C. German Monetary Laws of 1871 and 1873, German Reichstag, 1st Legislation Period, 2d session, 1871. Law relating to th

We, WILHELM, by the grace of God, German Emperor, King of Prussia, etc., do ordain, in the name of the German Empire, the same having been passed by the Bundesrath and the Reichstag as follows:

Sec. 1. There shall be coined an imperial gold coin, 139½ pieces of which shall contain one pound of pure gold.

Sec. 2. The tenth of this gold coin shall be called "mark," and shall be divided into one hundred "pfennige."

Sec. 3. Besides the imperial gold coin of 10 marks (Sec. 1), there shall be coined imperial gold coins of 20 marks, of which 69¾ pieces shall contain one pound of pure gold.

Sec. 4. The alloy of the imperial gold coins shall consist of 900 thousandths parts gold, and 100 thousandths parts copper. Therefore, 125.55 pieces of 10 marks, 62.775 pieces of 20 marks, will each weigh one pound.

Sec. 5. The imperial gold coins are to bear on one side the imperial eagle, with the inscription "German Empire," and their value in marks; also the year of their coinage; on the other side the likeness of the sovereign, or, in the case of the free cities, their arms, with a corresponding inscription and the marks of the Mint. Diameters of coins, form, and inscription of edges of the same shall be prescribed by the Bundesrath.

Sec. 6. Until the enactment of a law for the redemption of the large silver coins, the making of the gold coins shall be conducted at the expense of the Empire, for all the states of the Confederation, at the mints of those states which have declared their readiness to do so.

The Chancellor of the Empire shall determine, with the consent of the Bundesrath, the amounts to be coined in gold, the apportionment of these amounts to the several kinds of coins and to the several mints, and the compensation to be paid in equal proportions to the several mints for the coinage of each separate kind of coin. He shall deliver to the several mints the gold requisite to the amounts of coinage assigned them.

Sec. 7. The process of coinage of the imperial gold coins will be determined by the Bundesrath, and is subject to the control of the Empire. This process shall assure the absolute accuracy of the coins in fineness and weight. So far as an absolute accuracy in each single piece can not be secured, the deviation in weight shall not be greater, either above or below, than two and one half thousandths; in fineness not more than two thousandths.

Sec. 8. All payments which are by law to be made, or which may be made, in silver coins of the thaler system, of the South German system, of the Lubeck or Hamburg current system, or in gold thalers of the Bremen system, can be made in imperial gold coins (Secs. 1 and 3) in such manner as to count the 10-mark piece equal in value to 3 1/3 thalers or 5 florins 50 kreutzers, South German system, 8 marks 5 1/3 shillings Lubeck or Hamburg current system, 3 1/93 gold thalers of the Bremen system; the 20-mark piece equal in value to 6 2/3 thalers, or 11 florins 40 kreutzers, South German system; 16 marks 10 2/3 schillings, Lubeck or Hamburg current system; 6 2/93 gold thalers of the Bremen system.

Sec. 9. Imperial gold coin whose weight shall be not more than five thousandths parts below their normal weight (Sec. 4), current weight, and whose weight shall not have been reduced by violent or unlawful injury, shall be counted as of full weight for all payments. Imperial gold coins which are of less than the above-named current weight, and which have been accepted in payment by imperial, state, provincial, or municipal treasuries, or by money and credit institutions and banks, shall not be paid out again by such treasuries or institutions.

The imperial gold coins will be taken in for remelting by and for the account of the Empire after they have lost so much of their weight by long circulation and wear as to be of less than the current weight.

All such worn gold coins shall always be accepted by all treasuries of the Empire and of the states at the value at which they were emitted.

Sec. 10. No coinage of gold coins other than those established by this law, nor of large silver coins, the coinage of metals excepted, shall take place until further action.

Sec. 11. The gold coins of the states of the German Confederation at present in circulation are to be redeemed by order and for account of the Empire in proportion to the issue of the new gold coins (Sec. 6).

The Chancellor of the Empire is authorized to provide, in like manner, for the redemption of the hitherto-made large silver coins of the states of the German Confederation, and to take from the most available funds of the imperial treasury the means necessary therefor. Concerning the execution of the above regulations, an annual account shall be given to the Reichstag at its first regular session.

Sec. 12. Pieces of standard weight may be made for adjustment and sealing which shall represent the normal weight and the current weight of the gold coins to be made according to this law; also multiples of those standard pieces. The regulations given in Sections 10 and 18 of the act dated August 17, 1868, relating to weights and measures ("Bundesgesetzblatt," p. 473), shall be binding for the adjustment and sealing of such standard pieces.

Sec. 13. In the territory of the Kingdom of Bavaria the pfennig may, if necessary, be divided into two half-pfennigs.

Berlin, November 23, 1871. The President of the German Imperial Diet, represented by

(Extract from the "Journal of National Laws," 1873. Published in Berlin, July 15, 1873.)

"Journal of National Laws," No. 22.—No. 953, Mint Law of July 9, 1873.

WE, Wilhelm, by the grace of God, German Emperor, King of Prussia, etc., do decree, in the name of the German Empire and the Parliament, as follows:

ARTICLE 1. In place of the various local standards now current in Germany, a national gold standard will be established. Its monetary unit is the "mark," as established in paragraph 2 of the law dated December 4, 1871, in regard to the issue of national gold coins. (See "Journal of National Laws" for 1871, p. 404.)

The date when the national standard shall be enforced within the entire territory of the Empire will be determined by an imperial decree, to be published with the consent of the Federal Council; and proclaimed at least three months in advance of that date. The state governments are authorized to introduce the national "mark" standard, even before that date, by special decree.

ART. 2. In addition to the national gold coins designated in the law of December 4, 1871, there will also be issued national gold coins of five marks, 279 pieces to be coined from each pound of fine gold. The regulations of paragraphs 4, 5, 7, 8, and 9 of that law also apply in regard to these coins, with the provision, however, that the allowance in weight (paragraph 7) above or below the standard may be four thousandths, and the difference between the standard and current weight may be eight thousandths for these coins.

ART. 3. There shall also be issued in addition to the national gold coins

1. As silver coins, five-mark pieces, two-mark pieces, one-mark pieces, fifty-pfennig pieces, and twenty-pfennig pieces.

2. As nickel coins, ten-pfennig pieces, and five-pfennig pieces.

3. As copper coins, two-pfennig and one-pfennig pieces, in accordance with the following regulations:

¶ 1. The pound of fine silver shall produce at coinage twenty five-mark pieces, fifty two-mark pieces, one hundred one-mark pieces, two hundred fifty-pfennig pieces, five hundred twenty-pfennig pieces. The proportion of alloy is one hundred parts of copper to nine hundred parts of silver, so that ninety marks in silver coin shall weigh one pound. The process of the manufacture of these coins will be established by the Federal Council. In single coins the allowance in fineness above or below the standard shall not be more than three thousandths, and in weight, the twenty-pfennig pieces excepted, not more than ten thousandths. In quantities, however, the standard weight and fineness must be observed in silver coins.

¶ 2. The silver coins of more than one mark bear upon one side the national eagle, with the inscription "Deutsches Reich" (German Empire), and the designation of the value in marks, as well as the year of coinage; upon the other side the image of the sovereign, or, respectively, the escutcheon of the free cities, with a suitable inscription and the cipher of the Mint. The diameter of these coins, as well as the nature and milling of their edges, will be determined by the Federal Council.

¶ 3. Other silver coins, also the nickel and copper coins, bear upon one side the value, the year, and the inscription "Deutsches Reich" (German Empire), and upon the other side the national eagle and the cipher of the Mint. Particular regulations concerning composition, weight, and diameter of these coins, as well as the ornamentation of the face bearing the inscription, and the condition of the edges, will be established by the Federal Council.

¶ 4. Silver, nickel, and copper coins will be manufactured in the mints of such Federal states as desire it. The coinage and the emission of these coins, however, will be subject to the direction of the Empire. The national Chancellor will designate, with the consent of the Federal Council, the aggregate of the issues, the distribution of these amounts among the different denominations of coin and the various mints; and the compensation of these mints for the coinage of every species of coin will be ordered by the national Chancellor.

ART. 4. The aggregate issue of silver coins shall, until further orders, not exceed ten marks for each inhabitant of the Empire. At each issue of these coins a quantity of the present silver coins equal in value to the new issue must be withdrawn from circulation, and first those of "thirty-thaler" standard. Their value is to be calculated according to the regulations in paragraph 2, Article 14.

ART. 5. The aggregate issue of nickel and copper coins shall not exceed two and a half marks for each inhabitant.

ART. 6. Of the fractional coins there are to be withdrawn before the introduction of the national standard—

1. The five-pfennig, two-pfennig, and one-pfennig pieces, coined after the mark system in Mecklenburg, and the coins of the thaler standard, except the Bavarian "hellers" (farthings).

2. The fractional coins of two-pfennig and four-pfennig pieces, based upon the duodecimal division of the "groschen."

3. The fractional coins of the thaler standard, based upon any other division of the thaler less than thirty groschen, with the exception of the pieces having the value of the half-thaler. After that date no person shall be compelled to take these pieces in payment, except the depositories designated for their redemption.

ART. 7. The coinage of silver, nickel, and copper coins, as well as the withdrawal of the current silver coins and fractional coins, to be ordered by the national Chancellor, will be defrayed by the national treasury.

ART. 8. The regulation for the withdrawal of local coins, and the decrees required therefor, will be issued by the Federal Council. The publication of these measures must be made in the "Journal of the National Laws," in addition to the publication of the local ordinances. Such withdrawal can only be ordered after fixing a period of redemption of at least four weeks, and the publication of its termination at least three months in advance of the same.

ART. 9. No person shall be compelled to take in payment national silver coins to a larger amount than twenty marks, and nickel and copper coins to a larger amount than one mark. The Federal Council will designate such depositories as will disburse national gold coins in exchange for silver coins in amounts of at least 200 marks, and of nickel and copper coins in amounts of at least 50 marks, upon demand. The same authority will also establish particular rules of exchange.

ART. 10. The provisions for acceptance and exchange (Article 9) do not apply to perforated coins, or counterfeits, or such as may be reduced in weight by other causes than abrasure in usage. National silver, nickel, and copper coins, which, by long circulation or use, have lost considerably in weight or imprint, will be received in national and local depositories, but must be withdrawn at the expense of the Empire.

ART. 11. The coinage of other silver, nickel, or copper coins than those authorized by this law is strictly prohibited. The provision in paragraph 10 of the law of December 4, 1871, concerning the coinage of national gold coins ("Journal of National Laws of 1871," p. 404), reserving the authority of coining silver coins as medals, will expire December 31, 1873.

ART. 12. The coinage of the national gold coins will continue to be executed according to the rules in paragraph 6 of the law of December 4, 1871, providing for the coinage of national gold coins. (See "Journal of National Laws of 1871," p. 404.)

Private persons are privileged to have twenty-mark pieces coined at their own expense, in mints which have declared themselves ready to coin at the expense of the Empire, when they are not engaged in work for the Empire.

The rate of such coinage will be fixed by the national Chancellor, with the consent of the Federal Council, but can not exceed seven marks for each pound of fine gold. The difference between this rate and the compensation due the Mint for such coinage shall be paid into the national treasury, and must be alike in all mints. The mints are not allowed to charge higher rates for private coinage than the national treasury pays for the coinage of twenty-mark pieces.

ART. 13. The Federal Council 16 authorized:

1. To determine the value to which foreign gold and silver coins are limited, to be offered or received in payment, and also to prohibit the circulation of foreign coins entirely, if it is deemed advisable.

2. To determine whether or not foreign coins may be admitted in national and local depositories at a publicly known value, and, if admitted, what this value is to be. Habitual or professional transgressions of the regulations established by the Federal Council, in accordance with paragraph 1 of this article, will be punished by a fine of 150 marks and imprisonment for six weeks.

ART. 14. From the introduction of the national standard the following rules will be enforced:

¶ 1. All payments to be made up to that time in coins now current, or in foreign coins lawfully equalized with such domestic coins, are then to be made in national coins under reservation of Articles 9, 15, and 16.

¶ 2. The calculations of such gold coins as are not provided for by an established relation to silver coins are to be made in accordance with their proportion of lawful fineness, for which their obligation calls, to the legal fineness of national gold coins.

In the calculation of other coins the thaler is valued at 3 marks, the florin (golden) of South Germany at 1 5/7 marks, and the mark of Lubeck or Hamburg standard at 1 1/5 marks. Other coins of the same standard are to be valued in their proportion to said values. In these calculations the fractions of pfennigs of the national standard are to be counted as pfennigs if equal to, or over, half a pfennig; smaller fractions are to be ignored.

¶ 3. Obligations entered into after the introduction of the national standard, based upon former standards of money or accounts, shall be liquidated in national coins, under the regulations of paragraph 2, with reservation of the provisions in Articles 9, 15, and 16.

¶ 4. In all documents executed by courts or notaries involving considerations of money, also in all court decisions involving fines, the amounts must be expressed in the national standard, if there is any proportion thereof to the national standard as legally established; yet additional designation under the standard which the obligation originated is also permitted.

ART. 15. In the place of national coins in all payments previous to the contemplated withdrawal there will be admitted:

1. Within the entire territory of the Empire, pieces of one and two thalers of German coinage, at a value of three marks to one thaler, in lieu of all national coins.

2. Within the entire territory of the Empire in place of national silver coin only, current silver pieces of German coinage of 1/3 and 1/6 thaler at a value of 1/3 thaler to 1 mark and 1/6 thaler to ½ mark.

3. In all states where the thaler standard now prevails in place of the national nickel and copper coins, the following coins of the thaler standard at the designated values: 1/12-thaler pieces at the value of 25 pfennigs; 1/15-thaler pieces at the value of 20 pfennigs; 1/30-thaler pieces at the value of 10 pfennigs; ½-groschen pieces at the value of 5 pfennigs; 1/5-groschen pieces at the value of 2 pfennigs; 1/10 and 1/12-groschen pieces at the value of 1 pfennig.

4. In those states where the duodecimal division of the groschen exists in place of the national nickel and copper coins, the three-pfennig pieces based upon the duodecimal division of the groschen at a value of 2½ pfennigs.

5. In Bavaria, in place of the national copper coins, the (heller) farthing pieces, at the value of ½ pfennig.

6. In Mecklenburg, in place of the national copper coins, the five-pfennig, two-pfennig, and one-pfennig pieces coined under the mark standard, at a value of 5, 2, and 1 pfennig. All coins embraced under paragraphs 3 and 4 of this article are to be admitted in payment at all public depositories within the Federal territory at the stated values until their withdrawal.

ART. 16. German gold crowns, state gold coins, and foreign gold coins, placed by law on equal footing with domestic (German) coins, as well as large silver coins of another standard than that of the thaler, are to be admitted in payment until their withdrawal in the same manner as they have been accepted hitherto under previous regulations.

ART. 17. Even before the introduction of the national standard all payments which may be made under the present laws in coins of domestic (German) standard, or in foreign coins placed by law on an equal footing with them, may be liquidated either in part or the total in national coins, reserving the provisions in Article 9 in such a manner that their value is calculated according to the provisions of paragraph 2, Article 14.

ART. 18. By January 1, 1876, all bank-notes not issued according to the national standard must be withdrawn.

From that date only bank-notes issued according to the national standard, and in amounts of not less than 100 marks, may be emitted and kept in circulation. These provisions also apply to bills hitherto issued by corporations.

All paper money issued by single states of the Confederation must be withdrawn before January 1, 1876, and is to be recalled at least six months before that date. In lieu thereof an emission of national paper money will be made according to a national law to be issued in the mean time. This national law will establish provisions concerning the emission and circulation of national paper money, as well as the facilities to be granted to the single states of the Confederation for the purpose of the withdrawal of their paper money.

In witness whereof, our signature and imperial seal,