1. In 1853 the Secretary of the Treasury was authorized to establish an office in the city of New York for the receipt, melting, refining and assaying of gold and silver bullion and foreign coins, and for casting the same into bars, ingots, or disks. The assistant treasurer of the United States in New York, is treasurer of this assay office, and the Secretary of the Treasury appoints such other clerks, assistants, and workmen as shall be necessary for the management of its business. 2. Persons having gold or silver bullion, ores or foreign coin, may deposit them in his office, and it will be refined and assayed (at no more cost than the actual expense of doing the work), its value ascertained, and the owner will be paid for it in coins of the same value and metal as that deposited. It is not coined in this office, but cast into bars, ingots or disks—either of pure metal or of standard fineness, as the owner may prefer—the true weight and value of which are stamped thereon; and the owner may either take them in payment for his bullion or foreign coin, or it will be coined for him at the United States Mint, if he wishes. The bars spoken of are often kept in that form, and are used as coin among banks, brokers, and merchants, who receive and pay large amounts of the precious metals. With them it passes as coin, for its exact weight and value are stamped upon it. 3. This establishment was located at New York more for the convenience of those who do business there, than for the necessity of such an institution; for at the mint at Philadelphia there is a department for doing the same work as is done here. But at New York there is a larger amount of foreign coin than in any other place, and it is often advantageous to its owners to have it converted into American coin, that it may be used with greater facility. Although many foreign coins do circulate in this country, but few know their value. Consequently they do not pass so readily; and for this reason they are melted and run into bars of known value, or re-coined into American money. CHAPTER XIV. NATIONAL BANKING. 1. The present banking system was established by an act of Congress in 1863. The plan is quite different from any before in use, and commends itself to the whole country by the stability it gives to the currency in use in the transaction of its business, and the security it furnishes against loss of values common under the old systems. They are managed by private parties and corporations, apart from the government, but under a certain degree of supervision, and by its authority. By the act referred to any number of persons not less than five may associate themselves together for the purpose of banking, by compliance with the following conditions: 2. First: They must, under their hands and seals, make a certificate which shall specify— 1. The name assumed by such association. 2. The place where its business is to be conducted.