ify calculations posits and conn SEC. 3525. The assayer shall verify all calculations made,,Assayer to verby the superintendent of the value of deposits, and, if sat- of the value of de isfied of the correctness thereof, shall countersign the cer- tersign certifi tificate required to be given by the superintendent to the depositor. SEC. 3526. In order to procure bullion for the silver coinage authorized by this Title, the superintendents, with the approval of the Director of the Mint, 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 of a nominal value exceeding the cost thereof shall be credited to a special fund denominated the silver-profit fund. This fund shall be charged with the wastage incurred in the silver coinage, and with the expense of distributing such silver coins as hereinafter provided. The balance to the credit of this fund shall be from time to time, and at least twice a year, paid into the Treasury of the United States. cates. Ibid,s. 26, ante, p. 95. Purchase of coinage; the sil bullion for silver ver-profit fund. Ibid., s. 27. Ibid., s. 28, ante, SEC. 3527. Silver coins other than the trade-dollar shall Paying out silver coins for gold be paid out at the several mints, and at the assay-office coins authorized. in New York City, in exchange for gold coins at par, in sums p. 96. not less than one hundred dollars. It shall be lawful, also, to transmit parcels of the same, from time to time, to the assistant treasurers, depositaries, and other officers of the United States, under general regulations proposed by the Director of the Mint, and approved by the Secretary of the Treasury. Nothing herein contained shall, however, prevent the payment of silver coins, at their nominal value, for silver parted from gold, as provided in this Title, or for change less than one dollar in settlement for gold deposits. But for two years after the twelfth day of February, eighteen hundred and seventy-three, silver coins shall be paid at the Mint in Philadelphia and the assay-office in New York City, for silver bullion purchased for coinage, under such regulations as may be prescribed by the Director of the Mint and approved by the Secretary of the Treasury. Purchase of coinage; the mi metal for minor nor-coinage profit-fund. SEC. 3528. For the purchase of metal for the minor coinage authorized by this Title, a sum not exceeding fifty thousand dollars in lawful money of the United States shall be transferred by the Secretary of the Treasury to the credit Ibid., §. 29. of the superintendent of the Mint at Philadelphia, at which establishment only, until otherwise provided by law, such coinage shall be carried on. The superintendent, with the approval of the Director of the Mint as to price, terms, and quantity, shall purchase the metal required for such coinage by public advertisement, and the lowest and best bid shall Delivery of mi. nor coins; redemption. p, 96. be accepted, the fineness of the metals to be determined on the Mint assay. The gain arising from the coinage of such metals into coin of a nominal value, exceeding the cost thereof, shall be credited to the special fund denominated the minor-coinage profit fund; 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 of profits accrued from minor coinage under former acts, shall be, from time to time, and at least twice a year, covered into the Treasury. SEC. 3529. The minor coins authorized by this Title may, at the discretion of the Director of the Mint, be delivered in Ibid.,8. 30, ante, any of the principal cities and towns of the United States, at the cost of the Mint, for transportation, and shall be exchangeable at par at the Mint in Philadelphia, at the discretion of the superintendent, for any other coins of copper, bronze, or copper-nickel heretofore authorized by law. It shall be lawful for the Treasurer 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 authorized by law when presented in sums of 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 of the Treasury is authorized and required to direct that such coinage shall cease until otherwise ordered by him. Transfer of bullion for formation into ingots. P, 97. SEC. 3530. Parcels of bullion shall be, from time to time, transferred by the superintendent to the melter and refiner. Ibid.,8. 31, ante, A careful record of these transfers, noting the weight and character of the bullion, shall be kept, and vouchers shall be taken for the delivery of the same, duly receipted by the melter and refiner. The bullion thus placed in the hands of the melter and refiner shall be subjected to the several processes which may be necessary to form it into ingots of the legal standard, and of a quality suitable for coinage. Ingots to be as for. Ibid., s. 32. SEC. 3531. The ingots so prepared shall be assayed. If sayed and receipt they prove to be within the limits allowed for deviation 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. Delivery of ingots to coiner for coinage. Ibid., s. 35. SEC. 3532. The superintendent shall, from time to time, deliver to the coiner ingots for the purpose of coinage. A careful record of these transfers, noting the weight and character of the bullion, shall be kept, and vouchers shall SEC. 3534. The melter and refiner shall prepare all bars required for the payment of deposits; but the fineness thereof shall be ascertained and stamped thereon by the assayer. The melter and refiner shall deliver such bars to the superintendent, who shall receipt for the same. Standards of ingots used for p. 97. Preparation and stamping of bars for payment of deposits. Ibid., 8. 34. lowed in adjust SEC. 3535. In adjusting the weights of the gold coins, the Deviations al following deviations shall not be exceeded in any single ing weights of gold coins. piece: In the double-eagle and the eagle, one-half of a Ibid.,s. 36, ante, grain; in the half-eagle, the three-dollar piece, the quarter- p. 98. eagle, and the one-dollar piece, one-fourth of a grain. And 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 quartereagles, in one thousand three-dollar pieces, and in one thousand one-dollar pieces. of silver coins. Ibid., s. 37. [The word "a" inserted in fourth line, after weighing," by act of Feb. 27, 1877, vol. SEC. 3536. In adjusting the weight of the silver coins the following deviations shall not be exceeded in any single piece: In the dollar, the half and quarter dollar, and in the dime, one and one-half grains. And in weighing [a] large number of pieces together, when delivered by the coiner to 19, p. 249.] the superintendent, and by the superintendent to the depositor, the deviations from the standard weight shall not exceed two-hundredths of an ounce in one thousand dollars, half-dollars, or quarter-dollars, and one-hundredth of an ounce in one thousand dimes. SEC. 3537. In adjusting the weight of the minor coins provided by this Title, there shall be no greater deviation allowed than three grains for the five-cent piece and two grains for the three and one cent pieces. of minor coins. Ibid., s. 38. Delivery of coins by coiner pieces. SEC. 3538. The coiner shall, from time to time, as coins are prepared, deliver them to the superintendent, who shall and trial of receipt for the same, and who shall keep a careful record of their kind, number, and actual weight. In receiving coins it shall be the duty of the superintendent to ascertain, by Ibid., e. 39. Trial-pieces to be sealed up and terly to the Mint Ibid.,s. 40, ante, p. 98. the trial of a number of single pieces separately, whether the coins of that delivery are within the legal limits of the standard weight; and if his trials for this purpose shall not prove satisfactory, he shall cause all the coins of such delivery to be weighed separately, and such as are not of legal weight shall be defaced and delivered to the melter and refiner as standard bunion, to be again formed into ingots and recoined; or the whole delivery may, if more convenient, be remelted. SEC. 3539. At every delivery of coins made by the coiner transmitted quar- to a superintendent, it shall be the duty of such superintend at Philadelphia. ent, 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 for gold coins being not less than one piece for each one thousand pieces or any fractional part of one thousand pieces delivered; and for silver coins one piece for each two thousand pieces or any fractional part of two thousand pieces delivered. The pieces so taken shall be carefully sealed up in an envelope, properly labeled, stating the date of the delivery, the number and denomination of the pieces inclosed, and the amount of the delivery from which they were taken. These sealed parcels containing the reserved pieces shall be deposited in a pyx, designated for the purpose at each mint, which shall be kept under the joint care of the superintendent and assayer, and be so secured that neither can have access to its contents without the presence of the other, and the reserved pieces in their sealed envelopes from the coinage of each mint shall be transmitted quarterly to the Mint at Philadelphia. A record shall also be kept at the same time of the number and denomination of the pieces so taken for the annual trial of coins, and of the number and denomination of the pieces represented by them and so delivered, a copy of which record shall be transmitted quarterly to the Director of the Mint. Other pieces may, at any time, be taken for such tests as the Director of the Mint shall prescribe. Disposal of clip. pings, &c. Ibid.,8. 41, ante, p. 99. Yearly settle ment of accounts melter and refin SEC. 3540. The coiner shall, from time to time, deliver to the superintendent the clippings and other portions of bullion remaining after the process of coining; and the superintendent shall receipt for the same and keep a careful record of their weight and character. SEC. 3541. The superintendent shall debit the coiner with of coiner, and of the amount in weight of standard metal of all the 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, er. Ibid., s. 42 and at such time as the Director of the Mint shall appoint, there shall be an accurate and full settlement of the accounts of the coiner, and the melter and refiner, at which time those officers shall deliver up to the superintendent all the coins, clippings, and other bullion in their possession, respectively, accompanied 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 of settlement wastage. SEC. 3542. When all the coins, clippings, and other bull-Allowance for ion have been delivered to the superintendent, it shall be Ibid.,s. 43, ante, his duty to examine the accounts and statements rendered P. 99 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 of the precious metals, and if the amount shall not exceed, in the case of the melter and refiner, one thousandth of the whole amount of gold, and one and one-half thousandths of the whole amount of silver delivered to him since the last annual settlement, and in the case of the coiner, one-thousandth of the whole amount of silver, and one-half thousandth of the whole amount of gold that has been delivered to him by the superintendent. All copper used in the alloy of gold and silver bullion shall be separately charged to the melter and refiner, and accounted for by him. of balance sheet to the Mint. Ibid.,s. 44, ante. SEC. 3543. It shall also be the duty of the superintendent, Statement to forward a correct statement of his balance-sheet, at the be forwarded by superintendent close of such settlement, to the Director of the Mint; who to Director of shall compare the total amount of gold and silver bullion and coin on hand with the total liabilities of the mint. At the same time a statement of the ordinary expense account, and the moneys therein, shall also be made by the superintendent. p. 100. SEC. 3544. When the coins or bars which are the equiva- Delivery of coin or bars to deposlent to any deposit of bullion are ready for delivery, they itor. shall be paid to the depositor, or his order, by the superintend- Ibid., B. 45. ent; 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 manipulating a refractory deposit, or for any other unavoidable cause, the payment of subsequent deposits, the value of which is known, shall not be delayed thereby. In the de nominations of coin delivered, the superintendent shall comply with the wishes of the depositor, except when impracticable or inconvenient to do so. |