New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-03-04


| unfit for coinage, for copper used Tor alloy
| when the bullion is above standard, LOT
| separating the gold and silver when these
| metals exist together in the bullion, ana Ior
| the preparation of bars, shall be fixed, from
! time to time, by the Director, with the CON
| currence of the Secretary OF the treasury
| SO as to equal but not exceed, IN their Juag
ment, the actual average cost to eaen nln'
and assay Office of the material, labor, vast
age, and use of machinery employed IN
| each of the cases aforementioned: :,
SEC o. That the assayer shall verify all
| calculations made by the superintendent OF
the value of deposits and, If satlshed OF
the correctness thereof shall c0unterslgn
the certificate required to be given by the
superintendent to the d, positor.
SEC. 81. That in order to procure ouI-
lion for the silver coinage authorized Dy
this act, the superintendent, with the
approval of the Director of the MINT, as
to price, terms and quantity, snail
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-proft fund. This fund shall be
charged with the wastage incurred IN the
silver coinage and with the expense of dis
tributing said coins rs hereinafter provided.
The balance to the credit of this fund shall
be from time to time, and at least twice
year, paid into the treasury OF the United
States.
SEC. %. That silver coins other than the
trade dollar shall be paid out at the sew
eral mints, and at the assay office in New
York city, in exchange tor gold coins at
par, in sums not less than one hundred
dollars; and it shall be lawful, also, to
transmit parcels OF the same, from time TO
time, to the assistant treasurers, deposlta-
ries 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; but nothing
herein contained shall prevent the payment
of silver coins, at their nominal value, for
silver parted from gold, as provided in
this act, or for change less than one
dollar in settlement for gold deposits;
provided, that for two years after
the passage Of this act, silver coins
shall be paid at the mint in Philadelphia
and tho 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.
SEC. %. That for the purchase of metal
for the minor coinage authorized by this
act, 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 OF the super
intendent of the mint at Philadelphia, at
which establishment only, until otherwise
provided BY law, such coinage shall be car
ried on. The superintendent, with the ap-
prevail 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 be accepted. the fneness 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 denomnated the minor
coinage profit fund; and this fund shall be
charged with the Wastage incurred 10 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 year, covered into the treasury Of
the United States.
SEC. 80. That the minor coins authorized
BIZ this act may, at the discretion Of the
Director of the Mint, be delivered 10 any
of the principal cities and towns OF the
United States, at the cost of the mint, for
transportation, and shall be exchangable
"a par at the mint in Philadelphia. at the
discretion OF the superintendent. for any
OIutI COIus VI tUppCIs ulDuLCp VI CbPpVI'
nickel heretofore authorized by law: and It
shall be lawful for the Treasurer AMI the
several assistant treesurers and deposit
aries of the United States to redeem, in
lawful money, under such rules as may be
prescribed by the Secretary OF the Treas
ury, all copper, bronze, and copper nickel
coins authorized by iaW when presented in
sums Of not less than twenty dollars; and
whenever, under this authority. these coins
ara r.rasanted fnr reclamation in SJIph 0uaD-
tity az TO show the amount outstanding &c
be redundant. the Secretary vi the Treas
ury is authorized and required To direct
that such coinage shall cease until other
wise ordered by him.
SEC 81. That parcels Of bullion shall ne
from time TO time transferred by the super
intendent to the melter and retner; care
ful record of these transfers. noting the
weight and character of the bullion, shall
be kept. and vouchers shalt be taken tov
the delivery OF the same, duly re-
ceipted ty the melter and refiner, and tie
bullion thus placed in the hands Of the
melter and retiner shall be subjected TO the
several processes which may be necessary
TO form it into ing0ts Of the legal standard,
and Of q quality suitable for coinage.
SEC. 81. That the iagcts so prepared shall
be assayed, and if 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 tie same. and transfer them to
the coiner.
SEC. 33. That 40 ingots shall be used for
coinage which differ from the legal stand
ard more than the following proportions,
namely: In gold ingots, one thousandth; in
silver ingots, three thousandths; in minor
coinage alloys, twenty five thoussndthso in
the proportion of nickel
SEC. "a. That the melter end fcfuer
shall prepare all bars required for the pay
ment of deposits; but the tnenoss thereof
shall be ascertained and stamped thereon
by the assayer and the melter and retinsr