Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-03-06
The New Coinage Bill.

The new coinage act, as passed and ap-
proved by the President, differs somewhat from
what was reported. 1t is as follows;
AN ACT relating TO foreign coins and to the coinage Of
cents at the mint Of the United States.
Be 1t enacted By the Senate and House of
Representatives. Of the Uaited Slatas of .fmsrica
IN Congress assembled, That the pieces common
y known as the quarter, eighth and sixteenth
Of the Spanish pillar dollar, and of the Next
can dollar, shall be received at the treasury
of the United States, and its several Offices.
and at the several Post Offices and land Offices.
at the rates of valuation following, that is to say,
the fourth of a dollar, or piece OF two reals,
at twenty cents the eighth Of a dollar, or
piece, OF one real, at ten cents, and the six
teenth Of a dollar or half real, at i've cents.
SEcTIoS.2. And be it further enacted, That
the said coins, when so received, shall not
again be paid out, or put in circulation, but
shall be reeoined at the mint. And it shall be
the duty of the director of the mint, with the
approval of the Secretary CT the Treasury,
to prescribe such regulations as may be Ds-es-
sary anu proper, to secure their transmission
to tte mint for re coinage, and the return or
distribution of the proceeds thereof, Wh0n
deemed expedient, and to prescribe such forms
of account as may be appropriate and lppli-
cable to the circumstances Provided, That
the expenses incident to such Transmission
Va 0ibLElDuliOl, anu OL Ic~COIQdEEs SUdH OI
charged against the account of silver profit
a. loss, and the net profits, if any, shall be
paid, from time to time, into the treasury Of
the United States.
SECTION 3. Aad be u further enacted, That
all the former acts authorizing the currency Of
foreign gold or silver coins, and declaring the
same a legal tender in payment for debts. are
hereby repealed but it shall be the duty of the
director Of the mint to cause assays to be made,
from tine to time, of such foreign coins as may
bek nown to our commerce, to determine their
average weight, hneness and value, and to en-
brace In his annual report a statement Of the
results thereof.
SECTION 4. fad be Il further en0cted, That
from and after the passage Of this act the stan
card weight Of the cent ceined at the mint shall
be twenty-five grains, or three-twentieths Of
one ounce troy, with no greater deviation than
four grains in each piece a7d said cent shall
be composed Of Lightweight per csntum Of
copper and twelve per centum Of nickel, of
such shape and device as may be fixed by the
director Of the mint, with the appreciation Of
the Secretary Of the Treasury and the coin
age of the half cent shall cease.
SECTION 8. .And be It further enacted, That
the treasurer Of the mint, uGder the instruction
Of the Secretary of the Treasury, shall, from
time to time, purchase from the bullion fund Of
the mint the materials necessary for the coin
age of such cent piece, and transfer the same
to the proper operative officers Of the mint to
be manufactured and returned in coin. And
the laws in force relating to the mint and the
coinage of precious metals, and in regard to
the sale and distribution Of the copper coins,
shall, 80 far az applicable, be extended to the
coinage hereia provided for: PT1pidsd, That
the net profits Of said coinage, ascertained in
like manner as is prescribed in the second sec
tion Of this act shall be transferred TO the
treasury Of the United States.
sEeTIoN o. dad be IL farther szaeted, That il
shall be lawful to pay out the said cent at the
mint In exchange for any Of the gold and sill
yer coins in the United States, and also in ex-
change for the former copper coins used and
it shall be lawful to transmit parcels Of the
said cents, from time to time, to the assistant
tressrrers, repositories and other officers Of
the United States, under general regulations
proposed by the director Of the mint, and APP
proved by the aecretary of the Treasury, for
exchange as aforesaid. And 1t shall also be
lawful fer the space OF two years from the
passage Of this act, and no longer, to pay out