be allowed as necessary wastage, if the
superintendent shall be satisfied that there has been a
bona-fide waste o f the precious metals, and if the amount
shall not exceed, in the case o f the melter and refiner, one
thousandth o f the whole amount o f gold, and one and onehalf thousandths o f 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 of silver,
and one-half thousandth o f the whole amount o f gold that
has been delivered to him by the superintendent.

A ll

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.
ba^ance™sheet

S e c . 3543. It shall also be the duty o f the superintend-

to be forwarded e n ^
by superintende n tt^ m r e c to r th 6




forward a correct statement of his balance-sheet, at
close o f such settlement, to the Director of the M in t;

ibid., sec. 44. wh0

sh a p

compare the total amount o f gold and silver

bullion and coin on hand with the total liabilities o f the
mint.

A t the same time a statement o f the ordinary

expense account, and the moneys therein, shall also be
made by the superintendent.

LAWS CONCERNING COINAGE.
i

563

S ec. 3544. W hen the coins or bars which are the equiva.

*

Delivery of
coin or bars to

lent to any deposit o f bullion are ready for delivery, they de5 ^ t0^ c 45
shall be paid to the depositor, or his order, by the superin­
tendent; and the payments shall be made, if demanded, in
the order in which the bullion shall have been brought to
the mint.

In cases, however, where there is delay in ma­

nipulating a refractory deposit, or for any other unavoid­
able cause, the payment o f subsequent deposits, the value
of which is known, shall not be delayed thereby.

In the

denominations o f coin delivered, the superintendent shall
comply with the wishes o f the depositor, except when
impracticable or inconvenient to do so.
fv

Sec. 3545. For the purpose of enabling the mints and
•

xt

xt

1

t

•

P ay m en t

money

to

in

de-

lue assay-office in JNew i ork to make returns to depositors positors ^vhen

'"ith as little delay as possible, it shall be the dutv o f thetained.
Secretary of the Treasury to keep in such mints and
assay-office, when the state o f the Treasury will admit
thereof, such an amount o f public money, or bullion pro­
cured for the purpose, as he shall judge convenient and
necessary, out of which those who bring bullion to the
said mints and assay-office may be paid the value thereof,
in coin or bars, as soon as practicable after the value has
been ascertained.

On payment thereof being made, the

bullion so deposited shall become the property of the
United States.

The Secretary of the Treasury may, how-

eyer, at any time withdraw the fund, or any portion
thereof.
S

e c

.

3546. Unparted bullion may be exchanged at any

E xch an ge o f

° f the mints for fine bars, on such terms and conditions asnon^folmay be prescribed by the Director of the M int, with the aibid. , sec.
r
approval o f the Secretary o f the Treasury.

fine
46.

The fineness,

weight, and value o f the bullion received and given in
exchange shall in all cases be determined by the M int
assay.

The charge to the depositor for refining or parting

shall not exceed that allowed and deducted for the same
operation in the exchange o f unrefined for refined bullion.
S ec . 3547. T o secure a due conformity in the gold a n d a ^p 1tj“ e
n ^ e
n
silver coins to their respective standards o f fineness and ££say-commisweight, the judge o f the district court for the eastern district o f Pennsylvania, the Comptroller o f the Currency,
the assayer o f the assay-office at New Y ork , and such other
persons as the President shall, from time to time, desig­
nate, shall meet as assay-commissioners, at the mint in
Philadelphia, to examine and test, in the presence o f the
Director o f the M int, the fineness and weight of the coins




sec- 4 8 .

564

NATIONAL MONETARY COMMISSION.

reserved by the several mints for this purpose, on the
second Wednesday in February, annually, and may con­
tinue their meeting by adjournment, if necessary. I f a
majority of the commissioners fail to attend at any time
appointed for their meeting, the Director of the M int
shall call a meeting o f the commissioners at such other
time as he may deem convenient. I f it appears by such
examination and test that these coins do not differ from
the standard fineness and weight by a greater quantity
than is allowed by law, the trial shall be considered and
reported as satisfactory.

I f , however, any greater devia­

tion from the legal standard or weight appears, this fact
shall be certified to the President; and if, on a view o f
the circumstances o f the case, he shall so decide, the officers
implicated in the error shall be thenceforward disqualified
from holding their respective offices,
s t andar d

t roy p o un d f o r
regul at i on
o f coin a g e.
sec. 49.

the

ibid.,

Sec. 3548. For the purpose o f securing a due con.

.

p

i

-

_

.

form ity in weight o f the coins ot the United States to
.

55

•

rx,.

the provisions of this litle, the brass troy-pound weight
procured by the minister of the United States at London,
in the year eighteen hundred and twenty-seven, for the
use of the M int and now in the custody of the mint in
Philadelphia, shall be the standard troy pound o f the
M int o f the United States, conformably to which the
coinage thereof shall be regulated,

s t a nd a r d
m in ts

and

as-

s a /z>°id.? sec. 50.

S ec. 3549. I t shall be the duty o f the Director of the
M int to procure for each mint and assay-office, to be
kept safely thereat, a series of standard weights cor­
responding to the standard troy pound o f the Mint of the
United States, consisting o f a one-pound weight and the
requisite subdivisions and multiples thereof, from the
hundredth part o f a grain to twenty-five pounds. The
troy weights ordinarily employed in the transactions of
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 o f those used at the mint at Philadelphia
shall be tested annually, in the presence o f the assaycommissioners, at the time o f the annual examination
and test of coins.

Y ea rly

d< y

S ec . 3550. The obverse working dies at each mint shall,

verse working at the end o f each calendar year, be defaced and de-




iitid., sec. 51. stroyed

by the coiner in the presence of the superintendent

and assayer.

LAWS CONCERNING COINAGE.

565

S ec. 3551. Dies o f a national character may be executed otl^ tl0^edais
by the engraver, and national and other medals struck by “ ay ^tnttrU
at
the coiner o f the mint at Philadelphia, under such regu- P
hj&^elseca
52
lations as the superintendent, with the approval o f the
Director o f the M int, may prescribe.

Such work shall

not, however, interfere with the regular coinage opera­
tions, and no private medal dies shall be prepared at any
mint, or the machinery or apparatus thereof be used for
that purpose.

Sec. 3552. The moneys arising from all charges and f

m'

deductions on and from gold and silver bullion and the t^^^oygred
manufacture o f medals, and from all other sources, except as provided by this Title, shall, from time to time,

the Treas

sec. it.

be covered into the Treasury, and no part o f such deduc­
tions or metal charges, or profit on silver or minor coin­
age, shall be expended in salaries or wages. A ll expendi­
tures of the mints and assay-offices, not herein otherwise
provided for, shall be paid from appropriations made by
law on estimates furnished

by the Secretary o f the

Treasury.
S ec . 3553. The business o f the United States assay-office as® asio^ ce £*
a n ss
at New Y ork shall be in all respects similar to that o f the Ne^ ^ orgec 54
mints, except that bars only, and not coin, shall be manu­
factured therein; and no metals shall be purchased for
minor coinage.

A ll bullion intended bv the depositor to

be converted into coins, o f 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 Secretary o f the Treasury, at the expense
° f the contingent fund o f the M int, 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 necessary arrangements for the adjustment of
the accounts upon such transfers between the respective
offices.

Sec. 3554. The officers o f the assay-office at New Y ork of A^er™eat
shall be a superintendent, an assayer, and a melter and r e -Ne* ^ orkfiner; each o f whom shall be appointed by the President,
by and with the advice and consent o f the Senate.
S ec . 3555. The duties o f the superintendent, the as- of D ffl“ fsetat
o
sayer, and the melter and refiner of the assay-office a t N J ork 55
e^
gC

^ew Y ork shall correspond to those of superintendents,
assayers, and melters and refiners o f m ints; and all the
provisions o f this Title relating to mints and their officers.




566

NATIONAL MONETARY COMMISSION.

the duties and responsibilities of such officers, and others
employed therein, the oaths to be taken, and the bonds
and sureties to be given by them, shall extend, as far as
the same may be applicable, to the assay-office at New
Y ork, and to its officers, clerks, and employes.
A p p oin tm en t
an d sa la ries o f

.

S ec. 3557. The appointment and compensation o f asr

r

assistants and sistants, clerks, and workmen in the assay-office at New
e m p lo y e e s a t
N ew Y ork.
sec. 56.

Ibid.,

7

7

^

1 ork shall be regulated in the same manner as is pre®

r

scribed in regard to mints.

B u sin ess o f
S ec .
m in t a t D en ver
and
a s s a y states
offices a t B oise
city and c h a r - o f the

ibid., sec. 57. o f

3558. The business o f the mint o f the United
at Denver, while conducted as an assay-office, that

"

7

United States assay-office at Boise City, and that

any other assay-offices hereafter established, shall be

confined to the receipt o f gold and silver bullion, for
melting and assaying, to be returned to depositors o f the
same, in bars, with the weight and fineness stamped
thereon.
A p p o in tm e n t
o f officers a t
D en ver, B oise
C itv, and C h a r-

i°tte.? ^

S ec. 3559. The officers o f the assay-offices embraced bv
.
^
J
the preceding section shall be, when their respective serv-

^

®

r

^ ices are required, an assayer and a melter; each o f whom
shall be appointed by the President, by and with the ad­
vice and consent o f the Senate. Their salaries shall not
exceed two thousand five hundred dollars a year each.

d u t i e I ero f aasd
sayers

at

as-

S e c . ^560. The assayer at each of the assay-offices embraced by section thirty-five hundred and fiftv-eight, shall

57Ib5s ’ secs-have general charge o f the office; and may employ, under
the direction o f the Director o f the M int, such clerks,
workmen, and laborers as may be authorized therefor by
C om p en sa tion
o f em p loyees.

la w ; and shall discharge the duties o f disbursing agent
for the expenses o f the office under his charge. The sal.

.

A

,

aries paid to clerks shall not exceed one thousand .light
hundred dollars a year each. W orkm en and laborers
shall receive such wages as are customary according to
B ond and oa th
o f officer and
c le r k . ^
^




*

set °

their respective stations and occupations.
S ec. 3561. Each officer and clerk appointed at either
.

.

.

of the assay-offices embraced by section thirty-five hundred and fifty-eight shall, before entering upon the duties
o f his office, take an oath pursuant to the provisions o f
Title X I X , “ P r o v is io n s A P P L Y I N G [ a p p l i c a b l e ] to
s e v e r a l c l a s s e s o f o f f ic e r s ,” and shall give a bond to the
United States, with one or more sureties, satisfactory to
the Director o f the Mint or to one o f the judges o f the
supreme court o f the State or Territory in which the

LAWS CONCERNING COINAGE.

567

office to which he is appointed is located, conditioned for
the faithful performance o f his duties.
(See sections 1756, 1757.)
(The act o f February 18, 1875, substitutes the word
offices ” for u officers.”

See also the act o f February 27,

1877, as to word applying and applicable.)
S e c . 3562. A ll provisions o f law for the regulation o f in£ *0 ^ i ®^t‘
W r1

mints, the government o f officers and persons employed saye
officesto as
therein, and for the punishment o f all offenses connected Ibid->sec- 60with mints or coinage, shall extend to all assay-offices as sta tu tes^ ecd
far as applicable.
5460.]
S e c . 35 63 . The money o f account o f the United S ta te s. Decimal sys-

snail be expressed in dollars or units, dimes or tenths, lis^ d- 2 1792
r
cents, or hundredths, and mills or thousandths, a d i m e ^ i s . sec^2o,
being the tenth part o f a dollar, a cent the hundredth
part o f a dollar, a mill the thousandth part o f a dollar;
and all accounts in the public offices and all proceedings
ln the courts shall be kept and had in conformity to this
regulation.
m

S e c . 35 64 . The value o f foreign coin as expressed in the value of for„
/.i
. °
,
. eign coins, how

money o f account o f the United States shall be that ot ascertained^

the pure metal o f such coin o f standard value; and the ch.^es, ’see;>i’
yalues o f the standard coins in circulation o f the various
nations o f the world shall be estimated annually by the
director o f the M int, and be proclaimed on the first day

,

° f January by the Secretary o f the Treasury.
S e c . 3565. In

all payments by or to the Treasury,

value of the

whether made here or in foreign countries, where it be- pound sterling.
°

.

comes necessary to compute the value o f the sovereign or

Ib id .

sec. 2.

pound sterling, it shall be deemed equal to four dollars
eighty-six cents and six and one-half millls, and the same
rule shall be applied in appraising merchandise imported
where the value is, by the invoice, in sovereigns or pounds
sterling, and in the construction o f contracts payable in
sovereigns or pounds sterling; and this valuation shall
the par o f exchange between Great Britain and the
f nited States; and all contracts made after the first day
° f January, eighteen hundred and seventy-four, based on
an assumed par o f exchange with Great Britain o f fiftyfour pence to the dollar, or four dollars forty-fou r and
four-ninths cents to the sovereign or pound sterling, shall
be null and void.
S e c . 3566. A ll foreign gold and silver coins received in , Recoinage of

payment for moneys due to the United States shall, before being issued in circulation, be coined anew.

Fel) 9 1793i
£h T

JA- *>
?’

1857, ch. 56, Bee. 2, v.'XI.’
15712°— 10----- 38




/

NATIONAL MONETARY COMMISSION.

568

S e c . 3567. The pieces commonly known as the quarter,
21, 1857, eighth, and sixteenth o f the Spanish pillar dollar, and o f

Me^canS co?n^
h

^
v- xi.

the Mexican dollar, shall be receivable at the Treasury
o f the United States, and its several offices, and at the
several post-offices and land-offices, at the rates o f valua­
tion follow ing: the fourth o f a dollar, or piece o f two
reals, at twenty cents; the eighth o f a dollar, or piece o f
one real, at ten cents; and the sixteenth o f a dollar, or
half-real, at five cents.

mission fo^re-

S ec . 3568. The Director o f the M int, with the approval

c°FebSo'i 185the Secretary o f the Treasury, may prescribe such
ch .^ 5 6 , sec. 2’ regulations as are necessary and proper, to secure the
,
transmission o f the coins mentioned in the preceding
section to the mint for recoinage, and the [re] turn or
distribution o f the proceeds thereof, wdien deemed ex­
pedient, and may prescribe such forms o f account as are
appropriate and applicable to the circumstances. The
expenses incident to such transmission or distribution,
and o f recoinage, shall be charged against the account o f
silver profit and loss, and' the net profits, i f any, shall
be paid, from time to time, into the Treasury.
(T he act o f February 27, 1877, substitute^ the word
“ return ” for “ turn.” )
Fetf'fi i°857

S ec . 3584. No foreign gold or silver coins shall be a

li 5p’ K 33’ v‘

tencler in payment o f debts.
S e c . 3585. The gold coins o f the United States shall be

Gold coins of

states.

FY?b 12 1873
ch. 131 ,“sec. 14;

a legal tender in all payments at their nominal value
°

^

wdien not below the standard w eight and limit o f tolerr

Mar.’3?'i875i ance provided by law for the single piece, and, when re18 ,

p. ’ 479 . ’ v'duced in weight below such standard and tolerance, shall
be a legal tender at valuation in proportion to their actual
weight.

ofSthe
V
erunned
S F e b S‘i 2 1873

c.^131,

s.

S ec . 3586. T he silver coins o f the United States shall
be

a

tender at their nominal value for any amount

i5^v.not exceeding five dollars in any one payment.

M ar. 3, 1875, c. 143 , s. 2, v. 18, p. 479.

Minor coins.

Ibid., sec.

16.

S ec. 3587. The minor coins o f the United States shall
#

.

be a legal tender, at their nominal value for any amount
not exceeding twenty-five cents in any one payment,
a ne
dtaassay° fS

S e c . 3592. The mints at Carson City, and at Denver,
pos?tories.e de’ and the assay-office at Boise City, shall be places o f de-

c .A

59, 2 .’
b

586v; Posit for such public moneys as the Secretary o f the

Mar. P
3, m s , ' T r e a S llI T m a Y d i r e c t
c, 96, s. 5, v. 12, p. 770.




Feb. 19, 1869, c. 33, s. 4, v. 15, p. 271 .

F eb.

LAWS

C 0N C E B N 1N G

569

C O IN A G E .

S ec . 3594. The superintendent o f the mint at Carson entu£feShun
ft
City, and the superintendent o f the assay-office at Boise
City, shall be assistant treasurers o f the United S t a t e s , a * b se
R™s
and shall respectively have the custody and care o f a l l a s treas~
i£*ant
public moneys deposited therein, and shall perform all th e c Ap£ 2* 186|
>5 *
duties required o f them in reference to the receipt, safep ®|6
3^keeping, transfer, and disbursement o f all such moneys, « 296- * 7
• p • 5^
as provided by law.
bW i 9 , 1869,
^

15, p. 2 7 1 ; M ar. 3, 1871, c. 113, s. 1, v. 16, p. 485.
131, ss. 65, 66, v. 17, p. 435 .

oec.

C. 33, S. 4, T.
F eb. 12, 1873, c.

3651. No exchange o f funds shall be made by any fuJxc an l 0f
d h e ^ ct
g s

disbursing officer or agent o f the Government, o f a n y ed^ ] r 6 lg46
c
grade or denomination whatsoever, or connected with £ ®o, s ’ 20, v!
•
any branch o f the public service, other than an exchange p q 18®
2’^ 33,
for gold, silver, United States notes, and national-bank 345/ iuj.y ii,
notes; and every such disbursing officer, when the meansP v- 12>P;532.
IOr his disbursements are furnished to him in gold, silver, c. 73, s. 3 v.

IT

.,

u nited

i •

®

7

States notes, or national-bank notes, shall make
7

7

12, p. 7 10.
Ju n e 3, 1864,
c. 106, s. 23, v.

ms payments in the moneys so furnished; or when they 1%r 1°gt;T
pted
ies
ai’e furnished to him in drafts, shall cause those drafts
cm B ank
to be presented at their place o f payment, and properly 130).
paid according to law, and shall make his payments in
the money so received for the drafts furnished, unless,
ln either case, he can exchange the means in his hands
for gold and silver at par. A n d it shall be the duty of
the head o f the proper Department immediately to sus­
pend from duty any disbursing officer or agent who vio­
lates the provisions o f this section, and forthwith to re­
port the name o f the officer or agent to the President,
Wlth the fact o f the violation, and all the circumstances
accompanying the same, and within the knowledge o f
the Secretary, to the end that such officer or agent may
he promptly removed from office, or restored to his trust
and the performance o f his duties, as the President may
deem just and proper.

Sec. 3697. The Secretary o f the Treasury is authorized, ofR p“ Pe “
|d c n
with any coin in the Treasury which he may law fully boad| T
- lllv 14
aPply to such purpose, or which may be derived from the j 8™-^. 2®|’ |7
sale of any o f the bonds which he may be authorized to
dispose o f for that purpose, to pay at par and cancel any
Slx per centum bonds o f the United States o f the kind
known as five-twenty bonds, which have becojne or shall
hereafter become redeemable by the terms o f their issue,
f^ut the particular bonds so to be paid and canceled shall
ln all cases be indicated and specified by class, date, and
number, in the order o f their numbers and issue, begin-




570

N A T IO N A L

M ONETARY

C O M M IS S IO N .

ning with the first numbered and issued, in a public notice
to be given by the Secretary o f the Treasury, and, in three
months after the date o f such public notice, the interest
on the bonds so selected and advertised to be paid shall
cease.
eoinU rchase

°f

\7 .

S ec . 3700. The Secretary o f the Treasury may purchase
coin with any o f the bonds or notes o f the United States,

m

i,

a r.

t.

12,' p. 370. authorized by law, at such rates and upon such terms as

C o u n te r fe itIng gold o r sil-

he may deem most advantageous to the public interest.
Section 5457, as codified in section 163 o f the Penal

tars c° lns o r Code o f the United States, March 4, 1909 (35 Stat. L .,
1 1 1 9 ):
W hoever shall falsely make, forge, or counterfeit, or
cause or procure to be falsely made, forged, or counter­
feited, or shall willingly aid or assist in falsely making,
forging, or counterfeiting 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, current in the United States,
or are in actual use and circulation as money within the
United States; or whoever shall pass, utter, publish, or
sell, or attempt to pass, utter, publish, or sell, or bring
into the United States or any place subject to the jurisdic­
tion thereof, from any foreign place, knowing the same to
be false, forged, or counterfeit, with intent to defraud any
body politic or corporate, or any person or persons whom­
soever, or shall have in his possession any such false,
forged, or counterfeited coin or bars, knowing the same
to be false, forged, or counterfeited, with intent to de­
fraud any body politic or corporate, or any person or perwhomsoever, shall be fined not more than five thou-

P u n is h m e n tsons
fo r .

..

sand dollars and imprisoned not more than ten years.
Section 5458, as codified in section 164 o f the Penal
Code of the United States, March 4, 1909 (35 Stat. L .,
1 1 1 9 ):
c o u n te r fe itln g
minor
coin s.




W hoever shall falsely make, forge, or counterfeit, or

J

7

0

7

“

cause or procure to be falsely made, forged, or counterfeited, or shall willingly aid or assist in falsely making,
forging, or counterfeiting any coin in the resemblance or
similitude o f any of the minor coins which have been, or
hereafter may be, coined at the mints o f the United States;
or whoever shall pass, utter, publish, or sell, or bring
into the United States or any place subject to the juris-

LAWS

C O N C E R N IN G

C O IN A G E .

571

diction thereof, from any foreign place, or have in his
possession any such false, forged, or counterfeited coin,
’'vith intent to defraud any person whomsoever, shall be
fined not more than one thousand dollars and imprisoned fojT
unishm
ent
not more than three years.
Section 5459, as codified in section 165 o f the Penal m£natingn< r
f
Code o f the United States, March 4, 1909 (35 Stat. L ., 1h*^tenIng
1119) :

Whoever, fraudulently, by any art, way, or means,
shall deface, mutilate, impair, diminish, falsify, scale,
or lighten, or cause or procure to be fraudulently defaced,
mutilated, impaired, diminished, falsified, scaled, or lightened, or willingly aid or assist in fraudulently defacing,
mutilating, impairing, diminishing, falsifying, scaling,
° r lightening, the gold or silver coins which have been, or

which may hereafter be, coined at the mints of the United
States, or any foreign gold or silver coins which are by
law made current or are in actual use or circulation as
money within the United States or in any place subject
to the jurisdiction thereof; or whoever shall pass, utter, G 01' 29, p
2^
>
publish, or sell, or attempt to pass, utter, publish, or sell,
or bring into the United States or any place subject to the
jurisdiction thereof, from any foreign place, knowing the
same to be defaced, mutilated, impaired, diminished,
falsified, scaled, or lightened, with intent to defraud any
person whomsoever, or shall have in his possession any
such defaced, mutilated, impaired, diminished, falsified,
scaled, or lightened coin, knowing the same to be defaced,

Mutilated, impaired, diminished, falsified, scaled, or light­
ened, with intent to defraud any person whomsoever,
shall be fined not more than two thousand dollars and ^Punishm
ent
imprisoned not more than five years.
Section 5460, as codified in section 166 o f the Penal

) :

Debasing

tmde o f the United States, March 4, 1909 (35 Stat. L ., of the m int.

1120

If any of the gold or silver coins struck or coined at any
°f the mints of the United States shall be debased, or
made worse as to the proportion of fine gold or fine silver
therein contained, or shall be of less weight or value than
the same ought to be, pursuant to law, or if any of the
scales or weights used at any of the mints or assay offices
°f the United States shall be defaced, altered, increased,
G diminished through the fault or connivance of any offi­
r
cer or person employed at the said mints or assay offices,




with a fraudulent intent; or if any such officer or person
shall embezzle any o f the metals at any time committed
to his charge for the purpose o f being coined, or any of
the coins struck or coined at the said mints, or any medals,
coins, or other moneys of said mints or assay offices at any
time committed to his charge, or o f which he may have
assumed the charge, every such officer or person who com­
mits any o f the said offenses shall be fined not more than
P u n is h m e n t t e n
fo r .
M a k in g o r ut16r i n
c o in s

s

thousand dollars and imprisoned not more than ten

years.
Section 5461, as codified in section 167 o f the Penal
1

resem bling

Code o f the United States, March 4, 1909 (35 Stat. L . ,

m°ney'

1120) :
Whoever, except as authorized by law, shall make or
cause to be made, or shall utter or pass, or attempt to utter
or pass, any coins o f gold or silver or other metal, or
alloys o f metals, intended for the use and purpose o f cur­
rent money, whether in the resemblance o f coins o f the
United States or o f foreign countries, or o f original de-

P u n is h m e n t s ig n ,

shall be fined not more than three thousand dollars,

or imprisoned not more than five years, or both.
or utSection 5 4 6 2 , as codified in section 168 o f the Penal

M a k in g
te rin g d e v i c e s

of m
inor coins. Code o f the United States, March 4, 1909 (35 Stat. L .,

1120) :
W hoever, not law fully authorized, shall make, issue, or
pass, or cause to be made, issued, or passed, any coin,
card, token, or device in metal, or its compounds, which
may be intended to be used as money for any one-cent,
two-cent, three-cent, or five-cent piece, now or hereafter
authorized by law, or for coins of equal value, shall be
^Punishment fined not more than one thousand dollars and imprisoned
not more than five years.
ACTS SUBSEQUENT TO THE REVISED STATUTES.
ACT

OF

JANUARY

29, 1874.

is stat. l ., C h a p . 19.— A n act authorizing coinage to he executed at

the mints of the United States for foreign countries.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemforefgn'Sage

T hat it shall be lawful for coinage to be executed

stated mints d at
m ints o f the United States, for any foreign coun­
try applying for the same, according to the legally pre-




LAWS CONCERNING COINAGE.

573

scribed standards and devices of such country, under such
regulations as the Secretary o f the Treasury may pre­
scribe ; and the charge for the same shall be equal to the
expenses thereof, including labor, materials, and use of
machinery, to be fixed by the Director o f the M int, with
the approval o f the Secretary of the T reasu ry: Provided ,

P ro v iso .

That the manufacture o f such coin shall not interfere
with the required coinage o f the United States.

Approved, January 29, 1874.
A C T O F M A Y 12, 1874.
C hap . 168.— A n act to establish an assay-office at Helena ,

*| stat l .,

in the Territory of Montana.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, That the Secretary o f the Treasury is hereby au­
thorized and required to establish an assay-office at H elena, in the Territory o f Montana, the said assay-office to

V,

J

,

. .

.

A ssay office
at H e l e n a ,
e n t i t l e d M on t.
.
1873, ch. 131,
relative to the Voi. xvn, p.

D conducted under the provisions of the act
e

U *

. .

A

A n act revising and amending the laws

mints, assay-offices, and coinage o f the United States,”
approved February twelfth, eighteen hundred and sev-

enty-three.
*

*

*

*

*

Approved, M ay 12, 1874.
A C T O F J U N E 22, 1874.
C h a p . 419.— A n act authorizing the transfer of gold mint pt i| stat^L.,

bars from the bullion fund of the assay office New
York to the Assistant Treasurer at New York.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, That the Secretary o f the Treasury may, from tim e^Jra^sferof
to time, transfer to the office o f the Assistant T reasurer!0

a s s is ta n t

at New Y ork from the bullion fund o f the assay office New Yorkat New York, refined gold bars bearing the United States
stamp o f fineness, weight and value, or bars from any
melt o f foreign gold coin or bullion o f standard equal to




574
M ay be a p ­
p lie d to r e ­
d e m p tio n o f
c o in
c e r tifi­
ca tes, etc.

NATIONAL MONETARY COMMISSION.

or above that of the United States and may apply the
same to the redemption o f coin certificates or in exchange
for gold coins at not less than par and not less than the
market value subject to such regulations as he may
prescribe.
Approved, June 22, 1874.
A C T O F J A N U A R Y 14, 1875.

18 S tat. L .,
pt. 3, p. 296.

S ilv er coin s
o f 10, 25, and
50 cen ts to be
coin ed and is ­
sued in red em p ­
t io n o f f r a c ­
t io n a l c u r ­
ren cy.

C hap . 15.— A n act to provide for the resumption of
specie payments.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, T hat the Secretary o f the Treasury is hereby au­
thorized and required, as rapidly as practicable, to cause
to be coined at the mints of the United States, silver
coins o f the denominations of ten, twenty-five, and fifty
cents, o f standard value, and to issue them in redemption
o f an equal number and amount o f fractional currency
o f similar denominations, or, at his discretion, he may
issue such silver coins through the mints, the subtreas­
uries, public depositaries, and post-offices o f the United
States; and, upon such issue, he is hereby authorized and
required to redeem an equal amount o f such fractional
currency, until the w hole amount o f such fractional cur­
T
rency outstanding shall be redeemed.

R evised S ta t­
utes, 3524, p.
701, repealed.

S ec . 2 . T hat so much o f section three thousand five

hundred and twenty-four o f the Revised Statutes o f the
United States as provides for a charge o f one-fifth of one
per centum for converting standard gold bullion into coin
is hereby repealed, and hereafter no charge shall be made
for that service.
*
*
*
*
*
Approved, January 14, 1875.

ACT
18 S tat. L.
pt. 3, p. 478.




OF

M ARCH

3, 1875.

C h a p . 143.— A n act authorizing the coinage of a twenty-

cent piece of silver at the mints of the United States.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem-

LAWS CONCERNING COINAGE.

575

Twenty-cent
bled, That there shall be, from time to time, coined at silver coin.
1873.
the mints o f the United States, conformably in all re­ vol. 17, ch. 131,
p. 424.

spects to the coinage act o f eighteen hundred and seventythree, a coin o f silver o f the denomination of twenty cents
and o f the weight of five grams.
S ec. 2 .

R evised S ta t­
utes, 3513.

Repealed.

That the twenty-cent piece shall be a legal ten- . Legal tender

(ler at its nominal value for any amount not exceeding
five dollars in any one payment.
S ec.

.

3. That in adjusting the weight of the twenty- . D e v i a t i o n
#

.

°

J

from standard

cent piece, the deviation from the standard weight shall weight,
not exceed one and one-half grains; and in weighing a
large number o f pieces together, when delivered by the
coiner to the superintendent and by the superintendent
to the depositor the deviation from the standard weight
shall not exceed two-hundredths o f an ounce in one thou­
sand pieces.

Existing
S ec. 4. That all laws now in force in relation to the appl i cabllaws
e to
coins of the United States, and the coinage o f the same, 20-cent coin.

shall, as far as practicable, have full force and effect in
relation to the coin herein authorized whether the said
laws are penal or otherwise and whether they are for
preventing counterfeiting or abasement, for protecting
the currency, for regulating the process of coining and
the preparation therefor, or for the security of the coin,
or for any other purpose.
Approved, March 3, 1875.
ACT

OF

A P R IL

17, 1876.

C h a p . 63.— A,n act to 'provide for a deficiency in the 3319 stat- L >

Printing and Engraving Bureau of the Treasury De­
partment, and for the issue of silver coin of the United
States in place of fractional currency.
*

*

*

*

sis

S ec . 2. T hat the Secretary o f the Treasury is hereby iQ
Snrverecoins

directed to issue silver coins o f the United States o f the of f r a c t i o n a l
denomination o f ten, twenty, twenty-five and fifty cents ^Revised stat° f standard value, in redemption o f an equal amount of
fractional currency, whether the same be now in the
i reasury awaiting redemption, or whenever it may, be
presented for redemption; and the Secretary o f the Treas­
ury may, under regulations o f the Treasury Department,
provide for such redemption and issue by substitution
at the regular subtreasuries and public depositories o f
the United States until the whole amount o f fractional




NATIONAL MONETARY COMMISSION.

576

outstanding shall be redeemed. And the fracfund°^ sin^in® tional currency redeemed under this act shall be held to

cu rren cy 6 to ebe c l l l T e n c ^

secei 25,1862’
5

a Part
the sinking-fund provided for by existing
law, the interest to be computed thereon as in the case of
bonds redeemed under the act relating to the sinkingfund.
Approved, A p ril 17, 1876.
J O I N T R E S O L U T I O N O F J U L Y 22, 1876.

19
215.

S ta t.

L.,

[N o. 17.] J oin t resolution fo r the issue o f silver coin.

R esolved b y the Senate and H ouse o f R ep resen tatives
o f the U nited S tates o f A m erica in Congress assem bled ,
S ilv er coin to
be issued in exc h a n g e f or
le g a l-te n d e r
n otes.

That the Secretary of the Treasury, under such limits
.

J

J7

and regulations as will best secure a iust and fair disJ

tnbution o f the same through the country, may issue the
silver coin at any time in the Treasury to an amount not
exceeding ten million dollars, in exchange for an equal

N otes to be amount o f legal-tender notes:
kept as a spe- .
7
clauseUo f '
m exchang e shall be kept as a

and the notes so received

special fund separate and
apart from all other money in the Treasury, and be re­

issued only upon the retirement and destruction o f a
like sum o f fractional currency received at the Treasury
in payment o f dues to the United States; and said frac­
tional currency, when so substituted, shall be destroyed
1876, voi. 19,

and held as part o f the sinking-fund, as provided in the
act approved A p ril seventeen, eighteen hundred and sev­
enty-six.

no?r dbedi°eg i
to
a

S EC- 2. T hat the trade dollar shall not hereafter be a
le&al tender, and the Secretary o f the Treasury is hereby
mRevisedm
y
stat- authorized to limit from time to time, the coinage thereof
utes, 3513.
to such an amount as he may deem sufficient to meet the
^ co T n a g e of

export demand for the same.

subsidiaryt snth orized

S ec.
That in addition to the amount o f subsidiary
n au’ silver coin authorized by law to be issued in redemption
o f the fractional currency it shall be lawful to manufac­
ture at the several mints, and issue through the Treasury
and its several offices, such coin, to an amount, that, in­
cluding the amount o f subsidiary silver coin and o f frac­
tional currency outstanding, shall, in the aggregate, not
exceed, at any time fifty million dollars.

bunionhase °f




S ec . 4. T hat the silver bullion required for the pur­
poses o f this resolution shall be purchased, from time to
time, at

market rate, by the Secretary o f the Treasury,

577

LAWS CONCERNING COINAGE.

with any money in the Treasury not otherwise appro­
priated; but no purchase o f bullion shall be made under

P rice lim ited,

this resolution when the market-rate for the same shall
be such as will not admit o f the coinage and issue, as
herein provided, without loss to the Treasury; and any
gain or seigniorage arising from this coinage shall be ^seignio^ge
accounted for and paid into the Treasury, as provided forunder existing laws relative to the subsidiary coinage:

P rovided, That the amount o f money at any one time in-

P ro v iso ,

vested in such silver bullion, exclusive o f such resulting
coin shall not exceed two hundred thousand dollars.

Approved, July 22, 1876.
A C T O F A U G U S T 15, 1876.
C h a p . 287.— A n act m aking appropriations fo r the legis- 15c9

L”

lative, execu tive, and judicial expenses o f the G overn ­
m ent f o r the yea r ending June thirtieth, eigh teen hun­
dred and seven ty-seven , and fo r oth er purposes.

*
*

*
*

*

*

*

* : For specimens o f coins, to be expended under px£onurgent

the direction o f the Secretary o f the Treasury, two h u n -

assa y

o f-

dred dollars; for books, balances and weights, and other
incidental expenses, seven hundred dollars; and refining
and parting o f bullion shall be carried on at the mints
of the United States and at the assay office, New Y o r k ;
and it shall be lawful to apply the moneys arising from
charges collected from depositors for these operations
pursuant to law, to the defraying in full o f the expenses
thereof, including labor, materials, and wastage; but no
part o f the moneys otherwise appropriated for the sup­
port o f the mints and assay office at New Y ork shall be
used to defray
bullion.
*

*

the

expenses
*

of
*

refining and parting
*

Approved, August 15, 1876.
A C T O F J A N U A R Y 16, 1877.
C h a p . 24.— A n act to amend section fifty -fo u r h u n d red 22^ stat- L >
9

and fifty-seven o f the R evised S tatutes o f the U nited
States relating to cou n terfeitin g.
P t it enacted by the S enate and H ou se o f R ep resen ta­
tives o f the U nited States o f America in C ongress assem- R ised g
ev
bled, That section fifty-four hundred and fifty-seven ofutes?C 5 7
54




^

*

am ended.

578

NATIONAL MONETARY COMMISSION.

the Revised Statutes of the United States be, and the
same is hereby, amended so as to read as fo llow s:
ing°e°cerfcoin
U Every person who falsely makes, forges, or counteretcfeits, or causes or procures to be falsely made, forged, or
counterfeited, or willingly aids or assists in falsely making,
forging, or counterfeiting 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 bv
law is, or hereafter may be, current in the United States,
or are in actual use and circulation as money within the
United States, or who passes, utters, publishes, or sells, or
attempts to pass, utter, publish, or sell, or bring into the
United States from any foreign place, knowing the same
to be false, forged, or counterfeit, with intent to defraud
any body politic or corporate, or any other person or per­
sons whatsoever, or has in his possession any such false,
forged or counterfeited coin or bars, knowing the same to
be false, forged, or counterfeited, with intent to defraud
P en a ity .

any body politic or corporate, or any other person or persons whatsoever, shall be punished by a fine o f not more
than five thousand dollars, and by imprisonment at hard
labor not more than ten years.
Approved, January 16, 1877.
A C T O F M A R C H 3, 1877.

3069 Stat' L-’ C i i a p . 102 .— A n

act making appropriations for the legis­
lative, executive, and judicial expenses of the Govern­
ment for the year ending June thirtieth, eighteen hun­
dred and seventy-eight, and for other purposes.
jfc

*
R efin in g and
p a rtin g b u llion .




:$e

*

*

jf:

sic

A nd refining and parting of bullion shall be

carried on at the mints o f the United States and at the
assay_0ffice at New York. A nd it shall be lawful to
apply the moneys arising from charges collected from
depositors for these operations pursuant to law, to the
defraying in fu ll o f the expenses thereof, including labor,
materials and wastage; but no part o f the moneys other­
wise appropriated for the support o f the mints and the
assay-office at New Y ork shall be used to defray the
expenses o f refining and parting bullion.
*

*

*

Approved, March 3, 1877.

*

*

LAWS CONCERNING COINAGE.

579

A C T O F F E B R U A R Y 28, 1878.
C h a p . 20.— A n act to authorize the coinage of the stand- og20 stat.

l .,

ard silver dollar, and to restore its legal-tender char­
acter.
•

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, That there shall be coined, at the several mints o f i 52.Supp' R' S’’
the United States, silver dollars of the weight o f four

silv e r d o lla rs,

hundred and twelve and a h alf grains troy o f standardfinenesght and
s
silver, as provided in the act o f January eighteenth, 3 0*0 9? '3473i
eighteen hundred thirty-seven, on which shall be the 3586.4, 3513 ’
devices and superscriptions provided by said act; which
coins together with all silver dollars heretofore coined
hy the United States, o f like weight and fineness, shall
he a legal tender, at their nominal value, for all debts

Le?al tender,

and dues public and private, except where otherwise
expressly stipulated in the contract.

A n d the Secretary

° f the Treasury is authorized and directed to purchase, P u rch a se o f
from time to time, silver bullion, at the market p ricesilver bulllonthereof, not less than two million dollars worth per
month, nor more than four million dollars worth per
month, and cause the same to be coined monthly, as fast
as so purchased, into such dollars; and a sum sufficient
to carry out the foregoing provision of this act is hereby
appropriated out o f any money in the Treasury not
otherwise appropriated.

A n d any gain or seigniorage

s e ig n io r a g e

arising from this coinage shall be accounted for and the^reasuryto
Paid into the Treasury, as provided under existing laws
relative to the subsidiary coinage: Provided , T hat the

P ro v iso ,

amount o f money at any one time invested in such silver
bullion, exclusive o f such resulting coin, shall not exceed
hve million dollars: And provided further , T hat nothing
m this act shall be construed to authorize the payment in
silver o f certificates o f deposit issued under the provisions
° f section two hundred and fifty-fou r o f the Revised R evised s ta t Statutes.
utes’ sec' 254^ ec . 2. That immediately after the passage o f this act, oThe^President
the President shall invite the Governments o f the coun-

s ta t e s

to

in v ite

tries composing the Latin Union, so-called, and o f such com
posing }r
the
other European nations as he may deem advisable, t o / n d o t h e r
3°m the United States in a conference to adopt a common countries* to a
&
latio between gold and silver, for the purpose o f estab-t°heeun
nl7ed
idling, internationally, the use o f bi-metallic money, and RMmmoVrat^o
securing fixity of relative value between those m etals;




a n d " sfiver,°etc!

580

NATIONAL MONETARY COMMISSION.

such conference to be held at such place, in Europe or in
the United States, at such time within six months, as may
be mutually agreed upon by the Executives of the Govern­
ments joining in the same, whenever the Governments so
invited, or any three o f them, shall have signified their
willingness to unite in the same.
erCs ° mS w Sia?-

pointed.

The President shall, by and with the advice and consent o f the Senate, appoint three commissioners, who
shall attend such conference on behalf o f the United
States, and shall report the doings thereof to the Presi­
dent, who shall transmit the same to Congress,
Said commissioners shall each receive the sum of two

compensation.

thousand five hundred dollars and their reasonable ex­
penses, to be approved by the Secretary o f State; and the
amount necessary to pay such compensation and expenses
is hereby appropriated out o f any money in the Treasury
not otherwise appropriated.
m a fb e *-

S ec .

That any holder o f the coin authorized by this

ac^ may deposit the same with the Treasurer or any asurersa°n ^hat sistant treasurer o f the United States, in sums not less
sum
s.
than ten dollars, and receive therefor certificates o f not

T reasurer^ and

less *han *en dollars each, corresponding with the denoun­
benations o f the United States notes. The coin deposited

tm cate^ °o f C
dec e o in

to

demption
certifica tes.




f or or rePresenting the certificates shall be retained in the
Treasury for the payment o f the same on demand. Said
certificates shall be receivable for customs, taxes, and all
public dues, and, when so received, may be reissued.

Repeal.

S ec . 4. A ll acts and parts o f acts inconsistent with the

provisions o f this act are hereby repealed.
S a m . J. R andall,

Speaker of the Rouse of Representatives.
W . A. W

heeler,

Vice-President o f the United States and
President of the Senate.
In

the

H

ouse o f R e p r e s e n t a t i v e s

U . S.

February 28 , 1878.
The President o f the United States having returned to
the House of Representatives, in which it originated the
bill, entitled “ A n act to authorize the coinage o f the stand­
ard silver dollar, and to restore its legal-tender char­
acter,” with his objections thereto; the House o f Repre­
sentatives proceeded in pursuance o f the Constitution to
reconsider the same; and

581

LAWS CONCERNING COINAGE.

Resolved, That the said bill pass, two-tliirds o f the
House o f Representatives agreeing to pass the same.
A ttest:

G eo.

M. A

dam s,

Clerk.
By G

reen

A d am s,

Chief Clerk.
In

the

S e n a t e o f t h e U n it e d

S tates

February 28, 1878.
Ihe Senate having proceeded, in pursuance o f the Con­
stitution, to reconsider the bill entitled “ A n act to au­
thorize the coinage o f the standard silver dollar, and to
restore its legal-tender character,” returned to the House
° f Representatives by the President o f the United States,
'y th his objections, and sent by the House of Representa­
tives to the Senate with the message o f the President re­
turning the b ill;

Resolved, That the bill do pass, two-thirds of the Senate
agreeing to pass the same.
A ttest:

G eo. C . G o r h a m ,

Secretary of the Senate.
A C T O F M A Y 2, 1878.
C h a p . 79.— A n act to prohibit the coinage of the twenty

cent piece of silver.
. ^ e R enacted by the Senate and House of Repi'esentaCves of the United States of America in Congress assemech That from, and after the passage of this act, the
coinage of the twenty cent piece o f silver, by the Govern-

20 Stat. L„
47.

S ilv e r 20-cent
pieces, coin a g e
o f, p roh ib ited .

uient o f the United States be, and the same is hereby pro­
fit e d .

A n d all laws in conflict with this act are hereby

repealed.
Approved, M ay 2, 1878.
A C T O F J U N E 8, 1878.
C h a p . 170 .— A n act to authorize the Secretary o f the

Treasury to constitute superintendents of mints or assayers in assay offices, assistant treasurers of the United
States.
. ^ e R enacted by the Senate and House of Repi'esentatives of the United States of America in Congress assem-




.

20 Stat. L„
102

NATIONAL MONETARY COMMISSION.

582
S u perin ten d en ts o f m in ts
and
assa yers
m ay be c o n s ti­
tuted a ss ista n t
treasu rers.
F o r w h a t p u r­
pose.

bled, That the Secretary of the Treasury be and he is
hereby authorized to constitute any superintendent o f a
mint or assayer o f any assay-office, an assistant treasurer
o f the United States without additional compensation,
to receive gold coin and bullion on deposit for the pur­
poses provided for in section two hundred and fifty-four
o f the Revised Statutes.
Approved, June 8, 1878.
A C T O F J U N E 19, 1878.

20
191.

S ta t.

L., C

R efin in g an d
p a rtin g b u llion .

h a p

.

329.— A n act making appropriations for the legis­

lative, executive, and judicial expenses of the govern­
ment for the fiscal year ending June thirtieth, eighteen
hundred and seventy-nine, and for other purposes.
*

*

*.

A n d refining and parting o f bullion shall be

carried on at the mints o f the United States and at the
assay-office at New York. A nd it shall be lawful to apply
the moneys arising from charges collected from deposi­
tors for these operations pursuant to law so far as may be
necessary to the defraying in full o f the expenses thereof,
including labor, materials, and wastage; but no part o f
the moneys otherwise appropriated for the support o f the
mints and the assay-office at New Y ork shall be used to
defray the expenses o f refining and parting bullion; but
when the bullion received shall not, in the aggregate, be
in such proportion o f gold and silver as to admit o f
economical parting, or the necessary supplies of acids
cannot be procured at reasonable rates, unparted bullion
R evised S ta t­
utes, 3546, p.
705.

may be exchanged for fine bars, as provided in section
thirty-five hundred and forty-six o f the Revised Statutes
o f the United States.
*

P a ym en t t o
d ep ositors
a t
m in ts, etc.
R evised S ta t­
utes, 354 5 , p.
705.




*

*

*

*

A n d for the purpose o f enabling the several mints and
assay-offices o f the United States to make returns to
depositors with as little delay as possible, the provisions
of section thirty-five hundred and forty-five o f the Re­
vised Statutes o f the United States shall hereafter apply
to the several mints and assay-offices o f the United States;
and the Secretary of the Treasury is hereby authorized
to use, as far as he may deem it proper and expedient,
for payment to depositors o f bullion at the several mints

LAWS CONCERNING COINAGE.

583

and assay-offices, coin certificates, representing coin in certificatescoin
the Treasury, and issued under the provisions o f section uteS
eXj§|d
two hundred and fifty-four o f the Revised Statutes o f the 1879’ ch- 182United States; all of said acts and duties to be performed
under such rules and regulations as shall be prescribed
hy the Secretary o f the Treasury.

A n d it shall be lawful

to apply the moneys arising from charges collected from charg|seto pay
depositors at the several mints and assay-offices pursuant exPensesto law, to defraying the expenses thereof, including
labor, material, wastage, and use o f m achinery; and only
so much of the appropriations herein made for the mints
and assay-offices respectively shall be used for said mints
and assay-offices as shall be necessary for the operations
° f the same, after the moneys arising from the charges
aforesaid shall have been exhausted as herein provided.
But in no event shall the expenditures of said mints and
assay-offices exceed the amount of the specific appropri­
ations herein made for same.
*
*
*
*
*
Approved, June 19, 1878.
ACT
C h a p . 1 8 2 .—

OF

MARCH

3, 1879.

A n act making appropriations for sundry

^20

stat. l .,

ciml expenses of the government for the fiscal year
ending June thirtieth, eighteen hundred and eighty,
and for other purpases.
_
it enacted hy the Senate and House of Representa­
tives of the United States of America in Congress assemled, That the following sums be, and the same are hereby, tio*n
Ppropria'
appropriated for the objects hereinafter expressed, for

sundry civil

expenses.

le uscal year ending June thirtieth, eighteen hundred
and eighty, nam ely:

M is c e l l a n e o u s o b j e c t s u n d e r t h e t r e a s u r y d e p a r t m e n t .
*

*

*

*

*

*

* ; and so much o f the act “ making appropri­

ations for the legislative, executive, and judicial expenses
0
government for the fiscal year ending June thirtieth, eighteen hundred and seventy-nine, and for other
purposes,’

approved June nineteenth, eighteen hundred

and seventy-eight, as authorizes the Secretary of the

1879> ch- 329-

reasury to issue coin certificates in exchange for bullion tiflBuinon cereposited

for coinage at mints and assay-offices other than

15712°—10-----39







NATIONAL MONETARY COMMISSION.

584

those mentioned in section thirty-five hundred and fortyt^ V 5Stat ^
se 354d
lve
^he R eyised Statutes, be, and the same is hereby,
repealed; said repeal to take effect at the end o f the
present fiscal year.
*
*

*

*

*

Approved, March 3, 1879.
A C T O F J U N E 9, 1879.
21

stat. l ., 7. C h a p . 12.— A n A ct to 'provide for the exchange of sub­

sidiary coins for lawful money of the United States
under certain circumstances, and to make such coins a
legal tender in all sums not exceeding ten dollars, and
for other purposes.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem> sbSid 1a r y b l e d , T hat the holder o f any o f the silver coins o f the
in
United States o f smaller denominations than one dollar,
may, on presentation o f the same in sums of twenty dol­
lars, or any multiple thereof, at the office o f the Treasurer
or any assistant treasurer o f the United States, receive
therefor law ful money o f the United States.
Redem
ption.
S ec . g. The Treasurer or any assistant treasurer o f the
United States who may receive any coins under the pro­
vision o f this act shall exchange the same in sums of
twenty dollars, or any multiple thereof, for lawful money
Legal tender.

o f the United States, on demand o f any holder thereof.
g EC. 3. T hat the present silver coins o f the United
States o f smaller denominations than one dollar shall
hereafter be a legal tender in all sums not exceeding ten

Repeals.

dollars in full payment o f all dues public and private.
S ec . 4 # T hat all laws or parts o f laws in conflict with
this act be, and the same are hereby, repealed.
Approved June 9, 1879.
A C T O F M A R C H 1, 1881.

?2 i stat. l ., C h a p . 95.— A n act to amend section thirty-five hundred
i supp. r . s.,
and twenty-four of the Revised Statutes so as to author­

ize a charge for melting or refining bullion when at or
above standard.
Be it enacted by the Senate and House of Representa­
tives o f the United States of America in Congress assem-

LAWS CONCERNING COINAGE.

585

bled, That section thirty-five hundred and twenty-four of
e
0®
the Revised Statutes of the United States be amended byfi“5 flx Hy
°| ed b
striking out of said section the words “ for melting and ^.irect0T of
n
t
refining when bullion is belowTstandard,” and inserting in R ised statev

^

i

^

9
bullion.” iS75^ Jan.
tires, sec.

lleu thereof the words “ for m elting or refining

a,

14,

Approved March 1, 1881.
A C T O F M A R C H 3, 1881.
C h a p . 130 .— A n act making appropriations for the legis- 3d^
2

stat- L->

lative, executive, and judicial expenses of the Govern­
ment, for the fiscal year ending June thirtieth, eighteen
hundred and eighty-two, and for other purposes.
♦

P a r t in g

•.

*

and

sjs

r e f in in g

*

b u l l io n

.—

*

That

>

the moneys
p

n •

arising from charges collected from depositors for refining

Parting, and

refin gb llio .
in u n

and parting bullion at the mints o f the United States and
the assay-office at New Y ork shall be applied to defraying
the expenses, including labor, materials, incidentals, and
wastage, o f those operations; but no part o f the moneys
otherwise appropriated for the support o f the mints and
assay-office at New Y ork shall be used to defray the
expenses o f refining and parting bullion.
*

*

Approved, March
ACT

*

*

♦

3, 1881.

OF

M ARCH

3, 1881.

C h a p . 133.— A n act making appropriations for sundry 4421 stat L-’

civil expenses of the government for the fiscal year
ending June thirtieth, eighteen hundred and eightytwo, and for other purposes.
*

*

*

*

*

That the Secretary of the Treasury be, and he is hereby, Portationa o
Df
authorized and directed to transport free of charge silversilv co er in
coin when requested to do so: Provided, That an equal P
rovisoamount in coin or currency shall have been deposited in
the Treasury by the applicant or applicants; and that
there is hereby appropriated twenty thousand dollars, or
80 much thereof as may be necessary, for that purpose,




NATIONAL MONETARY COMMISSION.

586

and that the same be available from and after the passage
o f this act.
*

*

*

*

*

Approved, March 3, 1881.
N o t e .— This act (see p. 455, 21 Stat. L .) appropriated for sal­
aries and expenses o f three commissioners to be appointed by the
President to represent the United States at a conference to be
called to adopt a common ratio between gold and silver for the
purpose o f establishing internationally the use o f bimetallic money
and securing fixity o f relative value between those metals.

ACT
22

stat.L.,9 7 . q hap>

190

OF M A Y

26, 1882.

.— A n act to authorize the receipt of United

States gold coin in exchange for gold bars.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemg o u fc o h f

in ex- bted, That the superintendents of the coinage mints, and

change fo r

g o ld

0f the United States assay office at New Y ork, are hereby

R evised stat-authorized
tutes, sec. 351 8 .

to receive United States gold coin from anv
i

n

'

7

holder thereof m sums not less than five thousand dollars,
and to pay and deliver in exchange therefor gold bars
in value equaling such coin so received.
Approved, M ay 26, 1882.
ACT
22

162

stat.

OF

JU LY

12, 1882.

290 .— A n act to enable national-banking associ.
•
°
ations to extend their corporate existence, and for
other purposes.

l ., C h a p .

*
Gold certm-

*

*

*

*

S ec . 12. That the Secretary o f the Treasury is author-

ca tes issued in
exch a n g e ^fo^rized

^

^

and directed to receive deposits o f gold coin with

the Treasurer or assistant treasurers of the United States,

c o m .8

in sums not less than twenty dollars, and to issue certifi­
cates therefor in denominations of not less than twenty
h G old receiv ed
d e m p tio n
certifica tes.

of

dollars each, corresponding with the denominations of
United States notes. The coin deposited for or represent-

,

A

^

ing the certificates o f deposits shall be retained in the

heidertb y c t o n k - Treasury

for the payment of the same on demand. Said
counterpart certificates shall be receivable for customs, taxes, and all

servlawful re*public dues, and when so received may be reissued; and




LAWS CONCERNING COINAGE.

587

such certificates, as also silver certificates, when held proh tedfrom
ibiCa
by any national-banking association, shall be counted as “ | S g ShouS
e8
part o f its lawful reserve; and no national-banking asa^ c gJvef
e1
sociation shall be a member o f any clearing-house in which certmcat^ in
such certificate shall not be receivable in the settlement of

b alan ces,

clearing-house balances: Provided , That the Secretary o f

Proviso,

the Treasury shall suspend the issue o f such gold certifi-,

S u sp en sion o f

cates whenever the amount o f gold com and gold bullion certificates,
ni the Treasury reserved for the redemption of United
States notes falls below one hundred millions o f dollars;
and the provisions o f section fifty-two hundred and seven u

207’

° f the Revised Statutes shall be applicable to the certifi- 1007,
cates herein authorized and directed to be issued.
*

*

*

*

*

Approved, July 12, 1882.
A C T O F A U G U S T 7, 1882.
C ha p . 4 3 3 ,— A n

acf making appropriations for sundry

22

stat. l .,

Clml expenses of the Government for the fiscal year
ending June thirtieth, eighteen hundred and eightythree, and for other purposes.
*

*

*

*

*

For the transportation o f silver coins: T hat the Secre-

Transporta-

Ldry ° t the Treasury be, and he is hereby, authorized and coin free of
directed to transport, free of charge, silver coins when ua|v sed Hitisec
requested to do so: Provided , T hat an equal amount in
coin or currency shall have been deposited in the Treasury
by the applicant or applicants; and that there is hereby
appropriated ten thousand dollars, or so much thereof as
may be necessary, for that purpose, and that the same be
available from and after the passage o f this act.
*

*

*

*

*

Approved, August 7, 1882.
A C T O F A U G U S T 4, 1886.
C ha p . 902.— A n act making appropriations for sundry

24

stat.

l„

cwil expenses of the Government, for the fiscal year
ending .June thirtieth, eighteen hundred and eightyseven, and for other purposes.
*

*

*

*

*

T ransportation of silver c o in : F or transportation o f

T ra n sp orta -

sd\ er coin, including fractional silver coin by registered elfins

° f r e e llVo f

mail or otherwise, seventy-five thousand dollars; and i n c arge'




NATIONAL MONETARY COMMISSION.

588

expending this sum the Secretary o f the Treasury is
authorized and directed to transport from the Treasury
utesV
isec 3527 or sllbtreasuries, free o f charge, silver coin when requested
to do s o ; Provided , That an equal amount in coin or cur­
rency shall have been deposited in the Treasury or subtreasuries by the applicant or applicants.

A n d the Secre­

tary o f the Treasury shall report to Congress the cost
arising under this appropriation.
*

*

*

*

*

Approved August 4, 1886.
A C T O F M A R C H 3, 1887.
6344 Stat‘ L" C HAP- 396.— An act for the retirement and recoinage of

the trade-dollar.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemtradC a dollars
e
for silver coins.

^led. T hat for a period o f six months after the passage of
Lhis act, United States trade-dollars, i f not defaced, mu­
tilated, or stamped, shall be received at the office o f the
Treasurer, or any assistant treasurer o f the United States
in exchange for a like amount, dollar for dollar, of stand­
ard silver dollars, or of subsidiary coins o f the United

R e tir e m e n t
and recoinage of
trade dollars,

States.
S ec# 2. That the trade-dollars received bv, 7paid to, or
.
*
7 1 7
deposited with the Treasurer or any assistant treasurer or
national depositary o f the United States shall not be paid
out or in any other manner issued, but, at the expense o f
the United States, shall be transmitted to the coinage
mints and recoined into standard silver dollars or sub­
sidiary coin, at the discretion o f the Secretary o f the
Treasury: Provided , That the trade dollars recoined un­
der this act shall not be counted as part of the silver
bullion required to be purchased and coined into standard
dollars as required by the act o f February twenty-eighth,

eighteen hundred and seventy-eight.
Authority to
S e c . 3 . T hat all laws and parts o f laws authorizing the

coin trade dollars repealed,




.

#

Y

0

coinage and issuance o f United States trade-dollars are
hereby repealed.
Received by the President, February 19, 1887.
N ote by the D epabtment of State .— The foregoing act having
been presented to the President o f the United States for his
approval, and not having been returned by him to the house o f
Congress in which it originated within the time prescribed by the
Constitution o f the United States, has become a law w ithout his
approval.

LAWS CONCERNING COINAGE.

589

A C T O F M A Y 24, 1888.
C h a p . 307 .— A n act authorizing the President of the ig25 stat. l.,

United States to arrange a conference between the
United States of America and the Republics of Mexico ,
Central and South America , H ayti , San Domingo , and
the Empire o f Brazil.
*

*

*

*

*

S ec. 2. T hat in forwarding the invitations to the said

of con'

Governments the President o f the United States shall setforth that the conference is called to consider— *
*

*

*

*

*

*

*

Sixth. The adoption o f a common silver coin, to be
issued by each Government, the same to be legal tender
ln all commercial transactions between the citizens o f all
° f the American States.
*
*
*

*

*

Approved, M ay 24, 1888.
A C T O F M A R C H 2, 1889.
C ha p . 411 .— A n act making appropriations for sundry ^

stat L->

civil expenses of the Government for the fiscal year
ending June thirtieth, eighteen hundred and ninety,
and for other purposes.
*

*
*

*.

*

*

*

That hereafter it shall not be law ful to u se95|5 stat- n,

any portion o f the so-called “ silver-profit fund ” or o f
the appropriation for “ storage o f silver-transportation ”
f°r the purpose o f paying the expenses o f the transporta­
tion of standard silver dollars from the mints or the sub­
treasuries to the Treasury at W ashington, District of

Columbia.
*

*

*

*

*

Approved, March 2, 1889.
A C T O F J U L Y 14, 1890.
C h a p . 703.— A n act directing the purchase of silver bul- 28|6 stat- L-

Hon and the issue of Treasury notes thereon, and for
other purposes.
.
H enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemhled, That the Secretary o f the Treasury is hereby di­
rected to purchase, from time to time, silver bullion to
e aggregate amount o f four million five hundred thou-




Silver bullion
to be p u r ­
chased.

NATIONAL MONETARY COMMISSION.

590
M on th ly

ag-

sand ounces, or so much thereof as may be offered in each
month, at the market price thereof, not exceeding one
dollar for three hundred and seventy-one and twenty-

L i mi t

of

five hundredths grains o f pure silver, and to issue in pay-

prTe
reeasurym ent for such purchases o f silver bullion Treasury notes
s

u dt inbpay-of the United States to be prepared by the Secretary of
teS <

chases0 Pu r the Treasury, in such form and o f such denominations,
tions,netc.,nof not less than one dollar nor more than one thousand dol­
lars, as he may prescribe, and a sum sufficient to carry
into effect the provisions of this act is hereby approtionPpr° pria PriR
ted out o f any money in the Treasury not otherwise
appropriated.
R e d e m p tio n
S ec . 2. T hat the Treasury notes issued in accordance

of

notes

in

c°ip-

^

t

,

.

J

with the provisions o f this act shall be redeemable on

red em p tion ,

demand, m com, at the Treasury o f the United States, or

outstanding
n otes, lim ited .
L eg a l ten d er,

States, and when so redeemed may be reissued : but no

G X C G p t , G tC .

Receivable
for
cu stom s,
etc.
R eissu e a fte r
receip t. f

at the office o f any assistant treasurer of the United
^

.

7

"

;

greater or less amount o f such notes shall be outstanding
..
,
at any time than the cost of the silver bullion and the
4
7

standard silver dollars coined therefrom, then held in the

tio n a i bank r e - Treasury
R e d e m p tio n
v e r T o i n .a t th e
s e c V e t a 'r y o f

purchased by such notes; and such Treasury
notes shall be a legal tender in payment o f all debts, publie and private, except where otherwise expressly stipulated in the contract, and shall be receivable for customs,

taxes, and all public dues, and when so received may be
reissued; and such notes, when held by any national bank­
ing association, may be counted as a part o f its lawful
reserve.
p a r i t y and
o
ratio o f g o 1 d
and silver.

T hat upon demand o f the holder o f any o f the

Treasury notes herein provided for the Secretary o f the
Treasurv shall, under such regulations as he may pre-

J

7

.

r.

®

scribe, redeem such notes in gold or silver coin, at his dis­
cretion, it being the established policy o f the United
States to maintain the two metals on a parity with each
other upon the present legal ratio, or such ratio as may

be provided by law.
Mon t h i y S ec . 3. T hat the Secretary o f the Treasury shall each
co in a g e o f sil.
J
r
ver d o l l a r s month com two million ounces o f the silver bullion purf r o m p u r ch ased b u llio n ,
B e fo re
1891.




. .

.

.

1

chased under the provisions of this act into standard

a nd silver dollars until the first day o f July eighteen hundred and ninetv-one, and after that time he shall coin
o f the silver bullion purchased under the provisions o f
this act as much as may be necessary to provide for the

redemption o f the Treasury notes herein provided for,
Seigniorage. < d any gain or seigniorage arising from such coinage
m
shall be accounted for and paid into the Treasury.

591

LAWS CONCERNING COINAGE.

S e c . 4 . That the silver bullion purchased under t h e sun "£ t
cht* s |x
®
provisions o f this act shall be subject to the requirements ^ t in g laws,

°f

existing law and the regulations of the mint service

governing the methods o f determining the amount ° f
pure silver contained, and the amount o f charges or de­

m ent o f V a lu e

ductions, if any, to be made.
S ec. 5. T hat so much o f the act o f February twenty- ^^eVndVoVn*
eighth, eighteen hundred and seventy-eight, entitled “ A n afaled
lause re‘
act to authorize the coinage o f the standard silver dollar
and to restore its legal-tender character,” as requires the
monthly purchase and coinage o f the same into silver
dollars of not less than two million dollars, nor more
than four million dollars’ worth o f silver bullion, is
hereby repealed.
S ec. 6. T hat upon the passage o f this act the balances reJ/e
easCertain
standing with the Treasurer o f the United States to the n o t e f fr° m
iespective credits o f national banks for deposits made to
redeem the circulating notes of such banks, and all
eposits thereafter received for like purpose, shall be
covered into the Treasury as a miscellaneous receipt, and
the Treasury o f the United States shall redeem from the
general cash in the Treasury the circulating notes o f said
anks which may come into his possession subject to
redemption; and upon the certificate o f the Comptroller

o f

a

n

r

y

R e im b u r s e m e n t to th e

trie Currency that such notes have been received b y T re a s u re r fro m
him
J
i
- , 1
■'
N a tio n a l
1 dn<f that they have been destroyed and that no n e w bank n o t e s ,
notpc Tr"ii , .
r
. . .
.
. .
„
. Redem
ption ac® 'Vin be issued in their place, reimbursement o f their count.0
amount shall be made to the Treasurer, under such regua ions as the Secretary o f the Treasury may prescribe,
m an appropriation hereby, created, to be known as
" .a. n a l bank notes: Redemption account, but the pro• ons ot this act shall not apply to the deposits received

Not to apply
cen t
d e p o sit fo r re-

of

jm cr section three o f the act o f June twentieth, eighteen cireu'aVion.
undred and seventy-four, requiring every National bank
V

M o n th ly

re-

eep in la w f u l m o n e y w ith th e T r e a s u r e r o f th e U n ite d fug1 balance1'of

States a sum equal to five per centum o f its circulation,
° e held and used for the redemption o f its circulating

d ep osits.

n0tes? and the balance remaining o f the deposits so covGrec s^
laH, at the close o f each month, be reported on the
n in th ly public debt statement as debt of the United
ates bearing no interest.
^ ec . 7. That this act shall take effect thirty days from
and after its passage.”

Approved, July 14, 1890.




Operation,

NATIONAL MONETARY COMMISSION.

592

A C T O F S E P T E M B E R 26, 1890.

A n act to amend section thirty-five hundred
and ten of the Revised Statutes of the United States,
and to provide for new designs of authorized devices
of United States coins.

26 stat. l ., C h a p . 944.—

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, T hat section, thirty-five hundred and ten of the
Revised Statutes o f the United States be, and the same
is hereby, amended so as to read as fo llow s:

“ S ec. 3510.

The engraver shall prepare from the origi­

nal dies already authorized all the working-dies required
for use in the coinage of the several mints, and, when new
coins, emblems, devices, legends, or designs are author­
ized, shall, i f required by the Director o f the M int, preutese^secd35i7 Pare
same.

devices, models, hubs, or original dies for the
The Director of the M int shall have power, with

the approval o f the Secretary of the Treasury, to cause
for^e«)in3S au-new designs or models o f authorized emblems or devices
i
25° years

every

PrePared and adopted in the same manner as when
new coins or devices are authorized. But no change in
the design or die o f any coin shall be made oftener than
once in twenty-five years from and including the year
o f the first adoption o f the design, model, die, or hub for
the same co in : Provided , That no change be made in the
diameter o f any coin : And provided further , That noth­
ing in this section shall prevent the adoption o f new
designs or models for devices or emblems already author­
ized for the standard silver dollar and the five-cent nickel
piece as soon as practicable after the passage o f this act.

thorizedfto em But the Director o f the M int shall nevertheless have
ploy artists.
power, with the approval o f the Secretary o f the Treas­




ury, to engage temporarily for this purpose the services
o f one or more artists, distinguished in their respective
departments o f art, who shall be paid for such service
from the contingent appropriation for the mint at Phila­
delphia.”
Approved, September 26, 1890.

LAWS CONCERNING COINAGE.

593

A C T O F S E P T E M B E R 26, 1890.
C h a p . 945 .— A n act to discontinue the coinage of the

26 stat. l .,

three-dollar and one-dollar gold pieces and three-cent
nickel piece.
% it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assenvWed, That from and after the passage o f this act the
coinage of the three-dollar gold piece, the one-dollar gold
piece, and the three-cent nickel piece be, and the same is
hereby, prohibited, and the pieces named shall not be
struck or issued by the M int o f the United States.
S ec. 2. That as fast as the said coins shall be paid into
the Treasury o f the United States they shall be withra'vn from circulation and be recoined into other de­
nominations o f coins.
S ec. 3. That all laws and parts o f laws in conflict with
is act are hereby repealed.
Approved, September 26, 1890.
ACT

OF

OCTOBER

1, 1890.

C hap . 1244 .— A n act to reduce the revenue and equalize

stat. l .,

duties on imports, and for other purposes.
*

*

*

*

*

. ^ Ec- 52. T hat the value o f foreign coin as expressed ei^ aS n for'
of
the money o f account o f the United States shall be that
ot the pure metal o f such coin o f standard value; and
ne values o f the standard coins in circulation o f the varifu S n^tions o f the world shall be estimated quarterly by
e Director o f the M int, and be proclaimed by the Secre- p r o ciamatarv n +1, m
-P
r
J
tion, quarterly.
, A 01 the Treasury immediately after the passage of
ls act and thereafter quarterly on the first day of
anuary, A p ril, July and October in each year.
*

*

*

*

*

Approved, October 1, 1890.
Note.- a similar provision is contained in section 25 o f the
gari® act o f 1894 ( 28 Stat. L „ 552), and further that “ the values
? pr°claimed shall be follow ed in estimating the value o f all for­
eign merchandise exported to the United States during the quarter
0r which the value is proclaimed,” etc.







NATIONAL MONETARY COMMISSION.

594

ACT
26

s t.
ta

l

.,

OF

FEBRUARY

10, 1891.

Chap. 127.—

A n act further to prevent counterfeiting or
manufacture of dies, tools, or other implements used
in counterfeiting, and providing penalties therefor, and
providing for the issue of search warrants in certain
cases.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemM a k i n g bled, That every person who, within the United States
c n e l ; etc., fn or any Territory thereof, makes any die, hub, or mold,
United States either o f steel or plaster, or any other substance whatsoR evised stat- ever in likeness or similitude, as to the design or the intoe5462?s’ °4° 7 scription thereon, o f any die, hub, or mold designated for

the coining or making o f any o f the genuine gold, silver,
nickel, bronze, copper or other coins of the United States
that have been or hereafter may be coined at the mints
o f the United States, or who willingly aids or assists in
the making o f any such die, hub, or mold, or any part
thereof, or who causes or procures to be made any such
die, hub or mold, or any part thereof, without authority
from the Secretary o f the Treasury of the United States
or other proper officer, or who shall have in his possession
any such die, hub, or mold with intent to fraudulently
or unlawfully use the same, or who shall permit the same
to be used for or in aid o f the counterfeiting o f any of
the coins o f the U n ite d . States hereinbefore mentioned
Penalty.

shall, upon conviction thereof, be punished by a fine o f
not more than five thousand dollars and by imprisonment
at hard labor not more than ten years, or both, at the dis­
cretion o f the court.

Procuring the

s a me
made.

to be

S ec . 2 . That every person who, within

the United

States or any Territory thereof, wuthout lawful author­
ity, makes, or willingly aids or assists in making, or
causes or procures to be made, any die, hub, or mold,
either o f steel or o f plaster, or o f any other substance what­
soever, in the likeness or similitude, as to the design or
the inscription thereon, o f any die, hub, or mold designated
for the coining o f the genuine coin o f any foreign Govern­
ment, or who conceals or shall have in possession any such
die, hub, or mold hereinbefore mentioned, with intent to
fraudulently, or unlawfully use the same for counter­
feiting any foreign coin, or who knowingly suffers the
same to be fraudulently used for the counterfeiting o f

LAWS CONCERNING COINAGE.

any foreign coin shall, upon conviction thereof, be pun-

595

Penalty,

jshed by a fine o f not more than two thousand dollars or
lmprisonment at hard labor not more than five years, or
both, at the discretion o f the court.
S ec. 3. That every person who makes, or who causes or Making or
procures to be made, or who brings into the United States th?ngr
iin0shnnfrom any foreign country, or who shall have in possession states°coYnsted
Wlth intent to sell, give away, or in any other manner use
the same, any business or professional card, notice, plaCard, token, device, print, or impression, or any other
thing whatsoever, whether of metal or its compound or of
any other substance whatsoever, in likeness or similitude,
as to design, color, or the inscription thereon, o f any of
the coins o f the United States or o f any foreign GovernI^ent, that have been or hereafter may be issued as money,
either under the authority o f the United States or under
.

authority o f any foreign Government shall, upon con­

viction thereof, be punished by a fine not to exceed one
hundred dollars.

Penalty.

n
&ec. 4. That all counterfeits o f any o f the obligations o fC ouU terfelts
nited
S t a t e s obliga­
° r °ther securities o f the United States or o f any foreign tions.
overnment, or counterfeits o f any o f the coins o f the

Uited States or o f any foreign Government, and all ma®
rial or apparatus fitted or intended to be used, or that
^ all have been used, in the making o f any o f such counei,teit obligations or other securities or coins hereinbefore
mentioned, that shall be found in the possession o f any
Pers° n without authority from the Secretary o f the TreasUry or other proper officer to have the same, shall be taken
Possession o f by any authorized agent o f the Treasury
epartment and forfeited to the United States, and dis­
posed of in any manner the Secretary o f the Treasurv
may direct.
of
S ec . 5. T hat the several judges o f courts established s e Iasr s u e war­
ch
under the laws of the United States and the commis­ rants in such
cases.

sioners of such courts may, upon proper oath or affirma° n> within their respective jurisdictions, issue a search
^arrant authorizing any marshal o f the United States, or
any other person specially mentioned in such warrant, to
outer any house, store, building, boat, or other place named
ln SUcb warrant, in the daytime only, in which there shall
appear probable cause for believing that the manufacture
counterfeit money, or the concealment o f counterfeit
^ n e y , or the manufacture or concealment o f counterfeit
0

Rations or coins o f the United States or o f any for-







NATIONAL MONETARY COMMISSION.

596

eign government, or the manufacture or concealment of
dies, hubs, molds, plates, or other things fitted or intended
to be used for the manufacture o f counterfeit money,
coins, or obligations o f the United States or of any for­
eign government, or o f any bank doing business under
the authority o f the United States or o f any State or T er­
ritory thereof, or o f any bank doing business under the
authority o f any foreign government or o f any political
division of any foreign government, is being carried on
or practiced, and there search for any such counterfeit
money, coins, dies, hubs, molds, plates and other things,
and for any such obligations, and if any such be found, to
seize and secure the same and to make return thereof to

Seizures.

the proper authority; and all such counterfeit money,
coins, dies, hubs, molds, plates, and other things and all
such counterfeit obligations so seized shall be forfeited to
the United States.
Approved, February 10, 1891.
This act was amended by the act o f March 4, 1909
(chap. 321, 35 Stat. L ., pp. 1120, 1121).

See sections 169

to 173, inclusive.
A C T O F M A R C H 3, 1891.
26 stat.

l .,

C h a p . 541.— A n act making appropriations for the legis­

lative, executive and judicial expenses of the Govern­
ment for the fiscal year ending June thirtieth, eighteen
hundred and ninety-two, and for other purposes.
*

*

*

*

*

S ec. 3. That an act to authorize the receipt of United
States gold coin in exchange for gold bars, approved
M ay twenty-sixth, eighteen hundred and eighty-two, be
amended to read as follow s:
Authorizing “ T hat the superintendents of the coinage mints and o f
tli6 issuance of
A
0
gold bars in the United States assav office at New Y ork may, with the
exc ha ng e f o r
**
__
v
gold coin.
approval o f the Secretary o f the Treasury, but not other­
wise, receive United States gold coin from any holder
thereof in sums o f not less than five thousand dollars, and
pay and deliver in exchange therefor gold bars in value
equaling such coin so received: Provided , That the Secre­
tary o f the Treasury may impose for such exchange a
charge which in his judgment shall equal the cost o f
manufacturing the bars.”
*

*

*

Approved, March 3, 1891.

*

*

597

LAWS CONCERNING COINAGE.

A C T O F M A K C H 3, 1891.

C h ap . 542.— A n act making appropriations for sundry 06|6 stat.

l

.,

civil expenses of the Government for the fiscal year
ending June thirtieth, eighteen hundred and ninetytwo, and for other purposes.
*

*

*

*

*

R e c o i n a g e o f s i l v e r c o i n s : For recoinage o f the uncur- Recoinage,siic7
*
t t
ver coins.
rent fractional silver coins abraded below the limit of

tolerance in the Treasury, to be expended under the direc­
tion o f the Secretary o f the Treasury, one hundred and
fifty thousand dollars: Provided , That the Secretary o f

Proviso,

the Treasury shall, as soon as practicable, coin into stand- etc.^into staTfdard silver dollars the trade-dollar bullion and trade d o l-ar '
lars now in the Treasury, the expense thereof to be charges,
charged to the silver profit fund.
*

*

*

*

*

Approved, March 3, 1891.
A C T O F A U G U S T 5, 1892.
C h a p . 380. — A n act making appropriations for sundry ^27 stat.

l„

civil expenses of the Government for the fiscal year
ending June thirtieth, eighteen hundred and ninetythree, and for other purposes.
*

*

*

*

*

I n t e r n a t io n a l m o n e t a r y c o n f e r e n c e :
o f a

n

■

•

The P r e s i d e n t Monetary con.

me United States is hereby authorized to appoint five

feren ce.

commissioners to an international conference, to be held
a! a place to be hereafter designated, with a view to
secure, internationally, a fixity o f relative value between
S°ld and silver, as money, by means o f a common ratio
etween those metals, with free mintage at such ratio,
and for compensation o f said commissioners, and for all
Reasonable expenses connected therewith, to be approved
y the Secretary o f State, including the proportion to be

see also act

paid by the United States o f the joint expenses o f such Feb‘ ~8’ 1878’
conference, eighty thousand dollars, or so much thereof
as may be necessary.

*

*

Approved, August 5, 1892.




*

*




NATIONAL MONETARY COMMISSION.

598

A C T O F A U G U S T 5, 1892.

38 7
9

stat' L" C h a p . 381.— A n act to aid in carryin g out the act o f Con­

gress ap proved A p r il tw en ty -fifth , eighteen hundred
and n in ety , en titled “ A n act to provid e f o r celebrating
the fo u r hundredth anniversary o f the d iscovery o f
A m erica by C hristopher C olum bus , b y holding an in­
ternational exposition o f arts , industries , m anufactures ,
and prod u cts o f the soil , m ine , and sea ,
the city o f
C h icago , in the S ta te o f Illin ois ,” and appropriating
m oney th erefor.
B e it enacted by the Senate and H ou se o f R epresen ta­
tives o f the U nited S tates o f A m erica in Congress assemcoina*e°of1sg

That for the purpose o f aiding in defraying the cost

0 0 0 T u o f completing in a suitable manner the work o f prepara0 ,0 0 O vecoiumbianr
lExS^ on ^or inailg urating the W o rld ’s Columbian Exposition,
p°Revised stat authorized by the act of Congress approved A p ril twentyutes, sec. 3513. fifth, anno Domini eighteen hundred and ninety, to be
held at the city o f Chicago, in the State o f Illinois, there
shall be coined at the mints o f the United States silver
h alf dollars o f the legal weight and fineness, not to exceed
five million pieces, to be known as the Columbian half
dollar, struck in commemoration o f the W o r ld ’s Colum­
bian Exposition, the devices and designs upon which shall
be prescribed by the Director o f the M int, with the ap­
proval o f the Secretary o f the Treasury; and said silver
coins shall be manufactured from uncurrent subsidiary
silver coins nowT in the Treasury, and all provisions o f
law relative to the coinage, legal-tender quality, and
redemption o f the present subsidiary silver coins shall be
applicable to the coins issued under this act, and when
so recoined there is hereby appropriated from the Treas­
ury the said five millions o f souvenir half dollars, and the
Secretary o f the Treasury is authorized to pay the same
to the W o rld ’s Columbian Exposition.
(T h e remainder o f section 1 and section 2 prescribe
conditions for the guidance o f the managers o f the expo­
sition; section 3 authorizes bronze medals and diplomas
for awards to exhibitors and provides that the Secretary
o f the Treasury may authorize holders o f such medals to
have duplicates in gold, silver, or bronze made at any
o f the mints at the expense o f the person desiring the
sam e; and section 4 forbids the opening o f the exposition
to the public on Sunday.)
Approved, August 5, 1892.

LAWS CONCERNING COINAGE.

ACT

OF M AECH

599

3, 1893

C hap . 208.— A n act m aking appropriations f o r sundry

27
586.

S ta t.

L .,

civil expenses o f the G overnm ent fo r the fiscal yea r end­
ing June th irtieth , eigh teen hundred and n in ety -fo u r ,
and fo r oth er p u rp oses .
^

^

W o r l d ’s

C o l u m b ia n

C o m m is s io n :

*

*

*

and ten

thousand dollars of the appropriation for the Board of
Lady Managers shall be paid in souvenir coins of the
denomination o f twenty-five cents, and for that purpose
there shall be coined at the mints of the United States

A u th o r iz in g
co in a g e o f 40,0 0 0 so u ve n ir
q u a rte r d o lla rs
fo r th e B o a rd
o f L a d y M anag e r s W o rld ’s
C olu m b ia n Ex­
p o sitio n .

silver quarter dollars o f the legal weight and fineness,
n°t to exceed forty thousand pieces, the devices and
designs upon which shall be prescribed by the Director
the M int, with the approval o f the Secretary o f the
Tre asury; and said silver coins shall be manufactured

R evised S ta t­
utes, sec. 3543.

r°m uncurrent subsidiary silver coins now in the Treas
| ; and all provisions o f law relative to the coinage,
lry
legal-tender quality, and redemption o f the present sub­
sidiary silver coins shall be applicable to the coins herein
authorized to be issued; and a sum not exceeding five
uousand dollars may be used by the Director-General
11
1
discretion for incidental and contingent expenses
of his office.
*
*
*
*
*
approved, March 3, 1893.
A C T O F N O Y E M B E E 1, 1893.

Lhap. 8.— A n act to repeal a pa rt o f an act ap proved J u ly 28 stat- L-»4fourteenth, eigh teen hundred and n in ety , en titled “ A n
Qct directing the purchase o f silver bullion and the
i-ssue o f Treasury N otes th ereon , and fo r -o t h e r p u r­
poses N
D

i ,

e it enacted by the Senate and H ou se o f R epresenta€s o f the U nited S tates o f A m erica in Congress assemThat so much of the act approved July fourteenth,pu^hase^of
tlp> ^ een hundred and ninety, entitled “ A n act directingsllver bulllone Purchase o f silver bullion and issue of Treasury notes
reon, and for other purposes,” as directs the Secretary
bulb16 Treasury to purchase from time to time silver
ion to the aggregate amount o f four million five hune

thousand ounces, or so much thereof as may be







600

NATIONAL MONETARY COMMISSION.

offered in each month at the market price thereof, not
exceeding one dollar for three hundred and seventy-one
and twenty-five one hundredths grains of pure silver, and
to issue in payment for such purchases Treasury notes of
the United States, be, and the same is hereby, repealed,
p o lic y o f 'u n i t e !
s ta t e s t o b e
fo r gold a n d
silv er.

And ^
hereby declared to be the policy o f the United
grates to continue the use of both gold and silver as
_

0

standard money, and to coin both gold and silver into
money of equal intrinsic and exchangeable value, such

P a ritie s b e
m eta ls

to

-equality to be secured through international agreement,

be

or by such safeguards o± legislation as will insure the
maintenance o f the parity in value o f the coins of the two
metals, and the equal power o f every dollar at all times
in the markets and in the payment o f debts.

A n d it is

hereby further declared that the efforts of the Government
should be steadily directed to the establishment of such a
safe system o f bimetallism as will maintain at all times
the equal power o f every dollar coined or issued by the
United States, in the markets and in the payment o f debts.
Approved, November 1, 1893.
A C T O F A U G U S T 13, 1894.
28

278 .

stat. l ., C h a p . 281.— A n act to subject to State taxation national

J

bank notes and United States Treasury notes.

Be it enacted by the Senate and House of Representa­
tives of the United States o f America in Congress assemstatetaxa -bled. T hat circulating notes o f national banking associa­
ai currency and tions and United
U n ited Sts,t e s
n o t e s a u th or-

States legal tender notes and other

*’
—

notes and certificates o f the United States payable on
demand and circulating or intended to circulate as cur­
rency and gold, silver or other coin shall be subject to
taxation as money on hand or on deposit under the laws

P ro v iso .
as oth er m oney,

o f any State or T errito ry : Provided , T hat any such taxation shall be exercised in the same manner and at the
same rate that any such State or Territory shall tax money
or currency circulating as money within its jurisdiction.

E x is tin g law s.

S ec. 2. T hat the provisions o f this A ct shall not be
deemed or held to change existing laws in respect o f the
taxation o f national banking associations.
Approved, A ugust 13, 1894.

LAWS CONCERNING COINAGE.

ACT

OF

FEBRUARY

601

20, 1895.

C h a p . 105.— A n act to provide for coinage at the branch

mint at Denver , Colorado.

28

stat.

l .,

G,3‘

<Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled^ That hereafter there shall be carried on at the
branch mint o f the United States at Denver, in the State maft o Ccotn
nTt
° f Colorado, the coinage o f gold and silver.
gold and Sllver-

S ec.

2.

That

the provisions o f

sections thirty-four

hundred and ninety-six and thirty-four hundred

and

officers,
utes^secs. 34*96,

ninety-seven o f the Revised Statutes o f the United States amended.0 J 4 ’
are hereby made applicable to the mint o f the United
States at Denver, Colorado, and that so much of sections

R evised

stat-

thirty-fiye hundred and fifty-eight, thirty-five hundred 356i,sepp357(fe
and fifty-nine, thirty-five hundred and sixty, and thirty- ' J am
"'
euded‘
h je hundred and sixty-one o f the Revised Statutes of the
United States as relates to the mint at Denver, Colorado,
are hereby repealed; and that the compensation o f the
officers o f said mint shall be the same as those o f the mint

Sa^ries.^^
utes.^sec. 3498,

at Carson City, Nevada.
S ec. 3. T hat all laws and parts o f laws in force in ca^|ws aP H
Pelation to the mints o f the United States, and for the
government o f the officers and persons employed therein,
shall be applicable to. the mint at Denver.
Approved, February 20, 1895.
ACT

OF

M ARCH

2, 1895.

C h a p . 177.— A n act making appropriations for the legis- 7g28 7
|tat.

l .,

ative, executive, and judicial expenses of the Govern­
ment for the fiscal year ending June thirtieth, eighteen
hundred and ninety-six , and for other purposes.
*
a

*

*

*

*

Until the mint and assay-office at Denver shall become
C o in o

.

A ssa y office
. t o
co n tin u e untn co in a g e m int
established .

.

'linage mint in accordance with law, the present mint
shall K
*
7
1
oe continued as an assay-office, and the business
n° ^ transacted at said mint shall be continued therein,
f n the appropriations heretofore and herein made shall
e aPplicable to such mint.
$

*

*

*

*

That the Secretary o f the Treasury is hereby author-

R efin ery

of

offi( an<^ re(luh’ed to establish at the United States assay S°W andsllverce at Helena, Montana, a refinery for refining and




NATIONAL MONETARY COMMISSION.

602

parting gold and silver and for casting the same into
bars, ingots, or discs.
charges.

That the charges for these operations shall be fixed
by the Director o f the M int, with the approval o f the
Secretary o f the Treasury, to equal, but not to exceed, the
expenses thereof, and all provisions of law relating to
the refineries o f the mints and assay offices shall apply
to the parting and refining of bullion at the assay office
at Helena, Montana.
*

*

*

*

*

Approved, March 2, 1895.
N

o te

.—

A similar provision in relation to the mint and

assay office at Denver is contained in the following acts:
M ay 26, 1896 (29 Stat. L ., 1 5 9 ) ; February 19, 1897 (29
Stat. L ., 558) ; March 15, 1898 (30 Stat. L ., 2 9 6 ) ; Feb­
ruary 24,1 8 9 9 (30 Stat. L ., 8 6 8 ) ; A p ril 17 ,1 9 0 0 (31 Stat.
L ., 1 1 0 ) ; March 3, 1901 (31 Stat. L ., 9 8 5 ) ; A p ril 28,
1902 (32 Stat. L ., 145, 880) ; March 18, 1904 (33 Stat. L .,
109).
A C T O F M A R C H 2, 1895.
o6|8 stat. l ., C

h a p

189.— A n act making appropriations for sundry

.

civil expenses of the Government for the fiscal year
ending June thirtieth, eighteen hundred and ninety-six ,
and for other purposes.
*
-




international

m on eta ry
feren ce.

con -

*

*

*

*

That whenever the President o f the United States shall
.

.

determine that the United States should be represented
at any international conference called with a view to
secure, internationally, a fixity o f relative value between
gold and silver, as money, by means o f a common ratio
between those metals, with free mintage at such ratio,
the United States shall be represented at such conference

Nine

g£it6S.

dele-

S election .

by nine delegates, to be selected as fo llow s: The President

o

/

o f the United States shall select three o f said delegates;
the Senate shall select three Members o f the Senate as
delegates; and the Speaker o f the present House o f Rep­
resentatives shall select three Members o f the House of

V a ca n cies.

Representatives o f the F ifty-fou rth Congress as delegates.
I f at any time there shall be any vacancy such vacancy
shall be filled by the President o f the United States.

tio n °m p e n s a '

A n d for the compensation o f said delegates, together with
all reasonable expenses connected therewith, to beap-

LAWS CONCERNING COINAGE.

603

proved by the Secretary o f State, including the propor­
tion to be paid by the United States o f the joint expenses
° f such conference, the sum o f one hundred thousand dolUrs, or so much thereof as may be necessary, is hereby
appropriated.
*

*

*

*

A p p r o p r ia ­
tion f o r ex­
penses.

*

Approved, March 2, 1895.
A C T O F J U N E 11, 1896.
C hap . 420.— A n act making appropriations for sundry

29

stat. l .,

civil expenses of the Government for the fiscal year
ending June thirtieth, eighteen hundred and ninety seven, and for other purposes.
*
R

*

e c o in a g e ,

coins :

*

REISSUE,

AND

*

*

TRANSPORTATION

OF

MINOR

Minor coins,

The Secretary o f the Treasury is authorized ^ ietom
-0
age> etc-

transfer to the United States mint at Philadelphia, for
cleaning and reissue, any minor coins now in, or which
may be hereafter received at, the subtreasury offices, in
excess o f the requirement for the current business of said,
offices; and the sum o f four thousand dollars is hereby
appropriated for the expense o f transportation for such
reissue. A n d the Secretary o f the Treasury is also au­
thorized to recoin any and all the uncurrent minor coins
now in the Treasury. ’
*

*

*

Approved, June 11, 1896.
A C T O F F E B R U A R Y 19, 1897.
C ha p . 265.— A n act making appropriations for the legis- _ 2 9 stat.

l

.,

lative, executive, and judicial expenses of the Govern'ment for the fiscal year ending June thirtieth, eighteen
hundred and ninety-eight, and for other purposes.
*

*

*

*

*

: The SecD eadw ood.
rp to
»
7
.
i t *
- Rent of build1
*«idry ot the Treasury is hereby authorized and d ir e c te d ^ , expenses,
A

s sa y

o f f ic e

a t

D

ead w o o d

, S

o u t h

D

a k o t a

use the unexpended balance o f the appropriation o f 6 C
'
teen thousand dollars for establishing an assay office at
Deadwood, South Dakota, made by the Sundry Civil ap­
propriation A ct approved June eleventh, eighteen hunr(-d and ninety-six, for rent o f a suitable building for
such purpose, for providing the same with necessary fur-







NATIONAL MONETARY COMMISSION.

604

naces, fixtures, and apparatus, and for wages of work404o1' 11' p-men and contingent expenses; and said assay office shall
u t eIi8TiSta ^ e conducted under the provisions o f the A ct entitled “ A n
R
t ie
693-T051’ pp‘ A c t revising and amending the laws relative to the mints,
assay offices, and coinage o f the United States,” approved
February twelfth, eighteen hundred and seventy-three.

Approved, February 19, 1897.
A C T O F M A R C H 3, 1897.
29 stat.

l .,

376 .— A n act to provide for the representation of
the United States by commissioners at any interna­
tional monetary conference hereafter to be called, and
to enable the President to otherwise promote an inter­
national agreement.

Chap.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
In tern a tion a l bled, That whenever after March fourth, eighteen hundred
m on eta ry c o n ­
feren ce.

and ninety-seven, the President o f the United States shall
determine that the United States should be represented
at any international conference called by the United
States or any other country w ith a view to securing by
7
international agreement a fixity o f relative value between
gold and silver as money by means o f a common ratio

A p p oin tm en t
o f com m ission ­
ers a u th orized .

between these metals, with free mintage at such ratio, he

Compensa­
tion , etc.

sioners to such international conference; and for com­

is hereby authorized to appoint five or more commis­
pensation o f said commissioners, and for all reasonable
expenses connected therewith, to be approved by the Sec­

Appropria­
tion .

retary o f State, including the proportion to be paid by
the United States o f the joint expenses o f any such con­
ference, the sum o f one hundred thousand dollars, or so
much thereof as may be necessary, is hereby appropriated.

C all fo r c o n ­
feren ce.

S ec. 2. That the President o f the United States is
hereby authorized, in the name o f the Government o f the
United States, to call, in his discretion, such international
conference, to assemble at such point as may be agreed

S pecial co m ­
m ission er f o r
d ip lo m a tic ne­
g otia tion s .

upon.

A n d he is further authorized, if in his judgment

the purpose specified in the first section hereof can thus
be better attained, to appoint one or more special com­
missioners or envoys to such o f the nations o f Europe as
he may designate to seek by diplomatic negotiations an
international agreement for the purpose specified in the

LAWS CONCERNING COINAGE.

first section hereof.

605

A n d in case o f such appointment so

milch o f the appropriation herein made as shall be neces­
sary shall be available for the proper expenses and com­
pensation o f such commissioners or envoys.
S e c . 3. That so much o f an act approved March second,
cighteen hundred and ninety-five, entitled “ A n A ct mak-

R epeal

of for-

i n™
ernan
-

*ng appropriations for sundry civil expenses o f the Gov-ence^voi?°28,e
p'
ernment for the fiscal year ending June thirtieth, eighteen!,G
2'
hundred and ninety-six, and for other purposes,” as pro­
dded for the appointment o f delegates to an international
conference and makes an appropriation for their compen­
sation and expenses, be, and the same is hereby, repealed.

Approved, March 3, 1897.
A C T O F M A R C H 3, 1897.
^ Hap* 377.— A n act to amend section fifty-four hundred

stat- L-

and fifty-nine of the Revised Statutes, prescribing the
punishment for mutilating United States coins and for
uttering or passing or attempting to utter or pass such
mutilated coins.
. ^ e it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemMu
That section fifty-four hundred and fifty-nine of the coin s. t i l a t e d
is h m e
cvised Statutes of the United States be amended so as to f o P u n u tte rinn t,
r
g
etc.
read as follows:

S ec. 5459. Every person who fraudulently, by any
aijt, way, or means, defaces, mutilates, impairs, dimin-

P u n is h m e n t
fo r
fraudu­
le n tly d e fa cin g ,
e tc., co in s.

^ es> falsifies, scales, or lightens, or causes or procures
.°

fraudulently defaced, mutilated, impaired, dimin-

. ’ falsified, scaled, or lightened, or willingly aids or
assists in fraudulently defacing, m utilating, impairing,

R evised S ta t­
utes, sec. 5459,
p. 1058, am en d ­
ed.

fin is h in g , falsifying, scaling, or lightening the gold or
ver coins which have been, or which may hereafter be,
coined at the mints o f the United States, or any foreign
. o

r silver coins which are by law made current or are
actual use or circulation as money within the United

ates, or who passes, utters, publishes, or sells, or atmpts to pass, utter, publish, or sell, or bring into the
to b ^ ^ afes from any foreign place, knowing the same
° e defaced, mutilated, impaired, diminished, falsified,
, G ” 01 ^ghtened, with intent to defraud any person
C
soever, or has in his possession any such defaced,
li h a*e(^’ impaired, diminished, falsified, scaled, or
& tened coin, knowing the same to be defaced, mu-




P a ssin g, etc.

NATIONAL MONETARY COMMISSION.

606

tilated, impaired, diminished, falsified, scaled, or light­
ened, with intent to defraud any person whatsoever, shall
be imprisoned not more than five years and fined not more
than two thousand dollars.”
Approved, March 3, 1897.
This act was amended by the act o f March 4, 1909
(chap. 321, 35 Stat. L ., p., 1119, section 165.)
A C T O F M A Y 21, 1898.
4oo° stat L C h a p . 348 .— A n act to establish an assay office at Seattle,
<’

Washington.
Be it enacted by the Senate and House o f Representa­
tives of the United States of America in Congress asseme,bled, T hat the Secretary o f the Treasury is hereby

S e a t t i
W ash,
assay
7
office Y s t a b - authorized

m

*
*

,

*

*
*

and required to establish an assay office of

the United States at Seattle, in the State of W ash in gton ;
said assay office to be conducted under the provisions of
42yoi. 17, p. the A c t entitled “ A n A ct revising and amending the laws
relating to the mints and assay offices and the coinage of
— officers, e tc.

the United States,” approved February twelfth, eighteen
hundred and seventy-three; that the officers o f the assay
office shall be an assayer in charge, at a salary o f two
thousand five hundred dollars per annum, who shall also
perform the duties o f melter; chief clerk, at a salary o f
one thousand five hundred dollars per annum.

A n d the

Secretary o f the Treasury is hereby authorized to rent a
suitable building for the use ,of such assay office; and
there is hereby appropriated, out of any money in the
Treasury not otherwise appropriated, the sum of twenty
thousand dollars for salary o f assayer in charge, chief
clerk,

and

wages

of

workmen,

rent,

and

contingent

expenses.
Approved, M ay 21, 1898.
A C T O F J U N E 13, 1898.

30

stat.

2 supp. r .

l ..

C h a p . 448.— A n act to provide ways and means to meet

war expenditures, and for other purposes.

s.,

*

*

*

*

*

*

COINAGE OF SILVER BULLION.

Coinage
authorized.




of

S ec . 34. That the Secretary o f the Treasury is hereby

authorized and directed to coin into standard silver dol­
lars as rapidly as the public interests may require, to an
amount, however, o f not less than one and one h alf mil-

LAWS CONCERNING COINAGE.

607

lions o f dollars in each month, all o f the silver bullion
now in the Treasury purchased in accordance with the
provisions o f the act approved July fourteenth, eighteen
hundred and ninety, entitled “ A n act directing the pursupp.
chase of silver bullion and the issue o f Treasury notes R- s > 774thereon, and for other purposes,” and said dollars, when
so coined, shall be used and applied in the manner and
for the purposes named in said act.
*

*

*

*

*

Approved, June 13, 1898.
A C T O F J U L Y 7, 1898.
C h a p . 571.— A n act making appropriations to supply G 30 stat.
G

l .,

deficiencies in the appropriations for the fiscal year end- 88| Supp- R- s-»
ing June thirtieth, eighteen hundred and ninety-eight,
and for prior years, and for other purposes.
*

*

*

*

*

A n d refining and parting of bullion shall be carried on bumonnetcS, at
at the coinage mints o f the United States and at the assay ^ nage mmts’
office at New Y ork , and it shall be lawful to apply the
moneys arising from charges collected from depositors ch^ rg e s and
for these operations, and also the proceeds o f sale of by- by-Products.
products (spent acids arising from any surplus bullion
recovered in parting and refining processes), pursuant to
law, so far as may be necessary, to defraying in full the

For expenses,

expenses thereof, including labor, material, wastage, and
loss on sale o f sweeps.
But no part o f the moneys appropriated for the sup-

*p
yaa|s at

port of the coinage mints and assay office at New Y ork
shall be used to defray the expenses o f parting and refin­
ing bullion.
*

*

*

*

*

Approved, July 7, 1898.
A C T O F F E B R U A R Y 24, 1899.
C h a p . 187.— A n act making appropriations for the legis- 86|° stat L *

Native, executive, and judicial expenses of the Govern­
ment for the fiscal year ending June thirtieth, nineteen
hundred, and for other purposes.
*

*

*

*

*

I f in the discretion o f the Secretary o f the Treasury 0f\™ proplriay
m mint at Carson, Nevada, be not operated as a coinage tion'
mint during the whole or any part o f the fiscal year




608

NATIONAL MONETARY COMMISSION.

nineteen hundred, the foregoing appropriations for said
mint shall only be available during the fiscal year nine­
teen hundred, or such part o f said year as the said mint
is not operated for coinage purposes, for maintaining the
same as an assay office,
*
*

*

*
*

*
*

*

Approved, February 24, 1899.
ACT

OF

MARCH

3, 1899.

ill?. Stat’ L" C h a p . 424.— A n act making appropriations for sundry

civil expenses of the Government for the fiscal year
ending June thirtieth, nineteen hundred, and for other
purposes.
H
e
monumentette

^

L afayette m o n u m e n t : F or the purpose o f aiding in

tion PPf o r P ped- 'defraying

the cost o f a pedestal, and completing in a

es|ouvenC doi- suitable manner the work o f erecting a monument in the
ir
larscity o f Paris to General Lafayette, designed by the L a ­




fayette Memorial Commission, as a feature o f the par­
ticipation o f the United States in the Paris Exposition o f
nineteen hundred the Secretary o f the Treasury shall be,
and is hereby authorized to purchase in the market
twenty-five thousand dollars w
rorth of silver bullion, or
so much thereof as may be necessary for the purpose
herein provided for, from which there shall be coined at
the mints o f the United States silver dollars o f the legal
weight and fineness to the number o f fifty thousand
pieces, to be known as the Lafayette dollar, struck in
commemoration o f the erection o f a monument to General
Lafayette, in the city o f Paris, France, by the youth of
the United States, the devices and designs upon which
coins shall be prescribed by the Director o f the M int, with
the approval o f the Secretary of the Treasury, and all
provisions o f law, relative to the coinage, and legal tender
quality, o f the present silver dollars shall be applicable
to the coins issued under this A ct, and when so coined,
there is hereby appropriated from the Treasury the said
fifty thousand o f souvenir dollars, and the Secretary o f
the Treasury is authorized to place the same at the dis­
posal o f the Lafayette Memorial Commission, a commis­
sion organized under the direction and authority o f the
Commissioner-General for the United States to the Paris
Exposition o f nineteen hundred.
*
*
*
*
*
Approved, March 3, 1899.

609

LAWS CONCERNING COINAGE.

ACT

OF

M ARCH

3, 1899.

C h a p . 429.— A n act to de-fine and punish crimes in the

|o stat.

l .,

District of Alaska and to provide a code of criminal
procedure for said district.
♦

*

♦

sjc

*

S e c . 78. That i f any person shall engrave, make, or

oegin to engrave, make, or mend any plate, block, press, or

M a k i n g or
h a v in g in possession tooi^ ae­

t h e r tool, instrument, or implement, or shall make, pre-

co u n te rfe itin g ,

i

,

J

1

- , , 1 1

,

pare, or provide any paper or other materials adapted
and designed for the forging or making any false or
counterfeit bill, note, draft, check, or other evidence of
debt, as specified in section seventy-seven, or shall have
m his possession or control any such plate, block, press,
nr other tool, instrument, or implement, or paper or other
niaterial adapted and designed as aforesaid, with intent
to use the same, or to cause or permit the same to be used,
ln forging or making any such false or counterfeit bill,
note, draft, check, or other evidence o f debt, such pers°n , upon conviction thereof, shall be punished by im ­
prisonment in the penitentiary not less than one nor more
than five years.
S e c . 79.
That if any person shall counterfeit any lng°goiderfand
gold, silver, or other coin current by law or usage within s u v e r co in , etc.

said District, or shall have in his possession or control
any false coin counterfeited in the similitude o f any
gold, silver, or other coin current as aforesaid, knowing
the same to be false and counterfeit, and with intent to
otter and pass the same as true and genuine, or shall,
Wlth intent to injure or defraud anyone, knowingly utter,
pass, or tender in payment as true and genuine any such
false and counterfeit coin, he shall be imprisoned in the
penitentiary not less than one year nor more than ten

years.
S ec. 80. T hat i f any person shall stamp, engrave, make,
O r rn on rl

i

•

'

.

M a k i n g or
h a v in g in posto o l fo r
c o u n te r fe itin g

“ lena or begin to stamp, engrave, make, or mend, or session

havp

V

.

1 ’

®

vc tn nis possession or control, any mold, pattern, die, coin,

puncheon, engine, press, or other tool, implement, or instiunient adapted and designed for coining or making
any counterfeit coin in the similitude o f any gold, silver,
w "th ^ er C
°^n curren^ ^ law or usage in said District,
t 1 1 ln^ent to use the same or cause or permit the same
,° )e llse(f ° r employed in coining or making any such
a ^e and counterfeit coin as aforesaid, such person, upon




NATIONAL MONETARY COMMISSION.

610

conviction thereof, shall be punished in the manner pro­
vided in section seventy-nine.
*
*
*

*

S ec . 88. That if any person shall mix or adulterate any

A d u lt e r a t in g
terated

*

goidoold dust with any metal or coin found o f less value than
such gold dust, with intent to pass or sell or in any way
dispose o f such gold dust, so mixed or adulterated, as
genuine, or shall pass, sell, or otherwise dispose o f or
cause to be sold, passed, or otherwise disposed of, or shall
attempt to pass, sell, or in any way dispose of, as genuine
and pure, any gold dust so mixed or adulterated, know­
ing the same to be so mixed or adulterated, he shall be
imprisoned in the penitentiary not less than one year nor
more than five years.
S ec . 89. That if anv person shall have anv gold dust

P ossession o f
adulterated .
gold dust.
in

.

.

r

*

°

.

his possession mixed or adulterated as described in

section eighty-eight, knowing the same to be mixed or
adulterated, with intent to pass or sell or in any wise dis­
pose o f the same as pure and genuine, or to cause the same
to be sold, passed, or in any way disposed o f as pure and
genuine gold dust, such person, upon conviction of such
offense, shall be punished by imprisonment in the peni­
tentiary not less than one year nor more than five years.
*
*
*
*
*
Approved, March 3, 1899.
A C T O F M A R C H 14, 1900.
^^31 stat. l ., C h a p . 41.— An act to define and fix the standard of

value, to maintain the 'parity of all forms of money
issued or coined by the United States, to refund the
public debt, and for other purposes.

s ta n d a rd

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemotbled, T hat the dollar consisting o f twenty-five and

R evised
statiites, sec. d o l l ,

p. 696.

eight-tenths gram s of gold nine-tenths fine, as established
#

#

_

_

_

_

,

by section thirty-five hundred and eleven o f the Revised
Statutes o f the United States, shall be the standard unit
of value, and all forms o f money issued or coined by the
United States shall be maintained at a parity o f value
with this standard, and it shall be the duty o f the Secre­
tary o f the Treasury to maintain such parity,

n o t e s te<redeem^

S EC-

That United States notes, and Treasury notes

v J i l k 'r . S 1 issued under the act o f July fourteenth, eighteen hundred
and ninety, when presented to the Treasury for redemp-




L A W S C O N C E R N IN G COINAGE.

611

tion, shall be redeemed in gold coin of the standard fixed
in the first section of this Act, and in order to secure the
prompt and certain redemption of such notes as herein R e d e m p t io n
provided it shall be the duty of the Secretary of the
Treasury to set apart in the Treasury a reserve fund of
one hundred and fifty million dollars in gold coin and
bullion, which fund shall be used for such redemption
purposes only, and whenever and as often as anv of said— hGow m ain* '
w
tftin d
notes shall be redeemed from said fund it shall be the
duty of the Secretary of the Treasury to use said notes
so redeemed to restore and maintain such reserve fund
m the manner following, to wit: First, by exchanging
the notes so redeemed for any gold coin in the general
fund of the Treasury; second, by accepting deposits of
gold coin at the Treasury or at any subtreasury in ex­
change for the United States notes so redeemed; third,
by procuring gold coin by the use of said notes, in accord­
ance with the provisions of section thirty-seven hundred
of the Revised Statutes of the United States. If the — b y b on d isSecretary of the Treasury is unable to restore and main-su
e'
tain the gold coin in the reserve fund by the foregoing
methods, and the amount of such gold coin and bullion
ln Said fund shall at any time fall below one hundred
million dollars, then it shall be his duty to restore the
same to the maximum sum of one hundred and fifty
million dollars by borrowing money on the credit of the
United States, ahd for the debt thus incurred to issue
«nd sell coupons or registered bonds of the United States,
m such form as he may prescribe, in denominations of
fifty dollars or any multiple thereof, bearing interest at
the rate of not exceeding three per centum per annum,
payable quarterly, such bonds to be payable at the pleasme of the United States after one year from the^date
of their issue, and to be payable, principal and interest,
m gold coin of the present standard value, and to be
exempt, from the payment of all taxes or duties of the
mted States, as well as from taxation in any form by
°r under State, municipal, or local authority; and the—disposition
go c coin received from the sale of said bonds shall first sa *ofd o d
le b n sm
^O
Vered into the general fund of the Treasury and then
‘ £e m the manner hereinbefore provided, for an
cb
tqua amount of the notes redeemed and held for exc.ange, and the Secretary of the Treasury may, in his
c iscretion, use said notes in exchange for gold, or to purc a^e or redeem any bonds o f the United States, or for




/

NATIONAL MONETARY COMMISSION.

612

any other law ful purpose the public interests may re­
quire, except that they shall not be used to meet defi­
Redeemed
notes to be re­
issued.
L im it reserve
fund.

ciencies in the current revenues.

T hat United States

notes w hen redeemed in accordance with the provisions
T
o f this section shall be reissued, but shall be held in the
reserve fund until exchanged for gold, as herein pro­
vided ; and the gold coin and bullion in the reserve fund,
together with the redeemed notes held for use as provided
in this section, shall at no time exceed the maximum sum
o f one hundred and fifty million dollars.

Legal-tender
quality of sil­
ver dollar un­
affected.

S ec . 3. T hat nothing contained in this A ct shall be con­
strued to affect the legal-tender quality as now provided
by law o f the silver dollar, or o f any other money coined
or issued by the United States.

D iv is io n s o f
issue and re­
d em p tion establisbed .

S ec . 4. T hat there be established in the Treasury D e­
partment, as a part o f the office o f the Treasurer o f the
United States, divisions to be designated and known as

— d uties, etc.

the division o f issue and the division o f redemption, to
which shall be assigned, respectively, under such regula­
tions as the Secretary o f the Treasury may approve, all
records and accounts relating to the issue and redemption
o f United States notes, gold certificates, silver certificates,
and

currency certificates.

There shall be transferred

from the accounts o f the general fund o f the Treasury of
the United States, and taken up on the books o f said divi­
sions, respectively, accounts relating to the reserve fund
for the redemption o f United States notes and Treasury
notes, the gold coin held against outstanding gold certifi­
cates, the United States notes held against outstanding
currency certificates, and the silver dollars held against
outstanding silver certificates, and each o f the funds rep­
resented by these accounts shall be used for the redemp­
tion o f the notes and certificates for which they are re­
spectively pledged, and shall be used for no other purpose,
the same being held as trust funds.
C a n cella tion
o fe q u a la m o u n t
of T r e a s u r y
n o tes fo r silv er
d o lla rs coin ed ,
etc.
V ol. 26, p .2 8 9 .

S ec . 5. T hat it shall be the duty o f the Secretary o f the
Treasury, as fast as standard silver dollars are coined
under the provisions o f the acts o f July fourteenth, eight­
een hundred and ninety, and June thirteenth, eighteen
hundred and ninety-eight, from bullion purchased under
the act o f July fourteenth, eighteen hundred and ninety,
to retire and cancel an equal amount o f Treasury notes
whenever received into the Treasury, either by exchange
in accordance with the provisions o f this Act or in the

— silv e r ce r tifi­
ca tes to issue.




ordinary course o f business, and upon the cancellation of

LAWS CONCERNING COINAGE.

613

Treasury notes silver certificates shall be issued against
the silver dollars so coined.
S ec . 6 . T hat the Secretary o f the Treasury is hereby Gold certifi„ ji
.
i
i -j.
, i
i
..
»
. i
. cates to issue

authorized and directed to receive deposits ot gold com for deposits of
with the Treasurer or any assistant treasurer o f the B ld tom'
°
United States in sums of not less than twenty dollars, and
to issue gold certificates therefor in denominations o f not
less than twenty dollars, and the coin so deposited shall
he retained in the Treasury and held for the payment o f
such certificates on demand, and used for no other pur­
pose.

Such certificates shall be receivable for customs,

taxes, and all public dues, and when so received may be
reissued, and when held by any national banking associa­
tion may be counted as a part o f its law ful reserve: Pro- Provisos.
vided, T hat whenever and so long as the gold coin h eld —suspension of
ln the reserve fund in the Treasury for the redemption o f issueUnited States notes and Treasury notes shall fall and
remain below one hundred million dollars the authority
to issue certificates as herein provided shall be suspended:

And provided further , T hat whenever and so long as the
aggregate amount o f United States notes and silver cer­
tificates in the general fund of the Treasury shall exceed
Sixty million dollars the Secretary o f the Treasury may,
ln his discretion, suspend the issue o f the certificates
herein provided for: And provided further , T hat of the — denominaurnount o f such outstanding certificates one-fourth at
least shall be in denominations o f fifty dollars or less:

And provided further , T hat the Secretary o f the Treasury
n3ay> in his discretion, issue such certificates in denomina­
tions of ten thousand dollars, payable to order.

A n d sec- ^ r. s„ s « .

tion fifty-one hundred and ninety-three of the Revised repealed.
Statutes o f the United States is hereby repealed.
S ec . 7. T hat hereafter silver certificates shall be issued ^ Denomina°n ly of denominations o f ten dollars and under, except certificates,
that not exceeding in the aggregate ten per centum o f the
total volume o f said certificates, in the discretion o f the
Secretary of the Treasury, may be issued in denomina­
tions o f twenty dollars, fifty dollars, and one hundred dol­
lars; and silver certificates o f higher denomination than
ten dollars, except as herein provided, shall, whenever
received at the Treasury or redeemed, be retired and can­
celed, and certificates o f denominations o f ten dollars or
less shall be substituted therefor, and after such substitu­
tion, in whole or in part, a like volume o f United States
notes o f less denomination than ten dollars shall from




614

N A T IO N A L M O N ETARY CO M M ISSIO N .

time to time be retired and canceled, and notes o f denomi­
nations o f ten dollars and upward shall be reissued in
substitution therefor, with like qualities and restrictions
Silver bullion
purchased un­
der the act of
July 14, 1890
( v o 1 . 26, p.
'289), may he
used for sub­
sidiary coinage.

as those retired and canceled.
S ec. 8. That the Secretary o f the Treasury is hereby
authorized to use, at his discretion, any silver bullion in
the Treasury o f the United States purchased under the
act of July fourteenth, eighteen hundred and ninety, for
coinage into such denominations o f subsidiary silver coin
as may be necessary to meet the public requirements for

Proviso.
such coin : Provided , That the
— limit of, out­
standing, etc.
ver coin outstanding shall not

amount o f subsidiary sil­
at any time exceed in the

aggregate one hundred millions o f dollars.

Whenever any

silver bullion purchased under the act o f July fourteenth,
eighteen hundred and ninety, shall be used in the coinage
o f subsidiary silver coin, an amount o f Treasury notes
issued under said A c t equal to the cost o f the bullion con­
tained in such coin shall be canceled and not reissued.
Recoinage of
uncurrent sub­
sidiary s ilv e r
coin.

S ec . 9. That the Secretary o f the Treasury is hereby
authorized and directed to cause all worn and uncurrent
subsidiary silver coin o f the United States now in the
Treasury, and hereafter received, to be recoined, and to
reimburse the Treasurer of the United States for the d if­
ference between the nominal or face value of such coin
and the amount the same will produce in new coin from
any moneys in the Treasuty not otherwise appropriated.
*

*nter° atlonal

bimetallism unhindered.

*

*

*

*

S ec. 14. That the provisions o f this A ct are not inx

tended to preclude the accomplishment of international
bimetallism whenever conditions shall make it expedient
and practicable to secure the same by concurrent action of
the leading commercial nations o f the world and at a
ratio which shall insure permanence o f relative value be­
tween gold and silver.
Approved, March 14, 1900.

N ote .— The act o f May 26, 1906 (34 Stat. L., 202), amends secProviso.
tion 6 of the above act to read as follows: “ Provided, That wliencease if c o i n ever and so long as the gold coin held in the reserve fund in the
belowS
$5o!oooS Treasury for the redemption o f United States notes and Treasury
0(W .
. ^ notes shall fall and remain below fifty million dollars the authorBullion to he
coined.
ity to issue certificates as herein provided shall be suspended, but
the Secretary o f the Treasury is directed to coin, within reason­
able time, any and all gold bullion held in said reserve fund in
excess o f fifty million dollars.”




615

LA W S CO N CERN IN G COINAGE.

A C T O F A P R I L 12, 1900.

A n act temporarily to provide revenues and 7731 stat La civil government for Porto Rico , and for other 11|^upp' R' s"
purposes.

C h a p . 191.—

Re it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, T hat the provisions o f this act shall apply to the a n drtadjacent
P
island o f Porto Rico and to the adjacent islands and isl^ ^ - govern.
waters o f the islands lying east of the seventy-fourth mentmeridian o f longitude west of Greenwich, which were
ceded to the United States by the Government o f Spain
by treaty entered into on the tenth day o f December,
eighteen hundred and ninety-eight; and the name Porto
Rico, as used in this act, shall be held to include not only
the island o f that name, but all the adjacent islands as
aforesaid.
*

*

*

*

*

S ec. 11. T hat for the purpose o f retiring the Porto 0
f
Rican coins now in circulation in Porto Rico and substi-com-

p1
k JkS

tuting therefor the coins o f the United States, the Secre­
tary o f the Treasury is hereby authorized to redeem, on
presentation in Porto Rico, all the silver coins of Porto
Rico known as the peso and all other silver and copper
Rorto Rican coins now in circulation in Porto Rico, not
delu din g any such coins that may be imported into Porto
Rico after the’ first day o f February, nineteen hundred,
at the present established rate o f sixty cents in the coins
the United States for one peso o f Porto Rican coin,
and for all minor or subsidiary coins the same rate of
exchange shall be applied. The Porto Rican coins so G v r°n a t by
ore mele
purchased or redeemed shall be recoined at the expense of
tbe United States, under the direction of the Secretary o f
the Treasury, into such coins of the United States now
authorized by law as he may direct, and from and a fte r — legal tender,
three months after the date when this act shall take effect
uo coins shall be a legal tender, in payment o f debts
thereafter contracted, for any amount in Porto Rico, ex­
cept those o f the United States; and whatever sum may
be. required to carry out the provisions hereof, and to
pay all expenses that may be incurred in connection there^ ith, is hereby appropriated, and the Secretary o f the
leasury is hereby authorized to establish such regula­
tions and employ such agencies as may be necessary to
15712°— 10------ 41




N A T IO N A L M O N ETARY C O M M ISSIO N .

616

debtsyment ° f accomplish the purposes h ereof: Provided , however, That
all debts owing on the date when this act shall take effect
shall be payable in the coins o f Porto Rico now in circu­
lation, or in the coins o f the United States at the rate o f
exchange above named.
*
Effect*

*

*

*

*

S ec . 41. T hat this act shall take effect and be in force
from and after the first day of M ay, nineteen hundred.
Approved, A p ril 12, 1900.
A C T O F M A R C H 3, 1901.

1446 Stat‘

l"

C

867.— A n act to amend an act amending the act
entitled “ A n act to authorize the receipt of United
States gold coin in exchange for gold bars.”

hap.

Be it enacted by the Senate and Rouse of Representa­
tives of the United States of America in Congress assem­
bled, T hat the A ct approved March third, eighteen
i8ioupp' R‘ S" hundred and ninety-one, amending the A c t approved
goidX barse for
C

twenty•
-sixth, eighteen hundred and eighty-two, be

thorized1 a u ‘ amended so as to read as follow s:
1
“ T hat the superintendent o f the coinage mints and of
Revised stat-the United States assay office at New Y ork may, with the
u te s,sec s.3 5 1 8 -

J

_

.

,

j5
une *• 7ch’ aPProval ° f the Secretary of the t reasury, but not other>> 4
41 9^ (i supp. wise, receive United States gold coin from any holder
1882,^M 26’ thereof in sums of not less than five thousand dollars, and
ay
stat. L,a9 ) ;p ay and deliver in exchange therefor gold bars in value
r7
3, ch.

54i, sec. equaling such coin so received: Provided , That the Secre-

s., 927). ^

tary o f the Treasury may make, in his discretion, such ex­

cretionary.

change without charge, or may impose a charge therefor.”
Approved, March 3, 1901.
A C T O F J U N E 28, 1902.

4462 stat' L-’ C

. 1301.— A n act making appropriations for sundry
civil expenses of the Government for the fiscal year
ending June thirtieth, nineteen hundred and three, and
for other purposes.

hap

*
ca«a etcdedl
tnS




*

*

*

*

And provided further, T hat sections eight and twelve
o f an A ct entitled “ A n A ct to provide for celebrating the
one hundredth anniversary o f the purchase o f the Loui­
siana Territory by the United States by holding an inter-

617

LA W S CO N CERN IN G COINAGE.

national exhibition o f arts, industries, manufactures, and
the products o f the soil, mine, forest, and sea in the city
o f Saint Louis, in the State o f Missouri,” approved March
third, nineteen hundred and one, be, and the same are
hereby, amended so as to read as fo llow s:
*

*

*

*

*

“ S ec. 12. T hat the national commission hereby author- ofTeoSm^s!onn
ized shall cease to exist on the first day o f July, nineteen
hundred and five: Provided , That upon the approval of
ofSg0id
this A ct the Secretary o f the Treasury shall cause to be^°e ars author”
coined at the mints o f the United States two hundred
and fifty thousand gold dollars of legal weight and fine­
ness, to be known as the Louisiana Exposition gold dollar,
struck in commemoration of said exposition.

The exact

words, devices, and designs upon said gold dollars shall
be determined and prescribed by the Secretary o f the
treasury, and all provisions o f law relative to the coin­
age and legal-tender quality o f all other gold coin shall
be applicable to the coin issued under and in accordance
with the provisions o f this A ct.
*
*
*

*
*

*

*
*

Approved, June 28, 1902.
ACT

OF

JANU ARY

14, 1903.

C h a p . 186.— A?i act relating to Hawaiian silver coinage 77a2 stat. l .,
. and silver certificates.
#
it enacted by the Senate and House of Representahves of the United States of America in Congress assem­
bled, That the silver coins that were coined under the ^Hawaiian siilaws of H aw aii, when the same are not mutilated or
abraded below the standard of circulation, shall be re- d e ­
ceived at the par o f their face value in payment o f all
dues to the government o f the Territory o f Hawaii and
the United States, and the same shall not again be
put into circulation, but they shall be recoined in the
niints as United States coins.
S e c . 2. T hat when such coins have been received by Jo be recoined
either Government tliev shall be transmitted to the mint states subsidat fean brancisco, in sums of not less than five hundred
uouars, to be recoined into subsidiary silver coins o f the
Lnited States, the expense o f transportation to be paid
by the United States.




Expense

of

618
Exchange for
United States
coins.

N A T IO N A L M O N ETARY C O M M ISSIO N .

S ec . 3. That any collector o f customs or o f internal
revenue o f the United States in the Hawaiian Islands
shall, if he is so directed by the Secretary o f the Treasury,
exchange standard silver coins o f the United States that
are in his custody as such collector with the government
o f H aw aii, or with any person desiring to make such
exchange, for coins o f the government o f H aw aii, at their
face value when the same are not abraded below the
law ful standard o f circulation, and the Treasurer o f the
United States, under the direction o f the Secretary of
the Treasury, is authorized to deposit such silver coins
o f the United States as shall be necessary with the col­
lector o f customs or of internal revenue at Honolulu or
at any Government depository for the purpose o f making
such exchange under such regulations as he may prescribe.

Payment for
mutilated
coins.

S ec . 4. That any silver coins struck by the government
o f Haw aii that are mutilated or abraded belowT such
standard m ay be presented for recoinage at any mint in
the United States by the person owning the same, or his
or her agents, in sums o f not less than fifty dollars, and
such owner shall be paid for such coins by the superin­
tendent o f the mint the bullion value per troy ounce of
the fine silver they contain in standard silver coin of the
United States, and such bullion shall be coined into sub­
sidiary coinage o f the United States.

To be legal
tender u n t i l
Jan. 1, 1904.

S ec. 5. That silver coins heretofore struck by the gov­
ernment o f Haw aii shall continue to be legal tender for
debts in the Territory o f H aw aii, in accordance with the
laws o f the Republic o f H awaii, until the first day o f Jan­
uary, nineteen hundred and four, and not afterwards.

Redempti on
of silver cer­
tificates.

S ec . 6. T hat any silver certificates heretofore issued by
the government o f the Hawaiian Islands, intended to be
circulated as money, shall be redeemed by the Territorial
government o f Hawaii on or before the first day o f Jan­
uary, nineteen hundred and five, and after said date it
shall be unlawful to circulate the same as money.

Limitation of
United S t a t e s
liability.

S ec. 7. That nothing in this act contained shall bind
the United States to redeem any silver certificates issued
by the government o f H aw aii, or any silver coin issued
by such government, except in the manner and upon the
conditions stated in this act for the recoinage o f Hawaiian
silver.

A p p ro p ria ­
tion for trans­
porting coins.




S ec . 8. T hat the sum o f ten thousand dollars, or so
much thereof as may be necessary, is hereby appropriated,

LA W S CO N CERN IN G COINAGE.

019

from any moneys in the Treasury o f the United States
not otherwise appropriated, for the payment of the ex­
penses o f transporting said coins from the Hawaiian
Islands to the mint at San Francisco, and a return of a
like amount in the subsidiary coins o f the United States
to the Hawaiian Islands.
Approved, January 14, 1903.

ACT O F MARCH 3, 1903.
C h a p . 1007.— A n act making appropriations for sundry

stat. l .,

civil expenses of the Government for the fiscal year
ending June thirtieth, nineteen hundred and four, and
for other purposes.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled^ * * *

*

*

*

*

*

T r a n s p o r t a t i o n o f s il v e r c o i n : *
* * Provided, col®“ g®idi' iJ n
* * * T hat the authority given to the Secretary of the tayg{13i“ pV
|7'
Treasury to coin subsidiary silver coin by the eighth sec- am
ended,

tion o f an act entitled “ A n act to define and fix the stand­
ard of value, to maintain the parity o f all forms o f money
!ssued or coined by the United States, to refund the public
debt, and for other purposes,” approved March fourteenth,
nineteen hundred, may hereafter be exercised without
limitation as to the amount o f such subsidiary coin out­
standing.

A n d the Secretary o f the Treasury shall re-

P °rt to Congress the cost arising under this appropriation.

*

*

*

*

*

Approved, March 3, 1903.
A C T O F M A R C H 3, 1903.
C h a p . 1015 .— A n act to amend section three of the “ A ct 12|| stat. l .,

further to prevent counterfeiting or manufacturing of
dies, tools, or other implements used in manufactur­
ing^ and so forth, approved February tenth, eighteen
hundred and ninety-one.
_ Be it enacted by the Senate and House o f Representa­
tives of the United States of America in Congress as­
sembled, T hat section three o f an act entitled “ A n act ing°e ° terfeIt'
“
further to prevent counterfeiting or manufacturing o f




620

N A T IO N A L M O N E T A R Y CO M M ISSIO N .

dies, tools, or other implements used in manufacturing,
Vol. 26, p.
742, amended.

and providing penalties therefor, and providing for the
issue o f such warrants in certain cases,” approved Feb­
ruary tenth, eighteen hundred and ninety-one, be, and it
hereby is, amended so as to read as fo llow s:

Using adver­
“ S e c . 3 . That every person who makes, or
tisements sim­
ilar to coins, or procures to be made, or who brings into
etc., prohibited.

who causes

the United
States from any foreign country, or who shall have in

possession with intent to sell, give away, or in any other
manner use the same, any business or professional card,
notice, placard, token, device, print, or impression, or any
other thing whatsoever, in likeness or similitude as to
design, color, or the inscription thereon, o f any o f the
coins o f the United States or o f any foreign country that
have been or hereafter may be issued as money, either
under the authority o f the United States or under the
authority o f any foreign government, shall, upon convic­
Penalty.

tion thereof, be punished by a fine not to exceed one hun­
dred dollars.

I llustrations
fo r numismatic
books, etc., not
prohibited.

B u t nothing in this act shall be construed

to forbid or prevent the printing and publishing of illus­
trations o f coins and medals, or the making of the neces­
sary plates for the same, to be used in illustrating numis­
matic and historical books and journals and the circulars
o f legitimate publishers and dealers in the same.”
Approved, March 3, 1903.
A C T O F A P K I L 13 ,1 9 0 4 .

33 Stat. L., C
178.

. 1253.— An act to authorize the Government of the
United States to 'participate in celebrating the one
hundredth anniversary of the exploration of the Oregon
country by Captains Meriwether Lewis and William
Clark in the years eighteen hundred and four, eighteen
hundred and five, and eighteen hundred and six, and
for other purposes.

h a p

*

*

*

*

*

Be it enacted by the Senate and House of Representa­
tives of the United States o f America in Congress as­
sembled, * * *
*
Me mo r i a l

gold dollar.
Limit.




*

*

*

*

S e c . 6. That upon the approval o f this A c t the Secre­
tary o f the Treasury shall, upon the request o f the Lewis

and Clark Centennial and American Pacific Exposition
and Oriental Fair Company, cause to be coined at the
mints o f the United States not to exceed two hundred

621

LA W S CO N CERN IN G COINAGE.

and fifty thousand gold dollars, o f legal weight and fine­
ness, to be known as the Lewis and Clark Exposition gold
dollar, struck in commemoration o f said exposition.

T h e et(P e s l g n s -

words, devices, and designs upon said gold dollars shall
be determined and prescribed by the Secretary o f the
Treasury, and all provisions o f law relative to the coinage
and legal-tender quality o f all other gold coin shall be
applicable to the coin issued under and in accordance with
the provisions o f this Act. T hat the said coins shall be
disposed o f by the Secretary o f the Treasury to the said
Lewis and Clark Centennial and American Pacific E xp osdion and Oriental Fair Company at par, under rules
and regulations and in amounts to be prescribed by him.
That medals with appropriate devices, emblems, and in-

M
edals,

scriptions commemorative o f said Lewis and Clark Cen­
tennial Exposition and o f the awards to be made to the
exhibitors thereat shall be prepared by the Secretary of
the Treasury at some mint o f the United States for the
board o f directors o f said exposition companv, subject to R evised stat­
er
••
„
_„
i
.
/> i
•
utes, sec. 35ol,
provisions o f the fifty-second section o f the coinage p. 702 .
A ct o f eighteen hundred and ninety-three, and upon the
Payment o f a sum not less than the cost thereof; and
all provisions, whether penal or otherwise, o f said coin­
age A ct against the counterfeiting or imitating o f coins
° f the United States shall apply to the medals issued
under this A ct.
*

*

*

*

*

Approved, A p ril 13, 1904.
A C T O F F E B R U A R Y 21, 1905.

C hap . 720.— A n act to 'prevent the use of devices calculated to convey the impression that the United States
Government certifies to the quality of gold or silver

stat.

l.,

used in the arts.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, T hat it shall be unlawful for any person, partner-

United states

sbip, association, or corporation engaged in commerce s t adm p i V g
among the several States, Territories, District of Colum- gold, etc., ’unbia, and possessions o f the United States, or

with

any aw u '

foreign country, to stamp any gold, silver, or goods manu­
factured therefrom and which are intended and used in
such

commerce,




with the

words “ United States

assay” , or

622

N A T IO N A L M O N ETARY C O M M ISSIO N .

with any words, phrases, or devices calculated to convey
the impression that the United States Government has
certified to the fineness or quality o f such gold or silver,
or o f the gold or silver contained in any o f the goods
manufactured therefrom.
Penalty
violation.

Each and every such stamp

shall constitute a separate offense.
for
S e c . 2 . That every person, partnership, association, or
corporation violating the provisions o f this A ct, and
every officer, director, or managing agent o f such partner­
ship, association, or corporation having knowledge of
such violation and directly participating in such violation
or consenting thereto, shall be deemed guilty of a misde­
meanor, and, upon conviction, be punished with a fine o f
not more than five thousand dollars or imprisonment for
not more than one year, or both, at the discretion o f the
court.

Seizure, fo r ­
feiture, etc.

S e c . 3. That any gold, silver, or goods manufactured

therefrom after the date o f the passage o f this A ct, bear­
ing any of the stamps, words, phrases, or devices prohib­
ited to be used under section one hereof, and being in the
course o f transportation from one State to another, or to
or from a Territory, the District o f Columbia, or posses­
sions o f the United States, shall be forfeited to the United
States, and may be seized and condemned by like proceed­
ings as those provided by law for the forfeiture, seizure,
and condemnation o f property, imported into the United
States contrary to law.
Approved February 21, 1905.
A C T O F A P R I L 24, 1906.
34 Stat. l ..
132.

C h a p . 1861.— A n act providing for the purchase of metal
and the coinage of minor coins, and the distnbution

and redemption o f said coins.

Minor coins.
Purchase o f
metal for.
Revised Statutes, secs.
3528, 3529, p.
698, amended.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, That sections thirty-five hundred and twenty-eight
and thirty-five hundred and twenty-nine o f the Revised
Statutes be, and the same are hereby, amended so as to
read as follow s:

Amount of
“ S e c . 3528. F or the purchase o f metal for the minor
purchase in­
coinage authorized by this A ct a sum not exceeding two
creased.
Revised Stat­
utes. sec. 3528, hundred thousand dollars in lawful money o f the United
p. 698, amend­
States shall, upon the recommendation o f the Director of
ed.




LA W S CO N CERN IN G COINAGE.

G23

the M int, and in such sums as he may designate, with the
approval of the Secretary o f the Treasury, be transferred
to the credit o f the superintendents of the mints at Phila­
delphia, San Francisco, Denver, and New Orleans, at.

C oinage

at

which establishments, until otherwise provided by l a w , D en ver, and
such coinage shall be carried on.

The superintendents, mints added,

with the approval o f the Director o f the M int 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 Use 0f seigncoinage o f such metals into coin of a nominal value, e x -10rageceeding the cost thereof, shall be credited to the special
fund denominated the minor-coinage profit fu n d ; and
this fund shall be charged with the wastage incurred in
such coinage, and with the cost of distributing said coins,
as hereinafter provided. The balance remaining to the
credit of this fund, and any balance o f the profits accrued
from minor coinage under former Acts, shall be, from
time to time, and at least twice a year, covered into the
1 reasury o f the United States.
ec 3529. The minor coins authorized by this A ct reD ^ '^ y a°a

uS .

may, at the discretion o f the Director of the M int, be de- m
,Revisedn
statlivered in any o f the principal cities and the towns o f the p^agf^mendUnited States, at the cost o f the mints, for transporta- e\ Iintg added
tion, and shall be exchangeable at par at the mints named, ai^ lJJ 1mum
I1
t
at tjie discretion o f the superintendents, for any other
coins o f copper, bronze, or copper-nickel heretofore au­
thorized, and it shall be lawful for the Treasurer and
tfie several assistant treasurers and depositaries o f the
United States to redeem, in law ful money, under such
rules as may be prescribed by the Secretary o f the Treas­
ury, all copper, bronze, and copper-nickel coins author­
ized 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 Sec­
retary o f the Treasury is authorized and required to
direct that such coinage shall cease until otherwise au­
thorized by him .”
Approved, A p ril 24, 190G.







A C T O F M A Y 18, 1908.
35 stat. l .,

C

. 173.— An act providing for the restoration of the
motto “ In God we trust ” on certain denominations of
the gold and silver coins of the United States.

h a p

Be it enacted by the Senate and Rouse of Representa­
tives of the United States of America in Congress assemRestoration

T hat the motto “ In God we trust,” heretofore in-

GoiMv^trust ” scribed on certain denominations o f the gold and silver
oncoins o f the United States o f America, shall hereafter
be inscribed upon all such gold and silver coins o f said
denominations as heretofore.
E ffect.

S . 2.

ec T hat this A ct shall take effect thirty days after
its approval by the President.
Approved, M ay 18, 1908.




P A P E R MONEY.




PAPER MONEY.

A C T O F F E B R U A R Y 25, 1791.
C h a p . X . — A n act to incorporate the subscribers to the igi

stat.

l .,

Bank of the United States.
*

*

*

*

*

S . 10.

or ®deSOreceiT’

ec
And be it further enacted, T hat the bills
m
notes of the said corporation, originally made payable,
or which shall have become payable on demand, in gold

lInited
1812>ch- 43-

and silver coin, shall be receivable in all payments to
the United States.
*

*

*

*

*

Approved, February 25, 1791.
(F o r the fu ll text o f this act see p. 2G9.)
A C T O F M A R C H 3, 1797.
C h a p . X I V . — A n act to authorize the receipt of evidences

of the Public Debt , in payment for the Lands of the
United States.

i

stat.

l .,

[Obsolete.]

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, T hat the evidences o f the public debt o f the United U ® ^ k stages
n
States, shall be receivable in payment for any o f the ^eived^np^aylands which may be hereafter sold in conformity to the ern landsact, intituled “ A n act providing for the sale of the lands
o f the United States, in the territory northwest o f the
river Ohio, and above the mouth o f Kentucky River,”
at the follow ing rates, v iz .: the present foreign debt o f
the United States, and such debt, or stock, as, at the
time o f payment, shall bear an interest o f six per centum
per annum, shall be received at their nominal value; and
the other species o f debt, or stock, o f the United States,
shall be received at a rate bearing the same proportion
to their respective market price, at the seat o f Govern­
ment, at the time o f payment, as the nominal value o f




627




N A T IO N A L M O N E T A R Y C O M M ISSIO N .

628

the above mentioned six per centum stock shall, at the
same time, bear to its market price at the same place;
the Secretary o f the Treasury, in all cases, determining
what such market price is.
Approved, March 3, 1797.
(Section 5 o f the act o f M ay 10, 1800 (chap. 55, 2 Stat.
L ., 7 3 ), contains a similar provision.)
(Section 1 o f the act o f A p ril 18, 1806 (chap. 50, 2
Stat. L ., 4 0 5 ), repeals the acts authorizing the receipt
o f evidences o f the public debt in payment for land after
the 30th o f A p ril, 1806.)

Note.

— This provision is also made applicable under the act
o f May 10, 1800, amending the acts providing for the sale o f
public lands. (2 Stat. L., 74.)

A C T O F J U N E 27, 1798.
57| stat- L-

C

h a p

.

L X I . — (T h is act prescribes a penalty on forging

or uttering counterfeit bills, notes, orders or checks by
or upon the Bank o f the United States, which was re­
pealed by the act o f February 24, 1807 (Chap. X X , 2
Statutes at Large, p. 4 2 3 ), which see.)
A C T O F F E B R U A R Y 24, 1807.
4

2 stat.

l ., C h a p .

i n A c t ® i A p r.
10, 1 8 1 6 , ch.
4 4 , sec. 18.

X X .— A n act to punish frauds committed o-n the

Rank o f the United States.

'

Re it enacted by the Senate and House of Representa­
tives of the United States o f America in Congress asmont^orVuse-'8erribled, T hat if any person shall falsely make, forge, or
f orgln

or counterfeit, or cause or procure to be falsely made, forged,

fei0
tingnotesr for counterfeited, or w illingly aid or assist in falsely mako
t h6 uanik e°d
e n t
or counterfeiting any bill or note in imitastates.
tion of, or purporting to be a bill or note issued by order
o f the president, directors and company o f the Bank o f
the United States, or any order or check on the said bank
or corporation, or any cashier thereof, or shall falsely
alter, or cause or procure to be falsely altered, or willingly
aid or assist in falsely altering any bill or note issued by
order o f the president, directors and company o f the
Bank o f the United States, or any order or check, on the
said bank or corporation, or any cashier thereof, or shall
pass, utter or publish, or attempt to pass, utter or publish
as true, any false, forged, or counterfeited bill, or note,
purporting to be a bill, or note, issued by order o f the

LA W S CO N CERN IN G PAPER M O N E Y .

629

president, directors and company o f the Bank o f the
United States, or any false, forged, or counterfeited order
or check, upon the said bank or corporation, or any
cashier thereof, knowing the same to be falsely forged or
counterfeited, or shall pass, utter, or publish, or attempt
to pass, utter or publish, as true, any falsely altered bill
or note, issued by order o f the president, directors and
company o f the Bank of the United States, or any falsely
altered order or check, on the said bank or corporation, Or checks or
' orders thereon
or any cashier thereof, knowing the same to be falsely
altered w ith intention to defraud the said corporation, or
T
any other body politic, or person; every such person shall
be deemed and adjudged guilty o f felony, and being
thereof convicted by due course o f law, shall be sentenced
to be imprisoned, and kept to hard labour, for a period
not less than three years, nor more than ten years, or shall
be imprisoned not exceeding ten years, and fined not ex­
ceeding five thousand dollars: Provided , T hat nothing

saving 0f

herein contained shall be construed to deprive the courts tionj of lsstate
o f the individual states o f a jurisdiction under the laws courts'
o f the several states, over the offence, declared punishable
by this act.

Sec. 2. And be it further enacted, That the act, in- R epeal of
tituled “ A n act to punish frauds committed on the Bank 1798, ch. ei.
o f the United States,” passed the twenty-seventh day o f
June, one thousand seven hundred and ninety-eight, shall
be and the same is hereby repealed: Provided, neverthe­

less, T hat the repeal of the said act shall not be so con­
strued, as to prevent the trial, condemnation or punish­
ment o f any person, or persons, charged with or guilty
o f a violation o f any of its provisions, previous to the
passing o f this act.
Approved, February 24, 1807.
A C T O F M A R C H 14, 1812.
C h a p . X L I . — A n act authorizing a loan for a sum not Q
g2 stat.

l .,.

exceeding eleven millions of dollars.
*

*

*

*

*

S ec . 4. And be it further enacted, That it shall be law-

Lawful

for

ful for any o f the banks in the District of Columbia to the District of
lend any part o f the sum authorized to be borrowed by make the loau
virtue o f this act, any thing in any o f their charters o f thereoff Pa r
incorporation to the contrary notwithstanding.
Approved, March 14, 1812.







63 0

N A T IO N A L M O N ETARY CO M M ISSIO N .

A C T O F M A R C H 19 ,1 8 1 2 .

6 5 S t‘ L Chap. X L I I I . —A n
9 ta ”
[Obsolete.]

act repealing the tenth section of the
act to incorporate the subscribers .to the Bank of the
United States.

Be it enacted by the Senate and House o f Represented
tives of the United States of America in Congress assemsectfon V A h e bfed, T hat the tenth section o f the act, entituled “ A n act
tng 5therpbank
incorporate the subscribers to the Bank o f the United
repealed.
States,” shall be, and the same is hereby repealed.
Approved, March 19, 1812.
A C T O F A P R I L 10, 1816.
°66 Stat‘ L” C h a p . X L I V .— A n act to incorporate the subscribers to
[Expired.]
tpe Bank of the.United States.
*

*

*

*

*

(Section 14 provides “ that the bills or notes o f the
said corporation originally made payable, or which shall
have become payable on demand, shall be receivable in all
payments to the United States, unless otherwise directed
by act o f Congress.” )
A C T O F J U N E 27, 1834.
689 Stat' L‘’ C h a p . X C I I .— A n act making appropriations for the

civil and diplomatic expenses of government for the
year one thousand eight hundred and thirty-four.
*

*

*

*

*

Paym
ents not S ec. 3. A n d be it further enacted, That no pavment o f
to be m
ade In
t
7
v J
bank notes be-the money, appropriated by this act, or anv other act
1o w par st
w*
v
m
ent ° f pay" Passec^ a^
Present session o f Congress, shall be made
in the note or notes o f any bank which shall not be at
par value at the place where such payment may be made,
provided that nothing herein contained shall be construed
to make any thing but gold and silver a tender in pay­
ment, o f any debt due from the United States to indi­
viduals.
*

*

*

*

*

Approved, June 27, 1834.
(Sim ilar provisions are contained in the appropriation
acts o f March 3, 1835 (chap. 30, sec. 4, 4 Stat. L ., 7 7 1 ),
A pril 14, 1836 (chap. 52 (lim iting amount, etc.), 5 Stat.
L ., 9 ) .)

631

LA W S CON CERN IN G PAPER M O N E Y .

A C T O F J U N E 30, 1831.
C h a p . C L X X I V .— A n act to prohibit the corporations of

W ashing ton, Georgetown, and Alexandria, in the Dis­
trict of Columbia, from issuing promissory notes or
bills o f any denomination less than ten dollars after the
period therein mentioned, and for the gradual with­
drawal from circulation of all such notes or bills.
Note.— The act of June 30, 1834 ( 4 Stat. L., 742), forbids the
corporations of Washington, Georgetown, or Alexandria to issue
any promissory note or bill o f a less denomination than ten dol­
lars, and that they shall annually withdraw from circulation and
destroy such notes or bills issued by them to the extent of onefifth per annum, etc.

A C T O F A P R I L 14, 1836.
C h a p . L I I .— A n act making appropriations for the pay-

5 stat- L-» 9-

ment of the revolutionary and other pensioners of the
United States, for the year one thousand eight hundred
and thirty-six.
*
*
*
*
*
S ec . 2. And be it further enacted, That hereafter, no No bank note
bank note o f less denomination than ten dollars, and that nation than
from and after the third day o f March, anno Domini,after Mar. 3!
eighteen hundred and thirty-seven, no bank note o f less note of"less de­
denomination than twenty dollars shall be offered in pay-than $20 to be

__ ^

T11jtpd Sfatpo •
T no bank

ment in any case whatsoever in which monev is to be paid ment by° t tfe
by the United States or the Post Office Department, norand

'shall any bank note, o f any denomination, be so offered,equivahmt e to
unless the same shall be payable, and paid on demand, invertible01! n°to
gold or silver coin, at the place where issued, and which without iossV
to
shall not be equivalent to specie at the place whereactp
ainotT to
offered, and convertible into gold or silver upon the spot,™‘‘legalntender
at the will o f the holder, and without delay or loss to si!ver.s°ld

°r

h im ; Provided , That nothing herein contained shall be
construed to make any thing but gold or silver a legal
tender by any individual, or by the United States.
Approved, A p ril 14, 1836.
A C T O F J U L Y 5, 1838.
C h a p . C L V I I I .— A n act to modify the last clause of the2~| stat- L-’

fifth section of the deposite act of the twenty-third of
June, eighteen hundred and thirty-six.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assem- i,*ug^ moi\5
bled, T hat the last clause o f the fifth section o f the a c t ^ s aaf
entitled “ A n act to regulate the deposites of the publicunder *515712°— 10-------42







632

N A T IO N A L M O N ETAEY C O M M ISSIO N .

money,”

approved

on the twenty-third

day o f June,

eighteen hundred and thirty-six, declaring that the notes
or bills o f no bank shall be received in payment o f any
debt due to the United States, which shall, after the
fourth day o f July, in the year one thousand eight hun­
dred and thirty-six, issue any note or bill o f a less denomi­
nation than five dollars, shall be, and the same is hereby,
so far modified as that the interdiction as to the reception
o f the bills and notes shall not continue against any bank
which has, since the said fourth day o f July, in the year
one thousand eight hundred and thirty-six, issued bills or
notes o f a less denomination than five dollars, or which
shall issue any such bills or notes prior to the first day o f
October, in the year eighteen hundred and thirty-eight,
but that from and after the said last mentioned day, the
bills or notes o f no bank shall be received in payment of
any debt due to the United States, which bank shall, after
that date, issue, reissue, or pay out any bill or note o f a
denomination less than five dollars.
Approved, July 5, 1838.
A C T O F J U L Y 7, 1838.
5

s t. l.,Chap.
ta

C L X X X V . — n act to prevent the issuing and
A
circulation of the bills, notes and other securities of
corporations created by acts of Congress which have
expired.
(Section 1 makes it a high misdemeanor for any di­

rector, agent, or trustee o f any corporation created by
act o f Congress, the charter whereof has expired, to
reissue or knowingly put in circulation any bill, note,
check, draft, or other security o f such expired corpora­
tion; and section 2 gives to the circuit courts o f the
United States jurisdiction, on bill or petition, to restrain
the issue or transfer o f such bills, notes, and other securi­
ties when in the possession or control o f any director,
agent, or trustee o f such expired corporation, and to cause
such o f said bills, notes, and securities as have been re­
deemed to be delivered up and canceled.)
Approved, July 7, 1838.

LAW S CON CERN IN G PAPER M O N E Y .

ACT

OF

JULY

633

7, 1838.

C h a p . C C X I I .— A n act to restrain the circulation of 30jj_ stat L-*
small notes, as a currency, in the District of Columbia,

and for other 'purposes.
(T his act made it unlawful after the 10th o f A p ril,
1839, to issue, etc., in the District o f Columbia, any note,
etc., less than five dollars, and after the passage o f this
act to issue, de novo, or knowingly to pass, etc., within the
District, any note, etc., o f less than five dollars. The act
o f December 27, 1854 (10 Stat. L ., 5 9 9 ), contains similar
provisions.)
A C T O F M A R C H 31, 1840.
C h a p . Y .— A n act additional to the act on the subject of 37^ stat

Treasury notes.
Be it enacted by the Senate and House of Representa- oct^iss?1 c h
h
fives of the United States of America in Congress assemetc-> renewbled, T hat the regulations and provisions contained in
the act passed the twelfth day o f October, in the year
one thousand eight hundred and thirty-seven, entitled
“ A n act to authorize the issuing o f Treasury notes,” and
in the subsequent acts in addition thereto, be, and the same
are hereby, renewed, and made in full force, excepting
the limitations concerning the times within which such
notes may be issued, and restricting the amount thereof
as hereafter provided.
S ec . 2. And

be it further enacted, That under the

Treasury

regulations and provisions contained in said act, Treas- is
fsu®^hJ°B He
ru
e
ury notes may be issued in lieu o f others hereafter o r deem
edheretofore redeemed, but not to exceed in the amount of
notes outstanding at any one time, the aggregate o f five
millions o f dollars; and to be redeemed sooner than one
year, if the means o f the Treasury will permit, by giving
notice sixty days o f those notes which the Department is
ready to redeem; no interest to be allowed thereon after
the expiration o f said sixty days.
S ec . 3. And be it further enacted, That this act shall
continue in force one year and no longer.

Approved, March 31, 1840.




N A T IO N A L M O N ETARY CO M M ISSIO N .

634

A C T O F A U G U S T 13, 1841.
5 stat. l ->c hap. y j i — A n act to repeal the act entitled “ A n act

to provide for the collection, safe-keeping , transfer, and
disbursement of the public revenue,” and to provide
for the punishment of embezzlers of public money, and
for other purposes.
*

*

*

*

*

(Section 4 repeals so much of the act o f A p ril 14, 1836,
as forbids the offer o f bank notes o f less denomination
than ten dollars, and after March 3, 1837, o f less than
twenty dollars, in payments by the United States or the
Post-Office Department.)
Approved, A ugust 13, 1841.
12 Stat. L.,
259.

A C T O F J U L Y 17, 1861.
C h a p . V .—

certain

*

treasury notes #
may be issued issue

*

*

A n act to authorize a national loan and for
other purposes.
A n d the Secretary of the Treasury may also
J

j

j

in exchange for coin, and as part o f the above loan,

coin, etc.
or may pay for salaries or other dues from the United
1861, ch. 46,
J
r
J
secs. i, 5.
States, treasury notes o f a less denomination than fifty
P o st,

p. 313.

dollars, not bearing interest, but payable on demand by
the Assistant Treasurers of the United States at Philadelphia, New Y ork, or Boston, or treasury notes bearing
interest at the rate o f three and sixty-five hundredths
per centum, payable in one year from date, and exchange­
able at any time for treasury notes for fifty dollars, and
P-viso.

upwards, issuable under the authority o f this act, and
bearing interest as specified above: Provided , That no

70-

exchange o f such notes in any less amount than one

Post,’S .' 313.hundred dollars shall be made at any one tim e: And
p




Provided further, That no treasury notes shall be issued
o f a less denomination than ten dollars, and that the
whole amount o f treasury notes, not bearing interest,
issued under the authority o f this act, shall not exceed
fifty millions o f dollars.
*
*
*
*
*
Approved, July 17, 1861.

635

LAW S CON CERN IN G PAPER M O N E Y .

A C T O F F E B R U A R Y 25, 1862.
C

. X X X I I I — A n act to authorize the issue of United 3J 2 stat- LStates notes, and for the redemption or funding there­
o f , and for funding the floating debt of the United

h a p

States.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress as­
sembled, T hat the Secretary o f the Treasury is hereby au- angnflfh n ^ d
e t" d
thorized to issue, on the credit o f the United States, one Trea^u°ryanotes
hundred and fifty millions of dollars o f United States auth0lizednotes, not bearing interest, payable to bearer, at the
Treasury o f the United States, and o f such denomina­
tions as he may deem expedient, not less than five dol- th^ o t^ u as
lars each: Provided , however, That fifty millions of said ut^e 3|e 1
V d stat'
notes shall be in lieu o f the demand Treasury notes au- Flfty m
ll]ion
thorized to be issued by the act o f July seventeen, eigh- dou*™
teen hundred and sixtv-one: which said demand notes notes, which
J#

’

notes

#

are to be re-

shall be taken up as rapidly as practicable, and the
deem
ed.
herein provided for substituted for them : A nd provided Revised stat-.
mi

r

f urther, I hat the amount o f the two kinds o f notes to­

utes, 3473.

gether shall at no time exceed the sum o f one hundred ^R e .ce iv and fifty millions of dollars, and such notes herein au-ment o f a il
,i

,

- i i .

,

•

dues to United

thorized shall be receivable m payment o f all taxes, m - states except
ternal duties, excises, debts, and demands o f every kind ports, and of
due to the United States, except duties on imports, and the d n l u a
o f all claims and demands against the United States o f interest, ” nID
i
every kind whatsoever, except for interest upon bonds a n 1 c a s e s ' 0“
and notes, which shall be paid in coin, and shall also be Revised statlaw ful money and a legal tender in payment o f all debts ”tes’ 'io88‘
public and private, within the United

States, except

duties on imports and interest as aforesaid.

A n d any

^ 0 1d e r «

holders o f said United States notes depositing any s u m d e P ° s l t any
not less than fifty dollars, or some multiple o f fifty dol- le?s than $50
.

J

p

TT

o

with the treas-

lars, with the Treasurer o f the United States, or either F er or assis„
.
. n
.
.
,
tant treasurer,
o f the assistant treasurers, shall receive in exchange there-and, receive
„
.
..
.
1•,
certiflcatescontor duplicate certificates o f deposit, one ot which may b e ^ u h i e into
transmitted to the Secretary o f the Treasury, who sh a llbondsthereupon issue to the holder an equal amount o f bonds

of the United States, coupon or registered, as may by said




N A T IO N A L M O NETAKY CO M M ISSIO N .

636

holder be desired, bearing interest at the rate o f six per
centum per annum, payable semiannually, and redeem­
able at the pleasure o f the United States after five years,
Said
notes
receivable
in
payment o f
loans to the
United States.
Revised Stat­
utes, 3579.

and payable twenty years from the date thereof.

And

such United States notes shall be received the same as
coin, at their par value, in payment for any loans that
may be hereafter sold or negotiated by the Secretary of
the Treasury, and may be reissued from time to time as
the exigencies o f the public interest shall require.

Five hundred
million dollars
of (5 per cent
bonds author­
ized to fund
floating debt.

S ec. 2. A nd be it further enacted, That, to enable the
Secretary o f the Treasury to fund the Treasury notes and
floating debt o f the United States, he is hereby authorized
to issue, on the credit o f the United States, coupon bonds,
or registered bonds, to an amount not exceeding five hun­
dred millions o f dollars, redeemable at the pleasure of

When
able.

pay­

the United States after five years, and payable twenty
years from date, and bearing interest at the rate o f six
per centum per annum, payable semi-annually.

A n d the

bonds herein authorized shall be o f such denominations,
D en om ln a- not
tion not less
than $50.
the
May be dis­
posed of for
coin or at mar­
ket value.

less than fifty dollars, as may be determined upon by
Secretary o f the Treasury.

A n d the Secretary of the

Treasury may dispose o f such bonds at any time, at the
market value thereof, for the coin o f the United States,
or for any o f the Treasury notes that have been or may
hereafter be issued under any former act o f Congress, or
for United States notes that may be issued under the
provisions o f this act; and all stocks, bonds, and other

Exempt from
taxation.
Revised Stat­
utes, 3701.

Form

notes
bonds.

of

and

securities o f the United States held by individuals, cor­
porations, or associations, within the United States, shall
be exempt from taxation by or under State authority.
S ec. 3. And be it further enacted, That the United
States notes and the coupon or registered bonds author­
ized by this act shall be in such form as the Secretary of

How signed,
etc.




the Treasury may direct, and shall bear the written or
engraved signatures o f

the Treasurer o f the United

States and the Register o f the Treasury, and also, as evi­
dence o f law ful issue, the imprint o f a copy o f the seal
o f the Treasury Department, which imprint shall be
made under the direction o f the Secretary, after the said
notes or bonds shall be received from the engravers and
before they are issued; or the said notes and bonds shall
be signed by the Treasurer o f the United States, or for
the Treasurer by such persons as may be specially ap­
pointed by the Secretary o f the Treasury for that pur­
pose, and shall be countersigned by the Register o f the

I

637

LAW S CON CERN IN G PAPER M O N E Y .

Treasury, or for the Register by such persons as the
Secretary o f the Treasury may specially appoint for that
purpose; and all the provisions o f the act entitled “ An^Prov^isionsof
act to authorize the issue o f Treasury notes,” approved l
the twenty-third day o f December, eighteen hundred

11> re’

and fifty-seven, so far as they can be applied to this act,
and not inconsistent therewith, are hereby revived and
re-enacted; and the sum o f three hundred thousand d o l-tioA p p ro c u ­
lars is hereby appropriated, out o f any money in tlie ^Sses ° of VnTreasury not otherwise appropriated, to enable the graving, etc.
Secretary o f the Treasury to carry this act into effect.
S ec . 4. And be it f urther enacted, That the Secretary May be de- ,. _
'
.
„
posited wi t h
o f the Treasury may receive from any person or persons, the u n \y d
or any corporation, United States notes on deposit for ury, in sum
s
not less than thirty days, in sums of not less than one than $ioo, and
*
*
*
.
certificates
hundred dollars, with any o f the assistant treasurers or bearing 5 per
designated depositaries o f the United States authorized issued therefor,
by the Secretary o f the Treasury to receive them, who M 2,1867.
ar.
shall issue therefor certificates o f deposit made in such
form as the Secretary of the Treasury shall prescribe, and
said certificates o f deposit shall bear interest at the rate
of five per centum per annum ; and any amount of United beD
w?thdrawnf
States notes so deposited may be withdrawn from deposit
at any time after ten days’ notice on the return o f said
certificates: Provided , T hat the interest on all such de­
posits shall cease and determine at the pleasure o f the
, Secretary of the T reasury: And provided further , T hat , Aggregate of
the aggregate o f such deposit shall at no time exceed 990c e
00^d *25>
the amount o f twenty-five millions o f dollars.
S ec. 5. And be it further enacted, T hat all duties on

Duties to be

imported goods shall be paid in coin, or in notes payable aTd™ dem
and
on demand heretofore authorized to be issued and by ° S
’
law receivable in payment o f public dues, * * *.
H
e

H»

H»

5J5

Approved, February 25, f862.
A C T O F M A R C H 17, 1862.
C

h a p

.

X L Y . — A n act to authorize the 'purchase of coin

A2 s t a t -

d

,

and for other purposes.
*

*

*

*

*

S ec. 2. And be it further enacted, That the demand

De ma n d

notes authorized by the act o f July seventeenth, eighteen ceivable and a
hundred and sixty-one, and by the act of February n otes issued
twelfth, eighteen hundred and sixty-two, shall, in addi- February 25,
tion to being receivable in payment o f duties on imports, ut^ V ed
3|89stat‘




638

N A T IO N A L M O N ETARY CO M M ISSIO N .

be receivable, and shall be law ful money and a legal
tender, in like manner, and for the same purposes, and to
the same extent, as the notes authorized by an act en­
titled “ A n act to authorize the issue o f United States
notes, and for the redemption or funding thereof, and for
funding the floating debt o f the United States,” approved
February twenty-fifth, eighteen hundred and sixty-two.
*
new V o t e s ^ n

*

*

*

S ec . 4. And be it f urther enacted, That, in all cases

worn out. those where

utes!V
358oStat’

*

the Secretary o f the Treasury is authorized by law

reissue notes, he may replace such as are so mutilated
or otherwise injured as to be unfit for use with others
o f the same character and amount ; and such mutilated
notes, and all others which by law are required to be
taken up and not reissued, shall, when so replaced, or
taken up, be destroyed in such manner and under such
regulations
prescribe.

as

the

Secretary

of

the

Treasury

may

Approved, March 17, 1862.
A C T O F J U L Y 11, 1862.
532.2 Stat L" C h a p . C X L I I .— A n act to authorize an additional issue
of United States notes, and for other 'purposes.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemissueso,oo<v bled, T hat the Secretary o f the Treasury is hereby aunotes.Treasury thorized to issue, in addition to the amounts heretofore
utes^V 7iStat authorized, on the credit o f the United States, one hun­
358
dred and fifty millions o f dollars o f United States notes,
not bearing interest, payable to bearer at the Treasury o f
the United States, and o f such denominations as he may
minion" dollars

deem expedient: Provided , That no note shall be issued

for the fractional part o f a dollar, and not more than
frR™*e\vabiethirty-five millions shall be o f lower denominations than

nomi'natio^ns

oeptalduties on five dollars; and such notes shall be receivable in payment
t T r e s u ^ t all l ° ans made to the United States, and o f all taxes,
convfrfibi'e ain internal duties, excises, debts, and demands o f every kind
nd
bondsper centdue to the United States, except duties on imports and
u t esisC
R
3473 interest, and o f all claims and demands against the United
• o P ‘ 198' States, except for interest upon bonds, notes, and certifi­
»o 8, P
cates o f debt or deposit; and shall also be lawful money




and a legal tender in payment o f all debts, public and
private, within the United States, except duties on im-

639

LA W S CO K C E R N IX G PAPER M O X E Y .

ports and interest, as aforesaid. A n d any holder o f said
United States notes depositing any sum not less than
fifty dollars, or some multiple o f fifty dollars, with the
Treasurer o f the United States, or either of the assistant
treasurers, shall receive in exchange therefor duplicate
certificates o f deposit, one o f which may be transmitted to
the Secretary o f the Treasury, who shall thereupon issue
to the holder an equal amount of bonds o f the United
States, coupon or registered, as may by said holder be
desired, bearing interest at the rate o f six per centum per
annum, payable semi-annually, and redeemable at the
pleasure o f the United States after five years, and payable
twenty years from the date thereof: Provided , however,
T hat any notes issued under this act may be paid in coin, in^ofn be paid
instead o f being received in exchange for certificates ° f utg®vkj^stajdeposit as above specified, at the direction o f the Secretary
o f the Treasury. A n d the Secretary of the Treasury may m a y e x exchange for such notes, on such terms as h e shall t h i n k cent bonds for
, ,
_ . ,
,
. . . .
,
■
,, ,.
any notes now
most beneficial to the p u b l i c interest, any bonds o i t h e o u t s t a n d i n g
*
and r e i s s ue
United States bearing six per centum interest, and r e - notes, and may
deemable after five and payable in twentv years, which notes and issue.
have been or may be law lully issued under the provisions place,
o f any existing act; may reissue the notes so received in
exchange; may receive and cancel any notes heretofore
law fully issued under any act o f Congress, and in lieu
thereof issue an equal amount in notes such as are author­
ized by this a c t; and may purchase, at rates not exceeding May purchase
'that o f the current market, and cost of purchase not e x - f n j evidences
ceeding one-eighth o f one per centum, any bonds or c e r -°£ debt'
tificates o f debt o f the United States as he may deem
advisable.
S e c . 2. And be it further enacted, That the Secretary

Notes m a y

o f the Treasury be, and is hereby, authorized, in case printed, etc., in
he shall think it inexpedient to procure said notes, or anypartment.
part thereof, to be engraved and printed by contract, toutes, 3577"
cause the said notes, or any part thereof, to be engraved,
printed, and executed, in such form as he shall prescribe,
at the Treasury Department in W ashington, and under
his direction; and he is hereby empowered to purchase
and provide all the machinery and materials, and to
employ such persons and appoint such officers as may be
necessary for this purpose.
S e c . 3. A n d be it further enacted', That the limitation

Limit to de-

upon temporary deposits o f United States notes with any extended from
1 . ,

,

^

1

•

, 1 1

..

,,

•

. $50,000,000 to

assistant treasurer, or designated depositary authorized $100,000,000.




N A T IO N A L M O N ETARY CO M M ISSIO N .

640

by the Secretary o f the Treasury to receive such deposits,
to fifty millions o f dollars be, and is hereby, repealed:
and the Secretary o f the Treasury is authorized to re­
ceive such deposits, under such regulations as he may
prescribe, to such amount as he may deem expedient, not
exceeding one hundred millions o f dollars, for not less
than thirty days, in sums not less than one hundred dol­
lars, at a rate o f interest not exceeding five per centum
per annum ; and any amount so deposited may be with­
drawn from deposit, at any time after ten days’ notice, on
Fifty million
reserved to pay
deposits.

the return o f the certificate o f deposit.

And

o f the

amount o f United States notes authorized bv this act,
,

*

'

not less than fifty millions o f dollars shall be reserved for
the purpose o f securing prompt payment o f such deposits
when demanded, and shall be issued and used only when,
in the judgm ent o f the Secretary o f the Treasury, the
same, or any part thereof may be needed for that purpose.

a

11 certm- A n d certificates o f deposit and o f indebtedness issued

cates of deposit
and of indebt- under
edness convertlbie into bonds, terms

.

r

this or former acts mav be received on the same
.

v

as United States notes in payment for bonds re­

deemable after five and payable in twenty years,
tainlng

lo o

S ec. 4.

And be it further enacted, That the Secretary

acth°frijfdy il,°^ the Treasury m ay, at any time until otherwise ordered
o
i86i, extended, j^y c ong resSj and under the restrictions imposed by the
“ A c t to authorize a national loan, and for other pur­
poses,” borrow, on the credit o f the United States, such
part o f the sum of two hundred and fifty millions men­
tioned in said act as may not have been borrowed, under
the provisions o f the same, within twelve months from
the passage thereof.
(Section 5 makes appropriation to detect counterfeiting
o f coin available for detecting counterfeiting, etc., o f
bonds and notes, and also appropriates for carrying this
act into effect.)
acfrof,SFebru- S ec.
And be it further enacted, T hat all the proa r y 25- 18® > visions o f the act entitled “ A n act to authorize the issue
2 o
t
.
0 f United States notes, and for the redemption or fund­

applicable
this act.




ing thereof, and for funding the floating debt o f the
United States,” approved February twenty-five, eighteen
hundred and sixty-two, so far as the same can or may be
applied to the provisions o f this act, and not inconsistent
therewith, shall apply to the notes hereby authorized to
be issued.
Approved, July 11, 1862.

641

LAW S CONCERNING PAPER M O N EY .

A C T O F J U L Y 17, 1862.
C h a p . C X C Y I . — A n act to authorize 'payments in stamps, ggi2 stat. u,

and to prohibit circulation of notes of less denomi­
nation than one dollar.
Be it enacted by the Senate and Bouse of Representa­
tives of the United States of America in Congress assem­
bled, That the Secretary o f the Treasury be, and he is

Postage and

hereby directed to furnish to the assistant treasurers, and to be furnfshed
such designated depositaries o f the United States as may united*1states
be by him selected, in such sums as he may deem exped i-notes'
ent, the postage and other stamps o f the United States,
to be exchanged by them, on application, for United
States notes; and from and after the first day o f August ceive™forbdues
a
next such stamps shall be receivable in payment o f all |°f the^ United
c
dues to the United States less than five dollars, and shall ^an $5.
be received in exchange for United States notes when pre­
sented to any assistant treasurer or any designated de­
positary selected as aforesaid in sums not less than five
dollars.
S ec . 2. A n d be it fu rth er enacted , That from and after circulation,
the first day of August, eighteen hundred and sixty-two, less than $u
110 private corporation, banking association, firm, or m di- hibited.
• J i i n
l *
li.
, i i
Revised Statvidual shall make, issue, circulate, or pay any note, check, utes, 3583,
memorandum, token, or other obligation, for a less sum
than one dollar, intended to circulate as money or to be
' received or used in lieu o f lawful money o f the United
States; and every person so offending shall, on con-

Penalty,

viction thereof in any district or circuit court o f the
United States, be punished by fine not exceeding five hun­
dred

dollars,

or by

imprisonment

not exceeding

six

months, or by both, at the option o f the court.
Approved, July 17, 1862.
ACT OF JAN U AR Y

17, 1863.

[N o. 9.] J oin t resolution to provid e fo r the im m ediate

paym ent o f the A r m y and N a vy o f the U nited States.

12

stat.

l .,

822'
1863, ch. 73,

Whereas it is deemed expedient to make immediate pro- s‘ 3vision for the payment of the A rm y and N a v y : There­
fore,

B e it resolved by the Senate and B ou se o f R epresen ta­
tives o f the U nited S tates o f A m erica in C ongress assem-




642

N A T IO N A L M O N ETARY CO M M ISSIO N .

$1 0 0 0 0 0 0 0 0 ^ ^ ’ That the Secretary of the Treasury be, and he is
notesd author-^ ere^

’ authorized, if required by the exigencies o f the

izeuevised stat- Pu b lic service, to issue on the credit o f the United States
utes, 3571.

the sum o f one hundred millions o f dollars o f United
States notes, in such form as he may deem expedient, not

bear bearing interest, payable to bearer on demand, and o f
Denomina-such denominations not less than one dollar, as he may

interest*0

tions not less
.
.
than $1
prescribe, which notes so issued shall
Legal tender, *
7
.
.
except for du-and a legal tender, like the similar
ties on imports
.
® .
7

7

J

be lawful money
J

notes heretofore

and interest on authorized in payment o f all debts, public and private,

the public debt.

.

* ^

7r

*

within the United States, except for duties on imports
and interest on the public debt; and the notes so issued
shall be part o f the amount provided for in any bill now
pending for the issue o f Treasury notes, or that may be
passed hereafter by this Congress.
Approved, January 17, 1863.
ACT

70J2 stat. l . , C h a p .

OF M ARCH

3, 1863.

L X X III

An act to provide ways and means for
the support o f the Government.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
Secretary of
t h e Treasury bled, That the Secretary o f the Treasury be, and he is
may borrow not
over $300,000,- hereby, authorized to borrow, from time to time, on the
000 for this
year and $600,- credit o f the United States, a sum not exceeding three
000,000 for the hundred millions o f dollars for the current fiscal year,
next.

and six hundred millions for the next fiscal year, and to
Bonds.

issue therefor coupon or registered bonds, payable at the
pleasure o f the Government after such periods as may
be fixed by the Secretary, not less than ten nor more than

Denomi na­
tions.

forty years from date, in coin, and o f such denomina­
tions not less than fifty dollars as he may deem expedient,

Interest on,
rate of, pay­ bearing
able in coin.

interest at a rate not exceeding six per centum

per annum, payable on bonds not exceeding one hundred
dollars, annually, and on all other bonds semi-annually,

Bonds m a y
be disposed of.

in coin; and he m ay, in his discretion, dispose o f such
bonds at any time, upon such terms as he may deem most
advisable, for lawful money o f the United States, or for
any o f the certificates o f indebtedness or deposit that may
at any time be unpaid, or for any o f the Treasury notes
heretofore issued or which may be issued under the pro­

To be e x ­
empt from tax­
ation.
Revised Stat­
utes, 3701.




visions o f this act.

A n d all the bonds and Treasury

notes or United States notes issued under the provisions
o f this act shall be exempt from taxation by or under

LA W S CON CERN IN G PAPER M O N E Y .

643

State or municipal authority: Provided , That there shall
be outstanding of bonds, Treasury notes, and United
States notes, at any time, issued under the provisions o f sta^ ing 1(°tut0
0un^ t
this act, no greater amount altogether than the sum of 000*000. ?90° ’'
nine hundred millions o f dollars.
S ec . 2 . And be it further enacted, That the Secretary s e c r e t a r y
7 _ ,
. .
,
i - i
•
J ma y
i ssue
o f the Treasury be, and he is hereby, authorized to issue, $4oo,0 0 0 in
0 ,0 0
•
/

'

1 7
7

7Treasury notes*

on the credit o f the United States, four hundred millions
o f dollars in Treasury notes, payable at the pleasure of
the United States, or at such time or times not exceeding
three years from date as may be found most beneficial
to the public interests, and bearing interest at a rate not

When

pay-

exceeding six per centum per annum, payable at periods of interest,
expressed on the face of said Treasury notes; and the ^interest payinterest 011 the said Treasury notes and on certificates of m
oney,
indebtedness and deposit hereafter issued, shall be paid
in law ful money. The Treasury notes thus issued shall
be o f such denomination as the Secretary may direct, n o t .. Denominaless than ten dollars, and may be disposed of on the best d ? d °J
is^
ed -tat
terms that can be obtained, or may be paid to any cred- utes, 3476.
itor o f the United States willing to receive the same at
par. A n d said Treasury notes may be made a legal ten- ^ o w a^iegai
der to the same extent as United States notes, for their Revised statface value, excluding interest; or they may be made For what ex
exchangeable under regulations prescribed by the Secre- changeable,
tary o f the Treasury, by the holder thereof at the Treas­
ury in the City of W ashington, or at the office of any
assistant treasurer or depositary designated for that pur­
pose, for United States notes equal in amount to the
Treasury notes offered for exchange, together with the
interest accrued and due thereon at the date o f interest
payment next preceding such exchange.

A n d in lieu of

other notes

any amount o f said Treasury notes thus exchanged, or fory those ^exredeemed or paid at maturity, the Secretary may issuechanged'
an equal amount o f other Treasury notes; and the Treas­
ury notes so exchanged, redeemed, or paid, shall be can­
celled and destroyed as the Secretary may direct.

In

one hundred

order to secure certain and prompt exchanges o f United n^n d<5iiarsmof
States notes for Treasury notes, when required as above uSSed “ oy eS
provided, the Secretary shall have power to issue U n ite d changes'
States notes to the amount o f one hundred and fiftv
millions o f dollars, which may be used if necessary for
such exchanges; but no part o f the United States notes
authorized by this section shall be issued for or applied




N A T IO N A L M O N ETARY CO M M ISSIO N .

64 4

ancf^appiled5 a n y ° ^ er purposes than said exchanges; and whenever
any amount shall have been so issued and applied, the

how replaced.

same shall be replaced as soon as practicable from the
sales o f Treasury notes for United States notes.
The Sec re-

S ec . 3. And be it further enacted, That the Secretary

sary’ to pay the o f the Treasury be, and he is hereby, authorized, if re­
issue $150,000,-quired bv the exigencies o f the public service, for the pay000 in n o t e s 1
/ .
. &
_ __
1 _
...
without inter-ment o f the A rm v and .Navy, and other creditors o f the
G S t.

**

**

t

^Revh^stat-Government, to issue on the credit o f the United States
the sum o f one hundred and fifty millions o f dollars of
United States notes, including the amount o f such notes
heretofore authorized by the joint resolution approved
January seventeen, eighteen hundred and sixty-three, in
such form as he may deem expedient, not bearing interest,
Denomina-payable to bearer, and o f such denominations, not less
than one dollar, as he may prescribe, which notes so
Legai^tender issued shall be law ful money and a legal tender in payties and inter-ment of all debts, public and private, within the United
Revised

stat- States, except for duties on imports and interest on the
public debt; and any o f the said notes, when returned to

Reissue.
utes, 3579.

the Treasurv, may be reissued from time to time as the
exigencies o f the public service may require. A n d in

issues in lieu lieu o f any o f said notes, or any other United States notes,
of notes can"
_
^
ceied.
returned to the treasury, and cancelled or destroyed,
there may be issued equal amounts o f United States notes,
Repea l^of such as are authorized by this act.

A nd so much o f the

ch. 33, 1862; act to authorize the issue o f United States notes, and for
ch. 1 4 2 , re7 .
stricting nego-other purposes, approved February twenty-hve, eighteen
ket value.

hundred and sixty-two, and of the act to authorize an addi­
tional issue o f United States notes, and for other pur­
poses, approved July eleven, eighteen hundred and sixty-

two, as restricts the negotiation o f bonds to market value,
when former is hereby repealed. A n d the holders o f United States
notes must he
.
A
.
presented for notes, issued under and bv virtue of said acts, shall pre­
exchange.
,
'
r
sent the same for the purpose o f exchanging the same for
bonds, as therein provided, on or before the first day o f
July, eighteen hundred and sixty-three, and thereafter
the right so
determine.

to

exchange

the

same shall cease and

in lieu of S ec. 4. And be it further enacted, T hat in lieu o f postpostage cur'
.7
r
rency, fraction- age and revenue stamps for fractional currencv. and o f
al notes may.
.
.
. . .
,
J7
be issued.
fractional notes, commonly called postage currencv. isut es,
3575.




3574, sued or to be issued, the Secretary o f the Treasury may
issue fractional notes o f like amounts in such form as he
may deem expedient, and may provide for the engraving,

LAW S CONCERNING PAPER M O N E Y .

645

preparation, and issue thereof in the Treasury Depart­
ment building. A n d all such notes issued shall be ex- ciJ S g e a M e a S
changeable by the assistant treasurers and designated P
ayabledepositaries for United States notes, in sums not less
than three dollars, and shall be receivable for postage and
revenue stamps, and also in payment o f any dues to the
United States less than five dollars, except duties on im ­
ports, and shall be redeemed on presentation at the Treas­
ury o f the United States in such sums and under such
regulations as the Secretary of the Treasury shall pre­
scribe: Provided , That the whole amount o f fractional
.

,

,

issue not to
e x c e e d $50,-

currency issued, including postage and revenue stamps 000,000.
issued as currency, shall not exceed fifty millions of
dollars.
*

*

*

*

*

Approved, March 3, 1863.
A C T O F J U N E 3 ,1 8 6 4 .
C h a p . C V I . — An act to provide a national currency ^ - g913 stat- L-»

cured by a pledge of United States bonds, and to pro­
vide for the circulation and redemption thereof.
*

*

*

*

*

(Sections 21, 22, 23, 24, 27, 31, 32, 42, 43, 46, 47, 48, 49,
58, and 62 of this act prescribe the conditions under which
national bank notes may be delivered by the Comptroller
o f the Currency to the national banks and be issued by
the banks as circulating notes.)
A C T O F J U N E 30, 1864.
C h a p . C L X X I I . — A n act to provide ways and means for t 13 stat. l .,

the support of the Government, and for other purposes.

*

*

*

*

'

*

(Section 2 provides for the issue of certain treasury

now far to be

notes bearing interest, “ and such of them as shall be m a d e'688' tender‘
payable, principal, and interest, at maturity, shall be a
legal tender to the same extent as United States notes
for their face value, excluding interest, and may be paid
to any creditor o f the United States at their face value,
excluding interest, or to any creditor w illing to receive




NATIONAL, MONETARY COMMISSION.

646

noles tobVcon^ ^ em a^ Par> including interest; and any Treasury notes
bonds'6 ' n 10 issue(l under the authority o f this act may be made con­
vertible, at the discretion of the Secretary o f the Treas­
ury, into any bonds issued under the authority o f this act.
A n d the Secretary o f the Treasury may redeem and cause
to be cancelled and destroyed any treasury notes or
United States notes heretofore issued under authority of
^M be^sub- previous acts o f Congress, and substitute, in lieu thereof,
ay
an equal amount of treasury notes such as are authorized

n o t e s o f pre-

by this act, or o f other United States notes: Provided,
b

n a n°d

That the total amount of bonds and Treasury notes au-

exceed $400° thorized by the first and second sections of this act shall
A ° ^ 00JL:
not exceed four hundred millions o f dollars, in addieeed, etc.
tion to the amounts heretofore issued; nor shall the total




amount o f United States notes, issued or to be issued,
ever exceed four hundred millions o f dollars, and such ad­
ditional sum, not exceding fifty millions o f dollars, as
in te re s t bear-

may be temporarily required for the redemption of temporary loan ; nor shall any Treasurv note bearing interest

t o be t e n d e r

issued under this act, be a legal tender in payment or re-

ing notes not f
for redemption

7

"

,

.

J

J

5s

,

.

ofcnciiintfonof demptmn o f any notes issued by any bank, banking asso­
ciation, or banker, calculated or intended to circulate as
money.” )
H
e
R eserv e fo r
th e ir p a ym en t.

H
«

H
«

H
*

s
j
c

(Section 4 provides for temporarv loans not to exceed
v

*

L

^

one hundred and fifty millions o f dollars; “ and the Sec­
retary o f the Treasury may issue, and shall hold in re­
serve for payment o f such deposits, United States notes
not exceeding fifty millions o f dollars, including the
amount already applied in such paym ent; and the United
States notes, so held in reserve, shall be used only when
needed, in his judgment, for the prompt payment o f such
deposits on demand, and shall be withdrawn and placed
again in reserve as the amount o f deposits shall again
increase.” )
S e c . 5 . And be it further enacted, That the Secretary
o f the Treasury may issue notes o f the fractions o f a

dollar as now used for currency, in such form, with
such inscriptions, and with such safeguards against
counterfeiting, as he may judge best, and provide for
the engraving and preparation, and for the issue o f the
same, as well as o f all other notes and bonds, and other
obligations, and shall make such regulations for the re­
demption o f said fractional notes and other notes when
mutilated or defaced, and for the receipt o f said frac-

LAWS CONCERNING PAPER MONEY.

647

tional notes in payment of debts to the United States,
except for customs, in such sums, not over five dollars,
as may appear to him expedient; and it is hereby declared ^Fra^cttonad

fractional

that all laws and parts o f laws applicable to the
u issued to an
e
#
,
& m o u d t not
notes engraved and issued as herein authorized, apply over $50,000,equally and with like force to all the fractional notes
heretofore authorized, whether known as postage cur­
rency, or otherwise, and to postage-stamps issued as cur­
rency; but the whole amount of all descriptions of notes
or stamps less than one dollar issued as currency, shall
not exceed fifty millions of dollars.
*

*

*

*

Approved, June 30, 1864.
A C T O F M A R C H 3, 1865.
C h a p . L X X X I I . — A n act to amend an act entitled

|3 stat. l .(

act to 'provide a national currency, secured by a pledge
of United States bonds, and to provide for the circula­
tion and redemption thereofU
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress as­
sembled, T hat section twenty-one o f said act be so
amended that said section shall read as fo llow s:
S ec.

21. And be it further enacted, That upon the

Banking as-

,transfer and delivery o f bonds to the Treasurer, as p r o - t e r 'transfer,
vided m the toregomg section, the association making may receive cirthe same shall be entitled to receive from the C om p trol-culuting notesler of the Currency circulating notes o f different denomi­
nations, in blank, registered and countersigned as here­
inafter provided, equal in amount to ninety per centum

L im it

of

o f the current market value of the United States bonds notes to be re•

•

•

ceived.

so transferred and delivered, but not exceeding ninety see Revised
per centum o f the amount of said bonds at the par value Statutes>5 m thereof, if bearing interest at a rate not less than five
per centum per annum ; and the amount o f said circu­
lating notes to be furnished to each association shall be
m proportion to its paid-up capital as follows, and no
m ore: T o each association whose capital shall not exceed
five hundred thousand dollars, ninety per centum of such
capital; to each association whose capital exceeds five
hundred thousand dollars, but does not exceed one m il­
lion dollars, eighty per centum of such capital; to each
association whose capital exceeds one million dollars,
15712°—10----- 43




NATIONAL MONETARY COMMISSION.

648

but does not exceed three millions o f dollars, seventyfive per centum o f such capital; to each association whose
capital exceeds three millions o f dollars, sixty per cent.
suc^ capital. A nd that one hundred and fifty millions
circula"o f dollars o f the entire amount o f circulating notes au­

mentPofauthor*0 -^
tiond

thorized to be issued shall be apportioned to associations
in the States, in the District o f Columbia, and in the
Territories, according to representative population, and
the remainder shall be apportioned by the Secretary of
the Treasury among associations formed in the several
States, in the District o f Columbia, and in the Terri­
tories, having due regard to the existing banking capital,
resources, and business o f such States, District, and T er­
ritories.
Approved, March 3, 1865.
A C T O F M A R C H 3, 1865.
13 stat. l ., C h a p . C .— A n act to authorize the coinage of three-cent

pieces, and for other purposes.
*
N o fra c tio n a l

sued

under

5

S

e c

*
.

3. *

*

*
* :

*

*

Provided , That from and after the

passage of this act, no issues of fractional notes of the
United States shall be of a less denomination than five
cents, and all such issues of a less denomination, at that
time outstanding, shall, when paid into the Treasury or
any designated depositary of the United States, or re­
deemed or exchanged as now provided by law, be re­
tained and cancelled.
*
*

*

*

*

Approved, March 3, 1865.
A C T O F A P R I L 12, 1866.
h

stat. l ., C h a f . X X X I X .— An act to amend an act entitled “ A n

act to provide ways and means to support the GovernmentP appi'oved March third, eighteen hundred and
sixty-five.

t hSe CTreasury

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assembled, That the act entitled “ A n act to provide ways and

receuTr¥reas°means t ° support the Government,” approved March
in exchangeefor third, eighteen hundred and sixty-five, shall be extended
bo?,ds3582.




c . and construed to authorize the Secretary of the Treasury at his discretion, to receive any Treasury notes or

LAWS CONCERNING PAPER MONEY.

649

other obligations issued under any act o f Congress,
whether bearing interest or not, in exchange for any de­
scription of bonds authorized by the act to which this
is an amendment; and also to dispose o f any description be®o°d
dand
o f bonds authorized by said act, either in the United
retfr
d
States or elsewhere, to such an amount, in such manner,^°tf s Mother
and at such rates as he may think advisable, for law ful s^g^under net
money o f the United States, or for any Treasury notes,of Congress,
certificates of indebtedness, or certificates of deposit, or
other representatives of value, which have been or which
may be issued under any act of Congress, the proceeds
thereof to be used only for retiring Treasury notes or
other obligations issued under any act of Congress: but Public debt
, 0
• i - i i i i * 7
_
&
.
n°t to be iiinothing herein contained shall be construed to authorize creased,
any increase of the public d ebt: Provided , That o f United

rroviso.

States notes not more than ten millions of dollars may be
retired and cancelled within six months from the passage
o f this act, and thereafter not more than four millions of
dollars in any one m onth: And provided further, T hat
the act to which this is an amendment shall continue in
full force in all its provisions, except as modified by
this act.
S ec . 2. And he it further enacted, That the Secretary th^Treasury to
of the Treasury shall report to Congress at the com-^port ^Com­
mencement of the next session the amount of exchanges ? f exchanges,
®

loans, etc., and

made or money borrowed under this act, and of whom, a l.so amount
’

J

1 ana

character

and on what term s; and also the amount and characterof indebtedness
.
retired,
of indebtedness retired under this act, and the act to
which this is an amendment, with a detailed statement
of the expense o f making such loans and exchanges.
Approved, A p ril 12, 1866.
A C T O F M A Y 16, 1866.
C h a p . L X X X I .— A n act to authonze the coinage of five- 4_14 stat. l .,

cent pieces.
*

*

*

*

*

(Section 8 authorizes the exchange of five-cent pieces
for the lawful currency of the United S tates: “ Pro­

vided , T hat from and after the passage o f this act no C r 0
U'rencyC iess
of0
issues o f fractional notes o f the United States shall be toa be10issued!
n
o f a less denomination than ten cents; and all such issues
at that

time




outstanding

shall,

when

paid

into

the 35® v • stat"
3f

Treasury or any designated depository of the United
States, or redeemed or exchanged as now provided by
law, be retained and cancelled.” )
*
*
*
*

*

Approved, M ay 16, 1866.
A C T O F F E B R U A R Y 5, 1867.
3834 Stat' L’’ C HAP- X X V I .— A n act to punish certain crimes in rela­
tion to the public securities and currency, and for other

purposes.
(T h is act makes it unlawful to buy, sell, etc., forged,
counterfeit, etc., bonds, etc.: make or use cards, circulars,
etc., in similitude o f United States securities; to print,
etc., any business card, notice, etc., upon any United
States security; to make false impressions upon any
material by any tool, etc., used in printing, etc., any such
security; to have in possession with intent to defraud,
any impression, etc.; to secrete, carry away, etc., any tool
used in printing such securities, etc.; to take any material,
without authority, intended to be used in making cur­
rency, etc., or to take any paper document, etc., intended
to be used in procuring the payment of money from the
United States, etc.)
Approved, February 5, 1867.
A C T O F M A R C H 26, 1867.
is stat.

l .,

6. C h a p . V I I I .— A n act to exempt Wrapping-Paper , made

from W ood or Cornstalks, from Internal Tax , and for
other Purposes.

T en per cen t
ta x to be paid

by

bankers, e t c . ,
upon n o tes o f
cities, etc., paid
a fte r

1867-




S

e c

#

.

2. And he it further enacted, That everv national

'

7

*

ban k s,b ank in g association, state bank, or banker, or association,

bM
ayhe™

1

7

’

shall pay a tax o f ten per centum on the amount o f notes

r J

r

.

*owlb city, o r municipal corporation paid out bv
them after the first day o f M ay, anno Domini eighteen
any

hundred and sixty-seven, to be collected in the mode and
manner in which the tax on the notes o f state banks is
collected.

Approved, March 26, 1867. •

LAWS CONCERNING PAPER MONEY.

651

A C T O F F E B R U A R Y 4, 1868.

C hap.

V I .— A n act to suspend further reduction of the 3415 stat- L-

cruivrency.
Be it enacted by the Senate and House of Representa- secretary of
tives of the United, States of AmeHca in Congress assent- d^ce^urrency
bled, T hat from and after the passage o f this act, the pendeif'’ sus'
authority o f the Secretary of the Treasury to make any
reduction of the currency, by retiring or cancelling United
States notes, shall be, and is hereby, suspended; but noth-muted*1states
ing herein contained shall prevent the cancellation and r p c d y b
e fae a e
destruction o f mutilated United States notes, and the
replacing o f the same with notes o f the same character
and amount.
S chuyler C olfax,

Speaker of the House of Representatives.
B. F. W

ade,

President of the Senate pro tempore.
Indorsed by the President: “ Received, January 23,
1868.”
( N o te b y t h e D e p a r t m e n t of S t a t e .— The foregoing act having
been presented to the President o f the United States for his
approval, and not having been returned by him to the house o f
Congress in which it originated within the time prescribed by the
Constitution o f the United States, has become a law without his
approval.)

A C T O F F E B R U A R Y 19, 1869.

Chap.

X X X I I . —A n act to prevent loaning money

upon

is stat. l..

United States notes.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, T hat no national banking association shall hereafter

s o d a tio n n o tto

offer or receive United States notes or national bank notes i°Jn I1munited
O
as security or as collateral security for any loan o f money, n*ore s w ith h old
or for a consideration shall agree to withhold the same etc.m from use’
from use, or shall offer or receive the custody or promise stafutes^siou
o f custody o f such notes as security, or as collateral se­
curity, or consideration for any loan o f m oney; and any
national banking association offending against the pro­
visions o f this act shall be deemed guilty o f a misdemeanor,
and upon conviction thereof in any United States court
having jurisdiction shall be punished by^i fine not exceed­
ing one thousand dollars, and by a further




sum

equal to

652

NATIONAL MONETARY COMMISSION.

one-third o f the money so loaned; and the officer or
officers o f said bank who shall make such loan or loans
shall be liable for a further sum equal to one quarter of
the money so loaned; and the prosecution o f such offenders
shall be commenced and conducted as provided for the
punishment o f offenses in an act to provide a national
currency, approved June third, eighteen hundred and
sixty-four, and the fine or penalty so recovered shall be
for the benefit o f the party bringing such suit.
Approved, February 19, 1869.
A C T O F M A R C H 18, 1869.
16

stat.l.,i .

C hap.

I .— An act to strengthen the public credit.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemthJhunai tte ° d ^ ^ 5 That in order to remove any doubt as to the purl
foa payment Pose
the

the Government to discharge all just obligations

equivalent’' *of t ° the public creditors, and to settle conflicting questions
of1 thelig
united an(l interpretations o f the laws by virtue of which such
eeptfe’tctc ’ ex’ obligations have been contracted, it is hereby provided
utgSV 6 ^ stat‘ and declared that the faith o f the United States is sol­
e3
emnly pledged to the payment in coin or its equivalent
o f all the obligations o f the United States not bearing
interest, known as United States notes, and o f all the
interest-bearing obligations of the United States, except
in cases where the law authorizing the issue of any such
obligation has expressly provided that the same may be
paid in law ful money or other currency than gold and
interest-bear-silver.

ing obligations
not a o
t1rebeypa'id

But none of said interest-bearing obligations not
.

”

”

ah'eacly due shall be redeemed or paid before maturity
before m a t u - unless at such time United States notes shall be con-

rity , u n less, etc.

vertible into coin at the option o f the holder, or unless
a t such time bonds o f the United States bearing a lower
rate o f interest than the bonds to be redeemed can be sold
ofR
«
K
at Par *n c° i n* A n d the United States also solemnly
S S 2 - notes in pledges its faith to make provision at the earliest prac­
ticable period for the redemption of the United States
notes in coin.




Approved, March 18, 1869,

LAWS CONCERNING PAPER MONEY.

653

A C T O F J U L Y 12, 1870.

Chap.

C C L I I .— A n act to provide for the redemption25{Q stat- L-’
of the three per cent, temporary loan certificates, and'
for an increase of national hank notes.

Be it enacted hy the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled. T hat fifty-four millions o f dollars in notes for cir-

£ d d iti0 ,n a i

culation may be issued to national banking associations, in lotion to na°

J

tional banking

addition to the three hundred millions of dollars author- associations.
ized by the twenty-second section of the “ A c t to provide
a national currency, secured by a pledge of United States
bonds, and to provide for the circulation and redemption
thereof,” approved June three, eighteen hundred and sixtyfour ; and the amount of notes so provided shall be fur- gi^ ° tet0
s
nished to banking associations organized or to be organ- associations,
ized in those States and Territories having less than their
proportion under the apportionment contemplated by
the provisions o f the “ A c t to amend A n act to provide a
national currency, secured bv a pledge of United States
bonds, and to provide for the circulation and redemption
thereof,” approved March three, eighteen hundred and
sixty-five, and the bonds deposited with the Treasurer o f t0^deposited
the United States, to secure the additional circulating t^^cure^such
notes herein authorized, shall be o f any description of
bonds o f the United States bearing interest in coin, but t i0n ^ n to n Pbaa new apportionment of the increased circulation herein
census of
provided for shall be made as soon as practicable, based
upon the census o f eighteen hundred and seventy: P ro­
vided, T hat if applications for the circulation herein au-

^^u cb

thorized shall not be made within one year after the pas- circulation are
sage of this act by banking associations organized or to fss u e d ^ to ^ c *
be organized in States having less than their proportion, utJgV 6stat'
e 5i|d
it shall be lawful for the Comptroller of the Currency
to issue such circulation to banking associations applying
for the same in other States or Territories having less
than their proportion, giving the preference to such as
have the greatest deficiency: And provided further, T h a taft^° organized
no banking association hereafter organized shall have aI500000 circucirculation in excess o f five hundred thousand dollars.

lation-

S ec . 2. And he it further enacted, That at the end of 0f^he^unency
each month after the passage o f this act it shall be themonthiytosecduty o f the Comptroller o f the Currency to report to the treasury4 t^e
Secretary o f the Treasury the amount o f circulating notes bating °notes
issued, under the




provisions

o f the preceding section, to issued*etc-

NATIONAL MONETARY COMMISSION.

654

national banking associations during the previous m onth;
Secretary to whereupon the Secretary o f the Treasury shall redeem
cancel certain 3
1
J
J
per cent tem- and cancel an amount o f the three per centum temporary
certificates.

loan certificates issued under the acts of March two,
eighteen hundred and sixty-seven, and July twenty-five,
eighteen

hundred

and

sixty-eight,

not

less than

the

amount o f circulating notes so reported, and may, if
necessary, in order to procure the presentation o f such
holders t 'ha't temporary loan certificates for redemption, give notice

b e a r " i n t e r e s t the hold01* thereof, by publication or otherwise, that
8
part
money cer^a^
n
said certificates (wr
hich shall be designated by
banks1,ve 0 f number, date, and amount) shall cease to bear interest

from and after a day to be designated in such notice, and
that the certificates so designated shall no longer be avail­
able as any portion o f the lawful money reserve in possesAfter th atsio n o f any national banking association, and after the
not to be paid, clay designated m such notice no interest shall be paid

on such certificates, and they shall not thereafter be
counted as a part o f the reserve o f any banking associa­
tion.
notesC lpaVabil
ua

S ec. ^ ^ n d be it further enacted, That upon the de-

maygbed issued Posit
any United States bonds, bearing interest payable
to associations in gold, with the Treasurer o f the United States, in the
united

bonds

states manner prescribed in the nineteenth and twentieth sec-

paying

L

interest ingold, tions o f the national currency act, it shall be lawful for

Denom i n a .
tio n s
a n d the Comptroller o f the Currency to issue to the associaamount of such .
.
notes.
tion making the same, circulating notes o f different de­

nominations, not less than five dollars, not exceeding in
amount eighty per centum o f the par value o f the bonds
deposited, which notes shall bear upon their face the
promise o f the association to w
’hich they are issued to pay
them, upon presentation at the office of the association,
in gold coin o f the United States, and shall be redeemable
circuiat i o n upon such presentation in such c o in : Provided , That no
of any such.
..
.
,
. .
.
,

bank^not^to^ex-banking association organized under this section shall
ooo.

’

have a circulation in excess o f one million o f dollars.

Such assoeiS ec . 4. And be it further enacted, That every national
ations to keep
.
# .
'
7
. .
on hand not banking association formed under the provisions o f the
per cent of cir- preceding section o f this act shall at all times keep on
culation in gol d.
.
.
.
. .
1
and silver;
hand not less than tw’entv-hve per centum o f its outstand­

ing circulation in gold or silver coin o f the United States,
par°goe einotesan(^
id
receive at par in the payment o f debts the gold
of other s u c h notes o f every other such banking association which at




LAWS CONCERNING PAPER MONEY.

655

the time of such payments shall be redeeming its circula­
ting notes in gold coin of the United States.
S e c . 5. And be it further enacted, That every associSuch association organized for the purpose ot issuing gold notes as to national cur°
b
x A
t
° °
rency act, exprovided in this act shall be subject to all the re q u ir e - cept, etc.
ments and provisions of the national currency act, except
the first clause of section twenty-two, which limits the cir­
culation of national banking associations to three hun­
dred millions o f dollars; the first clause of section thirtytwo, which, taken in connection with the preceding sec­
tion, would require national banking associations organ­
ized in the city of San Francisco to redeem their circulat­
ing notes at par in the city of New Y o r k ; and the last
clause of section thirty-tvr which requires every national
o,
banking association to receive in payment of debts the
notes of every other national banking association at p a r :

Provided , T hat in applying the provisions and require-. yerms “ iawments of said act to the banking associations herein pro- “ lawfulmoney
.

1

of the United

vided for, the terms “ lawful money,” and “ law ful money states,” how
7 .
J,
^ c o n s trued in
o f the United States,” shall be held and construed to £ 0 n n c tion .
.,e
’

herewith.

mean gold or silver coin of the United States.
S ec. 6. And be it further enacted. That to secure a distribution1 o?
5
more equitable distribution o f the national banking cur- b esecured°w
e
rency there may be issued circulating notes to banking c.
? sn j!
0* °
associations organized in States and Territories h av in g feeding $25,less than their proportion as herein set forth.
■

_

.

.

.

.

.

.

A n d the wi t h d r a wn
from banks.

amount o f circulation in this section authorized shall,
under the direction o f the Secretan7 o f the Treasury, as it
may be required for this purpose, be withdrawn, as herein
provided, from banking associations organized in States
having a circulation exceeding that provided for by the
act entitled “ A n act to amend an act entitled ‘A n act to

provide for a national banking currency, secured by
pledge of United States bonds, and to provide for the cir­
culation and redemption thereof.' ” approved March
three, eighteen hundred and sixty-five, but the amount so
withdrawn shall not exceed twenty-five million dollars.
The comptroller of the currency shall, under the di- circu tio 0*fn
la n
rection of the Secretary of the Treasury, make a state- T
erritorye b
to e
ment showing the amount of circulation in each State
and Territory, and the amount to be retired by each bank- retired , etc.
ing association in accordance with this section, and shall,
when such redistribution of circulation is required, make red
istrib tio .1
u n




a requisition for such amount upon such banks, com­
mencing with the banks having a circulation exceeding
one million o f dollars in States having an excess o f circu­
lation, and withdrawing their circulation in excess of
one million o f dollars, and then proceeding pro rata with
other banks having a circulation exceeding three hun­
dred thousand dollars in States having the largest excess
o f circulation, and reducing the circulation o f such banks
in States having the greatest proportion in excess, leav­
ing undisturbed the banks in States having a smaller
proportion, until those in greater excess have been re­
duced to the same grade, and continuing thus to make
the reduction provided for by this act until the full
amount o f twenty-five millions, herein provided for, shall
be w ithdrawn; and the circulation so withdrawn shall be
distributed among the States and Territories having less
Comptroller than their proportion, so as to equalize the same.
And
to ma k e req- ,
1
L
7
1
uisition forth-it shall be the duty o f the comptroller o f the currencv,

under the direction o f the Secretary o f the Treasury,

amount, etc.

forthwith to make a requisition for the amout thereof
if

upon the banks above indicated as herein prescribed,
banking A nd upon failure o f such associations, or anv o f them,

as s o c i ar
J
,
*
tions fail, with- to return the amount so required within one year, it shall
in a year, to
1
*

ret urn t hebe the duty o f the comptroller o f the currencv to sell at

amount of cir•
_
.
r .
cui at i on re-public auction, having given twenty days notice thereof
quired, comp- f
7
.
. ^
, .
troiier to sell m one daily newspaper printed in \\ ashington and one
equal amount .
*
'
.
i i
A
.
.
of^their bonds, m .New iork city, an amount of bonds deposited by said




association, as security for said circulation, equal to the
circulation to be withdrawn from said association and
not returned in compliance with such requisition; and the
comptroller o f the currency shall with the proceeds re­
deem so many o f the notes o f said banking association, as
they come into the treasury, as will equal the amount re­
quired and not so returned, and shall pay the balance, if
circuia- any, to such banking association: P ro vid ed , That no cir-

No
tion to be withdrawn
until,

,

.

„

.

. .

.

culation shall be withdrawn under the provisions of this
section until after the fifty-four millions granted in the
first section shall have been taken up.

Af t er si x
S e c . 7. A nd be it further enacted, That after the ex­
months from, .
.
.
etc., any bank piration of six months from the passage of this act any
in a State hav- 1
, .
. .
r
J
ing excess of banking association located in anv State having more
ci rcul at i on ,
.
.
,
^
°
may remove to than its proportion of circulation may be removed to
less, etc.

* any State having less than its proportion of circulation,

L A W S C O N C E R N IN G PAPER M O N E Y .

under such rules and regulations as the comptroller o f
the currency, with the approval o f the Secretary of the
Treasury, may require: Provided , That the amount of
the issue of said banks shall not be deducted from the
amount of new issue provided for in this act.
Approved, July 12, 1870.

657

Proviso,

R E V IS E D S T A T U T E S A P P L IC A B L E TO T H E SUBJECT OP
PAPER M ONEY.

S ec. 254. The Secretary of the Treasury is authorized golaeposits of
to receive deposits of gold coin and bullion with th e " Mar- 3- 1863,
.

„

ch. 73, sec. 5,

Treasurer or any assistant treasurer o f the United States, voL 12>p- fii.
in sums not less than twenty dollars, and to issue cer­
tificates therefor,

in

denominations

of

not less than

twenty dollars, each, corresponding with the denomina­
tions o f the United States notes.

The coin and bullion

deposited for or representing the certificates of deposit
shall be retained in the Treasury for the payment of the
same on demand. A n d certificates representing coin in
the Treasury may be issued in payment o f interest on the
public debt, which certificates, together with those issued
for coin and bullion deposited, shall not at any time
exceed twenty per centum beyond the amount of coin
and bullion in the Treasury; and the certificates for coin
and bullion in the Treasury shall be received at par in
payment for duties on imports.
N tion
S ec . 3475. The notes of national banks shall be received banka notes a l
re­
ceivable
fo r
at par for all debts and demands owing by the United
debts of United
States to any person within the United States, except States, except.
June 3, 1864,

interest on the public debt, or in redemption o f the ch. 106, sec. 23,
vol. 13, p. 106,
sec. 5182,

national currency.
Tr
S ec . 3476. Treasury notes bearing interest may be paid notes e a s u r y
payable
for debts of
to any creditor o f the United States at their face value, United States.
excluding interest, or to any creditor willing to receive cb.Mar. 3, 1863,
73, sec. 2,
vol. 12, p. 710.
them at par, including interest.
June 30,1864,
ch. 172, sec. 2, vol. 13, p. 218.

United States
S ec. 3571. United States notes shall be o f such denomi­ notes.
nations, not less than one dollar, as the Secretary of the c. Feb. 25,1862,
3, s. 1, v.

12,
Treasury may prescribe, shall not bear interest, shall be July p . 34 5 ;
11, 1862,
c. 142, s. 1, v.
payable to bearer, and shall be in such form as the Secre­ 12, p. 532 ; Jan.

tary may deem best.




17, 1863, Res.
9. v. 12, p.




NATIONAL MONETARY COMMISSION.

658

S e c . 3572. The whole amount o f notes or stamps for
[!edC author'th e fractions o f a dollar, issued as currency, shall not,
y

fractional* cu r-

lseVc* e °s’ a^ any time, exceed fifty millions o f dollars.
i72
5, v . ’l 3 , p. 2 2 0 ; .Tan. 14, 1875, c. 18, v. 15, p. 2 9 6 ; A p ril 17, 1876, c. 68,
s. 2, v. 19, p. 33.

J una 30o*
cn. j. <

S e c . 3573. No issue o f fractional notes of the United

lo o 4 ,

se ;t j> voL 13>States shall be o f a less denomination than ten cents;
cf > .
N° issue iess an(j all issues o f a less denomination shall, when paid
i86oaych 181’ int ° the Treasury or any designated depository o f the
6
sec. 3, v. 14, p! United States, or redeemed or exchanged as now pro­
vided by law, be retained and canceled.
dem
ptTon1 3
1

S e c . 3574. The notes of the fractional currency shall

notesC* 1° n a 1 be hi such form , with such inscriptions, and with such
chM 3sec864’ safeguards against counterfeiting as the Secretary o f the
73
T n ’ e ’ ^ ‘ Treasury may deem best. They shall be exchangeable
°ju
P
1864^ ch^ 172, by the assistant treasurers and designated depositaries
P Tan°’i4 i s " ' ^ or United States notes in sums of not less than three
2965’ v‘ 18’ p'd o lla rs; and shall be receivable for postage and revenue
stamps, and for all dues to the United States, except
customs, in sums not over five dollars, and shall be re­
deemed on presentation at the Treasury o f the United
States in such sums and under such regulations as the
Secretary o f the Treasury shall prescribe.
S e c . 3575. The Secretary o f the Treasure7 ma}r provide

P r e p a r a t io n

June

3 o^,for the engraving and preparation, and for the issue o f

sec. b, voi. 13! fractional and other notes, and shall make such regula-

p 220
' M ar.

voi. 12,

I

.

°

3,1863, tions for the redemption o f such notes when mutilated or
in ! defaced, and for the receipt o f fractional notes in pay-

p.

c. 15, v. is, p ment o f debts to the United States, except for customs,
.’

v. u. s., 12 in such sums, not over five dollars, as may appear to him
B la tch ., 43.
P o rtra its of
liv in g p erson s

•

expedient.
S e c . 357G. X o portrait shall be placed upon anv o f the
. .

x

.

1

x

^

-

not to be placed bonds, securities, notes, fractional or postal currencv ol
on
b on d s
or
’ .
’
. .
r
,
*
notes.
the United btates, while the original of such p o r tr a it
A p r. 7, 1866, .
’
1
ch. 28. sec. 12, is living,
v o i. 14.
^
Engraving
S e c . 3577. The Secretary o f the Treasurv may cause
and
p rin tin g
. "
,
,
:
n
notes. ^
notes to be engraved, printed, and executed, at the L>e18 6 2 !’
p.

cb.^ 142* partment of the Treasury in W ashington, and under his

'532.

'

[S ee R ev ised

direction, if he deems it inexpedient to procure them to be
A

A

statutes^secs.engraved and printed by contract; and he may purchase
and provide all the machinery and materials, and employ
such persons and appoint such officers as are necessary
for this purpose.

659

LAWS CONCERNING PAPER MONEY.

S ec. 3578. The necessary expenses o f engraving, print“ “ es.0
*
ing, preparing, and issuing the United States notes, c ^|r's g
3’ 803;
Treasury notes, and fractional notes shall be paid out o f 12’jJec1L2 3,
any money in the Treasury not otherwise appropriated; ^ ' " ’v .S i,’ P
.
but no extra compensation for preparing, signing, or issuing such notes shall be allowed to any officer whose sal- | 19;
-2
ary is fixed by law.

il,75’pc' 29 6 ;
V
M ar. 3, 1875, c. 130, v. 18, p. 373.

S ec . 3579. W hen any United States notes are returned U ?t^ su|tatei!
n e
to the Treasury, they may be re-issued, from time to time, noJ ® 3 lg63
| -r
as the exigencies o f the public interest may require.
£h. 73, sec.^ 3!
J u ly 11. 1862. ch. 142, sec. 1, vol. 12, p. 5 3 2 ; Feb. 25, 1862,’ ch.’ 3 3 ,‘ sec!
1, vol. 12, p. 345.
S

e c

.

3580. W hen any United States notes returned to m ^

e p .i a c

|

the Treasury are so mutilated or otherwise injured as to no^ s
ar
17
be unfit for use, the Secretary o f the Treasury is authorck 45;
ized to replace the same with others o f the same char-

p-

37ol

acter and amounts.
S e c . 3581. Mutilated United States notes, when r e -of destruction
placed according to law, and all other notes which by
law are required to be taken up, and not re-issued, when
taken up, shall be destroyed in such manner and under
such regulations as the Secretary o f the Treasury may
prescribe.
S e c . 3582. The authority given to the Secretary o f the t h e
Red“®
t*{£n£*
Treasury to make any reduction o f the currency, by re- suspended,

tiring and cancelling United States notes, is suspended. 18g6f r 39 2S
cl
’
1, v. 14. p. 3 1 ; Feb. 4, 1868, c. 6, v. 15, p. 3 4 ; June 2 0 , 1874, V. 343,’
v. 18, p. 124.

Section 3583, as codified in section 178 o f the Penal iJl^than^ne
Code of the United States, March 4, 1909 (35 Stat. L ., dollar-

1122) :
No person shall make, issue, circulate, or pay out any
note, check, memorandum, token, or other obligation for
a less sum than one dollar, intended to circulate as money
or to be received or used in lieu o f lawful money o f the
United States; and every person so offending shall be f !‘unishment
fined not more than five hundred dollars, or imprisoned
not more than six months, or both.

S ec. 3588.

United States notes shall be lawful money,

nJt;^tGdStates

and a legal tender in payment of all debts, public and se^Ia3 3’0j8^3/
rprivate, within the United States, except for duties on
imports and interest on the public debt.
Feb. 25, 1862, sec. 1, vol. 12, p. 345.
v ised S ta tu tes, sec. 3 5 8 8 .]




p-

x

x

1862, s e c . 1,
vol. 12, p. 532 ;
[ F o r re fe re n ce to ca ses, see R e-




N A T IO N A L M O N E T A R Y CO M M ISSIO N .

660

Demand
Mar
sec62l>

it

Toi.

S ec .
, ac^

Demand Treasury notes authorized bv the

July seventeen, eighteen hundred and sixty-one,

12

chapter five, and the act o f February twelve, eighteen
hundred and sixty-two, chapter twenty, shall be lawful

1 5’

money ^nd a legal tender in like manner as United States

p.370.
i 8G 1 y
iu cb

3589.

sec. 1, vol. 12,
p. 359 : Feb. 12,
1862, ch. 20, vol. 12, p. 3 3 8 ; Feb. 25, 1862, ch. 33, sec. 1, v o l. 12, p. 345.
in ^ ifo T e s b ear

S

ec

.

c h M a r .3 ,ei 8 6 3 , ° f

3590. Treasury notes issued under the authority
acts 0 f March three, eighteen hundred and sixty-

v°jun eP 3 0° 'three, chapter seventy-three, and June thirty, eighteen
‘
1864, oh 172, hundred and sixty-four, chapter one hundred and
sec. 2, VOl. 13,
p. 218.
seventy-two, shall be legal tender to the same extent as
United States notes, for their face value, excluding in­
terest: Provided , That Treasury notes issued under the
act last named shall not be a legal tender in payment or
redemption o f any notes issued by any bank, banking
association, or banker, calculated and intended to circu­
late as money.
fu n d S
Chrestric°t-

S

ec

.

3651. No exchange o f funds shall be made by any

6 18 4 6 disbursing officer or agent o f the Government, o f any
p°648' 20, v- grade or denomination whatsoever, or connected with any

ed ‘ \ u "
9

33~ *s' branch o f the public service, other than an exchange for
j u f’ P- j4 gold, silver, United States notes, and national-bank notes;
y
!5,

i8 6 ‘> V
e

8y2'i2 p45 3 ‘*' aRd every such disbursing officer, when the means for his
>
M 3.1863, disbursements are furnished to him in gold, silver. United
ar.
C 73, S 3, V
.
.
.
.
D
'
7
1 2 p. 7 1 0 .
States notes, or national-bank notes, shall make his pay-

1

i864.^c.

23,
106.
U. S.

1 0 6 , s.

ments in the moneys so furnished; or when they are fur-

v.

nished to him in drafts, shall cause those drafts to be

ank tm
Bank (6

L e a n ,1 3 0 ).

C ity

presented at their place o f payment, and properly paid
according to law, and shall make his payments in the
money so received for the drafts furnished, unless, in
either case, he can exchange the means in his hands for
gold and silver at par.

And it shall be the duty o f the

head o f the proper Department immediately to suspend
from duty any disbursing officer or agent who violates the
provisions o f this section, and forthwith to report the
name o f the officer or agent to the President, with the
fact o f the violation, and all the circumstances accom­
panying the same, and within the knowledge o f the Secre­
tary, to the end that

such

officer or agent may be

promptly removed from office, or restored to his trust and
the performance o f his duties, as the President may deem
just and proper.

LA W S CON CERN IN G PAPER M O N EY.

6G1

S ec . 3652. No officer o f the United States shall, either saleseof U bH
p
“
c

directly or indirectly, sell or dispose of to any person, f 01\“ cou S
nted°fore
a premium, any Treasury note, draft, warrant, or other c 9 0 S's6 2 i84v’
public security, not his private property, or sell or dispose9’ p- 65o f the avails or proceeds o f such note, draft, warrant, or
security, in his hands for disbursement, without making
return o f such premium, and accounting therefor by
charging the same in his accounts to the credit o f the
United States; and any officer violating this section shall
be forthwith dismissed from office.
S e c . 36 89 . There are appropriated, out of any moneys

in the Treasury not otherwise appropriated, for the pur­
poses hereinafter specified, such sums as may be necessary
for the same respectively; and such appropriations shall
be deemed permanent annual appropriations.
*
*
*
*
UNDER t h e

*

*

treasury

*

*

departm ent.

*

*

Expenses o f national loan: T o pay the expenses o f th e ^ M a y 2^3_,
issue, re-issue, transfer, delivery, redemption, and destruc- voi. i7, p. 156!
tion of securities, legal-tender notes, fractional currency,
checks, certificates, commissions, and for amr plate and
seal engraving and printing required by the Treasury
Department, one per centum o f the amount o f legaltender notes, fractional currency, and securities issued
during each fiscal year.
*
*
*
*
*
S e c . 3693. The faith o f the United States is solemnly

Py e t in
a mn

pledged to the payment in coin or its equivalent o f all C Ma r . 18,
°
the obligations o f the United States not bearing interest,' 1sfp.c . '1,vo1'
i
known as United States notes, and o f all the interestbearing obligations o f the United States, except in cases
where the law authorizing the issue o f any such obligation
has expressly provided that the same may be paid in
law ful money or other currency than gold and silver.

Rut none of the interest-bearing obligations not already
due shall be redeemed or paid before maturity, unless at
such time United States notes are convertible into coin
at, the option of the holder, or unless at such time bonds
of the United States bearing a lower rate of interest than
the bonds to be redeemed can be sold at par in coin. The
faith of the United States is also solemnly pledged to
make provisions at the earliest practicable period for the
i edemption of the United States notes in coin.







662

N A T IO N A L M O N ETARY CO M M ISSIO N .

Section 3708, as codified in section 177 of the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,

):

1122

It shall not be lawful to design, engrave, print, or in
c ur i t i e s or
7
•
1 r , •
,
printing ad- any manner make or execute, or to utter, issue, distribute,
vertisem gn t s *
*
•
thereon.
circulate, or use, any business or professional card, notice,
imitating se-

placard, circular, handbill, or advertisement, in the like­
ness or similitude o f any bond, certificate o f indebtedness,
certificate o f deposit, coupon, United States note, Treas­
ury note, gold certificate, silver certificate, fractional note,
or other obligation or security o f the United States which
has been or may be issued under or authorized by any
A ct o f Congress heretofore passed or which may hereafter
be passed; or to write, print or otherwise impress upon
any such instrument, obligation, or security, any business
or professional card, notice, or advertisement, or any
notice or advertisement o f any matter or thing whatever.
Punishment W hoever shall violate any provision o f this section shall

be fined not more than five hundred dollars.
Delivery of

S ec . 5171. Upon a deposit o f bonds as prescribed by

ing notes to as- section fifty-one hundred and fifty-nine and

sociations.

,

,

.

. .

.

fiftv-one
in

see act of hundred and sixty, the association making the same shall

M 3, 1865.
ar.

,
. . .
. . .
.
_
f.
, ,
be entitled to receive from the Comptroller o f the Cur­
rency circulating notes o f different denominations, in
blank, registered and countersigned as hereinafter pro­
vided, equal in amount to ninety per centum o f the cur­
rent market-value o f the United States bonds so trans­
ferred and delivered, but not exceeding ninety per centum
o f the amount o f the bonds at the par value thereof, if
bearing interest at a rate not less than five per centum

Rat i o

t oper annum: Provided , T hat the amount o f circulating

cufatfng0notes notes to be furnished to each association shall be in pro­
portion to its paid-up capital, as follows, and no m ore:
First. T o each association whose capital does not ex­
ceed five hundred thousand dollars, ninety per centum of
such capital.
Second. T o each association whose capital exceeds five
hundred thousand dollars, but does not exceed one m il­
lion o f dollars, eight)7 per centum o f such capital.
Third. T o each association whose capital exceeds one
million o f dollars, but does not exceed three m illion(s)
o f dollars, seventy-five per centum o f such capital.
Fourth. T o each association whose capital exceeds
three millions o f dollars, sixty per centum o f such capital.

LAWS CONCERNING PAPER MONEY.

6G3

S ec . 5172. In order to furnish suitable notes for circu -n o°m“ ’n ae-

lation, the Comptroller o f the Currency shall, under the p ^ tln g of “in­
direction o f the Secretary o f the Treasury, cause plates cu at^ g 1|||->
lJu 3jn0
and dies to be engraved, in the best manner to g u a rd se < 22c
against counterfeiting and fraudulent alterations, and
shall have printed therefrom, and numbered, such quan­
tity o f circulating notes, in blank, o f the denominations
o f one dollar, two dollars, three dollars, five dollars, ten
dollars, twenty dollars, fifty dollars, one hundred dol­
lars, five hundred dollars, and one thousand dollars, as
may be required to supply the associations entitled to
receive the same.

Such notes shall express upon their

face that they are secured by United States bonds, de­
posited with the Treasurer o f the United States, by the
written or engraved signatures o f the Treasurer and
Register, and by the imprint o f the seal o f the Treas­
u ry; and shall also express upon their face the promise
of the association receiving the same to pay on demand,
attested by the signatures o f the president or vice-presi­
dent and cashier; and shall bear such devices and such
other statements, and shall be in such form, as the Secre­
tary o f the Treasury shall, by regulation, direct.
(See Secs. 5415, 5434.)
S ec . 5173. The plates and special dies to be procured p ^ s^ a n d dies

by the Comptroller o f the Currency for the printing o f of BU
reauenses
■such circulating notes shall remain under his control and Ibid-> sec-41direction, and the expenses necessarily incurred in exe­
cuting the laws respecting the procuring o f such notes,
and all other expenses o f the Bureau o f the Currency,
shall be paid out o f the proceeds o f the taxes or duties
assessed and collected on the circulation o f national bank­
ing associations under this Title.
S ec . 5175. N ot more than one-sixth part o f the notes

issue of notes

furnished to any association shall be o f a less denomina- iteder $5, lim‘
tion than five dollars. A fte r specie payments are re- Ibld-,S C
G
sumed no association shall be furnished with notes o f a
less denomination than five dollars.
S e c . 5177. [ / he aggregate amount of circulating notes Limit to agissued under the act of February twenty-five, eighteen °f ^circulating
himdred and sixty-three, and under the act of June three, " June a, 1864,
eighteen hundred and sixty-four, and under section one 13,^. 105. ^

of the act of July twelve , eighteen hundred and seventy,
1870
and under this Title, shall not exceed three himdred and ^6 252,2| i lf vfifty-four millions of dollars.']
15712°— 10------44




664

NATIONAL MONETARY COMMISSION.

(T he limitation upon the circulation o f national bank
notes was removed by the statute o f January 14. 1875, c.
15, s. 3, v. 18, p. 296.

(June 20, 1874, c. 343, v. 18, p. 123.

Repealed by Jan.

14, 1875, c. 15, s. 3, v. 18, p. 296.)
men^o^aggre-

S ec . 5178. One hundred and fifty millions o f dollars

ciVcu^auVg

the enfire amount o f circulating notes authorized to

n°Mar 3 1865

issued shall be apportioned to associations in the

4982, v‘ 13, p‘ States, in the Territories, and in the District o f Columaccording to representative population. One hun1June201i874 dred and fifty millions shall be apportioned by the Secpp

124 l^s18’ retary o f the Treasury among associations formed in the
several States, in the Territories, and in the District o f
Columbia, having due regard to the existing banking
capital, resources, and business o f such States, Terri­
tories, and District. T he remaining fifty-four millions
shall be apportioned among associations in States and
Territories having, under the apportionments above pre­
scribed, less than their full proportion o f the aggregate
amount o f notes authorized, which made due application
for circulating notes prior to the twelfth day o f July,
eighteen hundred and seventy-one.

A n y remainder o f

such fifty-four millions shall be issued to banking asso­
ciations applying for circulating notes in other States
or Territories having less than their proportion.
Equalizing
S ec . 5179. I n order to secure a more equitable distri-

the

ap p ortion -

m ent o f circ u -

.

.

1

bution o f the national banking currency, there mav be

J
or£12,b870’ issued circulating notes to banking associations organized
1 J u n e fo'*1874 7n States aRd Territories having less than their proporc. 3 4 3 , v. 18, p. tion, and the amount o f circulation herein authorized
shall, under the direction o f the Secretary o f the Treas­
ury, as it may be required for this purpose, be withdrawn,
as herein provided, from banking associations organized
in States having more than their proportion, but the
amount so withdrawn shall not exceed twenty-five m il­
lion dollars: Provided , That no circulation shall be with­
drawn under the provisions o f this section until after
the fifty-fou r millions granted in the first section o f the
act o f July twelfth, eighteen hundred and seventy, shall
have been taken up.
essar7 amount

S ec. 5180. The Comptroller o f the Currency shall,

be w ith d ra w n 11 un<^er

c

direction o f the Secretary o f the Treasury,
make a statement showing the amount o f circulation in

l'e, p. 253.

each State and Territory, and the amount necessary to be




LAWS CONCERNING PAPER MONEY.

665

withdrawn from each association, and shall forthwith
make a requisition for such amount upon such associa­
tions, commencing with those having a circulation ex­
ceeding one million o f dollars, in States having an ex­
cess o f circulation, and withdrawing their circulation in
excess o f one million o f dollars, and then proceeding pro­
portionately with other associations having a circulation
exceeding three hundred thousand dollars, in States hav­
ing the largest excess o f circulation, and reducing the
circulation o f such associations in States having the great­
est proportion in excess, leaving undisturbed the associa­
tions in Statps having a smaller proportion, until those
in greater excess have been reduced to the same grade,
and continuing thus to make such reductions until the
full amount o f twenty-five millions has been w ithdrawn;
and the circulation so withdrawn shall be distributed
among the States and Territories having less than their
proportion, so as to equalize the same. Upon failure o f
any association to return the amount o f circulating
notes so required, within one year, the Comptroller shall
sell at public auction, having given twenty days' notice
thereof in one daily newspaper printed in W ashington
and one in New York City, an amount o f the bonds de­
posited by that association as security for its circulation,
equal to the circulation required to be withdrawn from
the association and not returned in compliance with such
requisition; and he shall, with the proceeds, redeem so
many o f the notes o f such association, as they come into
the Treasury, as will equal the amount required and not
returned; and shall pay the balance, i f any, to the asso­
ciation.

Sec. 5181. A n y association located in any State having

R o a of
em v l

more than its proportion of circulation may be removed anoth^sfate.0
to any State having less than its proportion o f circula- 2 5 ? '^ s‘ 7’ ption, under such rules and regulations as the Comptroller
o f the Currency, with the approval o f the Secretary o f
the Treasury, shall prescribe: Provided, That the amount
o f the issue o f said banks shall not be deducted from the
issue o f fifty-four millions mentioned

in section five

thousand one hundred and seventy-eight.
S ec . 5182. A fte r any association receiving circulating

For what de­

notes under this Title has caused its promise to pay such
notes on demand to be signed by the president or vice- ceived. be 16
president and cashier thereof, in such manner as to make c. ’l o t c s * ’ 23 ,6v.’
them obligatory promissory notes, payable on demand, a t 13’ p 10G
'







NATIONAL MONETARY COMMISSION.

666

its place o f business, such association may issue and circu­
late the same as money.

A nd the same shall be received

at par in all parts o f the United States in payment of
taxes, excises, public lands, and all other dues to the
United States, except duties on im ports; and also for all
salaries and other debts and demands owing by the United
States

to

individuals,

corporations,

and

associations

within the United States, except interest on the public
debt, and in redemption o f the national currency.
Issu e o f oth er
n otes p r o h ib it­
ed.
18,
1875, c. 80, v.
18. p. 320.
M erch a n ts’
B an k
S ta te
B ank (1 0 W a ll.,
6 0 4 ).
Destroying
a n d re p la cin g
w orn - o u t and

Ibid.,Feb.
v.

mutilated

notes.
Ju n e 3, 1864,
c. 106, s. 23, y.
13, p. 106.

S ec . 5183. No national banking association shall issue

(post notes or) any other notes to circulate as money than
such as are authorized by the provisions o f this Title.
(T he words in parentheses were added by the act of
February 18, 1875.)
S ec . 5184. It shall be the duty o f the Comptroller o f

the Currency to receive worn-out or mutilated circulating
notes issued by any banking association, and also, on due
proof o f the destruction o f any such circulating notes, to
deliver in place thereof to the association other blank
circulating notes to an equal amount.

Such worn-out or

mutilated notes, after a memorandum has been entered in
the proper books, in accordance with such regulations as
may be established by the Comptroller, as well as all cir­
culating notes which shall have been paid or surrendered
to be canceled, shall be burned to ashes in presence o f four
persons, one to be appointed by the Secretary o f the Treas­
ury, one bv the Comptroller o f the Currency, one by the
Treasurer o f the United States, and one by the associa­
tion, under such regulations as the Secretary o f the Treas­
ury may prescribe.

A certificate o f such burning, signed

by the parties so appointed, shall be made in the books o f
the Comptroller, and a duplicate thereof forwarded to the
association whose notes are thus canceled.
Organization

o f a ss o cia tio n s
to issue g o l d
n o t e s a u th o r­
ized.
J u ly 12, 1870,
c. 282, s. 3, v.
16, p. 252.

S ec. 5185. Associations may be organized in the manner
prescribed by this T itle for the purpose o f issuing notes
payable in g o ld ; and upon the deposit o f any United
States bonds bearing interest payable in gold with the
Treasurer o f the United States, in the manner prescribed
for other associations, it shall be lawful for the Com p­
troller o f the Currency, to issue to the association making
the deposit circulating notes o f different denominations,
but none o f them o f less than five dollars, and not exceed­
ing in amount eighty per centum o f the par value o f the
bonds deposited, which shall express the promise o f the
association to pay them, upon presentation at the office at

LAWS CONCERNING PAPER MONEY.

667

which they are issued, in gold coin o f the United States,
and shall be so redeemable. But no such association shall
have a circulation o f more than one million of dollars.
(Statute o f January 19, 1875 (c. 19, v. 18, p. 8 0 2 ),pai£ ^ ej ^
removed the limitation imposed by the last sentence o f Jf™'. |0£9 v>
this section upon associations authorized to issue ciiculating notes payable in gold coin.)
S ec . 5186. Every association organized under the pre- m^
o

irr^ e
^

ceding section shall at all times keep on hand not less thance\vingn0tesr
of
twenty-five per centum o f its outstanding circulation, in o th e r a ssocia
gold or silver coin o f the United States; and shall receive c Ju y 12^ 1870,
|
at par in the payment o f debts the gold-notes of every

pp- 2o2,

other such association which at the time o f such payment
is redeeming its circulating notes in gold coin of the
United States, and shall be subject to all the provisions of
this T itle : Provided , That, in applying the same to asso­
ciations organized for issuing gold-notes, the terms law­
ful money ” and “ law7
ful money o f the United States
shall be construed to mean gold or silver coin of the
United States; and the circulation o f such associations
shall not be within the limitation o f circulation mentioned
in this Title.
S ec . 5187. No officer acting under the provisions o f this issaf°|ltyclf r
r°u
T itle shall countersign or deliver to any association, or to [f^au tho^fzed
any other company or person, any circulating notes con- assocmuons.^
templated by this Title, except in accordance with the ^106,^ 27, v!
true intent and meaning o f its provisions. Every officer
who violates this section shall be deemed guilty o f a high
misdemeanor, and shall be fined not more than double the
amount so countersigned and delivered, and imprisoned
not less than one year and not more than fifteen years.
S ec . 5191. Every national banking association in either “ La wf ul of the following cities: Albany, Baltimore, Boston, C in -se rv e -,y precinnati, Chicago, Cleveland, Detroit, Louisville, M ilwau-c June'3, i8G4,
kee, New Orleans, New York, Philadelphia, Pittsburgh,is, p.’ios.
Saint Louis, San Francisco, and Washington, shall at all c V)2 2 , 'v . ’ i 7 , <p!
times have on hand, in lawful money of the United States, q *June20,i874,
*
v
7
343 v 48 p
an amount equal to at least twenty-five per centum o f the 123.
ag g regate amount o f its notes in circulation and its de­
posits; and every other association shall at all times have
on hand, in lawful

money o f the United

States, an

amount equal to at least fifteen per centum o f the aggre­
gate amount o f its notes in circulation, and o f its de­
posits.

Whenever the law ful money o f any association

in any o f the cities named shall be below the amount of




668




NATIONAL MONETARY COMMISSION.

twenty-five per centum of its circulation and deposits,
and whenever the lawful money of any other association
shall be below fifteen per centum of its circulation and
deposits, such association shall not increase its liabilities
by making any new loans or discounts otherwise than by
discounting or purchasing bills of exchange payable at
sight, nor make any dividend of its profits until the re­
quired proportion, between the aggregate amount of its
outstanding notes of circulation and deposits and its law­
ful money of the United States, has been restored. And
the Comptroller of the Currency may notify any associa­
tion, whose lawful-money reserve shall be below the
amount above required to be kept on hand, to make good
such reserve; and if such association shall fail for thirty
days thereafter so to make good its reserve of lawful
money, the Comptroller may, with the concurrence of the
Secretary of the Treasury, appoint a receiver to wind up
the business of the association, as provided in section
fifty-two hundred and thirty-four,
counted tow
ard S ec. ^-^2. Three-fifths of the reserve of fifteen per
raVne y f re- centum required by the preceding section to be kept, may
ser7e ” o 10r., consist of balances due to an association, available for the
i 31p 0 31, v‘ redemption of its circulating notes, from associations ap6’i 8
c J4 e y i|7p Proved ^ the Comptroller of the Currency, organized
3 3 2 0,i
123.
under the act of June three, eighteen hundred and sixtyfour, or under this Title, and doing business in the cities
of Albany, Baltimore, Boston, Charleston, Chicago, Cin­
cinnati, Cleveland, Detroit, Louisville, Milwaukee, New
Orleans, New York, Philadelphia, Pittsburgh, Richmond,
Saint Louis, San Francisco, and Washington. Clearing­
house certificates, representing specie or lawful money
specially deposited for the purpose, of any clearing-house
association, shall also be deemed to be lawful money in
the possession of any association belonging to such clear­
ing-house, holding and owning such certificate, within
the preceding section.
C ertain
tificates of cerde

S ec . ^193. The Secretary of the Treasury may receive
a y b United States notes on deposit, without interest, from any
e
c 340 a 1i 7l ’ nati°nal banking associations, in sums of not less than
Cg
v. 17, p 336. ten thousand dollars, and issue certificates therefor in
,
such form as he may prescribe, in denominations of not
less than five thousand dollars, and payable on demand in
United States notes at the place where the deposits were
made. The notes so deposited shall not be counted as
cou n ted

part

of the

lawful-money reserve of the association; but

L A W S C O N C E R N IN G PAPER M O N E Y .

669

the certificates issued therefor may be counted as part of
its lawful-money reserve, and may be accepted in the set­
tlement o f clearing-house balances at the places where the
deposits therefor were made.
S ec . 5 1 9 4 . The power conferred on the Secretary o f the o L
n
Treasury, by the preceding section, shall not be exercised
so as to create any expansion or contraction o f the currency.

ch

Ibid-> s- 3-

A n d United States notes for which certificates

are issued under that section, or other United States
notes o f like amount, shall be held as special deposits
in the Treasury, and used only for the redemption o f
such certificates.
S ec . 5195,- Each association organized in any o f the
cities named in section fifty-one hundred and ninety-one

reuj a^ung

shall select, subject to the approval o f the Comptroller of t e s t e d
• •
»
_
m
» __
une o, lobij
the Currency, an association in the city o± New Y ork , ^106, 32, v.
at which it will redeem its circulating notes at p ar; a n d c ^43e^0,/ f 74’
may keep one-half o f its lawful-money reserve in cash 124deposits in the city o f New York. But the foregoingprovision shall not apply to associations organized and
located in the city o f San Francisco for the purpose o f
issuing notes payable in gold.

Each association not or­

ganized within the cities named, shall select, subject to
the approval o f the Comptroller, an association in either
o f the cities named, at which it will redeem its circulating
notes at par. The Comptroller shall give public notice
o f the names of the associations selected, at which re­
demptions are to be made by the respective associations,
and of any change that may be made of the association
at which the notes o f any association are redeemed.
Whenever any association fails either to make the selec­
tion or to redeem its notes as aforesaid, the Comptroller
o f the Currency may, upon receiving satisfactory evidence
thereof, appoint a receiver, in the manner provided, for
in section fifty-two hundred and thirty-four, to wind up
its affairs.

But this section shall not relieve any associa­

tion from its liability to redeem its circulating notes at
its own counter, at par, in lawful money on demand.
S ec . 5196. Everv national banking association form ed. Na t i o na l
•

*

.i

.

,

.

or existing under this Title, shall take and receive at par,

b a n k s t o rec e[ye notes of

for any debt or liability to it, any and all notes or bills hanks.
.

J

.

V

•

i 1

1•

June 3, 1864,

issued by any law fully organized national banking asso-c. 106, s 32,
ciation.

But this provision shall not apply to any a sso-c Jud 12, isto,

ciation organized for the purpose o f issuing notes payable 16, p. 253.

in gold.




670
R e s t r i c ­
tio n up on use
o f n otes o f o t h ­
er banks.
Ju n e 3 ,1 8 6 4 ,
c. 106, s. 39, v.
13, p. 111.

NATIONAL MONETARY COMMISSION.
S ec . 5206. No association shall at any time pay out

on loans or discounts, or in purchasing drafts or bills
o f exchange, or in payment of deposits, or in any other
mode pay or put in circulation, the notes o f any bank or
banking association which are not, at any such time,
receivable, at par, on deposit, and in payment o f debt’s by
the association so paying out or circulating such notes;
nor shall any association knowingly pay out or put in
circulation any notes issued by any bank or banking
association which at the time o f such paying out or put­
ting in circulation is not redeeming its circulating notes
in law ful money o f the United States.

United
S ta tes
n otes
n ot to be held
as
co lla te r a l,
e t c . ; p en a lty .
Feb. 1 9,1 86 9 ,
c. 32, v. 15, p.
270.

S e c . 5207. No association shall hereafter offer or re­

ceive United States notes or national-bank notes as se­
curity or as collateral security for any loan o f money,
or for a consideration agree to withhold the same from
use, or offer or receive the custody or promise o f custody
o f such notes as security, or as collateral security, or con­
sideration

for

any

loan

of

money.

Any

association

offending against the provisions o f this section shall be
deemed guilty o f a misdemeanor, and shall be fined not
more than one thousand dollars and a further sum e'qual
to one-third o f the money so loaned.

The officer or

officers o f any association who shall make any such loan
shall be liable for a further sum equal to one-quarter of
the money loaned; and any fine or penalty incurred by
a violation o f this section shall be recoverable for the
benefit o f the party bringing such suit.
Mo d e of

p rotest!n g
n otes.
Ju n e 3 ,1 8 6 4 ,
c. 106, s. 46, v.
13, p. 113.




S e c . 5226. Whenever any national banking association

fails to redeem in the lawful money o f the United States
any o f its circulating notes, upon demand o f payment
duly made during the usual hours o f business, at the
office o f such association, or at its designated place o f
redemption, the holder may cause the same to be pro­
tested, in one package, by a notary public, unless the
president or cashier o f the association whose notes are
presented for payment, or the president or cashier o f the
association at the place at which they are redeemable
offers to waive demand and notice o f the protest, and, in
pursuance o f such offer, makes, signs, and delivers to the
party making such demand an admission in writing,
stating the time o f the demand, the amount demanded,
and the fact o f the non-payment thereof.

The notary

public, on making such protest, or upon receiving such

LAWS CONCERNING PAPER MONEY.

671

admission, shall forthwith forward such admission or
notice of protest to the Comptroller o f the Currency, re­
taining a copy thereof. I f , however, satisfactory proof
is produced to the notary public that the payment of the
notes demanded is restrained by order of any court o f
competent jurisdiction, he shall not protest the same.
llTiien the holder o f any notes causes more than one note
or package to be protested on the same day, he shall not
receive pay for more than one protest.
S e c . 5227. On receiving notice that any national bank- nag o* a r a c ­
ing association has failed to redeem any o f its circulating cia 6f^nt. ^
/
notes, as specified in the preceding section, the Comp- p- n U
troller o f the Currency, with the concurrence of the Sec­
retary of the Treasury, may appoint a special agent, o f
whose appointment immediate notice shall be given to
such association, who shall immediately proceed to ascer­
tain whether it has refused to pay its circulating notes in
the lawful money of the United States, when demanded
and shall report to the Comptroller the fact so ascer­
tained.

I f , from such protest, and the report so made,

the Comptroller is satisfied that such association has re­
fused to pay its circulating notes and is in a default, he
shall, within thirty days after he has received notice o f
such failure, declare the bonds deposited by such associa­
tion forfeited to the United States, and they shall there­
upon be so forfeited.
S e c . 5228. A fte r a default on the part o f an association . C o n t i n u a

ju g

b u sin ess

to pay any o f its circulating notes has been ascertained after default,

by the Comptroller, and notice (of forfeiture of the p-H3."
bonds) (thereof) has been given by him to the associa- ? so,'v. is, p
•
.’
tion, it shall not be law ful for the association suffering
the same to pay out any o f its notes, discount any notes
or bills, or otherwise prosecute the business o f banking,
except to receive and safely keep money belonging to it,
and to deliver special deposits.
(T he words in italics were struck out and the word
“ thereof ” substituted by act o f February 18, 1875.)
S e c . 5 2 2 9 . Immediately upon declaring the bonds o f t N o t i c e to

an association forfeited for non-payment o f its notes, th e demPtlon at
Comptroller shall give notice, in such manner as the ceitauo’ ^of
n
Secretary o f the Treasury shall, by general rules or other- °June3,i864,
wise, direct, to the holders o f the circulating notes o f 13* »• *14- ’ V
’
such association, to present them for payment at the

Treasury of the United States; and the same shall be







672

NATIONAL MONETARY COMMISSION.

paid as presented in lawful money o f the United States;
whereupon the Comptroller may, in his discretion, cancel
an amount o f bonds pledged by such association equal at
current market rates, not exceeding par, to the notes
paid.
Sal e

of

b on d s a t a u c­
tion .
Ju n e 3 ,1 8 6 4 ,
c. 106, ss. 47,
48, v. 13, p.
114.

S ec . 5230. Whenever the Comptroller has become sat­

isfied by the protest or the waiver and admission speci­
fied in section fifty-tw o hundred and twenty-six, or by
the report provided for in section fifty-tw o hundred and
twenty-seven, that any association has refused to pay its
circulating notes, he may, instead o f cancelling its bonds,
cause so much o f them as may be necessary to redeem its
outstanding notes to be sold at public auction in the city
o f New Y ork , after giving thirty days’ notice o f such
sale to the association.

For any deficiency in the pro­

ceeds o f all the bonds o f an association, when thus sold,
to reimburse to the United States the amount expended
in paying the circulating notes o f the association, the
United States shall have a paramount lien upon all its
assets; and such deficiency shall be made good out o f
such assets in preference to any and all other claims
whatsoever, except the necessary costs and expenses o f
administering the same.
Sal e

of

b on d s at p r i­
va te sale.
s. 49.

Ibid.,

S ec . 5231. The Comptroller may, if he deems it for the

interest o f the United States, sell at private sale any o f
the bonds o f an association shown to have made default
in paying its notes, and receive therefor either money or
the circulating notes o f the association.

B u t no such

bond shall be sold by private sale for less than par, nor
for less than the market-value thereof at the time o f sale;
and no sales o f any such bonds, either public or private,
shall be complete until the transfer o f the bonds shall
have been made with the formalities prescribed by sec­
tions fifty-one hundred and sixtv-two, fifty-one hundred
and sixty-three, and fifty-one hundred and sixty-four.
D isp osa l o f
p rotested notes.
s. 47.

Ibid.,

S ec . 5232. The Secretary o f the Treasury may, from

time to time, make such regulations respecting the dis­
position to be made o f circulating notes after presenta­
tion at the Treasury o f the United States for payment,

and respecting the perpetuation o f the evidence o f the
payment thereof, as may seem to him proper.
C a n c e l ­
S ec . 5233. A ll notes o f national banking associations
lation of na­
tion al - b a n k
notes.

Ibid.

presented at the Treasury o f the United States for
ment shall, on being paid, be canceled.

pay­

673

LAW S CONCERNING PAPER M O N EY.

S e c . 5234. On becoming satisfied, as specified in sec- m en tPoP ° r e « i V
f
tions fifty-two hundred and twenty-six and fifty-two him- e b s 50.
rs/ irf;

dred and twenty-seven, that any association has ref used
to pay its circulating notes as therein mentioned, and

1;
’Kennedy

v.

is in default, the Comptroller o f the Currency may forth- ^ n .? ° 4 9 8 n
with appoint a receiver, and require o f him such bond
and security as he deems proper. Such receiver, underwan.,k ssh1
)*
the direction of the Comptroller, shall take possession
o f the books, records, and assets o f every description o f
such association, collect all debts, dues, and claims
longing to it, and, upon the order of a court o f record

In v
Receire
(1Cklm’

^

o f competent jurisdiction, may sell or compound all bad
or doubtful debts, and, on a like order, may sell all th e^r
ak^er_^( 26
real and personal property of such association, on such
terms as the court shall direct; and may, if necessary to
pay the debts o f such association, enforce the individual
liability o f the stockholders. Such receiver, shall pay
over all money so made to the Treasurer o f the United
States, subject to the order of the Comptroller, and also
make report to the Comptroller of all his acts and pro­
ceedings.
S ec . 5236. From time to time, after full provision has

mvidends.^

been first made for refunding to the United States any so,g 1876.

c.

deficiency in redeeming the notes o f such association, the 19^
Comptroller shall make a ratable dividend of the money B eth el v.

o{

so paid over to lnm by such receiver on all such claims as

P ah-

w a 11.,

may have been proved to his satisfaction or adjudicated
in a court o f competent jurisdiction, and, as the proceeds
o f the assets o f such association are paid over to him,
shall make further dividends on all claims previously
proved or adjudicated; and the remainder o f the proceeds,

*

if any, shall be paid over to the shareholders o f such
association, or their legal representatives, in proportion
to the stock by them respectively held.
S e c . 5237. Whenever an association against which pro-

injunction

ceedings have been instituted, 011 account o f any alleged skip! r*cever
refusal to redeem its circulating notes as aforesaid, de- c.'l'oef s.’ 50,V
nies having failed to do so, it may, at any time within
ten days after it has been notified of the appointment o f
an agent as provided in section fifty-tw o hundred and
twenty-seven, apply to the nearest circuit, or district,
or territorial court of the United States to enjoin further
proceedings in the premises; and such court, after citing
the Comptroller of the Currency to show cause why fur-




’P
'




674

NATIONAL MONETARY COMMISSION.

tlier proceedings should not be enjoined, and after the de­
cision o f the court or finding o f a jury that such asso­
ciation has not refused to redeem its circulating notes,
when legally presented, in the law ful money o f the United
States, shall make an order enjoining the Comptroller,
and any receiver acting under his direction, from all fur­
ther proceedings on account o f such alleged refusal,
and ex" S ec. 5238. A ll fees for protesting the notes issued by any
p 1b > s- 51>national banking association shall be paid by the person
^
penses

procuring the protest to be made, and such association
shall be liable therefor; but no part o f the bonds depos­
ited by such association shall be applied to the payment
o f such fees.

A ll expenses o f any preliminary or other

examinations into the condition o f any association shall
be paid by such association.

A ll expenses o f any receiver­

ship shall be paid out o f the assets o f such association
before distribution o f the proceeds thereof,
S E C * 5242. A ll transfers o f the notes, bonds, bills of
i&w-. s- »2, exchange, or other evidences of debt owing to any na-

w h en void 6 r s ’

Bank V Colby t i° nal banking association, or o f deposits to its credit;
eo!)|-'case1i)'illl assignments o f mortgages, sureties on real estate, or
° f judgments or decrees in its favor; all deposits of
C a s e y ' n money> bullion, or other valuable thing for its use, or for
w o o d s , 7 7 ) ; the use o f any o f its shareholders or creditors; and all
W o o d ? ank 2 3 ) 2-

Biss 3oiD (6 payments o f money to either, made after the commission
)
k
o f an act o f insolvency, or in contemplation thereof,
made with a view to prevent the application o f its assets
in the manner prescribed by this chapter, or with a view
to the preference o f one creditor to another, except in
payment o f its circulating notes, shall be utterly null and
v oid; and no attachment, injunction or execution, shall be
issued against such association or its property before final
judgment in any suit, action, or proceeding, in any State,

use of the ti-

tie “ n a tio n a l.”
M ar. 3 , 18 7 3 ,
c. 269, s. 3,
17 , p. G03 .

y.

county, or municipal court.
Sec. 5243. All banks not

organized and transacting
.
&
°
business under the national-currency laws, or under this
.

.

.

.

.

Title, and all persons or corporations doing the business
of bankers, brokers, or savings institutions, except sav­
ings-banks authorized by Congress to use the word “ na­
tional ” as a part o f their corporate name, are prohibited
from using the word “ national ” as a portion o f the name
or title o f such bank, corporation, firm, or partnership;
and any violation o f this prohibition committed after the
third day o f September, eighteen hundred and seventy-

L A W S C O N C E R N IN G PAPER M O N E Y .

675

three, shall subject the party chargeable therewith to a
penalty o f fifty dollars for each day during which it is
committed or repeated.
Section 5413, as codified in section 147 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1115) :
The words “ obligation or other security of the United or“
States ” shall be held to mean all bonds, certificates of in- [/n^ d°sLtes»
debtedness, national-bank currency, coupons, U n ite d deflned*
States notes, Treasury notes, gold certificates, silver cer­
tificates, fractional notes, certificates o f deposit, bills,
checks, or drafts for money, drawn by or upon authorized
officers o f the United States, stamps and other representa­
tives* o f value, o f whatever denomination, which have
been or may be issued under any A ct o f Congress.
Section 5414, as codified in section 148 of the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1115) :
Whoever, with intent to defraud, shall falsely counterfeiting
make, forge, counterfeit, or alter any obligation or other se^n *ie meilt.
s^,
security o f the United States shall be fined not more than for.
five thousand dollars and imprisoned not more than fif­
teen years.
Section 5415, as codified in section 149 of the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1115) :
Whoever shall falsely make, forge, or counterfeit, or j n g ^aYionaiC
cause or procure to be made, forged, or counterfeited, or bank notesshall willingly aid or assist in falsely making, forging,
or counterfeiting, any note in imitation of, or purporting
to be in imitation of, the circulating notes issued by any
banking association now or hereafter authorized and act­
ing under the laws of the United States; or whoever shall
pass, utter, or publish, or attempt to pass, utter, or pub­
lish, any false, forged, or counterfeited note, purporting
to be issued by any such association doing a banking busi­
ness, knowing the same to be falsely made, forged, or
counterfeited; or whoever shall falsely alter, or cause or
procure to be falsely altered, or shall willingly aid or
assist in falsely altering, any such circulating notes, or
shall pass, utter or publish, or attempt to pass, utter, or
publish as true, any falsely altered or spurious circulating
note issued, or purporting to have been issued, by any
such banking association, knowing the same to be falsely







676

NATIONAL MONETARY COMMISSION.

f0^ unishment altered of spurious, shall be fined not more than one
thousand dollars and imprisoned not more than fifteen
years.
Section 5430, as codified in section 150 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1116) :

uin p t s Whoever, having control, custody, or possession of any
s g lae
th r °etc au*P^ate’ s^one? or 0*her thing, or any part thereof, from
on
which has been printed, or which may be prepared by
direction of the Secretary o f the Treasury for the purpose
o f printing,

any obligation or other security of the

United States, shall use such plate, stone, or other thing,
or any part thereof, or knowingly suffer the same to be
used for the purpose o f printing any such or similar obli­
gation or other security, or any part thereof, except as
may be printed for the use o f the United States by order
o f the proper officer thereof; or whoever by any way, art,
or means shall make or execute, or cause or procure to be
made or executed, or shall assist in making or executing
any plate, stone, or other thing in the likeness o f any plate
designated for the printing of such obligation or other
security; or whoever shall sell any such plate, stone, or
other thing, or bring into the United States or any place
subject to the jurisdiction thereof, from any foreign place,
any such plate, stone, or other thing, except under the
direction o f the Secretary o f the Treasury or other proper
officer, or with any other intent, in either case, than that
such plate, stone, or other thing be used for the printing
o f the obligations or other securities o f the United States;
or whoever shall have in his control, custody, or posses­
sion any plate, stone, or other thing in any manner made
after or in the similitude o f any plate, stone, or other
thing, from which any such obligation or other security
has been printed, with intent to use such plate, stone, or
other thing, or to suffer the same to be used in forging or
counterfeiting any such obligation or other security, or
any part thereof; or whoever shall have in his possession
or custody, except under authority from the Secretary of
the Treasury or other proper officer, any obligation or
other security made or executed, in whole or in part, after
the similitude o f any obligation or other security issued
under the authority o f the United States, with intent to
sell or otherwise use the same; or whoever shall print,
photograph, or in any other manner make or execute, or

G77

LAWS CONCERNING PAPER MONEY.

cause to be printed, photographed, made, or executed, or
shall aid in printing, photographing, making, or execut­
ing any engraving, photograph, print, or impression in
the likeness o f any such obligation or other security, or
any part thereof, or shall sell any such engraving, photo­
graph, print, or impression, except to the United States,
or shall bring into the United States, or any place sub­
ject to the jurisdiction thereof, from any foreign place
any such engraving, photograph, print, or impression, ex­
cept by direction of some proper officer of the United
States; or whoever shall have or retain in his control or
possession, after a distinctive paper has been adopted by
the Secretary of the Treasury for the obligations and

a u th o rity ,

other securities of the United States, any similar paper
adapted to the making of any such obligation or other
security, except under the authority of the Secretary o f
the Treasury or some other proper officer o f the United
States, shall be fined not more than five thousand d olla rs,„ Punishment
7 .
7 fo r .
or imprisoned not more than fifteen years, or both.
Section 5431, as codified in section 151 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1 1 1 6 ):
Whoever, with intent to defraud, shall pass, utter, pub- fJrgM obH
rln galish, or sell, or attempt to pass, utter, publish, or sell, o r tionsshall bring into the United States or any place subject to
the jurisdiction thereof, with intent to pass, publish, utter
or sell, or shall keep in possession or conceal with like
intent, any falsely made, forged, counterfeited, or altered

'

obligation or other security o f the United States, shall be

P u n is h m e n t

fined not more than five thousand dollars and imprisoned
not more than fifteen years.
Section 5432, as codified in section 152 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1117) :
Whoever, without authority from the United States,

Taking

shall take, procure, or make, upon lead, foil, wax, plaster,
paper, or any other substance or material, an impression,m S etC
eD ’ ’
stamp, or imprint of, from, or by the use of any bedplate,
bedpiece, die, roll, plate, seal, type, or other tool, imple­
ment, instrument, or thing used or fitted or intended to be
used in printing, stamping, or impressing, or in making
other tools, implements, instruments, or things to be used
or fitted or intended to be used in printing, stamping, or
impressing any kind or description o f obligation or other




im-




NATIONAL MONETARY COMMISSION.

678

security o f the United States now authorized or hereafter
to be authorized by the United States, or circulating note
or evidence of debt of any banking association under the
P u n is h m e n t

for.

laws thereof, shall be fined not more than five thousand
•

•

dollars, or imprisoned not more than ten years, or both.
Section 5433, as codified in section 153 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,
1 1 1 7 ):

H a y in g unla w fu l p ossess !o n s ° f im
pres‘

Whoever, with intent to defraud, shall have in his pos7
7
session, keeping, custody, or control, without authority
from the United States, any imprint, stamp, or impres­
sion, taken or made upon any substance or material what­
soever, o f any tool, implement, instrument, or thing, used,
or fitted or intended to be used, for any o f the purposes
mentioned in the preceding section; or whoever, with
intent to defraud, shall sell, give, or deliver any such

f0ITunishinent imprint, stamp, or impression to any other person, shall
be fined not more than five thousand dollars, or impris­
oned not more than ten years, or both.
Section 5434, as codified in section 154 o f the Penal
Code of the United States, March 4, 1909 (35 Stat. L.,
1 1 1 7 ):
c o u n te r fe it

s°

cu rities.

"Whoever shall buy, sell, exchange, transfer, receive, or
deliver any false, forged, counterfeited, or altered obliga­
tion or other security o f the United States, or circulating
note o f any banking association organized or acting under
the laws thereof, which has been or may hereafter be
issued by virtue o f any A ct o f Congress, with the intent
that the same be passed, published, or used as true and

P u n is h m e n t

False personation o f holder

of

stocks

genuine, shall be fined not more than five thousand dollars, or imprisoned not more than ten years, or both.
S e c . 5435. Every person who falselv personates anv
- .

.

*1 *

.

,

...

public true and law ful holder of any share or sum in the public
^

Mar. 3 ,1825, stocks or debt o f the United States, or anv person entitled

c. 65, s. 18, v.
4, p. 120.

.

,.

..

.

to any annuity, dividend, pension, prize-money, wages, or
other debt due from the United States, and, under color
o f such false personation, transfers or endeavors to trans­
fer such public stock or any part thereof, or receives or
endeavors to receive the money o f such true and lawful
holder thereof, or the money o f any person really entitled
to receive such annuity, dividend, pension, prize-money,
wages, or other debt, shall be punished by a fine o f not
more than five thousand dollars, and by imprisonment at
hard labor not more than ten years.
L ., 1095.)

(Am ended, 35 Stat.

LAWS CONCERNING PAPER MONEY.

679

S e c . 5436. Every person who knowingly or fraudu- onFalfs
rauduient
lently demands or endeavors to obtain any share or s u m ^ 1 of at-

in the public stocks of the United States, or to have any
part thereof transferred, assigned, sold, or conveyed, or

md-

to have any annuity, dividend, pension, prize-money,
wages, or other debt due from the United States, or any
part thereof, received or paid by virtue of any false,
forged, or counterfeited power of attorney, authority, or
instrument, shall be punished by a fine o f not more than
five thousand dollars, and by imprisonment at hard labor
not more than ten years.

(Amended, 35 Stat. L ., 1 0 9 5 .)

Section 5437, as codified in section 174 o f the Penal
Code o f the United States, March 4, 1909 (35 Stat. L .,

1122) :

In all cases where the charter o f any corporation which ^Circulating
has been or may be created by A ct of Congress has expired banksor may hereafter expire, i f any director, officer, or agent
o f the corporation, or any trustee thereof, or any agent of
such trustee, or any person having in his possession or
under his control the property o f the corporation for the
purpose o f paying or redeeming its notes and obligations,
shall knowingly issue, reissue, or utter as money, or in
any other way knowingly put in circulation any bill, note,
check, draft, or other security purporting to have been
made by any such corporation whose charter has expired,
or. by any officer thereof, or purporting to have been made
under authority derived therefrom, or if any person shall
knowingly aid in any such act, he shall be fined not more

P u n is h m e n t

than ten thousand dollars, or imprisoned not more than
five years, or both. But nothing herein shall be construed
to make it unlawful for any person, not being such d i­
rector, officer, or agent of the corporation, or any trustee
thereof, or any agent o f such trustee, or any person hav-

C ir c u la t io n

ing in his possession or under his control the propertypeimittedo f the corporation for the purpose hereinbefore set forth,
who has received or may hereafter receive such bill, note,
check, draft, or other security, bona fide and in the ordi­
nary transactions o f business, to utter as money or other­
wise circulate the same.
Section 5453, as codified in section 155 o f the Penal
Code o f the United States, March 4. 1909 (35 Stat, L .
1117) :

Whoever, without authority from the United States, em tielz’i l n°g
shall secrete within, embezzle, or take and carry away t°e .f a
°J aad f“ a
r
from any building, room, office apartment, vault, safe, or fr e * 18 secu
Ys 11
r'
15712°— 10------ 45







NATIONAL MONETARY COMMISSION.

680

other place where the same is kept, used, employed, placed,
lodged, or deposited by authority o f the United States,
any bedpiece, bedplate, roll, plate, die, seal, type, or other
tool, implement, or thing used or fitted to be used in
stamping or printing, or in making some other tool or
implement used or fitted to be used in stamping or- print­
ing, any kind or description o f bond, bill, note, certificate,
coupon, postage stamp, revenue stamp, fractional cur­
rency note, or other paper, instrument, obligation, device,
or document, now or hereafter authorized by law to be
printed, stamped, sealed, prepared, issued, uttered, or put
in circulation on behalf o f the United States; or whoever,
without such authority, shall so secrete, embezzle, or take
and carry away any paper, parchment, or other material
prepared and intended to be used in the making o f any
such papers, instruments, obligations, devices, or docu­
m ents; or whoever, without such authority, shall so se­
crete, embezzle, or take and carry away any paper, parch­
ment, or other material printed or stamped, in whole or
part, and intended to be prepared, issued, or put in circu­
lation on behalf o f the United States as one o f the papers,
instruments, or obligations hereinbefore named, or printed
or stamped, in whole or part, in the similitude of any such
paper, instrument, or obligation, whether intended to issue
P u n is h m e n t
j*Q •
J» ”

or ^
put the same in circulation or not. shall be fined not
# '
#
more than five thousand dollars, or imprisoned not more
than ten years, or both.

AC TS SU B SE Q U E N T TO T H E R E V IS E D S T A T U T E S .

A C T O F J U N E 20, 1874.
i| stat-^L., C h a p . 343.— An act -fixing the amount o f United States

notes, providing for a redistribution of the nationalbank currency, and for other purposes.
*
s- 3h
p. 108.

$•

*

*

*

*

S ec . 2. T hat section thirtv*one o f the “ the nationalbank act ” be so amended that the several associations
therein provided for shall not hereafter be required to
keep on hand any amount o f money whatever, by reason

reservesSo n c
cu R eserv es

i
on

r

-

amount o f their respective circulations; but the

money s required by said section to be kept at all times

teinedSitS re" on hand shall be determined by the amount o f deposits
in all respects, as provided for in the said section.

LAWS CONCERNING PAPER MONEY.

S ec . 3. That

681

every association organized, or to be

ce£tl ™ cft*n
r

organized, under the provisions o f the said act, and ° f Jfos^teae in
the several acts amendatory thereof, shall at all times ^emptfon1 o f
keep and have on deposit in the treasury o f the United circulation.
States, in law ful money of the United States, a sum
equal to five per centum o f its circulation, to be held and
used for the redemption of such circulation; which sum
shall be counted as a part of its lawful reserve, as pro- To be count.,
.
.
x
. . .
ed as part of
vided m section two o f this a ct ; and when the circulating reserve,
notes o f any such associations, assorted or unassorted,

N otes

to

be

v
t
1 pG G ID don
dG G
shall be presented for redemption, in sums of one thou- presentation to
sand dollars, or any multiple thereof, to the Treasurer
o f the United States, the same
shall be redeemed in
United States notes. A ll notes so redeemed shall be To be chargi
.
.
ed to respecenarged by the Treasurer of the United States to thet.iwe associarespective associations issuing the same, and he shall notify M
onthly non
,
°
,
tice of redem
pinem severally, on the first day o f each month, or oftener, tions.
at his discretion, o f the amount o f such redemptions;
and whenever such redemptions for any association shall
amount to the sum of five hundred dollars, such associa- T ueposu^wuh
tion so notified shall forthwith deposit with the Treas- amount equal
urer or the United States a sum in United States notes deem w
ed, hen,
equal to the amount o f its circulating-notes so redeemed.
A n d all notes o f national banks worn, defaced, mutilated, . A s s i s t a n t
or otherwise unfit for circulation shall, when received by d e p o sita rie s to
apy assistant treasurer, or at any designated depository of Treasurer63 t0
5
the Tinited States, be forwarded to the Treasurer of the red em p tion .
United States for redemption as provided herein.

And

when such redemptions have been so re-imbursed, the cir-

be

d e e m e d 6 to

a s s o c i a t i o n s .t0

culating-notes so redeemed shall be forwarded to the re­
spective associations by which they were issued; but if
n y o f such notes are worn, mutilated, defaced, or ren-

w orn,

m u ti­

t o * beloiwaS

dered otherwise unfit for use, they shall be forwarded troiier o?°c£to the Comptroller o f the Currency and destroyed and

e T yk

ndtr°rel

replaced as now provided by la w : Provided , T hat each o f plAssociations
said associations shall re-imburse to the Treasury the tV n £ porting
charges for transportation, and the costs for assorting

A s s o c ia t io n s

such notes; and the associations hereafter organized shall

ga n ized to pay

also severally re-imburse to the Treasury the cost o f en-

in g plates.^

graving such plates as shall be ordered by each associa-

a ssessm en t

of

tion respectively; and the amount assessed upon each

c lR e S of

part

association shall be in proportion to the circulation re- loef6 v o L ~ ’ x m f’
deemed, and be charged to the fund on deposit with the

P N o R edem p-

Tieasurer: And provided further , That so much o f s e c - than as herein
tion thirty-two o f said national-bank act requiring or piovlded for-







NATIONAL MONETARY COMMISSION.

682

permitting the redemption o f its circulating notes else­
where than at its own counter except as provided for in
this section, is hereby repealed.
of drcufation11

S ec . 4. T hat any association organized under this act,
or any of the acts o f which this is an amendment, desir­
ing to withdraw its circulating notes, in whole or in
part, may, upon the deposit o f law ful money with the
Treasurer of the United States in sums o f not less than
nine thousand dollars, take up the bonds which said asso­
ciation has on deposit wdth the treasurer for the security

o f such circulating-notes; which bonds shall be assigned to
i o l eCv o i 9 ’

xiu

bank in the manner specified in the nineteenth sec-

p- Redem
pti o n t i° n

^he national-bank a ct; and the outstanding notes
anddestruction 0f said association, to an amount equal to the legalnotes.

tender notes deposited, shall be redeemed at the Treas­
ury o f the United States, and destroyed as now provided

L it t r e - by
im o
d uct ion of
^
bon d s
p osit.

on

de-

la w : Provided , That the amount o f the bonds on
.

7 .

deposit for circulation shall not be reduced below fiftv
r

^

thousand dollars.
num
g E # 5. That the Comptroller o f the Currency shall,
C

C h a rter
bers o f a ss ocia ti o ns to be imder
p rin ted on na-

1

J

7

such rules and regulations as the Secretary o f the
0

^

tionai-bank Treasurv m av prescribe, cause the charter-num bers o f

notes.

.

Limit
to
a m ou n t or ou tU nited

n°tesNo

serve

.

"

.

the association to be printed upon all national-bank notes
which may be hereafter issued by him.
gE >
C
That the amount o f United States notes out-

dstates standing and to be used as a part o f the circulatingmedium, shall not exceed the sum of three hundred and

p a rt

to

7

as re" eigbty-two million dollars, which said sum shall appear
in each monthly statement o f the public debt, and no
part thereof shall be held or used as a reserve.

pa?te ch 252f
o?
voi. x v i, p. 251 .

S ec .
That so much o f the act entitled “ A n act to
provide for the redemption o f the three per centum tem­
porary loan certificates, and for an increase o f national
bank notes ” as provides that no circulation shall be
withdrawn under the provisions o f section six o f said
act, until after the fifty-four millions granted in section
one o f said act shall have been taken up, is hereby re­
pealed; and it shall be the duty o f the Comptroller o f
the Currency, under the direction o f the Secretary o f the
Treasury, to proceed forthwith, and he is hereby author­
ized and required, from time to time, as applications

o f^ I in -e n c r

t 5sb aU be duly made therefor, and until the full amount o f
<

M eredistribu"b^y'five million dollars shall be withdrawn, to make
tion .
requisitions upon each o f the national banks described
in said section, and in the manner therein provided, or-

LAWS CONCERNING PAPER MONEY.

683

ganized in States having an excess o f circulation, to
withdraw and return so much o f their circulation as by
said act may be apportioned to be withdrawn from them,
or, in lieu thereof, to deposit in the Treasury o f the
United States law ful money sufficient to redeem such
circulation, and upon the return o f the circulation re­
quired, or the deposit of lawful money, as herein pro­
vided, a proportionate amount o f the bonds held to secure
the circulation o f such association as shall make such re­
turn or deposit shall be surrendered to it.
S ec . 8. That upon the failure o f the national banks when na. . .
„
.
.
.
..
tio n a l b a n k s
upon which requisition for circulation shall be made, or or fa il to co m p ly
„

.

^

any of them, to return the amount required, or to deposit

w ith
tio n s,

req u isid u ty o f

m the Treasury law ful money to redeem the circulation 10pe ^0
c l49^ chrequired, within thirty days, the Comptroller o f the Cur- m !
' ’ p\
rency shall at once sell, as provided in section fortynine o f the national-currency act approved June third,
eighteen hundred and sixty-four, bonds held to secure the
redemption o f the circulation o f the association or associ­
ations which shall so fail, to an amount sufficient to re­
deem the circulation required of such association or as­
sociations, and with the proceeds, which shall be deposited
in the Treasury o f the United States, so much o f the cir­
culation o f such association or associations shall be re­
deemed as will equal the amount required and not re­
turned and if there be any excess of proceeds over the
amount required for such redemption, it shall be returned
to the association or associations ivliose bonds shall have
been sold.

A n d it shall be the duty o f the Treasurer,

Duty

0f

assistant treasurers, designated depositaries, and national S a n tT '’ ana
bank depositaries o f the United States, who shall be depositaries,
kept informed by the Comptroller of the Currency o f such
associations as shall fail to return circulation as re­
quired, to assort and return to the Treasury for redemp­
tion the notes o f such associations as shall come into their
hands until the amount required shall be redeemed, and

Redemption

in like manner to assort and return to the Treasury, for bLks^n^iiqvS
redemption, the notes o f such national banks as h a v e datl0n'
failed, or gone into voluntary liquidation for the purpose
o f winding up their affairs, and o f such as shall hereafter
so fail or go into liquidation.
S e c . 9. That from and after the passage o f this act
it shall be law ful for the Comptroller o f the Currency,

Redistribun c yf wTth"

and he is hereby required, to issue circulating-notes dia'vnwithout delay, as applications therefor are made, not to







NATIONAL MONETARY COMMISSION.

684

exceed the sum o f fifty-five million dollars, to associ­
ations organized, or to be organized, in those States and
Territories having less than their proportion o f circula­
tion, under an apportionment made on the basis o f popu­
lation and o f wealth, as shown by the returns o f the cen­
sus o f eighteen hundred and seventy; and every associ­
ation hereafter organized shall be subject to, and be
governed by, the rules, restrictions, and limitations, and
possess the rights, privileges, and franchises, now or
hereafter to be prescribed by law as to national banking
associations, with the same power to amend, alter, and re­
peal provided by “ the national bank a c t: ” Provided,
.kAm it, t o That the whole amount o f circulation withdrawn and rewithdrawal.
. . .
deemed from banks transacting business shall not exceed
fifty-five million dollars, and that such circulation shall
be withdrawn and redeemed as it shall be necessary to
supply the circulation previously issued to the banks in
those States having less than their apportionment: And

provided further, That not more than thirty million dol­

Proviso.

lars shall be withdrawn and redeemed as herein contem­
plated during the fiscal year ending June thirtieth, eight­
een hundred and seventy-five.
Approved, June 20, 1874.
A C T O F J U N E 23, 1874.
i| stat^L., C h a p . 455.— A n act making appropriations for sundry

civil expenses of the Government for the fiscal year
ending June thirtieth, eighteen hundred and seventy five, and for other purposes.

*
^ Notes ^to be
m aceration

stead of
burning.
S06

r»i84,

*

*

*
*,

*

*

*

for the maceration o f national-bank notes,

in-United States notes, and other obligations o f the United
by
.
.
.
.
JStates authorized to be destroyed, ten thousand dollars;

S CC S .
52125

, Re- and that all such issues hereafter destroyed may be de­

vised Statutes.

.

,

stroyed by maceration instead o f burning to ashes as now
provided by la w ; and that so much o f sections twentyfour and forty-three o f the national-currency act as re­
quires national-bank notes to be burned to ashes is hereby
repealed; that the pulp from such macerated issue shall
be disposed o f only under the direction o f the Secretary of
the Treasury.
*
*
*
*
4
c

Approved, June 23, 1874.

-T
685

L A W S CO N C E R N IN G PAPER M O N E Y .

A C T O F J A N U A R Y 14, 1875.
C h a p . 15 .— A n act to provide for the resumption of

ig Stet^L.,

specie payments.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
e
0
bled, That the Secretary o f the Treasury is hereby au- v rlss£;insf au­
thorized and required, as rapidly as practicable, to cause the redemption
to be coined, at the mints o f the United States, silver coins currenc/ T u of the denominations of ten, twenty-five, and fifty cents, of
standard value, and to issue them in redemption of an
equal number and amount of fractional currency o f simi­
lar denominations, or, at his discretion, he may issue such
silver coins through the mints, the sub-treasuries, public
depositaries and post-offices of the United States; and,
upon such issue, he is hereby authorized and required to
redeem an equal amount of such fractional currency, until
the whole amount o f such fractional currency outstanding
shall be redeemed.
S

e c

. 2 .

That so much o f section three thousand five t R e p e a l

hundred and twenty-four o f the Revised Statutes o f the charge

o f a^u-

a

per-

United States as provides for a charge of one-fifth of one conversion
per centum for converting standard gold bullion into coin coin,
is hereby repealed, and hereafter no charge shall be made
for that service.

Sec. 3. That section five thousand one hundred and sev-

.Repeal

o

t

of

enty-seven o f the Revised Statutes o f the United S t a t e s ,a g g r ? ? a t e
limiting the aggregate amount o f circulating notes of cuiating Notes’
national banking associations, be, and is hereby, repealed;
and each existing banking association may increase its
circulating notes in accordance with existing law without
respect to said aggregate lim it; and new banking associ­
ations may be organized in accordance with existing law
without respect to said aggregate lim it; and the pro-

Repeal

of

visions o f law for the withdrawal and redistribution o f w ? th S a J a i
national bank currency among the several States and tion.redistnbu'
Territories are hereby repealed.

A nd whenever, and so

often, as circulating notes shall be issued to any such
banking association, so increasing its capital or circulating
notes, or so newly organized as aforesaid, it shall be the
duty of Secretary o f the Treasury to redeem the legal-

United states
of

$foo?ooo,c
ooo

tender United States notes in excess only o f three hundred 5? a certain ramillion of dollars, to the amount o f eighty per centum o f of n a t i o n a i the sum of national-bank notes so issued to any such bank- tion.







686

N A T IO N A L M O N ETARY CO M M ISSIO N .

ing association as aforesaid, and to continue such re­
demption as such circulating notes are issued until there
shall be outstanding the sum o f three hundred million
o fR u'n!it d ^ 0^ ars
ed
te
suc^ legal-tender United States notes, and no
cofn^fter^Jan1more- ^ nd on and after the first day o f January anno
i*1879Domini eighteen hundred and seventy-nine, the Secretary
o f the Treasury shall redeem, in coin, the United States
legal-tender notes then outstanding on their presentation
for redemption, at the office o f the assistant treasurer of
the United States in the city o f New Y ork, in sums o f not
ti0 ppropria'less than fifty dollars.
^

A nd to enable the Secretary o f the

Treasury to prepare and provide for the redemption in
this act authorized or required, he is authorized to use
any surplus revenues, from time to time, in the Treasury
s a le o f b on d s
to
provide
m eans o f red eem in g U n ited
states notes,

not otherwise appropriated, and to issue, sell and dispose
,

.

.

1 .

. .

. .

of, at not less than par, in coin, either o f the descriptions
7

.

7

7

.

A

o f bonds of the United States described in the act o f Con­
gress aproved July fourteenth, eighteen hundred and sev­
enty, entitled, “ A n act to authorize the refunding of the
national debt,” with like qualities, privileges, and exemp­
tions, to the extent necessary to carry this act into full
effect, and to use the proceeds thereof for the purposes
aforesaid. A n d all provisions o f law inconsistent with
the provisions o f this act are hereby repealed.
Approved, January 14, 1875.
A C T O F J A N U A R Y 19, 1875.

^is stat^L., C h a p . 19.— A n act to remove the limitation restricting

the circulation of hanking-associations issuing notes
'payable in gold.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemu
tes^vi5i85,tflp'hied, That so much o f section five thousand one hundred
in p a rtrepealed an<l eighty-five o f the Revised Statutes o f the United
cufatTonof gold States as limits the circulation o f banking-associations,
banks rem oved , organized for the purpose o f issuing notes payable in gold,
severally to one million dollars, be, and the same is hereby,
repealed; and each o f such existing banking-associations
may increase its circulating-notes, and new banking-asso­
ciations may be organized, in accordance with existing
law, without respect to such limitation.

Approved, January 19, 1875.

LAWS CONCERNING PAPER MONEY.

ACT

687

O F F E B R U A R Y 8, 1875.

C h a p . 36.— A n act to amend existing customs and internal

revenue laws, and for other purposes.
*

S ec. 19.

*

*

*

18 stat. l .,
pt. Sf p. oil*

*

That every person, firm, association other than

Tax 9 1 cir1

national bank associations, and every corporation, State other than nabank, or State banking association, shall pay a tax of
ten per centum on the amount of their own notes used
for circulation and paid out by them.
ec 20. That every such person, firm, association, cor-

S .

Tax pn cor­

poration, State bank, or State banking association, and other1th nnaf
a°n
also every national banking association, shall pay a like paid out, etc.
tax o f ten per centum on the amount o f notes o f any
person, firm, association other than a national banking
association, or o f any corporation, State bank, or State
banking association, or of any town, city, or municipal
corporation, used for circulation and paid out by them.

S ec. 21.

That the amount of such circulating notes, and

Returns of

of the tax due thereon, shall be returned, and the tax paid cuiation other
at the same time, and in the same manner, and with like banks,
penalties for failure to return and pay the same, as
provided by law for the return and payment o f taxes on
deposits, capital, and circulation, imposed by the exist­
ing provisions o f internal revenue law.

*

*

■ *

*

*

Approved, February 8, 1875.
A C T O F M A R C H 3, 1875.
C h a p . 130.— A n act making appropriations for sundry

is stat. l .,

civil expenses of the Government for the fiscal yea r Pt' 3’ P' 372'
ending June thirtieth, eighteen hundred and seventysix , and for other purposes.
*

*

*

*

*

For paper, engraving, printing, express charges, and Making and
,1
7
1 •
j •
•
.1
V
issuing c u r other expenses of making and issuing the national cur-re cy
n .
rency, two hundred thousand dollars, to be disbursed
under the direction of the Secretary of the Treasury:
Provided , That the national-bank notes shall be printed
under the direction of the Secretary of the Treasury, and
upon the distinctive or special paper which has been, or







may hereafter be, adopted by him for printing United
States notes.

p a v e r s ’

F or the purchase o f engravers’ tools, dies, rolls, and
plates, and for machinery and repairs o f the same, fifty
thouand dollars: Provided , T hat the above-named notes,
and other securities o f the United States be

Three plate- executed

with not less than three plate-printings: And

provided further , T hat the Secretary of the Treasury
shall have executed one or two o f such printings by such
Part of plate- responsible and capable and experienced bank-note cornprinting by con.
1
A
tractors.
panies or bank-note engravers as may contract for the

same at the lowest cost to the Government, and at prices
not greater than those heretofore paid for the same class
o f w ork; no company or establishment executing more
than one printing upon the same note or obligation, and
the final printing and finishing to be executed in the
Treasury Department.
*
*
Approved, March 3, 1875.
A C T O F A P R I L 17, 1876.
3gi9 stat- L - C h a p . 63.— A n act to provide for a deficiency in the

PAnting and Engraving Bureau of the Treasury D e­
partment, and for the issue of silver coin of the United
States in place o f fractional currency.
♦
silver coins
in redemption
o f fractional
currency.

*

*

*

*

S ec . 2. That the Secretary o f the Treasury is hereby
.

.

^

^

directed to issue silver coins o f the United States, of the
.

.

,

7

Revised stat-denomination o f ten, twenty, twenty-five, and fifty cents

utes 351 3

5

"7

*

7

*

o f standard value, in redemption o f an equal amount of
fractional currency, whether the same be now in the
Treasury awaiting redemption, or whenever it may, be
presented for

redemption; and the Secretary o f

the

Treasury m ay, under regulations o f the Treasury De­
partment, provide for such redemption and issue by sub­
stitution at the regular subtreasuries and public deposi­
tories o f the United States until the whole amount of
r e ^ fy 'to 'te fr a c tio n a l currency outstanding shall be redeemed. And
°f sinking the fractional currency redeemed under this act shall be
held to be a part o f the sinking-fund provided for by
existing law, the interest to be computed thereon, as in
the case o f bonds redeemed under the act relating to the
sinking-fund.

Approved, April 17, 1876,

LAWS CONCERNING PAPER MONEY.

689

A C T O F J U N E 30, 1876.

Chap.

.

156 — A n act authorizing the appointment of re- 6319 statceivers of national hanks, and for other purposes.
*

*

*

*

L-

*

S ec . 5. T hat all United States officers charged with n Fraudulent

the receipt or disbursement o f public moneys, and all ?.counterfeit”
officers of national banks, shall stamp or write in plain ing’offlcei^and
letters the word “ counterfeit ” “ altered ” or “ worthless,” bank officers,
upon all fraudulent notes issued in the form of, and in­
tended to circulate as money, which shall be presented
at their places o f business; and if such officers shall fo®®^ng£uiiy
wrongfully stamp any genuine note o f the United States, stamping,
or of the national banks, they shall, upon presentation,
redeem such notes at the face-value thereof.
*

*

*

*

*

Approved, June 30, 1876.
J O IN T
[No. 17.]

R E S O L U T IO N

OF JULY

22, 1876.

Joint resolution for the issue of silver coin.

1

19 stat. l .,

215.

Resolved hy the Senate and House of Representatives
of the United States of America in Congress assembled,
That the Secretary o f the Treasury, under such limits

silver coin

to

and regulations as will best secure a just and fair distri- exchange for
bution of the same through the country, may issue the notes! ~tendei
silver coin at any time in the Treasury to an amount not^Notes to be
exceeding ten million dollars, in exchange for an equal

cia i funda spe

amount of legal-tender notes; and the notes so received
in exchange shall be kept as a special fund separate and
apart from all other money in the Treasury, and be re­
issued only upon the retirement and destruction o f a
like sum of fractional currency received at the Treasury
in payment of dues to the United States; and said frac­
tional currency, when so substituted, shall be destroyed
and held as part of the sinking-fund, as provided in the
act approved

A pril

seventeen, eighteen hundred

and

seventy-six.
S ec . 2. T hat the trade dollar shall not hereafter be a

Trade dollar

legal tender, and the Secretary o f the Treasury is hereby tender.be legal
authorized to limit from time to time, the coinage thereof

coinage 0 f ,

to such an amount as he may deem sufficient to meet th e m b hmlted'
a> e
export demand for the same.







690

NATIONAL MONETARY COMMISSION.

u V
tese 35i3Stat
A m o u n t of
ver

coin

S £CThat in addition to the amount o f subsidiary
silver coin authorized by law to be issued in redemption

a u - of

the fractional currency it shall be lawful to manufac­

ture at the several mints, and issue through the Treasury
and its several offices, such coin, to an amount, that, in­
cluding the amount o f subsidiary silver coin and o f frac­
tional currency outstanding, shall, in the aggregate, not
exceed, at any time, fifty million dollars.
Purely of

S ec . 4, T hat the silver bullion required for the pur­
poses o f this resolution shall be purchased, from time to
time, at market rate, bv the Secretary o f the Treasury,

P rice l i m i t e d . -with

any money in the Treasury not otherwise appro­

priated; but no purchase o f bullion shall be made under
this resolution when the market-rate for the same shall
be such as will not admit o f the coinage and issue, as
herein provided, without loss to the T reasury; and any
seigniorageorain or seigniorage arising from this coinage shall be acfor-

counted for and paid into the Treasury, as provided under

Proviso.

existing laws relative to the subsidiary coinage: P r o ­
vided, That the amount o f money at any one time in­
vested in such silver bullion, exclusive o f such resulting
coin, shall not exceed two hundred thousand dollars.
Approved, July 22, 1876.
A C T O F M A R C H 3, 1877.

19

stat. l., C h ap . 105.— A n act m aking appropriations f o r sundry

civil expenses o f the G overnm ent fo r the fiscal year
ending June thirtieth, eighteen hundred and seven tyeight, and fo r oth er purposes.
*

*
bureau

and"Printing
Bureau.

*
o f e n g r a v in g

*

*
and

p r in t in g

.

For labor and expenses o f engraving and printing,
nam ely: For labor (by the day, piece, or contract in­
cluding labor o f workmen skilled in engraving, trans­
ferring, plate-printing, and other specialties necessary
for carrying on the work o f engraving and printing
notes, bonds, and other securities o f the United States,
the pay for such labor to be fixed by the Secretary of
the Treasury at rates not exceeding the rates usually
paid for such w ork ; and for other expenses o f engraving
and printing notes, bonds, and other securities o f the
United States; for paper for notes, bonds, and other se­
curities o f the United States, including mill expenses,

LAWS CONCERNING PAPER MONEY.

boxing

and transportation; for

materials

691

other than

paper required in the work of engraving and printing;
for purchase o f engravers’ tools, dies, rolls, and plates,
and for machinery and repairs o f the same, and for
expenses o f operating macerating machines for the de­
struction o f the United States notes, bonds, national
bank notes, and other obligations o f the United States
authorized to be destroyed eight hundred thousand dol­
lars : P rov id ed , That the work be performed at the Treas-

Proviso,

ury Department: A n d provid ed fu rth er , That it can

Proviso,

be done as cheaply, as perfectly, and as safely and all
contracts already made shall be faithfully carried out.
*

*

*

*

*

Approved, March 3, 1877.
A C T O F F E B R U A R Y 28, 1878.
C h a p . 20.— Aw act to authorize the coinage o f the stand-

ard silver
character.

dollar , and

*

*

to

restore

*

its

2_ 0
2

stat. l .,

legal-tender

*

*

S ec . 3. That any holder o f the coin authorized by this stiver d o tact may deposit the same with the Treasurer or any as- positedy we th
i

sistant treasurer of the United States, in sums not less asslstan^eas3
than ten dollars, and receive therefor certificates o f not sums.’ u " hat
less than ten dollars each, corresponding with the de- tuufates ° ff C
o de‘ nominations o f the United States notes.

The coin de- p°coin to be

posited for or representing the certificates shall be re- demotion* of
tained in the Treasury for the payment o f the same o n certificatesdemand.

Said certificates shall be receivable for cus­

toms, taxes, and all public dues, and, when so received,
may be reissued.
*

*

*

*

*

(Passed February 28, 1878, over the President’s veto.)
A C T O F M A Y 31, 1878.
C h a p . 146.— A n act to forb id the fu rth er retirem en t o f

U nited S tates legal-tender notes.
B e it enacted b y the Senate and H ouse o f R ep resen ta­
tives o f the U nited States o f A m erica in Congress assem­
bled, T hat from and after the passage o f this act it shall
not be lawful for the Secretary o f the Treasury or other




20

stat. l .,




NATIONAL MONETARY COMMISSION.

692
L e g a l-te n d e r
n otes, fu r th e r
retirem en t of,
p roh ib ited .
See a ct o f
F ebru ary
4,
1868,
R evised
S ta tu tes, 3581.

officer under him to cancel or retire any more o f the
United States legal-tender notes.

A n d when any of said

notes may be redeemed or be received into the Treasury
under any law from any source whatever and shall be­
long to the United States, they shall not be retired can­
celled or destroyed but they shall be reissued and paid out

P rov iso.
R evised S ta t­
utes, 3582.

again and kept in circulation: P ro vid ed , That nothing
herein shall prohibit the cancellation and destruction of
mutilated notes and the issue o f other notes o f like de­
nomination in their stead, as now provided by law.
A ll acts and parts o f acts in conflict herewith are
hereby repealed.
Approved, M ay 31, 1878.
A C T O F J U N E 8, 1878.

20 S ta t. L „

102

.

C h a p . 170.— A n act to authorize the S ecretary o f the

T reasury to constitute superintendents o f m ints or
assayers in assay-offices, assistant treasurers o f the
U nited States.
B e it enacted b y the Senate and H ouse o f R ep resen ta­
tives o f the U nited S tates o f A m erica in Congress assem­
bled, T hat the Secretary o f the Treasury be and he is
S u p erin ten d ­
en ts o f m in ts,
e tc., m ay be a s­
s is ta n t tre a su r­
ers.

hereby authorized to constitute any superintendent of a
mint or assaver o f any assay-office, an assistant treasurer
of the United States without additional compensation, to
receive gold coin and bullion on deposit for the purposes
provided for in section two hundred and fifty-four o f the
Revised Statutes.
Approved, June 8, 1878.
A C T O F M A R C H 3, 1879.

20 S ta t.
383.

L„

C h a p . 182.— A n act m aking appropriations f o r sundry

civil expen ses o f the govern m en t f o r the fiscal year end­
in g June thirtieth, eigh teen hundred and eig h ty , and
f o r oth er purposes.

A pprop r i ation s.
S u n d ry civ il
expen ses.

B e i t enacted b y the Senate and H ouse o f R ep resen ta ­
tives o f the U nited States o f A m erica in C ongress assem­
bled, T hat the follow ing sums be, and the same are
hereby,

appropriated

for

the

objects hereinafter

ex­

pressed, for the fiscal year ending June thirtieth, eight­
een hundred and eighty, nam ely:

LAWS CONCERNING PAPER MONEY.

693

MISCELLANEOUS o b j e c t s u n d e r t h e t r e a s u r y d e p a r t m e n t .

* * * ; and so much of the act “ making appropria­
tions for the legislative, executive, and judicial expenses
of the government for the fiscal year ending June
thirtieth, eighteen hundred and seventy-nine, and for
other

purposes,”

approved

June

nineteenth,

1879,

ch. 329 .

eighteen

hundred and seventy-eight, as authorizes the Secretary
o f the Treasury to issue coin certificates in exchange for
bullion deposited for coinage at mints and assay-offices
other than those mentioned in section thirty-five hundred

cer'

and forty-five o f the Revised Statutes, be, and the same ut* e ;j§|| stat‘
(v
is hereby, repealed; said repeal to take effect at the end
o f the present fiscal year.
*
*
*
*
*
Approved, March 3, 1879.
A C T O F J U N E 21, 1879.
C h a p . 34.— A n act making appropriations for the legis- 3021 stat- L-’

lative, executive, and judicial expenses of the govern­
ment, for the fiscal year ending June thirtieth, eigh­
teen hundred and eighty , and for other purposes.
*

*

*

*

*

* * * . In order to provide for the speedy Fr ac t t o n al
payment of arrearages o f pensions, the Secretary of the serve.
S e c . 3.

Treasury is hereby authorized and directed to issue im ­
mediately in payment thereof, as they may be adjusted,
•the legal-tender currency, now

in the United

States

Treasury, held as a special fund for the redemption o f
fractional currency under section one o f joint resolution
number seventeen o f the Congress o f the United States,
approved

July

twenty-second,

eighteen

hundred

and

seventy-six; and fractional currency presented for re­
demption shall be redeemed in any moneys in the Treas­
ury not otherwise appropriated.
*
*
*
*

*

Approved, June 21, 1879.
A C T O F J U L Y 12, 1882.
C h a p . 290 .— A n act to enable national-banking associa- lg|2 stat. l .,

tions to extend their corporate existence, and for other
purposes.
*

*

*

*

*

S ec . 6. T hat the circulating notes of any association so
extending the period o f its succession which shall have







NATIONAL MONETARY COMMISSION.

694

R ed em p ti o n been issued to it prior to
and d e stru ctio n
o f certa in c i r - a t the Treasury o f the

*

18 s t a t ., 123.

such extension shall be redeemed

_

United States, as provided in

section three o f the act o f June twentieth, eighteen hundred and seventy-four, entitled “ A n act fixing the amount
o f United States notes, providing for redistribution o f
national-bank currency, and for other purposes,” and
such notes when redeemed shall be forwarded to the
Comptroller o f the Currency, and destroyed as now pro­
vided by la w ; and at the end o f three years from the
date o f the extension o f the corporate existence o f each

Deposit

o f
la w fu l
m oney
w ith T rea su rer
U nited S ta tes,
fo r red em p tion
o f c ir c u la t in g
notes, etc.
R evised S ta tu t e s ,
5222,

1010.

R evised S ta tu t e s ,
5224,

1010.
R evised S ta tu t e s ,
522 5 ,

1010.

bank the association so extended shall deposit lawful
money with the Treasurer o f the United States suffi­
cient to redeem the remainder o f the circulation which
was outstanding at the date o f its extension, as provided
in sections fifty-tw o hundred and twenty-two, fifty-two
hundred and twenty-four, and fifty-two hundred and
twenty-five o f the Revised Statutes; and any gain that
may arise from the failure to present such circulating

G a in s from notes for redemption shall inure to the benefit o f the
fa ilu r e to p re­
sen t n otes fo r United States; and from time to time, as such notes are
red em p tion to
inure to bene­ redeemed or lawTul money deposited therefor as pro­
fit o f U n ited
S ta tes.
vided herein, new circulating notes shall be issued as
N ew n otes to
be issued dis- provided by this act, bearing such devices, to be ap­
tin g u is h a b 1 e
fro m the old.
proved by the Secretary o f the Treasury, as shall make
C ost o f p lates
fo r n otes re- them readily distinguishable from the circulating notes
i m b u r sed to
T re a s u ry
b y heretofore issued: Provided however , That each banking
b a n k in g a s s o c i­
association which shall obtain the benefit o f this act shall
a tion s.
P ro v iso .

reimburse to the Treasury the cost o f preparing the plate

or plates for such new circulating notes as shall be issued
to it.
*
B on d s fo r sec u r ity o f circ u -

exceed

*

*

*

*

S ec . g. That national banks now organized or hereafter
.

.

.

0

e °or&anized? having a capital o f one hundred and fifty
ca p i- thousand dollars, or less, shall not be required to keep on

“ o n

fo u r th o f

banks
w ith
b on d s d e p o sit-

deposit or deposit with the Treasurer of the United States
r.

r

.

ed in excess to United States bonds in excess o f one-fourth o f their capred uce c i r c ul a - .

tion.

.

.

.

.

.

.

.

.

.

,

ital stock as security for their circulating notes; but sucn
banks shall keep on deposit or deposit with the

T rea su rer

o f the United States the amount o f bonds as herein re­
quired.

A n d such o f those banks having on deposit bonds

in excess o f that amount are authorized to reduce theiri
circulation by the deposit o f law ful money as provided
P ro v iso s .

by la w : Provided , T hat the amount o f such circulating

LAWS CONCERNING PAPER MONEY.

695

notes shall not in any case exceed ninety per centum of inc^ ulaJ;io
c
ta
the par value o f the bonds deposited as herein provided: per Centum eof

Provided further, That the national banks which shall £o£dsV deposita
hereafter make deposits o f lawful money for the retire-edment in fu ll o f their circulation shall at the time o f their
deposit be assessed for the cost of transporting and re- forAtrInsportadeeming their notes then outstanding, a sum equal to the ^mption3 ! e
0f
average cost o f the redemption of national-bank notes g^ndfng0 1 out'
1
during the preceding year, and shall thereupon pay such
assessment. A n d all national banks which have hereto­
fore made or shall hereafter make deposits o f lawful
money for the reduction o f their circulation shall be as­
sessed and shall pay an assessment in the manner specified
in section three of the act approved June twentieth, eight­
een hundred and seventy-four, for the cost of transport­
ing and redeeming their notes redeemed from such de­
posits subsequently to* June thirtieth, eighteen hundred

isstat.,

123.

and eighty-one.
S ec . 9. T hat any national banking association now ° r - of^rcufaTion
ganized, or hereafter organized, desiring to withdraw its fawfu ep°m
1
oney
circulating notes, upon a deposit of lawful money with ^he^ ° r ^
r
r
the Treasurer o f the United States, as provided in section posit,
four o f the act o f June twentieth, eighteen hundred
circulation,

and

seventy-four, entitled “ A n act fixing the amount o f p0him
t i*ft01^ ‘
a
United States notes, providing for a redistribution o f fui m
oney in
national-bank currency, and for other purposes,

or as

provided in this act, is authorized to deposit lawful money
and withdraw a proportionate amount of the bonds held
as security for its circulating notes in the order o f such
deposit; and no national bank which makes any deposit
of law ful money in order to withdraw its circulating
notes shall be entitled to receive any increase o f its circu­
lation for the period of six months from the time it made
such deposit of lawful money for the purpose aforesaid:
Provided , That not more than three millions o f dollars of P r o v i s o s .
’
■
I
1
•
i t
B on d s ca lle d
law ful money shall be deposited during any calendar*^ R e d e m p tio n
month for this purpose: And provided further, That the{’p s ct
®vi|i0ns of
provisions o f this section shall not apply to bonds called
for redemption by the Secretary o f the Treasury, nor to
the withdrawal o f circulating notes in consequence thereof.
S ec. 10. That upon a deposit o f bonds as described by ^Revised statsections fifty-one hundred and fifty-nine and fifty-one

^ R e v is e d ’stat-

hundred and sixty, except as modified by section four o f " is stat.’, 1 2 3 .
an act entitled “ A n act fixing the amount o f United
15712°—10----- 46







States notes, providing for a redistribution of the na­
tional-bank currency, and for other purposes,” approved
June twentieth, eighteen hundred and seventy-four, and
as modified by section eight, o f this act, the association

A s s o c ia tio n ,
upon d ep osit o f
bonds, t o r e ­
ceive c i r c u ­
la tin g n otes in
blank, etc.
C ir c u la t io n
n o t to exceed
90 per centum
o f pa id -in ca p i­
ta l stock.

making the same shall be entitled to receive from the
Comptroller o f the Currency circulating notes of d if­
ferent denominations, in blank, registered and counter­
signed as provided by law, equal in amount to ninety per
centum of the current market value, not exceeding par,
o f the United States bonds so transferred and delivered,
and at no time shall the total amount o f such notes issued
to any such association exceed ninety per centum o f the
amount at such time actually paid in o f its capital stock;
and the provisions o f sections fifty-one hundred and
seventy-one and fifty-one hundred and seventy-six o f the

R evised S ta t­
utes, 5171, 999,
repealed.
R evised S ta tu t e s , 517 6,
1000, repealed.

Revised Statutes are hereby repealed.
*

catls^ssued^in
exch a n g e

fo r

®EC' ^ • That the Secretary o f the Treasury is authorize(j and directed to receive deposits of gold coin wdth

gold coin .
the Treasurer or assistant treasurers o f the United States,
G old r e c e iv - .
ed held fo r re- in sums not less than twenty dollars, and to issue certifid e m p tio n o f
.
^
7
certifica tes.
cates therefor in denominations of not less than twenty
C e r t ific a t e s
.
held hy bank- dollars each, corresponding with the denominations ot
i n g a s s o c ia 7
x
°
.
t i o n s cou n ted United States notes.
The com deposited for or repreas p a rt o f law .
.
A
. i .

fU
Assoe tionsSen^m ^ *he ^r^ficates ° i deposits shall be retained in
ciae
pr o h i b i t ed the Treasury for the payment o f the same on demand.

fro m m em berin gPhdusesie o t
n

, "

•*

"

.

receiv in g g o ld
and silv er certificates m set-

Said certificates shall be receivable for customs, taxes,
and all public dues, and when so received may be re.
A
'
issued; and such certificates, as also silver certificates,

ances.

when held by any national-banking association, shall be
counted as part of its lawful reserve; and no national­
banking association shall be a member o f any clearing­
house in which such certificate shall not be receivable in
the settlement of clearing-house balances: Provided , That

P rov iso.
S u s p e n s io n
o f issue o f gold
c e r tific a te s ,

the Secretary of the Treasury shall suspend the issue o f
, ,
J
,
J,
r
. ,
such gold certificates whenever the amount of gold coin
and gold bullion in the Treasury reserved for the redemp­
tion o f United States notes falls below one hundred mil-

R e v is e d stat-lions

1007. ’

o f dollars; and the provisions of section fiftv-two
’ hundred and seven of the Revised Statutes shall be ap­
plicable to the certificates herein authorized and directed
to be issued.
Approved, July 12, 1882.

LAWS CONCERNING PAPER MONEY.

ACT

OF

AUGUST

697

4, 1886.

C h a p . 902.— A n act making appropriations for sundry 22f 4 stat- L >

civil expenses of the Government, for the fiscal year
ending June thirtieth, eighteen hundred and eightyseven, and for other purposes.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, * * * Provided, That no portion of this sum
shall be expended for printing United States notes of
large denomination in lieu of notes of small denomination
cancelled or retired.
N o te .— This

*

*

*

proviso has been reenacted annually since this time.

A n d the Secretary of the Treasury is hereby ^sn^ver certm-

authorized and required to issue silver-certificates in ^ 1’aran^;0
0
1
denominations o f one, two, and five dollars, and the issued,
silver-certificates herein authorized shall be receivable,
redeemable, and payable in like, manner and for like pur­
poses as is provided for silver-certificates by the act of
February twenty-eighth, eighteen hundred and seventyeight, entitled “ A n act, to authorize the coinage of the
standard silver dollar, and to restore its legal-tender char­
acter,” and denominations of one, two, and five dollars
may be issued in lieu of silver-certificates of larger de­
nominations in the Treasury or in exchange therefor upon
presentation by the holders and to that extent said cer­
tificates of larger denominations shall be cancelled and
destroyed.
*
*
*
*
*
Approved, August 4, 1886.
ACT

OF

M ARCH

3, 1887.

C h a p . 378.— A n act to amend sections five thousand one 5_|4 stat- L->

hundred and ninety-one and five thousand one hun­
dred and ninety-two of the Revised Statutes of the
United States, and for other purposes.
*
S e c . 3.

*

*

*

*

That section three of the act o f January four-

Legal - tender

teenth, eighteen hundred and seventy-five, entitled “ An ^ d f e me d It
act to provide for the resumption of specie payments, b e ,Sav ? ia
.ni8,Cp.
and the same is, hereby amended by adding after the 296,
words “ New Y o r k ” the words “ and the city of San
Francisco, California.”
Approved, March 3,1887.







NATIONAL, MONETARY COMMISSION.

698

A C T O F J U L Y 14, 1890.
26 stat.
^ is u p p .

r

l

., C

. s .,

. 708.— A n act directing the purchase of silver hulnon and the issue of Treasury notes thereon, and for

l ia p

other purposes.

S ilv er b u llion
to be p u r ­
chased.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, That the Secretary of the Treasury is hereby di­
rected to purchase, from time to time, silver bullion to
the aggregate amount of four million five hundred thou­

M on th ly
gregate.

Li mi t

ag­

sand ounces, or so much thereof as may be offered in

of each month, at the market price thereof, not exceeding

p rice, etc.
R epeal o f N o­
vem ber 1, 1893.
28 S ta t. L ., 4.
2 Supp. R . S.,
150.
Treasury
n otes to issue
in p a ym en t o f
p urchases.

one dollar for three hundred and seventy-one and twentyfive hundredths grains of pure silver, and to issue in
payment for such purchases of silver bullion Treasury
notes of the United States to be prepared by the Secretary

o f the Treasury, in such form and of such denominations,
D e n o m i n a ­ not less than one dollar nor more than one thousand
tion s, etc., o f
notes.

dollars, as he may prescribe, and a sum sufficient to carry

A p p r o p riation.
R e d e m p t io n
o f no t e s in
coin .
2 Supp. R . S.,
1119.
R eissue a fte r
redem ption .

V o l u m e of

o u ts ta n d in g
n otes, lim ited.

into effect the provisions of this act is hereby appropri­
ated out o f any money in the Treasury not otherwise
appropriated.
S e c . 2 . That the Treasury notes issued in accordance
with the provisions o f this act shall be redeemable on
demand, in coin, at the Treasury of the United States, or
at the office of any assistant treasurer o f the United
States, and when so redeemed may be reissued; but no
greater or less amount o f such notes shall be outstanding
at any time than the cost of the silver bullion and the
standard silver dollars coined therefrom, then held in the

excep t11etcDder’

Treasury purchased by such notes; and such Treasury
notes shall be a legal tender in payment o f all debts,

public and private, except where otherwise expressly
stipulated in the contract, and shall be receivable for
customs, taxes, and all public dues, and when so received
re- may be reissued; and such notes, when held by any

R e c e iv a b le

etc.
receip t.
tion ai-bank
serve.

~

.

.

.

J

J

national banking association, may be counted as a part

o f its lawful reserve. That upon demand of the holder
o f any of the Treasury notes herein provided for the
inB go?d° o r ^ n 1 Secretary

of the Treasury shall, under such regulations

Prescribe> redeem such notes in gold or silver
Treasury1 the coin, at his discretion, it being the established policy of
P a r it y a n d the United States to maintain the two metals on a parity
ra tio o f g old
r
j
and silv er.
with each other upon the present legal ratio, or such ratio
ere Hon.1 o f * Sec- a s
3

m ay

as may be provided by law.

LAWS CONCERNING PAPER MONEY.
S e c . 3. That the Secretary o f the Treasury shall

699

each a M£nj*iygcota-

month coin two million ounces of the silver bullion pur- purchased1 u
"b “
chased under the provisions of this act into standard lio°pfore and
sil ver dollars until the first day of July eighteen hundred after July i,
and ninety-one, and after that time he shall coin o f the 3oaltat.8 L
silver bullion purchased under the provisions o f this Act 4 f/S p R s
4 up
as much as may be necessary to provide for the redemp- 801tion o f the Treasury notes herein provided for, and any
gain or seigniorage arising from such coinage shall be vof e ^p 0
2o 1 25ge’
accounted for and paid into the Treasury.
S ec . 4. That the silver bullion purchased under the Purchases
provisions of this act shall be subject to the requirements^tin^g law,
of existing law and the regulations of the mint service25- ’
governing the methods of determining the amount of Ascertainpure silver contained, and the amount of charges or
deductions, if any, to be made.
S ec. 5. That so much of the act of February twenty- j p01^ 20^®^eighth, eighteen hundred and seventy-eight, entitled “ A n
act to authorize the coinage of the standard silver dollar
and to restore its legal-tender character,” as requires the
monthly purchase and coinage o f the same into silver dol- c

sehlya nd
P

lars of not less than two million dollars, nor more than ®
epeafed clause
four million dollars’ worth of silver bullion, is hereby
repealed.
S ec. 6.

That upon the passage of this act the balances n Balances of

standing with the Treasurer of the United States to the deposits for the
respective credits o f national banks for deposits made to circulation t o
redeem the circulating notes of such banks, and all de- Treasury,
posits thereafter received for like purpose, shall be cov­
ered into the Treasury as a miscellaneous receipt, and the
Treasury of the United States shall redeem from the

Treasurer to

general cash in the Treasury the circulating notes of no1es“ r C rg tT
om e said banks which may come into his possession subject0™1 cash'
to redemption; and upon the certificate of the Comptrol­
ler of the Currency that such notes have been received
by him and that they have been destroyed and that no
new notes will be issued in their place, reimbursement
o f their amount shall be made to the Treasurer, under
such regulations as the Secretary of the Treasury may
prescribe, from an appropriation hereby, created, to
be known as National bank notes: Redemption account,

R eim burse-

but the provisions of this act shall not apply to t h e Treasurer from
deposits received under section three o f the act of J u n e b a n k 1 notes:
twentieth, eighteen hundred and seventy-four, requiring fount.”







700

NATIONAL MONETARY COMMISSION.

every National bank to keep in lawful money with the
Treasurer o f the United States a sum equal to five Per
to N
s>tperacent centum o f its circulation to be held and used for the
deP
mption of redemption o f its circulating notes; and the balance revoL^s! p m ! maining o f the deposits so covered shall, at the close of
1
port of^emain- each month, be reported on the monthly public debt statedeposft^ce °f ment as debt o f the United States bearing no interest.
Operation.
“ g E # 7. That this act shall take effect thirty days
C
from and after its passage.”
Approved, July 14, 1890.
A C T O F F E B R U A R Y 10, 1891.
~426 stat L’’ C h a p . 127.— A n act further to prevent counterfeiting or
manufacture of dies, tools, or other implements used

in counterfeiting, and providing penalties therefor,
and providing for the issue of search warrants in cer­
tain cases.
*
o counterfeits
states

*

ss
j

S
j
!

tC
f

S ec . 4. That all counterfeits o f any of the obligations

obiiga- or other securities of the United States or o f any foreign

Government, or counterfeits o f any o f the coins of the
United States or of any foreign Government, and all
material or apparatus fitted or intended to be used, or
that shall have been used, in the making o f any such
counterfeit obligations or other securities or coins here­
inbefore mentioned, that shall be found in the possession
o f any person without authority from the Secretary of

i ssue

the Treasury or other proper officer to have the same,
shall be taken possession of by any authorized agent of
the Treasury Department and forfeited to the United
States, and disposed o f in any manner the Secretary of
the Treasury may direct.
of
S EC. 5. That the several judges of courts established

rants in such under the laws o f the United States and the commiscases.

sioners o f such courts may, upon proper oath or affirma­
tion, within their respective jurisdictions, issue a search
warrant authorizing any marshal of the United States, or
any other person specially mentioned in such warrant, to
enter any house, store, building, boat, or other place
named in such warrant, in the daytime only, in which
there shall appear probable cause for believing that the

LAWS CONCERNING PAPER MONEY.

701

manufacture of counterfeit money, or the concealment o f
counterfeit money, or the manufacture or concealment of
counterfeit obligations or coins of the United States or
of any foreign government, or the manufacture or con­
cealment of dies, hubs, molds, plates, or other things
fitted or intended to be used for the manufacture o f coun­
terfeit money, coins, or obligations of the United States
or of any foreign government, or of any bank doing
business under the authority of the United States or of
any State or Territory thereof, or o f any bank doing
business under the authority of any foreign government
or of any political division of any foreign government, is
being carried on or practiced, and there search for any
such counterfeit money, coins, dies, hubs, molds, plates,
and other things, and for any such obligations, and if any

Seizures,

such be found, to seize and secure the same and to make
return thereof to the proper authority; and all such
counterfeit money, coins, dies, hubs, molds, plates, and
other things and all such counterfeit obligations so seized
shall be forfeited to the United States.
Approved, February 10, 1891.
(This act was amended by the Act of March 4, 1909
(chap. 321, 35 Stat. L ., pp. 1120, 1121). See sections 169
to 173, inclusive.)
A C T O F J U L Y 28, 1892.

C hap . 317.— A n act to amend the national hank act in
providing for the redemption of national hank notes
stolen from or lost hy hanks of issue.
Be it enacted hy the Senate and House of Representa­
tives of the United States of America in Congress as­
sembled. That the provisions of the Revised Statutes
o f the United States, providing for the redemption of
national bank notes, shall apply to all national bank
notes that have been or may be issued to, or received by,
any national bank, notwithstanding such notes may have
been lost by or stolen from the bank and put in circulation
without the signature or upon the forged signature o f the
president or vice-president and cashier.
Approved, July 28, 1892.




27 stat.

l .,

N a tion a l cur-

Redemption
sto le n notes,




A C T O F N O V E M B E R 1, 1893.
28

stat. l ., 4. C h a p . 8.— A n act to repeal a part of an act approved July

fourteenth, eighteen hundred and ninety, entitled “ An
act directing the purchase of silver bullion and the
issue of Treasury notes thereon, and for other purposesT

S ilver act.
D ire ctio n to
purchase silv er
repealed.
Vol. 26, p.
289.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, That so much o f the act approved July fourteenth,
eighteen hundred and ninety, entitled “ A n act directing
the purchase o f silver bullion and issue of Treasury notes
thereon, and for other purposes,” as directs the Secretary
o f the Treasury to purchase from time to time silver bul­
lion to the aggregate amount of four million five hundred
thousand ounces, or so much thereof as may be offered in
each month at the market price thereof, not exceeding
one dollar for three hundred and seventy-one and twentyfive one-hundredths grains o f pure silver, and to issue in
payment for such purchases Treasury notes of the United

States, be, and the same is hereby, repealed. A nd it is
hereby declared to be the policy of the United States to
s il­ continue the use of both gold and silver as standard money,

G old and
v er to be used
a s sta n d a rd
m oney.

and to coin both gold and silver into money o f equal
intrinsic and exchangeable value, such equality to be
secured through international agreement, or by such safe­
guards o f legislation as will insure the maintenance of the

P a rity to be
m ain tained.

System o f b i­
m etallism .

parity in value o f the coins of the two metals, and the
equal power o f every dollar at all times in the markets
and in the payment of debts. And it is hereby further
declared that the efforts of the Government should be
steadily directed to the establishment o f such a safe sys­
tem of bimetallism as wfill maintain at all times the equal
power o f every dollar coined or issued by the United
States, in the markets and in the payment of debts.
Approved, November 1, 1893.
A C T O F A U G U S T 13, 1894.
*

28
278.

Stat.

L-> C h a p . 281.— An act to subject to State taxation national

bank notes and United States Treasury notes.
Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, That circulating notes o f national banking associa­
tions and United States legal tender notes and other notes

J
L

*

LAWS CONCERNING PAPER MONEY.

703

and certificates of the United States payable on demand t t o ^ o fn a t fo n a i
and circulating or intended to circulate as currency and u n ite d 11S t a t e s
gold, silver or other coin shall be subject to taxation as
author‘
money on hand or on deposit under the laws of any State
or Territory: Provided , That any such taxation shall be P ro v iso ,
exercised in the same manner and at the same rate that as o th e r m oney,
any such State or Territory shall tax money or currency
circulating as money within its jurisdiction.
S ec . 2. That the provisions o f this A ct shall not be E x istin g laws,
deemed or held to change existing laws in respect of the
taxation of national banking associations.
Approved, August 13, 1894.
A C T O F J U L Y 1, 1898.

An act making appropriations for sundry ( 30 stat.
civil expenses of the Government for the fiscal year
ending June thirtieth, eighteen hundred and ninetynine, and for other purposes.

C h a p . 546.—

l .,

* * * : Provided further, That hereafter all bonds, pr^ ° s ' roller
d
notes, and checks shall be printed from hand-roller
presses.
*

*

*

*

*

Approved, July 1, 1898.
A C T O F M A R C H 3, 1899.
C h a p . 429.— A n act to define and punish crimes in the 12|0 stat.

l„

District of Alaska and to provide a code of criminal
procedure for said district.
*

*

*

*

*

S ec. 77. That whoever shall, with intent to iniure or Forgery of
7
j
evid en ce o f debt
defraud anyone, make, altar, forge, or counterfeit a n v lssued by any
J G o v e rn m e n t,
bank bill, promissory note, draft, check, or other evidence etcof debt issued by any person or by the United States,
said District, or any State or Territory o f the United
States, or any other state, government, or country, or by
any corporation, company, or person duly authorized for
that purpose by the laws o f the United States, said D is­
trict, or any State or Territory of the United States,
or any other state, government, or country, or shall, with
intent to injure or defraud anyone, knowingly utter, or







NATIONAL MONETARY COMMISSION.

704

publish, or pass, or tender in payment as true and genuine,
any such false, altered, forged, or counterfeited bill, note,
draft, check, or other evidence of debt, or shall have in his
possession any such bill, note, draft, check, or other evi­
dence o f debt, with intent to utter or pass the same as
true and genuine, knowing the same to be false, altered,
forged, or counterfeited, shall be imprisoned in the peni­
tentiary not less than one nor more than twenty years.

joTnfng ulpartsy S ec. 82. That if any person shall connect together difstruments1' in' ferent parts o f several bank notes or other genuine in­
1
struments in such manner as to produce an additional or
different note or instrument, with intent to utter or pass
all of them as true and genuine, the same shall be deemed
a forgery in like manner and with like effect as if each
o f them had been falsely made or forged, and shall be
punished by imprisonment in the penitentiary not less
than two years or more than twenty years.
T estim on y as
to sig n a tu re to
bank notes.

S ec . 86. That in all prosecutions for forgery or counter­
feiting any bank bill or note, or for uttering, publishing,
or tendering in payment as true and genuine any forged
or counterfeited bank bill or note, or for being in posses­
sion thereof with the intent to utter or pass them as true
and genuine, the testimony o f any person acquainted with
the signature o f the officer or agent authorized to sign
the bills or notes o f the bank o f which said bill'or note is
alleged to be a counterfeit or similitude, or who has
knowledge of the difference in appearance of the true and
counterfeit bills or notes thereof, may be admitted to
prove that any such bill or note is counterfeit.
*
*
*
*
*
Approved, March 3, 1899.
A C T O F M A R C H 14, 1900.

31 s t a t .L .,4 5 .

v jS tand ard

Chap. 41.— A n A ct to define and fix the standard of value,
to maintain the parity of all forms of money issued or
coined by the United States, to refund the public debt,
and for other purposes.

1119

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemo f bled, That the dollar consisting o f twenty-five and eight-

— g o ld d olla r,

tenths grains o f gold nine-tenths fine, as established by

LAWS CONCERNING PAPER MONEY.

705

section thirty-five hundred and eleven o f the Revised u
t^|V35i1stat'
Statutes of the United States, shall be the standard unit c 18g4 Qgupp
h °g
of value, and all forms o f money issued or coined by the 5 l Parity of vaiUnited States shall be maintained at a parity of value
m
ain~
with this standard, and it shall be the duty of the Secre­
tary of the Treasury to maintain such parity.
S e c . 2 . That United States notes, and Treasury notes T r e a s u r y
issued under the A ct o f July fourteenth, eighteen hun- July lf/c h . 708
dred and ninety, when presented to the Treasury for re- 774^upp' R' s"
demption, shall be redeemed in gold coin o f the standard~J®deem
ablein
fixed in the first section of this act, and in order to secure
the prompt and certain redemption of such notes as herein
provided it shall be the duty of the Secretary o f the Treas­
ury to set apart in the Treasury a reserve fund o f one Maintenance
hundred and fifty million dollars in gold coin and bullion,of reserve fundwhich fund shall be used for such redemption purposes
only, and whenever and as often as any of said notes shall
be redeemed from said fund it shall be the duty of the
Secretary of the Treasury to use said notes so redeemed
to restore and maintain such reserve fund in the manner
following, to wit: First, by exchanging the notes so re— by exchange
deemed for any gold coin in the general fund of the Treas — by accepting
u ry; second, by accepting deposits of gold coin at the —bySprocuring
Treasury or at any subtreasury in exchange for the S ReVised statUnited States notes so redeemed; third, by procuring gold —by 3bond iscoin by the use o f said notes, in accordance with the p r o -bue'
visions of section thirty-seven hundred o f the Revised
Statutes of the United States.

I f the Secretary o f the

Treasury is unable to restore and maintain the gold coin
in the reserve fund by the foregoing methods, and the
amount of such gold coin and bullion in said fund shall
at any time fall below one hundred million dollars, then
it shall be his duty to restore the same to the maximum
sum of one hundred and fifty million dollars by borrow­
ing money on the credit of the United States, and for
the debt thus incurred to issue and sell coupon or reg­
istered bonds o f the United States, in such form as he
may prescribe, in denominations of fifty dollars or any
multiple thereof, bearing interest at the rate of not ex___,
rate of inter­
ceeding three per centum per annum, payable quarterly, est.
such bonds to be payable at the pleasure of the United
States after one year from the date o f their issue, and to
be payable, principal and interest, in gold coin o f the







NATIONAL MONETARY COMMISSION.

706

present standard value, and to be exempt from the pay­
ment o f all taxes or duties o f the United States, as well
D isp osition o f

as from taxation in any form by or under State, municipal, or local authority; and the gold coin received from
the sale o f said bonds shall first be covered into the gen­
eral fund of the Treasury and then exchanged, in the

o f bonds.

manner hereinbefore provided, for an equal amount of
the notes redeemed and held for exchange, and the Sec­
retary o f the Treasury may, in his discretion, use said
redem pt i o
o f bonds, etc.

— notes to
reissued.

L im it to
serve fund.

n notes in exchange for gold, or to purchase or redeem any

bonds o f the United States, or for any other lawful pur­
pose the public interests may require, except that they
shall not be used to meet deficiencies in the current reve­
nues. That United States notes when redeemed in acbecordance with the provisions o f this section shall be re­
issued, but shall be held in the reserve fund until ex­
changed for gold, as herein provided; and the gold coin

and bullion in the reserve fund, together with the re­
deemed notes held for use as provided in this section, shall
re- at no time exceed the maximum sum of one hundred and

fifty million dollars.
S ec . 3. That nothing contained in this act shall be conunaffected.etc-’ strued to affect the legal-tender quality as now provided
by law of the silver dollar, or o f any other money coined
or issued by the United States.
D iv ision s o f
S ec. 4. That there be established in the Treasurv DeQ u ality o f sii-

issue

and

re-

fishedion estab~partment, as a part o f the office o f the Treasurer of the
United States, divisions to be designated and known as
the division o f issue and the division o f redemption, to
which shall be assigned, respectively, under such regula­

—duties.

tions as the Secretary of the Treasury may approve, all
records and accounts relating to the issue and redemption
o f United States notes, gold certificates, silver certificates,
and currency certificates. There shall be transferred
from the accounts of the general fund of the Treasury
o f the United States, and taken up on the books o f said
divisions, respectively, accounts relating to the reserve
fund for the redemption of United States notes and
Treasury notes, the gold coin held against outstanding
gold certificates, the United States notes held against out­
standing currency certificates, and the silver dollars held
against outstanding silver certificates, and each of the
funds represented by these accounts shall be used for
the redemption of the notes and certificates for which

LAWS CONCERNING PAPER MONEY.

707

they are respectively pledged, and shall be used for no
other purpose, the same being held as trust funds.
S ec . 5. That it shall be the duty of the Secretary of the ofc
\ncena^,ion
Treasury, as fast as standard silver dollars are coined un- ^o1es r ld '
t1 rfo cX
a
der the provisions o f the acts of July fourteenth, eigh t-etceen hundred and ninety, and June thirteenth, eighteen
hundred and ninety-eight, from bullion purchased under
the act of July fourteenth, eighteen hundred and ninety,
to retire and cancel an equal amount of Treasury notes
whenever received into the Treasury, either by exchange
in accordance with the provisions of this act or in the
ordinary course of business, and upon the cancellation of ceruficatesilver
Treasury notes silver certificates shall be issued against
the silver dollars so coined.
S ec. 6. That the Secretary of the Treasury is hereby
^
%
j

Goldt o eertm
|j0 Jg_

authorized and directed to receive deposits o f gold c o in e d on aeposwith the

treasurer or any assistant treasurer of the

United States in sums of not less than twenty dollars, and
to issue gold certificates therefor in denominations of not
less than twenty dollars, and the coin so deposited shall
be retained in the Treasury and held for the payment of
such certificates on demand, and used for no other pur­
pose. Such certificates shall be receivable for customs, —t0 be counted
,
1
,
'a s bank retaxes, and all public dues, and when so received may be serve>etc.
reissued, and when held by any national banking associa­
tion may be counted as a part of its lawful reserve: Pro­
vided, That whenever and so long as the gold coin held in
the reserve fund in the Treasury for the redemption of
United States notes and Treasury notes shall fall and re­
main below one hundred million dollars the authority to
issue certificates as herein provided shall be suspended:

And provided further, That whenever and so long as the Suspension of
aggregate amount of United States notes and silver cer- sueh
ceVtm
cates!
tificates in the general fund of the Treasury shall exceed
sixty million dollars the Secretary o f the Treasury may,
in his discretion, suspend the issue of the certificates
herein provided for: And provided further, That of the Denom
ination
•
•
'
of certificates
amount of such outstanding certificates one-fourth at
least shall be in denominations of fifty dollars or less:

And provided further, That the Secretary o f the Treas­
ury may, in his discretion, issue such certificates in de­
nominations s>f ten thousand dollars, payable to order.
And section fifty-one hundred and ninety-three of the v£ e stafu t£
T
Revised Statutes of the United States is hereby repealed. 5193‘




708
Denomination
of silver certifi­
cates.

NATIONAL MONETARY COMMISSION.
S ec . 7. That hereafter silver certificates shall be issued
only o f denominations of ten dollars and under, except

that not exceeding in the aggregate ten per centum of the
total volume of said certificates, in the discretion o f the
Secretary of the Treasury, may be issued in denomina­
tions of twenty dollars, fifty dollars, and one hundred
dollars; and silver certificates of higher denomination
than ten dollars, except as herein provided, shall, when­
ever received at the Treasury or redeemed, be retired and
canceled, and certificates o f denominations of ten dollars
— on reissue.

or less shall be substituted therefor, and after such substi­
tution, in whole or in part, a like volume of United States
notes of less denomination than ten dollars shall from
time to time be retired and canceled, and notes o f denomi­
nations of ten dollars and upward shall be reissued in
substitution therefor, with like qualities and restrictions
as those retired and canceled.

S ilv er b u llion
m ay be used fo r
su b sid iary c o in ­
age 1890, J u ly
14, ch. 708 (1
S u p p . R . S.,
7 7 4 ).

S ec . 8. That the Secretary o f the Treasury is hereby
authorized to use, at his discretion, any silver bullion in

the Treasury o f the United States purchased under the
A ct of July fourteenth, eighteen hundred and ninety, for
coinage into such denominations o f subsidiary silver coin

-lim it.

— c a n c e l la tion o f n otes.

as may be necessary to meet the public requirements for
such coin : Provided , That the amount of subsidiary silver
coin outstanding shall not at any time exceed in the aggre­
gate one hundred millions o f dollars. Whenever any sil­
ver bullion purchased under the act of July fourteenth,
eighteen hundred and ninety, shall be used in the coin­
age o f subsidiary silver coin, an amount of Treasury
notes issued under said act equal to the cost of the bullion
contained in such coin shall be canceled and not reissued.

R ecoin a ge o f
u n cu rren t
s il­
ver coins.

S ec . 9. That the Secretary o f the Treasury is hereby
authorized and directed to cause all w orn and uncurrent
r
subsidiary silver coin o f the United States now in the

— reim b u rse­
m ent o f loss
from fa ce value.

Treasury, and hereafter received, to be recoined, and to
reimburse the Treasurer o f the United States for the d if­
ference between the nominal or face value o f such coin
and the amount the same will produce in new coin from
any moneys in the Treasury not otherwise appropriated.
^ *
*
*
*
*

Issu e o f c ir ­
cu la tin g notes
to banks on d e­
p o sit o f bonds.




S ec . 12 . T hat upon the deposit with the Treasurer of
the United States, by any national banking association, of
any bonds o f the United States in the manner provided

by existing law, such association shall be entitled to
receive from the Comptroller o f the Currency circulating

..

.................

____

LAWS CONCERNING PAPER MONEY.

709

notes in blank, registered and countersigned as provided
by law, equal in amount to the par value o f the bonds so
deposited; and any national banking association now hav­
ing bonds on deposit for the security o f circulating notes,
and upon which an amount of circulating notes has been
issued less than the par value o f the bonds, shall be en­
titled, upon due application to the Comptroller of the
Currency, to receive additional circulating notes in blank
to an amount which will increase the circulating notes
held by such association to the par value of the bonds
deposited, such additional notes to be held and treated
in the same way as circulating notes of national banking
associations heretofore issued, and subject to all the pro­
visions o f law affecting such notes: Provided, That noth-

Provisos,

ing herein contained shall be construed to m odify or re­
peal the provisions of section fifty-one hundred and
sixty-seven o f the Revised Statutes of the United States,
authorizing the Comptroller o f the Currency to require
additional deposits of bonds or of lawful money in case pAdditional d ^
e
the market value of the bonds held to secure the circu-on^depreeiauon
lating notes shall fall below the par value of the circu- s e^c. 5i67,‘ ‘p
!
lating notes outstanding for which such bonds may be
deposited as security: And provided further, That the tT § n ™j°a:
0£
circulating notes furnished to national banking associa-latlns notestions under the provisions o f this act shall be of the de­
nominations prescribed by law, except that no national
banking association shall, after the passage of this act, be
entitled to receive from the Comptroller of the Currency,
or to issue or reissue or place in circulation, more than
one-third in amount of its circulating notes of the denomi­
nation of five dollars: And provided further, That the Limit o f

issue,

total amount o f such notes issued to any such association
may equal at any time but shall not exceed the amount at
such time of its capital stock actually paid in : And pro­
vided further, That under regulations to be prescribed by B j*$}{£t
U
the Secretary of the Treasury any national banking asso- ce n t

bonds

a
/
to

ciation may substitute the two per centum bonds issued tion.
under the provisions of this A ct for any of the bonds
deposited with the Treasurer to secure circulation or to
secure deposits of public money; and so much of an act
entitled “ A n act to enable national banking associations Repeal.
.

,

,,

to extend their corporate existence, and for other purposses,” approved July twelfth, eighteen hundred and
eighty-two, as prohibits any national bank which makes
any deposit o f lawful money in order to withdraw its




V ol. 22, p .1 6 3.




710

NATIONAL MONETARY COMMISSION.

circulating notes from receiving any increase of its cir­
culation for the period o f six months from the time it
made such deposit o f lawful money for the purpose afore­
said, is hereby repealed, and all other Acts or parts of
Acts inconsistent with the provisions o f this section are
hereby repealed.
*
*

*

*

*

Approved, March 14, 1900.
N o t e . — The act o f May 26, 1906, 34 Stat. L. 202, amends section
6 o f the above act to read as fo llo w s : “Provided, That whenever
and so long as the gold coin held in the reserve fund in the T r e a s $5(ToooS
000l0W ury for t}ie redemption o f United States notes and Treasury notes
shall fall and remain below fifty million dollars the authority to
issue certificates as herein provided shall be suspended, but the
Secretary o f the Treasury, is directed to coin, within reasonable
B u llion to be time, any and all gold bullion held in said reserve fund in excess
coined.
Qf fifty million dollars.”
P rov iso.
Issue to cease
i f coin in re-

A C T O F A P K I L 23, 1900.
3i stat.

l .,

C h a p . 253.— A n act making appropriations to supply ad­

ditional urgent deficiencies in the appropriations for the
fiscal year ending June thirtieth, nineteen hundred, and
for other purposes.
E n gr a v i n g
and p rin tin g .
Salaries.

For labor and expenses o f engraving and printing: For
salaries of all necessary clerks and employees, other than
plate printers and plate printers’ assistants, sixty thou­
sand nine hundred and forty-two dollars and ninety cents,
to be expended under the direction of the Secretary of the

P rov iso.
larger

denom i-

Treasury: Provided , That no portion o f this sum shall be
expended for printing United States notes or Treasury
notes o f larger denomination than those that may be can­
celed or retired, except in so far as such printing may be
necessary in executing the requirements of the act “ T o
define and fix the standard of value, to maintain the
parity o f all forms of money issued or coined by the
United States, to refund the public debt, and for other
purposes,” approved March fourteenth, nineteen hundred.
*
*
*
*
Approved, A pril 23, 1900.
N o t e .— A similar provision is contained in each appropriation
act from June 6, 1900, to March 4, 1909, inclusive.

LAWS CONCERNING PAPER MONEY.

711

A C T O F M A R C H 3, 1901.

A n act to amend, section -fifty-one hundred 3i stat.
' ' «7
1448
and fifty-three of the Revised Statutes of the United
States.

C h a p . 871.—

l .,

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress as­
sembled, That section fifty-one hundred and fifty-three of
the Revised Statutes of the United States be amended to
read as follow s:
“ S e c . 5 1 5 3 . A ll national banking associations, desig-

National

nated for that purpose by the Secretary of the Treasury, rfesks0fe pubU
P
e
shall be depositaries of public money, except receipts fro m “ SsYom sCr t
eP
customs, under such regulations as may be prescribed b y Leipts'
the Secretary, but receipts derived from duties on imports—excepuon not
in Alaska, the Hawaiian Islands, and other islands under Hawaii, Aiasthe jurisdiction of the United States may be deposited in Revised statsuch depositaries subject to such regulations; and such 9 9 6 ,’ a m e n d e d :’
depositaries may also be employed as financial agents of
the Government; and they shall perform all such reason­
able duties as depositaries o f public moneys and financial
agents of the Government as may be required of them.
The Secretary o f the Treasury shall require the associa­
tions thus designated to give satisfactory security, by the
deposit of United States bonds and otherwise, for the
safe-keeping and prompt payment of the public money
deposited with them, and for the faithful performance of
their duties as financial agents o f the Government.

A nd

every association so designated as receiver or depositary
of the public money shall take and receive at par all of the
national currency bills, by whatever association issued,
which have been paid into the Government for internal
revenue or for loans or stocks.”
Approved, March 3, 1901.
A C T O F M A R C H 4, 1907.
C h a p . 2913.—

A n act to amend, the national banking act,
and for other purposes.

stat.

l .,

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assem­
bled, That section six o f an A ct to define and fix the currency act,
standard of value, to maintain the parity of all forms o f voL 31,p' 47’
15712°— 10------ 47







money issued or coined by the United States, to refund
the public debt, and for other purposes, approved March
fourteenth, nineteen hundred, be, and the same is hereby,
amended to read as follow s:
S e c . 6 . That the Secretary o f the Treasury is hereby
authorized and directed to receive deposits o f gold coin
with the Treasurer, or any assistant treasurer of the

United States in sums of not less than twenty dollars, and
to issue gold certificates therefor in denominations of not
less than ten dollars, and the coin so deposited shall be
retained in the Treasury and held for the payment of
such certificates on demand, and used for no other pur­
pose. Such certificates shall be receivable for customs,
taxes, and all public dues, and when so received may be
reissued, and when held by any national banking associa­
P rov isos.
tion may be
S uspen sion o f
issue.
On re­ vided, That
d u ction o f re­
bullion held
serve fu n d.

counted as a part o f its lawful reserve: Pro­
whenever and so long as the gold coin and

in the reserve fund in the Treasury for the
redemption o f United States notes and Treasury notes
shall fall and remain below one hundred million dollars

On increase o f
s i l v e r certifi­
cates, etc., in
the T rea su ry .

the authority to issue certificates as herein provided shall
be suspended: And provided further, That whenever and
so long as the aggregate amount o f United States notes
and silver certificates in the general fund of the Treas­
ury shall exceed sixty million dollars the Secretary of
the Treasury may, in his discretion, suspend the issue of
the certificates herein provided fo r : And provided far­

D e n o m in a tion s o f o u t­
sta n d in g c e r tif­
icates.

L arge notes.
R evised S ta t­
utes, 5193, p.
1004, repealed.

Treasury
n otes.
Issue
w hen d eficiency
exists in sm all
s i 1 v e r certifi­
cates.
V ol. 31, p. 47.

ther, That o f the amount o f such outstanding certificates
one-fourth at least shall be in denominations o f fifty dol­
lars or less: And provided further, That the Secretary of
the Treasury may, in his discretion, issue such certificates
in denominations o f ten thousand dollars, payable to
order.

And section fifty-one hundred and ninety-three

o f the Revised Statutes o f the United States is hereby
repealed.”
S e c . 2 . That whenever and so long as the outstanding
silver certificates of the denominations of one dollar, two
dollars, and five dollars, issued under the provisions of
section seven o f an A ct entitled “ A n A ct to define and
fix the standard of value, to maintain the parity o f all
forms o f money issued or coined by the United States, to
refund the public debt, and for other purposes,” approved
March fourteenth, nineteen hundred, shall be, in the
opinion o f the Secretary o f the Treasury, insufficient to

LAWS CONCERNING PAPER MONEY.

713

meet the public demand therefor, he is hereby authorized
to issue United States notes of the denominations o f one n o higher.odn s
n m in a t i edollar, two dollars, and five dollars, and upon the issueto be retiredo f United States notes of such denominations an equal
amount of United States notes of higher denominations
shall be retired and canceled: Provided, however, That P rov isos.
7
7
r 6g a t e
the aggregate amount of United States notes at any time a o n n tio mu t a n

, „
.
,
. _ . , .
al bank issu
e
outstanding shall remain as at present fixed by law: n t a cte .
o ffe d
And 'provided further, That nothing in this A ct shall be
construed as affecting the right of any national bank to

issue one-third in amount of its circulating notes of the
denomination of five dollars, as now provided by law.
S e c . 3 . That section fifty-one hundred and fifty-three u teS 5 i 5 3 tat"
evi
o f the Revised Statutes be amended to read as follow s: ° 96’ am
ended.

“ S e c . 5153. A ll national banking associations, d e s ig -, Na tmo na l
i ay be
to
5
to banks
nated for that purpose by the Secretary of the Treasury,
shall be depositaries of public money, under such regulations as may be prescribed by the Secretary; and they

ic
m oneys,

may also be employed as financial agents of the Govern­
ment; and they shall perform all such reasonable duties,
as depositaries of public money and financial agents of
the Government, as may be required of them. The Sec­
retary o f the Treasury shall require the associations thus
designated to give satisfactory security, by the deposit of
United States bonds and otherwise, for the safe-keeping
and prompt payment of the public money deposited with
them, and for the faithful performance of their duties as
financial agents of the Government: Provided, That the
Secretary shall, on or before the first of January of each

sta te m e n t o f
secu rities

re ­

year, make a public statement of the securities required
d u r in g
6

that year for such deposits.
,

.

J

,

,

1

,

And every associa.,

.

tion so designated as receiver or depositary ot the pub-

T o receive a t
p a ra ll n a tion a l
cu rren cy, bills,

lie money shall take and receive at par all o f the national
currency bills, by whatever association issued, which have
been paid into the Government for internal revenue, or
for loans or stocks: Provided , That the Secretary of the of

D istrib u tion

Treasury shall distribute the deposits herein provided
for, as far as practicable, equitably between the different
States and sections.”
S e c . 4. That section nine o f the Act o f July twelfth,
eighteen hundred and eighty-two, as amended by the A ct
of

March

fourteenth,

nineteen

amended to read as follows:




hundred,

be

further

Voi. 22

v°!- si,

p.

p.
45.




NATIONAL MONETARY COMMISSION.

714
W ith d ra w a l
o f circ u la tin g
n otes and d e­
p o sit o f la w fu l
m on ey, etc.
V ol. 18, p.
124.
R e strict i o n
on reissue re­
m oved.

“ S ec. 9. T hat any national banking association now
organized, or hereafter organized, desiring to withdraw
its circulating notes, upon a deposit of lawful money with
the Treasurer o f the United States, as provided in sec­
tion four o f the A ct o f June twentieth, eighteen hundred
and seventy-four, or as provided in this A ct, is author­
ized to deposit lawful money and, with the consent of the
Comptroller o f the Currency and the approval o f the
Secretary o f the Treasury, withdraw a proportionate
amount o f the bonds held as security for its circulating

P rov isos.
L i m i t of
m on th ly
d e p osit increased.

notes in the order o f such deposits: Provided , That not
more than nine millions of dollars o f lawful money shall
be deposited during any calendar month for this purpose:

And provided further, That the provisions of this section
B on d s called
fo r redem ption ,
etc.

shall not apply to bonds called for redemption by the
Secretary of the Treasury, nor to withdrawal o f circulat­
ing notes in consequence thereof.”
Approved, March 4, 1907, 10 a. m.
A C T O F M A Y 30, 1908.

5 4 |5

stat.

l

., C

h a p

.

229.- -An act to amend the national banking laws.

Be it enacted by the Senate and House of Representa­
tives of the United States of America in Congress assemb
tion-

c i r m a a - T h a t national banking associations, each having an
unimpaired capital and a surplus o f not less than twenty
per centum, not less than ten in number, having an ag-

Nat i onal gregate capital and surplus of at least five millions o f dolciationsT abt ’ lars, may form voluntary associations to be designated as
nauona^banks^ nat i° nal currency associations. The banks uniting to
form such association shall, by their presidents or vicepresidents, acting under authority from the board of diA p p iiea tion s. rectors, make and file with the Secretary o f the Treasury
a certificate setting forth the names o f the banks com­
posing the association, the principal place o f business of
the association, and the name o f the association, which
name shall be subject to the approval o f the Secretary of
powersp ol atethe Treasury. Upon the filing o f such certificate the asso­
ciated banks therein named shall become a body corpor­
ate, and by the name so designated and approved may sue
and be sued and exercise the powers o f a body corporate
Efmnsos'

^or the purposes hereinafter mentioned: Provided, That
not more than one such national currency association shall

LAWS

C O N C E R N IN G

PAPER

M ONEY.

715

be formed in any c ity : Provided further, That the several
members of such national currency association shall b e , M em bers t o
.
.
.
be o f con tig u taken, as nearly as conveniently may be, from a territory ous te rritory.
composed o f a State or part of a State, or contiguous
parts o f one or more States: And provided further, That
any national bank in such city or territory, having: the S u b s e q u e n t
»
,-n . .
,
.
t j.
,
. .
. ®
. adm issions,
qualmcations herein prescribed tor membership m such
national currency association, shall, upon its application
to and upon the approval of the Secretary o f the Treas­
ury, be admitted to membership in a national currency
association for that city or territory, and upon such ad­
mission shall be deemed and held a part of the body
corporate, and as such entitled to all the rights and priv­
ileges and subject to all the liabilities of an original mem­
ber : And provided further, That each national currency
association shall be composed exclusively of banks not B a n k s remembers o f any other national currency association.
a ssocia tion .
The dissolution, voluntary or otherwise, of any bank bi a ^ i s u ; n c e n o t
such association shall not affect the corporate existence of solution o f a
the association unless there shall then remain less than the
minimum number o f ten banks: Provided , however, That £r°vis°the reduction of the number of said banks below th e low m inim um ,
minimum of ten shall not affect the existence of the corpo­
ration with respect to the assertion of all rights in favor
of or against such association. The affairs of the association shall be managed by a board consisting of one repre­
sentative from each bank.

M anagem ent,

By-laws for the government

o f the association shall be made by the board, subject to
the approval of the Secretary of the Treasury.

A presi-

dent, vice-president, secretary, treasurer, and an executive

Officers,
Executive

committee of not less than five members, shall be elected
by the board. The powers of such board, except in the
election of officers and making of by-laws, may be exer­
cised through its executive committee.
The national currency association herein provided for

B ow ers,

shall have and exercise any and all powers necessary to
carry out the purposes of this section, namely, to render
available, under the direction and control o f the Secretary
of the Treasury, as a basis for additional circulation any
securities, including commercial paper, held by a national
banking association. For the purpose of obtaining suchb ,l ^|Biona^i
A
additional circulation, any bank belonging to any national t i e s 'f0 r 'S toUf»e
currency association, having circulating notes outstanding associa tion With
secured by the deposit of bonds of the United States to
an amount not less than forty per centum of its capital




N A T IO N A L

716

M ONETARY

C O M M IS S IO N .

stock, and which has its capital unimpaired and a surplus
of not less than twenty per centum, may deposit with and
transfer to the association, in trust for the United States,
for the purpose hereinafter provided, such of the securi­
ties above mentioned as may be satisfactory to the board
of the association. The officers o f the association may
toA^omptroiier thereupon, in behalf of such bank, make application to
re n cy .h e Cur' the Comptroller o f the Currency for an issue of additional
circulating notes to an amount not exceeding seventy-five
per centum of the cash value of the securities or commer­
cial paper so deposited.

The Comptroller of the Cur­

rency shall immediately transmit such application to the
Secretary o f the Treasury with such recommendation as
t ifeC
treasury ^ thinks proper, and if, in the judgment of the Secretary
ie
m ay d irect is- 0f the Treasury, business conditions in the locality de­
mand additional circulation, and if he be satisfied with
the character and value of the securities proposed and
that a lien in favor o f the United States on the securities
so deposited and on the assets of the banks composing the
association will be amply sufficient for the protection of
the United States, he may direct an issue of additional
circulating notes to the association, on behalf o f such
bank, to an amount in his discretion, not, however, ex­
ceeding seventy-five per centum of the cash value of the
P rov isos.
securities so deposited: Provided , That upon the deposit
A m ou n t o n
. „
* .
.
• •
i
s t a t e , e t c., of any of the State, city, town, county, or other municipal
bonds, of a character described in section three o f this
Act, circulating notes may be issued to the extent of not
exceeding ninety per centum of the market value of such
Limit as to bonds so deposited: And provided further. That no na.
.
1
association shall be authorized in any

commercial pa7
per.
tional banking

“ C om m ercial

nated.

event to issue circulating notes based on commercial paper
in excess of thirty per centum of its unimpaired capital
and surplus. The term “ commercial paper ” shall be

d b held to include only notes representing actual commercial
e l,:>
transactions, wdiich when accepted by the association shall

L ia w iit y

bear the names o f at least two responsible parties and
have not exceeding four months to run.
^of
The banks and the assets of all banks belonging to the

redem
ption.

association shall be jointly and severally liable to the

United States for the redemption of such additional cirLien created . culation; and to secure such liability the lien created by
R evised stat- section fifty-two hundred and thirty o f the Revised Stat­
ion.




utes shall extend to and cover the assets o f all hanks be­
longing to the association, and to the securities deposited

LAW S

C O N C E R N IN G

PAPER

M ONEY.

7 1 7

by the banks with the association pursuant to the pro­
visions of this A c t ; but as between the several banks com- ( L ia b ility beposing such association each bank shall be liable only i n b e r s .
the proportion that its capital and surplus bears to the
aggregate capital and surplus of all such banks. The A d d itio n a i ,
.
^
. ..
o r exch a n g e o f,
association may, at any time, require of any of its con- securities.
stituent banks a deposit of additional securities or com­
mercial paper, or an exchange of the securities already on
deposit, to secure such additional circulation; and in case
o f the failure o f such bank to make such deposit or ex- sale o f securichange the association may, after ten days’ notice to the faifure.
on
bank, sell the securities and paper already in its hands at
public sale, and deposit the proceeds with the Treasurer
Deposit of
of the United States as a fund for the redemption of such
additional circulation. I f such fund be insufficient for
that purpose the association may recover from the bank
the amount o f the deficiency by suit in the circuit court. Suit, if sum
of the United States, and shall have the benefit of the redeem notes10
lien hereinbefore provided for in favor of the United
States upon the assets of such bank. The association or
the Secretary o f the Treasury may permit or require the
withdrawal o f any such securities or commercial paper

withdrawal

and the substitution of other securities or commercial
paper of equal value therefor.

tion%eYU !ttedi
m

S ec . 2. That whenever any bank belonging to a national currency association shall fail to preserve or make

Action,

if

^ m a in ta fn V e -

good its redemption fund in the Treasury o f the United d > oT.0i8,np
<v
.'
States, required by section three of the A ct of J u n e 1-3'
twentieth, eighteen hundred and seventy-four, chapter
three hundred and forty-three, and the provisions o f this
A ct, the Treasurer of the United States shall notify such
national currency association to make good such redemp­
tion fund, and upon the failure o f such national currency
association to make good such fund, the Treasurer of the
United States may, in his discretion, apply so much of the Use o f fun d
redemption fund belonging to the other banks composing bers.thei m "
em
such national currency association as may be necessary
for that purpose; and such national currency association
may, after five days’ notice to such bank, proceed to sell A sso cia tio n to
at public sale the securities deposited by such bank with yf d e fa u ltin g
the association pursuant to the provisions of section o n ebank'
of this A ct, and deposit the proceeds with the Treasurer

Deposits 01

o f the United States as a fund for the redemption o f the demptfo n°l o f
G
additional circulation taken out by such bank under th isnotes‘

Act.




718

N A T IO N A L

A d d itio n a l

M ONETARY

C O M M IS S IO N .

S ec . 3. That any national banking- association which

circ u la tio n b y
banks^on oth er

has circulating notes outstanding, secured by the deposit

.

.

/

&

.,

s ta t e s bonds,

o f United States bonds to an amount of not less than
forty per centum o f its capital stock, and which has a
surplus o f not less than twenty per centum, may make ap­
plication to the Comptroller of the Currency for authority
to issue additional circulating notes to be secured by the
deposit o f bonds other than bonds o f the United States.
The Comptroller o f the Currency shall transmit imme-

Com
p'troner110

the application, with his recommendation, to the
Secretary of the Treasury, who shall, if in his judgment
business conditions in the locality demand additional cir­

A p p rova l

by

T rea su ry .

culation, approve the same, and shall determine the time
Gf issue and fix the amount, within the limitations herein
imposed, o f the additional circulating notes to be issued.

p o siT U f °bonds Whenever after receiving notice of such approval any
o
with Treasurer. such association shall deposit with the Treasurer or any

assistant treasurer of the United States such of the bonds
described in this section as shall be approved in character
and amount by the Treasurer o f the United States and
the Secretary o f the Treasury, it shall be entitled to re­
ceive, upon the order of the Comptroller of the Currency,
circulating notes in blank, registered and countersigned as
provided by law, not exceeding in amount ninety per
Not to exceed centum of the market value, but not in excess o f the par
value o f any bonds so deposited, such market value to be
ascertained and determined under the direction of the

market vaiue°f

Secretary o f the Treasury.
Bonds of

The Treasurer o f the United States, with the approval
___
o f the Secretary o f the Treasury, shall accept as security
t o °cfty!°n
etc.!! for the additional circulating notes provided for in this
section, bonds or other interest-bearing obligations o f any
State of the United States, or any legally authorized
bonds issued by any city, town, county, or other legally
constituted municipality or district in the United States
which has been in existence for a period of ten years, and

C f-a f-p a

pjtj pc

etc., acceptable!




which for a period o f ten years previous to such deposit
has not defaulted in the payment o f any part of either
principal or interest of any funded debt authorized to be
contracted by it, and whose net funded indebtedness does
not exceed ten per centum of the valuation o f its taxable
property, to be ascertained by the last preceding valuaDiscretion of tion o f property for the assessment of taxes. The TreasTrGflsurGr
^
^
*
■
'
urer o f the United States, with the approval of the Sec­
retary of the Treasury, shall accept, for the purposes o f

LAW S

C O N C E R N IN G

PAPER

M ONEY.

719

this section, securities herein enumerated in such pro­
portions as he may from time to time determine, and he
may with such approval at any time require the deposit
of additional securities, or require any association to
change the character o f the securities already on deposit.
S ec . 4. That the legal title o f all bonds, whether cou- Transfer of
.. .
,
.
...
, title in trust.
pon or registered, deposited to secure circulating notes
issued in accordance with the terms of section three o f
this A ct shall be transferred to the Treasurer of the
United States in trust for the association depositing them,
under regulations to be prescribed by the Secretary of
the Treasury. A receipt shall be given to the association TReceipts from
by the Treasurer or any assistant treasurer of the United
States, stating that such bond is held in trust for the asso­
ciation on whose behalf the transfer is made, and as secur­
ity for the redemption and payment of any circulating
notes that have been or may be delivered to such associaation. No assignment or transfer of any such bond by the C s gn“ ®
ll^t®j
nts,
Treasurer shall be deemed valid unless countersigned by boJ< S ( gt’
'{U O
1
the Comptroller of the Currency. The provisions o f s e c - » t e s , 5 1 6 3 tions fifty-one hundred and sixty-three, fifty-one hundred foiolioiV998,
and sixty-four, fifty-one hundred and sixty-five, fifty-one
hundred and sixty-six, and fifty-one hundred and sixtyseven and sections fifty-two hundred and twenty-four to
fifty-two hundred and thirty-four, inclusive, of the Re­
vised Statutes respecting United States bonds deposited
to secure circulating notes shall, except as herein modified,
be applicable to all bonds deposited under the terms of
section three of this Act.
S ec. 5. That the additional circulating notes issued un-

status of ad­

der this A ct shall be used, held, and treated in the same lating notes'.^
way as circulating notes o f national banking associations
heretofore issued and secured by a deposit of United
States bonds, and shall be subject to all the provisions of
law affecting such notes except as herein expressly modi­
fied : Provided , That the total amount o f circulating notes Limit of issue
outstanding o f any national banking association, includ- banks.
>y
ing notes secured by United States bonds as now pro­
vided by law, and notes secured otherwise than by de­
posit o f such bonds, shall not at any time exceed the
amount of its unimpaired capital and surplus: And 'pro­

vided further, That there shall not be outstanding at any Maximum of
time circulating notes issued under the provisions of this notes!410 n a 1
Act to an amount o f more than five hundred millions of
dollars.




720

N A T IO N A L

Redemption

M ONETARY

C O M M IS S IO N .

jgEC. 6. T hat whenever and so long as any national

fu n d.

.

.

.

°

-i. .

special r e - banking association has outstanding any o f the additional
quirem
ent for
®
~
additiona1
circulating notes authorized to be issued by the provisions
is, p. 123.

o f this A c t it shall keep on deposit in the Treasury of the
United States, in addition to the redemption fund re­
quired by section three o f the A c t o f June twentieth,
eighteen hundred and seventy-four, an additional sum
equal to five per centum o f such additional circulation at
any time outstanding, such additional five per centum to
be treated, held, and used in all respects in the same man­
ner as the original redemption fund provided for by said
section three o f the A ct of June twentieth, eighteen hun­
dred and seventy-four.

r roporti°nai

S ec . 7. In order that the distribution o f notes to be

additional cir- issued under the provisions o f this A c t shall be made as
states.
equitable as practicable between the various sections o f
the country, the Secretary o f the Treasury shall not
approve applications from associations in any State in
excess of the amount to which such State would be enti­
tled of the additional notes herein authorized on the basis
of the proportion which the unimpaired capital and sur­
plus o f the national banking associations in such State
bears to the total amount of unimpaired capital and sur­
plus of the national banking associations o f the United
Proviso.
States: Provided , however, T hat in case the applications
Emergency
. .
•
. ..
assignm
ents, from associations in any State shall not be equal to the
amount which the associations o f such State would be
entitled to under this method o f distribution, the Secre­
tary o f the Treasury may, in his discretion, to meet an
emergency, assign the amount not thus applied for to any
applying association or associations in States in the same
section o f the country.
information,
S EC. 8. T hat it shall be the duty o f the Secretary o f
etc., as to ac. „
.
.
•
'
ceptabie securi- the Treasury to obtain information with reference to the
value and character o f the securities authorized to be
accepted under the provisions of this Act, and he shall
from time to time furnish information to national banking
associations as to such securities as would be acceptable
Tax on circulation.

under the provisions o f this Act.
S ec . 9. That section fifty-two hundred and fourteen
of the Revised Statutes, as amended, be further amended
to read as follow s:

u
tesevl52i4 tap
“
S ec .
National banking associations having on
loos.
’
deposit bonds o f the United States, bearing interest at the
permnttands2 rate




^wo Per centum per annum, including the bonds

LAWS

C O N C E R N IN G

PAPER

721

M ONEY.

issued for the construction of the Panama Canal, under
the provisions o f section eight o f ‘A n A c t to provide f o r o i .

32. p
.

the construction o f a canal connecting the waters of the
Atlantic and Pacific oceans,’ approved June twenty-eighth,
nineteen hundred and two, to secure its circulating notes,
shall pay to the Treasurer o f the United States, in the
months o f January and July, a tax o f one-fourth o f one
per centum each h alf year upon the average amount of
such of its notes in circulation as are based upon the
deposit of such bonds; and such associations having on B y bonds o f
deposit bonds o f the United States bearing interest at a hiB mteiesther
rate higher than two per centum per annum shall pay a
tax o f one-half o f one per centum each half year upon the
average amount o f such o f its notes in circulation as are
based upon the deposit o f such bonds.

National banking

associations having circulating notes secured otherwise

B y o th er se-

than by bonds o f the United States shall pay for the first
month a tax at the rate of five per centum per annum
upon the average amount of such o f their notes in circu­
lation as are based upon the deposit of such securities,
and afterwards an additional tax o f one per centum per
annum for each month until a tax of ten per centum per
annum is reached, and thereafter such tax o f ten per cen­
tum per annum, upon the average amount of such notes.
Every national banking association having outstanding

M on th ly

circulating notes secured by a deposit o f other securities)a tion
than United States bonds shall make monthly returns, s ta t e s

re­

on other
bonds,

under oath o f its president or cashier, to the Treasurer of
the United States, in such form as the Treasurer may pre­
scribe, o f the average monthly amount o f its notes so
secured in circulation; and it shall be the duty of the
Comptroller of the Currency to cause such reports of
notes in circulation to be verified by examination of the
banks’ records. The taxes received on circulating notes 0nUs® fs taxes
0°e
secured otherwise than by bonds of the United States cured by other
. . .
*. . .
.
.
than Uni t ed
shall be paid into the Division of Kedemption o f the states bonds.
Treasury and credited and added to the reserve fund held
for the redemption o f United States and other notes.”
S ec. 10. That section nine o f the A c t approved July cuRetiring cirtwelfth, eighteen hundred and eighty-two, as amended by 12Jo° am en ded’
the A ct approved March fourth, nineteen hundred and
seven, be further amended to read as follow s:
t
“ S ec . 9. That any national banking association desir-ofw| ^ w|1
i
t^
g
ing to withdraw its circulating notes, secured by deposit j ^ e d by u. s.
o f United States bonds in the manner provided in section




V o l-’1 8> p . 124.

722

NATIONAL MONETARY COMMISSION.

four o f the A c t approved June twentieth, eighteen hun­
dred and seventy-four, is hereby authorized for that pur­
D e p o s its of
la w fu l m oney.

pose to deposit lawful money with the Treasurer of the
United States and, with the consent o f the Comptroller of
the Currency and the approval o f the Secretary o f the
Treasury, to withdraw a proportionate amount o f bonds
held as security for its circulating notes in the order of

F rov iso.

Mo n t h l y

such deposits: Provided , That not more than nine millions
of dollars o f lawful money shall be so deposited during

lim it.

any calendar month for this purpose.
N otes secured
by oth er secu ­
rities.

A n y national banking association desiring to withdraw
any o f its circulating notes, secured by the deposit o f se­
curities other than bonds o f the United States, may make
such withdrawal at any time in like manner and effect by
the deposit of law ful money or national bank notes with

D ep osits.

the Treasurer o f the United States, and upon such deposit
a proportionate share o f the securities so deposited may
P rov iso.
R eten tion o f
d ep osits to re­
deem notes.
V o 1. 26, p.
289.

be withdrawn: Provided , That the deposits under this
section to retire notes secured by the deposit o f securities
other than bonds o f the United States shall not be covered
into the Treasury, as required by section six o f an A ct
entitled ‘A n A c t directing the purchase o f silver bullion
and the issue o f Treasury notes thereon, and for other
purposes,’ approved July fourteenth, eighteen hundred
and ninety, but shall be retained in the Treasury for the
purpose o f redeeming the notes o f the bank making such
deposit.”

Issue

of

notes.
R evised S ta t­
utes, 5172, p.
1000, am ended.
Engraving
and p rin tin g .

S e c . 11 . That section fifty-one hundred and seventy-

two o f the Revised Statutes be, and the same is hereby,
amended to read as follow s:
“ S e c . 5172. In order to furnish suitable notes for cir­
culation, the Comptroller of the Currency shall, under the

direction o f the Secretary o f the Treasury, cause plates
and dies to be engraved, in the best manner to guard
against counterfeiting and fraudulent alterations, and
D e n o m in a ­
tion s.

shall have printed therefrom, and numbered, such quan­
tity o f circulating notes, in blank, o f the denominations
of five dollars, ten dollars, twenty dollars, fifty dollars,
one hundred dollars, five hundred dollars, one thousand
dollars, and ten thousand dollars, as may be required to

C h a ra cter o f
secu rity.




supply the associations entitled to receive the same. Such
notes shall state upon their face that they are secured by
United States bonds or other securities, certified by the

LAWS CONCERNING PAPER MONEY.

723

written or engraved signatures of the Treasurer and Reg­
ister and by the imprint o f the seal of the Treasury.
They shall also express upon their face the promise of
the association receiving the same to pay on demand, at­
tested by the signature o f the president or vice-president
and cashier. The Comptroller o f the Currency, acting

Additional

under the direction o f the Secretary o f the Treasury, paredt0 be pre
shall as soon as practicable cause to be prepared circu­
lating notes in blank, registered and countersigned, as
provided by law, to an amount equal to fifty per centum

A m ou nt,

of the capital stock o f each national banking association;
such notes to be deposited in the Treasury or in the sub- de?fveS sut>r
ry
treasury o f the United States nearest the place o f b u si-ject t0 orderness of each association, and to be held for such associa­
tion, subject to the order o f the Comptroller of the Cur­
rency, for their delivery as provided by la w : Provided ,

Pr0VIS0-

That the Comptroller o f the Currency may issue national fo
Ym.ofpresent
bank notes of the present form until plates can be pre­
pared and circulating notes issued as above provided:

Provided , however, That in no event shall bank notes o f

no^ r|oer
ntad° d f .

the present form be issued to any bank as additional cir- tjonai circuiaculation provided for by this A c t.”
S ec . 12. That circulating notes o f national banking j ^dempUon
associations, when presented to the Treasury for redemption, as provided in section three o f the A ct approved

123

June twentieth, eighteen hundred and seventy-four, shall
be redeemed in lawful money o f the United States.
S ec . 13. That all acts and orders o f the Comptroller Secretaryofthe
of the Currency and the Treasurer of the United States T rea su ry ,
authorized by this A ct shall have the approval of the
Secretary o f the Treasury who shall have power, also, to
make any such rules and regulations and exercise such
control over the organization and management o f na­
tional currency associations as may be necessary to carry
out the purposes o f this Act.
S ec. 14. That the provisions o f section fifty-one hun- de^tfries4^dred and ninety-one of the Revised Statutes, with refer- s?rve not to inence to the reserves o f national banking associations, shall p ^it®
o e jsed stat
not apply to deposits o f public moneys by the United " t e s , 5191 , p.
States in designated depositaries.
S ec . 15. That all national banking associations desig­
nated as regular depositaries of public money shall pay
upon all special and additional deposits made by the Sec- ab?e o^spe'ciai
retary o f the Treasury in such depositaries, and all suchf1 p * s pub‘
® ^ e^