one franc

pentagramme of silver, has the value of one-fifth of a dollar (international) 1-25th of a sovereign (international) twenty cents. The variation of value tolerated by the rule, in a coin of this weight, would therefore amount to one one-hundreth of twenty cents, or one-fifth of one cent. The variations of weight and value tolerated in coins in which W is greater or less than unity, are given for the cases most likely to occur in actual coinage, in the following table; in which the weights are to be read as pentagrammes for silver coins, and as tergrammes for gold coins.

Weight, tolerated variation of weight, and tolerated variation of value in gold and silver coins, as determined by the rule of Article 503 of this Code; compared with the same as fixed by the statutes of Great Britain and the United States.

The tolerance of variation in value, as given in the last column but one in the above table, is computed according to the British rule, although the coins named are not issued by the British mint. The mint of the United States coins all that are named, except the franc or double dime. The British tolerance for small silver coins is too low, and for large gold coins too large. The British statute provides no different rule for tolerance of single coins, and for coin in masses. Hence the variations in the last four examples in the table are excessive. It will be seen, however. that, by the rule given in this Code, the results are entirely consistent ; and the computed tolerances are quite reasonable, whether coins are considered singly or in bulk.

The exact provisions of the United States statute for tolerance of variation in the weight of masses of coin, are:

It appears, from dispatches received by the government of the United States during the summer of 1870, that the coinage of the Empire of Japan has recently been remodelled; so as, in respect to the gold coins at least, to be entirely in accordance with the scheme of international coinage proposed in the title "Money" of this Code. Money" of this Code. Gold is made the standard, and gold coins are the only legal tender, except for small sums; and except also, but only in the open ports, as it respects a coin of silver equivalent to the silver dollar; which in the present state of oriental commerce it seems to be necessary to retain. The standard of fineness for the gold coins, and also for the silver one-yen (dollar) is ninetenths. But the standard of fineness for the subsidiary silver is only eighttenths. The yen is the unit of account, and its representative gold coin contains one gramme and a half of pure gold, or one gramme and twothirds (five tergrammes) of standard gold; thus corresponding exactly to the international dollar of this Code.

The following tables exhibit the entire system of the Japanese coinage as at present established.*

Table of the weight of the gold coins. Standard fineness, 9-10.

*For the interesting information relating to this important measure of

Table of the subsidiary silver coins. Standard fineness, 8-10.

Each kind of the gold coins, namely: Twenty (20) yen, ten (10) yen, five (5) yen, two (2) yen and one (1) yen, among which the last, namely the one yen, is the legal standard, will be the legal tender in all payments to any amount.

Each kind of the silver coins, except the silver one-yen, will be subsidiary coins, and legal tender for the payment of sums not exceeding ten (10) yen in any one payment, whether the payment is made in one of these coins or in several.

Each of the subsidiary copper coins, namely, one (1) sen, one-half (3) sen, and one-tenth (1) of one sen, will be legal tender in payment of sums not exceeding one (1) yen in any one payment.

10

For the sake of rendering facility to foreigners at those ports open to them, and in accordance with the requirement of the traders, both foreign and Japanese, the government will coin the silver one-yen and make it

monetary reform, instituted with such decision in the newly awakened but eminently progressive empire of Japan, we are indebted to the courtesy of Mr. J. H. SAVILLE, chief clerk of the Treasury Department of the United States at Washington.

useful only for foreign commerce. This silver one-yen will be the legal tender in payment of local taxes and of import and export duties. It will also be the legal tender in any commercial transaction in the open ports. This silver one-yen will, however, not be the legal tender in any other place than the open ports, and will not be used for the payment of internal revenue of any kind, nor will it be lawful currency in the interior; though, by mutual agreement, any persons may use it to any amount throughout Japan. In the payment of the import and export duties, the comparative rate of the gold yen to the silver one-yen, will for the present be this: One hundred (100) silver one yen to be equivalent to one hundred and one (101) gold yen."

Standard weights.

504. Standard weights shall be prepared for testing the coins issued by the several mints, including weights exactly representing each of the several gold and silver coins, made by this Code a legal tender in payment of debts. These weights shall be carefully compared and exactly verified by an international commission, composed of experts appointed by the governments of the nations parties to this Code, each government appointing at least one and not more than two delegates; such commission to assemble at a convenient time and place to be agreed upon between the several goverments. The weights so verified shall be deposited in the several mints, with such provision for their safe-keeping as may secure them effectually from falsification, and also, as far as may be, from deterioration by exposure or use. There shall futhermore be made copies of these standard weights for the ordinary uses of the several mints, which copies shall, at least once a year, be carefully compared with the standard weights and duly verified; and these standard weights shall be used for no other purpose whatever, but to make such comparisons and verifications.

Scrutiny of the coinage.

505. At every delivery of coins made by the coining officers of any nation to the public treasury of the same, there shall be taken indiscriminately, by the treasurer or other officer duly authorized, a sufficient number of pieces of each variety of coin deliv

ered, to be reserved for assay and scrutiny;' and the coins so taken shall be carefully enclosed and sealed, with a label stating their descriptions, numbers and value, and deposited in a strong box or safe so secured that it cannot be opened except by the concurrence of the superintendent of the mint and the officer representing the treasury. At a suitable time after the close of the mint operations of each year, the coins so reserved shall be subjected to scrutiny by a commission of experts to be appointed by the government,' who shall, after thorough examination, make report as to the conformity of those pieces to the standards of fineness and weight. Should there be found a deviation from the standar's greater than that which is allowed by the provisions of this Code, all officers implicated in the error shall be thenceforward disqualified from holding their respective offices, or subjected to such other penalty as may be provided by the municipal law of the State to which the mint appertains; except that, if, in view of the circumstances, it shall appear that the error has not been caused by fraud, neglect, or incapacity, the penalty shall not be inflicted."

1 Act of Congress, U. S., January 18, 1837, §§ 27, 32.

2 British Coinage Act, 33 Vict., ch. 10, § 12.

3 Act of Congress, U. S., January 18, 1837.

Coins may be called in by proclamation.

506. A nation may call in the coins of any date or denomination issued by it; in which case, after public proclamation shall have been made of such recall, the coins specified in the proclamation shall cease everywhere to be a legal tender. But in every such case, provision shall be made for redeeming the coins at their actual value, and for furnishing current coin instead thereof, at the capitals or principal financial centres of the several countries within which they have been in circulation.

Uncurrent coins may be destroyed.

507. When any gold coin of a denomination made