(R. S. § 3564. Superseded.) This section provided that the value of foreign coin as expressed in the money of account of the United States should be that of the pure metal of such coins of standard value, and that the values of such standard coins in circulation should be estimated and proclaimed annually. It was superseded by Act Oct. 1, 1890, c. 1244, § 52, 26 Stat. 624, which contained similar provisions, but required the estimation and proclamation of values to be made quarterly; and these provisions were superseded by those of Act Aug. 27, 1894, c. 349, § 25, post, § 6536, which were identical in language, with additional provisions that the values so proclaimed should be followed in estimating the value of foreign merchandise subject to duty. § 6536. (Act Aug. 27, 1894, c. 349, § 25.) Value of foreign coins, how ascertained. The value of foreign coin as expressed in the money of account of the United States shall be that of the pure metal of such coin of standard value; and the values of the standard coins in circulation of the various nations of the world shall be estimated quarterly by the Director of the Mint, and be proclaimed by the Secretary of the Treasury immediately after the passage of this Act. and thereafter quarterly on the first day of January, April, July, and October in each year. And the values so proclaimed shall be followed in estimating the value of all foreign merchandise exported to the United States during the quarter for which the value is proclaimed, and the date of the consular certification of any invoice shall, for the purposes of this section, be considered the date of exportation: Provided, That the Secretary of the Treasury may order the reliquidation of any entry at a different value, whenever satisfactory evidence shall be produced to him showing that the value in United States currency of the foreign money specified in the invoice was, at the date of certification, at least ten per centum more or less than the value proclaimed during the quarter in which the consular certification occurred. (28 Stat. 552.) This section was part of the Wilson Tariff Act of 1894, cited above. Its provisions for estimating and proclaiming the values of foreign coins superseded those of the McKinley Tariff Act of 1890, Act Oct. 1, 1890, c. 1244, § 52, 26 Stat. 624, relating to the same subject, which superseded R. S. § 3564. § 6537. (R. S. § 3565.) Value of the sovereign or pound sterling. In all payments by or to the Treasury, whether made here or in foreign countries, where it becomes necessary to compute the value of the sovereign or pound sterling, it shall be deemed equal to four dollars eighty-six cents and six and one-half mills, and the same rule shall be applied in appraising merchandise imported where the value is, by the invoice, in sovereigns or pounds sterling, and in the construction of contracts payable in sovereigns or pounds sterling; and this valuation shall be the par of exchange between Great Britain and the United States; and all contracts made after the first day of January, eighteen hundred and seventy-four, based on an assumed par of exchange with Great Britain of fifty-four pence to the dollar, or four dollars forty-four and four-ninths cents to the sovereign or pound sterling, shall be null and void. Act March 3, 1873, c. 268, § 2, 17 Stat. 603. § 6538. (R. S. § 3566.) Recoinage of foreign coins. All foreign gold and silver coins received in payment for moneys due to the United States shall, before being issued in circulation, be coined anew. Act Feb. 9, 1793, c. 5, § 3, 1 Stat. 301. Act Feb. 21, 1857, c. 56, § 2, 11 Stat. 163. § 6539. (R. S. § 3567.) Spanish and Mexican coins. The pieces commonly known as the quarter, eighth, and sixteenth of the Spanish pillar-dollar, and of the Mexican dollar, shall be receivable at the Treasury of the United States, and its several offices, and at the several post-offices and land-offices, at the rates of valuation following: the fourth of a dollar, or piece of two reals, at twenty cents; the eighth of a dollar, or piece of one real, at ten cents; and the sixteenth of a dollar, or half-real, at five cents. Act Feb. 21, 1857, c. 56, § 1, 11 Stat. 163. This section and R. S. § 3568, next following it, post, § 6540, have become practically inoperative, by reason of the inequality in value between the coins mentioned and the United States silver coins of like denominations. Debts due the United States were payable in gold or silver coins of the United States, by R. S. § 3474, ante, § 6380. Treasury notes were payable to creditors of the United States, by R. S. § 3476, ante, § 6382. Hawaiian silver coins were receivable in payment of all dues to the government of the Territory of Hawaii and of the United States, by Act Jan. 14, 1903, c. 186, § 1, ante, § 3740. The Mexican silver dollar in use in the Philippine Islands and the silver coins issued by the Spanish government for use in said Islands were receivable for public dues for a limited time, by Act March 2, 1903, c. 980, § 7, ante, 3898. § 6540. (R. S. § 3568, as amended, Act Feb. 27, 1877, c. 69, § 1.) Their transmission for recoinage. The Director of the Mint, with the approval of the Secretary of the Treasury, may prescribe such regulations as are necessary and proper, to secure the transmission of the coins mentioned in the preceding section to the Mint for recoinage, and the return or distribution of the proceeds thereof, when deemed expedient, and may prescribe such forms of account as are appropriate and applicable to the circumstances. The expenses incident to such transmission or distribution, and of recoinage, shall be charged against the account of silver profit and loss, and the net profits, if any, shall be paid, from time to time, into the Treasury. Act Feb. 21, 1857, c. 56, § 2, 11 Stat. 163. Act Feb. 27, 1877, c. 69, § 1, 19 Stat. 249. This section was amended by Act Feb. 27, 1877, c. 69, § 1, cited above, by striking out, after the words, "in the preceding section to the Mint for recoinage, and the," the word "turn," and inserting in lieu thereof the word "return," as set forth here. The preceding section of the Revised Statutes, R. S. § 3567, mentioned in this section, is set forth ante, § 6539. See notes to said section, ante, § 6539, as to both sections having become practically inoperative. Recoinage of Hawaiian silver coins into United States subsidiary silver coins was provided for by Act Jan. 14, 1903, c. 186, § 2, ante, § 3741. Recoinage of the silver coins in or received by the Treasury of the govern ment of the Philippine Islands into the coins provided for use in said Islands was authorized by Act March 2, 1903, c. 980, § 5, ante, § 3896. (R. S. §§ 3569, 3570. Transferred.) These two sections authorized the use of the metric system of weights and measures and prescribed tables of equivalents of the weights and measures used in the United States expressed in terms of the metric system. They are placed, with subsequent legislation relating to weights and measures, post, under Title LVI H, "Weights and Measures." See, also, note at the beginning of this title. (2935) TITLE XXXVIII THE CURRENCY Sec. 6541. United States notes. 6543. Redemption of legal-tender notes, 6546. Issue of subsidiary coin in re- rency. cur Sec. 6557. Reissue of United States notes. 6562. Further cancellation or retire- 6564. Deposits of gold. 6565. Deposits of gold to be received 6566. Deposits of gold coin. 6568. Counterfeit notes to be marked. § 6541. (R. S. § 3571.) United States notes. United States notes shall be of such denominations, not less than one dollar, as the Secretary of the Treasury may prescribe, shall not bear interest, shall be payable to bearer, and shall be in such form as the Secretary may deem best. Act Feb. 25, 1862, c. 33, § 1, 12 Stat. 345. Act July 11, 1862, c. 142, § 1, 12 Stat. 532. Res. Jan. 17, 1863, No. 9, 12 Stat. 822. Act March 3, 1863, c. 73, § 3, 12 Stat. 710. Special provisions relating to particular issues of United States notes were made by the acts authorizing such issues, respectively. The amount of United States notes outstanding, and to be used as part of the circulating medium, was not to exceed $382,000,000, by Act June 20, 1874, c. 343, § 6, post, § 6563. The further cancellation or retirement of United States legal-tender notes was forbidden by Act May 31, 1878, c. 146, post, § 6562. The faith of the United States was pledged to the payment in coin or its equivalent of United States notes, and to provide for their redemption in coin, by R. S. § 3693, post, § 6809. The redemption of legal-tender notes and fractional currency was provided for by the Redemption Act of Jan. 14, 1875, c. 15, amended by Act March 3, 1887, c. 378, § 3, Act April 17, 1876, c. 63, Res. July 22, 1876, No. 17, and Act June 21, 1879, c. 34, § 3, post, §§ 6542-6548. The issue, redemption, etc., of Treasury notes for the purchase of silver bullion were provided for in the Sherman Purchase of Silver Act of July 14, 1890, c. 708, Act Nov. 1, 1893, c. 8, and the Parity Act of March 14, 1900, c. 41, ante, §§ 6474-6486. The Parity Act, last mentioned, provided also for redemption of United States notes. The issue, redemption, etc., of gold certificates to be issued on deposits of gold coin or bullion, were provided for by R. S. § 254, Act June 8, 1878, c. 170, Act July 12, 1882, c. 290, § 12, and Act March 14, 1900, c. 41, § 6, amended by subsequent provisions, post, §§ 6564-6567. The issue, redemption, legal-tender quality, cancellation, etc., of silver certificates, to be issued on deposits of silver coin, were provided for by the Bland-Allison Coinage of Silver Act of Feb. 28, 1878, c. 20, and Act March 3, 1887, c. 362, § 1, ante, §§ 6453, 6454, 6456. United States notes of the denominations of one dollar, two dollars, and five dollars were authorized to be issued whenever outstanding silver certificates should be insufficient to meet the public demand, and the retirement of United States notes of higher denominations was directed, by Act March 4, 1907, c. 2913, § 2, ante, § 6489. The issue of certificates of indebtedness bearing interest was authorized by the War Revenue Act of June 13, 1898, c. 448, § 32, which was amended by the Payne-Aldrich Tariff Act of Aug. 5, 1909, c. 6, § 40, post, § 6824. The issue of one year gold notes bearing interest, for the purpose of maintaining the parity of the coinage and to strengthen the gold reserve, was authorized by the Federal Reserve Act of Dec. 23, 1913, c. 6, § 26, post, § 9803. Treasury notes, with other obligations of the United States, were exempt from taxation by or under State or municipal or local authority, by R. S. § 3701, post, § 6816; but Treasury notes were subjected to taxation under State laws by Act Aug. 13, 1894, c. 281, post, §§ 6569, 6570. (R. S. §§ 3572-3575. Obsolete.) R. S. § 3572, limited the fractional currency to an amount not to exceed $50,000,000. R. S. § 3573, prohibited the issue of fractional currency in denominations less than ten cents. R. S. § 3574, provided for the form of the notes of the fractional currency, and that they should be receivable for postage and revenue stamps and all dues to the United States except customs, and authorized their redemption under regulations of the Secretary of the Treasury. R. S. § 3575, authorized the Secretary of the Treasury to provide for the engraving, etc., of such notes, and their redemption when mutilated and defaced, and for the receipt of such notes in payment of debts due the United States, except customs. These four sections are omitted, as obsolete. Provisions for the redemption and cancellation of fractional currency were made by the Resumption Act of Jan. 14, 1875, c. 15, Act April 17, 1876, c. 63, § 2, Res. July 22, 1876, No. 17, and Act June 21, 1879, c. 34, § 3, post, §§ 6542-6548. The last-mentioned act provided that fractional currency should be redeemed in any moneys in the treasury not otherwise appropriated. |