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| Section
I. Be it enacted by the Senate and House of
Representatives of the United States of American in Congress
assembled, and it is hereby enacted and declared, That a mint
for the purpose of a national coinage be, and the same is
established, to be situate and carried on at the seat of the
government of the United States, for the time being: And that
for the well conducting of the business of the said mint,
there shall be the following officers and persons, namely,
—a Director, an Assayer, a Chief Coiner, an Engraver, a
Treasurer. |
Mint
established at the seat of government. |
| Section
2. And be it further enacted, That the Director of the
mint shall employ as many clerks, workmen and servants, as he
shall from time to time find necessary, subject to the
approbation of the President of the United States. |
Director
to employ workmen, etc. |
Section
3. And be it further enacted, That the respective
functions and duties of the officers above mentioned shall be
a follow:
- The Director of the mint shall have
the chief management of the business thereof, and shall
superintend all other officers and persons who shall be
employed therein. the Assayer shall receive and give
receipts for all metals which may lawfully be brought to
the mint to be coined; shall assay all such of them as may
require it, and shall deliver them to the Chief 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 this or any future law.
- The Engraver shall sink and prepare
the necessary dies for such coinage, with the proper
devices and inscriptions, but shall be lawful for the
functions and duties of Chief Coiner and engraver to be
preformed by one person.
- The Treasurer shall receive from the
Chief Coiner all the coins which shall have been struck,
and shall pay or deliver them to the persons respectively
to whom the same ought to be paid or delivered: he shall
moreover receive and safely keep all monies which shall be
for the use, maintenance and support of the mint, and
shall disburse the same upon warrants signed by the
Director.
|
Duties
of the officers. |
| Section
4. And be it further enacted, That every officer and clerk
of the said mint shall, before he enters upon the execution of
his office, take an oath or affirmation before some judge of
the United States faithfully and diligently to perform the
duties thereof. |
Oath
of office required |
| Section
5. And be it further enacted, That the said assayer, chief
coiner and treasurer, previously to entering upon the
execution of their respective offices, shall each become bound
to the United States of America, with one or more sureties to
the satisfaction of the Secretary of the Treasury, in the sum
of ten thousand dollars, with condition for the faithful and
diligent performance of the duties of his office. |
Bond
required |
Section
6. And be it further enacted, That there shall be allowed
and paid as compensation for their respective services—
- To the said director, a yearly salary
of two thousand dollars,
- to the said assayer, a yearly salary
of one thousand five hundred dollars,
- to the said chief coiner, a yearly
salary of one thousand five hundred dollars,
- to the said engraver, a yearly salary
of one thousand two hundred dollars,
- to the said treasurer, a yearly
salary of one thousand two hundred dollars,
- to each clerk who may be employed, a
yearly salary not exceeding five hundred dollars,
- and such wages and allowances as are
customary and reasonable, according to their respective
stations and occupations.
|
Salaries |
| Section
7. And be it further enacted, That the accounts of the
officers and persons employed in and about the said mint and
for services performed in relation thereto, and all other
accounts concerning the business and administration thereof,
shall be adjusted and settled in the treasury department of
the United States, and a quarter yearly account of the
receipts and disbursements of the said mint shall be rendered
at the said treasury for settlement according to such forms
and regulations as shall have been prescribed by the
department; and that once in each year a report of the
transactions of the said mint, accompanied by an abstract of
the settlements which shall have been from time to time made,
duly certified by the comptroller
of the treasury, shall be laid before Congress for their
information. |
Settling
of accounts |
| Section
8. And be it further enacted, That in addition to the
authority vested in the president of the United States by a
resolution of the last session, touching the engaging of
artists and the procuring of apparatus for the said mint, the
President be authorized, and he is hereby authorized to cause
to be provided and put in proper condition such buildings, and
in such manner as shall appear to him requisite for the
purpose of carrying on the business of the said mint; and that
as well the expenses which shall have incurred pursuant to the
said resolution as those which may be incurred in providing
and preparing the said buildings, and all other expenses which
may hereafter accrue for the maintenance and support of the
said mint, and in carrying on the business thereof, over and
above the sums which may be received by reason of the rate per
centum for coinage herein after mentioned, shall be defrayed
from the treasury of the United States, out of any monies
which from time to time shall be therein, not otherwise
appropriated. |
President
authorized to provide for buildings and pay expenses |
Section
9. And be it further enacted, That there shall be from
time to time struck and coined at the said mint, coins of
gold, silver, and copper, of the following denominations,
values and descriptions, viz.
- EAGLES
—each to be of the value of ten dollars or units, and to
contain two hundred and forty-seven grains and four
eighths of a grain of pure, or two hundred and seventy
grains of standard gold.
- HALF EAGLES —each to be of
the value of five dollars, and to contain one hundred and
twenty-three grains and six eighths of a grain of pure, or
one hundred and thirty-five grains of standard gold.
- QUARTER EAGLES —each to be
of the value of two dollars and a half dollar, and to
contain sixty-one grains and seven eighths of a grain of
pure, or sixty-seven grains and four eighths of a grain of
standard gold.
- DOLLARS OR
UNITS —each to be of the value of a Spanish milled
dollar as the same is now current, and to contain three
hundred and seventy-one grains and four sixteenth
parts of a grain of pure, or four hundred and sixteen
grains of standard silver.
- HALF DOLLARS —each to be of
half the value of the dollar or unit, and to contain one
hundred and eighty-five grains and ten sixteenth parts of
a grain of pure, or two hundred and eight grains of
standard silver.
- QUARTER DOLLAR —each to be
of one fourth the value of the dollar or unit, and to
contain ninety-two grains and thirteen sixteenth parts of
a grain of pure, or one hundred and four grains of
standard silver.
- DISMES —each to be of the
value of one tenth of a dollar or unit, and to contain
thirty- seven grains and two sixteenth parts of a grain of
pure, or forty-one grains and three fifths parts of a
grain of standard silver.
- HALF DISMES —each to be of
the value of one twentieth of a dollar, and to contain
eighteen grains and nine sixteenth parts of a grain of
pure, or twenty grains and four fifths parts of a grain of
standard silver.
- CENTS
—each to be of the value of the one hundredth part of a
dollar, and to contain eleven penny-weights of copper.
- HALF CENTS —each to be of
the value of half a cent, and to contain five
penny-weights and a half a penny-weight of copper.
|
Specie
(types) of coins and relative exchange values |
| Section
10. And be it further enacted, That, upon the said coins
respectively, there shall be the following devices and
legends, namely: Upon one side of each of the said coins there
shall be an impression emblematic of liberty, with an
inscription of the word Liberty, and the year of the coinage;
and upon the reverse of each of the gold and silver coins
there shall be the figure or representation of an eagle, with
this inscription, “UNITED STATES OF AMERICA” and upon the
reverse of each of the copper coins, there shall be an
inscription which shall express the denomination of the piece,
namely, cent or half cent, as the case may require. |
Inscriptions
on coins |
| Section
11. And be it further enacted, That the proportional value
of gold and silver in all coins which shall by law be current
as money within the United States, shall be fifteen to one,
according to quantity in weight, of pure gold or pure silver;
that is to say, every fifteen pounds weight of pure silver
shall be of equal value in all payments, with one pound weight
of pure gold, and so in proportion as to any greater or less
quantities of the respective metals. |
Exchange
ratio of gold to silver established |
| Section
12. And be it further enacted, That the standard for all
gold coins of the United States shall be eleven parts fine to
one part alloy; and accordingly that eleven parts fine to one
part alloy; and accordingly that eleven parts in twelve of the
entire weight of each of the said coins shall consist of pure
gold, and the remaining one twelfth part of alloy; and the
said alloy shall be composed of silver and copper, in such
proportions not exceeding one half silver as shall be found
convenient; to be regulated by the director of the mint, for
the time being, with the approbation of the President of the
United States, until further provision shall be made by law.
And to the end that the necessary information may be had in
order to the making of such further provision, it shall be the
duty of the director of the mint, at the expiration of a year
commencing the operations of the said mint, to report to
Congress the practice thereof during the said year, touching
the composition of the alloy of the said gold coins, the
reasons for such practice, and the experiments and
observations which shall have been made concerning the effects
of different proportions of silver and copper in the said
alloy. |
Gold
alloy content |
| Section
13. And be it further enacted, That the standard for all
silver coins of the United States, shall be one thousand four
hundred and eighty-five parts fine to one hundred and
seventy-nine parts alloy; and accordingly that one thousand
four hundred and eighty-five parts in one thousand six hundred
and sixty-four parts of the entire weight of each of the said
coins shall consist of pure silver, and the remaining one
hundred and seventy-nine parts of alloy; which alloy shall be
wholly of copper. |
Silver
alloy content |
| Section
14. And be it further enacted, that it shall be lawful for
any person or persons to bring to the said mint gold and
silver bullion in order to their being coined; and that the
bullion so brought shall be there assayed and coined as
speedily as may be after the receipt thereof, and free of
expense to the person or persons by whom the same shall have
been brought. And as soon as the said bullion shall have been
coined, the person or persons by whom the same shall have been
delivered, shall upon demand receive in lieu thereof coins of
the same species of bullion which shall have been so
delivered, weight for weight, of the pure gold or pure silver
therein contained: Provided nevertheless, That it shall be at
the mutual option of the party or parties bringing such
bullion, and of the director of said mint, to make an
immediate exchange of coins for standard bullion, with a
deduction of one half percent from the weight of the pure
gold, or pure silver contained in the said bullion, as an
indemnification to the mint for the time which will
necessarily be required for coining the said bullion, and for
the advance which shall have been so made in coins. And it
shall be the duty of the Secretary of the Treasury to furnish
the said mint from time to time whenever the state of the
treasury will admit thereof, with such sums as may be
necessary for effecting the said exchanges, to be replaced as
speedily as may be out of the coins which shall have been made
of the bullion for which the monies so furnished shall have
been exchanged; and the said deductions of one half percent.
shall constitute a fund towards defraying the expenses of the
said mint. |
Who
may mint coins |
| Section
15. And be it further enacted, That the bullion which
shall be brought as aforesaid to the mint to be coined, shall
be coined, and the equivalent thereof in coins rendered, if
demanded, in the order in which the said bullion shall have
been brought or delivered, giving priority according to
priority of delivery only, and without preference to any
person or persons; and if any preference 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 of
suit. And to the end that it may be known it 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 persons bringing the same, a memorandum in writing
under his hand denoting the weight, fineness and value
thereof, together with the day and order of its delivery into
the mint. |
Penalties
established for undue preference |
| Section
16. And be it further enacted, That all the gold and
silver coins which shall have been struck at, and issued from
the said mint, shall be a lawful tender in all payments
whatsoever, those of full weight according to the respective
values herein before declared, and those of less than full
weight at values proportional to their respective weights. |
Coins
established as lawful tender |
| Section
17. And be it further enacted, That it shall be the duty
of the respective officers of the said mint carefully and
faithfully to use their best endeavors that all the gold and
silver coins which shall be struck at the said mint shall be,
as nearly as may be, conformable to the several standards and
weights aforesaid, and that the copper whereof the cents and
half cents aforesaid may be composed, shall be of good
quality. |
Coinage
to conform to established weights and measures |
| Section
18. And the better to secure a due conformity of the said
gold and silver coins to their respective standards, Be it
further enacted, That from every separate mass of standard
gold or silver, which shall be made into coins at the said
mint, there shall be taken, set apart by the treasurer and
reserved in his custody a certain number of pieces, not less
-than three, and that once in every year the pieces so set
apart and reserved, shall be assayed under the inspection of
the Chief Justice of the United States, the Secretary and Comptroller
of the Treasury, the Secretary for the department of
State, and the Attorney General of the United States (who are
hereby required to attend for that purpose at the said mint,
on the last Monday in July in each year), or under the
inspection of any three of them, in such manner as they or a
majority of them shall direct, and in the presence of the
director, assayer and chief coiner of the said mint; and if it
shall be found that the gold and silver so assayed shall not
be inferior to their respective standards herein before
declared more than one part in one hundred and forty-four
parts. the officer or officers of the said mint whom it may
concern shall be held excusable; but if any greater
inferiority shall appear it shall be certified to the
President of the United States, and the said officer or
officers shall he deemed disqualified to hold their respective
offices. |
Assay
requirements |
| Section
19. And be it further enacted, That if any of the gold or
silver coins which shall be struck or coined at the said mint
shall be debased or made worse as to the proportion of the
fine gold or fine silver therein contained, or shall be of
less weight or value than the same out to be pursuant to the
directions of this act, through the default or with the
connivance of any of the officers or persons who shall be
employed at the said mint, for the purpose of profit or gain,
or otherwise with a fraudulent intent, and if any of the said
officers or persons shall embezzle any of the metals which
shall at any time be committed to their charge for the purpose
of being coined, or any of the coins which shall be struck or
coined at the said mint, every such officer or person who
shall commit any or either of the said offenses, shall be
deemed guilty of felony, and shall suffer death. |
Debasement
penalties established |
| Section
20. And be if further enacted, That the money of account
of the United States shall be expressed in dollars, or units,
dimes or tenths, cents or hundredths, and the milles or
thousandths, a dime being the tenth part of a dollar, a cent
the hundredth part of a dollar, a mille the thousandth part of
a dollar, and that all accounts in the public offices and all
proceedings in the courts of the United States shall be kept
and had in conformity to this regulation. |
Money
of account established to be dollars |
|