LAWS OF THE UNITED STATES RELATING TO LOANS AND THE CURRENCY, INCLUDING THE COINAGE ACTS. CHAP. XVI.-AN ACT ESTABLISHING A MINT AND REGULATING THE April 2, 1792. Vol. 1, p. 246. lished at the seat SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, and it is hereby enacted and declared, That a mint for Mint estab the purpose of a national coinage be, and the same is estab- of government. lished; 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. SEC. 2. And be it further enacted, That the Director of the Director to em ploy workmen, mint shall employ as many clerks, workmen, and servants, &c. as he shall from time to time find necessary, subject to the approbation of the President of the United States. officers. SEC. 3. And be it further enacted, That the respective Duty of the functions and duties of the officers above mentioned shall be as follows: 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 Assayer. which may lawfully be brought to the mint to be coined; 1794, ch. 4, sec. 2. shall assay all such of them as may require it, and shall deliver them to the Chief Coiner to be coined. The Chief Chief coiner. 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. Act of March 3, The Engraver shall sink and prepare the necessary dies for Engraver. such coinage, with the proper devices and inscriptions, but it shall be lawful for the functions and duties of Chief Coiner and Engraver to be performed by one person. The Treasurer shall receive from the Chief Coiner all the coins Treasurer. To take oath, and give bond. Act of March 3, 1794, ch. 4, sec. 2. :Salaries. Accounts, how and where to be settled. 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. SEC. 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. SEC. 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. SEC. 6. And be it further enacted, That there shall be allowed and paid as compensations 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 sal ary 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 to the several subordinate workmen and servants, such wages and allowances as are customary and reasonable, according to their respective stations and occupations. SEC. 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 that 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. of United States to to be defrayed. coins to be See act of Feb ruary 12, 1873, Eagles. post, p. 88. See act of June 23, 1834, s. 1, post, SEC. 8. And be it further enacted, That in addition to the President authority vested in the President of the United States by canse buildings to be provided. 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 been Expense, how 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 hereinafter 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. SEC. 9. And be it further enacted, That there shall be from Species of the time to time struck and coined at the said mint, coins of struck. 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 post, p. 14. 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 Quarter eagles. 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 post, p. 13. pure, or four hundred and sixteen grains of standard silver. 12, 1873, post, p. 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 Dollars-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 p. 10. Act of January 18, 1837, s. 10, Half eagles. Ibid. Dollars or units. See act of January 18, 1837, s. 9, Act February 88. Half dollars. act of Feb. ruary 21, 1853, s. 1, post, p. 22. Quarter dol lars. Ibid. Dismes. Half dismes. Cents. three fifth 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 fifth parts of a grain of standard silver. Cents-each to be of the value of See act of Jan. 14, 1793, post, p. 7; act of Mar. 3, 1795, s. 8, post, p. 9; act of Feb. 21,1857, s. 4, post, p. 25, 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 half a penny-weight of copper. Half cents. Ibid. Of what vices. de Proportional value of gold to silver. Standard for gold coins and SEC. 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. SEC. 11. And be it further enacted, That the proportional value of 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, 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. SEC. 12. And be it further enacted, That the standard for alloy, how to be all gold coins of the United States shall be eleven parts fine regulated. 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 provis Director to re- ion, it shall be the duty of the director of the mint at the of the mint touch- expiration of a year after 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 observation which shall have been port the practice ing the alloy of gold coins. |