CHAPTER XIII. GOVERNMENT COINAGE.

 1. The United States mint, located at Philadelphia, is one of the most important establishments of the government. An act of Congress, passed in 1792, was the first step towards its creation. Its design was, and its principal business has been,[279] to coin the precious metals into money. It has been for more than eighteen hundred years the usage of civilized¹ 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 specimens² of art.

2. The officers, who manage and conduct the operations of this establishment, are a Director, a Treasurer³, an Assayer⁵, a Melter and Refiner, a Chief Coiner, and an Engraver⁶. 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 bullion⁷ or ores to the mint and receive it back in coin, for a very trifling⁸ expense. Before it is coined, after its value has been determined⁹ 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 conversion¹⁰ of the precious metals into coin or money. But this is not its exclusive business. Another part is to melt and assay⁴ these metals, and to run them into ingots or bars[280] 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:

Gold. Value.

Eagle, $10 00

Half-Eagle, 5 00

Quar. Eag., 2 50

Doub. Eag., 20 00

Three Dols., 3 00

One Dollar, 1 00

Silver. Value.

Dollar, $1 00

Half-Dollar, 50

Quar. Dol., 25

Dime¹¹, 10

Half Dime, 5

Three ct. piece, 3

Copper¹².

One cent,

Two cents,

Three cents,

and formerly¹³ ? c.

But these are now discontinued.

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 affected¹⁴ by the friction¹⁵ of constant use. This alloy¹⁶, 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.[281] 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 repealed¹⁷ 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.

From. Gold. Silver. Gold and Silver.

California $642,965,026.09 $156,423.03 $643,121,449.12

Montana 30,648,265.24 176,838.57 30,825,103.81

Colorado 20,338,420.96 1,114,543.43 21,452,964.39

Idaho 17,141,523.84 291,681.59 17,433,205.43

Oregon 11,594,979.33 1,863.74 11,596,843.07

North Carolina 9,865,252.97 44,110.95 9,909,363.92

Nevada 1,010,280.17 8,539,868.04 9,550,148.21

Georgia 7,232,346.96 403.83 7,232,750.79

Virginia 1,629,188.79 —— 1,629,188.79

South Carolina 1,379,121.92 —— 1,379,121.92

Lake Superior —— 1,062,540.81 1,062,540.81

Arizona 975,401.39 39,873.08 1,015,274.47

New Mexico 823,021.29 —— 823,021.29

Utah 146,147.18 261,204.71 407,351.89

Nebraska 24,381.57 200,976.53 225,358.10

Alabama 213,750.66 —— 213,750.66

Wyoming Territory 138,878.12 86.48 138,964.60

Tennessee 81,529.69 —— 81,529.69

Washington Territory 67,745.38 —— 67,745.38

New Mexico and Sonora —— 51,653.31 51,653.31

Dakota 5,760.00 —— 5,760.00

Vermont 5,611.97 —— 5,611.97

Kansas 1,009.62 468.00 1,477.62

Sitka 397.64 —— 397.64

Maryland 108.00 —— 108.00

Other Sources 85,226,912.42 2,751.15 85,229,663.57

Parted from Silver 4,690,402.30 —— 4,690,402.30

Fine Bars —— 5,298,490.02 5,298,490.02

Parted from Gold —— 5,821,721.97 5,821,721.97

Total $836,205,463.50 $23,065,492.24 $859,270,962.47

[282]

ASSAY OFFICE.

 

1. In 1853 the Secretary of the Treasury¹⁸ was authorized¹⁹ 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 ascertained²⁰, 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 disks—either 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, brokers²¹, 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 advantageous²² 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.

1 civilized   

a.有教养的，文雅的

参考例句：

• Racism is abhorrent to a civilized society. 文明社会憎恶种族主义。
• rising crime in our so-called civilized societies 在我们所谓文明社会中日益增多的犯罪行为

2 specimens   

n.样品( specimen的名词复数 )；范例；（化验的）抽样；某种类型的人

参考例句：

• Astronauts have brought back specimens of rock from the moon. 宇航员从月球带回了岩石标本。
• The traveler brought back some specimens of the rocks from the mountains. 那位旅行者从山上带回了一些岩石标本。 来自《简明英汉词典》

3 treasurer   

n.司库，财务主管

参考例句：

• Mr. Smith was succeeded by Mrs.Jones as treasurer.琼斯夫人继史密斯先生任会计。
• The treasurer was arrested for trying to manipulate the company's financial records.财务主管由于试图窜改公司财政帐目而被拘留。

4 assay   

n.试验，测定

参考例句：

• The assay result of that material is rich in iron.化验结果表明那种物质含铁量丰富。
• The ore assay 75 percent of gold.这种矿石经分析证明含金百分之七十五。

5 assayer   

n.试金者，分析专家

参考例句：

• Death is the great assayer of the sterling ore of talent. 死亡是优秀才华的非凡检验者。 来自互联网

6 engraver   

n.雕刻师，雕工

参考例句：

• He was a sketcher and a copper-plate engraver. 他也是杰出的素描家和铜版画家。 来自辞典例句
• He was once an engraver in a printing factory. 他以前是印刷厂的一名刻工。 来自互联网

7 bullion   

n.金条，银条

参考例句：

• In the London bullion market yesterday,the price of gold was steady.昨天伦敦金银市场黄金价格稳定。
• Police have launched a man-hunt for the bullion robbers.警方已大举搜捕抢劫金条的罪犯。

8 trifling   

adj.微不足道的；没什么价值的

参考例句：

• They quarreled over a trifling matter.他们为这种微不足道的事情争吵。
• So far Europe has no doubt, gained a real conveniency,though surely a very trifling one.直到现在为止,欧洲无疑地已经获得了实在的便利，不过那确是一种微不足道的便利。

9 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

10 conversion   

n.转化，转换，转变

参考例句：

• He underwent quite a conversion.他彻底变了。
• Waste conversion is a part of the production process.废物处理是生产过程的一个组成部分。

11 dime   

n.（指美国、加拿大的钱币）一角

参考例句：

• A dime is a tenth of a dollar.一角银币是十分之一美元。
• The liberty torch is on the back of the dime.自由火炬在一角硬币的反面。

12 copper   

n.铜；铜币；铜器；adj.铜(制)的；(紫)铜色的

参考例句：

• The students are asked to prove the purity of copper.要求学生们检验铜的纯度。
• Copper is a good medium for the conduction of heat and electricity.铜是热和电的良导体。

13 formerly   

adv.从前，以前

参考例句：

• We now enjoy these comforts of which formerly we had only heard.我们现在享受到了过去只是听说过的那些舒适条件。
• This boat was formerly used on the rivers of China.这船从前航行在中国内河里。

14 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

15 friction   

n.摩擦，摩擦力

参考例句：

• When Joan returned to work,the friction between them increased.琼回来工作后，他们之间的摩擦加剧了。
• Friction acts on moving bodies and brings them to a stop.摩擦力作用于运动着的物体，并使其停止。

16 alloy   

n.合金，(金属的)成色

参考例句：

• The company produces titanium alloy.该公司生产钛合金。
• Bronze is an alloy of copper and tin.青铜是铜和锡的合金。

17 repealed   

撤销，废除( repeal的过去式和过去分词 )

参考例句：

• The Labour Party repealed the Act. 工党废除了那项法令。
• The legislature repealed the unpopular Rent Act. 立法机关废除了不得人心的租借法案。

18 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

19 authorized   

a.委任的，许可的

参考例句：

• An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。

20 ascertained   

v.弄清，确定，查明( ascertain的过去式和过去分词 )

参考例句：

• The previously unidentified objects have now been definitely ascertained as being satellites. 原来所说的不明飞行物现在已证实是卫星。 来自《简明英汉词典》
• I ascertained that she was dead. 我断定她已经死了。 来自《简明英汉词典》

21 brokers   

n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…

参考例句：

• The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
• From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分

22 advantageous   

adj.有利的；有帮助的

参考例句：

• Injections of vitamin C are obviously advantageous.注射维生素C显然是有利的。
• You're in a very advantageous position.你处于非常有利的地位。