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In view of the judicial decisions on this subject, Chancellor Kent observes: "It remains yet to be settled, whether it be lawful for a state to pass an insolvent law, which shall be effectual to discharge the debtor from a debt contracted after the passing of the act, and within the state making the law. The general language of the court would seem to reach even this case; but the facts in the cases decided do not cover this ground, and are not authority to that extent."

Congress has heretofore, (April, 1800,) exercised its power to pass bankrupt laws; but this law was either repealed, or permitted to expire by its own limitation, in December, 1803. At present there is no uniform law on the subject. The general object of a bankrupt law is to relieve unfortunate traders, and, at the same time, to secure the application of their effects to the payment of their debts.

CHAPTER XII.

Money-Weights and Measures.

CONGRESS has the sole power "to coin money, regulate the value thereof, and of foreign coin." To produce uniformity of value in coin throughout the union, this power is exclusively given to congress, as its exercise by the states would cause much embarrassment, vexation and fraud, in consequence of the varying standards that would be established by the different states.

Why is the power to coin money, &c. given to congress? What

The Mint. [Mint signifies a place where money is coined by public authority. The word coin, (French,) means a stamp; or money stamped with a legal impression. Coining, until within the last two or three centuries, was very imperfectly performed, by placing the blank piece of money between two dies, or steel punches, containing the design of the coin, and striking upon the upper one with a hammer. The imperfection of this hammermoney was caused by the uncertainty of placing the two dies exactly over each other, and the improbability of a man's being able to strike a blow with such force as to make all parts of the impression equally perfect. The coining press, or mill, now used, was invented in France. The bars of ingots of gold or silver, after having been cast, are taken out of the moulds, and their surfaces cleaned. They are then flattened by rollers, and reduced to the proper thickness to suit the species of money to be coined. The plates are next cut out into round pieces by a circular steel punch of the size of the coin, which is driven downward by a powerful screw, and passes through a corresponding circular hole, carrying before it the piece of metal which is punched out. These pieces are brought to the standard weight, if necessary, by filing or rasping: the deficient pieces, together with the corners and pieces of the plates, are returned to the melter. The inscription or impression on the edge is made by rolling the coin, edgewise, between two plates of steel containing the engraved edging. The stamping is performed by pressing the piece with a powerful screw, between two steel dies, on which the figure to be impressed is engraved.]

The officers and persons who conduct the business of the mint, are a director, a treasurer, an assayer, a chief

is the meaning of mint? Of coin? Describe the process of coining money? What officers and persons are employed in the mint?

coiner, an engraver, a melter and refiner. The director, with the approbation of the president of the United States, employs the necessary clerks and workmen, and has the chief management of the business of the mint. The treasurer receives the metals brought to be coined, and gives receipts for the same. The assayer receives from the treasurer a sufficient number of grains of every par cel, and assays them. This is a process to ascertain the quantity of gold or silver in the alloy. Alloy is a composition formed by the combination of two or more metals. To alloy means to mix a metal of less with one of more value. The baser metals are used to alloy gold and silver coins, to prevent their loss by wear. The treasurer delivers the assayed metals to the chief coiner, from whom he receives them when struck, and pays or delivers them to the persons to whom they are to be delivered. He also keeps all moneys for the support of the mint, and pays them out upon warrants signed by the director. The chief coiner causes to be coined all metals received by him for that purpose. The engraver sinks and prepares the dies with the proper devices and inscriptions. The melter and refiner takes charge of all copper, or silver and gold bullion delivered out by the treasurer after it has been assayed, and reduces them into bars or ingots fit for the rolling mills. Bullion is uncoined gold or silver in plates, bars or masses.

Value of Coins. The proportional value of gold to silver in all coins by law current as money in the United States, fixed by act of congress of April, 1792, was as fifteen to one: that is to say, fifteen pounds of pure silver were equal in value to one pound of pure gold. By the

What is the business of a director? Of a treasurer? Of an assayer? Of a chief coiner? Of an engraver? Of a melter and refiner? What is alloy? What is bullion? What was formerly the propor

same act, the standard for gold coins was eleven parts of pure gold to one part of alloy, the alloy to be composed of silver and copper, not exceeding one half silver. The standard for silver coins was one thousand four hundred and eighty five parts of silver, to one hundred and seventy nine parts of alloy, the alloy to be wholly of sopper. But the proportional and standard values have been changed by the act of June 1834. [See Note, Appendix.]

Counterfeiting, &c. With the power of coining money, congress necessarily possesses power "to provide for the punishment of counterfeiting the public securities and current coin of the United States;" for without this power, the power to coin money would be unavailing.

The counterfeiting or debasing of the current coin, is deemed an aggravated offence, and is punished with heavy penalties. If an officer or person employed at the mint of the United States shall debase, or make worse, any gold or silver coin, as to the proportion of fine gold or fine silver, or shall make the same of less weight or value than it ought to be, with a fraudulent intent, or shall embezzle any of the metals left at the mint to be coined, the offender shall be guilty of felony, and imprisoned at hard labor, not less than one year nor more than ten years, and fined not exceeding ten thousand dollars.

If a person shall falsely make, counterfeit, or fraudulently pass any coin in resemblance of the gold or silver coin of the United States, or of foreign coin current in the United States, he shall be liable to a fine not exceeding five thousand dollars, and imprisonment at hard labor, not exceeding ten years, according to the aggravation of the offence. For counterfeiting copper coin, he shall be liable

tional value of gold to silver in coins current as money in the United States? What the present? What is the punishment for debasing coin at the mint? What for counterfeiting gold and silver

to a fine not exceeding one thousand dollars, and impris onment not exceeding three years. For falsifying, or lightening, for the sake of gain, any gold or silver coin, in actual use as money, imprisonment not exceeding two years, and fine not to exceed two thousand dollars.

If a person shall counterfeit, or aid in falsely making a bill or order on the bank of the United States, or pass, or attempt to pass the same, he shall be imprisoned not less than three, nor more than ten years, and fined not exceeding five thousand dollars. If a person shall engrave, or have in possession an engraved plate, with the intent of using the same in counterfeiting notes of the said bank; or if he shall have in his possession blank notes or bills to be used for this purpose, he shall be imprisoned not exceeding five years, and fined not exceeding one thousand dollars.

Fines and penalties similar to the above, are inflicted upon persons who shall counterfeit or forge any public security, treasury note, deed or power of attorney, certificate of public stock, or other writing relative to the business of the United States.

Weights and Measures. Although congress has the power "to fix the standard of weights and measures;" and, though it would seem necessary that this power should be exercised exclusively by congress, in order to produce uniformity throughout the United States; that body has not yet legislated on the subject. Each state, therefore, retains the right to adopt and regulate its own standard.

coin? Copper coin? United States bank notes? How is the standard of weights and measures regulated?

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