to coin the precious metals into money. It has been for more than eighteen hundred years the usage of civilized of civilized governments to coin their own money. Ours, at a very early period of its existence, began to do the same thing, and will probably continue to do it as long as it shall exist. Before the art of coining was known, the precious metals were used as a standard of value, but they passed from one to another by weight. The plan of cutting them into small pieces, and then stamping their value upon them, by which their worth could be known as soon as seen, was an improvement upon the former mode. This process is denominated coining. It has of late been brought so near perfection that our pieces of money are fine specimens of art.

2. The officers, who manage and conduct the operations of, this establishment, are a Director, a Treasurer, an Assayer, a Melter and Refiner, a Chief Coiner, and an Engraver. They are all appointed by the President and Senate in the usual manner. The director appoints the assistants and clerks.

All must give bonds for the faithful performance of their respective duties upon which they enter under oath. The duties of these different officers may almost be known by the names they bear. The director is the head of the institution, and the others act under his general direction, each having his appropriate duties to perform. In the month of January of each year the director must make a report to the President of the operations of the mint and its branches for the preceding

year.

3. Any person may take gold or silver bullion or ores to the mint and receive it back in coin, for a very trifling expense. Before it is coined, after its value has been determined by the assayer, the director will give a certificate for it, which is of the same value as the bullion deposited.

4. We have stated that the principal business at the mint is the conversion of the precious metals into coin or money. But this is not its exclusive business. Another part is to melt and assay these metals, and to run them into ingots or bars

either of pure or standard gold and silver, according to the wish of its owner.

Until 1835 the mint at Philadelphia was the only establishment in the United States for coining money. But in that year a law was passed establishing branch mints at New Orleans, in Louisiana; at Charlotte, in North Carolina; and at Dahlonega, in Georgia. In 1852, another branch was established in California; in 1862, another at Denver, in Colorado Territory; and in 1863, another at Carson City, in Nevada Territory, since made a State; in 1864, another at San Francisco, in California, and another at Dallas City, in Oregon. Except the one in California, but little has ever been done at these branches. They are all similar to the principal one at Philadelphia; and the laws relating to that are made to apply to these branches.

6. The Constitution gives Congress the exclusive right to coin money, and prohibits all the States from doing it. This Congress does by the laws it passes in relation to the subject, and the various officers and workmen employed to execute the work are only the agents of Congress.

The various coins which Congress has from time to time ordered to be made are of the following names and value:

7. Our coins are not made of pure gold and silver; a certain amount of other metals being added to produce a coin that will be less affected by the friction of constant use. This alloy, or mixture, of the precious metals is called Standard gold or silver, since a definite amount of the alloy is required in all the coinage of the government for currency purposes. It does not alter the value of the coin; that being dependent on the actual merchantable value of the sum of the metals used.

By the law of 1837, standard gold and silver were declared to be nine hundred parts of pure metal, and one hundred parts alloy-equal to one-tenth alloy. Gold coins are alloyed with silver and copper, equal parts of each. Silver coins are alloyed with copper alone. Gold is declared to be worth fifteen times. as much as silver by weight.

In addition to our own coins, Congress has, from time to time, passed laws declaring the value of foreign coins, and making them a legal tender. But these laws were all repealed by the act of 1857, and it was made the duty of the director of the mint to have them assayed, and to determine their weight, fineness, and value; for they are still used by banks and merchants, and pass at the value determined by the mint. The mint, up to 1861, had coined in gold, silver, and copper coin, 800,662,475 pieces, worth $799,923,362.

THE UNITED STATES MINT.

Statement of Domestic Gold and Silver deposited at the United States Mint and Branches, for Coinage, to June 30th, 1872.

ASSAY OFFICE.

1. In 1853 the Secretary of the Treasury was authorized to establish an office in the city of New York for the receipt, melting, refining and assaying of gold and silver bullion and foreign coins, and for casting the same into bars, ingots, or disks. The assistant treasurer of the United States in New York, is treasurer of this assay office, and the Secretary of the Treasury appoints such other clerks, assistants, and workmen as shall be necessary for the management of its business.

2. Persons having gold or silver bullion, ores or foreign coin, may deposit them in his office, and it will be refined and assayed (at no more cost than the actual expense of doing the work), its value ascertained, and the owner will be paid for it in coins of the same value and metal as that deposited. It is not coined in this office, but cast into bars, ingots or diskseither of pure metal or of standard fineness, as the owner may prefer the true weight and value of which are stamped thereon; and the owner may either take them in payment for his bullion or foreign coin, or it will be coined for him at the United States Mint, if he wishes. The bars spoken of are often kept in that form, and are used as coin among banks, brokers, and merchants, who receive and pay large amounts of the precious metals. With them it passes as coin, for its exact weight and value are stamped upon it.

3. This establishment was located at New York more for the convenience of those who do business there, than for the necessity of such an institution; for at the mint at Philadelphia there is a department for doing the same work as is done here. But at New York there is a larger amount of foreign coin than in any other place, and it is often advantageous to its owners to have it converted into American coin, that it may be used with greater facility. Although many foreign coins do circulate in this country, but few know their value. Consequently they do not pass so readily; and for this reason they are melted and run into bars of known value, or re-coined into American money.

CHAPTER XIV.

NATIONAL BANKING.

1. The present banking system was established by an act of Congress in 1863. The plan is quite different from any before in use, and commends itself to the whole country by the stabil ity it gives to the currency in use in the transaction of its business, and the security it furnishes against loss of values common under the old systems. They are managed by private parties and corporations, apart from the government, but under a certain degree of supervision, and by its authority. By the act referred to any number of persons not less than five may associate themselves together for the purpose of banking, by compliance with the following conditions:

2. First They must, under their hands and seals, make a certificate which shall specify

1. The name assumed by such association.

2. The place where its business is to be conducted.

3. The amount of its capital stock (which cannot be less than $50,000), and the number of its shares.

4. The names of its shareholders, and the number of shares held by each.

5. The time when such association shall commence business. 6. A declaration that said certificate is made to enable such persons to avail themselves of the advantages of this act.

3. This certificate must be properly acknowledged before some competent person, and must be sent to the comptroller of the currency in the Treasury Department, to be recorded and kept by him. When this, and all other acts which the law