The weekly Placer herald., 1853-03-26
Particulars of the New Coinage
Bill--.(1Old In ugOts...SeigniOra

Particulars of the New Coinage
Bill---GOld lngOts..-Seigniorage.
Thes Coinage Bill passed by con-
gress provi'ies that from and after June
lst,. 1858, the weight Of the half dollar
shall be l92 grains. The smaller coins
weigh respectively one-half, one-hfth, and
one, tenth. In order to procure bullion
for the requisite coinage Of the subdivls-.
ion of the dollar, authorized by this act,
the Treasurer of the lint shall, with the
approval Of the Director, purchase such
bullion with the bullion fund of the mint.
Section 9th provides that at the option
of the depositor, god or silver may be
cast into bars or 'ingots, of either pure
metal or of standard fineness, as the own
er may prefer, with a stamp upon the
same, designating its weight and fineness;
but M piece, of either gold or silver, shar
I've cast into bars or ingots ola less weight
than ten ounces, except pieces OF one
ounce, of two ounces, Of three ounces,
aud Of FIVE ounces; all of the pieces OF
less weight than ten ounces, shalt be OF
the standard fineness, with their weight
and fincness stamped upon them. But IN
cases whether the gold or silver deposited
be coined or cast into bars or thgots, there
sha he charge to the depOstor, IN ad-
dition TO the charge now made for rehn'ng
and parting the metals, of one -hay OF one
per cent. The inOney arising from this
charge Of One-half of one per cent, shall
be charged to the Treasurer of the Mint,
aud from time to time, OH warrant OF
Treasurer of the Mint shall be transfer
red into the Treasury of the United
! DrAu.IaI ho fhaf mt
contained in this section snail he consld-
cred rs applying to the ha f do lar, the
quarter dollar, the dime, and the halt dime.
Section 7th authorizes the coinage OF
three dollar gold pieces. The law goes
into operation in June next Speaking OF
this law, the New York Morning Express
says: "The seigniorage part Of the com
age bill, recently passed the Senate, VIII
he unpopular IN California. 1t is a direct
tax on the miner, and reduces the amount
he receives the exact per centage taken ny
the mint. A direct tax on Labor, unless II
nally distributed among the consumers, is
the most onerous of taxes. In the case
of go the same number of grams Is IN
the Eagle, and consequently the charge
comes OFT of the pocket of the miner, for
thu e,.c privilege of having government
st.a.p placed upon it, Our mint will
prnbably now have sufficient time to coin
s.nal er coins for the use Of the country. .
IL appears the Senate came to the same
conclusion after reflection, as that body
passed a clause in the deficiency Blll''
repealing the seigniorage feature, before
the bill had been presented to the Pres'-
dent. The following is the amendment
in the deficiency Bill" above alluded to
as na,'"s passed the Senate OH the 10Th
of February. m
Sc. I. .ind be ii further enacted, Ina
when the gold or silver shall be Gast n1 m'
formed into bars go.Gra Or IL gee cast or formed
of n less weight than five ounces, unless
they he of standard fineness; and the charge
Of easiing or forming, or refining sdao
bars, ingois, or disks shall not erceed Mt
sxpense Of ereeutingj the operation to- be
regulated from time TO time by the Secre'
tary of the Treasury. And the Secretary
of the Treasury is hereby authorized to
regulate the size and devices of the new
silver COINS authorized by an act entitled
"An act amendatory of existing laws rel
ative 10 the half dollar, quarter, dime, and
half dime"