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Document Index: 289763790

Matched Legal Cases: ['in fine', 'ART. 2', 'ART. 3', 'ART. 4', 'ART. 2', 'ART. 3', 'ART. 4', 'ART. 10', 'ART. 11', 'ART. 14', 'ART. 3', 'ART. 4', 'ART. 2', 'ART. 4', 'ART. 19', 'ART. 4', 'in fine', 'in fine', 'Art. 5', 'ART. 11', 'ART. 12', 'Art. 13', 'ART. 21', 'ART. 6']

Online Library of Liberty - Appendix IV, Coinage Laws - The History of Bimetallism in the United States
Front Page Titles (by Subject) Appendix IV, Coinage Laws - The History of Bimetallism in the United States	Return to Title Page for The History of Bimetallism in the United StatesThe Online Library of LibertyA project of Liberty Fund, Inc.
Search this Title:Also in the Library:Subject Area: EconomicsTopic: Money and BankingAppendix IV, Coinage Laws - J. Laurence Laughlin, The History of Bimetallism in the United States [1885]Edition used:The History of Bimetallism in the United States (New York: D. Appleton, 1898). 4th ed.
Sec. 16. And be it further enacted, That all the gold and silver coins which shall have been struck at and issued from the said Mint shall be a lawful tender in all payments whatsoever, those of full weight according to the respective values herein before declared, and those of less than full weight at values proportional to their respective weights.[Approved, April 2, 1792. 1 Statutes at Large, 246.]
Sec. 3. And be it further enacted, That all gold coins of the United States, minted anterior to the thirty-first day of July next, shall be receivable in all payments at the rate of ninety-four and eight tenths of a cent per pennyweight.[Approved, June 28, 1834. Statutes at Large, 699.]
Sec. 11. And be it further enacted, That the silver coins heretofore issued at the Mint of the United States, and the gold coins issued since the thirty-first day of July, one thousand eight hundred and thirty-four, shall continue to be legal tenders of payment for their nominal values, on the same terms as if they were of the coinage provided for by this act.[Approved, January 18, 1837. 5 Statutes at Large, 136.]
[This act authorizes the coinage of gold dollars and double eagles, "conformably in all respects to the standard for gold coins now established by law," and to be a legal tender in payment for all sums.][Approved, March 3, 1849. 9 Statutes at Large, 397.]
Sec. 7. And be it further enacted, That, from time to time, there shall be struck and coined at the Mint of the United States, and the branches thereof, conformably in all respects to law, and conformably in all respects to the standard of gold coins now established by law, a coin of gold of the value of three dollars, or units....[Approved, February 21, 1853. 10 Statutes at Large, 160.]
Sec. 25. That the charge for converting standard gold bullion into coin shall be one fifth of one per centum; and the charges for converting standard silver into trade dollars, for melting and refining when bullion is below standard, for toughening when metals are contained in it which render it unfit for coinage, for copper used for alloy when the bullion is above standard, for separating the gold and silver when these metals exist together in the bullion, and for the preparation of bars, shall be fixed, from time to time, by the director, with the concurrence of the Secretary of the Treasury, so as to equal but not exceed, in their judgment, the actual average cost to each Mint and assay-office of the material, labor, wastage, and use of machinery employed in each of the cases aforementioned.[Approved, February 12, 1873. 17 Statutes at Large, 424.]
[Sections 3588, 3589, 3590, contain the provisions to be found in previous acts, making United States notes, demand notes, and Treasury notes, respectively, legal tender.][Approved, June 22, 1874. Revised Statutes, 712.]
Sec. 2. That so much of Section 3524 of the Revised Statutes of the United States as provides for a charge of one fifth of one per centum for converting standard gold bullion into coin is hereby repealed, and hereafter no charge shall be made for that service.[Approved, January 14, 1875. 18 Statutes at Large, Part III, 296.]
Sec. 2. That the Secretary of the Treasury is hereby directed to issue silver coins of the United States of the denomination of ten, twenty, twenty-five, and fifty cents of standard value, in redemption of an equal amount of fractional currency, whether the same be now in the Treasury awaiting redemption, or whenever it may be presented for redemption; and the Secretary of the Treasury may, under regulations of the Treasury Department, provide for such redemption and issue by substitution at the regular sub-treasuries and public depositories of the United States until the whole amount of fractional currency outstanding shall be redeemed. And the fractional currency redeemed under this act shall be held to be a part of the sinking-fund provided for by existing law....[Approved, April 17, 1876.]
[Section 4 authorizes the Secretary of the Treasury to purchase bullion for the purposes of this resolution, and requires any gain arising from the coinage thereof to be paid into the Treasury.][Approved, July 22, 1876. 19 Statutes at Large, 215.]
Sec. 3. That the present silver coins of the United States of smaller denominations than one dollar shall hereafter be a legal tender in all sums not exceeding ten dollars in full payment of all dues, public and private.[Approved, June 9, 1879.]
Sec. 7. That this act shall take effect thirty days from and after its passage.[Approved, July 14, 1890]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled: That so much of the act approved July fourteenth, eighteen hundred and ninety, entitled "An act directing the purchase of silver bullion and issue of Treasury notes thereon, and for other purposes," as directs the Secretary of the Treasury to purchase from time to time silver bullion to the aggregate amount of four million five hundred thousand ounces, or so much thereof as may be offered in each month at the market price thereof, not exceeding one dollar for three hundred and seventy-one and twenty-five one-hundredths grains of pure silver, and to issue in payment for such purchases Treasury notes of the United States, be, and the same is hereby, repealed. And it is hereby declared to be the policy of the United States to continue the use of both gold and silver as standard money, and to coin both gold and silver into money of equal intrinsic and exchangeable value, such equality to be secured through international agreement, or by such safeguards of legislation as will insure the maintenance of the parity in value of the coins of the two metals, and the equal power of every dollar at all times in the markets and in the payment of debts. And it is hereby further declared that the efforts of the Government should be steadily directed to the establishment of such a safe system of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States, in the markets and in the payment of debts.[Approved, November 1, 1893.]
IN THE NAME OF THE FRENCH PEOPLE,BONAPARTÉ, First Consul, PROCLAIMS as law Of the Republic the following decree, rendered by the Corps Legislatif the 7 germinal [28 March], year xi [1803], conformably with the proposition made by the government the 19 ventóse, communicated to the tribunal the next day.
At Paris, the 17 germinal [April 7], year xi of the Republic [1803].[Signed.]
Berlin, November 23, 1871. The President of the German Imperial Diet, represented byPrince von HOHENLOHE SOITILLENGSFÜRST.
8para; 1. The pound of fine silver shall produce at coinage twenty five-mark pieces, fifty two-mark pieces, one hundred one-mark pieces, two hundred fifty-pfennig pieces, five hundred twenty-pfennig pieces. The proportion of alloy is one hundred parts of copper to nine hundred parts of silver, so that ninety marks in silver coin shall weigh one pound. The process of the manufacture of these coins will be established by the Federal Council. In single coins the allowance in fineness above or below the standard shall not be more than three thousandths, and in weight, the twenty-pfennig pieces excepted, not more than ten thousandths. In quantities, however, the standard weight and fineness must be observed in silver coins.
8para; 2. The silver coins of more than one mark bear upon one side the national eagle, with the inscription "Deutsches Reich" (German Empire), and the designation of the value in marks, as well as the year of coinage; upon the other side the image of the sovereign, or, respectively, the escutcheon of the free cities, with a suitable inscription and the cipher of the Mint. The diameter of these coins, as well as the nature and milling of their edges, will be determined by the Federal Council.
8para; 3. Other silver coins, also the nickel and copper coins, bear upon one side the value, the year, and the inscription "Deutsches Reich" (German Empire), and upon the other side the national eagle and the cipher of the Mint. Particular regulations concerning composition, weight, and diameter of these coins, as well as the ornamentation of the face bearing the inscription, and the condition of the edges, will be established by the Federal Council.
8para; 4. Silver, nickel, and copper coins will be manufactured in the mints of such Federal states as desire it. The coinage and the emission of these coins, however, will be subject to the direction of the Empire. The national Chancellor will designate, with the consent of the Federal Council, the aggregate of the issues, the distribution of these amounts among the different denominations of coin and the various mints; and the compensation of these mints for the coinage of every species of coin will be ordered by the national Chancellor.
8para; 1. All payments to be made up to that time in coins now current, or in foreign coins lawfully equalized with such domestic coins, are then to be made in national coins under reservation of Articles 9, 15, and 16.
8para; 2. The calculations of such gold coins as are not provided for by an established relation to silver coins are to be made in accordance with their proportion of lawful fineness, for which their obligation calls, to the legal fineness of national gold coins.
8para; 3. Obligations entered into after the introduction of the national standard, based upon former standards of money or accounts, shall be liquidated in national coins, under the regulations of paragraph 2, with reservation of the provisions in Articles 9, 15, and 16.
8para; 4. In all documents executed by courts or notaries involving considerations of money, also in all court decisions involving fines, the amounts must be expressed in the national standard, if there is any proportion thereof to the national standard as legally established; yet additional designation under the standard which the obligation originated is also permitted.
In witness whereof, our signature and imperial seal,WILHELM. #x005B;L.S.]COUNT v. BISMARCK. Given at Ems,July 9, 1873.
ART. 2. The high contracting parties agree not to make, nor permit to be made, with their stamp, any gold coins of other kinds than pieces of 100 fr., 50 fr., 20 fr., 10 fr., and 5 fr., determined as to weight, fineness; tolerance, and diameter, as follows:Pieces.Weight.Tolerance.Fineness.Tolerance of Fineness.Diameter.10032gr.258.061 millièm.35 millim.5016"120.031 "28 "206"451.712 "900 millièm.2 millièm.21 "102"225.802 "19 "51"612.903 "17 "
ART. 3. The contracting governments pledge themselves not to coin, nor permit to be coined, silver five-franc pieces except of a weight, fineness, tolerance, and diameter determined herewith:Weight.Tolerance.Fineness.Tolerance of Fineness.Diameter.25 gram.3 millièmes.900 millièmes.2 millièmes.37 millimètres.
ART. 4. The high contracting parties will not coin hereafter silver pieces of two francs, one franc, fifty centimes, and twenty centimes, except under the conditions of weight, fineness, tolerance, and diameter determined herewith:Pieces.Weight.Tolerance.Fineness.Tolerance of Fineness.Diameter.2 fr.10 gram.5 millièm.835 millièm.3 millièm.27 millim.1 "5 "5 "835 "3 "23 "0.502.50 "7 "835 "3 "18 "0.201 "10 "835 "3 "16 "
This amount, based on the last census taken in each state, and the probable increase of population to the expiration of the present treaty, is fixed at:ForBelgium32,000,000francs."France239,000,000""Italy141,000,000""Switzerland17,000,000"
Done in four copies, at Paris, December 23, 1865.[Then follow the signatures.]
Desiring to maintain the Monetary Union established between the four states, and recognizing the necessity of modifying and completing on certain points the Convention of November 5, 1878, have resolved to conclude to this effect a new treaty, and have named for their plenipotentiaries the following, to wit:[Then are given their names, etc.]
ARTICLE 1. France, Greece, Italy, and Switzerland remain constituted a Union so far as regards the fineness, weight, diameter, tolerance, and circulation of their coined money of gold and silver.[ART. 2 fixes the fineness, weight, tolerance, and diameter of the gold coins of 100, 50, 20, 10, and 5 francs (of which the tolerance of weight is respectively 1, 1, 2, 2, 3). Former gold coins to be received, if not 5 per cent below tolerance.]
ART. 3. The type of the silver coin of five francs struck with the stamp of the high contracting parties is determined as to fineness, weight, tolerance, and diameter as follows:Fineness.Tolerance of Fineness.Weight.Tolerance of Weight.Diameter.900225337
Two months before the expiration of the term assigned for the denunciation of the treaty the French Government shall make known to the states of the Union whether or not it is the intention of the Bank of France to continue, or to cease, the fulfillment of the agreement hereto subjoined. In default of such communication the agreement of the Bank of France shall be submitted to the clause of tacit renewal.[ART. 4 contains the usual regulations for subsidiary coins, and Article 5 fixes at 50 francs the maximum legal-tender payments of these coins at the treasuries. By Article 7 each state agrees to redeem its subsidiary coins in the gold or silver coins authorized by Articles 2 and 3, if presented in sums not less than 100 francs. This obligation to hold good one year after expiration of the treaty. Article 9 restricts the total issue of subsidiary coins to 6 francs per capita, or on basis of population, as followsFrancs.France256,000,000Greece15,000,000Italy182,000,000Switzerland19,000,000Permission is given, in addition, for special coinage of 20,000,000 francs by Italy and of 6,000,000 francs by Switzerland.]
The Swiss Federal Government is authorized to continue the recoinage of the old emissions of Swiss silver five-franc pieces up to an amount of 10,000,000 francs; but on condition that it undertakes, at its own expense, to effect the retirement of the old coins.[By ART. 10 it is rigorously exacted that each piece shall be stamped with the date of its coinage.][By ART. 11 France establishes a central bureau of administration and statistical documents concerned with emissions of coin, production and consumption of the precious metals, the monetary circulation, and counterfeiting and alteration of the moneys. Thereby common measures can be suggested for repression of counterfeiting, etc.]
ART. 14. In case of the denunciation of the present treaty, each of the contracting states shall be required to receive back the silver five-franc pieces which it shall have emitted, and which shall be in circulation or in the public treasuries of the other states, on condition of paying to these states a sum equal to the nominal value of the coin received back, all under provisions determined by a special arrangement which shall remain annexed to the present treaty.Done at Paris,November 6, 1885.
Arrangement Relative to the Execution of Article 14 of the Treaty of November 6, 1885.[ART. 3. Each state, by October 1st of the year following the expiration of the treaty, shall have retired the silver five-franc pieces bearing the stamp of the other states of the Union. After this date the treasuries will refuse these coins, except those of their own country.][ART. 4. Then follow the detailed rules for carrying out the redemption of the silver coins between the several states, giving a special arrangement between Switzerland and France and Switzerland and Italy.]
Act Dated December 12, additional to the Monetary Treaty signed November 6, 1885, between France, Greece, Italy, and Switzerland.[Belgium is readmitted as a member of the Union, on the basis of the treaty of November 6, 1885.]
ART. 2. The National Bank of Belgium shall receive the silver five-franc pieces during the duration of the treaty, as it has been determined for the Bank of France by Article 3 of the treaty.[The total subsidiary silver allowed to Belgium is 35,800,000 francs.][ART. 4. On the date of settlement of accounts as to Belgium and French silver five-franc pieces, if the French Government finds itself the holder of a balance of Belgian silver five-franc pieces, this balance shall be divided into two equal parts.The Belgian Government shall be held to the reimbursement of one half of this balance conformably to Article 4 of the Arrangement.It engages itself not to introduce into its monetary régime any change which can hinder the return of the other half by way of commerce and the exchanges. This agreement shall have a duration of five years from the expiration of the Union.][Then follow details as to redeeming coins between Belgium and France and Switzerland.]
E. Plan for the Resumption of Specie Payments, laid before the Chamber of Deputies by the Italian Government,2 November 15, 1880.
ART. 19. Royal decrees, issued with the knowledge of the council of state and the Court of Accounts, shall determine the proceedings and guarantees to provide:(a) For the operations of redeeming, of withdrawing, and of canceling the notes of the company, which shall be under the control of the Court of Accounts;(b) For the keeping of the notes intended for a reserve; and(c) For receiving the notes of the banks of issue into the coffers of the state when they have no longer legal circulation.
F. Austrian Monetary Reform.3
ART. 4. There shall be struck the following gold coins: (a) twenty-crown pieces; (b) ten-crown pieces. A kilogramme of standard gold shall be coined into 147.6 pieces of twenty crowns, or 295.2 pieces of ten crowns; a kilogramme of fine gold, therefore, into 164 pieces of twenty crowns and 328 pieces of ten crowns. The twenty-crown piece, accordingly, shall have a gross weight of 6.775067 grammes, and a weight in fine gold of 6.09756 grammes; the ten-crown piece shall have a gross weight of 3.3875338 grammes, and a weight in fine gold of 3.04878 grammes.[Art. 5 prescribes the devices which shall be put on the twenty-crown and ten-crown pieces. The twenty-crown piece is to have a diameter of 21 millimetres; the ten-crown piece, a diameter of 19 millimetres.]
So long as the silver coins above mentioned are not demonetized, they shall be received in all payments, public and private, at the following rates:The two-florin piece= 4 crowns.The one-florin piece= 2 crowns.The one-quarter-florin piece= 50 heller.
ART. 11. In addition to the gold coins of the realm there shall be struck for the present the following coins under the crown standard:1. Silver coins of one crown.2. Nickel coins: (a) twenty-heller pieces, (b) ten-heller pieces.3. Copper coins: ((r) two-heller pieces, (b) one-heller pieces.
ART. 12. The crown pieces shall contain 835/1000 of silver and 165/1000 of copper. A kilogramme of such standard silver shall be manufactured into 200 crown pieces: each crown piece shall therefore weigh 5 grammes. In coining the crown pieces, their normal weight and content must be maintained. So far as absolute accuracy is not attainable, a tolerance shall be permitted not to exceed 3/1000, of their fine content and 10/1000 of their weight.[Art. 13 prescribes the devices on the crown pieces. Their diameter is to be 23 millimetres.]
ART. 21. The silver and copper subsidiary coins which have been struck under the provisions of the Imperial Patent of September 19, 1857; the Imperial Order of October 21, 1860; the act of July 1, 1868; the act of March 30, 1872; the act of April 16, 1878; the act of February 26, 1881; the act of March 10, 1885; and the act of June 10, 1891—shall remain in circulation so long as their withdrawal shall not have been provided for. This withdrawal shall take place by administrative order in connection with the execution of the present act. Administrative order shall also determine the latest date at which the coins so called in shall be received at the public offices. After that date the state shall be under no obligation to redeem these coins. Until that date these coins shall pass as follows:The twenty-kreuzer piece as equal to 40 heller,The ten-kreuzer piece as equal to 20 heller,The five-kreuzer piece as equal to 10 heller,The copper four-kreuzer piece as equal to 8 heller,The one-kreuzer piece as equal to 2 heller,The 5/10-kreuzer piece as equal to 1 heller,and shall be legal tender in the manner prescribed by Article 10 in the act of July 1, 1868.
ACT II. Authorizing the ministry of the kingdoms and lands represented in the Reichsrath to conclude a treaty for monetary union with the ministry of the lands of the Hungarian crown. August 2, 1892.[Act II authorizes a treaty by the terms of which the crown standard is to be adopted in both parts of Austro-Hungary. All coins of the crown standard are to be received in either part of the monarchy in payment of public dues, on the terms defined in Act I. Abraded coins are to be redeemed by the mint issuing them. The coinage of the subsidiary coins, silver, nickel, and copper, is to be divided between the countries in the proportion of 70 to 30, Austria coining 70 per cent of the total, Hungary 30 per cent. Thus Austria is to coin 140 millions and Hungary 60 millions of the new silver crown pieces. The burden of the redemption of the state paper money is to be divided in the same proportion. Out of a total of 312 million florins of paper which are considered a debt common to the two countries, 70 per cent are to be redeemed by Austria, 30 per cent by Hungary. It is agreed also that the one-florin notes are to be redeemed first, and to be replaced by money of the new standard. Notes so redeemed are to be destroyed.]
ACT III. Concerning the fulfillment of obligations payable in gold florins of the Austrian standard in gold corns of the crown standard. August 2, 1892.[Act III provides that, on contracts stipulating for payment in gold florins of the Austrian standard, gold coins of the crown standard shall be legal tender, 100 crowns being reckoned as equal to 42 gold florins. Gold crown coins are to be received on the same terms in payment of import duties.]
ACT IV. Amending Article 87 of the Statutes of the Austro-Hungarian Bank. August 2, 1892.[Act IV adds the following clause to the statutes of the Austro-Hungarian Bank:"It shall be the duty of the bank to redeem in bank notes, at its main offices in Vienna and Budapest, lawful gold coins at their face value and gold bars at the mint rate of the crown standard."The bank shall have the right to cause gold bars to be assayed and separated, at the expense of the person presenting them, by agents of its appointment; and it may deduct the seigniorage charged, fixed, and published by the Government."]
ART. 6. The minister of finance shall introduce at the proper time a bill providing for the settlement of the debt, limited to a maximum of a hundred millions of florins, Austrian standard, and existing in the form of partial mortgage assignments or of circulating notes representing such assignments.4
ACT VI. Authorizing the refunding of the 5-per-cent tax-free currency bonds, the 5-per-cent railway bonds of the Vorarlberg road, and the 4¾-per-cent bonds of the Crown Prince Rudolf road.[Authority is given for refunding the securities mentioned in the title by the issue of bonds of the same sorts, free of taxes, and bearing interest at 4 per cent.]
Appendix V, Coinage StatisticsCoinage of Gold and Silver, from the Organization of the United States Mint.Coinage of Gold and Silver at the French Mint since 1795.Coinage of Gold and Silver at the Belgian Mint since 1832.Coinage of Gold and Silver at the Italian Mint since 1862.Coinage of Gold and Silver at the English Mint.Coinage of Gold and Silver at the German Mint.Coinage of Gold and Silver in Russia.
Appendix VIFlow of Silver to the EastExports and Imports of Silver from the United States since 1870.
[2.]From a French translation of the measure, published in "Bulletin de Statistique et de Législation comparée," 1880, vol. ii, pp. 353-355.
[3.]From the translation in the "Quarterly Journal of Economics," January, 1893.
[4.]This article refers to an issue of obligations made during and after the war of 1866. These were at first assignments or mortgages of the yield of the salt works, but were later made convertible into state notes, and remained there after alternatively interest-bearing or non-interest-bearing, at the discretion of the minister of finance. The maximum issue was 100 million florins. They constitute a separate debt for Austria, over and above the 312 millions of paper which are a debt common to Austria and Hungary. In 1891 this extra issue of paper money, payable by Austria alone, stood at 66.8 million florins.