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I/29/4O - Copy to Currie Not given to White House I February 3 , Treasury oash requirexaents Chairaan Secies and public debt. Hdialcton Sales of S&vin^s bonds la Juseuary and February to date have far @2co0©dod evsii the zost optimistic expectations.* This i s true even after allomxjoe i s £*d* for the tl^7#OOG#(X}Q of oash &&le$ to priv&t© r e tiroraeiit fuads in D&oecifaer sod Jttrtuurj*# includia^ ^#000,000 pfurt^h&sed bv the Fodoral Jloser\^> nctireHeut Gystan. I believe, Us©r©forof -that t^o are justified in taritin^ ^p our estiiaates gC sales of S&visgs bonds for future, risirbhs. l a the resent oash requirements t&bl©at vfaiah I gawe xiet &al©c of SaTii^s bonds iserc ©ctimtod a t §$&90QQJXQ for the oslertdur y^-r UJhO, && ©or^mrod with &otml tmt salcm of v77O#£XX)#OtX) In 1939• On t^e basis of rooenfc csperiesKs©, I bellevs that a figure for apt of aa\*inf;s bends Sa 1S4O of Cl,1009CXX)#000 wculd not be'teo h±$i. Usinc this 2^rv fi^iiro for Savin^ji bonds i3E^ns that p cl* the tr&^&xjrj c*sli bftlA£Joo and the public debt should be as sh&vu in ii4» t&lle below* flbils HM ittMV saloc of Saving bonds incre&s© tii© o&sh bal&iioe, tl*oy Inoroaso the debt subject to the y HaltsAltfi a t & 2 at® of oi»~ihlrd saore# A I A i s the dif the &*I* prioe and tho a«kturity# or face, mlu© of the bonds* As l a tho foraar # » t i ^ t © s t rwt receipt* or expenditures of Goi^trniaont rations ar© exoluded# and i t i s aeswaed that the $TQQ90QQgO0d ©xoess capital from Goverzsaent oori^>riitioiis will be repaid during the period Jul^Deoeiaber V&Qm The estimates, of course, asau&a© that no oash v t l l be raised by sal© of direct optai-saarkot oblirat (2n millions of dollars) On basis of * Budget !Jessage 670 770 51, I'ublio debt s\*bj©<it to statutory June 30, I53144O >•*••••*• Otir independent 1,100 1,100
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