(8.) The silver currency is thus distributed:-It is paid in exchange for gold coins at par at all the mints in sums of not less than $100. It is given in payment for silver parted from gold bullion by the refiner, and for change less than one dollar in settlement for gold deposits. The issue is thus limited to the actual requirements of the public for change.

(9.) Present constitution of the Mint, etc.:

The Mint and Assay-Offices are a bureau of the Treasury Department, and are under the superintendence of a single officer (the Director of the Mint*) under the general direction of the Secretary of the Treasury. The Director of the Mint holds his office for five years. Each mint has its own superintendent, who is under the supervision of the Director.

* "The Mint" is the Mint at Philadelphia, of which all the other Mints, are really branches.

The gain arising from the silver coinage goes to the silver-profit fund, and the balance of the expenses is paid into the Treasury. There is also a minor coinage profit fund. There is an annual trial of the pyx by the Assay-Commissioners.

(10.) The silver coin known as the "trade-dollar" has purposely been omitted from the list of silver coins given above, because it is manufactured purely for export, and has no connection with the national currency. After the recent adoption of the gold standard in Germany and the Scandinavian States had reduced the demand for silver, it became necessary to provide a new market for the silver mines in the west of the United States. The trade-dollar was therefore issued for circulation in China, where silver is still the monetary standard, but is not coined by the Chinese themselves; and from the latest reports of the Director of the Mint this object appears to have been satisfactorily achieved. The trade-dollar has a fineness of 900 per mille, and weighs 420 grs. troy; it has, of course, no fixed price as compared with gold, its value being regulated by the market price of silver.

The German Empire has, since 1873, adopted the following regulations :

(1.) The sole standard of value is gold.

(2.) The unit of value is the "mark."

(3.) The standard of fineness of the gold coins is 900 per mille. The remedy of fineness is 2 per mille.

(4.) The standard weight of the gold coins is such that 139 1/2 ten-mark pieces contain one German pound* of fine gold; the gross weight of 139 1/2 ten-mark pieces is, therefore, 1 1/9th of a German pound.

The remedy of fine weight is 2.5 per mille for the twenty-mark and ten-mark pieces, and 4 per mille for the five-mark piece.

* The German pound is equal to a trifle more than 16 oz. Troy.

The following table gives the standard weight and least current weight of the gold coins:

(5.) The silver subsidiary coinage is only legal tender to the amount of 20 marks.

The standard fineness of silver is 900 per mille.

The remedy of fineness is 3 per mille.

The standard weight of silver coin is such that 100 marks contain 1 pound of fine silver.

The remedy of weight is 10 per mille for individual coins, the twenty-penny piece excepted. In quantities, however, the standard weight and fineness must be preserved.

The following is a list of the silver coins:

The nickel and copper subsidiary coinage is only legal tender to the amount of 1 mark. The nickel coins are tenpenny pieces and fivepenny pieces; the copper coins are twopenny pieces and penny pieces. Particular regulations concerning the composition, weight, and diameter of these coins are to be established by the Federal Council.

(6.) The charge for the coinage of gold is fixed from time to time by the Chancellor of the Empire with the consent of the Federal Council,, but it cannot exceed 7 marks per lb. of fine gold, or about 2 per cent.*

The subsidiary coinage is undertaken at the expense of the Empire.

(7.) All coins of any metal or denominations are received by the Treasury at their full nominal value, unless they are defaced or otherwise damaged, in which case the holders receive their intrinsic worth.

(8.) Subsidiary coin is manufactured in the mints of such federal states as desire it, to an extent not exceeding 10 marks of silver and 2 1/2 marks of nickel and copper for each inhabitant. Certain depositories disburse gold coins in exchange for silver in amounts of at least 200 marks, and in exchange for nickel and copper in amounts of at least 50 marks. They are also open to receive silver, nickel, and copper coins which "have lost considerably in weight or imprint " at their full nominal value.

(9.) Each federal state has its own mint, which is responsible to the Chancellor of the Empire and the Federal Council. The Chancellor orders the compensation of these mints for the expenses of coinage, and the difference between this payment and the rate charged to the importer is paid into the national Treasury. The mints are not allowed to charge higher rates for private coinage than those paid by the Treasury. The Prussian Mint is governed by a ' Director,' who is responsible to the Federal Council.

Sweden, Norway, and Denmark have since 1873 adopted the following system for a common coinage.

(1.) The sole standard of value is gold.

(2.) The unit of value is the crown.

(3.) The standard fineness of gold coin is 900 permille. The remedy of fineness is 1 1/2 per mille.

(4.) The standard weight of gold coin is such that 248 ten-crown pieces, or 124 twenty-crown pieces, contain 1 kilogramme of fine gold.

* It is worthy of note that the price paid for bullion by the German Imperial Bank is equivalent to £3 17s 8 1/4d. per oz.

The remedy of weight is 1 1/2 per mille for the twenty-crown piece and 2 per mille for the ten-crown piece. Also sums of 10 kilogrammes must be within 5 grammes of standard weight, the remedy for large quantities being therefore 1/2 per mille.