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ANNUAL REPORT OF THE

Secretary of the Treasury
ON THE STATE OF THE
FINANCES




FOR THE FISCAL YEAR
ENDED JUNE 30

1912

With- Appendices

WASHINGTON
GOVERNMENT PRINTING OFHCE




TREASURY DEPARTMENT,^

Document No. 2664.
Secretary.

LL:

CONTENTS.
Page.

Banking and currency reform
•
1
Aldrich-Vreeland law
4
Budget
4
Customs....
'4
Travelers' smuggling...,
.^.......
5
Increased revenue
5
Customs expenses
5
Reform of the Government's appraising work
6
Investigation of the Board of General .Appraisers
6
Reorganization of customs districts
.
7
Politics and the service
7
Other changes
'
8
Internal-revenue administration
8
Improvement of the Treasury Building
8
Laundering of notes
9
Assay offices
.'
9
Central power plant
•.
10
Reduced time in building
10
Business with the public
:
11
Power-press printing
^ 12
Public Health Service
.,
:
\..
13
Building program of the Revenue-Cutter Service
14
Life-Saving Service
."
:
15
Secret Service
.15
Chief clerk's office
16
Disbursing clerk..'.
16
General Supply Committee
16
Extension of the civil s e r v i c e . . . . .
.'
17
Civil pension system
17
The new nickel
17
New currency
18
New buildings for the Departments of State, Justice, and Commerce and Labor.
18
Oleomargarine
18
Colored teas
19
Opium
20
Consolidation of bureaus
20
The corporation tax and publicity
;
21
A supervisor of the expressions oi laws
22
Tarsney Act.
22
Protection of the President-elect
24
Contingent fund
24
The Committee on Expenditures in the Treasury Department.
•
24
Acknowledgment
24
Finances
25
Receipts and disbursements, fiscal year 1912
°
25
General fund
,
-•
25
Postal s e r v i c e —
27
Gold reserve
27
Trust funds..:
:
:
27
Sinkmg fund
27
Condition of the Treasury June 30, 1912
28
Cash m the Treasury June aO, 1912
28
Comparison of receipts, fiscal years 1911 and 1912
30*
Comparison of disbursements, fiscal years 1911 and 1 9 1 2 —
31
Estimates.
35



in

9oS

IV

CONTENTS.

^
Page.

Estimated ordinary receipts, fiscal year 1913
i
36
Estimated ordinary disbiusements, fiscal year 1913
36
Estimated ordinary receipts, fiscal year 1914:
^ 36
Estimates of appropriations, fiscal year 1914, as submitted by executive departments
37
Postal service
36,38
Statement of estimates of appropriations for 1914 decreased under appropriations for 1913.
38
Exhibit of appropriations for 1913
39
Abstracts of reports of bureaus and divisions.
Treasurer of the United States
District of Columbia
Comptroller of the Currency
Mint service.
Operations of the mints
The estimates
New York assay office
Minor assay offices
Recommendation
Production and consumption of gold and silver
Internal revenue
Bureau of Engraving and Printing
Money laundering
Smaller paper currency
Power presses
New building
Special Agents' Division
Office of the Supervising Architect.
:
,...:
Public Health Service
-.
°
Division of Scientific Research
:
Hygienic Laboratory
Leprosy investigation station, Hawaii
Division of Foreign and Insular Quarantine and Immigration
Medical inspection of immigrants
Division of Domestic (interstate) Quarantine
Division of Sanitary Reports and Statistics
Division of Marine Hospitals and Relief,
Division of Personnel and Accounts
;
Miscellaneous Division
Recommendations
:
Life-Saving Service
:
Statement of operations
'
:
Sources of assistance to vessels
Miscellaneous services of crews
Power boats for rescue work
Motor-boat accidents
Establishment, rebuilding, and improvement of stations
Service crews honored b y a foreign Government
Revenue-Cutter Service
Radiotelegraphy
New vessels and repairs
Administrative measures
Armament and drills.
Appointment of cadets
' Division of Loans and Currency.
:
Division of Public Moneys
Division of Bookkeeping and Warrants
State bonds and stocks owned b y the United States
Territory of Hawaii
'.
Secret Service^ Division
]
Division of Printing and Stationery
P r i n t i n g a n d binding
•
Stationery
Check paper.
Postage
'.
Materials for bookbinder



'.

:

;...

•
,...
,.

^.

41
44
44
48
48
°48
49
49
49
50
50
51
52
52
52
53
53
53
56
56
57
57
58
59
59
60
61
61 .
^ 62 .
62
63
64
65
66
66
67
67
68
68
71
72
72
74
74
75
75
75
76
77
. 77
77
77
79
81
81
81,

CONTENTS.

V

Tables accompanying the report of the Secretary.
Page.

Table A.—Statement of the outstanding principal of the public debt of the
United States, June 30, 1912.
Table B.—Statement of the outstanding principal pf the. public debt of the
United States on the 1st of July of each year from 1856 to 1912,
inclusive
Table C.—Analysis of the principal of the. interest-bearing public debt of the
United States from July 1, 1856, to J u l y 1, 1912
Table D.—Statement of the issue and redemption of loans and Treasury notes
and of deposits and redemptions in national-bank note account
(by warrants) for the fiscal year ended June 30, 1912
Table E.—Sinking-fund account for fiscal year 1912
Table F.—Population, ordinary receipts and disbursements of the Government from 1837 to 1912, exclusive of postal, and per capita on
receipts and per capita on disbursements.
,
Table G.—Statement showing the ordinary receipts and. disbursements of the
Government b}^ months; the legal-tender notes, n e t gold, and
available cash i n . t h e Treasury at the end of each month;, the
monthly redemption of legal-tender notes in gold and the imports
and exports of gold from July, 1896, to June, 1912, i n c l u s i v e . . . .
Table H.—Statement of the balance in the general fund of the Treasury,
including the gold reserve, b y calendar years, from 1791 to 1842,
and b y fiscal years from 1843 to 1912.
,
Table I.—Receipts and disbursements of the United States; recapitulation of
receipts b y fiscal years
Table J.—Statement of the coin and paper circulation of the United States
from 1860 to 1912, inclusive, with amount of circulation per capita.
Table K.—Statement of United States bonds and other obligations received
and issued b y the office of the Secretary of the Treasury from
November 1, 1911, to October 31, 1912
Table L.—Internal and customs receipts and expenses of collecting, from 1858
to 1912
Table M.—Statement showing the aggregate receipts, expenses, average number of persons employed, and cost to collect internal revenue in
the several collection districts during the fiscal year ended June
30, 1912
Table N.—Statement of business of the customs districts for the fiscal year
ended June 30, 1912
R E P O R T OF THE TREASUJIER

)

r

Receipts and disbursements for 1911 and 1912
Panama Canal
Receipts and disbursements on account oi the Post Office Department
Transactions in the pubic debt
*
i
Public debt, 1911 a;nd 1912
Payment of interest on registered bonds of the United States
Reserve and trust fund^
Redemption of notes in gold
State of the Treasmy, general fund—cash in the vaults
Net available cash balance, 1906 to 1912
Gold in the Treasury fi^om 1906
Bonds held as security for national-bank circulation and deposits.
Bonds held as security for postal savings funds
Postal savings bonds and investments therein
:
Withdrawal of bonds to secure- circulation
..National banks designated as depositaries
,
'.
Classification of depositaries b y States and sections
Public deposits in national banks
General account of Treasurer of the United States
Monetary stock, 1911 and 1912,
Ratio of gold to total stock of money
'.
Money in circulation
Chculation and population.
Condition of the United States paper"currency
^
United States notes
Treasury notes of 1890
Gold certificates
Silver certificates




85
100
102
104
105
106

107
113
114
126
127
127

128
130

137-239

,..

137
138
138
139 '
140
141
141
141
142
143
144
145
145
146
147
147
148
149
150
151
152
152
153
153
154
155
155
156

VI

CONTENTS.

R E P O R T OF THE TREASURER—Continued.

Changes in denominations during fiscal year 1912
Pieces of United States paper currency outstanding
Denominations outstanding June 30, 1912
Ratio of small denominations to all paper
Cost- of paper currency
•.
Average life of paper currency
Paper currency prepared for issue and amount issued
Paper currency held in the reserve vault
Paper currency redeemed
Standard silver dollars
Subsidiary silver coin
Minor coin
Transfers for deposits in New York—money for moving the crops, etc
Use of order gold certificates for exchange.
Exchange for gold received at mints and assay oflices
Shipments of currency from Washington, 1911. and 1912
s.
Recoinage, 1911 and 1912
.,...
Redemption of national-bank notes
Spurious issues detected in the fiscal year
Special trust funds and changes therein during the fiscal year
District of Columbia sinking fund
Restoration of salaries
'.
Legislation recommended

Page.

156
157
157
158
158
159
160
161
161
162
163
163
164
166
167
168
169
169
170
171
172
172
174

Tables accompanying the report of the Treasurer.
No. 1.—Receipts and disbursements for the fiscal year 1912
No. 2.—Net ordinary receipts and disbursements for each quarter of the fiscal
year 1912
No. 3.—Receipts and disbursements on account of the Post Office Department
for the fiscal year 1912
No. 4.—^^Post Office Department warrants issued, paid, and outstanding for the
fiscal year 1912
1
:
No. 5.-^Assets and liabilities of the Treasury offices, J u n e 30, 1912
No. 6.—Assets of the Treasury in the custody of mints and assay offices, June
30, 1912
No. 7.—General distribution of the assets and liabilities of the Treasury
No. 8.—Distribution of the General Treasury balance, June 30, 1912
No. 9.—Available assets and net liabilities of the Treasury at the close of June,
1911 and 1912
No. 10.—Assets and liabilities of the Treasury in excess of certificates and
Treasury notes at the close of Jmie, 1911.and 1912
No. 11.—Estimated stock of gold coin and bullion, the amount in the Treasury,
''
and the amount in circulation at the end of each month from January, 1906
,
No. 12.—Estimated stock of silver coin, the amount in the Treasury, and the
amount in circulation at the end of each month from January 1906.
Also silver, other than stock, held in the Treasury
No. 13.—United States notes. Treasury notes, and national-bank notes outstanding in the Treasury and in circulation at the end of each
month from January, 1906
No. 14.—Gold certificates and silver certificates outstanding, in the Treasury,
and in chculation at the end of each month from January, 1906...
No. 15.^—Estimated stock of all kinds of money at the end of each month from
January, 1906.
No. 16.—Estimated amount of all kinds of money in circulation at the end of
each month from January, 1906
No. 17.—Assets of the Treasury other than gold, silver, notes, and certificates at
the end of each month from January, 1906
No. 18.^Assets of the Treasury at the end of each month from January, 1906..
No. 19.—Liabilities of the Treasury at the end of each month from January,
1906
:
No. 20.—United States notes of each denomination issued, redeemed, and outstanding at the close of each fiscal year from 1905
No. 21.—Treasury notes of 1890 of each denomination issued, 'redeemed, and
outstanding at the close of each fiscal year from 1906




177
177
178
178
179
180
181
181
182
182
183
187
^
191
195
199
. 200
201
202
203
204
206

CONTENTS.

VII
Page.

No. 22.—Gold certificates'of each denomination issued, redeemed, and outstanding at the close of each fiscal year from 1907
...
207
No. 23.—Silver, certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year from 1907
208
No. 24.—Amount of United States notes. Treasury notes, gold and silver certificates of each denomination issued, redeemed, and outstanding at the
close of each fiscal year from 1905
209
No. 25.—Amount of paper currency of each denomination outstanding at the
close of each fiscal year from 1905
211
No. 26.—Old demand notes of each denomination issued, redeemed, and outstanding June 30, 1912
213
No. 27.—Fractional currency of each denomination issued, redeenied, and outstanding June 30, 1912
....
213
No. 28.—Compound-interest notes of each denomination issued, redeemed,
and outstanding June 30, 1912
213
No. 29.—One and two year notes of each denomination issued, redeemed, and
outstanding .June 30, 1912
,
.;
213
No. 30.—United States paper currency of each class, together with one and two
year notes and compound-interest notes issued, redeemed, and outstanding J u n e 30, 1912
214
No. 31,—United States notes and Treasury notes redeemed in gold frqm 1879
. and imports and exports of gold during,each fiscal year from 1897..
214
'No. 32.—Treasury notes of 1890 retired b y redemption in silver dollars, and
outstanding, together with the silver in the Treasury purchased b y
such notes, for each month from January, 1906
215
No. 33.—Transactions between the subtreasury and clearing house in New
York during each month from January, 1906
,.
• 216
No. 34.—Amount of each kind of money used in settlement of clearing-house
balances against the subtreasury in New York during each, month
from January, 1906
•.
217
No. 35.—Balance in the Treasury, amount in Treasury offices, and amount in
depositary banks from 1789 to 1912 ^
^
218
No. 36.—National banks designated depositaries of public moneys, with the
balance held June 30, 1912
220
No. 37.—Receipts and disbursements of public moneys through national-bank
depositaries, b y fiscal years, from 1901
225
No. 38.—Number of national banks with semiannual duty levied, b y fiscal
years, and number of depositaries with bonds as security, b y fiscal
years
'.. 225
No. 39.-^Shipments of silver coin from each office of the Treasury and Mint for
the fiscal years 1911 and 1912...'
226
No. 40.—Shipments of silver coin from the Treasury offices and mints duruig
each fiscal year from 1901 and charges thereon for transportation . . . .
.226
No. 4J..—United States bonds retired from May, 1869, to June 30, 1912
...
227
No. 42.—Seven-thirty notes issued, redeemed, and outstanding June 30, 1912.. -, 227
No. 43.—Refunding certificates,.act of February 26, 1879, issued, redeemed,
and outstanding
227
No. 44.—Checks issued for interest on registered bonds during the fiscal year
1912
228
No. 45.-^Interest on 3.65 per cent bonds of the District of Columbia paid during
the fiscal year 1912.
228
No. 46.—Coupons from United States bonds and interest notes paid during the
fiscal year 1912, classified b y loans
228
No. 47.—Bonds and other securities retired for the sinking fund during the fiscal
year 1912, and total from May, 1869
229
No. 48.—Public debt at the close of June, 1911 and 1912, and changes during
the year
230
No. 49.—Public debt, exclusive of certificates and Treasury notes, at the end
of each month from January, 1906
:
231
No. 50.—Lawful money deposited in the Treasury each month of the fiscal year
1912 for the redemption of national-bank notes.
232
No. 51.—Disbursements from redemption accounts of national banks each
month of the fiscal year 1912
232
No. 52.—Result of the count of national-bank notes received for redemption b y
fiscalyears from 1900
232
No. 53.—National-bank notes outstaJnding at the end of each month and
monthly redemptions from January, 1900..:
233



VIII

^

CONTENTS.
Page.

No. 54.—Redemptions and deliveries of national-bank notes each month of t h e
fiscal year 1912
No. 55,—Redeemed, national-bank notes delivered from the.Treasury each
monthof the fiscal year 1912
No. 56,—^Assets and liabilities of the 5 per cent redemption fund of national
banks at the end of each month of the fiscal year 1912
No. 57.—National-bank notes received for redemption from t h e principal cities
and other places b y fiscal years from 1900, in thousands of dollars...
No. 58.—Disposition made of the notes redeemed at the National Bank Redemption Agency b y fiscal years from 1900
No. 59.—Mode of payment for notes redeemed at the National Bank Redemption Agency b y fiscal years from 1900
No. 60.—Deposits, redemptions, assessments for expenses, and transfers and
repayments on account of the 5 per cent redemption fund of national
banks b y fiscal years from 1900
No. 61.—Deposits, redemptions, and transfers and repayments on account of
the retirement redemption account b y fisca,l years from 1900
No. 62.—Expenses incurred in the redemption of national-bank notes by fiscal
years from 1900
:
-.^
No. 63.—General cash account of the National Bank Redemption Agency for the
fiscal year 1912 and from July 1, 1874
No. 64.—Average amount of national-bank notes redeemable and amount
redeemed b y fiscal years from 1900
No. 65.—Percentage of outstanding national-bank notes redeemed and assorted
each fiscal year from 1902, b y geographical divisions
No. 66.—Average amount of national-bank notes outstanding and the redemption, by fiscal years, from 1875 (the first year of the agency).,
No'. 67.—Changes during the fiscal year 1912 in the force employed in the Treasurer's office
•
No. 68.—Appropriations made for the force employed in the Treasurer's-office
and salaries paid during the fiscal year 1912
>
R E P O R T OF THE DIRECTOR OF THE MINT

Offices of the service
Electrolytic refineries
Assay office at New York
Philadelphia Mint
San Francisco Mint
Number of employees in the service
New nickel pieces
Gold-certificate bars
'.
Estimates for fiscal year 1914
Annual appropriations for 1912
Appropriations, reimbursements, expenditures, and balances
Earnings and expenditures of refineries
All income and expenditures on account of mint service
Depdsits of gold bullion
,
Deposits of foreign gold bullion and coin
Deposits and purchases of silver
Deposits of foreign silver bullion and coin
Coinage
Average number of pieces struck per die
Purchase of minor coinage metal
Distribution of minor coins
Minor coinage, issue, melted, and amoimt outstanding
Philippine coinage.
r
Work of Government refineries
\
Exchange of fine.-gold bars for gold coin and gold bullion
Operations—
Mint at Philadelphia.
Mint at San Francisco
Mint at D e n v e r . . : . . ' .
'.
Assay office at New York
Assay office at Seattle
'...:
Other assay offices
Deposits, earnings, and expenditures of all offices




234
234
234
235
235
236
236
236
237
237
237
238
239
239
239

241-338

=

241
241
241
242
242
242
I.
243
243
244
244
245
, 246
246
249
249
250
250
. 250
252
252
252
253
253
254
255
255
267
279
282
290
292
292

CONTENTS,

. IX

R E P O R T OF THE DIRECTOR OF T H E MINT—Continued.

Page.

Operations of melters and refiners and coiners
Wastage and loss on sale of sweeps and gains from operations
:..
Balances, receipts and disbursements
Laboratory of the Bureau of the Mint. .•
i
Proceedings of the assay commission
Movement of gold from the port of New York
Net exports of United States gold coin
Stock of money in the United States
Estimated stock of gold and silver in the United States
United States gold coin in Canada
Monetary systems and approximate stocks of money in the aggregate and per
capita in the principal countries of the world, 1911
:
Monetary stock of gold
\
The gold movement to India
Production and distribution of gold
United States gold coin imported and melted by various countries
Values of foreign coins
Monetary legislation
'.
'...,

293
294
295
296
297
299
300
301
302
303
304
306
306
308
309
310
312

Tables accompanying the report of the Director ofthe Mint.
No.
No.
No.
No.

1.—Domestic production, deposits, and purchases of gold, b y weight
314
2.—Domestic production, deposits, and purchases of gold, b y value
316
3.—Domestic production, deposits, and purchases of silver, b y weight
318
4.—Domestic production, deposits, and purchases of silver, b y subsidiary
value
320
No. 5.—Mutilated and uncurrent domestic gold and silver coins received for
recoinage
322
No.o 6.—Assets and liabilities of the United States mints and assay offices
324
No. 7.—Earnings and expenditures of the United States mints and assay offices.
326
No. 13.—Summary of imports and exports of gold and silver
. 328
No. 14.—Transit and transshipment of gold and silver in the customs districts of
New York and Arizona
328
No. 15.—Seigniorage on the coinage of subsidiary silver and minor coin and its
distribution.
:
329
No. 16.—Average price of an ounce of gold in London and equivalent value in
United States since 1870
330
No. 17.—Bullion value of the silver dollar
330
No. 18.—Coinage of nations
'
331
No. 19.—Deposits of gold at United States mints and assay offiees since 1873
332
No. 20.—Deposits of silver at United States mints and assay offices since 1885..
333
No. 21.—Coinage of gold and silver of the United States since 1873, b y fiscal
'^
•
years
334
No. 22.—Authority for coining, changes in weight and fineness, act discon- . .
° tinning same, and amount coined for each'denomination of c o i n . . .
335
No. 23.—Foreign coins melted b y various countries
,
336
No. 24.—Recoinages of t h e world
337
No. 25.—Coinage of the mints of the United States from their organization, b y
calendar years
338
R E P O R T OF THE COMPTROLLER OF THE CURRENCY:

Conditioii of national banks
Character, of national-bank loans
Rates for money
Reserve and deposits of national banks
Sa^dngs depositors and deposits in national banks
Classification of national banks b y capital stock
:
Relation of capital to deposits, etc., of national banks
Changes in loans, bonds, cash, and deposits
Bond investments by national banks
Productivity of loans and bond investments. .^
Percentages of principal items of assets and liabilities of national banks
U n i t e d States bonded debt and national bank holdings i n detail
Earnings and dividends of national banks
.National-bank notes in cfrculation
'
Bonds' cfrculation, capital stock, etc




'
.'

351
355
357
358
361
362
362
- 363
365
366
366
367
368
369
370

X

CONTENTS.

R E P O R T O F THE COMPTROLLER O F THE CURRENCY—Continued.

Page.

Cfrculation issued, redeemed, and outstanding
371
National bank redemption agency receipts and redemptions
372
Profit on national bank cfrculation
373
Change in design and size of notes:
•
;
374
Expenses of the banks incident to the issue of cfrculation and expense
of t h e currency bureau
374
Organization of national banks
;
375
Extensions'and expfrations of charters
379.
Changes of title and'location of national banks
380
Status of bank when place in which organized has been annexed to
adjacent c i t y .
'
.
^
381
Voluntary liquidations of national banks
382
Insolvent national banks
382
Reports of condition of banks in the United States
384
Growth of banking in t h e United States
388
Growth of banking in recent years.
.'
391
• Banking power of t h e United States
, 392
Resources and liabilities of^ the banks b y States
•.
392
Classification of loans and discounts in all banks
•. 399
Investments of all banks in bonds and other securities.
399
Money in banks
:.......
400
Distribution of money in the United States
'
401
Individual deposits in all banks in the United' States
402
Savings deposits in all banks
".
403
State, savings, private banks, and loan and trust companies
405
State banks
408
Savings banks
408
Mutual savings banks
I . . 412
Stock savings banks
:
» 414
Private banks
415
Loan and trust companies
416
Banks and banking in the District of Columbia
417
Banks and banking in t h e Island Possessions
418
Philippines
,
418
Hawaii.
• 419
Porto Rico
420
State and private bank failures
420
Building and loan associations in the District of Columbia
423
Building and loan associations in the United States
423
School savings banks
424
Savings banks in foreign countries
^
425
Instruments of credit
'.
".
429
National currency associations
429
Clearing-house transactions
430
Digest.^of national bank decisions
431
Examinations b y dfrectors' committees
433
R E P O R T O F THE R E G I S T E R OP THE T R E A S U R Y .

437-448

Number and amount of bonds received, examined, entered, sealed, and
signed.
437
Number and amount of bonds canceled
437
Registered bonds redeemed
.>.
437
Coupon bonds redeemed
"
.
438
Registered bonds outstanding
439
Active loans—coupon bonds outstanding.
440
Debt on which interest has ceased since maturity
•.
440
Number and amount of coupon bonds received, etc
441
Number and amount of interest checks received
443
Paid interest checks transferred to t h e Auditor for the Treasury Department
443
Gold certificates
444
Currency
.'
444
Different classes of notes received and destroyed
445
Issiie, redemption, and outstanding of various old issues of the Government.
447
Classification, total number, and amount of redeemed securities on
file
447.
Seal of t h e Treasury Department
— . . . ; 448




CONTENTS.

XI
Page.

R E P O R T OF THE COMMISSIONER OF INTERNAL R E V E N U E

Receipts
Receipts in large tax-paying districts
Cost of collecting internal-revenue taxes
Estimated expenses for next fiscal year
Salaries
Scale of salaries of collectors
Storekeepers, gaugers, etc
Official force
Field force
Objects of taxation—
Distilled spirits
Bottled-in-bond spirits
Denatured alcohol
Tax-free alcohol
Distilleries
Fermented liquors
Tobacco
Special excise tax on corporations
Assessments.
Oleomargarine
Adulterated butter
Renovated butter; filled cheese
Opium
Chemistry
Clauns
-




451-469

.
:..
,.

,..
;...
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451
452
454
454
455
456
457
457
457
458
459
459
460
460
461
461
462
462
465
466
467
467
467
469

ANNUAL REPORT ON THE FINANCES.
TREASURY DEPARTMENT,

Washington, December 2, 1912. .
SIR: I have the honor to make the following report:
BANKING AND CURRENCY REFORM. '

One of the most important facts in conaection with Banking, ahd.
Currency legislation is its urgency. As long as our banking arid currency system remains as it is the' immeasurable disaster of a panic
will remain a possibility.. The system under which we,are living not
only will not prevent a panic, but after a certain point in the generation of panic conditions is reached, will make it inevitable. So that,
as long as the financial system created by our Federal laws remains
unchanged and unreformed, the government will be exclusively
responsible for the commercial, industrial and social disasters which
flow from panics. This responsibility is a fixed one. I t is unavoidable; and ought to be frankly recognized and acknowledged. The
people are helpless. The character' of this responsibility is better
understood when it is realized that the eflfects of financial panics
are not at all confined to the banks and the "larger business world.
A panic such as that of 1907, or a lesser panic, reaches directly
or indirectly every town and hamlet of the country, and every
family and individual. I t nationalizes itself long before it has gone
far; and its interruption of the business movements large and small,
its fracture of the organization under which commercial and industrial
life go on and the resulting social suffering are prolonged into years.
These facts mtensify the significance of the delays and postponements
of the government. A panic is as unnecessary and as avoidable ^s
an epidemic of smallpox. You can have an epidemic of smallpox if
you disregard all that science has provided as a preventive.' You
can not possibly have an epidemic of smallpox if you will apply the
simple means that science has provided. So we will continue to have
panics only so long as we refuse.to apply the simple preventives
which he who runs may read.
Not only does the system established by the present Federal laws
promote and develop panics, but at all times the country is carrying
the needless and heavy burden of an unfit and wholly insufficient
64926°—FI 1912



1

2

REPORT ON T H E FINANCES.

banking and currency system. " This system never permits entirely
free commercial, financial or mdustrial action at any time; because
its liability to sudden constraint and restriction is always a part of
the nation^s financial consciousness. There never is a time when
there is any long look ahead; except when we are in the midst of a
panic when there is a long look of disaster ahead. There is never a
long look of ease and convenience and prosperity ahead.
This is true even in the quietest periods of the year. And then
there always comes, in the crop moving season, a special stress and
constraint; which not only affects the imaginations but the actual
resources of the banks. The autumnal constrictions are not felt, of
course, so severely as those of a panic; but severely enough to make
long periods of wholly unnecessary discomfort and apprehension;
not to speak of the actual lack of financial facilities legitimately
needed by the people and denied by the government.
We have had before us this autumn another object lesson of the
urgency of the need of banking and currency relief. This relief
which is so urgently needed by the legitimate busmess and enterprise of our people is not relief from a financial situation built up by
the financial world itself, but is from a system and conditions superimposed by the government; and forced upon the business community and upon American society. The banking and currency
system is the product of Federal law. And there can be no relief
from it until Congress acts. And this is why Congressional action is
urgent.
.
'
Fortunately, the banks have been able unaided to carry on, this
autumn, the financial pperations necessafy" to the movement of outvast crops; and at the same time finance the operations of a general
business expansion—even in the face of a European disturbance.
This, however, has called out nearly all the resources that were available urider our constricting system. And it was at no time certain
that the Treasury Department might not be fairly called upon to use
its facihties to assist these ordinary business transactions. I should
have been sorry to feel it necessary for the Treasury Department to
intervene at such a normal period as this. But, of course, it would
have assisted if it had become necessary; for the use of the surplus
in the Treasury belongs of right to the business operations of the
country whenever a real need for it arises. In view, however, of the
impotent condition of our bank reserves whenever reserves are seriously needed, it has seemed that the present moderate accumulations
in the Treasury might wellbe held intact for a greater need. The
Treasury reserve is the only trustworthy" one we have; and until
Congress furnishes the nation with another and better reserve it is
well to make that of the Treasury as useful and responsible as possible. I think it fortunate that the financial world has been able to



SECRETARY OF T H E TREASURY.

6

finance the enlarged business of the country this autumn without
resort to the reserve which the Treasury Department has accumulated.
I also think it fortunate that the Treasury has accumulated a reserve
to aid in bridging over until the new and urgent legislation is passed,
and believe it is of high pubhc importance that such a reserve shall
be maintained until a more legitimate one has been provided for by
- legislation.,
This anomalous relation between the Treasury Department and
the general financial world is, at the same time, a part of the thing to
be reformed. Taking large sums of actual money out of the ordinary
financial use and locking it up as a dead mass in the vaults of the
Treasury is a proceeding as unscientific and unreasoned as any other
part of our unreasoned and unscientific banking and currency system.
But until that system is changed so as to provide a trusty system of
bank reserves, it seems to me the Treasury Department performs, as
incidental to its very bad share in the banking and currency system,
some functions as a reserve center which are of very great value.
Since, however, the Treasury surplus is not a genuine self-acting
reserve, it is desirable that as long as it is not excessive, it shall not
be too easily drawn upon and absorbed—not used as long as the ordinary facilities of the money market can be made sufficient to meet the
general demand. I t was upon these general views that the Treasury
Department acted this fall wdth respect to the money market.
I t is not my intention to speak of the details of this urgent relief
measure—this Banking and Currency legislation. But the general
features of a new system—if that'system shall be at all adequate to
the emergency—must include, among its necessary features, provisions for never-failing reserves and never-failing currency, and for the
perfect elasticity and flexibility of both; for the permanent organization and organized cooperation of the banks, which are now suffering
and causing the nation to suffer by reason of their unorganized state;
for a central agency, to represent and act for the organized and cooperative banks—this agency to be securely free from political or trust
control, but with the government having adequate and intim^ate supervision of it; for independent banking units—so independent that no
one bank can be owned, controlled or shared in in any degree, directly
or indirectly, by any other bank; for the equality of all banks, national or state, both as to standards and as to functions—so that every
requirement made of a national bank must be complied with equaUy
by a state bank, and every function or privilege enjoyed by a state
bank shall be enjoyed by a national bank; for the utilization and
the fluidity of bank assets; for the scientific development of exchanges—domestic and foreign; for foreign banking as an adjunct of
our foreign commerce; and for taking the Treasury Department out
of the banking business,



4

^

REPORT ON. T H E FINANCES.
ALDRICH-VREELAND LAW.

In order that the Treasury Department might do what it could—
pending legislation—to reduce the inconveniences and dangers of the
present Banking and Currency system, it promoted and secured the
formation of all necessary National Currency Associations throughout the country to make available the provisions of the AldrichVreeland law in case of need—arid as a preventive of need, and these
Associations are now practically complete. The important facilities
afforded by that law are now available; and the assured knowledge
that these facilities are ready to N act at once is of itself a strong preventive of trouble.
That law, by the.way, will expire by limitation June 3,0, 1914; and
I recommend very strongly a reasonable extension of it that it may
not lapse before it becomes unnecessary.
BUDGET.

In all of my reports to the Congress, I have called attention to the
absence. In our governmental machinery, of anything in the nature
of a budget; and while recognizmg the difficulties in establishing a
budget under our form of government, have each year thought it
riecessary to urge the importance and practical necessity of overcoming these difficulties.
.
The President will now deal with this matter elaborately; and it is
no longer necessary for me to do more than renew the expressions
of my interest in it.
CUSTOMS.

The eradication of the widespread frauds upon the sugar revenues
and the concurrent rehabilitation of the customs service have been
completed. Every needed reform has been established, including
the introduction of electric automatic weighing. And, in addition
to the present and future protection of the sugar revenues, and in
addition to the reestablishment of the service, there has been collected as unpaid duties—and • from drawback offenses—the sum of
$4,359,750.17. The sampling of sugars and the taring of sugars
have also been reformed; and a new system of drawbacks on sugars
and syrups has been inaugurated.
It was found that the weighing frauds extended to various other
imports besi4es sugars; and these have also been cleaned up.
Then with a .revised Special Agents Service, aidmg the customs
officials of New York and other cities, and with the cooperation of the
Department of Justice, investigations were carried beyond the weighing and similar frauds to the field of undervaluations; and a remarkable series of discoveries and exposures in various lines of importations has resulted; and the collections pf back duties and finos



SECRETARY OF THE TREASURY.

.

5

imposed upon tne frauds upon the revenues in these cases, added to
the sum received from the importers of sugar, have raised the total
of the money recovered to $8,200,000. These investigations and
developments of fraudulent undervaluations are still going on.
Travelers^ smuggling.
I t early became clear that the most demoralizing and obstructive
of the current frauds upon the revenues were those perpetrated by
incoming travelers. These irregularities, though not of great magnitude, had become notorious and stared the Department in the
face—and stared the public in the face; and involved corruption of
customs officers. They were not only conspicuous but were almost
defended. Unless, therefpre, they were dealt with and at least attempted to be corrected, it would be idle to endeavor to rehabilitate
the customs service in general. This correction has been accomplished to a remarkable degree. Concurrently with the enforcement
of the law against these amateur frauds, and with the almost complete
defeat of the important professional smuggling done by professional
passengers, there has gone on successfully the reconstruction of the
inspectors force, the establishment of a watchmens force, and the
general rehabilitation of the whole customs service. At New York
alone the revenues from travelers' imports have increased from an
average of $890,688 for the four years preceding this administration
to about $2,100,000 in 1912, with the last two months of the year
estimated. But the increase in revenues- is of far less consequence
than the increase in morals.
Increased revenue.
I t is not possible to defmitely add up the total yearly increase in
customs revenues due to the exposures effected, the reforms instituted
and the higher character of the service. But it seems to everybody
in the Treasury Department cognizant with the facts that an annual
saving of $10,000,000 is distinctly an under-estimate. Ten million
dollars a year soon mounts up into very large figures. But the moral
reform is of greater significance than the reform in collections.
Customs expenses.
I t is worth noting that in the fiscal year ending June thirtieth the
expenditure for the collection of the customs revenues—^for the first
time in recent years—^was less than the year before. Heretofore, for
a long time, there has been a steady annual increase in the expenditure
for customs. The Department has found it difficult to arrest these
mounting expenditures while supplying many deficiencies in the
service; but in the last fiscal year the cost was reduced instead of
being increased



b

.

REPORT ON T H E FINANCES.

REFORM OF- THE GOVERNMENT'S APPRAISING WORK.

The revelations of wide spread undervaluations in various luies of
merchandise—to which I have referred—^were convincing of the fact
that the appraising system and the appraising operations of the
Government needed revision and reform. Extensive as the investigations and the discoveries and exposures have been, and covering
as they do a considerable area of the total importations, we still have
not had time to at all cover the whole ground. Far beyond enough,
however, has been discovered, and laid bare, to show that the
appraising work of the Government is inadequate. All of the many
undervaluations which have been discovered had passed through
the appraising offices. The frauds had not been detected or even
suspected by the examiners or appraisers. Such a condition as that
indicated beyond question that improvement and reform were
greatly needed somewhere and somehow in the appraising work of
the Government; not only at the port of New York, where twothirds of the work is done; but throughout the country as well. I t was
very significant of this need of overhauling that the discoveries of
this large area of fraudulent undervaluations did not proceed from
the appraising side of the Government but through the other Treasury
services. I, therefore, after exhausting other methods, appointed a
committee of Treasury men to investigate arid report upon the whole
appraising system and operation. This committee is about to report,
and I am confident this report will so complete the Department's
exact knowledge of the situation as will enable us, before the close
of this administration, to' greatly improve our appraising conditions.
Possibly, however, it will be necessary to ask Congress for some
remedial legislation.
INVESTIGATION OF THE BOARD OF GENERAL APPRAISERS.

There are other serious defects in the appraising work of the Government. These defects are due to the anomalous relations of the
Board of General Appraisers to the Treasury Department. I became
convinced some time ago that serious inquiry must be made into the
attitude, the system, and the operations of the Board of General
Appraisers. This inquiry needed to be especially made with a view
to finding but whether the appraising work can be done efficiently
without a reviewing board as a part of the Department itself; and
whether the nondescript character of the present Board of General
Appraisers, which is neither a reviewing board within the Department nor a court outside the Department, is not a complete
bar to a scientific and efficient system of Government appraising.
A commission has been appointed by the President to inquire into
these matters; and the investigation is going on. The remedies for



SECRETARY OF THE TREASURY.

7

this anomalous and hurtful situation may require legislation, in
which case the matter will be presented to the Congress. .
The original institution of the Board of General Appraisers was
due to the need in the appraising work of a board of review within
the Departme'nt and as a part of the Department; and that need is
far greater now than it was when the Board was instituted. At
present the appraising is done by individual examiners, and while
there are appraisers and assistarit appraisers in the service they do
not in practice, at the larger ports, accomplish an effective review of
the work of examiners. The consequence is that practically the
whole of these immense interests of the Government depends upon
the knowledge and the investigations and the independent judgment
of single examiners. I t can readily be seen that the Treasury Department in doing this work through single examiners ought to have an
organized oversight of all valuations and, where riecessary, a review
of the work of the examiners before it is final, and before the record
is made from which an appeal to the courts can be taken—and before
undervaluations are finally loaded upon the revenues. Moreover, the
independence of the examiners, is more or less seriously invaded, in
practice, by their dread of unsympathetic treatment from the Board of General Appraisers. This Board has drifted from its original place
within the Treasury Department to a quasi-independence as a court
outside of it; thus removirig orie of the most necessary institutions
of the Department and establishihg a court that is not really a court
and was never intended to be a court. If another court is necessary
in the judgment of the Congress^y-a court inferior to the Customs
Court recently estabhshed—well and good. I do not think such a
court is necessary; but that is not a matter that concerns essentially
the Treasury Department. What the Department needs is a Board
of General Appraisers within the Department to overlook and supervise and unify the appraising work of the country.
REORGANIZATION OF CUSTOMS DISTRICTS. ~

' The Congress, at the suggestion of the Treasury Department,
passed a law at the last session authorizing the reorganization of /the
customs offices and districts of the country with a view to economy
and efficiency. Many custom houses and offices are mere survivals
of trade conditions that have long since changed. The time has
come when the old organization should be overhauled and put upon a
reasonable and fair business basis. I beg to report to the Congress
which has made the'reform possible that it will soon be accomplished.
POLITICS AND THE SERVICE.

In former Keports I have commented upon the impprlance of the
separation of the service—and especially the classified part of it—



8

REPORT ON THE FINANCES.

"
^
.
..
from practical politics; and I have become more and more impressed
as my experience has increased, that no association, however limited,
between political organizations and the civil service of the government ought to be allowed. And with, another party soon coming
into power, it seems'more than ever well to repeat, that it is impossible
to maintain full efficiency or full character in the customs service, or
in any other service, unless it is rigidly separated from the influence
of political organizations, no matter to what party they belong.
And it is a matter of importance and congratulation that political
interference has been extremely minimized in all the services of the
Treasury Department; and that to restore it will require well directed
violence.
OTHER CHANGES.

Other reforms in the Treasury Department have not had to do
^ with the correction of frauds, but'with the economies, revisions and
reconstructions of its organization and administration—and in the
institution of labor saving defaces. This kind of reform has resulted in the abolishment of 540 positions in the Treasury Department at Washington. That number of places has been permanently
abolished and the appropriations for them permanently canceled,
with, it is fair to say, an added efficiency in the work; and without
dismissing from the service any one because these Washington positions were abolished. All employes dispossessed by these reforms
have been placed in vacancies normally accruing by death or resigna-.
tion or in some cases by transfer to other departments. The total
number of positions abolished m the entire Treasury Department of
the country, during this administration, has amounted to 1,915.
And all these positions have been abolished concurrently with a distinct growth in-the efficiency of the whole Department.
INTERNAL REVENUE ADMINISTRATION.

What is true of the customs service is equally true of the internal
revenue service. That service was never more efficiently administered, and never with, less. political influence,, than during this
administration. And the internal revenues as well as the customs
revenues have unquestionably been largely increased by more administration and less politics.
IMPROVEMENT OF THE TREASURY BUILDING.

I t has been the good fortune of this administration of the Treasury
Department to change the appearance of the Treasury building
outside and in, to improve its facilities and office arrangementsgreatly to the benefit of its operations, to make it a more attractive
and comfortable place iri which to work, and to go a considerable
distance in improving its sanitation and its wholesome conditions of



f
SECRETARY OF THE TREASURY.

9

living and working. The great Treasury building is one of the chief
architectural assets of the Nation; and it is fortunate that we have
demonstrated that it can be a permanently acceptable department
building. Notwithstanding the liberality of Congress, notwithstanding the extensive changes and improvements that are now
accomphshed, and notwithstanding the large improvement in its
sanitation and up-to-date maintenance, there is much yet to be done
by this and the incoming administration; and I earnestly commend
the new estimates for these improvements which will be presented.
The Congress can well afford to appropriate the money needed to
make the great Treasury building in all respects of sanitary and
other reasonable equipment worthy of its great architecture.
LAUNDERING OF NOTES.

The machinery for laundering currency notes, including national
bank notes, has been perfected. A number of machines have already
been constructed and the complete number will very soon be ready
and put in operation. The Treasurer's office and all the subtreasury
offices either are or soon will be adequately equipped for this interesting service—which in the end will furnish to the people a complete
and constant supply of clean currency. This reform, besides its
other advantages and attractions, will mean a saving to the government of more than $500,000 per annum.
The laundering machines can be produced at a sufficiently moderate
cost and can be operated cheaply enough to warrant their use by the
larger banks, by the clearing houses, and by the larger retail stores.
There is every reason to expect that their use wiU spread accordingly; thus adding still more to the convenience and satisfaction of
the pubhc, and increasing the saving to the government.'
ASSAY OFFICES.

I feel it my duty to repeat—and with added accent—the recommendation of the Treasury Department for the abolition of all the
Assay OflSices in the country except that at New York City; and to
confine the assay work to that office and the Mints. Congress has
accepted a part of our recommendations; and, partly with this aid
and partly without needing it, we have greatly redtfced the cost of
the Mint Service; and have included in this reduction the abolition
of one mint 'and one assay oflSice. - I hope Congress will now accept
our repeated recommendation for the abolition of the remaining
Assay Offices—except the one at New York. These assay offices
are mere survivals of a time when there was an excuse for their
existence.^ There is no excuse for their existence to-day. They are
mere burdens upon the revenues of the Government without answering any good purpose, or satisfying any legitimate demand. They



^
10

REPORT ON T H E FINANCES.

are no more necessary than those customs offices as to which Congress has accepted our recommendation. It is inconsistent, when
we are trying to reduce the cost of living, to continue as a tax upon
the people the burden of useless and out-lived expensive offices.
CENTRAL POWER PLANT.

I again urge upon the attention of the Congress the economic
importance of a central power plant which wiQ supply electrical power
and light for the new and old buildings of the Bureau of Engraving
and Printing, the Agricultural Department, the Museum, and the
group of government buildings built and to be built in the neighborhood of the White House. A competent commission, which I
appointed about two years ago, matured the project and reported.
The Government can supply itself with power and light under the
most favorable conditions of cost and administration, and without
the unsightly conditions and the smoke of the present situation.
When so much general improvement can be accomphshed with the
accompaniment of a material saving in cost, it seems that the Government ought to take action at once. It is necessary, if this plant
is to be built, to appropriate for it immediately in order to avoid the
necessity of building a plant at the new building of the Bureau of
Engraving and Printing. I urge this important improvement, with
its considerable saving, upon the prompt attention of the Congress.
REDUCED TIME IN BUILDING.

The time consumed in constructing public buildings has long been
excessive and expensive;—and ought to be materially reduced. The
item of superintendence alone where the construction is unduly prolonged becomes an important percentage of the cost; and sometimes,
as in the case of the post office at Chicago, the time consumed inconstruction.has been^ so long that the building when completed'and
finally ready for use has lost its adequacy. The expense in carrying
charges from this lingering mode of building, and the expense to
contractors and to the office facilities of the Treasury Department,
could not be borne by private capital. When private capital constructs a building for commercial uses, it is obhged to build in the
shortest time possible, and to secure occupancy as early as possible.
I chose the new building for the Bureau of Engraving and Printing as an object lesson and succeeded in letting the contract for
completion in sixteen months, which approximates the celerity with
which private commercial buildings are erected. I am happy to say
that the contractor can complete his work considerably within the
limit. The supervising architect's office has now become interested
in this economy and promises to accelerate the construction of all
buildings.



SECRETARY OF T H E TREASURY.

11

BUSINESS^ WITH THE PUBLIC.

The transactions of the Treasury Department—and especially
those with its debtors and creditors—ought certainly to conform
sufficiently to the ordinary customs and practices of business life
to conserve the general convenience. There is no more reason why
the Treasury Department should be difficult toward people whom it is
paying money to or receiving money from than there is why a private
business man should. Indeed, the Government ought to set the
example of considerate treatment and of good business practice.
But a good many methods and customs have been adopted and
crystallized by it in dealing with the pubhc that compare unfavorably with those of private business, and which seriously prejudice
the rights of the people it deals with. There is more or less unpopular
method generally—and apart from fiscal matters—^in the Government's dealings with the public in business matters. And so far as
the Treasury Department is concerned, niore or less attention has
been given to these matters as they have come to the surface. But
attention has been particularly given to the fiscal side of the work.
The Department, fpr example, has favored the establishment of
clearing house relations for the Subtreasuries, and hopes to completely establish those relations. This is an essential piece of
conformity with usual custom, and considerations favoring it are
of real importance. The larger provision for gold bars and their
greater recognition as a part of trade facilities and the treatment
of foreign coin from the same point of view, are instances in point;
as is also the acceptance of certified checks instead of currency for
customs and internal revenue payments—and the proposed extension of this practice to all receipts of the Government.
We hope to still further conform to good business practice, and
to further conserve the rightful convenience of the public by making
our payments at such points throughout the country as will make
all the checks of the Government of a par value. At present, in a
great many instances, the difficulties of collecting the checks of the
Goyernment where they are payable obliges a payment of exchange.
Pension checks, for example, in a great many instances, do not
produce to the pensioner the sum that the Government means to
pay him. A part of his check goes to the bank in payment for
collection, because the place where the Government pays the check
is, in these cases, at a distance which requires the usual expensive
method of bank exchange. The Government ought to pay everybody one hundred cents on the dollar; and, at present, this, in many
cases, is not being done. And it is wholly because the Treasury
Department fails to have its funds where they can be drawn upon
without cost to the holder of its checks.



12

<

REPORT ON T H E FINANCES.
POWER-PRESS PRINTING.

The reason why power-press printing has been so largely excluded
from- the Treasury Department, and the practice of printing currency, bonds, and checks in the very expensive and old-fashioned
way bf hand or plate printing has prevailed, is that it continued to be
believed that the best work could not be done on power presses; and
that in the interest of the arts of engraving and printing and as a'protection against counterfeiting the work must be done by hand. The
belief in these printing distinctions is now generally given up. Certainly, it has been conclusively proven, by identical work done under
the two methods, that no expert can tell the difference between the
two kinds cf printed notes. As long as the Government was printing
a relatively small amount of notes and bonds, as it was a few years
ago, this extra expense of hand printing was not greatly felt; and, moreover, the perfection of pjDwer-press printing had not been achieved.
B u t now that power-press printing has arrived at the highest excellence of technique, and the amount of this particular printing has
become extremely large and is growing larger, the time has arrived
for a change in the printing methods, with a view to necessary economy and to the progrescive, up-to-date handling of the Government's
engraving and printing work. Of course," these changes should be
sufficiently gradual to protect the interests of all the people employed.
I t is not fair for the Government to wipe out ruthlessly what is practically a remnant of the hand-printing trade, without provision for its
transition to the new conditions. I t happens, however, that this
transition can be made readily and to the actual advantage of the hand
printers. The truth seems to be that all the competent printers could
within a short time be transferred into power-press printers, with
larger wages. And, of course, it is right that labor should have a
share in the economies resulting from the introduction of labor saving
machinery. I t happens, moreover, in addition to everything else,
that the power-press printing is a much more healthful occupation
than hand printing. The latter, indeed, is unwholesome and overtaxing work, and leads to serious breakdowns among the employees.
On every account, therefore, of economy, better wages and more
healthful work,'the substitution,of power presses for hand presses is in
everybody's interest.
Within the last few months, we have introduced a beginniag of this
change. I cannot claim it is the best arrangement that could have
been made. However, it is a beginning and already effects partial
savings ; and will give the printers an opportunity to become practi^
cally convinced of the advantages to themselves of up-to-date
' methods. And the comparatively httle that has so far been accomplished has the advantage of having everybody's assent. I t was



SECRETARY OF T H E TREAS'URY.

13

these considerations that led me to accept an inadequate treatment
of the subject. I am sure the change from hand printing to powerpress printing is equally in the interest of the printers and the Gov.ernment; and is in the line of ordinary, commonplace industrial
progress. I t is to be regretted, therefore, that so much postponement
has to be accepted.
PUBLIC HEALTH SERVICE.

I t is a matter of highest congratulation that the Congress at its
last session decided to significantly enlarge the active functions of the
Public Health Service; and at the same time corrected some of the
deficiencies of the pay of those engaged in this distinguished work.
By this action the Congress has stamped its approval upon the policy
of developing the Public Health Service for the fulfillment of its great
public duty, and to meet the just demands of the nation.. I t is
neither possible nor desirable, from any point of view, for the Federal
Government to replace the appropriate pubhc health responsibilities
or activities of cities or states. There is, however, an immense field
of operation for the Federal Public Health Service, both with respect
to independent work of its own and in helping the local pubhc health
work. And it seems to be imperative to develop this service with as
little delay as possible, now that the Congress has acted. And, of
course, in order to perform its duty to the nation at large it must have
adequate appropriations. And I sincerely trust that the Congress—
which has always been interested in pubhc health work—wiU realize
the importance of immediate adequate provision for the enlarged
Public Health Service. The service itself is in a state of great efficiency and energy, and is entitled to the entire confidence of the
Congress, which can without misgivings furnish it ample means for its
development. Fortunately, this increased 'pubhc health work will
call for almost absurdly small amounts of money in comparison with
its extraordinary importance and necessity.
The very eminent Advisory Board of scientists, provided for the
assistance of the Public Health Service, has been invited by the
Department to largely increase its participation and active interest
in the new development; and I am happy to say it has heartily
entered into the problems, and is taking a most helpful share in
developing the new plans and policies.
On every hand, therefore, the usefulness of the Public Health
Service is being promoted; and it furnishes one of the great opportunities the Federal Government has, to perform critical and important functions for the nation at large—functions which cannot
possibly be performed except through an agency of the Federal
Government. The essential thing now is to see to it that there is
no further delay due to the lack of generous appropriations,




14

REPORT ON THE FINANCES.
BUILDING PROGRAM OF THE REVENUE-CUTTER SERVICE^

At the last session. Congress failed to appropriate for four revenue
cutters, the building of which it was necessary to begin at once in
order to>keep the Revenue-Cutter Service up to its standard.
The average efficient life of a revenue cutter is about twenty
years. After that the vessel iand her machinery become obsolete,
and she is unable to perform the duties required of her. In addition to^ this, extensive repairs are needed frequently; and the cost
of these repairs amounts to such, a percentage of the value of the old
vessel that it is not economical to longer continue the vessel in service.
With a fleet of 37 vessels, the average efficient life of each being
about twenty years, there should be provided two new vessels
annually in order to keep the fleet in efficient condition. There is
urgent need at the present time for the two.new vessels annually
required; for one other to remedy in part the failure to provide an
efficient number, of new vessels during the past few years caused by
not having followed a systematic program for replacement; and for
a fourth to replace the Perry, lost in Bering Sea in 1910.
( We cannot have the Revenue-Cutter Service without maintaining it—we cannot maintain it without appropriating for it. That
bpth the opinion of the Congress and of the public highly favors the
full maintenance and support of this really wonderful and indispensable service must be apparent. I am sure it only requires my
again calling this building program to the' attention of the Congress
to insure prompt and hearty acceptance of it.
I t is also practically necessary to appropriate for the replenishing of
the wireless service on the revenue cutters. There is no money for
this, and much of the mechanism has become out-of-date and inefficient. When we remember how much of human life and property is
dependent upon the efficiency of the wireless service on^revenue cutters it seems to me I need do no more than tell the Congress that
money is needed to keep this mechanism efficient.
I also wish to call attention to the provision in the sundry civU biU
of 1913, as follows:
>
,
No additional appointments as cadets or cadet engineers shall be made in the Revenue Cutter Service unless hereafter authorized by Cougress.

At the present time there are ten vacancies in the cominissioned
personnel. The total number of officers authorized by law is 242,
and in such a small number the existence of ten vacancies which cannot be filled under the law, with every prospect of additional vacancies from death and resignation, is a serious condition, and if the
inhibition of further appointments of cadets continues, the efficiency
of the service must of necessity suffer because of an insufficient
number of officers to perform the duties required. I t is recommended
t h a t the above provision in the sundry civil bill be repealed,



SECRETARY OF THE TREASURY.

15

LIFE-SAVING SERVICE.

In another division of this report is a condensed statement showing
the operations of the life-saving establishment during the last fiscal
year. The record of the service, as therein presented, is in some
respects the most noteworthy ever attained by that important
branch of the public service. Only one life was lost in each 107
casualties to vessels reported from the various service stations, and
but one person perished of each 450 aboard vessels suffering casualty.
This splendid showing is of added significance when it is remembered
that the 284 stations embraced within the establishment are located
at places on our sea and lake coasts where the likelihood of marine
disasters is greatest, and, furthermore, that the season of storms
during the past year was one of exceptional length and severity, furnishing numerous occasions that taxed the resources and tried the
mettle of the station crews to an unusual extent.
Such a record is a fine testimonial to the efficiencyof the life-saving
corps. The achievements of this alert body of something like 2,000
men have placed our Life-Saving Service in the front rank of humanitarian institutions. This distinction has not been gained, however,
without the sacrifice of health, and even of life itself, on the part of
many members of the corps. The majority of those who become
disabled in the line of duty have families, and few indeed have any
income or means of livelihood after being turned out to make room
for the sound men that the arduous work of the service demands.
I t is a serious matter that our government has not made adequate
provision for these incapacitated ones, many of whom are veterans
of thirty years' service.
Froin time to time in years past bills calculated to do justice to
the life-saving crews, and at the same time conserve the interests of
the government, have been introduced in Congress. None has so
far been enacted, however. Two years ago I discussed at length
the need of such legislation in a report made to Congress upon a bill
then pending. I will not here repeat the arguments presented at
that time in support of the measure. I would fail to do my duty,
however, if I did not again press the matter upon the attention of
Congress, since some action of the sort is vitally essential to the
welfare of the service.
SECRET SERVICE.

All reason for the limitation of our Secret Service to the work of
preventing counterfeiting having passed out, and the Congress in the
last two sessions having, at the urgent request of this Department, adopted the opposite policy though in a restricted way,
I sincerely hope and recommend that the activities of this important
service may now be made to include all of the interests and services



16

REPORT ON T H E FINANCES.

of the Treasury Department. I should be glad to see the activities
extended beyond the Department; but suggest only that the service
may work generally within it. I fancy it would be difficult to argue
that the usefulness and the help of this highly disciplined service
should not be enjoyed in all exigencies of the Department of which it
is itself a part; and I sincerely trust that Congress, at the present
session, will give to the Department the full benefit of a service
which belongs to it.
CHIEF C L E R K ' S

OFFICE.

The reorganization of the Chief Clerk's office and its restoration to
the executive work of the Department have been amply justified by
the facilities it has afforded in tying together the units of the Department into a departmental organization, and in carrying forward and
giving important aid both to the daily routine and to the inauguration of improvements throughout the service.
DISBURSING C L E R K .

The present disbursing clerk's office of the Treasury Department
was made by a consolidation of four disbursing offices; and to this
consolidation has been added considerable volumes of new work, due
to the changes of system in the Department. I t is gratifying to be.
able to state that notwithstanding these new conditions the work of
the Disbursing Clerk is in a satisfactory state in every respect.
GENERAL SUPPLY COMMITTEE.

. The establishment of such a large business organization as the
General Supply Committee, which w^as committed to the charge ofthe
Secretary of the Treasury by act of Congress, has been a matter of
difficulty. I t has received, and is receiving, a great deal of close
attention from the Treasury Department, and from the members of
the able committee themselves. I am sure the General Supply
Committee should be a permanent institution—and is within the line
of correct business. On the other hand, I feel it may need more
legislation in order to make it all that Congress and the Executive
Department wish it to become.
One thing seems to be very necessary at once, and that is a pro-v
vision by Congress for the establishment of a clerical force for this
Committee. At present it is dependent upon details from the various
departments. I t can be readily seen that that prevents a trained
and permanent clerical force. And I commend this subject to the
attention of Congress.




SECRETARY" OF T H E TREASURY.

17

EXTENSION OF CIVIL SERVICE.

In repeated communications to Congress or committees, I have
urged the inclusion within the classified service of all collectors of
customs, surveyors of customs, naval officers, appraisers of merchandise, assistant appraisers of merchandise, collectors of internal
revenue, and'all like officials of the Department whose appointments
require confirmation by the Senate. These recommeridations of the
Treasury Department are included in the larger proposal—covering
aU the Departments—made by President Taft, and are a part pf a
progressive and enlightened policy of his administration.
CIVIL PENSION SYSTEM.

I beg to repeat my numerous recommendations for a retirement
provision for classified civil employes. As I have said before, ours is
the only one of the great governments of the world that has not
adopted this pohcy. And the policy has spread and is constantly
spreading among private''employers. Therefore, the reluctance of
Congress to adopt a pohcy that is almost universally believed in, and
which is part of the progressive humanitarian movement must sooner
or later give way. I wish it might be soon. The entire country is so
interested in humanitarian legislation, and the national parties are so
eager to recognize their obligations toward humanitarian projects in
general, that it seems that this particular humanitarian project cannot be rejected much longer. I t concerns a very large and growing
body of our population, which, like all the people, is entitled, at the
hands of the government, to the results of modern thought. More. over, the cost to the government of what I believe will prove to be the
best, most humane arid most enlightened system would be little or
nothing. I make this final appeal as Secretary of the Treasury in
behalf of this wise, generous and almost costless legislation, believing
that it is essential not only to progressive government but equally to
administrative efficiency. Final efficiency and economy of administration is, iri my judgment, impossible without a system of civil
service retirement.
THE NEW NICKEL.

A new five-cent piece will shortly be issued with designs that will
again assist the art standards of our coinage. Coins have always
aimed to be works of art, both in ancient and modern times. We do
not hope, under present conditions, to equal the coins of the great
ancient periods. The artists then had a far greater opportunity,
because the coins did not have to be stacked. Notwithstanding our
practical limitations, however, modern coins can still be immensely
interesting and beautiful; and the designs for the new nickel will give
this coin a place with the best modern work.
64926°—VI 1912



-2

18

REPORT ON THE FINANCES.
NEW CURRENCY.

Both the Government and bank currency is unnecessarily expensfre
and inconvenient—and is filled with incongruities. We hope to complete plans for a distinct improvement and to secure a large economy.
These plans cannot be carried.out fully within this administration.
NEW BUILDINGS FOR THE DEPARTMiENTS OF STATE, JUSTICE AND COMMERCE AND LABOR.

The new buildings for the Departments of State, Justice, and Commerce and Labor, I again commend to the attention of the Congress.
There is every reason in fav.or.6f these buildings; and I hope.the Congress willmake.it possible for their construction to be started at the
earliest practical time. /
OLEOMARGARINE.

I t is encouraging, to .believe that the oleomargarine question-has at
last been sufficiently threshed out to be ready for legislation. The
legislatipn proposed will add a large annuaksum—probably $2,000,000
a year—tp the revenues; and will eradicate at the same time, and
with a large saving of administrative cost, a mass of industrial and
commercial corrup,tion whose existence is a disgrace to our laws, and
which could have been removed years ago almost by the scratch of a
pen. The Secretary of the Treasury and the Commissioner of
Internal Revenue have been confronted, during this entire adminis-.
tration, and before, with a most serious problem in the vain and
impossible effort to administer the present oleomargarine law with
anything lifee necessary results, because the law itself is radically
wrong. I t is wrong in ways that are perfectly well known; and the
remedies, are plain and simple and just to everybody. There are no
more putrid conditions with which the Government has to deal. The
frauds themselves and the corrupt state of much of the business—
for all ofwhich the Government is responsible-—are far and away the
most important considerations in the case.
The issue is a moral one. The revenue side of"it is.secondary—
and yet even since I began calling attention to the subject the nonaction of Congress has cost the Treasury somewhere from six to ten
millions of dollars.
^
.•
The proposed dure in this case would actually benefit everybPdy
concerned.^ The riotion which has been entertained that the new
law would injure the legitimate interests of the dairy people is
- without any foundation whatever. The legitimate and fair interests
of butter would be enhanced by the prohibition of unfair, and fraudulent Competition. And on the other hand a wholesome and cheap
article of fPPd—^ih these days \of the high cost' of ^ living—^wPuld be
within reach of the people of mpderate mearis at horiest prices; because
oleomargarine would be sold not as butter but as oleomargarine, at
the price of oleomargarine.



SECRETARY OF THE TREASURY.

19

COLORED TEAS.

The Department has had a vexed experience in its attempt to
exclude colored teas. When teas are colored it is in the main with
Prussian blue; and though we have been drinking colored teas for a
' long time the practice of coloring is out of harmony with the spirit of
the pure food law and against the general preference of the people.
And this is a matter that would come up for action in the Agricultural
Department if it could not be successfully attended to by the Treasury Department. The laws commit to the Treasury Department the
question of the admission of teas; and it is its duty and practice
to yearly establish standards by which teas are admitted. The
.object of the law is to exclude impure and unwholesome tea.
The suggestion to exclude colored teas came to the Department in
1911 from the Tea Board—which is appointed annually by the Secretary of the Treasury to aid him in establishing the s t a n d a r d s ^ a n d
was in accordance with the almost unanimous sentiment of the tea
merchants. The first regulations as to colored teas went into, effect
May 1, 1911, and it early developed that there would have to be a
chemical test adopted by the Department which would be the same
at all ports. The test, which was the best that could at that time
be devised by chemists, was approved by the Tea Board and all the
important tea importers who could be consulted, and was adopted
b y t h e Department in the fall of 1911. I t was claimed afterward
that this formula did not detect every bit of coloring matter. It,
however, was the best chemical formula known to detect artificial
color in teas, had been approved by everybody, had been adopted
by the Department, published in this and all exporting foreign
countries and had become in inoral effect a contract between the
Treasury Department and the tea trade of the world for that season.
The Department, therefore, adhered.to it, though later—and much
too late—an opposition grew up which the Treasury Department was
obliged"'to disregard. However, when preparing for the new season—
the season of the present year—we sought to improve the test;
and a new one—called the Read Test—was found in the Agricultural Department, A new Tea Board was appointed for the
year 1912; and it was on its recommendation, made after elaborate
experiments and investigation, that the Read Test was accepted by
the Department. I t was not, however, accepted until after it had
been approved by all the members, of the tea trade in the different
parts of the country to whom it could be submitted; nor until it was
clear that there was no opposition to it anywhere in evidence. This
new test is in turn being attacked. The attack now is made because
the test is too certain, while before it was made because it was not
certain enough.



20

REPORT ON T.HE FINANCES.

As to the Read Test, I have no reason to question its fairness and
accuracy; and if it is finally set aside the alternative is to have the
matter handled by the Pure Food Bureau of the Agricultural Department.
OPIUM.

I t is of great importance that Congress should give its attention
to the opium situation in this country; and do at least all that has
been proposed by the concert of the State and Treasury Departments. The situation is horrible. The smuggling is very great;
and is carried on by methods and under circumstances that make
the administration of the law most difficult, inadequate and unpleasant. The situation is even worse than the oleomargarine one. I t
is extremely demorahzing; and is largely defeating the enlightened
policy of the Government with respect to the opium traffic and to
the opium habit—and preventing'America from doing its full share
of a great international duty. Much consideration, has been given
to the practical problems by our Department and the State Department; and the results to date have been reported to Congress. With
all we can do—and much, of course, is being done in the way of
repressing and punishing the illegal traffic—the policy of the Government and the wishes pf the people cannot be carried out with any
degree of thoroughness with the laws as they are now. I hope the
Congress will become actively interested in this opium problem, at
any rate to the extent of giving to the executive departments the
aids which have been asked.
CONSOLIDATION OF BUREAUS.

I am satisfied that the expectation some people have that large
economies and better administration can be secured, by the consolidation of bureaus from different departments, is very excessive.
The idea at first sight is taking. It has, however, a superficial
quality. It is undoubtedly true that there are cases where an
improvement can be made by consolidating one or two bureaus,
either within one department or taken from two departments. For
example, the Revenue Cutter Service and the Life Saving Service
could be joined. Both services desjre it and both have from the
beginning been interlaced and to a certain degree identical—and
^ both understand the matter better than anybody else. But such
instances are very rare; and the expectation that there are a good
many is not correct. The notion that all the departments can be
purely homogeneous is beyond the possibilities; nor would that be
especially desirable if it were possible. It is highly desirable and
even essential that a bureau or service should be homogeneous; but
it is not at all necessary that a great department should be. And
there is far better opportunity for an important bureau or service
to be homogeneous—and a better chance of its independent and



SECRETARY OF T H E TREASURY.

21

vigorous life—in a large general department than in a combination
of bureaus. Take for example the Public Health Service. That
now has a head and organization of its own and individuality of its
own—and stands alone face to face with its own work only; and
practically the only association of the head of the department with a
service like the Public Health Service or the Revenue Cutter Service is
to render assistance to that service when it cannot get assistance in
any other way, and to give it protection when it cannot otherwise
be protected; and, finally, to make sure—as there must be somewhere somebody to make sure—that the right men are in charge of
the work. The statement made the other day by a well known
municipal health officer that the Treasury Department is apt to take
only the money view of public health is a conspicuous evidence of
the insufficient consideration given the subject. This Public Health
Service can and will develop, without interruption, to the full boundaries of its own province if it is given the comparatively small appropriations that are required. Then, after the development, which
nothing now obstructs, its form of organization can be reconsidered.
Meanwhile, it would be a great mistake to complicate this distinctive, clear cut, comprehensive and independent work with any
other work—and especially to associate it with other bureaus which
have their own independent existence and reason for existence;
because this would bring it into relations, which, to say the least, it
does not need, and would forfeit, in any plan that has been suggested,
its actual indepenclence. I t would not absorb but would be absorbed.
THE CORPORATION TAX AND PUBLICITY.

Ever since the corporation tax was inaugurated there has been a
pressure, more or less constant, to make public, under one excuse or
another, the tax returns of private corporations. Both the Secretary
of the Treasury and the Commissioner of Internal Revenue have set
their faces from the beginning against the policy of dealing* with the
private ° affairs of private corporations as though they were public
corporations with regard to which the public has a right to be
informed. A public corporation is one whose securities are dealt in
by the public and whose earnings are, therefore, a matter of public
interest and the knowledge of which is a public right. A private
corporation is one which is incorporated simply for some of the
private conveniences of incorporation,_ such as the continuity of
ownership and the continuity of life, but which, in all essentials, is
not different from a private partnership. Its securities are not
offered to the public and, therefore, the public has no right to invade
its privacy. Public corporations in order to enjoy their standing
with the public at large, forego the privileges of privacy; but private
corporations have every right to their privacy. And privacy is one
of the privileges and sanctities of private life worth preserving.



22

REPORT ON T H E FINANCES.

Apart from these considerations, however, it seems to the Treasury
Department to have been a distinct presumption of the corporation
tax law that private corporations were to be protected in their own
character; and Congress later expressed itself almost to that effect.
Moreover, the revenue from this tax is materially involved in the
faithfulness with which the Government preserves the confidential
character of the returns. Other assessing and collecting bodies are
far less successful in securing actual bona fide returns than the Treasury Department; and this is because of the rigidly confidential
character of its dealings. . And just as soon as we shall abandon the
confidential nature of the corporation tax returns of private corporations, just that soon we shall fall back to the conditions under which
the state 4nd city and county taxing bodies assess and collect their
taxes.
A SUPERVISOR OF THE EXPRESSIONS OF LAWS.

I t is again with diffidence that I recommend the establishment of
a bureau associated exclusively with the work of legislation. In
administering, however, the laws with which the Treasury Department has to do, I have become greatly impressed with the need of a
competent critical revision of the language of laws, with the mere
view of making the expression certain and simple. I cannot fail to
recognize that this is a large concern of the executive branch of the
Government, and a matter of large importance to the people. In
the first place, if the language of all the laws, before the laws are
finally passed, should be duly considered by a competent bureau, the
interpretation of these laws would be a far simpler and more certain
matter both for the executive and the judicial branches of the Government. Undoubtedly a large economy would be secured, much
greater promptness of government action would ensue, and a great
volume of review and litigation would be saved. I t is conceivable
that the decisions in the Treasury Department alone could be cut in
two, if the expressions of the laws with which it has to do were rendered more clear, certain and undebatable. I t is in the interest of
the Treasury Department t h a t I take the liberty of recommending
a bureau of supervision of the language of laws.
TARSNEY ACT.

The repeal of the Tarsney Act was received with great regret by
the Treasury Department, and by great numbers of people who are
especially iriterested m the art and fitness of government buildings.
Our Federal Government is the largest builder of buildings. ever
known in the world—;and its building enterprises are to be far more
important still; and the fact that it builds in every part of our great
country gives it an unexampled influence upon the architectural art
of the entire people. I t cannot avoid affecting in a pronounced
degree the architectural taste, knowledge, and enjoyment of the



SECRETARY OF T H E TREASUllY.

23

nation. I t cannot avoid affecting the growth of good architecture in
all communities; for the effect and inffuence of our building operations are completely nationalized. The mere facts nationalize this
influence. The Government, therefore, enjoys in its building operations a tremendous opportunity for good, in the judgment of all
who regard architecture as one of the important factors of the
higher civilization. This opportunity is really unexampled. Now
the elimination from the service of the Government of the knowledge,
gifts and inspirations of all architects except those corifined within
the Treasury building reduces our architectural dimensioris to' those
of a single architect's'office, and limits us tP the architectural
control of.one man; whereas such continual building as we do, such
opportunities of influence upon all the building in the country
as we have, such responsibilities to the architecture of the nation as
we cannot relieve ourselves of, demand that the Government should
have at its disposal every bit of architectural ability that the nation
possesses. To my mind it is absurd to believe that any. single architectural office, whether a government office or any other, ought to
design every one of the large number of Gbvernment buildings turned
Put anriually, when thpse buildings are all charged with a mission of
architectural education to every part of the country. No supervising architect and no private firm ever existed to whom such a great
public duty could be properly committed. The Treasury Department is doing excellent architectural work. Under this administration the Supervising Architect's office has been revised. I t has npt
only been economized largely, not only has its cost of operation been
reduced, but both its efficiency and its architectural spirit have been
distinctly confirmed and advanced. And whatever a Government
architectural office ought to be expected to do, it is competent to do.
But, as I have^ said, no single architectural office, no single set of
inspirations, no single body of knowledge, no one set>of designers,
ought ever to be charged with so great a work and so grave a responsibility as the entire building of the Government; arid no architect's
office, such as this or-any other, shorild be, thrown in upon itself or
should be taken out of constant association and competition with
all the other successful architects and architectural offices. The
Government architect—like any other successful architect—needs
the touch with all the great architectural activity of the country;
and tP be in constant relation with all the architectural thought and
gifts of the country. Nor is-there any question of expense that need
stand in the way., I t can easily be arranged, and if the Department
had been permitted it would have been arranged so that it wPuld not
have cost the Government any more to have certain of its buildings
designed with the broad aid of the architectural world. This could
have been accomplished notwithstanding the fact that under the
improvements we have inaugurated the cost of the work of the Gov


24

REPORT 01^ THE FINANCES.

ernment's own office has been reduced. I hope, therefore, that the
Congress will reconsider its action of the last session, and restore to
the Government the privilege of employing the architects of the country in, at least, the comparatively few instances where it was the
practice to employ them.
PROTECTION OF THE PRESIDENT-ELECT.

I n accordance with precedent, it was thought to be proper—and
it was also thought to be necessary—to afford Secret Service protection to the President-Elect; and this has been done. I suggest,
however, that as the authority for this is not specificaUy stated in
the law the omission be supphed by Congress.
CONTINGENT FUND.

I commend the estimate for the Contingent Fund for the Secretary
of the Treasury very cordially. This is for the benefit of my successor. I think it would be a great business mistake and a great
mistake in general, to change the new pohcy of providing a contingent
fund for the Secretary of the Treasury. The Congress reduced the
Contingent Fund this year; but I hope it will raise it again to at
least $50,000 for the incoming adininistration.
THE COMMITTEE ON EXPENDITURES IN THE TREASURY DEPARTMENT.

The Treasury Department has been aided by the fair investigations
and sincere inquiries of the House Cominittee on Expenditures in
the Treasury Department. I n its interest in department betterments, and in its advice and criticism, this Committee has shown its
interest in every effort of the Department along the fines of improve- .
ment. Its continued activity is among the best things I can wish
for the incoming administration of the Department.
ACKNOWLEDGMENT.

I must not conclude this final report as Secretary without making
my acknowledgments to the men in the Treasury Department—in
and out of the Classified Service—without whose aid and enthusiasm
it would have been whoUy impossible to make the improvements of
the last four years. We were able to organize a corps of remarkable
men who had the progressive spirit; and these men, together with
some whom we called in from the outside, are a body with whom I
have felt it a great honor to be associated. Their work has been
strong work, and singularly unselfish; and they will have enabled
me to turn over to my successor a Department that is dominated
by active pubhc spirit. Of course, not everybody has sympathized
with the improvements; and not everybody has been diligerit in
them. But it is wonderful that such a multifarious department
covering the whole country should have shown such widespread
readiness to change and improve.



SECRETARY OF THE. TREASURY. .

25

FINANCES.

I have the honor to call attention now to the following statements
showing receipts, disbursements, estimates, and the condition of
theTreasury:
R E C E I P T S AND DISBURSEMENTS.

Fiscal year 1912.
The receipts and.disbursements of the Government during the fiscal
year ended June 30, 1912, were as follows:
(See details on pp. 30 to 35.)
GENERAL FUND.

Receipts into the general fund, including various trust-fund
receipts, but excluding postal revenues:
Customs
Internal revenue—
Ordinary
$293,028,895.93
Corporation tax
28,583,303. 73
Sales of public lands
Miscellaneous

Total

-

Excess of receipts {carriedforward)




321, 612,199. 66
5,392,796.75
53,451, 796. 74

.:...

Total
Disbursements from the general fund for current
expenses and capital outlays, including various
trust-fund disbursements, but excluding postal
and Panama Canal disbursements:
For civil establishment, -including foreign
intercourse, public buildings, collecting
the revenues. District of Columbia, grants
from the Treasury for deficiencies in the
postal revenues, and miscellaneous expenses
For military establishnient, including rivers
and harbors, forts, arsenals, seacoast defenses, and miscellaneous
:..
For naval establishment, including construction of new vessels, machinery, armament,
equipment, improvement at navy yards,
and miscellaneous
For Indian service
For pensions
For interest on the public debt

$311, 321, 672. 22

691, 778,465. 37

"
^
'
173,824,989.29
148,795,421.92

135,591,955.72.
20,134,839. 80
153,590,456.26
22, 616,300.48
654,553, 963.47
37,224,501. 90

26

REPORT ON THE FINANCES.

Brought forward
:....
Panama Canal disbursements:
Disbursements for canal
$35, 327, 370. 66
Issues and redemptions of public
debt:
Proceeds of bonds issued on
. account of Panama Canal—
Principal of bonds
$32, 358, 366. 00
^ Premiums thereon
830, 738.15
Total from canal bonds

.
^

$37, 224, 601. 90

33,189,104.15

Excess of canal disbursements,
provided from general fund.

2,138, 266. 51
35, 086, 235. 39

National-bank note fund—
Redemptions....
Receipts
'....;

$28, 527, 711. 50
20,078,365.00

Excess of redemptions over receipts

8,449, 346. 50
26, 636, 888. 89

Postal savings—
Proceeds of bonds issued on savings deposits
Miscellaneous redemptions—
Funded loan of 1907.
Miscellaneous items

'

'.

459, 280.00
27,096,168.89

$116, 350. 00,
4,266.03

•.

Total

'...

- Total excess of receipts into general fund over disbursements therefrom
:
General-fund balances:
Balance in general fund June 30, 1911
Excess of general-fund receipts for year

120, 616.03
.

,
26,975,552.86

140,176, 926.13
26, 975, 552. ^Q

Balance in general fund June 30, 1912

167,152,478. 99

SUMMARY OP G E N E R A L - F U N D T R A N S A C T I O N S .

Fiscal year ended June 30, 1912:
.

, ,.

.

P I

Receipts.

DisTbursements.

Ordmary receipts, includmg various, trust-fund
,
receipts, but excluding postal revenues. .---•.- ^^91, 778,465.37
Disbursements for current expenses and capital
outlays, including various trust-fund disburse-^
ments, but excluding postal and Panama Canal
disbursements
-.--.-$654, 553, 963.47
Panama Canal disbursements
35, 327, 370. 66
Receipts, proceeds of canal bonds.
,.
33,189,104.15
National-bank note fund:
^
Receipts
20,078,365.00
Redemptions
28,527,711.50
Receipts,, postal savings bonds
459,280.00
Miscellaneous redemptions of the public debt
120, 616.03
Total disbursements from the general fund
718,529,661. Q
Q
Excess of receipts over disbursements
26, 975,552.' 86
Grand totals.'



.'

745, 505, 214. 52

745, 505, 2r4. 52

SECRETARY OF THE TREASURY.

27

POSTAL SERVICE.

Exclusive of Post Office Department proper, which is included in "civil establishment."
Postal revenue receipts
Postal service paid from postal revenues, exclusive of grants from
the Treasury of $1,568,194.88 for deficiencies in the revenues
charged iri expenses of civil establishment

$246,744,015.88
246,744,015. 88

GOLD RESERVE FUND.^

United States notes (greenbacks):
Issues to replace worn and mutilated notes
Worn and mutilated notes retured

,

149, 660,000.00
149,660.000.00

Balance in reserve fund June 30, 1911
Balance in reserve fund June 30, 1912...

150,000,000.00
150,000,000.00

TRUST FUNDS.

Reserved against outstanding gold and silver certificates and Treasury notes of 1890.
Issues:
Gold certificates issued
Silver certificates issued

$355,760,000.00
411,432,000.00

;...

Total set aside in trust funds
Redemptions:
Gold certificates redeemed
Silver certificates redeemed
Treasury notes of 1890 redeemed

^

$767,192,000.00
310,573,300.00
393,382,000.00
317,000.00

....

Total redemptions paid out of trust funds
Increase in trust funds during year.
Balances in trust funds June 30, 1911

704, 272,300.00
i
-.

• Balances in trust funds June 30, 1912

62,919,700.00
1,461, 615, 669.00
1,524,535,369.00

SINKING FUND.

The securities redeemed on account of the sinking fund, included
in general-fund disbursements, were as follows:
Fractional currency
Seven-thirties of 1864 and 1865
Compoimd-interest notes
Refunding certificates
Funded loan of 1907
Loan of 1904
Funded loan of 1891
Total

$1,236.03
100.00
130.00
600.00
116,350.00
200.00
2,000.00
:

120,616.03

1 The redemptions of notes for gold from the reserve fund during the year amounted to $45,498,305. As
the notes were at once exchanged for gold, the reserve was. main tained at the fixed sum of $150,000,000.




28

REPORT ON T H E FINANCES.
CONDITION OF THE TREASURY J U N E 30,

1912.

The pubhc debt of the United States at the close of the fiscal year,
as stated in the debt statement of June 30, 1912, is set forth in detail
as follows:
Interest-bearing debt:
Loan of 1925, 4 per cent
Loan of 1908-1918, 3 per cent
Consols of 1930, 2 per cent
Panama Canal loan, 2 per cent
Panama Canal loan, 3 per cent
Postal savings bonds, 2^ per cent

. .
$118,489,900.00"
63, 945, 460. 00
646, 250,150.00
84, 631, 980.00
50, 000, 000^ 00
459, 280. 00
$963,776,770.00

Debt on which interest has ceased:
Funded loan of 1891
Loan of 1904
Funded loan of 1907
Refunding certificates
Old d e b t . . :
'

28,650. 00
13,250.00
800,350.00
14, 050.00
904,150.26

-

1, 760,450.26
Debt bearing no interest:
United States notes (greenbacks)
National-bank notes, redemption account.
Old demand notes
"
Fractional currency

346, 681, 016.00
24, 710, 831.50
53,282. 50
6, 856,154.90
378, 301, 284.90

. Total interest and noninterest-bearing
debt
Certificates and notes issued on deposits of
coin and silver bullfon:
Gold certificates
Silver certificates
Treasury notes of 1890
.....'

1,343,83.8,505.16
'
1,040,057,369.00
481, 549, 000.00
2,929,000.00
—
—

Total debt June 30, 1912

1,524,535,369.00
2,868,373,874.16

CASH IN THE TREASURY J U N E 30,

1912.

[From revised statements.]

Reserve fund:
Gold coin and bullion
Trustfunds:
Gold coin and bullion
Silver dollars
Silver dollars of 1890.

$150,000,000.00
,.. $1, 040, 057, 369.00
481,549,000.00
2, 929, 000.00
1,524,535,369.00

General fund;
I n Treasury offices—
Gold com
$17,406, 895.22
Gold certificates
96, 621, 751.00
standard silver dollars 13, 460,446.00.
Silver certificates
12,324,600.00
United States n o t e s . .
8, 983, 695.00
Treasury notes of 1890.
13,430.00
National-bank n o t e s . . . . 15, 643,298. 65
Certified checks on
banks
723,316.13



165,177,432.00

SECRETARY OF THE TREASURY.

, 29

General fund—Continued.
Deduct current liabilities—
National-bank 5 per
.
cent fund
$24,349,434.05
Less notes in process
of redemption
24,349,434.05
Outstanding warrants
andchecks
7,861,635.30
Balances to credit of
disbursing.officers... 48,052,899.71
Post Office
Department balances
1, 791, 544. 55
Miscellaneous i t e m s . . . 8, 728, 927. 04
—;
—
Workmg balance in Treasury offices
I n national-bank depositories—
To credit of the Treasurer of the United
States
.$37, 953,488. 51
To credit pf mints and
assay offices
172,101.12
To credit of disbursing
officers
10, 380, 596.14

$66,435,006.60
$98, 742,425. 40;

'

.

48, 506,185. 77
I n treasury of the Philippine Islands—
To credit of the Treasurer of the United
States/.
1,084,570.75
To credit of United States
disbursing
officers
3,459,626.11
'

4, 544,196. 86
53,050,382.63

.

. Deduct current l i a b i l i t i e s Outstanding warrants..
847,821.54
Balances to the credit
of disbursing officers. 13, 840,222. 25
14,688,043.79
Balances in banks and in treasury of Philippine Islands
In Treasury offices—
. Silver bullion (at cost)
$2,071,857.. 69
Subsidiary silver coin
25,554,006.86
Fractional currency
301. 68 .
Minor c o i n : . . . . . . . . . . . . .
.'. / .
2, 386, 924. 87
Awaiting
reimbursement.
United
States bonds and interest paid
•
34,623. 65
:
^ •
Total balance iu general fund June 30, 1912
Total balance in general fund June 30^ 1911
Increase in 1912




38, 362, 338. 84

30,047,714.75
167,152,478. 99
140,176,926.13
26,975,552. 86

30

REPORT ON T H E FINANCES.
Comparison of receipts, fiscal years 1911 and 1912.
1912

1911

Increase,
1912.

Decrease,
1912.

Customs
$3,175,399.02
$311,321,672.22 S314,497,071.24
Internal revenue:
Ordinary
293,028,895.93 289,012,224.20 $4,016,671.73
33,516,976.59
28,583,303.73
Corporation tax
4,933,672.86
5,731,636.88
Sales ofpublic lands:
• 5,392,796.75
338,840.13
66,534.15
1,634,342.30
1,700,876.45
Consular fees
533,473.49
105,081.41
Chinese indemnity
,
428,392.08
5,272,346.64 *i,*697,'8i2.*79"
6,970,159.43
Profits on coinage, bullion deposits,^tc...
8,046.95
8,766.88
Payment of interest by Pacific railways...
7i9*93
3,603,502.48
133,606.30
Tax on circulation of national banks
3,637,008.78
42,619.61
40,675.01
1,944.60
Interest on pubUc deposits
"2i6,'493.'54'
23,591.30
234,084.84
Night services, customs service
3,574,031.62
l,387,n4.94
Customs fees, fines, penalties, etc
'2,'i86,"9i6.*68
Navy hospital and clothing funds, fines
1,724,910.47
1,326,013.43
and forfeitures, etc
398,897.04
43,166.01
181,566.27
224,732.28
Sales of ordnance material, etc
1,520,750.01
1,252,550.97
Land fees..:
268,199.04
'i66,*335."64"
1,976,064.21
Fees on letters patent
2,076,399.85
220,393.98
Depredations on pubUc lands
161,070.71
"69,*323'27
Proceeds of town sites. Reclamation Serv69,468.80
15, 224.10
64,244.70
ice.
139,514.32
Forest reserve fund
2,018,830.67
2,158, 344.99
Immigrant fund
3,669,816.00
3,336,519.33
333,296.67
288,034.00
Naturalization fees
. 244,442.25
43,691.75
403,946.94
Proceeds of sealskins
385, 862.28
18,084.66
60,148.84
175,490.59
Alaska fund.
225; 639.43
749,652.92
625,186.74
Judicial fees, flnes, penalties, etc
1,274,839.66
803,225.74
1,978,802.73
Sales of Government property
2,782, 028.^47
207,883.62
Rent ofpublic buildings, grounds, etc
204, 342.59
3,541.03
1,133,702.38
1,100,501.08
Sales of lands and buildings
33, 201.30
7,060,080.10
714,300.99
District of Columbia, general receipts
7,774,381.09
639,945.16
611,664.84
Panania Canal, rentals, work done, e t c . . . .
1,251, 610.00
Panama R. R. Co!, principal and mterest
179,900.63
179,900.63
of notes
:
Reimbursements on account of expendi4,872,641.02
5,702,566.90
829,925.88
tures made for Indian tribes
2,005,915.33
2,556,513.89
Miscellaneous
•..
550,698.66
TRUST FUNDS.

Department of State:
Miscellaneous trust funds
War Department:
Army deposit fund
cSoldiers' Home permanent fund
Navy Department:
Navy deposit fund..-.
Marine Corps deposit fund
Interior Department:
Deposits for surveying public l a n d s . . .
Proceeds of Indian lands
Indian moneys, proceeds of labor
Miscellaneous trust funds
Personal funds bf patients, Government Hospital for Insane
Pension money, Government Hospital for Insane
District of Columbia:
Miscellaneous trust fund deposits
Wasliington redemption fund
Police and firemen's relief funds
Other frust funds...
Total
Deduct—
Moneys covered by warrant in
year subsequent to the deposit
thereof

-1,149,880.22

319,254.23

1,869,401.54
446,597."S8
457,002.92
148,922.20

439,168.60
140,379.00

71,606.98
3,264,763.79
3,079,440.57
59,687.02

830,626.99

2,070,841.63
627,212.88

110,175.68
4,380,094.49
3,083,421.90
92,417,68

31,588.13

-

201,439.99
180,616.00

17,835.32
8,543.20
38,568.70
1,116,330.70
3,981.33
•32,730.66
2,396.43

33^984.66

253.30

91,107.07

91,360.37

448,381.62
110,383.43
99,291.39
51,253.18

333,915.62
104,087.11
107,419.38
20,504.66

114,466.10
6,296.32

701,212,542.43

10,671,676.64

691,902,667.88

'

30,748.52

8,127.99
19,981,650.19

AddMoneys received in fiscal year but
not covered by warrant
Ordinary receipts.




461,792.56

301,960.00

169,832.56

691,440,875.32

700,910,582.43

10,511,843.08

19,981,550.19

10,511,843.08

20,105,752.70

337,590.05

701,372,374.99

124,202.51

461,792.56

691,778,465.37

31

SECRETARY OF THE TREASURY.
Comparison of receipts, fiscal years 1911 and 1912—Continued.
1912
Publicdebt: ;
Proceeds of bonds Panama Canal
Premium bn sale of bonds

$32,358,366.00
830,738.16

1911

Increase,
1912.

Decrease,
1912.

$17,641,634.00 $14,716,732.00
370,202.11
460,636.04

33,189,104.15
18,102,170.04
459,280.00
20,078,366.00 . 40,232,656.00

Public debt receipts
Total receipts, exclusive of postal

16,086,934.11
459,280.00

53,726,749.16

Panama Canal bond receipts
Postal savings bonds
National-bank note fund

15,6.46,214.11 20,154,190.00

68,334,725.04

- Total receipts, including postal

745;505;214.52

759,707,100.03

26,058,057.19

246,744,015.88

Postal revenues

237,879,823.60
997,686,923.63

34,922,249.47

40,269,942.70

8,864,192.28

992,249,230.40

$20,164,190.00

40,259,942.70

Comparison of disbursements, fiscal years 1911 and 1912.

/

Increase,
1912.

1912

1911

$1,847,946.28
4,740,722.59
48,480.89
47,102.26
5,42.3,683.19
693,282.38
28,832.02

$1,996,784.51
5,065,989.79
51,162.92
74,981.34
48,772.32
5,438,335.47
642,809.62
27,002.31

$1,829.71

12,729,949.61

13,344,838.28

1,829.71

Executive proper:
Salaries and expenses
Civil Service Commission

643,-685.56
280,293.01

462,458.78
272,144.15

181,226.78
8,148.86

Total executive proper

923,978.57

734,602.93

Decrease,
1912.

189,375.64

CIVIL ESTABLISHMENT.

Legislative:
Senate
House of Representatives
T/egi.^lative, mi.sr.p.iiaTip.on.s
National Monetary Commission
Trnmigrfl,tinn Comrm's.«?inn . ,

Public Printer
Library of Congress
Botanic Garden

. -.

Total legislative

Department of State:
Salaries and expenses
Foreign intercourseDiplomatic salaries
Consular salaries . .
Contingent expenses of foreign
missions
Contingencies of consulates
Emergencies arising in the D iplo•mH.t.ir*ariTiOnn.<?TilaT Sp.rvifiP.'

Miscellaneous items
Trustfunds

-

Total Department of State

"'

$147,838.23
325,267.20
2,682.03
27,879.08
48,772.32
14,752.28
49,527.24

69,318.61

526,985.49

586,'304.10

804,591.06
1,628,666.97

751,161.81
1,302,449.81

301,787.50
455,165.75
•-

616,718.38

338,936.93
458,827.76

-5,752.40
652,328.27
401; 116.69

144,649.67
938,068.07
381,777.14

^ 19,339.45

4,676,384.03

4,902,175.29

298,985.86

63,429.25
226,217.16
37,149.43
3,672.01
138,897.27
285,739.80
524,777.12

Treasury Department:
166,239.19
4,294,377.54
4,128,138.35
Salaries andeixpenses.... ^..
33,637.96
Independent Treasury..
.:..
.
. 712,576.89
678,938.93
— Mints and assay offices—-::-.::-..:.:-., .r:
53,715.95
821,615.48
767,899.53
Internal-Revenue Service—
3,746.17
Exnenses of collectinff
5,059,286.49
6,063,032.66
374,995.28
Refunds and reliefs
980,709.78
605,714.50
• Customs Service602,343.61
110,234,894.82
Collecting customs revenue
10,837,238.43
13,668.66
D etection and prevention of frauds.
164,347.15
178,016.81
Refunding excess of d e p o s i t s . . —
61,653.44
4,863,886.80
4.802,233.36
1,930,594.63
- - Debentures or drawbacks . .
4,681,994.84
6,612,589.47
17,311.74
Compensation in lieu.of moieties..
100,422.92
117,734.66
11,103.85
Miscellaneous- refunds and reliefs..
27,719.59
16,615.74
Revenue-Cutter Service
96,402.99
2,318,630.08 . 2,222,227.09
154,612.56
474,016.30
Revenue vessels andwharf
628,628.86
I Disbursements to June 30,1912, Increased by subsequent payments to Nov. 1,1912, of approximately
$360,000.
'




32

REPORT ON THE FINANCES.
Comparison of disbursements, fiscal years 1911 and 1912—Continued.
Increase,
1912.

1912

1911

$1,729,062.69
308,829.75
2,350,840.43
3,595,865.06
429,. 289.46

$1,596,749.39
290,996.66
2,326,493.13
3,505,640.66
394,632.99

$132,313.30
17,833.19
24,347.30
90,224.40
34,656.47

18,034,385.07
4,709,021.00
117,618.24

16,287,625.82
4,518,431.74
514,298.48

Decrease,
1912.

,

1,746,859.25
190,589.26

CIVIL ESTABLISHMENT—continued.
Treasury Department—Continued.
P u b l i c H e a l t h Service
TCpidernic diseases . .
Life-Saving Service
Engraving and Printing
P a p e r , etc., for U n i t e d States securities.
P u b h c buildings—
Sites,construction, a n d e q u i p m e n t .
Current maintenance
Miscellaneous i t e m s
Special f u n d s P h i l i p p i n e special funds
N i g h t services, Customs S e r v i c e . . .

i

Total W a r Department
Navy Department:
Salaries a n d expenses

$396,680.24

197,213.30
4,532.19 •"'234,"i55.'78'

;..
'..'.

Interior D e p a r t m e n t :
Salaries a n d expenses
P u b l i c lands service.
Geological s u r v e y
National parks
Beneficiaries
Meridian Hill P a r k , D i s t r i c t of Columbia
Colleges for agriculture..".
Protecting lands and property in the
I m p e r i a l Valley
Office Building, H o u s e of R e p r e s e n t a tives
Office Building, Senate
H e a t i n g , fighting, a n d p o w e r p l a n t , *
congiessional b u i l d i n g s . .
Capitol b u i l d i n g a n d g r o u n d s
MiRCellanp.nn.c; items..Special f u n d s R e c l a m a t i o n fund
F i v e , three, a n d t w o p e r c e n t
funds, sales of lands
'.
Revenues, of n a t i o n a l p a r k s a n d
H o t Springs, A r k
Miscellaneous special funds
T r u s t funds-^
Deposits for s u r v e y i n g p u b h c
• - lands
.
Miscellaneous t r u s t funds
T o t a l Interior D e p a r t m e n t
P o s t Office D e p a r t m e n t :
Salaries a n d e x p e n s e s . . .
Deficiency in postal revenues
E s t a b l i s h i n g postal savings depositories
:
Miscellaneous i t e m s
•.
T o t a l P o s t Office D e p a r t m e n t . . .
D e p a r t m e n t of Agriculture:
- .
Salaries a n d miscellaneous
Expenses, Animal Industry.'.
Meat inspection. A n i m a l I n d u s t r y
E x p e n s e s of P l a n t I n d u s t r y a n d cotton-boll weevil investigation
P u r c h a s e of seeds
F o r e s t Service

66,942,023.34

66,407,481.63

3,156,767.63

1,923,988.94
329,484.81

Total Treasury D e p a r t m e n t . . . . .
War Department:
,
Salaries a n d expenses
P u b h c buildings a n d g r o u n d s

125,308.71
238,687.97

•

• 1,905,663.41
315,47L19
2,221,124.60
791,141.80

6,662.23

5,027,691.56
3,524,475.71
1,266,147.12
168,134. 25
712,644.88

6,026,851.90
3,784,960.28
1,231,115.38
125,666.72
836,604.18

3,622,225.92

32,349.15

797,704.03

71,904.69

18,335.53
14,013.62

2,253,473.75

.

36,031.74
42,467.63

•

739.66
260,484.67
123,969.30

447,383.92
2,500,000.00

2,250,000.00

169,360.84

725,260.34

655,889.50

13,000.00

66,539.12
202,993.56

56,639.12
189,993.66

80,129.79
194,195.13
279,243.18

152,178.75
240,753.63
383,414.97

72,048.96
46,668.60
104,171.79

8,980,014.45

7,314,299.96

247,855.76

276,222.17

99,825.37
60,829.94

90,966.40
47,068.24

207,923.19
67,642.73

233,552.49
75,877.91

24,036,297.82

23,054,316.00

1,697,691.68
1,568,194.88

1,602,882.62
1133,784.29

1,701,979.17

287,553.80
7,79L62

56,812.00
286,683.66

230,741.80

3,461,231.88

1,812,693.99

1,932,720.97

2 6,437,372.31
1,271,413.07
3,003,166.17

3,554,778.73
1,116,697.06
2,611,549.13

2,882,593.58
164,816.01
391,616.04

1,382,915.04
295,184.943 2,763,402.35

1,110,980.43
295,261.43
5,635,915.90

271,934.61

447,383.92
260,000.00

1,665,714.49
28,366.41
8,858.97
3,76L70
25,629.30
8,336.18
2,453,958.01

1,471,976.19
5,191.04

278,892.04
284,083.08

66:49
2,772,613.55

1.Excess of repayments over disbjirsements.
2 Increase largely due to transfer of salaries of employees of Forestry Service ($2,318,000) from the lumpsum appropriation for General Expenses, Forest Service, to the statutory roll, Salaries, Department of
Agriculture.
3 See note 2.
,




33

SECRETARY OF T H E TREASURY.
Comparison of disbursements, fiscal years 1911 and 1912—Continued.
1912

-

1911

Increase,
1912.

Decrease,
1912.

CIVIL ESTABLISHMENT—continued.
Pepartment of Agriculture—Continued.
Acquisition of lands for protection of
watersheds, navigable streams
Enforcement food and drugs act
Agricultural experiment stations
w eather Bureau
'.
Special funds—
. Payments to States and Territories
from National Forests fund
Cooperative work, forest investigations..
.
Miscellaneous special funds

$111,518.70
517,336.69
15,979.14^
253,757.38

$111,518.70
517,336.69
1,588,434.24
1,608,347.30

$1,672,455.10
1,354,589.92

482,376.18

506,194.83

4,461.71
5,649.72

5,225.49
2,690.24

2,959.48

19,471,667.42

17,666,228.26

4,602,511.63

782,942.31
185,223.01
553,708.30
2,274,531.29
959,241.17
4,956,516.21
839,483.94
65,472.57
95,910.18

712,585.40
178,408.61
406,197. 22
6,409,551.68
966,436.51
5,120,276. 06
978,102.19
64,963. 63
143,924.97

70,356.91
6,814.40
147, SILOS

306,66L67
2,649,661.66
520,619.18
6,732.72

268,857.64
2,677,056.77
538,844.24
26,066.96

47,804.03
72,694 89

227,612.92
43,691.18

64,278.69
67,892.40

173,334.33

Total Department of Commerce
and Labor

14,466,998.31

18,503,442.87

' 518,924 58

Department of Justice:
Salaries and expenses
• ..
Salaries of justices, assistant attorneys,
etc

1,388,662.50

1,373,588.95

14,973.55

1,539,605.26
' 68,030.63
1,380,893.34
1,056,845.46
647,688.12
1,028,639.60
334,361.27
117,938.64
522,941.68
237,134. 96

1,325,359.92
70,535.58
1,383,606.48
866,914.76
558,920.10
991,736. 59
357,201. 35
114,546.19
470,538.99
219,531.60

214,146.33

500,083.93
994,474.48

491,955.97
1,284,303.63

8,127.96

9,716,999.76

9,608,740.11

637,478.95

1,388,203.60
152,940. 37
561,695.31
102,966.62
183,032.41

1,318.460.16
162,252 08
713. 080.12
111, 664. 88
250,616.40

69,743. 44

2,388,838.31

2,556,973.64

69,743. 44

11,610,777.41

11,116,129. 95

494,647.46

662,707. 64
10,098.68

632,462.23
13,576.88

30,245.41

410,145. 24
U3,300.00
100,276.76
. 52.236,73

331,897.03
100,000.00
104,762. 33
37,111.22

78,248.21
13,300.00

12,959,642.46

12,336,939.64

631,566:59

• • 7,963.77

173,824,989.29

173,838,699.04

14,432,774 39

14,446,384 14

Total Department of Agriculture.
Department of Commerce and Labor:
Salaries and expenses.
'
Bureau of Labor
Bureau of S t a n d a r d s . . .
Census Office '.
Coast and Geodetic Survey
T'ight.hniise F,c!t.fl.blishment .

Bureau of Fisheries . .
Fish hatcheries
:
Imrnigration stations..
Bureau of Immigration and Naturalization
Regulating immigration
Steamboat-Inspection Service
Miscellaneous items
Special f u n d s Immigration stations
Miscellaneous special funds

C n n r t of Olaims

,

, .

Salaries, fees, etc., of marshals
Fees of witnesses
Salaries and fees, district attorneys
Fees of jurors
Fees of clerks
Fees of commissioners
;
Support of prisoners
Pay of bailiffs
Miscellaneous expenses. United States
courts
Miscellaneous items
Total Department of Justice
Independent bureaus and offices:
Interstate Commerce Commission.
> Prm'thsonla-n TnstitiltioTi
.
. ,.
National Museum
Zoological Park
Territorial governments
Total independent bureaus
offices

and

District of Columbia:
Salaries and expenses
Special funds—
Water department
Miscellaneous special funds
Tmst f u n d s Miscellaneous trust-fund deposits..
Washington redemption fund
.
Police and firemen's relief funds i..
Othertrust funds
,....:.....
Total District of Columbia.. • . . .
Total Civil Establishment




$23,818.65

•i

608.94

773.78
2,797,172.47

4,135,020.39
7,195.34
163,759.85
138,618.25
48,014 79

18,225.06
20,334 24
24; 201. 22
4,555,369.14

2,504 95
2,713 14

189,930.70

11,331.98

36,903.01

22,840.08

3,392.45
62,402 59
17,603.36

289,829.15
329,219.30

•

9,311.71
151,384.81
8,698.26
67,483.99
236,878.77

3,478.20

15,125.51

•.'•'.""'4;485^67

34

-

REPORT ON THE FINANCES.

Comparison of disbursements, fiscal years 1911 and 1912—Continued.
1912

1911

Increase,
^ 1912.

Decrease,
1912.

MILITARY ESTABLISHMENT.

$45,485,342.73 $45,883,955.15
Fay Department
Encampment and maneuvers, Army and
1,112,471.83
mihtia
281,004 69
6,952.10
Extra pay. War with Spain
5,735.81
8,936,981.75
8,501,166.01
Commissary Department
,
28,927,678.89 33,995,588.60
Quartermaster's Department
326,729.89
National cemeteries
264,762.33
1,880,821.04
1,369,995.46
Medical Department
10,462,609.11 11,693,931.34
Ordnance Department
4,498,343.45
4,247,685.82
Engineer Department
514,797.88
Signal Service
600,686.23
878,685.83
Military Academy
566,761.10
9,203,274 07
9,974,318.40
Improving harbors
25,575,299.17
24,401,578.77
Improving rivers
4,627,865.48
2,852,014 61
Military posts
3,878,816.92
3,918,37L41
National homes for disabled soldiers
1,152,432.32
1,221,634 83
State homes for disabled soldiers
Reimbursing States and Territories ex32,542.76
penses of troops. War with Spain....."...
214,836.11
282,232.12
444,371.70
Raising the U. S. S. Maine
Judgments, Court of Claims and United
111,596.29
States courts.. 1
,
21,551.03
Sufferers from floods, Mississippi and Ohio
Valleys
881,638.08
102,832.91
100,455.79
Soldiers' Home iaterest account
446,439.80
Miscellaneous items
2,393,085.89
Special f u n d s 152,061.77
Wagon roads, etc., Alaska fund
206,311.24
139,778.03
75,986.47
Ordnance material, powder, etc
35,500.00
97,000.00
Fbr rivers and harbors
Trust f u n d s 1,848,012.94
Pay of the Army, deposit fund
2,894,471.86
647,400.00
555,000.00
Soldiers' Home permanent fund
Total Military Establishment.

148,795,421.92

160,135,975.89

$398,612.42
831,467.14
1,210.29
435,815.74
5,067,909.71
61,967.50
510,825.58
1,231,322.23
250,657.03
$85,888.35
771 044 33
1,173: 720.40

311,924 73
1,,775,850.87
39,554 49
69,202.51
182,293.35
162,139.58
90,045.20

881,638.08

791.56
500.00
92,400.00
3,129,982.72

2,377.12
1,946,646.09
54,249.47

1,046,458.92
14,470,536.09

NAVAL ESTABLISHMENT.

Increase of the Navy
Bureau of Yards and Docks
Bureau of Equipment. .1
Bureau of Navigation
Bureau of Construction and Repair
Bureau of Ordnance
Bureau of Steam Engineering
Bureau of Supplies and Accounts
Bureau of Medicine and Surgery
Marine Corps
Naval Academy
Pay of the Navy
Judgments, Court of Claims and United
States courts
General account of advances
MisceUaneous items
Special f u n d s Naval hospital fund
Ordnance material (proceeds of sales)
Fines and forfeitures
Trust f u n d s Pay, Marine Corps, deposit fund
Pay of the Navy, deposit fund
'.
Prize money.
Deduct repayments, in excess of disbursements.
'
Total Naval Establishment.

29,803,245.74
8,479,179. SO
8,619,441.00
3,218,959.31
8,506,224 25
12,938,629.91
6,010,212.19
7,894,616.51
460,285.04
7,328,800.92
087,509.52
30,303,561.04

7,636,835.49
22,166,410.25
8,331,810.94
147,368.86
355,341.90
8,974,782.90
3,596,953.28
377,993.97
9,077,57488
571,350.63
10,898,485.35 2,040,144.56
1,041,918.72
7,052,130.91
4,211,390.45 '3,'683,"226."66'
'"25i,*5i6.*72
711, SOL 76
7,052,509.38
276,291.54
558,665.42
128,84410
34,349,580.28
1,953,980.76
280,479.35

2,294,316.37
1,080,394 90

1,080,400.35

387,273.63
75,407.42
959,014 75

1,026,646.02
22,507.41
704,379.62

72,942.00
470,617.73
1,323.69

100,971,61
557,356.00
1,392.76

135,591,955.72

120,756,228.92

^280,479.35

2,294,316.37
5." 45
639,372.39

52,900:01
254,635.13
28,029.61
86,738.27
69.07

18,468,542.88

3,632,816.08 .

18,468,542.88

2,814,231.55

. '.818,584 53

818,584.53

135,591,955.72

119,937,644 39

$984,370.87
708,780.21
599,820.36
1,726,047.38
3,369,303.71
'3,387,638.34
9,358,878.93

$1,000,659.84
995,256.65
635,330.47
2,401,647.57
3,468,341.63
3,872,874 28
8,559,759.00

$799,119.93

20,134,839.!

20,933,869.44

799,119.93

INDIAN SERVICE.

Current and contingent expenses
Fulfilling treaty stipulations
,
Miscellaneous supports
Interest on Indian trust-fund accounts....
Support of Indian schools
Miscellaneous expenses
Trust funds
,
Total Indian Service.




$16,288.97
286,476.44.
35,610.11
675,600.19
99,037.92
485,235.94
1,598,149.57

35

SECRETARY OF THE TREASURY.
Comparison of disbursements ^ fiscal years 1911 and 1912—Continued.
1912
Pensions
Interest on the pubhc debt

,

1911

$153,590,456.26 $157,980,575.01
22,616,300.48 21,311,33412

Increase,
1912.

$1,304,966.36

Decrease,
.1912.
$4,390,118.75

Total (see note i)

654,563,963.47

654,137,997.89

Panama Canal disbursements

35,327,370.66

37,063,515.33

1,736,144.67

Public debt:
National-bank note fund
Funded loan of 1907
Miscellaneous redenip tions '.

28,527,7n. 50
116,350.00
4,266.03

34,976,840.00
212,550.00
33,946.35

6,449,128.50
96,200.00
29,680.32

Public debt disbursements

28,648,327.53

35,223,336.35

6,575,008.82

Total disbursemeints,. exclusive of
postal
Postal service 2
Total disbursements, including postal...

38,135,386.28

718,629,66L66

726,424,849.67

38,135,386.28

246,744,015.88

237,660,705.48
964,085,565.05

47,'218,696.68

46,030,57419

9,083,310.40

965,273,677.54

37,719,420. 70

46,030i 574.19

1 Exclusive of Panama Canal, pubhc debt, and postal service disbursements.
2 Exclusive of grants from the Treasury for deficiencies in postal revenues for 1912, $1,568,194.88, included
In expenses of civil establishment, p. 32.

ESTIMATES.

Tlie total estimates of appropriations for ordinary purposes for
the fispal year ending June 30, 1914, are $732,556,023.03. These
are exclusive of the estimates of expenditures for the Panama Canal,
which may be paid from bond sales, and those for the pqstal service,'
which are repaid from the postal receipts. The, estimates of receipts, for the same period, which will be available for the general
fund—from which payments on such appropriations must be made—
are $710,000,000. The estimates of appropriations for ordinary purposes for 1914 are, therefore, $22,556,023.03 in excess of the estimated
revenue. The estimated expenditures for the Panama. Canal are
$30,174,432.11, and if these expenditures should be paid, from the
general fund instead of from sale of bonds the total es.timates of
appropriations for 1914 are $52,730,455.14 in excess of the estimated
receipts.
These estimates of appropriations, of course, are based upon conditions that now exist and upon the laws which now prevail; and between now and the end of the fiscal year 1914 much may occur through
legislative' action to change the basis upon which they are made.
There are also included in these estimates items for.projecteid public
works the payments for which will not be concluded during the fiscal
year in question.
The ordinary receipts during the current fiscal year of 1943 are
estimated at $711,000,000, and the ordinary disbursements at
$670,800,000, showing an expected excess of receipts of $40,200,000;
with the estimated disbursements for the Panama Canal included the
, disbursements are estimated to exceed the receipts by $1,800,000,



36

REPORT ON T H E FINANCES.

Details of the estimates for the fiscal years 1913 and 1914 follow:
Fiscalyear 1913.
The ordinary receipts of the Government for the current fiscal year
are estimated upon the basis of existing laws as follows:
From
From
From
From

customs.
iriternal revenue, ordinary.
corporation tax
miscellaneous sources

$32^, 000, 000. 00
297, 000,000. 00
29, 000, 000. 00
57,000, 000. 00

Total estimated ordinary receipts

=. $711, 000,000. 00

The.disbursements for the same period are estimated
as follows:
For
For
For
For
For
For

the civil establishment
the War Department
-.
the Navy Department
the Indian Service
pensions
interest on the public debt

'

$177, 000, 000. 00
158,000,000.00
•
130,000, 000. 00
18, 000, 000.00
165,000,000.00
...
22, 800, 000. 00 .

Total estimated disbursements, unless some anticipation of
the appropriations submitted for the fiscal year 1914 should '
be authorized by Congress for payment this y e a r . . . . .
. 670, 800, 000. 00
An excess in ordinary receipts of
Panama Canal: Disbursements—To be made from the general fund
' of the Treasury without sales of bonds this fiscal year

40, 200, 000. 00

An excess of disbursements, including the Panama Canal, of..
The disbursements for miscellaneous redernptions of the public debt
are estimated at $150,000; and the receipts from issues of bonds
on account of postal savings are estimated to exceed such redemptions.

1, 800.000. 00

42, 000, 000. 00

Transactions in deposits and redemptions for the national-bank
note redemption account, act of July 14, 1890, are excluded from the
estimates, no excess of redemptions over deposits for retirement of
the notes being anticipated.
POSTAL SERVICE.

The expenditures for the postal service for the year 1913 will
approximate $260,938,000, and under normal conditions of business
the postal revenues are expected to equal this sum.
Fiscalyear 1914.
I t is estimated that upon the basis of existing laws the ordinary
receipts for the fiscal year 1914 will be:
From
From
From
From

customs.
,
internal revenue, ordinary.
corporation t a x . . . . .
miscellaneous sources.
Total estimated ordinary receipts.




$325,000,000.00
298,500,000. 00
29,500,000. 00
57,000,000. 00
$710,000,000.00

SE(3R]5TARY OF THE TREASURY.

37

The estimates of appropriations for ,the fiscal year 1914, as submitted by the executive departments and ofiices, are as follows:
Legislative E s t a b l i s h m e n t . . . . .
Executive Establishment:
. Executive proper
Department of S t a t e . . :
Treasury Department
War Department
State, War, and Navy Department Building,
expenses
'.
Navy Department
. Department of Interior
Post Oflace Department
Department of Agriculture
Department of Commerce and Labor
Departnient of Justice
Territorial governments

$7,492,185. 50
$536,990. 00
355,620. 00
11,254,912.00
1,983,998. 00
162,500.00
951,250.00
5,903,840. 00
2,014,510.00
18,287,230. 00 •
3,881,010.00
553,830.00
128,750.00

46,014,440. 00
Judicial Establishment
1,295,560.00
Foreign intercourse
3,965,392.61
Military Establishment
96,409,549. 82
Naval Establishment, including increase of the Navy for new and
prior Navy building programs, $18,882,579 and $22,284,091, respectively
144,937,313.53
Indian affairs
11,303,316.53
Pensions
185,220,000.00
Public works:
Legislative
."...
$6,000.00
Treasury Department, public buildings and
works
,
'
9,207,700.00
War Department, exclusive of rivers and harbors...
.11,537,759.98
Rivers and harbors
56,766,992. 00 .
Navy Department
6,526,445.00'
Department of Interior
1,154,559. 00
Department of Commerce and Labor
2,549,100.00
Department of Justice
473,500.00
—
88,222,055.98
Miscellaneous:
Legislative
- 5,793,797.72
Executive
283,800.00
Treasury Department
.'
27,411,258. 00
War Department
6,236,371. 00
Department of Interior
6,898,949. 00
Department of Commerce and Labor
10,440,154. 62
Department of Justice
8,327,947. 00
District of Columbia
12,874,297.60
Smithsonian Institution and National Museum,
843,500. 00
Interstate Commerce Commission.
1,710,000. 00
Gerieral supply committee
35,470.00
80,855,544.94




38

REPORT ON T H E FINANCES.

Permanent annual appropriations:
Intel est on the public debt
,
Refunds—customs, internal revenue, e t c . . . . . .
Miscellaneous, exclusive of sinking fund

$22, 860,000. 00
20, 780,300. 00
23, 200, 364.12
$66, 840,664.12

Total estimated appropriations, exclusive of Panama Canal,
and postal service payable from the postal revenues
The Panama Canal appropriations subject to reimbursement by proceeds of bond sales are estimated a t — ,
Total estimated appropriations for 1914, exclusive of sinking
fund and postal service
:

732,556,023. 03
30,174,432.11
762, 730,455.14

Excess of estimated expenditures over ordinary receipts of..
Excess of estimated expenditures, including the Panama
Canal appropriations, of
POSTAL

22,556,023. 03
52, 730,455.14

SERVICE.

The expenditures for the Postal Service for the year 1914 will
approximate $282,000,000, and under normal conditions of business
the postal revenues are expected to equal this sum.
Comparison of the estimates for 1914, with the ajjpropriations for
1913, shows an increase in the 1914 estimates of $80,947,439.93, as
exhibited in the tables following:
Statement of estimates of appropriations for 1914^ increased over appropriations for 1913.
[ E x c l u d i n g sinking fund a n d postal service p a y a b l e from t h e postal revenues.]

D e p a r t m e n t s , etc.

Legislative
Executive.
D e p a r t m e n t of S t a t e
Treasury Department:
T r e a s u r y D e p a r t m e n t , exclusive
of p u b l i c buildings
P u b l i c buildings
New revenue cutters:
:
War Department:
W a r D e p a r t m e n t , exclusive of
rivers a n d h a r b o r s
Rivers and harbors
Navy Department:
^. '
N a v y D e p a r t m e n t , exclusive of
building program
Navy building program, new
N a v y b u i l d i n g p r o g r a m , prior years.
D e p a r t m e n t of t h e Interior:
D e p a r t m e n t of t h e I n t e r i o r , ex' elusive of pensions
Pensions
P o s t OflQce " D e p a r t m e n t , exclusive of
postal service
D e p a r t m e n t of Agriculture
D e p a r t m e n t of Commerce a n d L a b o r . . .
D e p a r t m e n t of Justice
Territorial g o v e r n m e n t s
:'.
I n d e p e n d e n t oflices
District of Columbia
I n t e r e s t on t h e pubUc d e b t
Ordinary
N e t increase i n o r d i n a r y . .
Panama Canal.
Total
T o t a l n e t increase.




1914 estimates, 1913 a p p r o p r i a Increase in
Decrease in
including
tions, includ- 1914 estimates 1914 estimates
ing p e r m a n e n t
permanent
over 1913
u n d e r 1913
annual.
annual.
appropriations. appropriations.
$13,291,983.22
820,790.00
4,492,012.61

$12,447,488.84
600,063.89
4,188,430.39

$844,49438
220,726.11
303,582.22

49,621,170.00
8,832,700.00
375,000.00

47,875,717.51
10,369,917.92
350,000.00

1,746,462.49

124,313,278.80
66,766,992.00

116,750,876.81
42,755,620.50

8,562,401.99
14,011,371.50

113,134,907.53
18,882,679.00
22,284,091.00

105,526,101.73

7,608,805.80

• 20,569,373.48

20,597,296.~52

41,403,164 53
185,220,000.00

37,104,452.52
165,146,145.84

4,298,712.01
20,073,85416

2,014,510.00
23,976,430.00
16,873,264 62
10,798,337.00
128,750.00
2,836;165.12
13,629,897.60
22,860,000.00

2,776,222.51
22,894,590.25
14,875,475.61
9,845,268.79
183,150.00
2,619,015.12
11,338,633.50
22,776,000.00

732,556,023.03

649,991,546.21

30,174,432.11

681,783,015.21

761,712.51
1,081,839.75
1,997,789.01
953,068.21
54,400.00
217,150.00
2,291,26410
85,000.00
84,917,808.25
82,564,477.82

2,353,330.43

84,917,808.25
80,947,439.93

3,970,368.32

31,791,470.00

762,730,455.14

$1,637,217.92
25,000.00

1,617,037.89

SECRETARY OF THE TREASURY.

39

Exhibit of appropriations for 19 IS.
Total appropriations for 1913, including estimated permanent an'nual appropriations and appropriations for tlie postal service
payable from the postal revenues
.$1, 012,137, 014. 21
Deficiency appropriations made for prior years
9, 212, 376. 42
1, 021, 349, 990. 63
Deduct—
Appropriations made for the postal service
for 19-13 which are payable from postal
revenues
$269, 704, 599. 00
Deficiency appropriations made for prior
years
8,155, 587. 25
Postal deficiencies payable from the postal
.revenues.
1, 056, 789.17
Sinking fund
60, 650, 000. 00
339, 566, 975. 42
Total,

:

681, 783, 015. 21

Agreeing with the appropriations for 1913 shown in the preceding table, against which
the estimates of appropriations submitted for 1914 show an increase of $80,947,439.93.

I respectfully call your attention to the two further divisions of
this report, to wit, the condensed annual reports of the various
bureaus and divisions of the Treasury Department and the tables
accompanying the report on the finances.
FRANKLIN MACVEAGH,

'
To the SPEAKER OF THE HOUSE OF REPRESENTATIVES.




Secretary,




ABSTRACTS OF REPORTS OF BUREAtfS AUD DIVISIONS.

The following is a summary of the reports of bureaus and divisions
of the Treasury Department for the fiscal year ended June 30, 1912,
with the exception that the figures in relation to public moneys and
loans and currency are brought to November 1:
.
TREASURER OF T H E U N I T E D STATES.

The available balance in the general fund June 30, 1912, was
$167,152,478.99, which is more by $26,975,552.86 than the balance on
June 30, 1911. The working balance in the vaults of the Treasury
was $98,742,425.40.
Of the receipts in 1912, compared with 1911, customs shows a decrease of $3,175,399.02, corporation tax of $4,933,672.86, sales of public lands of $338,840.13, and from miscellaneous sources of $6,020,348.03, while an increase appears in internal revenue of $4,016,671.73,
and from the District of Columbia of $857,678.69. The net result is a
decrease in ordinary receipts for the year of $9,593,909.62. The net
increase in ordinary disbursements was $415,965.58.
The balance of the proceeds of the sale of Panama Canal bonds
under the terms offered by the Secretary of the Treasury on May 16,
1911, amounting to $33,189,104.15, was paid into the Treasury by
the successful bidders during Jul}'-, 1911, which amount proved sufficient to meet the disbursements on account of the canal until the
latter part of June, 1912. The transactions in the governmental
finances during the fiscal year favored the maintenance of an adequate working balance in the Treasury; therefore it was not deemed
advisable to offer for sale additional bonds of the Panama Canal
loan. The total net disbursement for the Panama Canal out of the
general fund of the Treasury to June 30, 1912, reimbursable from
proceeds of bonds not yet sold, is $137,886,359.04.
During the fiscal year 1912 there was an addition of $459,280 to the
interest-bearing debt, caused by the issue of postal-savings bonds,
authorized by the act of June 25, 1910. The deposits of lawful
money of the United States, under the act of July 14, 1890, to retire
national-bank notes were $20,078,365, which, with the deposits for the
postal-savings bonds, make a total of $203537,645 received on account
of the public debt (exclusive of the Panama Canal loan), while the
cash disbursements on account of principal of matured loans and
fractional currency were $120,616.03 and for national-bank notes canceled and retired $28,527,711.50, a total disbursement for the public



41

42

'

' I

REPORT ON T H E FINANCES.

debt of $28,648,327.53. The net result was an excess of disbursements
of $8,110,682.53.
The trust funds, gold and silver coins held to redeem outstanding
notes and certificates, took on a growth of $62,919,700 and amounted
to $1,524,535,369 at the close of the year, June 30, 1912.
The redemptions from the reserve fund during the fiscal year were,
in United States notes, $45,490,350, and in Treasury notes, $7,955,
making a total of $45,498,305. Under provisions of the act of March
14, 1900, the redeemed notes were exchanged for gold each day,
and thereby the reserve was maintained at the fixed amount of
$150,000,000. °
On June 30, 1912, the gold in the Treasury amounted to $1,207,464,264.22, of which $1,004,524,844.66 was in coin. Set apart for the
respective uses, it was held on the following accounts: Reserve fund,
$150,000,000; trust funds (for redemption, of gold certificates in
actual circulation), $943,435,618; and in general fund (belonging to
the Treasury), $114,028,646.22. The imports of gold during the fiscal
year were $48,936,500, the exports $57,328,348, and the net excess of
exports $8,391,848.
The United States bonds pledged to secure bank circulation increased $25,961,680 during the fiscal year and amounted to $724,493,740 on June 30, 1912. ^United States bonds and other securities
amounting to $48,309,500 were held to secure public deposits in national banks. Under the provisions of the act of June 25, 1910, establishing the Postal-Savings System, the Treasurer of the United States^
held in trust, as security for postal savings, bonds and securities
amounting to $50,232,371.26 on June 30, 1912.
The average amount of national-bank notes in circulation during
the fiscal year was $739,940,744, and the amount of such notes presented for redemption was $649,954,710, or 87.84 per cent of the average amount outstanding. The national-bank notes assorted and delivered during the year amounted to $645,011,311, of which $198,550,800, or 30.78 per cent, were returned to the respective banks of
issue for further circulation. Redemptions of national-bank notes
during the year have been constantly in excess of the 5 per cent fund
required under section 3 of the act of June 20, 1874, to be kept by
the banks on deposit in the Treasury of the United States for the
redemption of their notes. Consequently that fund has been overdrawn during the whole year and the Treasury has had to advance
payment for notes as they were presented out of the general fund.
The largest overdraft was $26,927,389.52, on February 3, 1912. The
expenses incurred for redemptions of national-bank notes during the
year amounted to $505,735.21, and have been assessed upon the banks
in j^roportion to their notes redeemed at the rate of $0.78233 per
$1,000.



SEORETARY OF THE TREASURY.

43

The public moneys on deposit in national banks at the beginning
of the fiscal year 1912 amounted to $47,647,664.60. There was no
necessity for withdrawing the public deposits from national banks:
and, on the other hand, there was no emergency calling for an incriease of Government deposits therein, therefore there was but slight
variation in such bank holdings throughout the year, at the clos6 of
which the public deposits in national banks amounted to $48,506,186.
The general stock of money in the United States at the close of the
fiscal year 1912 amounted to $3,648,870,650, an increase of $92,911,673
as compared with that of 12 months earlier. The element of gold
increased $64,991,695; the silver coins advanced in volume by $11,296,494; and national-bank notes furnished $16,940,484 of the total
growth. Treasury notes to the amount of $317,000 were canceled and
retired. The addition to the money in circulation during the fiscal
year was $70,510,497. Of this sum $34,496,304 was in gold coin and
certificates, $17,440,976 in national-bank notes, and $20,186,704 in
silver in its three forms of standard dollars, certificates, and subsidiary coin. A falling off occurred in United States- notes, and
Treasury notes to the amount of $1,613,487. The circulation per
capita was $34.34, and the share of gold to the whole 47.31 per cent.
The notes and certificates of United States paper currency, issued
during the fiscal year numbered 290,809,347 pieces, of the'total value
of $916,852,000. The redemptions were 273,426,336 pieces, of
the total value of $853,932,300'. The pieces outstanding number
327,329,159 of the total value of $1,872,216,385. There is demand
for elasticity in the denominations as well as in the volume of currency at certain seasons of the year, and the burden of supplying
the smaller denominations required falls upon the Treasury.
Through the process of redeeming the larger denominations of United
States paper currency and, issuing smaller denominations in lieu
thereof, the Treasury has been enabled to supply the greater part
of the demand for such bills. The average cost of each piece of
United States paper currency issued and redeemed is about 1.526
cents, and the annual cost of maintenance of the currency' issued by
the National Government averages slightly more than one-fifth of 1
per cent of the amount outstanding.
Shipments of gold, silver, and minor coins tp depositors therefor,
at the expense of the consignee for transportation, during the fiscal
year were: Gold coin, $9,363,660; standard silver dollars, $11,841,874;
subsidiary silver coin, $21,476,457.40; and minor coin, $4,002,704.22.
The currency distributed from the Treasury in Washington to the
subtreasuries and to the banks during the fiscal year 1912 amounted
to $761,847,077, against $750,225,418 during the preceding year.




44

REPORT ON T H E

FINANCES.

District of Colunvbia.^
The net expenditures on account of the District of Columbia for
the fiscal year 1912 by warrants paid were $12,959,542.46. The net
revenues deposited in the Treasury by warrants on this account for
the same period were $8,483,690.71. The amount of the funded debt
retired during the year was $629,650, reducing the annual interest
charge by $22,982.22. The total issue of 3.65 per cent bonds is
limited by law to $15^000,000; of this sum, $14,997,300 has been
issued. The bonded debt outstanding June 30, 1912, was' $8,258,550
in bonds bearing 3.65 per cent interest.
"^
At the close of the fiscal year 1912 the 10 per cent guaranty fund
retained from District contractors amounted to $320,915.28, and is
represented by $197,680 in bonds purchased at the request and risk
of contractors and $55,112.04 uninvested cash.
Detailed information in regard to the affairs of the District of
Columbia will be found in the reports of the District Commissioners
and; the Treasurer of the United States, ex officio commissioner of
the sinking fund of the District of Columbia.
COMPTROLLER O F T H E CURRENCY.

At the close°of the.fiscal year ended June 30, 1912, there were in
active operation 7,394 national banks, with authorized capital of
$1,040,545,435.
Since the national banking system was first established charters
have been issued to 10,219 banks. Of the banks chartered, 2,327 have
left the system by voluntary liquidation and 498 failed. During the
fiscal year the Comptroller of the Currency issued charters to 173 national banks with authorized capital aggregating $12,235,000, which
number includes 64 conversions of State banks, 40 reorganizations of
State and private banks, and 69 primary organizations. I n the same
perfod 81 national banks discontinued business, of which 73 were
placed in voluntary liquidation by their stockholders and 8 failed
and were placed in charge of receivers. Of the banks placed in
voluntary liquidation, 29 were either absorbed by oi* reorganized
as State banks, 25 were taken over by national banks, 10 wer^ reorganized as national banks, and 9, discontinued business. I n the
number of banks liquidated are included two associations the corporate existence of which expired by limitation. The 8 banks for which
receivers were appointed during the year had capital at the" date of
closing aggregating $1,125,000, and the aggregate liabilities to depositors and other creditors, exclusive of liability on circulation,
amounted to $4,384,413,83. Three of the 8 banks that failed paid
dividends to creditors as follows: One, 75 per cent; 1, 45 per cent;
and 1, 20 per cent.



SECRETARY OF T H E TREASURY.

45

. The act of March 14,1900, authorized the incorporation of national
banks with minimum capital of $25,000, and permitted the issue of
circulation to the par value of bonds deposited and reduced^ the
tax on circulating notes. On that date there were in operation
3,617 national banks, and since that date to July 1, 1912, 4,955, with
aggregate capital of $314,053,300, have been authorized to begin
business, of which 3,153 banks with aggregate capital of $82,160,500
were chartered under authority of the act of March 14,1900, with
individual capital of less than $50,000. The majority of these banks
incorporated with the minimum capital of $25,000, the average capital
of the banks of this class being $26,058. The remaining banks organized during the period mentioned, 1,802 in number, with capital
of $231,892,800, were incorporated under the act of 1864.
Since 1863, the year the national banking system was established,
456 banks have been organized under the original "act, 6,600 under
the act of 1864, 10 under the act of 1870, and 3,153 under the act of
1900.
A comparison of conditions on March 14,1900, with those on June
30, 1912, shows the net increase in the number of banks in operation
to be 3,777, and in authorized capital $424,237,340. Outstanding circulation of the banks has increased during that period from
$254,402,730 to $745,134,992—an increase of $490,732,262. Circulation secured by bonds and by lawful money (the latter deposited by
banks going into voluntary liquidation, those reducing their circulation, and on account of insolvent .national banks) reached the maximum on May 18, 1912, when it amounted to $746,625,223, but the
maximum outstanding on the security of bonds alone was reached on
June 3, 1912, when it amounted to $720,572,855. During the current
. fiscal year the bond-secured circulation increased $25,399,037, or
from $695,025,073 to $720,424,110. The amount of circulation secured by the deposit of lawful money was, at the close of business on
June 30, last, $8,458,553 less than the amount on June 30 of the prior
year. The total increase during the year of circulation ^secured by.
bonds and by lawful money amounted to $16,940,484.
There are 498 banks that have been, or are, in the process of being
closed by receivers. The percentage of national banks which are
closed or are being closed by receivers is 4.9, the percentage of voluntary liquidations is 22.8, and the banks in active operation represent
72.3 per cent of the total number chartered.
The number and capital of national banks organized since March
14, 1900, by States and geographical divisions, together with the
number and paid-in capital stock of national banks on June 14, 1912,
appear in the following table:




46

REPORT ON T H E FINANCES.

SUMMARY, BY STATES, GEOGRAPHICAL D I V I S I O N S , AND CLASSES, OF NATIONAL
B A N K S ORGANIZED FROM M A R . 14, 1900, TO J U N E 30, 1912, AND THE P A I D - I N
CAPITAL STOCK OF ALL R E P O R T I N G NATIONAL B A N K S ON J U N E 14,
1912.
Capital over
Capital $50,000
Capital $25,00Q. $25,000 a n d less
a n d over.
t h a n $50,000.

T o t a l organiza- N a t i o n a l b a n k s rep o r t i n g J u n e 14,
tions.

s t a t e s , etc.
No.

Capital.

No.

Capital.

Capital.

No.

No.

Capital.

No.

Capital p a i d
in.

N E W ENGLAND
STATES.

Maine
. .
New Hampshire...
Vermont
Massachusetts
R h o d e Island • .

•

4

4
6
2

S100,000
100,000
125,000
60,000

1

7
2
2
19
1
5

$385,000
200,000
150,000
4,450,000
500,000
250,000

11
7
7
21
1
9

$485,000
330,000
275,000
4,500,000
500,000
350,000

70
56
50
188
22
78

$7,850,000
5,235,000
5,160,000
,55,437,500
6,775,250
19,314,200

30,000 " 36

5,935,000

56

6,440,000

464

99,771,950

213 21,007,500
102 5,150,000
472 30,572,000
245,000
9
50 2,452,000

467
197
829
28
107

169,441,610
22,077,460
117,844,700
2,423,985
17,582,710

$30,000

4

100,000

19

475,000

1

104 2,600,000
52 1,300,000
223 5,575,000
150,000
6
800,000
32

9
8
24
3
5

417 10,425,000

49

1,601,500

10
12
4

356,000
425,000
130,000

CoTinp.ntif.il t

Total..
EASTERN STATES.

New York
New Jersey:
Pennsylvania
Delaware
Maryland
District of Columbia .
Total

4

Tp,nnf>5?sp.p,

.

49 1,225,000
900,000
36
525,000
21
13
325,000
25
625,000
175,000
7
35
875,000
175,000
7
300,000
12
223 5,575,000
21
525,000
52 1,300,000
35
875,000

20
4
10
3
1
84
1
7
6

44 4,865,000
40 3,315,000
29 . 3,110,000
21 2,285.000
49 4,650,000
675,000
26 5,125,000
125,000
33 2,775,000
304,500
90,000 . 19 1,815,000
20 3,610,000
30,000
2,686,000 139 15,510,000
26 2,070,000
30,000
230,000 ' 35 5,270,000
32 3,435,000
180,000

536 13,400,000 162

Total..

1,250,000

384 48,650,000

11

6,102,000

850 60,676,500 1,639

4

335,472,465

1,250,000

—f

S O U T H E R N STATES.

Virginia
W e s t Virginia
North Carolina..,..
S o u t h Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana .
Texas
Arkansas
Kentucky

287,500 100 18,120,000
240,000 ' 42 3,610,000
807,000 225 24,190,000
95,000
172,000
13 1,480,000

5,261,500

18
16
19
4
4
15
20
14

628,000
483,000
663,500
130,000
.125,000
471,000
670,000
450,000

736 18,400,000 109

3,620,500

103 6,446,000
88 4,640,000
54 3,765,000
34 2,610,000
94 5,950,000
37 5,425,000
78 3,954,500
29 2,080,000
33 3,940,000
446 23,771,000
48 2,625,000
94 6,800,000
73 4,490,000

132
110
73
46
115
46
85
31
33
515
50
144 '
104

513 57,835,000 1,211 ,76,496,500 1,484

17,643,600
9,657,000
8,535,000
5,735,000
14,959,500
7,080,000
9,700,000
3,255,000
8,345,000
46,781,000
5,035,000
17,540,900
12,647,500
166,914,400

MIDDLE W E S T E R N
STATES.

Ohio
Indiana
Illinois
Michigan .•
Wisconsin
Minnesota
Iowa.. Missouri

...

Total

109
90
162
14
• 36
177
113
35

2,726,000
2,250,000
4,050,000
350,000
900,000
4,425,000
2,825,000
875,000

88
69
91
27
29
29
64
40

12,825,000
10,250,000
14,100,000
4,890,000
3,450,000
4,500,000
3,920,000
12,885,000

215
174
272
45
69
221
197
89

16,178,000
12,983,000
18,813,500
5,370,000
4,475,000
9,396,000
7,415,000
14,210,000

378
255
447
99
129
272
333
134

437 66,820,000 1,282 88,840,500 2,047 .

60,454,100
27.558,000
75,177,500
15,010,000
17,530,000
22,736,000
21,845,000
36,015,000
276,325,600

W E S T E R N STATES. •

North Dakota....'.:
South Dakota
Nebraska
.
Kansas
^
Montana.
Wyoming
Colorado
.
N e w Mexico
Oklahoma
.. .
Total

122
69
103
93
23
11
51
24
319

3,050,000
1,725,000
2,675,000
2,325,000
675,000
• 275,000
1,275,000
600,000
7,975,000

815 20,376.000

7
4
20
11 •
4
11
4
26

215,000
120,000
715,000
390,000
130,000

87 2,916,000

500,000
700.000
3,335,000
2,300,000
1,340,000
625,000
3,310,000
576,000
4,805,000

138 3,765,000
86 2,545,000
161 6,625,000
134 5,015.000
43 2,045.000
22
900,000
100 4,946,000
38 1,300,000
408 13,640,000

146
103
245
211
58
29
127
39
293

6,218,000
4,160,000
16,240,000
12,017,500
4,960,000
1,735,000
10,940,000
2,090,000
13,285,000

228 17,490,000 1,130 40,781,000 1,251

^ 70,645,600

9
13
38
30
16
11
361,000 • 38
125,000
10
860,000
63

PACIFIC STATES.

Washington
Oregon
California

34
850,000
32
800,000
96 2,400,000




2
3
6

70,000
91,000
190,000

31 3,545,000
25 1.695,000
111 25; 712,800

67 4,465,000
60 2,586,000
213 28,302,800

80
80
227

12,225,000
8,611.000
63,852,760

47

SECKETARY OF THE TEEASUEy.

SUMMARY, B Y STATES, GEOGRAPHICAL D I V I S I O N S , AND CLASSES, OF NATIONAL
B A N K S ORGANIZED FROM M A R . 14, 1900, TO J U N E 30, 1912, ETC.—Continued.

Capital over
$50,000
Capital $25,000. $25,000 a n d less Capital over.
and
t h a n $50,000.

T o t a l organiza- National b a n k s r e p o r t i n g J u n e 14,
tions.
1912.

states, etc.
No.

PACIFIC

Capital.

No. . Capital.

No.

Capital.

No.

Capital.

Capital p a i d
in.

No.

STATES—

continued.
$700,000
175,000
75,000
100,000

3
1

$95,000
30.000

1

30,000

204 5,100,000

16

506,000
s

28
7
3
4

I dtaah o
U h
Nevada ..
Arizona
Alaska
Total

14 $1,010,000
5 1,025.000
9 1,225,000
250,000
5
50,000
1

45 $1,80.5,000
13 1,230,000
12 1,300,000
10
380,000
50,000
1

48
22
11
13
2

$2,940,000
3,305,000
1,742,000
1,055,000
100,000

201 34,512,800

421 40,118,800

483

83,830,760

ISLAND POSSESSIONS.

2

Hawaii
P o r t o Rico

-2

Total

60,000
50,000

G r a n d t o t a l . . 2,729 68,225,000

2
1

I24

4
1

600,000
100,000

4

610,000

3

.

550,000
100,000
650,000

5

.700,000

4

610,000

13.935,500 1,802 231,892,800 4,955 314,053,300 7,372 1,033,570,675

The number and capital of State banks converted, reorganized
banks, and banks of primary organization since March 14, 1900,
classified by capital stock, are shown in the folloAving table:
SUMMARY, BY CLASSES, OF NATIONAL B A N K S ORGANIZED FROM MAR. 14,
TO J U N E 30, 1912.

Conversions.

Reorganization.

P r i m a r y orgahization.

1900,

. Total.

Classification. .
Number.
Capital less t h a n $50,000.
Capital $50,000 or o v e r . . .
Total

...

Capital.

441 $11,638,000
314 46,537,800
755

58,175,800

Number.

Capital.

Number.

Capital.

Number.

Capital.

944
568

$25,042,000
77,765,000

1,768
920

$45,480,500
107,690,000

3,153
.1,802

$82,160,600
231,892,800

1,512

102,807,000

2,688

153,070,500

4,955

314,053,300

The number of banks and the bond" and circulation accounts on
March 14, 1900, and June 30, 1912, together with the increase between these periods, are shown in the accompanying table:
Mar. 14,1900.

3,617
N u m b e r of b a n k s
$616,308,095
Authorized capital
244,611,570
B o n d s on deposit
216,374,795
Circulation, o n b o n d s
38,027,935
Circulation, lawful m o n e y . . .
264,402,730
T o t a l circulation.

J u n e 30,1911.

J u n e 30,1912.

Increase,
1900 to 1912.

7,301
$1,028,632,136
• 698,605,810
695,025,073
33,169,435
728,194,508

7 394
$1,040,545; 435
724,493,740
720,424,110
24,710,882
745,134,992

• 3,777
$424,237,340
479,882,170
604,049,315
a 13,317,053
490,732,262

Increase,
1911 to 1912.
93
$11,913,300
25,887,930
25,399,037
18,458,553
16,940,v484

a Decrease.

I n connection with the statistics submitted relative to organization, capital, and circulation of national banks since 1900, it is interesting to note the increase in the banking business generally, as



48

'

REPORT ON T H E FINANCES.

evidenced by the reports of condition on February 13, 1900, the date
of the call immediately preceding the legislation authorizing the incorporation of banks with a minimum capital of $25,000, etc., and on
June 14, 1912. Total assets of the banks increased from $4,674,910,713.09 to $10,861,763,877.15; loans from $2,481,579,945.35 to $5,953,904,431.85; paid in capital stock from $613,084,465 to $1,033,570,675;
outstanding circulation from $204,912,546 to $708,690,593; and volume
of individual-deposits from $2,481,847,035.62 to $5,825,461,163.36.
A comparison of the returns for June 7, 1911, with those received
for June 14,1912, shows an increase in the number of reporting banks
on the latter date of 95, and in loans and discounts, $343,065,644.84.
While the specie held by the bank decreased $4,348,819.34, the holdings of legal tender notes increased $3,220,605. Investment in United
States bonds, including plremitim, increased $28,753,085.38 as against
an increase during the prior year of only $5,947,082.37. Over 92 per
cent of the United States bonds held are on deposit with the Treasurer of the United States to secure circulation. The increase in other
bonds, securities, etc., was $70,139,581.19, while for.the year 1911 the
increase in this class of investments was $144,480,887.40. Of the liabilities of the banks, capital stock increased during the past year
$13,937,522.75; surplus and undivided profits, $37,326,611.88; individual deposits, $347,470,006.91, and aggregate resources, $478,715,182.84.
MINT SERVICE.

Operations of the mints. =

.

-

The original deposits of gold at all of the offices of the Mint Service during the fiscal year 1912 amounted to $151,929,883. The total
coinage of the year amounted to $24,567,835.40, of which $12,749,090
was gold, $9,655,405.25 was silver, $1,392,188.20 was nickel, and $771,151.95 was bronze. The purchases of silver during the year amounted
to 4,803,668.32 fine ounces, at an average cost of 57.3 cents per ounce.
The seigniorage on subsidiary silver- coins during the year amounted
to $4,567,823.96, and the seigniorage on the minor coin amounted to
$1,882,057.86, all of which was duly accounted for and turned into
the Treasury.
The mint at Philadelphia during the year also coined 510,993 pieces
of silver for the Government of Salvador, and the mint at San Francisco coined 8,253,505 pieces for the Philippine Government.
The estimates.
The total estimates for the Mint Service for the fiscal year 1914,
including all expenditures heretofore paid from earnings, are $1,222,270, which compares with $1,228,920, appropriated for 1913, a reduction of $6,650.
Prior to the present year all expenditures incidental to the mainte-.
nance and operation of the.refineries connected with the service were



49

SECRETARY OF THE TREASURY.

made directly from current earnings. The law contemplates that
this branch of the service shall be self-supporting, and to this end
charges are imposed upon all bullion which requires treatment to
fit it for coinage. These earnings in the past have been paid into
the Treasury to the credit of the parting and refining fund and were
all available under a continuing appropriation for the payment of
the-costs of refining operations. Beginning July 1, 1912, this practice was changed. The estimates for the Mint Service for the fiscal
year 1913 included the sums required for operating the refineries.
The expenses connected with these operations are now being paid
from the regular appropriations, and the earnings are turned into
the general fund of the Treasury as miscellaneous receipts. The
earnings from all refinery sources during the last fiscal year, including
the proceeds of sales of by-products and the surplus bullion recovered,
amounted to $359,315.29, while the expenditures against these earnings were $237,912.99.
New York Assay Office.
During the year the assay office at New York has occupied the
new building erected for the refinery and vacated the Wall Street
building. A new structure, for which an appropriation has been
made, will be erected upon the Wall Street frontage. For the present
the office force is crowded into the rear building with the operative
force, but conditions are better than they have been for several years
in the old building. The refinery, which was necessarily closed for
several years on account of the building operations, is again running with modern electrolytic equipment.
Minor assay offices.
Eight minor assay offices were in operation during the year, and
the value of their deposits, together with their earnings and expenditures, are shown by the following table:
Value of
deposits.

New Orleans
Carson
Boise
Helena.;.-.
Charlotte '^
Dead wood
Seattle...
Salt Lake Citv

^..

Total

Earnings.

$1,492,828.79
1,041,422.32
911,303.18
1,904,976.80
79,609.82
7,866,736.03
5,882,649.09
, 1,158,499.28

$3,704.60
3,717.93
6,017.46
4,037.27
854.16
10,917.95
10,681.40
2,249.41

$19,969.60
15,284.67
14,541.14
18,358.05
2,986.00
14,096.40
44,644.73
14,793.10

20,337,824.31

Location of office.

42,180.18

144,673.69

Expenditures.

Recommendation.
The recommendation, submitted last year, that all of the assay
offices save the one at New York be abolished is repeated. On the
64926°—FI 1912



4

50

REPORT ON T H E FINANCES.

whole these offices involve an expense to the Treasury altogether disproportionate to the slight service rendered to the mining industry,
in whose supposed interest they are maintained.
Production and consumption of gold and silver.
The production of gold in the United States for the calendar year
1911 is estimated by the Bureau of the Mint, in conjunction with the
Geological Survey, at 4,687,053 fine ounces, of the value of $96,890,000,
and the production of silver is estimated at 60,399,400 fine ounces, of
the commercial value of $32,615,700. The industrial consumption
of new gold in the United States during the year is estimated at
$31,439,347. The industrial consumption of silver for the year is
estimated at 29,897,014 fine ounces.
INTERNAL REVENUE.

The receipts from internal revenue taxes for the fiscal year 1912,
as shown by collectors' reports, were $321,615,894.69. a net total decrease of $910,405.04 from the preceding fiscal year. The decrease
was principally from fermented liquors, $1,099,007.14, and corporation taxes, $4,928,265.19. The principal increase was from distilled
spirits, $1,111,629.52, and manufactured tobacco, $3,584,201.04.
The total expenditures for the collection of the internal revenue
for the fiscal year 1912 were $5,509,983.94. This includes expenditures from the appropriation "Expenses of collecting the corporation tax," which were $139,980.25, but does not include payments
from the appropriation "Eefunding internal revenue collections," as
they are in no sense an expense.
The cost of collecting $1 of internal revenue was $0.0171.
RECEIPTS FROM INTERNAL REVENUE I N 1911 AND 1912, AS S H O W N BY COLLECTORS'
REPORTS.
Fiscal year ended—
Increase.
June 30,1911.
Distilledspirits
Manufactured tobacco
Fermented liquors
Corporation tax
Oleomargarine
Filled cheese
Mixed flour
Adulterated butter
ProcOvSS or renovated butter
Miscellaneous
Total
Net decrease

$155,279,858.25
67,006,950.66
64,367,777.65
33,611,525.00
1,000,214.79

$1,111,629 52
3,584.201 04

14
00
68
66

$1.56,391,487.77
a70,590,151.60
63,268,770.61
28,583,259.81
1,128,707.25
630.31
3,143 26
46,102 40
119,536 18
61,484,105 61

322,526,299.73

321,615,894 69

5,118,649 89

Decrease.

June 30,1912.

2,764
47,'885
101,951
1,208,372

128,492 46
630.31
379 11
17,684 50
275,732 95

$1,099,007.14
4,928,265.19

1,782.60

6,029,054.93
910,405.04

" Includes $224,758.05 from sale of internal-revenue stamps affixed to Philippme products, as provided for
in the act of Aug. 5, 1909.
b Includes $616,233.60 from playhig cards; 8856,407.83 from penalties, and $11,464.18 from miscellaneous
sources.




SECRETARY OF T H E TREASURY.

^

51

The total production of distilled spirits, exclusive of fruit brandies,
was 178,249,985 taxable gallonSj against 175,402,395.5 gallons in 1911^
an increase of 2,847,589.5 gallons. The production of fruit brandies
was 9,321,823.5 taxable gallons, against 7,953,131.9 gallons in 1911,
an increase of 1,368,691.6 gallons.' During the fiscal year 1912, 821
distilleries of all kinds were operated, a decrease of 102.
The production of fermented liquors was 62,176,694 barrels, showing a decrease from the previous fiscal year of 1,106,536 barrels.
There were removed from breweries for export free of tax 68,061
barrels.
BUREAU OF ENGRAVING AND PRINTING.

The appropriations by Congress for this work amounted to
$3,694,521, and the repayments for services and materials furnished
the several executive departments and bureaus were $741,337.57, making the aggregate available for the^work of the bureau during the
year $4,435,858.57. The expenditures were $210,246.07 for salaries:
$1,631,161.74 for compensation of employees, of which amounts $660
and $2,378.29, respectively, were for employees detailed to other
branches of the public service and not reimbursed; $1,904,996.46 for
wages of plate printers and assistants; and $572,842.30 for materials
and miscellaneous expenses, making an aggregate expenditure of
$4,319,246.57, and leaving unexpended $116,612.
The work accomplished by the Bureau of Engraving and Printing
during the fiscal year was approximately the same as in the preceding year, the total number of sheets delivered being 262,434,739, or
a net decrease of 371,374 sheets over the deliveries of the previous
year. The deliveries comprised 75,326,500 sheets of United States
notes and certificates; 197,900 sheets of registered bonds; 11,728,293
sheets of national-bank notes; 75,364,206 sheets of internal-revenue
stamps; 178,450 sheets of custoins stamps; 96,590,530 sheets of United
States postage stamps; 62,868 sheets of postage stamps for the Philippine Islands; 340,790 sheets of silver certificates, bank notes, registered bonds, and documentary and internal-revenue stamps for the
Philippine Islands; 2,645,202 sheets of checks, drafts, etc., making
an aggregate of 262,434,739 sheets. I n addition to these sheets delivered, miscellaneous work was executed to the value of $104,409.48.
The face value of all classes of securities, internal-revenue stamps,
postage stamps, etc., delivered by the bureau amounted to
$1,863,089,762..
Compared with the deliveries in the fiscal year 1911, there was an
increase of 12.42 per cent in United States notes and certificates and
bonds, 1,75 per cent in national-bank notes, 16.63 per cent in customs
stamps, and 35.56 per cent in checks, drafts, etc.; and a decrease of
10.29 per cent in internal-revenue stamps and 1.11 per cent in postage
stamps, or a net decrease of 0.14 per cent. I n the constant effort
toward economy it has been possible to make a further reductipn in



52

REPORT ON T H E FINANCES.

the number of sheets of internal-revenue stamps delivered in the year
on account of increasing the number of stamps engraved on each plate.
Continued efforts toward economy and efficienc}^ during the year
produced practical results. The cost of the work executed in the
year, as compared with,the cost of the same work in the fiscal year
1911, shows a saving of $82,574.71, notwithstanding the considerable
reductions in cost of work during the several preceding fiscal years.
Money laundering.
investigation developed the fact that of the paper money returned
to the department for redemption at least 30 per cent of it was not
worn, but simply soiled, and only needed cleansing to be made suitable for reuse. Experiments made at the Bureau of Engraving and
Printing demonstrated the practicability of washing the notes by a
machine designed and built there. The machine has been installed in
the office of the Treasurer of the United States and now successfully
launders the notes that are not too badly worn for reissue. A contract has been let for the purchase and installation in the current
fiscal year of 12 similar machines for use in the offices of the Assistant
Treasurers in different sections of the country. I t is believed that
the reuse of laundered notes will result in considerable economy, due
to the reduction in the number of new notes necessary to be issued,
but the extent of the saving can not be determined until the process
has been in operation for a number of months.
Smaller paper currency.
After a thorough investigation it has been decided to reduce the
sizes of United States notes, gold and silver certificates, and nationalbank notes, and to systematize the designs for the purpose of uni-^
formity in portraits for notes of the same denomination of all classes,
to make them more artistic, and at the same time to give an added
security in the circumvention of counterfeiting.
The present notes are 3.04 inches wide by 7.28 inches long and
the smaller notes will be the same size as the Philippine silver certificates, 2.5 inches wide by 6 inches long. I t will require 18 months
to engrave the original dies and make the necessary plates to print
the reduced-size notes. Incidentally the use of the smaller note
will result in a saving in the cost of paper and printing amounting
to about $230,000 a year.
Power presses.
Efforts were recently made to obtain authority from Congress
to use power presses in the printing of securities and were partially
successful. The sundry civil appropriation act, approved August 24,
1912, authorizes the gradual installation of power presses for use in
printing backs of paper money and 16 power, presses commenced
printing this work two days after the approval of the act. The



SECRETARY OF THE TREASURY.

53

annual savings, after the first five years, resulting from the use of
such presses will be about $450,000.
New huilding.
The new building for this bureau is in course of erection and it
is anticipated that it will be completed, its mechanical equipment
installed, and occupied by January 1, 1914. The building has been
especially designed to facilitate the work and to afford a maximum
of health and comfort of the employees. Divisions to which the
employees are restricted throughout the entire day on account of the
nature of the output will be provided with their own toilet, lunch,
and locker rooms. Access to the roofs during lunch hours will
be provided for the benefit of the employees. Hospital rooms will be
provided with separate wards for men and women, and a physician
will give first aid to employees taken sick or injured while at work.
The improved ventilating system will completely change the air
two or three times per hour. Drinking fountains supplied from a/
refrigerating and distilling plant will be located at convenient places
in all parts of the building. The floor space is approximately
476,700 square feet, more than twice that of the buildings now in use.
SPECIAL A G E N T S ' DIVISION.

This division of the Secretary's office maintained a high average of
efficiency during the year. I t examined and reported upon the personnel and administration methods of 128 customs districts, recommending changes carrying a reduction in expenses of approximately
$150,000 per annum. Through its investigations of undervaluations
and wrongful classification of imported merchandise it recovered
more than $1,000,000, which otherwise would have been lost to the
customs revenue, made seizures aggregating half a million dollars in
value, and instituted 45 suits for the recovery of $2,000,000. Its officers made 183 arrests, 29 of which were in connection with the smuggling of opium. Much of its effort was directed toward a uniformity of
practice in classification at the principal ports and the elimination
of friction between the importing interests and the customs officers.
The special agents, under the immediate supervision of the Secretary,
continued the earnest effort to bring about the rehabilitation of those
branches of the import trade whose existence was being threatened.
by the irregular practices of certain importers, and the work in this
direction was gratifyingly successful.
OFFICE OF THE SUPERVISING ARCHITECT.

During the fiscal year ended June 30, 1912, there was inaugurated
in the Office of the Supervising Architect the standardization of design for the smaller public buildings as far as this is practicable with
the changing requirements of the different departments and especially of the Post Office Department. Although this practice was not



64

REPOET ON T H E FINANCES.

adopted until the middle of the fiscal year, the results accomplished
are decidedly promising, and it has been possible under this system
to bring up the output to 90 buildings per year, notwithstanding a
reduction in the force of draftsmen and a consequent reduction J n
office costs.
Each year shows a marked increase in the volume of business,
mainly due, to the fact that there is constant addition to the number
of completed buildings under the control of this department, requiring a corresponding increase in the force of inspectors, draftsmen,
and clerks to keep these buildings in satisfactory repair and preservation.
The following statements show the construction and financial operations of the department with reference to public buildings under
its control during the fiscal year ended June 30, 1912:
Buildings completed and occupied a t close of preceding flscal year, including 50 m a r i n e hospitals a n d q u a r a n t i n e stations
.
_.
Buildings completed since
,.

702
77

In course of erection, including Galveston, Tex., quarantine station
Not under contract
:

779
135
263

Total

-

.

1,177

In addition to the new buildings above tabulated, 13 extensions
have been completed and 2 extensions placed ujider contract. There
were in all, in the Office of the Supervising Architect, at the commencement of the fiscal year 1913, 296 projects, of which 263 were
for new buildings and 33 for extensions.
At the present rate of 90 buildings per year, it will take three years
and three months to place the 296 projected structures on the market.
At the beginning of the present fiscal year there were 164 sites
authorized to be purchased or vested in the Government, for which
no buildings have been provided.
STATEMENTS

OF

APPROPRIATIONS

FOR

PUBLIC

J U N E 30,

BUILDINGS,

JULY

1,

1911,

TO

1912.

EXPENDITURES DURING T H E FISCAL YEAR.

For
For
For
For
For
For
For
For
For
For

s t a t u t o r y salary roU
general inspector of supplies
sites and additional land
construction of new buildings
extensions to buildings
special repairs to buildings
rent of buildings
^
.
repairs a n d . preservation
mechanical equipment
vaults, safes, and locks




.,

^

-

^

$95, 619. 95
.
4, 375.10
3, 269, 082.17
10,708,646.54
2,035,292.49
102,961.30
.
87,666.65
• 603,941.59
.
494,665.48
93, 879. 31

^ SECRETARY OF THE TREASURY.
For
For
For
For
For
For

fuel, lights, and water
electrical protection to vaults
general expenses
furniture and repairs of same
pay of assistant custodians and janitors
lands and other property

«

Total
O N JUNE 30, 1 9 1 2 .

of statutory salary roll
of general inspector of supplies
of .sites and additional land
of construction of new buildings
of extensions to buildings
of special repairs to buildings

Less authorized contract liabilities in excess of
amounts appropriated.
On
On
On
On
On
On
On
On
On
On

$1, 295, 207.47
24,490.00
840, 278. 61
878,195.67
2,125, 828. 06
82.46
22, 660, 212. 85

CONTRACT L I A B I L I T I E S E X I S T I N G

On account
On account
Oin account
On account
On account
On account

55

_
.

$4,066. 37
,—
493,989.00

$14,167. 841.17
1,439,186.41
4,088. 25
15,611,115.83
5,138, 512. 55
10, 472, 603. 28
12, 829'. 55
201,345.70
126,147.74
53, 784."51
312,534.87
5,482.57
57,716.65
294,059.83
86,444.80
4. 80

account of rent of buildings
account of repairs and preservation
account of mechanical equipment
account of vaults, safes, and locks
account of fuel, lights, and water
^—-L
account of electrical protection to vaults
account of general expenses
: >
account of furniture and repairs of same
account of pay of assistant custodians and janitors__
account of lands and other property
Total

-

12,121, 009. 67

statutory salary roll.
^
^
general Inspector of supplies
sites and additional land—
construction of new buildings
:.
extensions to buildings,
special repairs to buildings
rent of buildings
repairs and.preservation
1__
mechanical equipment
vaults, safes, and locks
^__
fuel, lights, and water
^
electrical protection to vaults
^:
general expenses
furniture and repairs of same
.
pay of assistant custodians and janitors
lands and other property—
•.

$8,797.79
706. 39
2, 612,035. 90
5, 443,349. 45
2,0.31,395.79
1,978. 86
48,729. 61
29,918.31
29, 787. 71
6,121.72
131,367.78
12, 337. 68
7,179.18
52,374. 04
29S, 477.13
463.17

B A L A N C E S A V A I L A B L E JULY 1, 1912.

For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For

Total




10,715,020. 51

56

.

REPORT ON T H E FINANCES.
PUBLIC HEALTH SERVICE.

The Surgeon General reports the operations of the service through
the seven administrative divisions of the bureau as. follows:
Division of Scientific Research.
Investigations of matters pertaining to the public health have been
conducted in increasing number in the several laboratories and in the
field. The most important field investigations related to the origin
and prevalence of typhoid fever and its control, and were made at
Little Eock and Fort Smith, Ark., Texarkana, Ark.-Tex., Washington^ D. C , Oskaloosa, Iowa, Lincoln, Nebr., Charlestown, W. Va.,
North Yakima, Wash., and rural districts of Virginia. In addition,
sanitary surveys were made in respect to sewage polluti(3n of interstate and international waters, with special reference to the spread
of typhoid fever, as follows: Lake Superior and St. Marys Eiver,
Lake Michigan and the Straits of Mackinac, Lake Huron, St. Clair
River, Lake St. Clair and the Detroit Eiver, and Lake Ontario and
the St. Lawrence Eiver. A like survey of the Missouri Eiver was
also undertaken and is being continued.
Pellagra has been studied in Georgia, Kentucky, and South Carolina, and cases were admitted into the United States marine hospital
at Savannah for the purpose. These studies included clinical and
laboratory experiments, epidemiologic observations, and collection of
statistics regarding the prevalence and geographic .distribution of
the disease. The results indicate that pellagTa is increasing, a total
of 27,700 reports of cases having been collected for the five years
1907-1911, and the case mortality based on exact figures from eight
States being 38.83 per cent.
Investigations of Eocky Mountain spotted (tick) fever were continued in Montana, and consisted of laboratory studies and experiments in eradication in a territory of 8 square miles. The latter experiments included .extermination of ticks which carry the disease
and the destruction of wild animals which harbor them. As a result,
the only case that occurred in the area selected was that of the officer
conducting the work, Passed Asst. Surg. Thomas B. McClintic, who
contracted the infection in his laboratory and died of the disease. ^
A preliminary survey was made in Minnesota to determine the
prevalence of trachoma in certain communities, the danger of the
spread of the disease from the Indians to the white population, and^
the measures necessary for its controL Studies of the prevalence of
trachoma among the mountaineers of Kentucky were also begun.
Other field investigations were made of outbreaks of anterior
poliomyelitis (infantile paralysis) in Cincinnati, Ohio; "septic
sore t h r o a t " in Baltimore, Md.; cerebrospinal meningitis in Texas;
parasitic diseases in North Carolina; and malaria in Alabama.



SECRETARY OF THE TREASURY.

57

Hygienic Laboratory.
The studies of the origin and prevalence of typhoid fever in the
District of Columbia were completed and results published. Other
studies related to measles, typhus fever, and cholera. I n connection
with the prevention of the introduction of the latter disease, many
thousands of specimens were examined, and officers were sent to different localities to investigate cases and use anticholera serum for
diagnostic purposes.
A notable achievement was the establishment of the hygienic
laboratory phenol coefficient for use in testing the strength of disinfectants. By its use 54 commercial disinfectants were examined and
reported on, and the standard was adopted by the Conference of State
Health Authorities with the United States Public Health Service.
^ Other experimental work in the laboratory related to the toxicity
of disinfectants, the influence of diet on certain poisons, the absorption and excretion of thymol by the body, the treatment of hookworm
disease, and the utility of funnel gases in the fumigation of ships to
kill rodents.
Digests of comments on the Pharmacopoeia and the National Formulary for the calendar years 1909-1911 were made and published,
and analyses were made and published of the laws of the several
States and Territories relating to ophthalmia neonatorum, vaccination, sale of habit-forming drugs, and organization, powers, and
duties of health authorities.
Antirabic treatment was administered to 84 persons in the laboratory, and 1,106 treatments were sent to State health authorities for
their /Use. In order to study the influence of raw and pasteurized
inilk on infant morbidity, an infant's milk depot was opened at the
laboratory and studies of the subject begun.
Seven Hygienic Laboratory bulletins and 10 Public Health Bulletins were issued during, the year.
I n connection with the administration of the act of July 1, 1902,
regulating the propagation and sale in interstate traffic of viruses,
serums, and toxins, 29 establishments were inspected. Twenty of
these were relicensed, and five new licenses issued. Tlie reissue of
4 licenses was under consideration at the end of the year.
The Tenth Annual Conference of State and Territorial Health
Officers with the United States Public Health Service was held in
Washington June 1, 1912. Two officers of the United States Public
Health Service represented the Government at the Sixth International Sanitary Conference of the American Eepublics held at Santiago, Chile, November 5-12, 1911.
Leprosy Investigation Station.^ Hawaii.
Investigations of leprosy have been continued, and relate to the
mode of transmission and treatment of the disease. I n addition,



58

REPORT ON T H E FINANCES.

studies have been made of plague, and the director has acted as .sanitary adviser to the Territorial authorities.
Dimsion of Foreign and Insular Quarantine and Immigration.
Quarantine activities have been especially marked during the summer months on account of the presence of bubonic plague at several
places in Porto Eico and Habana, Cuba. ° The existence of yellow
fever in several localities on or contiguous to the coast cities of
Mexico (bordering upon the Mexican Gulf) has necessitated the imposition of active quarantine measures against the introduction of
this disease into the United States.
Fortunately, the cholera situation has not constituted a serious
menace,, this disease being, so far as Italy is concerned, confined to
the southern part of Sardinia.
The department issued a special regulation which provided for the
use by vessels of rat guards on all lines or hawsers leading to wharves
or shore, and for all gangplanks to be raised at night unless men
were placed near by to destroy escaping rats. This regulation applied to all vessels lying in United States ports arriving from ports
in South America, the West Indies, Africa, Eussia, China, India,
and the Pacific islands. A vessel belonging to the department, the
steamer W. D. Bratton^ was thoroughly overhauled and equipped
wath a device for rat destruction, and this vessel is now at Philadelphia engaged in the work of eradicating rats from the vessels entering that port. The device referred to is known as the Harker apparatus, which utilizes the funnel gases for the destruction of rodents.
A large canvas hose is inserted into a porthole, and after the compartments to be fumigated are well closed to prevent the escape of
the gas it is pumped in by the Bratton. Experimental work has
shown that all rats in the fumigated compartments are killed in
approximately 20 minutes.^ An advantage of this method is that no
damage is done to delicate fabrics, paint work, or bright metal surfaces. A disadvantage is that the gas is odorless, and should any
person be Overlooked in the compartments being fumigated death
might result. For this reason careful supervision is necessary. Oil
of mustard is also injected with the gas to prevent this, as it is a
very irritating fluid, and, it is believed, will preclude the possibility
of such accidents.
At the 47 quarantine stations in the continental United States
7,908 vessels, carrying 530,452 passengers and crews, were inspected,
and 275 vessels were disinfected. National quarantine has been administered as usual in 8 ports in the Philippine Islands, 8 in Hawaii,
and 8 in Porto Eico. Officers have been stationed in the American
consulates of the principal ports of Italy and Mexican and Asiatic



SECRETARY OF THE TREASURY.

•ports to enforce the Treasury foreign quarantine regulations,
spection has been maintained as usual on the Mexican border.

59

In-

Medical inspection of immigrants.
During the fiscal year 1,143,234 aliens were inspected, and 27,021
were certified for rejection on account of physical and mental defects. Inspections were conducted at 83 stations in the United States,
Hawaii, and the Philij)pines. Service officers under the supervision
of commissioners of immigration have conducted the large immigrant
hospitals at Ellis Island, N. Y., and Angel Island, Cal. At Ellis
Island 7,356 patients were admitted to treatment.
Division of Domestic {Inte^'state) Quarantine.
The present outbreak of bubonic plague in California was discovered in 1907, and during that year the infection was also found
among ground squirrels in rural districts. As a result of the cooperation between the Public Health Service and State and municipal health authorities, the disease has been eradicated from cities
in that State. The infection still prevails, however, among ground
squirrels in rural districts.
The occurrence and continuance of plague among ground squirrels
in the rural districts of California is a distinct menace, not only to the
urban districts of California, but to other States in the Union;
While the disease can be controlled and eradicated from cities and
elsewhere, constant danger of reinfection from infected rural districts
exists. Commendable progress has been made in lessening the area
of infection in counties of California.
The expenditure for plague eradication in California has been
gradually reduced until at the present time it is costing about $11,250
per month. Of this sum $10,000 is being expended in the field work«
for the eradication of bubonic plague among the ground squirrels in
the counties of Contra Costa, Alameda, San Joaquin, Santa Clara,
San Benito, Santa Cruz, and Stanislaus, and in the prevention of the
reintroduction of plague into San Francisco. One thousand two
hundred and fifty dollars per month is being expended for the plague
laboratory in San Francisco.
I n San Francisco and cities around San Francisco Bay, work of
destroying rats was continued. More than 137,542 rats were collected, of which 94,571 received bacteriological examination, but
no plague infection was found among them. About 60,000 squirrels
were collected, of which 56,284 were examined bacteriologically. Of
these, 614 were found infected with plague.
During the last fiscal year there have been no cases of human or
rodent plague in San Francisco. I n view of the important relation



60

REPORT ON T H E FINANCES.

which the eradication of plague from California bears to the health
and commercial prosperity of that State, it is necessary that this
work be continued.
Antiplague operations in Seattle, Wash., have been continued as
in the past. All rats collected were delivered to the service representative stationed there, who made the bacteriological examinations.
During the fiscal year a total of 45,131 rats were examined, and 25
infected rats found. No human case of plague has been reported
from Seattle since October 30, 1907.
On June 17, 1912, the first intimation of plague in Porto Eico was
received. At the request of the acting governor of the island the
Surgeon General of the Public Health"^ Service detailed an officer for
the purpose of taking charge of a campaign for its eradication. U p
to the present time, September 30, 1912, there have been 57 cases,
with 32 deaths.
Eocky Mountain spotted (tick) fever has prevailed in Montana
and Idaho for at least several*decades. Cases of the disease have
from time to' time 0(?rcurred in other States until now it has been reported from practically all of the Eocky Mountain States, including
Arizona, California, Colorado, Idaho, Montana, Nevada, Oregon,
Washington, Utah, and Wyoming.
An amendment to article 3 of the interstate quarantine regulations
has been made relating to the transportation of lepers in interstate
traffic.
Division of Sanitary Reports ayod Statistics.
Current information regarding sanitary conditions and the occur-'
rence and progress of epidemics in foreign countries has been obtained through weekly reports received from- service officers and
American consuls stationed abroad. This information is necessary
in.the administration of the laws and regulations for the prevention
of the introduction of disease irito the United States. A knowledge of
the prevalence and geographic distribution of disease 'in the United
States has been secured through regular reports received from service
officers and State and municipal health authorities.
The information thus obtained of the occurrence of diseases dangerous to the public health in the United States and foreign countries
has been made available to quarantine officers, collectors of customs,
health officers, and other sanitarians through the medium of the
Public Health Eeports. The Public Health Eeports have been
issued weekly for this purpose in editions of 4,500.
Public health work, be it city. State, or national, must be based
upon a knowledge of the occurrence and prevalence of disease. Such
knowledge is obtained currently through the notification of cases of
sickness to the local health officer by practicing physicians. The
requiring of such notification has been considered ^to come within



SECRETARY OF THE TREASURY.

v

61

the police powers of the States, and there is considerable variation
therefore in the laws on the subject. As a primary step looking to
the improvement of these laws and the production of greater uniformity, and in tinie, possibly their standardization, a digest has been
published of the requirements of the several States relating to the
reporting of cases of sickness.
The sanitation of cities plays an iinportant part in' the protection
of the public health. Municipal laws and regulations on matters
pertaining to public hygiene have been currently published in the
Public Health Eeports. This makes available to each city health
officer the measures being promulgated in other cities and will be an
important factor in correlating municipal sanitation.
^ Division of Marine Hospitals and Relief.
I n the 23 marine hospitals owned by the Government arid the 123
additional stations for relief of seamen of the merchant marine,
there were treated during the year 51,078 patients, of which number
14,717 were treated in hospitals and 36,361. at dispensaries. At the
sanatorium for consumptives at Fort Stanton, N. Mex., 354 patients
were treated during the year.
Eelief stations of the service have been established at Ancon and
Cristobal, Canal Zone, and owing to the small amount of relief
applied for, the station at Dubuque, Iowa, has been discontinued.
Medical officers of the service detailed to vessels of the United
States Eevenue-Cutter Service cruising in Alaskan waters furnished
medical and surgical relief to many of the natives at the various
ports visited.
Physical examinations, exclusive of immigrants, Avere made of
10,264 persons connected with the Eevenue-Cutter, Life-Saving,
Steamboat-Inspection, Immigration, and Lighthouse Services, and
also to the Coast and Geodetic Survey and Philippines Service.
Division of Personnel and Accounts.
Commissioned and other officers.—The commissioned medical officers at the close of the fiscal year numbered as follows: The Surgeon
General, 6 assistant surgeons general, 36 surgeons, 71 passed assistant
surgeons, and 24 assistant surgeons. The acting assistant surgeons
numbered 227, making, all told, 365 iriedical officers. The total personnel of the service, including 46 pharmacists, 968 attendants, and
77 other employees, numbered 1,456.
Expenditures.—The appropriations for the ordinary maintenance
of the service were $1,255,100. The receipts from all sources, repayments for care of foreign seamen, etc., were $13,822.22. The expenditures were $1,226,811.88; estimated outstanding liabilities,
$6,254.66; leaving an estimated balance of $35,855,68,



62

REPORT ON T H E FINANCES.

The amount available of the appropriation for preventing the introduction and spread of epidemic diseases at the beginning of the
fiscal year was $415,689.11. The expenditures were $326,067.38, leaving a balance June 30, 1912, of $89,621.73, less estimated outstanding
liabilities of $32,927.50.
The appropriation for the maintenance of the Quarantine Service
was $400,000. The amount of repayments was $1,304.14. The ex-,
penditures were $393,002.14, which, deducting outstanding liabilities,
leaves an estimated balance of $5,626,37.
The amount available of the appropriation for national quarantine
and sanitation at the beginning of the fiscal year Avas $78,493.17;
the expenditures were $19,689.22, leaving a balance June 30, 1912,
of $58,803.95, less estimated outstanding liabilities, $530.
The appropriation for.the maintenance of the Leprosy Plospital,
Hawaii, was $33,000. The expenditures were $27,468.71, which, deducting outstanding liabilities, leaves a balance of $2,934.89.
Miscellaneous Division.
Publications.—Bureau publications to the number of 381,772 were
distributed. The demand for these publications is still increasing.
Life-Saving ^Service claims.—Four hundred and sixty claims for
benefits under the act of March 4, 1882, by keepers and surfmen of
the Life-Saving Service have been passed upon as to the medical
evidence submitted, and physical examinations of keepers and surfmen of the said service have been continued.
Recommendations.
The outbreak of plague in Havana and Porto Eico in June last
brings into new prominence the danger of the importation of the
disease into our Atlantic and Gulf ports, and emphasizes the necessity of increasing the fund for the prevention and suppression of
epidemic diseases. I t was necessary^ in order to safeguard the coast
against this danger, to enforce additional quarantine regulations
at all the ports of entry.
The Surgeon General calls attention to the need of additional
faciliti'es for the Hygienic Laboratory in Washington. New duties
imposed by the act of August 14, 1912, arid those which naturally
arise in the gradual development of better health conditions in this
country, require that the laboratory be enlarged by the erection of an
additional new building on the present site. The Public Health
Service is the chief agency of the Government in the investigation
of the diseases of man and for research work in connection with the
pollution of navigable streams and the safe disposal of municipal
sewage. Every facility should be granted for the study and investigation of these pressing sanitary problems,



SECRETARY OF T H E TREASURY.

63

In the performance of the functions for the protection of the public
health imposed upon the service from time to time by Congress, one
of the essential factors is necessarily a knowledge of the occurrence,
prevalence, and geographic distribution, of disease throughout the
United States. I t is apparent that to eradicate disease or to prevent
its spread there must first be information as to where the disease is
present. Provision should be made whereby the Public Health Service can be kept currently informed regarding the prevalence of disease
throughout the country.
Because of the growing demand for publications of the service
there is need for an appropriation that will permit of larger editions
of various bulletins, particularly those of a less technical nature.
The distribution of = such publications is one of the most effective
means for the betterment of sanitary and health conditions.
With one exception, no additional clerical assistance has been
granted the bureau of the Public Health Service in the past 11 years.
Within that time many duties have, been imposed upon the service,
and the law of August 14, 1912, providing for increased functions
renders an increase in the clerical force imperative.
The need of additional medical officers to fully man the stations of
the service and to carry on the scientific investigations authorized by
law has long been felt, and should now be met. State and municipal
boards of health look to the Federal health agency to dispatch officers
in connection with outbreaks of epidemic diseases, and to advise and
assist in the problems of sanitation by which they are constantly
confronted. For this work specially trained men are necessary, and
this is particularly true in the investigation of contagious or infectious diseases and the pollution of navigable waters. The development of the service as contemplated in the act approved August 14,
1912, which greatly enlarged its scope and duties, should include the
increase of the commissioned corps of medical officers, and should
provide for the employment of a sanitary engineer and assistants.
.

LIFE-SAVING SERVICE.

I t is gratifying to be able to preface the matter presented under
the above heading with the statement that the loss of life from marine
casualties during the year within the scope of the Life-Saving Service
was much less than ever before in proportion to the number of
vessels and persons involved. Only 16 lives were lost, although the
number of disasters reported and the number of persons imperiled
were much larger than have been presented in any preceding annual
review of the operations of the Life-Saving Establishment since its
general extension to the sea and lake coasts.
I t appears that in two former years—namely, in 1880 and 1885—
the number of lives lost was smaller. The number of -disasters




64

REPORT ON T H E FINANCES.

reported for the earlier year Avas only about one-sixth, however, and
for the last-mentioned year something more than one-fifth, of the
number reported for 1912^ while the disproportion between the number
of persons involved in 1880 and 1885, respectively, and the number
imperiled during the past year is almost equally striking. The difference between the figures for 1912 and the similar figures of that
year's nearest two competitors, as referred to in the foregoing connection, may be seen at a glance by reference to the following table:

Years.

1880
1885
1912

:

Persons
Disasters. involved.

'

300
371
1,730

1,989
2,439
7,193

Lives
lost.

9
11
16

Ratio of
lives lost
to number
of disasters.
I i n 33
" I i n 34
1 in 107

Ratio of
lives lost
to number
of persons
involved.
1 in 221
1 in 222
1 in 450

Aside from the exceptionally small number of persons included
in the last annual list of fatalities, the year's death roll is'remarkable in another particular. Not a single one of the 16 persons who
perished, as above stated, was lost from a seagoing vessel. Of the 8
vessels that figured in the casualties in which life was lost, only one
was documented. This vessel—an 8-ton launch, barely Avithin the
documented classificiation—was wrecked January 20, 1912, in the
breakers at the mouth of Coos Bay, Oreg., with the loss of her entire
crew of 6 persons. Such a record becomes the more significant when
it is remembered that the 284 service stations are located at points
on the coast of greatest danger to navigation.
A comparison of the year's summary of operations with similar
data appearing in the report for 1911 is not without interest. AVliile
the number of persons aboard vessels meeting disaster during the
year was approximately 20 per cent less than the number so situated
during 1911, the number of lives lost during 1912 was nearly 60
per cent less than the number so reported during the preceding year.
Moreover, within the last year the number of vessels involved in
casualty was actually 18 per cent greater than the number endangered during 1911.
As regards the value of property—vessels and cargoes—endangered, the statistics for the two years are not so wide .apart, the
figures in this connection for 1912. exceeding by only 11 per cent those
shown for 1911. The percentage of property loss for each of the
two years is practically identical, being approximately 16 per cent.
Statement of operations.
A total of 1,730 vessels were reported as involved in casualty
during the year within the limits of service operations. Of this




65

SECRETARY OF THE TREASURY.

number, 455 belonged to the documented class and 1,275 were undocumented, the latter class comprising launches, sailboats, rowboats,
etc. The vessels of the class first mentioned had on board a total
of 3,731 persons, 6 of whom were lost, and were valued, with their
cargoes, at $11,896,205. The undocumented vessels carried 3,402 persons, 10 of whom perished, and were valued, with their cargoes, at
$1,352,100. The total value of vessels and cargoes, both classes combined, was $13,248,305, of which amount $2,093,135 represents the
estimated value of the property lost. A summary of the record for
the year, including the foregoing figures and other important data
relating to the year's work, is presented in the following table:
Documented
vessels.
Vessels involved
Vessels totally lost
Persons on board
Lives lost
.'
:
Persons succored at stations
Davs' succor afforded
Value of vessels
Value of cargoes
Total value of property involved
Value of property saved
Value of property lost

Undocumented

455
46
3,731
6
280
612
$9,396,480
$2,499,725
$11,896,205
$9,860,995
$2,035,210

Total.
1,730
59
7,193
16
, 444
814
$10,710,900
$2,537,405
$13,248,305
$11,155,170
$2,093,135

1,275
13
3,462
10
164
202
$1,314,420
$37,680
$1,352,100
$1,294,175
$57,925

Sources of assistance to vessels.
As many as 1,382, or approximately 80 per cent, of the 1,730 vessels
included in the above statement, valued, with their cargoes, at $4,097,995, and carrying 4,366 persons, received aid only from the crews
of the service stations; 289, valued, with their cargoes, at $6,950,425,
and having on board 2,265 persons, were assisted by the station crews
working in conjunction with revenue cutters, wrecking vessels, etc.;
30 vessels, valued, with their cargoes, at $1,901,330, and carrying 356
persons, were assisted only by private agencies; and 29, valued, with
their cargoes, at $298,'S55, and having on board 206 persons, were
either able to take care of themselves or suffered destruction before
help from any source could reach them.
In addition to the assistance afforded by the life-saving corps as
set forth in the preceding paragraph, aid of more or less importance,
such as pointing out channels, eiriergency piloting, transmitting and
delivering messages between vessels and the shore, etc., was extended
during the year to 115 documented and 229 undocumented vessels.
Surfmen on duty in the station towers and on the beaches gave warning signals, also, to 238 vessels standing into danger. Of the vessels
so warned, 165 were steamers. On 216 occasions these signals were
given at night. The names of the vessels receiving such warnings,
and the number of persons carried by them, are not usually known,
and the value of the property and the number of lives saved thereby
64926°—.FI 1912



5

.

.

"

66

REPORT ON T H E FINANCES.

can not, therefore, be given. I t may be safely stated, however, that a
very large amount of property arid many lives are thus preserved
each year.
The cost of the maintenance of the service during the year was
$2,346,881.02.
Miscellaneous services of crews.
While the services mentioned in this paragraph have no relation
to the rescue and salvage work which the law requires of the lifesaving crews in connection with casualties to vessels, they are nevertheless of sufficient importance to be made the subject of special reference. The people living in the neighborhood of the life-saving
stations have fallen into the habit of turning to the keepers and surfmen for assistance when overtaken by misfortune or threatened by
danger. Indeed, they have grown generally to expect the life-savers
to come at their beck and call on any and all occasions of trouble.
To such appeals the crews cheerfully respond when practicable, although they are thereby sometimes subjected to personal pecuniary
loss and even to injury or risk of life. As showing the diversified
character of these services may be mentioned the rescue during the
year of 101 persons—bathers, swimmers, and others—from drowning;
the giving of medical and surgical first aid to 87 sick and injured
persons; providing shelter and subsistence for 202 persons detained
on the beaches by storms and tides; the recovery of the bodies of
140 persons who were drowned or Avho met death in other ways; the
recovery of numerous objects of value, such as fish nets, lumber, domestic animals, boats, wagons, buggies, automobiles, money, jewelry,
etc., from the sea, from bogs, mire^ and quicksands, and from thieves;
and effective assistance afforded at neighbQrhood fires, of which there
were 56 instances.
Power boats for rescue work.

,

As has been observed in former reports, the remarkable growth in
the work of the service and the admirable results achieved by the
life-saving corps in recent years are largely due to the employment
of power boats at the stations, which has made it possible to travel
longer distances and to pay less regard to weather conditions than
formerly in responding to calls from distressed vessels. Of the
3,678 persons conveyed ashore or to other places of safety from
vessels meeting disaster during the year within the field of the
service, 2,669,. or 73 per cent, were transported by the service power
craft alone.
There were built and put in commission at the stations within the
year twelve 36-foot self-righting and self-bailing power lifeboats




SECRETARY OF THE TREASURY.

67

and 14 Beebe-McLellan self-bailing power surf boats, making the total
number of power lifeboats and surfboats in use at the year's close
109, namely: Of the lifeboats, 28 of the 36-foot length and 42 of the
34-foot length; and of the surfboats, 39.
Motor-boat accidents.
^ Eeference was made in the last report to the steadily increasing
number of motor boats to be found of late years in the tabulations
of casualties reported by the life-saving crews. Accidents to craft of
this type have come to furnish a very considerable share of the
work performed by the corps. The number of such boats to suffer
casualty last year was 982, or 57 per cent of the entire number of
vessels reported from the stations. Of these, 165 were documented
and 817 undocumented. They carried a total of 3,221 persons, or 45
per cent of the number of persoris involved in casualties during the
year, and were valued, with their cargoes, at $1,525^887. Ten of the
16 persons lost during the. year perished in accidents to these boats.
Establishment^ rebuilding^ and improvement of stations.
One new life-saving station was completed and put in commission
during the year, namely, at Green Hill, E. I., making the total number of stations within the Life-Saving Establishment at the year's
close 284. These are distributed as follows: Two hundred and three
on the Atlantic and Gulf coasts, 62 on the coasts of the Great Lakes,
and 19 on. the Pacific coast. The new station referred to last year as
nearing completion at Eagle Harbor, Mich., has been completed since
the year closed.
• The Quogue, Smiths Point, and l i a n a stations, on the coast of Long
Island, were rebuilt during the year to replace decayed and antiquated
buildings. Contract was also entered into during the year for rebuilding the Blue Point, Moriches, and Eockaway stations, on the
same coast, to replace structures no longer suited to the needs of
the service.
Work on the station at Michigan City, Ind., referred to last year
as under extensive improvement, was completed within the year, and
extensive repairs to the station at Kewaunee, Wis., begun within the
year, were also completed.
Important improvements were begun during the year to other stations as follows: A t Cuttyhunk, Mass., Brenton Point, E. I., and
Point Bonita, CaL, a new boathouse and launchway; at Cobb Island,
Va., and Eacine, Wis., repair of old boathouse and launchway; and
at Yaquina Bay, Oreg., a new boathouse and boat hoist. This work
has all been completed except that at Cobb Island.



68

REPORT ON THE FINANCES.

, Service crews honored by a foreign government.
Members of the Creeds Hill and Cape Hatteras (N. C.) life-saving
crews were honored during the year by the German Government for
services performed in rescuing, under circumstances of great difficulty
and danger, the crew of the German steamer Brewster.^ wrecked November 28, 1909, on the Diamond Shoals, coast of North Qarolina.
The recognition mentioned consisted of watches and money. The
watches, which bore the Imperial eagle, were bestowed upon the two
men—Keeper Eugene H. Peel, of the Creeds Hill station, and Acting
Keeper Baxter B. Miller, of the Cape Hatteras station—who directed"
^ the work of rescue. The money award, amounting to $135, was
divided equally among the nine surfmen who composed the rescuing
boats' crews.
For the same service the life savers, so honored, were awarded
medals by the departmerit. A brief account of their work in this
connection appears in the annual report of the general superin. tendent of the service under "Awards of life-savings medals."
REVENUE-CUTTEH SERVICE.

The folloAving is a summary of the results of the operations of the
Eevenue-Cutter Service during the fiscal year 1912:
Lives saved (actually rescued) from drowning
106
Persons on board vessels assisted
:
2,212
Persons in distress taken on board and cared for
1
275
Vessels boarded and papers examined
.
24, 918
Vessels seized or reported for Aaolation of law
1, 208
; Fines and penalties incurred by vessels reported
$224, 210.00
Number of regattas and marine parades patrolled in accordance
with law
^
31
- Number of vessels to which assistance was rendered
260
Derelicts and obstructions to navigation removed or destroyed—
45
Value of vessels assisted (including cargoes)
.
$10,545,573.00
Value of derelicts recovered and delivered to owners
$166,175.00
Appropriation for 1912, including appropriation for repairs
$2,463,000. 00
Net expenditure for maintenance of the service, including
repairs
$2,458, 246. 56
Estimated unexpended balance
$4,753.44

Thus, for every dollar which the Government invested in the maintenance of the Eevenue-Cutter Service there has been a return of
$4.36 in the form of property saved from the perils of the sea, and
this in addition to lives saved and other beneficial acts in the interests
of mankind. To accomplish this work there have been 25 cruising
cutters and 18 harbor vessels and launches actively employed during ^
the year.
Aside from a certain amount of routine work, the major duties of
the Eevenue-Cutter Service are of an emergent character, requiring



SECRETARY OF THE TREASURY.

69
s

its equipment and personnel to be kept at the highest state of efficiency n n order to respond to sudden calls. The climatic conditions
each year are such as to cause disaster and accident to some of the
great fleet of merchant craft owned in the United States, but occasionally there come periods of unusually severe weather conditions
when the resources of the Eevenue-Cutter Service are taxed to their
utmost to respond to the numerous calls for aid.
The fiscal year 1912, just ended, was probably one of the most
trying periods to shipping of any year during the past quarter of a
century. Frequent gales swept the Atlantic and Gulf coasts, while
during the winter m'onths the unusually low temperatures caused
great danger to shipping and actual suffering to the crcAvs on account
of the ice conditions, even as far south as Chesapeake Bay. These
conditions resulted in almost constant calls for the assistance of revenue cutters. None were unheeded. I n consequence the beneficial
work of the service in all its activities during the past fiscal year has
exceeded that of previous years.
I t would be difficult to name the cutters which accomplished the
best work during the winter cruising season along the North Atlantic
coast. Each on her own particular cruising station was kept constantly on the qui VIA^C in responding to calls for assistance. Each
performed her duties in an admirable manner. The officers and men
of the winter cruising fleet all deserve great praise for the manner
in which they performed laborious and ofttimes hazardous tasks during that protracted period of storm and stress.
Nearly all of the work of the service is of interest because of its
emergent nature, but during the past year several conspicuous instances are deserving of more than passing notice. Such were the
operations of the Tamacraw and Seminole during and after the hurricane which swept over the South Atlantic coast the latter part.of
August, 1911. ElcA'cn vessels which broke adrift from their moorings or became disabled during the hurricane were rescued by these
two ships. During the height of the gale the Yamacraw proceeded
to sea over the bar at the mouth of the Savannah Eiver Avhen, owing
to the fact that buoys and aids to navigation had been swept away,
other vessels would not make the attempt. She rescued the crew
and passengers of the steamship Lexington and rendered material
aid to a number of other disabled craft under trying conditions.
Subsequent to the storm this vessel succeeded in towing into port
or destroying a number of derelicts left in the path of the hurricane.
On December 28 and 29 the Onondaga rescued the torpedo boat
Warrington with her crew of 83 men, which,, as a result of a collision
and subsequent gale, was in a sinking condition off Cape Hatteras.
Seventy members of the crew of the Warrington were taken on board
the Onondaga in the latter's lifeboats in a high sea under most difficult conditions. The Warrington was then towed to Norfolk.



70

EEPORT ON T H E FINANCES.

From June 6 to 8, 1912, a volcanic eruption of Mount Katmai
occurred in Alaska, which covered the country in that vicinity with
smoke and ashes. The Manning was in the harbor of Kodiak, the
largest settlement in that portion of the Territory, taking on coal and
water. The inhabitants of the surrounding country were terror
stricken and in imminent danger of death from suffocation. Capt.
K. W. Perry of the Manning took charge of Kodiak and the surrounding Adllages, gathered all the inhabitants on board his vessel for
protection, and by his untiring efforts succeeded in bringing them all
safely through the catastrophe with the exception of one aged woman,
who succumbed. Other vessels of the Bering Sea fleet were at once
rushed to the scene, order was restored out of chaos, and with the
generous aid of Congress, which appropriated $30,000 to cover the
unusual expense, the people haA^e regained confidence and the devastated country has gradually resumed its normal condition. The
emergency was met in such a satisfactory manner that the President
has seen fit to express officially his admiration for the work of those
officers and men of the fieet whose efforts gave safety to the stricken
people and restored order.
The patrol of the Bering Sea was successfully maintained by the
Tahoma^ McCuTLoch.^ Rush., and Manning. No violations of the sealing treaty were discovered, although a number of vessels were warned
or placed under surveillance. Th^Bear made the usual cruise through
the Bering Sea and Arctic Ocean for the purpose of protecting Government interests in distant parts of Alaska. The duty of conveying the United States district court and its attaches to remote places
in Alaska in order to administer the law was performed by the
Thetis. During the winter, in addition to her regular duties in the
Hawaiian group, this vessel made several cruises to the Laysan and
Lysiansky Islands in the interests of the Department of Agriculture.
The Algonquin., in addition to her regular duties in the waters of
Porto Eico, made an extensive cruise in West Indian waters in the
interest of the State Department.
Laws governing the anchorage and movements of vessels in the
harbors of New York and Chicago, and in the Kennebec Eiver, Me.,
and the St. Marys EiA^er, Mich., haA^e been strictly enforced. I n view
of the undoubted benefits to shipping that have accrued from the
enforcement of the anchorage laws in these ports, it is urged that
steps be taken for the enactment of similar laws to govern the anchorage of vessels in all the large seaports.
I n enforcing the naAdgation and motor-boat laws, 24,918 craft were
boarded and examined, of which number 1,208 were reported for
violation of law, involving fines to the amount of $224,210. To
enforce the law to provide for the safety of life on navigable waters,
31 regattas and marine parades were patrolled during the year.




SECRETARY OF THE TREASURY.

'

71

The summary of the relief work performed during the year shows
that assistance was rendered to 260 vessels, 87 more than in 1911,
and nearly double the average number for a number of years previous.
One hundred and six lives were saved, as compared with 55 the previous year. Forty-five derelicts and other obstructions to navigation
were removed, being 24 more than the year previous. The total value
of the property, saved amounts to $10,711,748, as compared with^
$9,488,562 for the year 1911. The total cost of the service for the
past fiscal year was $2,458,246.56.
The service, from the standpoint alone of duties performed for the
amount invested, has more than doubled its efficiency during the past
10 yea;.rs, yet notwithstanding this fact the annual appropriation for
its maintenance was reduced by Congress $100,000 in 1911. F o r the
current fiscal year.of 1913, the appropriation has been-still further
reduced $28,000 below the amounts appropriated for 1911 and 1912,
respectively. By the most rigid economies in all expenditures and
by postponing the purchase of necessary new equipment the reduction of $100,000 has been sustained during the past two years. This
further reduction of $28,000, which was made notwithstanding the
constantly increasing cost of rations, fuel, and supplies, and the ever
increasing demands upon the service, due to expanding commerce
on the seas, must in all probability result in a deficit if the service
is to continue to be as, efficiently maintained during the current year.
If the appropriation for the current fiscal year is not supplemented
by a deficiency appropriation, and the appropriation for the next
fiscal year is not increased, the activities of the service must of necessity be curtailed and its value to the country materially reduced in
consequence.
Radiotelegraphy.
The importance of radiotelegraphy to an emergency service needs
no exposition. Advancement in this art is so rapid as to require frequent improvement in plant to keep the equipment of our ships
abreast the times. The necessity for the most modem apparatus
and methods has been forcibly impressed oji the world by the recent
great disaster on the sea, and it is imperative that the old sending and
receiving mechanism on all sea-going revenue cutters be replaced
with the most up-to-date apparatus obtainable, and that a constant
radio watch be maintained. The laws make it obligatory for vessels
of the merchant service to,be so equipped and operated. Eevenue
cutters maintained for the purpose of assisting those vessels should
be, at least, equally as well equipped. A constant radio watch necessitates three operators on each cutter. At present the appropriation
for the service permits of but two on each vessel. The expense of
providing new radio equipment and additional operators has been
included in the estimates submitted for the fiscal year 1914.



72

REPOBT ON T H E FINANCES.

New vessels and repairs.
Two new vessels, the Unalga and Miami^h2i:ve been completed and
equipped. The Unalga will be stationed on the coast of southeastern
Alaska and the Miami will be assigned to duty on the coast of
Florida. In accordance with the provisions of the act authorizing
the construction of these new vessels, the old cutters Rush and For^ ward are withdrawn from active service.
Following the, building program recommended by the Secretary of
the Treasury in his last annual report, a bill was introduced during
the last session of Congress for the construction of four new cutters,
and the House Committee on Interstate and Foreign Commerce reported upon it favorably the latter part of the session. It is earnestly
hoped that these four vessels will be authorized^ for, as has been repeatedly pointed out, there is most urgent need of them, three to
replace the Woodbury, Manhattan, and Winona, all old and unserviceable, and one to replace the Perry, lost in the Bering Sea during the
summer of 1910.
During the year, in addition to the current repairs on all vessels
of the fleet, major repairs have been made to the Bear, Seminole,
McOullgch, and Hudson, and a contract made for reboilering the
Calumet. Six of the vessels of the first class, built prior to 1900,
will soon need reboilering and extensive repairs to hull and machinery at an estimated cost of $50,000 each. It is proposed to make
these extensive repairs to as many of these vessels each year as the
limited appropriation for this purpose will permit. To this end
the Manning will, during the current .fiscal year, be given this overhauling, and, if possible, the repairs to one other vessel will be commenced.
Although revenue cutters are kept constantly in commission, the
repair bills are very small. The total annual appropriation for
repairs of all kinds is less than 5 per cent of the appraised value of
the ships. Considering the age of the majority of the vessels and the
severe usage to which they are necessarily subjected, it is believed
that no similar fleet of vessels has so small an amount spent upon
them for repair.
Administrative measures.
Superintendent of construction and repair.—The office of superintendent of construction and repair has been transferred from
Baltimore, Md., and included in the Division of Eevenue-Cutter
Service at Washington. This has enabled the captain commandant
to exercise closer supervision over it. The correspondence heretofore
necessary betAveen the department and the Baltimore office has been
eliminated, and, as a result, the important work of construction and
repair of vessels has been materially simplified and expedited.




SECRETARY OF THE TREASURY.

73

In transferring the Baltimore office and combining it with the
Division of Eevenue-Cutter Service at Washington, the force employed in the Baltimore office was eliminated, and the endeavor has
been made to accomplish the work of both offices with the clerical
force heretofore authorized for the Division of Eevenue-Cutter
Service alone. It has been found, however, that the force allowed
is not sufficient to perform the technical work connected with construction and repair in addition to the regular clerical work of the
division, and certain of the work of the office has fallen in arrears
in consequence. A recommendation covering this need of the office
has been made in submitting the estimates for the legislative bill
for 1914.
Divisions.—During the year the policy of organizing the vessels of
the service in divisions, with a senior officer in command, has been
adopted. * The vessels on the Pacific coast have been grouped in two
divisions with headquarters at San Francisco and Port Townsend.
A third division has been established at New York which includes
all vessels in that vicinity. Arrangements have been completed for
the organization of a fourth division with headquarters at Boston,
which will include the vessels on the New England coast. The plan
has worked well and added materially to the efficiency of the service.
The division commander has control over the vessels of his division,
and is held responsible for the activity and efficiency of his division.
Being in close daily touch with the principal maritime exchanges
in his district, and knowing the daily movements and condition of
his vessels, he is able to handle promptly all cases of needed assistance
to shipping. Much of the official business of the several vessels is
done through him, thus avoiding delay, as the authority and duty of
the division commander enables him to act in many matters which
formerly required correspondence between the individual vessel and
t'he departmerit.
Revenue-cutter depot at South Baltimore, Md.—The force at the
depot utilized in repairing and overhauling vessels, constructing
boats and standard equipment, and purchasing and distributing supplies to vessels on the eastern coast has been reorganized and the
work systematized. This has brought the gratifying result.that the
expense for operation, maintenance, and upkeep has been greatly
reduced and the efficiency of this repair and supply depot materially
increased.
^
The revenue cutter Itasca has been withdrawn from the school of
instruction at New London, Conn., and is now utilized as a relief
vessel for such portions of the year as sheds not actually needed for
the annual cruise for the practical instruction of cadets. By this
arrangement the cruising cutters on the Atlantic coast can be over-




74

REPORT ON THE FINANCES.

hauled and repaired in turn without suspending the patrol on their
particular cruising stations.
Armament and drills.
The first and second class revenue cutters are armed with 6-pounder
rapid-fire guns, but the appropriations for the maintenance of the
service have not been sufficient to permit the purchase of new ordnance to keep pace with modern improvement. Through the
courtesy of the Navy Department, however, this old armament is
being replaced by new and modern ordnance of similar caliber.
This change has already been effected on a majority of the cutters,
and the remaining vessels will be similarly equipped during the current year. The small-arm equipment of all the vessels has been
modernized. The system of gun drills and target practice as perfected by the Navy Department is being instituted in the EevenueCutter Service so far as applicable to the small batteries carried by
the latter. This enables, the personnel to perfect itself in those military duties which are necessary to prepare the service to cooperate
with the Navy during war, as the law requires.
Appointment of cadets.
The sundry civil bill for 1913 contains the following provision:
No additional appointments as cadets or cadet engineers shall be made in
the Revenue-Cutter Service unless hereafter authorized by Congress.

From July 1, 1911, up to the present time the following vacancies
in the active list have occurred: Five resignations, 3 deaths, and 6 retirements. During the remainder of the present fiscal year there
will be one retirement for age. This makes a total of 15 vacancies
in the commissioned personnel to be filled during the current fiscal
year, over half of which have been caused by death or resignation.
There are at present 18 cadets undergoing instruction at the school
of instruction at New London, Conn. Of these, 13 will fill vacancies
which existed prior to July 1, 1911, so that there are at present but 5
cadets available to fill the vacancies which have occurred since July
1, 1911. There remain 10 vacancies that can not be filled because
of the foregoing provision of law. If the inhibition of the further
appointment of cadets continues, the efficiency of the service must
suffer because of an insufficient number of officers to perform the
duties required. The total number of officers authorized by law is
242, and in such a small number the existence of 10 vacancies which
can not be filled under, the law, with CA^ery prospect of additional
vacancies from death and resignation, is a serious condition, and it is
earnestly recommended that the matter be presented to Congress^
for relief.




75

SECRETARY OF THE TREASURY.
DIVISION OF LOANS AND C U R R E N C Y .

The change in the amount of the interest-bearing debt during the
fiscal year ended June 30, 1912, is shown in the following statement:
Amount outstanding June 30, 1911Three per cent Panama Canal bonds issued after July 1, 1911
Postal savings bonds, first series, dated July 1,1911
Postal savings bonds, second series, dated January 1, 1912
Amount outstanding June 30, 1912

$915,353,190
47, 964, 300
• 41,900
.417, .380
963, 776, 770

The 3 per cent Panama Canal bonds taken in connection with the
$2,035,700 of such bonds which were issued in June, 1911, constitute
the $50,000,000 Panama Canal bonds sold under the circular of May
16,1911.
The changes in the amounts of the several kinds of money in the
United States, outside the Treasury, between November 1, 1911, and
November 1, 1912, are shown in the table following:
Cofuparative stateinent showing the changes in circulation.
In circulation In circulation Decrease. Increase.
Nov. 1,1911. Nov. 1.1912.

Classes.
Gold coin
Standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates
Treasury notes, act of luly 14,1890
United States notes
National-bank notes

$594,417,161
74,210,300
142,646,570
916,961,999
475,690,414
3,128,132
341,912,915
705,998,960

$610,614,208
73,599,090
151,580,472
943,5^429
481,749,136
2,825,887
342,543,914
721,648,264

3,254,966,451

Total

'

3,328,106,400

Net increase

$611,210

302,245

913,455

$16,197,047.
8,933,902
26,583,430
6,058,722
630,999
15,649,304
74,053,404
73,139,949

DIVISION OF P U B L I C

MONEYS.

The monetary operations of the Government have been conducted
through the Treasurer of the United States, nine subtreasury offices,
the treasury of the Philippine Islands, the American Colonial Bank
of Porto Eico, and 1,370 national-bank depositaries.
The amount of public moneys held by the bank depositaries on
June 30, 1912, including funds to the credit of the Treasurer's general account and United States disbursing officers, was $48,506,185.77,
an increase since June 30, 1911, of $858,52L17. On June 30, 1912,
there Avere 426 regular depositaries and 931 temporary depositaries;
7 were designated during the fiscal year and 13 discontinued. On
T^ovember 1, 1912, the number of depositaries was 1,364 and the
amount ofpublic moneys held by them was $46,844,255.59.
DIVISION OF B O O K K E E P I N G A N D WARRANTS.

The fiscal transactions of the year ended June 30, 1912, recorded
in this division shoAV results as follows:
The books of this division have carried open appropriation accounts during the year to the number of 6,600, which have been



76

REPORT ON T H E

FINANCES.

charged and credited Avith all warrant entries affecting the disbursements.
During the year approximately 8,000 active accounts of collecting
and disbursing officers Avere carried in the current personal ledgers
of the division, recording their transactions as to deposits of the
public moneys and under disbursement advances.
A total of 105,544 receipt and pay warrants, aggregating $3,691,861-,739.05, was issued during the year. Of this number, 25,290 were
for the receipt* of moneys into the Treasury and 80,254 for disbursements from the Treasury.
Of the above sum^ warrants representing $2,127,826,862.87 were
issued mainly for adjustment of naval appropriations under " General account of advances " and for public-debt issues and redemptions not affecting the general fund of the Treasury, the moneys involved being held for the redemption of certificates and notes for
which the funds are respectively pledged; and warrants in the amount
of $1,464,034,876.18, representing receipts of $745,505,214.52 and disbursements of $718,529,661.66, Avere credited and charged, respectively, to the general fund of the Treasury. The following table exhibits the total of the receipts and disbursements for the year for the general fund, details of which are shown
elsewhere in the statements and reports of the Secretary of the
Treasury:
Receipts.

Ordinary
"-.
Panama Canal r.
Publicdebt

Excess of reDisbursements. ceipts (-J-) or
of disbursements (—).

691,778,465.37
33,189,104.15
20,537,645.00

+37,224,501.90
- 2,138,266.51
- 8,110,682.53

745,505,214.52

Total.

654,553,963.47
35,327,370.66
28,648,327.53
718,529,661.66

+26,975,552.86

Showing a surplus of ordinaiy receipts OA^er ordinary disbursements
of $37,224,501.90, and an excess of all receipts over all disbursements
of $26,975,552.86.
State bonds and stocks owned by the United States.
The following statement shows the nonpaying State bonds and
stocks, formerly in the Indian trust fund, now in the Treasury
belonging to the United States:
Louisiana
N o r t h Carolina
Tennessee
Total A

—

$37,000. 00
58, 000. 00
335, 666. 66§
430, 666. 66f

A history of these State stocks and bonds is given in House Document No. 263, Fifty-fourth Congress, second session.



SECRETARY OF T H E TREASURY.

77.

Territory of Hawaii.
The appropriation of $1,000,000, provided by the Congress in the
act of January 26, 1903 (32 Stat., 780), for the liquidation in part of
awards made for property destroyed in suppressing the bubonic
plague in the Territory in 1899 and 1900, has been practically expended. The First National Bank at Honolulu reports that 24
awards, amounting to $1,730.51, are now outstanding.
^

'

SECRET-SERVICE DIVISION.

There were 24 issues of counterfeit notes during the year; and
while this is only 2 less than the 1911 output, it is significant and
reassuring that most of the year's productions were comparatively
crude and a very large proportion either simple photographs or reproduced by pen and brush—the elementary form of counterfeiting.
The total representative values of notes and coins, $39,000 against
$49,000 (exclusive of $156,000 in foreign obligations in 1911), shows
a decided decline in the activity of the " aristocracy of the criminal
world." There Avere 324 arrests, against 410 in 1911.
Careful students of the operations of offenders against the currency laws express the belief that the country's general prosperity
has been responsible in part for the lessening of criminal activity.
Work has been plentiful, and there has been nothing to drive these
specialists to illegal experiments. While, generally speaking, there
has been less activity among coiners and note makers, there were
several expensive but successful investigations, one of Avhich resulted
in the arrest of the maker and circulators of 12 different issues of
national-bank, counterfeits, the capture of a large number of finished and unfinished notes,' and the confiscation of a plant located
on a small island off the coast of British Columbia. An extraordinary case was that of the two Treasury employees who embarked
upon a note-raising enterprise, performing their criminal acts within
the walls of the department. Both were caught and overwhelming
evidence secured to insure their conyiction and proper punishment.
These agents of the division have cooperated effectively with the
special agents in customs investigations.
DIvfelON OF PRINTING AND STATIONERY.

Printing and binding.
The appropriations,'expenditures, and unexpended balances for
the fiscal years 1911 and 1912 were as follows:
Appropri- Expended.

ear.

1911
1912

..

'. .




. . .

. . .

$350,000
360,000

$332,827
328,303

Unexpended
balance.
$17,173
31,697

o78

REPORT ON T H E FINANCES.

From the foregoing it will be seen that while the appropriation for
1912 was $10,000 more than for 1911, the .expenditures for 1912 were
$4,524 less than for 1911, the unexpended balance for 1912 being
$14,524 greater than that for 1911. This favorable showing is the
result of continuing actively in force the regulations and economical
practices inaugurated during the previous year. Considerable saving
was effected during the fiscal year by reducing the number of requisitions for the work required by the department. In 1911, 7,327
requisitions for printing and binding were made on the Public
Printer, while the number of requisitions for 1912 was 5,947—a reduction of 1,380. At the same time the volume of work has increased.
A reduction in the number of requisitions not only reduces the charges
against the department's allotment for printing and binding, but it
also reduces largely the clerical and mechanical work at the Government Printing Office.
The amounts expended for printing and binding by bureaus, offices,
and divisions during the fiscal year 1912 were as follows:
Office of the S e c r e t a r y :
Secretary a n d assistant secretaries
Chief clerk and superintendent
Disbursing clerk
Division of Appointments
^
Division of Bookkeeping a n d W a r r a n t s
Division of Customs
L
Division of Public Moneys
Division of Printing and Stationery
Division of Loans a n d Currency
Division of HeA^enue-Cutter Service
Division of MaU and Files
Division of Special Agents
Division of Secret Service!
Government Actuary
Section of Surety Bonds

$9, 278. 37
614. 24
436.12
589. 50
13, 351. 42
:
2, 249. 55
630. 04
1; 056. 82
890. 91
1,268.07
„_'__
251. 84
164 75
'—^
307. 32
150.43
622.13
.
z
$31. 861. 51
Office of Comptroller of t h e Treasury
4,987. 36
Office of ComptroUer of the Currency
22, 919. 43
Office of Auditor for t h e T r e a s u r y Department
,
878. 67
. Office of Auditor for t h e W a r Department
2, 774. 58
Office of Auditor for t h e Interior Department
1,128. 21
Office of Auditor for the Navy Department
2, 295.41
Office of Auditor for the State and other Departments
^ ' 829. 54
^
Office of Audito/ for the Post Office Department
8, 466. 71
Office of T r e a s u r e r of the United States
9, 634. 76
Office of T r e a s u r e r of the United States (N. B. R. A.)
5, 743. 39
Office of Register of t h e Treasury
717. 84
Office of Commissioner of I n t e r n a l Revenue
6, 581. 81
Office of Director Bureau of Engraving and P r i n t i n g
4, 798. 01
Office of Supervising Architect
34,107. 62
Office of Director of the Mint
3, 951.00
Office of Surgeon General Public H e a l t h Service_
41, 814.10
Office of General Superintendent Life-Saving Service
3, 809.12
Miscellaneous
26, 294.16
Reimbursable accounts other t h a n N. B. R. A
12, 333.06
•
194,064. 78



SECRETARY^ OF THE TREASURY^
Treasury service outside of Washington:
Customs-.
.,___
Independent Treasury
National-bank depositaries
Life-Saving
•
Public Health
Revenue-Cutter
Internal Revenue
.
Mint and Assay____
Custodians, etc., of public buildings
Transportation companies
Total expenditure

^
^

79

$62, 237.12
6, 992. 22
1, 588. 28
1, 727. 97
2,920.15 •
1, 574.38
35,159.19
5, 892. 67
2, 323.46
37. 68
$120, 453.12

—^

° Reimbursements-

346,379.41
:

18, 076.45

Net expenditure

328, 302. 96

A net balance of

31, 697.04

Stationery.
The act making appropriation for stationery for the Treasury
Department. for the fiscal year directed that certain sums therein
indicated, amounting in the aggregate to $86,150, be deducted from
the appropriations for the various bureaus and services mentioned,
and that said sums so deducted shall, together with the sum of
$50,000 appropriated for the Treasury Department and its several
bureaus and offices, constitute the total appropriation for stationery
for the Treasury Department and its several bureaus and offices.
Acting under a decision of the Comptroller of the .Treasury, the appropriation was treated as a lump sum, and was administered by the
• Division of Printing and Stationery instead of by the individual
services as heretofore. A better and more businesslike administration
has resulted.
A comparison of the expenditures for the fiscal year 1911 with
those for 1912 shows an approximate saving of $10,500, and the
department has reduced the estimates for stationery for 1914.
Statements showing the appropriation and stock accounts for the
fiscal year 1912, and a comparison of the issues for the years 1911 and
1912 follow:
Ap'proi^riation account.
Appropriation^
$136,150. 00
Reimbursements received
'__
:
$6, 926.04
Reimbursements not received:
San Juan (collector of customs)
$175.67
General Supply Committee: .
Department of Commerce and Labor
36. 39
212.06
7,138.10
Total credit
143, 288.10
Vouchers paid
115,565.37
Unexpended balance (no incumbrances outstanding)



27,722.73

80

REPORT ON T H E FINANCES.

Stationery stocfc.
On h a n d July 1, 1911
Amount ordered, less freight allowed
To be accounted for
Issues
Freight a l l o w e d —

$24,952.90
" 115, 565. 37

'

140, 518. 27
$109,475. 66
59. 84
'• 109,415.82
31,102.45
259.38

Deduction on account of changes in contract prices
Inventory as of 1913 value
.

.

I S S U E S BY OFFICES AND SERVICES D U R I N G F I S C A L YEAR

Inside service.
Office of t h e S e c r e t a r y :
Secretary and assistant secretaries
Chief clerk and superintendent
Division of Appointments
Division of Bookkeeping and W a r r a n t s
Division of Customs
Division of Public Moneys
Division of Printing and Stationery
Division of Loans and Currency
Division of Revenue-Cutter ServiceDivision of Mail a n d Files
Division of Special Agents
Disbursing clerk
Government Actuary
Section of Surety Bonds
Auditor for t h e T r e a s u r y Department
Auditor for t h e W a r Department
Auditor for t h e Interior D e p a r t m e n t Auditor for the NaA^y Department
Auditor for t h e State and other Departments
Auditor for the Post Office Department
Comptroller of t h e T r e a s u r y
Comptroller of t h e Currency
T r e a s u r e r of t h e United States
_Register of t h e T r e a s u r y
:
Supervising Architect
I n t e r n a l Revenue
_
Public H e a l t h Service
^
^
Life-Saving Service
—_„„
Bureau of the Mint
1
Secret Service
—
—
Account of General Supply Committee
1Damage account
Total
Fiscal year 1911




30,843.07
1912.

$736. 24
314.31
263. 09
304. 77
325. 24
149. 09
1, 788.12
1,172.98
412.37
449. 71
115.12
361.13
13.04
175.35
555.29
1, 706. 60
607.70
535. 85
329. 85
4,402.96
298. 83
8,133.18
8,297.42
164. 87
1,013. 80
6,521.13
1,224,37
, 229. 57
93. 77
332.33
36.39
103. 31
$41,167.78
42,650.37

SECRETARY OF THE TREASURY.
Outside service.
Internal Revenue
'.
Customs
^
Revenue-Cutter Service_—
Life-Saving Service
,
Public Health Service
Superintendents of construction
Custodians
_Mints and assay offices
Assistant treasurers
Bureau of Engraving and Printing

81

$13,878.64
33, 555. 20
1, 221. 96
" 664. 91
1,594. 67
951. 64
1,966.63
626. 29
3,955.01
2, 754. 83
• $61,169.78
•

Reimbursements.
Treasurer of the United States (N. B. R. A.)
Supervising Architect
President's Commission on Economy and Efficiency
General Supply Committee
San Juan (collector of customs)

^ $4,838.14
892. 85
897. 56
254. 72
254.83
7,138.10

Total outside and reimbursements
Fiscal year 1911
Grand total 1912
, Grand total 1911

—1

68,307. 88
77,347.02
109,475. 66
119,997.39

Check paper.
The appropriation for paper for checks and drafts for the use of
the Treasurer of the United States, assistant treasurers, pension
agents, disbursing officers, and others for the fiscaL year 1912 was
$10,000. The expenditures were $6,919.75, ^leaving a balance at the
close of the year of $3,080.25.
I have the honorvto renew the recommendation of last year that
administration of the appropriation for check paper be transferred
to the Director of the Bureau of Engraving and Printing. That
officer receives the paper on delivery by the contractor and uses the
same in the printing of the checks, drafts, etc. This division simply
acts in an accounting capacity. Good administration and better business methods suggest that this transfer be made.
Postage.
The amount appropriated for postage to prepay matter addressed
to postal-union countries and for postage for the Treasury Department for the fiscal year 1912 was $1,200. Of this amount $1,115.75
was expended, leaving a balance of $84.25.
Materials for bookbinder.
The appropriation for the purchase of materials for the use of the
department's bookbinder was $250. Expenditures amounted to
$248.50, leaving a balance of $1.50.
64926°—FI 1912



6




TABLES ACCOMPANYING THE REPORT ON THE FINANCES.




83




TABLE A.—Statement ofthe outstanding principal ofthe public debt ofthe United States June 30, 1912.
Length of
loan.
OLD DEBT.
For detailed information in regard to tbe earlier loans embraced under
this head, see Finance Report for 1876.
TREASURY NOTES PRIOR TO 1846.
Acts of October 12,1837 (5 Statutes, 201); May 21,1838 (5 Statutes, 228);
March 2,1839 (5 Statutes, 323); March 31, 1840 (5 Statutes, 370); February 15,1841 (5 Statutes, 411); January 31,1842 (5 Statutes, 469); August 31,1842 (5 Statutes, 581); and March 3, 1843 (5 Statutes, 614).
TREASURY NOTES OF 1846.
Actof July 22, 1846 (9 Statutes, 39)...:
. MEXICAN INDEMNITY.
Act of August 10, 1846 (9 Statutes, 94)
TREASURY NOTES OF 1847.
Act of January 28, 1847 (9 Statutes, 118)
:
TREASURY NOTES OF 1857.
Actof December23,1857 (11 Statutes, 257)
..:
BOUNTY-LAND SCRIP.
Act of February 11, 1847 (9 Statutes, 125)
=
LOAN OF 1847.
Act of January 28,1847 (9 Statutes, 118).-.
TEXAN INDEMNITY STOCK.
Act of September 9,1850 (9 Statutes, 447)
LOAN OP 1858.
Actof June 14,1858 (ll'Statutes, 365)
LOAN OF FEBRUARY, 1861 (1881s).
Act of February 8, 1861 (12 Statutes, 129)
TREASURY NOTES OF 1861.
Actof March 2, 1861 (12 Statutes, 178)
OREGON WAR DEBT.
Actof March 2,1861 (12 Statutes, 198)
1 Included in old " debt."




When redeem- Rate of in- atPrice
which
terest.
able.
sold.

On d e m a n d . . . 5 and 6 per
cent.
1 and 2 years 1 and 2 years ^ of 1 to 6
per cent.
from date.

Amount
authorized.

Amount issued.

Amount outstanding.

$151,610.26

Indeflnite .

Par.

$51,000,000.00

$47,002,900.00

(»)

1 year

1 year
date.

from

:AJ of 1 to 5 | P a r .

10,000,000.00

7,687,800.00

(0

5 years

5• years from
date.

5 per cent... P a r .

320,000.00

303,573.92

{')

23,000,000.00 2 26,122,100.00

C/3

(0

. per cent.

l a n d 2 years 1 and 2 years 5 | and 6 per
cent.
from date.
1 year

1 year
date.

from

3 to 6 per
cent.

Par.
Par.

Indefinite . . At the pleas- 6 per cent... P a r .
ure of the
Government.
Jan. 1,1868.... 6 per cent... l i to 2
20 years
per ct.
pre.
Par
Jan. 1,1865..
14 years
5 percent...

Indefinite. . .

52,778,900.00

o

(0

233,075.00

o

(')

H
Indefinite

23,000,000.00 3 28,230,350.00

950.00

10,000,000.00

5,000,000.00

>
zn
d

20,000.00

Jan. 1,1874..

5 p e r c e n t . . . Av. pre. .
of 3 ^

20,000,000.00

20,000,000.00

2,000.00

10 or 20 years Dec. 31,1880.

6 per cent... (Av.)89.03

26,000,000.00

18,415,000.00

5,000.00

15 years

35,364,450.00
60 days or 2 6 percent.., Par to Indefinite
years after
date.
ct. pre.
July 1,1881 . . . 6 p e r c e n t . . . Par
2,800,000.00
20 years.
1,090,850.00 I
3 Including reissues.
Including conversion of Treasury notes.
60 days or 2
years.

2,300.00
2,250.00

00
C71

TABLE A.—Statement ofthe outstanding' principal ofthe public debt, etc.—Continued.
Length of
loan.

When redeemable.

Rate of in- atPrice
which
terest.
sold.

After June 30,
1881.

6 per cent.

Amount
authorized.

00
C5
Amount issued,

Amount outstanding.

LOAN OF JULY AND AUGUST, 1861.
The act of July 17,1861 (12 Statutes, 259), authorized the issue of 20 years.
. $250,000,000 bonds, with interest at not exceeding 7 per centum per
annum, redeemable after twenty years. The act of August 5,1861
(12 Statutes, 316), authorized the issue of bonds, with interest at 6 per
centum per annum, payable after twenty years from date, in exchange for 7-30 notes issued under the act of July 17,1861.
LOAN OF JULY AND AUGUST, 1861.
Continued at 3^ per cent interest, and redeemable at the pleasure of the
Government.
OLD DEMAND NOTES.
Acts of July 17,1861 (12 Statutes, 259); August 5, 1861 (12 Statutes, 313);
February 12,1862 (12 Statutes, 338).
. .
SEVEN-THIRTIES OF 1861.
Actof July 17, 1861 (12 Statutes, 269) '.
FIVE-TWENTIES OF 1862.
Acts of February 25, 1862 (12 Statutes, 345); March 3,1864 (13 Statutes,
13), and January 28, 1865 (13 Statutes, 425).
LEGAL-TENDER NOTES.
The act of February 25,1862 (12 Statutes, 345), authorized the issue of
$160,000,000 United States notes, not bearing interest, payable to
bearer at the Treasury of the United States, and of such denominations, not less than five dollars, as the Secretary of the Treasury
•might deem expedient, $50,000,000 to be applied to the redemption
of demand notes authorized by the act of July 17,1861; these notes
to be a legal tender in payment of all debts, publip and private,
within the United States, except duties on imports and interest on
the public debt, and to be exchangeable for 6 per cent United
States bonds. The act of July 11,1862 (12 Statutes, 532), authorized
ari additional issue of $150,000,000, of such denominations as the Secretary of the Treasury might 'deem expedient, but no such note
should be for a fractional part of a dollar, and not more than
$35,000,000 of a lower denomination than five dollars; these notes to
be a legal tender as before authorized. The act of March 3, 1863
(12 Statutes, 710), authorized an additional issue of $150,000,000, of
such denominations,'not less than one dollar, as the Secretary of the
Treasury might prescribe; which notes were made a legal tender
as before authorized. The same act limited the time in which the




$250,000,000.00 $189,321,350.00

Indefinite .. At the pleas- 3^ per cent.. P a r .
ure or the
Government.
Indefinite .. On demand... None .
3 years

Aug. 19 and
Oct. 1, 1864.

7 ^ per cent. Av. pre.

1,600.00
60,000,000.00

Indefinite

5 or 20 years. May 1, 1867 ... 6 per cent... Av. pre. 515,000,000.00
of ^ %
Indefinite .o On demand..

None

$15,050.00

450,000,000.00

1 60,030,000.00

53,282.50

139,999,750.00

9,350.00

514,771,600.00

O
H
O

107,150.00

>
346,681,016.00

o
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Treasury notes might be exchanged for United States bonds to July
1,1863. The amount of notes authorized by this act were to be in
lieu of $100,000,000 authorized by the resolution of January 17,1863
(12 Statutes, 822). The act of May 31,1878 (20 Statutes, 87), provides
that no more of the United States legal-tender notes shall be canceled or retired, and that when any of said notes are redeemed or
received into the Treasury under any law, from any source whatever, and shall belong to the United States, they shall not be retired,
canceled, or destroyed, but shall be reissued and paid out again, and
kept in circulation.
The act of March 14,1900, provides that United States notes, when
presented to the Treasury for redemption, shall be redeemed in gold
coin of the standard fixed in said act, and that in order to secure
the prompt and certain redemption of such notes it shall be the
duty of the Secretary of the Treasury to set apart in the Treasury a
reserve fund of one hundred and fifty million dollars in gold coin and
bullion, to be used for such redemption purposes only, and that
whenever and as often as any of said notes shall be redeemed from
said fund it shall be the duty of the Secretary of the Treasury to
use said notes so redeemed to restore and maintain the reserve fund
so established—first, by exchanging the notes so redeemed for any
gold coin in the general fund of the Treasury; second, by accepting
deposits of gold coin at the Treasury or at any subtreasury in exchange for such notes; third, by procuring gold coin by the use of
said notes in accordance with the provisions of section 3700 of the
Revised Statutes of the United States. The above-mentioned act
also provides that if the Secretary of the Treasury is unable to
restore and maintain the gold coin in the reserve fund by the foregoing methods, and the amount of such gold coin and bullion in
said fund shall at any time fall below one hundred million dollars,
it shall be his duty to restore the same to the maximum sum of one
hundred and fifty million dollars by borrowing money on the credit
of the United States, and for the debt so incurred to issue and sell
coupon or registered bonds of the United States bearing interest at
the rate of not exceeding three per centum per annum, payable
quarterly, the bonds to be payable at the pleasure of the United
States after one year from the date of their issue, and to be payable,
principal and interest, in gold coin of the present standard value,
the gold coin received from the sale of said bonds to be exchanged
for an equal amount of the notes redeemed and held for exchange,
and the Secretary of the Treasury may, in his discretion, use said
notes in exchange for gold, or to purchase or redeem any bonds of
the United States, or for any other lawful purpose the public interests may require, except that they shall not be used to meet deficiencies in the current revenues.
The act of March 4, 1907, section 2, provides that whenever and so
long as the outstanding silver certificates of the denominations of
one dollar, two dollars, and five dollars, issued under the provisions
of section seven of a n ' a c t entitled " A n act to define and fix the
standard of value, to maintain the parity of all forms of money
issued or coined by the United States, to refund the public debt, and
for other purposes," approved March fourteenth, nineteen hundred,




i
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d

00

1 Including reissues.

00
00

TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
Length of
loan.

When redeem- Rate of in- at Price
which
terest.
able.
sold.

Amount
authorized.

Amount issued. Amount outstanding.

'

LEGAL-TENDER NOTES—Continued.
shall be, in the opinion of the Secretary of the Treasury, insufficient
to meet the public demand therefor, he is hereby authorized to issue
United States notes of the denominations of one dollar, two dollars,
and five dollars, and ujpon the issue of United States notes of such
denominations an equal amount of United States notes of higher
denominations shall be retired and canceled: Provided, however,
That the aggregate amount of United States notps at any time outstanding shall remain as at present fixed by law: And provided
further, That nothing in this act shall be construed as affecting the
right of any national bank to issue one-third in amount of its circulating notes of the denomination of five dollars, as now provided by
law
TEMPORARY LOAN.

'
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o

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Acts of February 25, 1862 (12 Statutes, 346); March 17, 1862 (12 Stat- Indefinite .. After 10 days'
notice.
utes, 370);" July 11, 1862 (12 Statutes, 532), and June 30, 1864 (13 Statutes, 218).

4, 5, and 6
per cent.

Par

$160,000,000.00 1 $716,099,247.16

$2,850.00

te

CERTIFICATES OF INDEBTEDNESS.
Acts of March 1, 1862 (12 Statutes, 352); May 17, 1862 (12 Statutes, 370),
and March 3, 1863 (12 Statutes, 710).

lyear

1 year after 6 per c e n t . . . Par
date.

661,763,241.65

3,000.00

50,000,000.00 1368,720,079.51

6,856,154.90

No limit

FRACTIONAL CURRENCY.
Acts of July 17,1862 (12 Statutes, 592); March 3, 1863 (12 Statutes, 711), Indefinite .. On presentation.
and June 30, 1864 (13 Statutes, 220).
.

None

Par

LOAN OF 1863.

July 1, 1881... 6 per c e n t . . . Av. pre.
The act of March 3,1863(12 Statutes, 709), authorized a loan of $900,000,000, 17 years
and the issue of bonds, with interest not exceeding 6 percentum per
of4x1,%V
annum, and redeemable in not less than ten nor more than forty
years, principal and interest payable in coin. The act of June 30,1864
(13 Statutes, 219), repeals the above authority, except as rto the
$75,000,000 of bonds already advertised for.
Bonds of this loan continued at 3^ per cent interest, and redeemable Indefinite .. At the pleas- 3i p e r c e n t . . Par
ure of the
at the pleasure of the Government.
Government.




75,000,000.00

76,000,000.00

3,100.00

100.00

>
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02

ONE-YEAR NOTES OF 1863.
lyear

1 year
date.

2 years

2 years after
s date.

Acts of March 3, 1863 (12 Statutes, 710), and June 30,1864 (13 Statutes,
218).
TEN-FORTIES OF 1864.

3 years

3 years from
date.

•Acts of March 3, 1864 (13 Statutes, 13)

10 or 40 years Mar. 1, 1874... 6 per cent.., Par to 7
per ct.
prem.

•Act of March 3, 1863 (12 Statutes, 710)

after 6per cent... P a r .

400,000,000.00

44,520,000.00

30,360.00

5 per cent... P a r .

400,000,000.00

166,480,000.00

26,850.00

6 per cent P a r .
compound.

400,000,000.00

266,696,440.00

159,230.00

200,000,000.00

196,118,300.00

18,660.00

6 or 20 years. Nov. 1, 1869... 6 per cent.., Av. pre. 400,000,000.00
of2,m-

125,661,300.00

14,000.00

7 ^ per cent. Av. pre. 800,000,000.00 1829,992,600.00
0f2x^§^.

120,100.00

TWO-YEAR NOTES OP 1863.
Actof March 3,1863 (12 Statutes, 710)
COMPOUND-INTEREST NOTES.

FIVE-TWENTIES OF 1864.
Act of June 30, 1864 (13 Statutes, 218)

.-

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SEVEN-THIRTIES OF 1864 AND 1865.
Acts of June 30, 1864 (13 Statutes, 218); January 28, 1865 (13 Statutes,
426), and March 3, 1865 (13 Statutes, 468).

3 years

Aug. 16, 1867
June 15,1868
July 15, 1868

FIVE-TWENTIES OF 1§66.
Acts of March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5 or 20 years- Nov. 1, 1870..

6 per cent..

Av. pre. Indefinite . . .
of SxWxy-

203,327,260.00

6 per cent.

Av. pre. Indefinite . .
ofl^^.

332,998,950.00

6 percent... Av. pre. Indefinite . .

379,618,000.00

Ki
_
o
te

19,860.00

^

67,460.00

ZP

CONSOLS OF 1865.
Actsof March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5 or 20 years. July 1, 1870CONSOLS OF 1867.
Acts of March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5 or 20 years. July 1, 1872..

d
K!

OITHX^-

93,800.00

CONSOLS OF 1868.
Acts of March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 6 or 20 years- July 1,1873... 6 per cent..

Av. pre. Indefinite .
ofTMry.

42,539,930.00

9,900.00

185,155,000.00

6,000.00

THREE-PER-CENT CERTIFICATES.
Actsof March 2,1867 (14 Statutes, 558), and July 26,1868 (16 Statutes, 183).. Indefinite .. On d e m a n d . . . 3 per cent.,
1 Including reissues.




76,000,000.00

00
CO

CO

TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.

o
Length of
loan.

When redeemable.

Rate of interest.

Price
at which
sold.

'Amount
authorized.

Amount issued.

Amount outstanding.

FUNDED LOAN OF 1881.
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
^ of the Treasury to use any surplus revenues from time to time in the
' Treasury not otherwise appropriated, and to issue, sell, dispose of, at
not less than par, in coin, either of the description of bonds of the
United States described in the act of July 14, 1870 .(16 Statutes, 272),
. to the extent necessary for the redemption o( fractional currency in
silver coins of the denominations of ten, twenty-five, and fifty cents
of standard value.
The act of March 3,1876 (18 Statutes, 466), directs the Secretary of the
Treasury to issue bonds of the character and description set out in
the act of July 14, 1870 (16 Statutes, 272), to James B. Eads, or his
legal representatives, in payment at par of the warrants of the Secretary of War for the construction of jetties and auxiliary works to
maintain a wide and deep channel between the South Pass of the
Mississippi River and the Gulf of Mexico, unless Congress shall have
previously prdvided for the pajrment of the 'same by the necessary
appropriation of money.
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of
$200,000,000 at 5 per centum, principal and interest payable in coin
of the present standard value, at the pleasure of the United States
Government, after ten years; these bonds to be exempt.from the
payment of all taxes or duties of the United States, as well as from
taxation in any form by or under state, municipal, or local authority.
Bonds and coupons payable at the Treasury of the United States.
This act not to authorize an increase of the bonded debt of the
United States. Bonds to be sold at not less than par in coin, and
the proceeds to be applied to the redemption of outstanding 6-20's
or to be exchanged for said 5-20's, par for par. Payment of these
• bonds, when due, to be made in order of dates and numbers, beginning m t h each class last dated and numbered. Interest to cease at
the end of three months from notice of intention to redeem. The act
. of January 20,1871 (16 Statutes, 399), increases the amount of 6 per
cents to $500,000,000, pro.vided the total amount of bonds issued shall
not exceed the amount originally authorized, and authorizes the
interest on any of these bonds to be paid quarterly.
The act of December 17,1873 (18 Statutes, 1), authorized the issue of
an equal amount of bonds of the loan of 1858, which the holders
thereof ma^, on or before February 1,1874, elect to exchange for the
bonds of this loan.




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May 1, 1881... 6 per cent-.. P a r .

$517,994,150.00

$22,400.00

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U l , 500,000,000

F U N D E D L O A N O F 1891.

(REFUNDING.)

T h e a c t of J u l y 14, 1870 (16 S t a t u t e s , 272), a u t h o r i z e s t h e i s s u e of
$300,000,000 a t 4^ p e r c e n t u m , p a y a b l e i n c o i n of t h e p r e s e n t s t a n d a r d v a l u e , a t t h e p l e a s u r e of t h e U n i t e d S t a t e s G o v e r n m e n t , a f t e r
fifteen y e a r s ; t h e s e b o n d s t o b e e x e m p t f r o m t h e p a y m e n t of a l l
t a x e s o r d u t i e s of t h e U n i t e d S t a t e s , a s w e l l a s f r o m t a x a t i o n i n a n y
f o r m b y o r u n d e r s t a t e , m u n i c i p a l , or l o c a l a u t h o r i t y . B o n d s a n d
c o u p o n s p a y a b l e a t t h e T r e a s u r y of t h e U n i t e d S t a t e s . T h i s a c t n o t
t o a u t h o r i z e a n i n c r e a s e of t h e b o n d e d d e b t of t h e U n i t e d S t a t e s .
B o n d s t o b e s o l d a t n o t less t h a n p a r i n c o i n , a n d t h e p r o c e e d s t o b e
a p p l i e d t o t h e r e d e m p t i o n of o u t s t a n d i n g 5-20's or t o b e e x c h a n g e d
for s a i d 6-20's, p a r for p a r . P a y m e n t of t h e s e b o n d s , w h e n d u e , t o
b e m a d e i n o r d e r of d a t e s a n d n u m b e r s , b e g i n n i n g w i t h e a c h class
l a s t d a t e d a n d n u m b e r e d . I n t e r e s t t o c e a s e a t t h e e n d of t h r e e
m . o n t h s f r o m n o t i c e of i n t e n t i o n t o r e d e e m .
F U N D E D L O A N O F 1891.

185,000,000.00

23,650.00

W

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15 y e a r s .

Sept. 1 , 1 8 9 1 . . . 4^ p e r c e n t .

P a r to
1^ p e r
. ct.pre.

Indefinite .

65, OOd,000.00

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W
te
30 y e a r s -

J u l y 1,1907 .

4 per cent..

H

710,430,950.00

Par to
^ pe r
ct. p r e .

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w
Kl.
800,350.00^

(RESUMPTION.)

T h e a c t of J a n u a r y 14, 1875 (18 S t a t u t e s , 296), a u t h o r i z e s t h e S e c r e t a r y
of t h e T r e a s u r y t o u s e a n y s u r p l u s r e v e n u e s from t i m e t o t i m e i n t h e
T r e a s u r y n o t o t h e r w i s e a p p r o p r i a t e d , a n d t o issue, sell, d i s p o s e of.




4i per c e n t . . P a r -

(REFUNDING.)

T h e a c t of J u l y 14,1870 (16 S t a t u t e s , 272), a u t h o r i z e s t h e i s s u e of
$1,000,000,000 a t 4 p e r c e n t u m , p a y a b l e i n c o i n of t h e p r e s e n t s t a n d a r d
v a l u e , a t t h e p l e a s u r e of t h e U n i t e d S t a t e s G o v e r n m e n t , a f t e r t h i r t y
y e a r s ; t h e s e b o n d s t o b e e x e m p t f r o m t h e p a y m e n t of a l l t a x e s oV
d u t i e s of t h e U n i t e d S t a t e s , a s w e l l as f r o m t a x a t i o n i n a n y f o r m b y
or u n d e r state, municipal, or local authority. ' Bonds a n d coupons
p a y a b l e a t t b e T r e a s u r y of t h e U n i t e d S t a t e s . T h i s a c t n o t t o a u t h o r i z e a n i n c r e a s e of t h e b o n d e d d e b t of t h e U n i t e d S t a t e s . B o n d s
t o b e sold a t n o t less t h a n p a r i n c o i n , a n d t h e p r o c e e d s t o b e a p p l i e d
t o t h e r e d e m p t i o n of o u t s t a n d i n g 5-20's, or t o b e e x c h a n g e d for s a i d
5-20's, p a r for p a r . P a y m e n t of t h e s e b o n d s , w h e n d u e , t o b e m a d e i n
o r d e r of d a t e s a n d n u m b e r s , b e g i n n i n g w i t h e a c h class l a s t d a t e d a n d
n u m b e r e d . I n t e r e s t t o c e a s e a t t h e e n d of t h r e e m o n t h s f r o m n o t i c e
of i n t e n t i o n t o r e d e e m . See R e f u n d i n g Certificates, p a g e 94.
F U N D E D L O A N O F 1907.

Sept. 1,1891..

(RESUMPTION.)

T h e a c t of J a n u a r y 14, 1875 (18 S t a t u t e s , 296), a u t h o r i z e s t h e S e c r e t a r y
of t h e T r e a s u r y t o u s e a n y s u r p l u s r e v e n u e s f r o m t i m e t o t i m e i n t h e
T r e a s u r y n o t o t h e r w i s e a p p r o p r i a t e d , a n d t o issue, sell, d i s p o s e of,
a t n o t less t h a n p a r i n c o i n , e i t h e r of t h e d e s c r i p t i o n s of b o n d s of t h e
. U n i t e d S t a t e s d e s c r i b e d i n t h e a c t of J u l y 14, 1870 (16 S t a t u t e s , 272),
for t h e p u r p o s e of r e d e e m i n g , o n a n d a f t e r J a n u a r y 1, 1879, i n c o i n ,
a t t h e office of t h e a s s i s t a n t t r e a s u r e r of t h e U n i t e d S t a t e s i n N e w
York, t h e outstanding United States legal-tender notes w h e n pres e n t e d i n s u m s of n o t less t h a n fifty d o l l a r s .
F U N D E D L O A N O F 1907.

15 y e a r s .

30 y e a r s .

J u l y 1,1907 .

4 per cent .

Indefinite...

30,500,000.00

^

TABLE A.'^Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
Length of
loan.

\Yhen redeem- Rate of in- atPrice
which
able.
terest.
sold.

Amount
authorized.

CO

to
Amount outAmount issued.
standing.

FUNDED LOAN OF 1907 (RESUMPTION)—Continued.
at not less than par, in coin, either of the description of bonds of
the United States described in the act of July 14, 1870 (16 Statutes,
272), for the purpose of redeeming, on and after January 1, 1879, in
coin, at the office of the assistant treasurer of the United States in
New York, the outstanding United States legal-tender notes when
presented in sums of not less than fifty dollars.
GOLD CERTIFICATES. *
The act of March 3,1863 (12 Stat., 711), authorizes the Secretary of Indefinite .. On demand .. N o n e .
the Treasury to receive deposits of gold coin and bullion in sums of
not less than twenty dollars, and to issue certificates therefor in
denominations of not less than twenty dollars each; the coin and
bullion deposited for or representing the certificates to be retained
in the Treasury for the payment of the same on demand. The cer, tificates so issued to be received at par in payment of interest on the
public debt and for duties on imports. The act of July 12, 1882 (22
Statutes, 166), provides that the Secretary of the Treasury shall suspend the issue of gold certificates whenever the amount of gold
coin and gold bullion in the Treasury reserved for the redemption of
United States notes falls below one hundred millions of dollars.
The act of March 14, 1900, as amended by the act of March 4, 1907,
authorizes and directs the Secretary of the Treasury to receive deposits of gold coin with the Treasurer or any assistant treasurer
of the United States, in sums of not less than twenty dollars, and
to issue "gold certificates therefor in denominations of not less
than ten dollars, and the coin so deposited shall be retained ih the
Treasury and held for the payment of such certificates on demand, and used for no other purpose; such certificates to be received for customs, taxes, and all public dues, and when so received
may be reissued, and when held by any national banking association may be counted as a part of its lawful reserve. The act also
provides that whenever and so long as the gold coin held in the
reserve fund in the Treasury for the redemption of United States
notes and Treasury notes shall fall and remain below one hundred
million dollars, the authority to issue certificates as herein provided
shall be suspended; and also, that whenever and so long as the aggregate amount of United States notes and silver certificates in the
general fund of the Treasury shall exceed sixty million dollars, the
Secretary of the Treasury may, in his discretion, suspend the issue
of the certificates herein provided for; and further, that the Secretary of the Treasury may, in his discretion, issue such certificates in
' denominations of ten thousand dollars, payable to order.




Par.

Indefinite .

Sl,040,057,369.00

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The actof March 2,1911 (36 Stat., 965, sec. 1), provides that the Secretary of the Treasury may, in his discretion,' receive, with the assistant treasurer in New York and the assistant treasurer in San Francisco, deposits of foreign gold coin at their bullion value in amounts
of not less than one thousand dollars in value and issue gold certificates therefor of the description herein authorized; and also pro• vides that the Secretary of the Treasury may, in his discretion, receive, with the Treasurer or any assistant treasurer of the United
States, deposits of gold bullion bearing the stamp of the coinage
mints of the United States, or the assay office in New York, certifying their weight, fineness, and value, in amounts of not less than
one thousand dollars in value, and issue gold certificates therefor of
the description herein authorized. But the amount of gold bullion
and foreign coin so held shall not at any time exceed one-third of
the total amount of gold certificates at such time outstanding. And
section fifty-one hundred and ninety-three of the Revised Statutes
of the United States is hereby repealed.

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SILVER CERTIFICATES.
The act of February 28,1878 (20 Statutes, 26, sec. 3), provides that any Indefinite .
holder of the coin authorized by this act may deposit the same with
the Treasurer or any assistant treasurer of the United States in sums
not less than ten dollars and receive therefor certificates of not less
than ten dollars each, corresponding with the denominations of the
United States notes. The coin deposited for or representing the certificates shall be retained in the Treasury for the payment of the
same on demand. Said certificates shall be receivable for customs,
taxes, and all public dues, and, when so received, may be reissued.
The act of August 4,1886 (24 Statutes, 227), authorizes the issue of
silver certificates in denominations of one, two, and five dollars; said
certificates to be receivable, redeemable, and payable in like manner and for like purposes as is provided for by the actof February 28,
1878.
The act of March 14, 1900, provides that it shall be the duty of the
Secretary of the Treasury, as fast as silver dollars are coined under
the provisions of the acts of July 14,1890, and June 13, 1898, from
bullion purchased under .the act of July 14,1890, to retire and cancel a n equal amount of Treasury notes whenever received into the
Treasury, and upon the cancellation of Treasury notes, silver certificates shall be issued against the silver dollars so coined. The
act also provides that silver certificates shall be issued only of
denominations of ten dollars and under, except that not exceeding
in the aggregate ten per centum of the total volume, of said certificates, in the discretion of the Secretary of the Treasury, may be
issued in denominations of twenty dollars, fifty dollars, and one
hundred dollars; and silver certificates of higher denomination
than ten dollars, except as therein provided, shall, whenever received at the Treasury or redeemed, be retired and canceled, and
certificates of denominations of ten dollars or less shall be substituted therefor, and after such substitution, in whole or in part, a




On d e m a n d . . . None .

No limit.

481,549,000.00

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TABLE A.—Statement of the outstanding prmcipal ofthe public debt, etc.—Continued.
Length of
loan.

When redeem- Ratie of in- at Price
which
able.
terest.
sold.

Amount
authorized.

CO

Amount issued.

Amount outstanding.

SILVER CERTIFICATES—Continued.
like volume of United States notes of less denomination than ten
dollars shall from time to time be retired and canceled, and notes
of denominations of ten dollars and upward shall be reissued in
substitution therefor, with like qualities and restrictions as those
retired and canceled.
REFUNDING CERTIFICATES.
The act of February 26,1879 (20 Statutes, 321), authorizes the Secretary
of the Treasury to issue, in exchange for lawful money of the United
States, certificates of deposit of the denomination of ten dollars,
bearing interest at the rate of four per centum per annum, and convertible at any time, with accrued interest, into the four per centum
bonds described in the refunding act, the money so received to be
applied only to the payment of the bonds bearing interest at a rate
not less than five per centum, in the mode prescribed by said act.

Indefinite .

Convertible
into 4 per
cent bonds.

4 per cent.,

Par.

No limit.

$40,012,750.00

$14,050.00

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FUNDED LOAN OF 1881, CONTINUED AT THREE AND ONE-

HALF PER CENT.
These bonds were issued in exchange for five per cent bonds of the
funded loan of 1881, by mutual agreement between the Secretary of
the Treasury and the holders, and were made redeemable at the
pleasure of the Government.
FUNDED LOAN OF 1891, CONTINUED AT TWO PER CENT.
These bonds were issued in exchange for the four and one-half per
cent funded loan of 1891, by mutual agreement between the Secretary of the Treasury and the holders, and were made redeemable at
the pleasure of the Government.
LOAN OF JULY 12,. 1882.
These bonds were issued in exchange for the five and six per cent
bonds which had been previously continued at three and one-half
per cent by mutual agreement between the Secretary of the Treas• ury and the holders, and were made redeemable at the pleasure of
the Government.
LOAN OF 1904.
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of the-Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of at
not less than par, in coin, either of the descriptions of bonds of the




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Indefinite .. At pleasure of
the Government.

Indefinite .

At pleasure of
the Government.

Indefinite .. At pleasure of
the Government.

10 years.

Feb. 1, 1904.

3i per cent.

50.00

2 per c e n t . . . P a r .

3 per cent-

25,364,500.00'

Par.

fll7.223
5 per cent..- 1117.077

5,000.00

200.00

100,000,000.00

13,250.00

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United States described in the act of July 14,1870 (16 Statutes, 272),
for the purpose of redeeming, on and after January 1, 1879, in coin,
at the office of the assistant treasurer of the United States in New
York, the outstanding United States legal-tender notes when presented in sums of not less than fifty dollars.
LOAN OF 1925.
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of at
not less than par, in coin, either of the descriptions of bonds of the
United States described in the act of July 14,1870 (16 Statutes, 272),
for the purpose of redeeming, on and after January 1, 1879, in coin,
at the office of the assistant treasurer of the United States in New
York, the outstanding United States legal-tender notes, when presented in sums of not less than fifty dollars.

30 years .

LOAN OF 1908-1918.
The act of June 13,1898 (30 Statutes, 467, sec. 33), authorizes the Sec- 10 years .
. retary of the Treasury to borrow on the credit of the United States,
from time to time, as the proceeds may be required, to defray expenditures authorized on account of the war with Spain (such proceeds when received to be used only for the purpose of meeting
such expenditures), the sum of four hundred million dollars, or so
much thereof as may be necessary, and to prepare and issue therefor coupon or registered bonds of the United States in such form as
he may prescribe, and in denorninations of twenty dollars or some
multiple of that sum, redeemable in coin at the pleasure of the
United States after ten years from the date of their issue, and payable twenty years from such date, and bearing interest payable quarterly, in coin, at the rate of three per centum per annum; the bonds
so issued to be exempt from all taxes or duties of the United States,
as well as from taxation in any form by or under state, municipal,
or local authority.
CONSOLS OF 1930.
The act of March 14,1900, section 11, authorizes the Secretary of the
Treasury to receive at the Treasury any of the outstanding bonds of
the United States of the five per cent loan of 1904, of the four per cent
funded loan of 1907, and of the three per cent loan of 1908-1918, and
to issue in exchange therefor an equal amount of coupon or registered
bonds of the United States, in such form as he may prescribe, in denominations of fifty dollars, or any multiple thereof, bearing interest
at the rate of two per centum per annum, payable quarterly, such,
bonds to be payable at the pleasure of the United States after thirty
. years from the date of their issue. The principal and interest of
said bonds to be payable in gold coin of the present standard value,
and to be exempt from the payment of all taxes or duties of the
United States, as well as from taxation in any form by or under state,
municipal, or local authority. The bonds to be issued at not less
t h a n par and numbered consecutively in the order of their issue;
and when payment is made the last numbers issued shall be first




Feb. 1,1925...

f104.4946
4 p e r c e n t . . . till.166

162,315,400.00

118,489,900.00

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After Aug. 1,
1908.

3 per c e n t . . .

$400,000,000.00

198,792,660.00

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After Apr. 1,
1930.

2 per cent..- P a r .

839,146,340.00

646,250,150.00

646,250,150.00

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TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
Length of
loan.'
CONSOLS OP 1930—Continued.
paid, and this order followed until all the bonds are paid. Interest
to cease three months after any call made by the Government to
redeem.
TREASURY NOTES OF 1890.
The act of July 14,1890 (26 Statutes, 289), directs the Secretary of the
Treasury to purchase, from tirae to time, silver bullion to the aggregate amount of four million five hundred thousand ounces, or so
much thereof as may be offered, in each month, at the market price
thereof, not exceeding one dollar for three hundred and seventy-one
and twenty-five hundredths grains of pure silver, and to issue in payment for such purchases of silver bullion Treasury notes of the United
States, to be prepared by the Secretary of the Treasury, in such form
and of such denominations, not less than one dollar nor more than
one thousand dollars, as he may prescribe. That said notes shall be
redeemable on demand, in coin, at the Treasury of the United States,
or at the office of any assistant treasurer of the United States, and
when so redeemed may be reissued; but no greater or less amount of
such notes shall be outstanding at any time than the cost of the silver bullion and the standard silver dollars coined therefrom then
held in the Treasury, purchased by such notes; and such ^reasury
notes shall be a legal tender in paymenj; of all debts, public and private, except where otherwise expressly stipulated in the contract,
and shall be receivable for customs, taxes, and all public dues, and
when so received may be reissued; and such notes, when held by any
national banking association, may be counted as a part of its lawful
reserve. That upon demand of the holder of any of the Treasury
notes provided for, the Secretary of the Treasury shall redeem the
same in gold or silver coin, at his discretion, it being the established
policy of the United States to maintain the two metals on a parity
with each other upon the present legal ratio, or such ratio as may be
provided by law. •
The act of November 1,1893 (28 Stat., 4), repeals so much of the act of
July 14,1890, as directs the Secretary of the Treasury to purchase
from time to time silver bullion to the aggregate amount of four
million five hundred thousand ounces, or so much thereof as may
be offered in each month, at the market price thereof, and to issue
in payment for such purchases Treasury notes of the United States.
The act of June 13, 1898 (30 Stat., 467), directs that all of the silver
bullion in the Treasury purchased in accordance with the provisions of the act of July 14,1890, shall be coined into standard silver
dollars as rapidly as the public interests may require, to an amount
of not less than one and one-half millions of dollars in each month,
and that said dollars, when so coined, shall be used and applied in




When redeemable.

Rate of interest.

Price
at which
sold.

Amount
authorized.

CO

Amount issued.

Amount outstanding.

$2,929,000.00
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the manner and for the purposes named in said act. The act of
March 14, 1900, provides that United States notes, and Treasury
notes issued under the act of July 14,1890, when presented to the
Treasury for redemption, shall be redeemed in gold coin of the
standard fixed by said act, dnd requires that the Secretary of the
Treasury shall set apart in the Treasury a reserve fund of one hundred and fifty million dollars to be used for such redemption purposes only. It also provides that it shall be the duty of the Secretary of the Treasury, as fast as silver dollars are coined under the
provisions of the acts of July 14,1890, and June 13, 1898, from bullion
purchased under the act of July 14, 1890, to retire and cancel an
equal amount of Treasury notes whenever received into the Treasury, and upon such cancellation to issue silver certificates against
the silver dollars so coined.
PANAMA CANAL LOAN.
The act of June 28,1902 (32 Stat., 484, sec. 8), provides that the Secretary 10 years
of the Treasury is hereby authorized to borrow on the credit of the
United States from time to time as the proceeds may be required to 10 years.
defray expenditures authorized by this act (such proceeds when received to be used only for the purpose of meeting such expenditures), 50 vears.
the sum of one hundred and thirty million dollars, or so much thereof
as may be necessary, and to prepare and issue therefor coupon or registered bonds of the United States in such form as he may prescribe,
and in denominations of twenty dollarsorsomemultiple of thatsum,
redeemable in gold coin at the pleasure of the United States after ten
years from the date of their issue, and payable thirty years from such
date, and bearing interest payable quarterly in gold coin at the rate
of two per centum per annum; and the bonds herein authorized shall
be exempt from all taxes or duties of the United States, as well as from
taxation in any form by or understate, municipal, or local authority:
Provided, That said bonds may be disposed of by the Secretary of the
Treasury at not less than par, under such regulations as he may prescribe, giving to all citizens of the United States an equal opportunity
to subscribe therefor, but no commissions shall be allowed or paid
thereon; and a sum not exceeding one-tenth of one per centum of
the amount of the bonds herein authorized is hereby appropriated,
out of any money in the Treasury not otherwise appropriated, to pay
the expense of preparing, advertising, and issuing the same; ahd the
actof December 21,1905 (34 Stat., 5, sec. 1), provides that the two per
cent bonds of the United States authorized by section eight of the act
entitled " A n act to provide forthe construction of a canal connecting the waters of the Atlantic and Pacific oceans, "approved June
twenty-eighth, nineteen hundred and two, shall have all the rights
and privileges accorded by law to other two per cent bonds of the
United States, and every national banking association having on
deposit, as provided by law, such bonds issued under the provisions
of said section eight of said act approved June.twenty-eighth, nineteen hundred and two, to secure its circulating notes, shall pay to
the Treasurer of the United States, in the months of January and
July, a tax of one-fourth of one per cent each half year upon the average amount of such of its notes in circulation as "are based upon the




Ul

Average
2 percent.-. $103,513

After Aug. 1,
1916.
After Nov. 1, 2 percent...
1918.
June 1,1961... 3 percent...

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$54,631,980.00

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102.436 ^$375,200,980.00

30,000,000.00 434,631,980.00

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50,000,000.00

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TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
Length of
loan".

When redeerb.able.

Rate of in- at Price
which
terest.
sold.

Amount
authorized.

CO

00

Amount issued.

Amount outstanding.

PANAMA CANAL LOAN—Continued.
deposit of said two per cent bonds; and such taxes shall be in lieu
of existing taxes on its notes in circulation imposed by section fiftytwo hundred and fourteen of the Revised Statutes.
The actof August 6, 1909 (36 Stat., 117, sec. 39), providesthat the Secretary of theTreasury is hereby authorized to borrow on the credit of
the United States from time to time, as the proceeds may be required
to defray expenditures on account of the Panama Canal and to reimburse the Treasury for such expenditures already made and not
covered by previous issues of bonds, t h e sum of two hundred and
ninety million five hundred and sixty-nine thou.sand dollars (which
sum together with the eighty-four million six hundred and thirtyone thousand nine hundred [and eighty] dollars already borrowed
upon issues of two per cent bonds under section eight of the act of
June twenty-eighth, nineteen hundred and two, equals the estimate
of the Isthmian Canal Commission to cover the entire cost of the
canal from its inception to its completion), and to prepare and issue
therefor coupon or registered bonds of the United States in such
form as he may prescribe, and in denominations of one hundred
dollars, five hundred dollars, and one thousand dollars, payable fifty,
years from the date of issue, and bearing interest payable quarterly
in gold coin at a rate not exceeding three per centum per annum;
and the bonds herein authorized shall be exempt from all taxes or
duties of the United States, as well as from taxation in any form
by or under State, municipal, or local authority: Provided, That said
bonds may be disposed of by the Secretary of the Treasury at not
less than par, under such regulations as he may prescribe, giving to
all citizens of the United States an equ^l opportunity to subscribe
therefor, but no commissions shall be allowed or paid thereon; and
a sum not exceeding one-tenth of one per centum of the amount of
the bonds herein authorized is hereby appropriated, out of any
money in the Treasury not otherwise appropriated, to pay the expenses of preparing, advertising, and issuing the same; and the
authority contained in section eight of the act of June twentyeighth, nineteen hundred and two, for the issue of bonds bearing
interest at two per centum per annum, is hereby repealed.
The act of March 2,1911 (36 Stat., 1013), provides that the Secretary of
the Treasury be, and he is hereby, authorized to insert in the bonds
to be issued by him under section thirty-nine of an Act entitled "An
Act to provide revenue, equalize duties, and encourage the industries of the United States, and for other purposes," approved August
fifth, nineteen hundred and nine, a provision that such bonds shall
not be receivable by the Treasurer of the United States as security




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for the issue of circulating notes to national banks; and the bonds
containing such provision shall not be receivable for that purpose.
POSTAL SAVINGS BONDS.
Theact of June 25,1910 (36 Stat., 817, sec. 10) provides that any depositor in
a postal savings depository may surrender his deposit, or any part
thereof, in sums of twenty dollars, forty dollars, sixty dollars, eighty
dollars, one hundred dollars, and multiples of one hundred dollars and
five hundred dollars, and receive in lieu of such surrendered deposits,
under such regulations as may be established by the board of trustees,
the amount of the surrendered deposits in United States coupon or registered bonds of the denominations of twenty doUars, forty dollars, sixty
doUars, eighty doUars, one hundred dollars, and five hundred doUars,
which bonds shaU bear interest at the rate of two and one-half per centum
per annum, payable semiannuaUy, and be redeemable at the pleasure of
the United States after one year from the date of their issue and payable
twenty years from such date, and both principal and interest shall be
payable in United States gold coin of the present standard of value: Provided, That the bonds herein authorized shaU be issued only (first) when
there are outstandiug bonds ofthe United States subject to call, in which
case the proceeds of the bonds shaU be applied to the redemption at par
of outstanding bonds ofthe United States subject to caUj and (second) at
times when under authority of law other than that contained in this act
the Government desires to issue bonds for the purpose of replenishing
the Treasury, in which case the issue of bonds under authority of this Act
shall be in lieu of the issue of a like amount of bonds issuable under authoiity of law other than that contained in this Act: Provided further,
That the bonds authorized by this Act shaU be issued by the Secretary of
the Treasury under such regulations as he may prescribe: And provided
further, That the authority contained in section nine of this Act for the
" iu vestment of postal sa\angs funds in United States bonds shaU include
the authority to invest in the bonds herein authorized whenever such
bonds may be lawfully issued: And provided further, That the bonds
herein authorized shall be exempt from aU taxes or duties of the United
States as well as from taxation in any form by or under State, municipal,
or local authority: And provided further, That no bonds authorized by
this Act shall be receivable by the Treasurer of the United States as security for the issue of circulating notes by national banking associations.
NATIONAL-BANK NOTES (REDEMPTION ACCOUNT).
The act of July 14, 1890 (26 Stat., 289), provides that balances standing with the Treasurer of the Unitea States to the respective credits
of national banks for deposits made to redeem the circulating notes
of such banks, and all deposits thereafter received for like purpose,
shall be covered into the Treasury as a miscellaneous receipt, and
the Treasurer of the United States shall redeem from the general
cash in the Treasury the circulating notes of said banks which may
come into his possession subject to redemption, * * * and the
balance remaining of the deposits so covered shall, at the close of
each month, be reported on the monthly public debt statement as
debt of the United States bearing no interest.




20 years.

1 year
date.

after 2^ per cent.

Indefinite.

3459,280.00

S459,280.00

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24,710,831.50

2,808,373,874.16
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TABLE B.—Statement of the outstanding principal of the public debt of the United States on the 1st of July of each year from 1856 to 1912, inclusive.
Year.

.1856—Julyl..
1857
1858
1859
.1860
1861
1862
.1863
1864
1865
1865—Aug. 31
1866—July 1..
1867
1868
.
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896




T o t a l interestbearing d e b t .
S31 762,761.77
28, 460,958.93
44, 700,838.11
58 290,738.11
64, 640,838.11
.90,380,873.95
365,304,826.92
707, 531,634.47
1,359,930,763.50
2,221,311,918.29
2,381,530,294.96
2,332,331,207.60
2,248, 067,387.66
2,202; 088,727.69
2,162,060,522.39
2,046,455,722.39
1,934,696,750.00
1,814, 794,100.00
1,710, 483,950.00
1,738,930,750.00
1,722,676,300.00
1,710,685,450.00
1,711,888,500.00
1,794, 735,650.00
1,797, 643,700.00
1,723,993,100.00
1,639,567,750.00
1,463,810,400.00
1,338,229,150.00
1,226,563,850.00
1,196,150,950.00
1,146,014,100.00
1,021,692,350.00
950,522,500.00
829,853,990.00
313,110.00
725,529,120.00
610, 029,330.00
585,037,100.00
585,041,890.00
635,202,060.00
716,363.890.00
847,

D e b t on w h i c h interest h a s ceased.
$209, 776.13
238, 872.92
211, 042.92
206, 099.77
201, 449.77
199, 999.77
280, 195.21
473, 048.16
416, 335.86
1,245, 77L20
1,503; 020.09
935, 092.05
1,840, 615.01
1,197, 340.89
5,260, 181.00
3,708, 64L00
1,948, 902.26
7,926, 797.26
51,929, 710.26
3,216, 590.26
11,425, 820.26
.3,902, 420.26
16,648, 860.26
5,594, 560.26
37,015, 630.26
7,621, 455.26
6,723, 865.26
16,260, 805.26
7,831, 415.26
19,656, 205.26
4,100, 995.26
9,704, 445.26
6,115, 165.26
2,496, 095.26
1,911, 485.26
1,815, 805.26
1,614, 705.26
875.26
2,785, 060.26
2,094, 240.26
1,851, 590.26
1,721, 890.26
1,636,

D e b t bearing n o
iaterest. 1

S158, 591,390.00
411, 767,456.00
455, 437,27L21
458, 090,180.25
461, 616,311.51
439, 969,874.04
428, 218,101.20
408, 401,782.61
421, 131,510.55
430, 508,064.42
416, 565,680.06
430, 530,43L52
472, 069,332.94
509, 543,128.17
498, 182,411.69
465, 807,196.89
476, 764,031.84
455, 875,682.27
410, 835,74L78
388, 800,815.37
422, 721,954.32
438, 241,788.77
538, 111,162.81
584, 308,868.31
663, 712,927.88
619, 344,468.52
629, 795,077.37
739, 840,389.32
787, 287,446.97
825, 011,289.47
.933, 852,766.35.
1,000, 648,939.37
958, 854,525.87
995, 360,506.42
958, 197,332.99
920, 839,543.14

O u t s t a n d i n g principal.

Cash in t h e Treasu r y J u l y 1.2

T o t a l d e b t less cash
in T r e a s u r y .

$31, 972,537.90
28, 699,83L85
44, 911,881.03
58, 496,837.88
64, 842,287.88
90, 580,873.72
524, 176,412.13
1.119, 772,138.63
1,815 784,370.57
2,68O; 647,869.74
2,844, 649,626.56
2,773, 236,173.69
2,678, 126,103.87
2,611, 687,851.19
2,588, 452,213.94
2,480, 672,427.81
2,353, 211,332.32
2,253, 251,328.78
2,234, 482,993.20
2,251, 690,468.43
2,232, 284,531.95
2,180, 395,067.15
2,'205, 301,392.10
2,256, 205,892.53
2,245, 495,072.04
2.120, 415,370.63
2,069, 013,569.58
1,918, 312,994.03
1 , " " ' 171,728.07
1,830, 528,923.57
-1,863, 964,873.14
1,775, 063,013.78
1,657, 602,592.63
1,692 858,984.58
1,6I9; 052,922.23
1,552, 140,204.73
1,545, 996,591.61
1,588, 464,144.63
1,545, 985,686.13
1,632, 253,636.68
1,676, 120,983.25
1,769, 840,323.40

$21,006, 584.89
18,701;210.09
7,011, 689.31
5,091, 603.69
4,877, 885.87
2,862, 212.92
18,863, 659.96
8,421,40L22
106,332,093.53
5,832, 012.98
88,218, 055.13
137,200,009.85
169,974, 892.18
130,834; 437.96
155,680,340.85
149,502,471.60
106,217,263.65
103,470,798.43
129,020,932.45
147,541,314.74
142,243,361.82
119,469,726.70
186,025,960.73
256,823,612.08
249,080, 167.01
201,088, 622.88
249,363,415.35
243,289,519.78
345,389,902.92
391,985,928.18
488,612, 429.23
492,917, 173.34
482,433,917.21
629,854, 089.85
643,113, 172.01
661,355, 834.20
694,083,839.83
746,937, 681.03
707,016,210.38
732,940,256.13
774,448,016.51
814,543,069.70

$10,965, 953.01
9,998, 621.76
37,900, 191.72
53,405, 234.19
59,964, 402.01
87,718, 660.80
505,312, 752.17
1,111,350,737.41
1,709,452,277.04
2,674,815, 856.76
2,756,431,571.43
2,636,036, 163.84
2,508,151,211.69
2,480,853, 413.23
2,432,771,873.09
2,331,169,956.21
2,246,994, 068.67
2,149,780,530.35
2,105,462,060.75
2,104,149, 153.69
2,090,041, 170.13
2,060,925,340.45
2,019,275,43L37
1,999,382,280.45
1,996,414,905.03
1,919,326,747.75
1,819,650, 154.23
1,675,023,474.25
1,538,781,825.15
1,438,542,995.39
1,375,352,443.91
1,282,145,840.44
1,175,168,675.42
1,063,004,894.73
975,939,750.22
890,784, 370.53
851,912,751.78
841,526,463.60
838,969,475.75
899,313,380.55
901,672,966.74
955,297, 253.70

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1897,
1898.
1899
1900.
1901,
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912,

847, 365,130.00
847, 367,470.00
1,046, 048,750.00
1,023,478,860.00
987, 141,040.00
931, 070,340.00
914, 541,410.00
157,440.00
158,340.00
159,140.00
834,280.00
503,990.00
913, 317,490.00
913, 317,490.00
915, 353,190.00
963, 776,770.00

1,346, 880.26
1,262, 680.26
1,218, 300.26
^ 1,176!320.26
1,415, 620.26
1,280, 860.26
1,205, 090.26
l,970i 920.26
1,370, 245.26
1,128, 135.26
1,086, 815.26
4,130, 015.26
2,883, 855.26
2,124, 895.26
1,879. 8.30.26
1,760, 460.26

968, 900,655. 64
947, 901,845.64
944, 660,256.66
1,112,305,911.41
1,154,770,273. 63
1,226,259,245.63
1,286,718,281.63
1,366,875,224.88
1,378,086,478.58
1,440,874,563.78
1,561,266,966.28
1,725,172,266.28
1,723, 344,895.78
1,737, 223,452.78
1,848, 367,586.43
1,902,836,653.90'

1,817, 672,665.90
1, 796, 531,995.90
1,99L 927,306.92
2,136; 961,091.67
2,143, 326,933.89
2,158, 610,445.89
2,202, 464,781.89
2,264, 003,585.14
2,274, 615,063.84
2,337, 161,839.04
2,457, 188,061.54
2,626, 806,271.54
2,639, 546,241.04
2,652, 605,838.04
2,765, 600,606.69
2,868, 373,874.16

831,016,579.76
769,446, 503.76
836,607; 071.73
1,029,249, 833.78
1,098,587;813.92
1,189,153,204.85
1,277,453, 144.58
1,296,771 811.39
1,284,748,291.87
1,372,726, 152.25
1,578,591,306.51
1,688,673,862.16
1,615,684,710.25
1,606,216, 652.79
1,749,816,268.23
1,840,799, 176.88

986, 656,086.14
1,027, 085,492.14
1,155, 320,235.19
1,107, 711,257.89
1,044, 739,119.97
969, 457,241.04
925, 011,637.31
967, 231,773.75
989, 866,77L97
964, 435,686.79
878, 596,755.03
938, 132,409.38
1,023, 861,530.79
1,046, 449,185.25
1,015, 784,338.46
1,027, 574,697.28

- 1 Containing legal-tender notes, gold and sUver certificates, etc.
2 Including gold reserve and coin set apart for redemption of certificates and treasury notes and exclusive of national bank 5 per cent fund, outstanding warrants and checks,
and disbursing officers' balances.




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TABLE C.—Analysis ofthe principal ofthe interest-bearing public debt ofthe United States from July 1, 1856, to July 1, 1912.
2 percents.

Year.
*I856—July 1 . . .
1S57
1858
1859
I860
1861. 1862
1863. . .
1864
1865
1865—Aug. 31
1866—July 1 . . .
1867
1868
1869
1870.
1871
1872. .
1873
1874
1875. .
1876
1877. . .
1878
1879
1880
1881
1882-.. .
1883
18841885...
1886
1887. . .
18881889
'
1890
1891
1892-.
1893
1894
1895
1896.
1897

3 percents.

3i percents.

$64,000,000.00
66,125,000.00
59,550,000.00
45,885,000.00
24,665,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00 $460,461,050.00
318,204,350.00
32,082,600.00
238,612,150.00
208,190,500.00
158,046,600.00
33,716,500.00
14,000,000.00
14,000,000.00
14,000,000.00

'




4 percents.

$57,926,116.57
105,629,385.30
77,547,696.07
90,496^930.74
618,127.98
121,341,879.62
17,737,025.68
801,36L23
678,000.00
678,000.00
678,000.00
678,000.00
678,000.00
98,850,000.00
741,522,000.00
739,347,800.00
739,347,800.00
739,349,350.00
737,942,200.00
737,951,700.00
737,960,450.00
737,967,500.00
737,975,850.00
714,315,450.00
676,214,990.00
602,297,360.00
559,659,920.00
559,664,830.00
559,672,600.00
659,677,390.00
590,837,560.00
721,999,390.00
722,000,630.00

4J percents.

,

... .

$140,000,000.00
240,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
222,207,050.00
139,639,000.00
109,015,750.00
50,869,200.00
125,364,500.00
125,364,500.00
125,364,500.00
125,364,500.00
125,364,500.00
125,364,500.00

5 percents.
$3,632,000.00
3,489,000.00
23,538,000.00
37,127,800.00
43,476,300.00
33,022,200.00
30,483,000.00
30,483,000.00
300,213,480.00
245,709,420.63
269,175,727.65
201,982,665.01
198,533,435.01
221,586,185.01
221,588,300.00
221,588,300.00
274,236,450.00
414,567,300.00
414,567,300.00
510,628,050.00
607,132,750.00
711,685,800.00
703,266,650.00
703,266,650.00
508,440,350.00
484,864,900.00
439,841,350.00

50,000,000.00
100,000,000.00
100,000,000.00
100,000,000.00

6 percents.

7-i=V percents.

Total interestbearing d e b t .

A i m u a l Interest charge.

$31,762,761.77 $1,869,445.70
$28,130,761.77
28,460,958.93 1,672,767.53
24,971,958.93
44,700,838.11 2,446,670.28
21,162,838.11
58,290,738.11 3,126,166.28
21,162,938.11
64,640,838.11 3,443,687.29
21,164,538.11
90,380,873.95 5,092,630.43
57,358,673.95
365,304,826.92 22,048,509.59
154,313,225.01 $122,582,485.34
707,531,634.47 41,854,148.01
431,444,813.83 139,974,435.34
842,882,652.09 139,286,935.34 1,359,930,763.50 78,853,487.24
1,213,495,169.90 671,610,397.02 2,221,311,918.29 137,742,617.43
1,281,736,439.33 830,000,000.00 2,381,530,294.96 150,977,697.87
1,195,546,041.02 813,460,621.95 2,332,331,207.60 146,068,196.29
1,543,452,080.02 488,344,846.95 2,248,067,387. 66 138,892,451.39
37,397,196.95 2,202,088,727.69 128,459,598.14
1,878,303,984.50
1,874,347,222.39
2,162,060,522.39 125,523,998.34
1,765,317,422.39
2,046,455,722.39 118,784,960.34
1,934,696,750.00 111,949,330.50
1,613,897.300.00
1,814,794,100.00 103,988,463.00
1,374,883,800.00
1,281,238,050.00
1,710,483,950.00 98,049,804.00
1,213,624,700.00
1,738,930,750.00 98,796,004.50
1,100,865,550.00
1,722,676,300.00 96,855,690.50
984,999,650.00
1,710,685,450.00 96,104,269.00
1,711,888,500.00 93,160,643.50
854,621,850.00
738,619,000.00
1,794,735,650.00 94,654,472.50
283,681,350.00
1,797,643,700.00 83,773,778.50
235,780,400.00
1.723,993,100.00 79,633,981.00
196,378,600.00
i;639,567,750.00 75,018,695.50
1,463,810,400.00 57,360,110.75
1,338,229,150.00 51,436,709.50
1,226,563,850.00 47,926,432.50
1,196,150,950.00 47,014,133.00
1,146,014,100.00 45,510,098.00
1,021,692,350.00 41,780,529.50
950,522,500.00 38,991,935.25
829,853,990.00 33,752,354.60
725,313,110.00 29,417,603.15
- 610,529,120.00 23,615,735.80
585,029,330..00 22,893,883.20
585,037,100.00 22,894,194.00
635,041,890.00 25,394,385.60
716,202,060.00 29,140,792.40
847,303,890.00 34,387,265.60
847,365,130.00 34,387,315.20

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847,367. 470.001
046,048, 750.00
023.478, ^60.00
987,141, 040.00
931,070, 340.00
914,541, 410.00
895.157, 440.00
895.158, 340.00
895.159, 140.00
894,834, 280.00
897,503, 990.00
913,317, 490.00
913,317, 490.00
915,353, 190.00

34,387 408.80
40,347,872.80
33,545, 130.00
29,789, 153.40
27,542,945.50
25,541,573.30
24,176,745.00
24,176, 781.00
23,248,064.00
21,628,913.60
20,946,270.41
21,275,602.40
21,275. 602.40
21,336; 637.40

963,776,770.00

22,787,084.40

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NOTE 1.—Annual interest charge is computed on amount of outstandirig principal at close of fiscal year and is exclusive of iaterest charge on Pacific Railway bonds.
NOTE 2.—The figures for July 1, 1879, were made up assuming pending fundiag operations to have been completed.
NOTE 3.—The temporary loan per act of July 11, 1862, is included in the 4 percents from 1862 to 1868, iaclusive, with the exception of the amount outstandiag August 31, 1865,
this beiag the date at which the public debt reached its highest point. This loan bore iaterest from 4 per cent to 6 per cent, and was redeemable on 10 days' notice after 30 days, but
being constantly changing it has been considered more equitable to include the whole amount outstandiag as beariag 4:per cent interest on an average for the year.

>

1899-.
1900..
1901..
1902..
1903..
1904..
1905..
1906..
1907..
1908..
1909..
1910.
1191..
1912.

$307,125, 350.00
445,940,750.00
445,940,750.00
520,143, 150.00
542,909,950.00
542,909,950.00
595,942,350.00
676,250, 150.00
700,882, 130.00
730,882, 130.00
730,882, 130.00
730,882, 130.00
r 730,882,130.00
I
2 459 280.00

722,
722,
517
419,
368,
291,
275,
275,
235,
154
118,
118,
118,
118,

113,9'45,460.00

125,364,500.001 100,000,000.001
125,364,500.00 100,000,000.00
47,651,200.00
121,979,850.00
21,854,100.00
19,410,350.00
19,385,050.00

118,489,900.00

1 Continued at 2 per cent.




002,
005;
879,
724,
203
906,
112,
113,
271.
638,

198,678,720.00
128,843,240.00
99,621,420.00
97,515,660.00
83,107,060.00
77,135,360.00
360.00
. 77,135,
63,945,460.00
63,945,460.00
78,131,960.00
63,945,460.00
63,945,460.001
65,981,160. oo!

970.001
530.00
220.00
770.00
580.00
150.00
130.00
030.00
330.00
670.00
900.00
900.00
900.00
900.00

' Postal savings bonds, 2^ per cent.

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104

REPORT ON T H E FINANCES.

TABLE D.—Statement of the issue and redemption of loans and Treasurv notes and of

deposits and redemptions in national-bank note account (by warrants) for the fiscal
year ended June SO, 1912.
Issues and de- Redemptions.
posits.

Excess of
issues and-deposits.

Legal-tender notes, acts of Feb. 25
and July 11, 1862, Jan. 7 and Mar. 3,
1863, and Mar. 14,1900
$149,660,000.00 $149,660,000.00
Fractiona; currency, acts of July 17,
1862, Mar. 3,1863, and June 30, 1864..
1,236.03
Gold certifioates, acts of Mar. 3, 1863,
Ju ly 12,1882, and Mar. 14,1900
355,760,000.00 310,573,300.00 $45,186,700.00Compound-interest notes, acts of Mar.
3,1863, and June 30,1864
130.00
Seven-thirties of 1864 and 1865, acts of
June 30,1864, and Mar. 3,1865
100.00
Silver certificates, acts of Feb. 28,1878.
and Mar. 14,1900
:
411,432,000.00 393,382,000.00
18,050,000.00
Refunding certificates, act of Feb. 26,
1879
600.00
National-bank note account, act of
July 14,1890
20,078,365.00 28,527,711.50
Treasury notes of 1890, acts of July 14,
1890, and Mar. 14,1900
317,000.00
Funded loan of 1891, acts of July 14,
1S70, Jan. 21, 1871, and Jan. 14, 1875..
2,000.00
Panama Canal loan, acts June 28, 1902,
47,964,300.00
and Dec. 21,1905
:
47,964,300.00
Loan of 1904, acts of Jan. 14, 1875, and
Mar. 14,1900 .
200.00
Funded loan of 1907, acts of July 14,
1870, Jan. 20, 1871, Jan. 14, 1875, and
Mar. 14, 1900
116,350.00
Postal savings bonds, act of June 25,
1910
459,280.00
459,280.00
Total
Excess of issues
Excess ofredemptions
Net excess of issues




985.353.945.00

882.580,627.53

111,660,280.00

Excess of
redemptions.

$1,236.03
130.00
100.00
600.00
8,449,346.50
'

317,000.00
2,000.00
•200.00
316,350.00
8,886,962.53

111.660,280.00
8,886,962.53
102,773,317.47

DR.

T A B L E E.—Sinking fund account for fiscal year 19 V/.

To balance from last year
$749,297,164.04
1,1911 To 1 per cent on the principal of the pubhc debt on
June 30, 1911, less coin certificates, Treasury notes,
national bank note redemption account, and cash
available for reduction of the debt, viz, $1,120,824,709.69
11,208,247.10
48,951,702.86
June 30,1912 To interest on redemptions prior to fiscal year 1912
To iaterest on $120,616.03, amount of debt " p a i d " dur11,099.40
ing fiscal year 1912

July




809,468,213.40

June 30,1912

By principal of bonded debt redeemed in 1912
By accrued iaterest thereon.".
'.
By fractional currency and notes redeemed in 1912
By accrued interest thereon
By balance

CR.
$118,550.00
8,890.50
2,066.03
706. 87
809,338,000.00

809,468,213.40

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106

REPORT OK THE FINANCES.

TABLE F.—Population, ordinary receipts and disbursements of the Government from
1837 to 1912, exclusive of postal, and per capita on receipts and per capita on
disbursements.
Year.

1837
1838
1839
1840
1841
1842
1843 (six months)
1844
1846
1846.-..
1847:
1848
1849
1860
1861
1852..'
1853
1864
1855
1856
1857
1868
1859
1860
1861
1862
1863
1864
1866
1866
186-7
1868
1869
1870
1871
1872
1873
1874
1876
1876
1877
1878
1879
1880
1881
1882
1883
1884
1886
1886
1887
1888
1889
1890
1891
1892..
1893
1894..
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1906
1906
1907
1908
1909
1910
1911
1912

Population.

15,665,000
16,112,000
16,584,000
17,069,453
17,591,000
18,132,000
18,694,000
19,276,000
19,878,000
20,500,000
21,143,000
21,805,000
22,489,000
23,191,876
23,995,000
24,802,000
25,615,000
26,433,000
27,256,000
28,083,000
28,916,000
" 29,753,000
30,596,000
31,443,321
32,064,000
32,704,000
33,365,000
34,046,000
34, 748.000
35, ^9,000
36,211.000
36,973,000
37,756,000
38,558,371
39,555, OOO
40,596,000
41,677,000
42,796,000
43,951,000
46,137, 000
46,353,000
47,598,000
48,866,000
50,155,783
51,316,000
52,495,000
53,693,000
64,911,000
56,148,000
67,404,000
68,680,000
69,974,000
61,289,000
62,622,250
63,947,000
65,191,000
66,456,000
67,740,000
69,043,000
70,365,000
71,704,000
73,060,000
74,433,000
76,295,220
77,754,000
79,117,000
80,847,000
81,867,000
83,260,000
84,662,000
86,074.000
87,496,000
88,926,000
1 90,363,000
93,983,000
95,656,000

Ordinary
receipts.
$24,954, 153.00
:
,
25,302, 562.00
:
,
31,482, 750.00
:
,
19,480,
1,115.00
16,860,
1,160.00
19,976, 197.00
;
,
8,231,
,001.26
29,320,
1,707.78
29,970,
,105.80
29,699,
1,967.74
26,467,
,403.16
35,698,
1,699.21
30,721,
,077.50
43,592, 888.88
:
,
52,555,
1,039.33
49,846,
1,815.60
61,587, 031.68
'
,
73,800,
1.341.40
65,350,
1,574.68
74,056,
1,699.24
68,965, 312.67
.
,
46,655, 365.96
S
62,777,
,107.92
56,054,
:,699.83
41,476, 299.49
;
,
),
61,919,261.09
:
,
112,094, 945.51
;
,
243,412, 971.20
.
,
322,031, 158.19
1,564. 38
619,949,
;
,
462,846, 679.92
,453.82
376,434,
1,256.09
357,188,
1,833.87
395,959,
,
374,431, 104. 94
:
,
364,694, 229.91
'
,
322,177, 673.78
.
,
299,941, 090.84
284,020,
1.771.41
;
,
290,066, 584.70
281,000,
1,642.00
257,446, 776.40
i
,
272,322, 136. 83
:
,
;
,
333,526, 500.98
360,782,
1,293.00
.
,
403,525, 260.00
398,287,
,582.00
1,870.00
348,519,
1,706.00
323,690,
1,727. 00
336,439,
;
,
371,403, 277.00
;
,
379,266, 076.00
1,059.00
387,050,
1,982.00
403,080,
!,447.31
392,612,
'
,
354.937, 784.24
1,628.78
385,819,
1,019.26
297,722,
1,075.11
313,390,
;
,
326,976, 200.38
.
,
347,721, 705.16
,335.20
406,321,
1,620.18
615,960,
»
,
567,240, 851.89
,337.63
587,685,
;
,
662,478, 233.21
i
,
660,396, 674.40
i
,
639,716, 913.86
i
,
644,606, 758.62
^
594,717, 942.32
•
.
663,126. 659.92
1,723.27
601,060,
1,489.84603,589,
,715.02
675,511,
!
,
701,372, 374.99.
,465.37
691,778,

Per capita on
receipts.
$1.59
L63
1.90
1.14
.96
1.10
.44
1.52
1.61
1.45
1.25
1.64
L37
L88
2.19
2.01
2.40
2.79
2.40
2.64
2.38
1.57
L72
1.78
1.30
1.58
3.36
7.14
9.26
14.65
12.78
10.18
9.46
10.26
9.47
8.98
7.73
7.01
6.46
6.43
6.06
5.41
5.67
• 6.65
7.00
7.68
7.41
6.36
5.76
5.86
6.33
6.32
6.31
6.43
6.14
6.44
5.81
4.40
4.54^
4.66
4.85
5.55
6.93
7.43
7.56
7.11
6.93
6.69
6.64
7.02
7.70
6.'^87
6.79
7.48
7.46
7.23

Ordinary disbursements.

Per capita
on
disbursements.

$37, 243,214.24
33, 864.714.56
26, 896,782.62
24, 314,618.19.
26, 481,817.84
25, 134,886.44
11, 780,092.51
22, 483.560.14
22, 935.827.79
27, 261,182.86
64, 920,784.09
47, 618,220.65
43, 499,078.39
40, 948,383.12
47, 751,478.41
44, 390,252.30
47, 743,989. 09
65, 038,465.11
68, 630,662. 71
68, 726,360.01
67, 634,408.93
73, 982.492.84
68, 993.599. 77'
63, 200,875.65
66, 650,213.08
469, 670,241. 66
718, 734,276.18
864, 969.100.83
1,295, 099,289.58
519, 022,356.34
346, 729,326.78
370, 339.133.82
821, 190,597.75
293, 667.005.15
283, 160,393.51
270, 659,695.91
285, 239,326.34
301, 238,800.21
274, 623.392.84
265, 101,084.59
241, 334,474.86.
236, 964,326. SO
266, 947,883.53
264, 847,637.36
259, 661,638.81
267, 981.439.57
266, 408,137.64
244, 126,244.33
260, 226,935.11
242, 483,138.50
267, 932,179.97
269, 653.958.67
281, 996,615.60
297, 736,486.60
355, 372,684.74
345, 023.330.68
383, 477,954.49
367, 625.279.83
356, 195,298.29
352, 179,446.08
365, 774,159.57
. 443, 368.582.80
605, 072.179.85
487, 713,791.71
509, 967,353.15
471, 190,857.64
506, 089,022.04
632, 237,821.31
663, 360,093.62
549, 406,426.35
661, 705,129.04
621, 102,390.64
662, 324,444.77
659, 705,391.08
654, 137,997.89
654, 553,963.47

1 Estimated July 1.
NOTE.—The ordinary receipts and disbursements and per capita on receipts for 1891 were erroneously stated b y t h e Register of the Treasury in his reports for 1891,1892^ and 1893. (See Finance
Reports for those years, pp. 845,767, and 906.)




T A B L E G.—Statement showing the ordinary receipts and disbursements ofthe Government by months; the legal-tender notes,'net gold, and available cash
i n the Treasury at the end of each month; the monthly redemption of legal-tender notes i n gold and the imports and exports of gold, from July, 1896,
to June, 1912, inclusive.
•

Month.

189&-July
August
September.
October...*.
November.
December.
1897—January
February..
March
,
April
May
June
Total for 12 months .
July
August
September.
October
NovemberDecember .
1898—January
February..
March
April -.
May
June
Total for 12 months .
July
,.
August
September.
October
November.
December .




Ordinary
disburseOrdinary ments, exclureceipts, sive of postal,
exclusive of principal of
postal.
debt, and
premium?

Surplus
receipts.

$29,029,209
25,662,097
24,684,245
26,282,830
25,210,696
26,867,114
24,316,994.
24,400,997.,
36,217,662:
37,812,135
29,797,391
36,584,708

$42,088,468 1$13,059,259
35,701,677 110,139,580
11,995,290
26,579,635
33,978,277
17,695,447
33,260,720
18,050,024
23,812,665
2,044,449
30,269,389
1 5,952,396
28,796,057
14,395,060
27,212,998;
9,004,664
32,072,097
5,740,038
29,109,259
. 688,132
22,934,696
13,650,013

347,721,705

365,774,160

118,052,455

39,027,364
19,023,615
21,933,098
24,391,415
43,363,606
69,646,698
37,333,628
28,672,358
32,958,751
33,012,9.43
30,074,818
33,509,313

50,100,909
33,588,047
25,368,816
33,701,512
37,810,839
27,634,092
36, 696,711
26,599,256
31,882,444
44,314,062
47,849,909
47,852,282,

111,073,545
114,564,432
13,435,718
1 9,310,097
5,552,766
32,012,606
636,917
1,973,102
1,076,307
111,301,119
117,775,091
114,342,969

Balance in
Net gold [general fund,
in Treasury. including
net gold.

405, 321,335

443,368,583
74,263,475
56,260,718
54,223,921
53,982,277
49,090,981
41,864,808

130,416,366
114,478,010
114,445,851
114,352,226
110,190,066
1460,014

1 E x c e s s of d i s b u r s e m e n t s .

Exports of
gold.

233,016,457
218,561,207
215,192,787
207,766,100
220,663,560
235,474, 769
223,871,786
225,564,204.
226,166,944
215,810,622
195,754,815
209,282,643

189,444,714
217,904,485
243,297,543
239,885,162
241,663,444
246,529,176

254,844,216
'294,487,085
307,557,504
300,238,275
292,376,790
294,764,695

$1,667,986
4,289,538
34,347,009
28,193,769
7,487,300
2,801,044
943,306
' 830,180
1,439,439
971,506
951,515
1,092,188

$11,931,436
1,972,544
93,5-55
368,007
468,010
431,826
442,355
353,147
576,206
6,631,216
9,468,471
7,625,808

85,014,780
140,817,699
144,216,377
147,663,105
153,573,147
157,363,851
160,911,547
164,236,793
167,623,182
174.584.136
181.238.137
171,818,055
167,004,410

138,047,248

43,847,109
41,782,708
39,778,070
39,630,061
38,900,915
41,404,794

$110,718,746 $256,168,473
243,346,401
100,957,661
124,034,672 241,164,457
117,126,524 233,572,762
131,510,353 225.357,098
137,316,644 228,320,380
144,800,493 215,362,421
148,661,209 212,837,256
151,786,464 222,045,606
153,340,890 228,090,517
144,319,563 230,113,813
140,790,738 244,466,202

Imports of
gold.

40,361,680

938,951
4,720,569
4,723,181
11,^775,483
3,054,089
2;582,406
6,493,414
6,162,681
30,708,320
32,579,858
13,322, 111
3,330,612

5,462,8691,983,688
142,922
313,311
699, 613
577,996
2,658,663
1,030,412
728,707
1,323,724
. 109,157
376,629

120,391,674

te
o
te
te

>

te
O
te

m

te
i-a
te

te

>

Ul

d
te

16,406,391

2,641,668
15,296,811
16,808,341
16,738,353
5,324,''601
8,757,182

Ul

1,497,013
1,956,908
3,102,810
1,279,926
913,467
1,219,638

o

TABLE G.—Statement showing the ordinary receipts and disbursements ofthe Government by months, etc.—Continued.

Month.

1899—January . .
February.
March
April . - - . .
May
June
Total for 12 months.
July
August
September.
October
• November.
December .
1900—January . . .
February..
March
April
May . . ,
June
Total for 12 months.
July
August
September.
October
November.
December .
1301—January . . .
February..
March
April
May
June
Total for 12 months.




Ordinary
disburseOrdinary ments, exclureceipts, sive of postal,
exclusive of principal of
postal.
debt, and
premium.

Surplus
receipts.

Balance in
Net gold
general fund,
in Treasury.
including
net gold.

$41,774,930
37,979,333
67,030,240
41,611,687
44,786,014
47,126,915

$51,122,771"
43,918,929
42,978,571
65,949,106
40,513,005
31,382,762

1 $9,347,841 $228,662,341
16,939,696
231,124,638
14,061,669
246,413,707
1 24,337,519 246,140,226
4,273,009
228,415,238
15,744,153
240,737,212

616,960,620

606,072,180

1 89,111, 560

48,054,258
49,978,173
45,334,145
47,533,589
.46,946,672
46,759,104
48,012,166
46,631,265
48,726,837
45,^039,327
45,166,053
51,436,832

66,561,090
45,622,312
37,579,372
44,174,027
40,769,848
39,146,560
39,189,097
37,738,472
32,188,271
40,903,928
40,351,525
33,540,673

18,506,832
4,466,861
7,754,773
3,359,562
6,175,724
7,613,544
8,823,068
7,892,793
16,538,566
4,135,399
4,814,528
17,896,159

567,240,852

487,713,792

79,627,060

49,955,161
49,688,756
45,304,326
61,626,067
48,344,615
46,846,608
47,620,287
45,844,123
49,891,125
47,767,851
62,629,440
50,333,908

53,979,653
50,500,199
39,169,971
47,993,638
41,278,661
40,204,622
40,109,707
38,880,636
40,762,862
41,968,246
42,136,661
33,046,147

1 4,024,492
1811,443
6,134,'355
3,632,429
7,065,854
6,641,886
7,410,580
6,963,487
9,128,263
5,799,605
10,492,879
17,288,761

687,686,338

609,967,363

77,717,985

$274,684,676
269,103,613
284,043,164
263,127,533
267,584,094
284,488,516

Imports of
gold.

O
GO
Exports of
gold.

223,567,-376
218,263,969
230,131,162
242,670,175
243,235,735
246,561,322
221,183,644
231,150,064
249,046,644
246,767,053
244,432,246
248,605,794

299,859,365
285,419,696
288,204,878
287,005,032
289,176,791
290,107,336
293,012,973
298,915,149
308,443,522
306,494,208
312,338,469
328,406,798

37,522,086

2,895,469
5,391,411
2,693,894
8,542,254
2,904,043
6,620,246
1,992,692
1,911,116
I,921,036
3,388,813
3,683,634
3,728,576

2,606,457
2,099,062
618,995
379,752
264,310
11,857,511
5,691,290
1,403,658
1,081,280
1,961,580
12,209,596
8,093,268

44,573,184

274,844,167
279,352,872
287,695,613
289,391,540
286,216,440
283,595,453
292,490,973
298,362,824
306,792,996
296,117,548
295,783,530
306,827,605

$1,755,451
• 667,962
1,109,845
1,162,484
2,049,255
20,908,327

88,954,603
245,264,534
248,757,971
254,328,820
252,223,797
239,744,905
236,909,230
218,613,617
232,225,336
248,358,064
229,461,962
218,857,546
220,567,185

$6,392,344
5,148,906
3,187,675
2,482,871
3,070,265
3,105,686

48,266,759

11,263,332
4,238,358
7,861,553
10,731,375
12,641,988
3,386,611
4,265,626
1,859,274
2,520,456
2,249,038
1,772,834
3,260,743

3,272,739
18,084,938
806,572
441,962
677,207
410,533
•8,221,159
416,812
490,269
4,916,965
10,101,177
5,344,844

66,051,187

•53,185,177

te
te
te
o
te

o

te

o
• te
Ul

July
August
September.
October —
November .
December..
1902—January
February ..
March,
April...
May
June
T o t a l for 12 m o n t h s .
July
August
September .
October
November .
December..
1903—January
February...
March
April
May
June
T o t a l for 12 m o n t h s .
July
August
September.
October. . . .
November December..
1904—January
February ..
March
April
May
June
T o t a l for 12 m o n t h s .
July
August
September.
October —
November .
December..




12,749
6,042,628
12,123,687
9,186,017
5,517,860
9,742,967
8,033,866
2,060,448
8,398,977
4,416,127
10,762,652
15,839,609

320,340
394,125
434,423
831,953
716,777
061,965
682,144
169,739
601,414
215,390
509,449
677,469

307,591
351,498
310,736
645,936
198,917
318,998
548,278
099,291
102,437
799,263
746,798
837,859

662,478,233

471,190,878
813,568
113,611
564,798
904,965
036,273
533,744
632,244
750,750
987,587
763,814
586,997
583,738

17,607,877
5,492,202
11,025,583
4,486,297
562,728
10,617,5563,364,094
5,277,430
447,848
1,562,287
3, 626,973
.13,790,316

660,396,674

606,089,022
388,189
024,545
427,964
910,479
427,788
255,805
372,554
653,772
689,398
010,265
352,973
922,015

17,776,613
6,828,133
6,545,856
14,947,266
12,735,193
10,491,787
1 6,784,184
3,242,635
3,072,101
14,480,843
15,664, 913
11,293,399

539,716,914

632,237,821

117,232,728
16,228,212
5,953,326
13,610,265
13,857,441
3,732,174

353,974,699
359,491,501
371,263,394
356,421,878
354,575,588
364,409,380
368,345,963
374,543,470
372,921,989
373,326,187
375,168,898
388,686,114

248,499,879
253,201,871
260,714,057
258,892,307
267,Oil, 715
265,571,972
229,362,090
236,241,028
248,529,691
231,877,090
217,592,391
216,183,723

378,291,444
383,460,710
389,417,184
378,637,402
369,237,430
379,374,895
378,745,084
373,068,605
374,699,996
370,919,188
313,287,516
322,051,568

46,786,387
44,903,392
46,344,683
48,990,608
45,676,877
45,047,906 I

197,445,631
199,512,294
223,098,966
231,060,229
233,812,615
229,664,318

304,081,679
297,975,365
301,414,163
296,352,797
293,344,658
296,592,689

E x c e s s of d i s b u r s e m e n t s .

4,076,113
3,490,628
11,905,431
9,13,8,638
7,431,678
2,791,522
1,405,787
1,696,967
2,636,313
1,864,767
1,497,053
4,086,457

2,876,120
150,861
163,362
4,066,747
16,292,500
4,744,123
1,973,675
8,665,480
4,432, 946
2,844,214
1,968,407
391,525

52,021,254

48,568,960

1,694,421
5,143,597
4,981,130
11,-118,446
5,981,743
2,186,636
2,010,861
1,817,456
4,567, 728
1,349,621
1,462,845
2,767,653

7,884,339
2,305,714
530,029
1,460,829
720,331
2,853,112
85, 951
1,506, 370
1,042,598
1,705,466
14,488,268
12,507,588

Ul

44,982,027

47,090, 595

te

4,631,207
7,848,653
5,184,858
5,026,036
11,370,690
17,230,298
8,225,508
5,034,372
8,855,162
10,289,869
10,472,582
4,886,233

9,117,758
84,776
998,076
362,177
993,150
1,464,656
591,567
732,614
3,063,458
19,470,167
43,069,053
1,622, 644

99,056,368

7,479,093

64,019,115
61,131,604
40,391,358
62,600,873
49,434,318
41,315,731

248,006,006
264,657,694
286,124,771
• 263,542,933
264,967,774
270,777,264
247,783,746
259,651,782
276,816,803
262,539,660
256,208,626
254,162,230

54,307,652

611,576
852,678
969,819
963,213
692,595
747,592
588,370
895,407
761,499
529,422
688,060
215,414

327,368,877
329,971,356
319,919,880
325,665,697
317,010,666
321,603,279
324,796,646
325,361,866
327,856,289
334,739,983
345,350,229
362,187,361

91,287,376

305,691
605,813
580,381
391,262
599,001
151,300
996,338
028,180
435,435
326,101
113,970
354,064

249,955,831
268,455,786
251,635,354
259,346,494
•257,539,887
262,800,534
239,040,401
238,821,209
244,858,050
242,945,286
246,554,393
253,801,291

81,469,986

8,926,418
7,764,491
4,241,035
8,045,275
4,727,105
3,336,184

1,083,249
10,762,818
2,744,448
3,855.649
20,813,443
13,502,828

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TABLE G.—Statement showing the ordinary receipts and disbursements ofthe Government by months, etc.—Continued.

Month.

1905—January
February
March
April
May
June

$43,410,285
44,608,073
46,267,756
39,778,182
43,758,933
47,950,777

•

Total for 12 months
July
August
September
October
November
December
1906—January
February
March
April
May
June

,..
'..

Total for 12 months.




$49,488,299
41,151,234
44,985,127
48,339,465
46,048,144
34,687,523

544,606,758

563,360,093

Surplus
receipts.

Balance in
Net gold |general fund, Imports of
in Treasury.
including
.
gold.
net gold.

Exports of
gold.

1 $6,078,014 $201,244,581 $290,626,796
3,456,839
202,857,181
290,681,839
221,231,681
291,821,624
1,282,629
212,331,729 284,318,681
18,561,283
218,172,921 281,141,378
1.2,289,211
221,381,650 295,477,492
13,263,264

$1,895,691
2,192,919
•6,133,592
2,581,057
2,657,143
2,149,051

$16,828,167
14,794,312
2,392,784
1,303,874
481,670
4,030.882

118,753,335

53,648,961

92,694,024

4,973,241
8,213,216
5,543,692
10,722,132
5,202,790
4,028,881
2,605,709
2,079,683
5,630,695
14,941,583
34,911,028
2,369,080

1,159,274
274,153
1,412,904
310,696
1,137,318
2,668,532
6,741,665
8,486,330
5,918,627
2,486,552
5,722,148
3,256,392

96,221,730

38,573,591

9,834,333
7,972,868
31,431,038
27,250,852
8,935,274
7,617,237
3,270,605
3,329,867
5,046,243
4,974,627
2,682,163
2,165,342

1,302,248
698,078'
2, 278,922
7,074,544
1,963,757
1,880,896
2,450,072
1,127,059
2,126,173
2,219,844
4,505,444
23,872,140

114,510,249

51,399,176

112,318,347
1 3,109,895
9,740,537
14,097,144
2,789,325
'7,520,152
5,018,743
6,785,633
6,965,846
148, 928
4,855,378
21,366,225

49,273,134
47,490,432
60,251,169
50,492,692
49,000,869
50,350,463
50,790,096
48,194,728
60,631,169
45,092,868
47,980,024
55,367,081

Total for 12 months
July
August
September
October
November
December
1907—January
February
March
April
May
June

Ordinary
disburseOrdinary ments, exclureceipts, Isive of postal,
exclusive of principal of
postal.
debt, and
premium.

61,591,481
50,600,327
40,510,622
54,589,836
46,211,544
42,830,311
45,671,353
41,409,095
43,665,323
45,141,796
43,124,646.
34,001,856

594,717,942

549,405,425
63,483,563
45,997,602
39,154,801
62,678,473
46,642,880
44,497,456
45,732,517
43,983,148
40,150,934
46,324,832
45,940,845
38,475,021

111,184,710
10,010,095
12,342,390
4,663,526
8,959,618
11,316,524
9,504,983
9,942,348
14,071,020
7,935,760
11,547,167
24,236,442

663,125,669

561,705,129

111,420,530

279,865,731
277,597,345
286,823,693
281,815,289
285,310,840
289,780,373
293,885,083
302,718,086
309,859,322
307,126,224
310,385,376
330,689,356

290,313,464
311,358,446
313,714,775
302,973,951
317,952,371
313,999,622
285,Oil, 577
310,617,216
310,760,992
296,040,433
292,821,224
304,619,431

319,963,942
350,686,875
371,213,096
373,300,810
381,470,287
388,997,076
394,708,206
400,164,655
402,868,003
401,388,342
407,629,665
422,061,446

45,312,517

52,298,853
56,007,597
51,497,191
57,241,999
55,602,498
65,812,980
55,237.500
53,926,496
64,221,954
53,260,592
57,488,012
62,711,463

224,372,884
235,465,627
263,331,814
273,076,079
286,582,811
284,836,080
259,856,877
276,418,068
284,378,284
260,229,777
269,690,707
290,489,841

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July
August
September.
October . . .
November.
December .
1908—January . . .
February..
March
April
.
May
June..:
T o t a l for 12 m o n t h s .
July
August
September.
October
November.
December .
1909—January
February..
March
April
May
Juiie
T o t a l for 12 m o n t h s
,

July
August
September.
October
November.
December .
1910—January . . .
. February..
March
April
June.
T o t a l for 12 m o n t h s




906,465
226.282
438,483
028,246
629,326
283,828
435.283
324,900
616,965
919,321
698,053
488,613

60,864,924
52,995,047
44,646,469
45,688,297
41,624,354
52,824,760
63,690,291
54,173,201
49,156,796
56,648,191
51,485,228
47,956,647

14,958,459
5,431,235
6,792,014
13,439,949
3,904,972
1 5,540,922
1 4,255,008
1 5,848,301
I 4,539,831
112,728,870
1 8,787,175
5,531,966

601,060.723

621,102,390

1 20,041,667

189,846
680,639
224,558
304,825
908,715
197,210
269,139
675,568
554,602
278,212
416,058
900,118

71,390,958
48,114, 783
52,209,676
56,858,544
68,302,928
56,384,477
58,653,229
51,693,985
53,857,118
62,044,182
54,905,437
47,909,128

1 22,201,112
1 3,434,144
13,985,118
1 8,553,719
1 8,394,213
15,187,267
112,394,090
14,018,417
1302,516
' 1 765,970
1 489,379
10,990,990

603,589,490

662,324,445

1 68,734,9.55

577,081
081,777
347,669
176,765
727,571
968,269
322,176
278,783
161,772
153,520
608,384
117,958

70,681,030
58,490,754
62,968,845
59,100,660
56,318,678
53,239,067
52,046,922
49,238,877
51,597,331
53,807,033
48,179,671
54,036,523

113,103,949
1 7,408,977
1 621,186
11,923,895
1 4,591,107
3,729,202
1 1,724,746
1,039,906
8,554,441
1653,518
3,428,713
29,081,435

676,511„715

659,706,391

15,806,324

1 E x c e s s of d i s b u r s e m e n t s .

230,238,004
214,915,576
222,058,504
232,051,793
228,201.751
232,703; 457
204,776.864
234,094;571
240,173,188
235,590,916
224,263,038
227,698,852

353,628,173
339,890,139
329,052,573
316,882,253,
301,387,362
319,501,417
299,701,585
291,263,813
283,934,071
277,433,835
269,901,309
276,375,428

235,720,333
237,184,857
242,873,342
254,735.467
250,567,638
241,989,339
220,256,764
226,656,329
247,576,175
244,001,134
229,620,847
242,411,286

258,437,755
247,950,871
244,206,114
239,103,078
231,935,125
234,048,866
230,960,864
230,571,813
238,885,265
233,462,139
232,165,417'
256,894,676

7,478,366
4,696,879
1,603,836
3,716,258
615,169
1,004,441
444,200
1, 967,597
1,447,206
14,476,341
26,555,913
8,626,718
72,432,924

2,949,179
4,303,847
4,767,051
3,785,705
2,909,883
5,152,732
3,420,183
3,576,444
6,161,648
3,345,861
2,263,721
2,367,735

4,845, 272
6,599,742
391
3, 974,
1,952, 574
' 2,967,795
7,357, 707
7,865, 356
8,860, 814
21,252, 462
6,337, 994
11,171, 265
8,346,446

44,003,989

388,574,188
386,660,408
389,551,314
387,227,019
400,551,014
419,519,991
416,417,301
418,846,804
412,608,191
401,596,987
390,933,256.
395,171,348

3,410;782
3,223,772
2,759,019
4,512,466
63,574,871
44,448,515
10,799,484
2,847,133
3,649,407
2,561,197
3,101,002
3,449,673
148,337,321

293,670,624
284,300,724
'280,808,512
237,987,850
246,500,558
249,344,971
217,475,100
210,382,518
204,492,080
193,772,017
213,-684,683
221,924,733

91,631,818

3,269,886
5,348,757
2,351,158
7,034,164
3,863,637
2,083,772
2,131,357
3,063,116
4,373,885
2,100,918
3,143,338
4,575,917

16,661,782
9,230,273
7, 546,442
9,379,402
15,649,281
10,679, 304
6,163,132
2,937,134
1,815,815
36,283,625
718,678
1,598,347

43,339,905

118,563,215

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TABLE G.—Statement showing the ordinary receipts and disbursements ofthe Government by months, etc.—Continued.
to
Ordinary
disburseOrdinary
ments, exclu
receipts,
Isive of p o s t a l
e x c l u s i v e of p r i n c i p a l of
postal.
debt, a n d
premium.
1910—July
A u g st
September
October
November
December
1911—January
February
March.
April
May
June

,817,953
969,254
983,578
266,442
471,175
689,458
005,193
390,629
465,359
091,962
232,444
988,928

T o t a l for 12 m o n t h s
1911—July
August
September
October
November
December
1912—January
Febniary
March
April
May
June

,

T o t a l for 12 m o n t h s .

$68,411,709
58,538,788
52,627,006
58,560,323
54,231,830
52,798,711
52,271,910
"50,051,017
51,649,855
52,558,029
55,908,354
46,630,466

701,372,375

654,137,998

085,062
803,683
335,353
054,411
588,832
749,606
461,712
932,609
296,027
305,712
369,952
795,506

68,178,502
60,287,497
50,805,537
60,187,536
57,049,325
54,505,903
53,422,057
52,144,834
48,658,152
55,954,196
52,251,653
41,108,771
- 654,553,963

Surplus
receipts.

1$9,593. 756
13,569;534
3,456,572
1 3,293,881
4,239,345
4,890, 747
1 266,717
339,612
6,815,504
11,466,067
5,324,090
40,358,462

Balance in
Net gold |generalfund
in Treasury.
including
n e t gold.

$228,421,383
229,628,447
244,362, Oil
261,024,062
256,832,205
254,003,571
220,261,901
227,178,354
231,726,269
220,749,280
206,383,234
233,533,255

$242,356,224
239,523,208
240,984,016
_ 235,688,932
236,683,886
239,393,472
235,466,829
235,525, 708
239,454,526
235,705,902
236,477,947
290,176,926

262, 780,234
258,319,307
257,503,487
280,180,440
285,303,171
276,029,643
235,654,356
239,947,601
254,136,930
253,187,522
244,189,050
264,028,646

302,525,300
292,408,854
294,394,996
286,522,399
282,243,628
276,925,992
273,413,503
271,892,704
281,534,096
275,613,948
276,997,558
317,152,479

37,224,502

E x p o r t s of
gold.

$10,282,649
12,818,606
3,192,341
4,250,259
4,313,500
4,976,632
9,540,830
5,805,844
4,119,063
4,524,835
5,014,740
4,767,714

$828,451
3,150,423
1,822,476
750,330
1,376,011
1,330,400
923,676
424,733
505,615
1,505,634
6,817,149
3,074,755

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73,607,013

47,234,377
116,093,440
15,483,814
5,529,816
14,133,125
1 460,493
1 756, 297
1 960,345
1,787,775
10,637,875
12,648,484
6,118,299
43,686,735

I m p o r t s of
gold.

22,509,653

H

2,594,653
4,105,331
4,704,096
4,102,427
3,458,321
4,707,330
5,141,243
2,937,274
4,335,678
3,892,599
3,346,491
5,611,057

2,178,088
480,799
2,352,861
. 3,983,994
13,941,093
994,677
1,915,202
10,589,295
7,453,589
1,816,816
4,450,899
7,171,035

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48,936,500

57,328,348

1 E x c e s s of d i s b u r s e m e n t s .
N O T E . — T h e a b o v e figures a r e e x c l u s i v e of d i s b u r s e m e n t s for t h e P a n a m a C a n a l , t h e first p a y m e n t s for w h i c h o c c u r r e d i n t h e fiscal y e a r 1903.
N O T E . — T h e r e c e i p t s a n d d i s b u r s e m e n t s b y m o n t h s w e r e m a d e u p f r o m p a r t i a l r e p o r t s p r i o r t o J u l y 1, 1908; a n d , b e i n g s u b j e c t t o c h a n g e b y s u b s e q u e n t c o n c e n t r a t i o n of
accounts, did n o t agree w i t h t h e totals by years. T h e latter are t h e a c t u a l results, as s h o w n by complete returns.




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SECRETARY OF T H E TREASURY.

TABLE H.—Statement of the balance in the general fund of the Treasury, including the gold
reserve, by calendar years from 1791 to 1842, and by fiscal years from 1843 to 1912.^
Balance i n
general fund,
including
gold reserve
since 1875.

Date.

1791—December 31
1792—December 31
1793—December 31
1794—December 31
1795—December 31
1796—December 31
1797—December 31
1798—D ecember 31 .
1799_December 31
1800—December 31
1801—December 31
1802—December 31
1803—December 31
1804—December 31
1805—December 31
1806—December 31
1807—December 31
1808—December 31
1809—December 31
1810—December 31
1811—December 31
1812—December 31
1813—December 31
1814—December 31
1815—December 31
1816—December 31
1817—December 31
] 818—December 31
1819—December 31
1820—D ecember 31
1821—December 31
1822—December 31
1823—December 31 *
1824—December 31
1825—December 31
1826—December 31
1827—December 31
1828—December 31
1829—Deceinber 31
1830—December 31
1831—December 31
1832—December 31
1833—December 31
1834—December 31
1835—December 31
1836—December 31
1837—December 31
1838—December 31
1839—December 31
1840—December 31
1841—December 31
1842—December 31
1843—June 30
1844—June 30
1845—June 30
1846—June 30
1847—June 30
1848—June 30
1849_June30
.
1850—June 30
1851—June 30

Balance i n
general fund,
including
goljd reserve
since 1875.

Date.

$973,905.75 1852—June 30
783,444.51 1853—June 30
753,661.69 1854—June 30
:
1,151,924.17 1855—June 30
516,442.61 1856—June 30
888,995.42 1857—June 3 0 .
"
1,021,899.04 1858—June 30
617,451.43 1859—June 3 0 .
2,161,867.77
1860—June 30
2,623,311.99
1861—June 30
3,295,391.00 1862—June 30
5,020,697.64 1863—June 30
4,825,811.60
1864—June 30
1865—June 30
4,037,005.26
3,999,388.99 1866—June 30
4,538,123.80 1867—June 30
9,643,850.07 1868—June 30
9,941,809.96 1 1869—June 30.'
. .
3,848,056.78 1870—June 30
1871—June 30
2,672,276.57
3,502,305.80 1872—June 30
3,862,217.41 1 1 8 7 3 _ J u n e 3 0
5,196,542.00 1 1874—June 30
r.
1,727,848.63 ] 875—June 30
13,106,592.88 1876—June 30
1877—June 30
....
22,033,519.19
14,989,465.48 1878—June 30
1,478,526.74 1879—June 30
1880—June 30
2,079,992.38
1,198,461.21 1881—June 30
1,681,592.24 1882—June 30.
1883—June 30
4,193,690.68
9,431,353.20 1884—June 30
^ 1,887,799.80 1885—June 30
5,296,306.74 1 8 8 6 - J u n e 30
6,342.289.48 1887—June 30
6,649,604.31 1888—June 30
5,965,974.27 1889—June 30
2 4,362,770.76 1890—June 30 •
1891—June 30
4,761,409.34
....
3,053,513.24 1 1892—June 30
911,863.16 1 1893—June 30
10,658,283.61 1894—June 30
7,861,093.60 1895—June 30
1896—June 30
25,729,315.72
1897—June 30
45,756,833.54
3 6,804,953.64 1898—June 30
6,633,715.23 1899—June 30
4,683,416.48
1900—June 30
1,704,561.80 1901—June 30
1902—June 30
375,692.47
1903—June 30
2,079,908.13
11,195,156.21 1904—June 30
8,612,850.23 1905—Jnne 30
8,110,649.86 1 9 0 6 _ J u n e 30
9,683,869.83 1907—June 30
5,446,382.16 ] 1908—June 30
758,332.15 1909—June 30
3,208,822.43 ! 1910—June 30
7,431,022.72 1911—June 30
1912—June 30..12,142,193.97

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$15,097,880.36
22,286,462.49
20,300,636.61
19,529,841.06
20,304,844.78
18,218,770.40
6,698,157.91
4,685,625.04
3,931,287.72
2,005,285.24
18,265,984.84
8,395,443.73
112,002,776.10
26,440,930.29
112,476,770.66
161,175,174.31
115,133,529.82
126,542,842.77
113,485,981.01
91,739,739.00
74,437,358.54
59,762,346.64
72,159,597.17
63,274,721.71
58,947,608.99
91,694,006.29
177,498,846.71
367,054.575.14
168,299,404.40
182,678,977.44
162,323,331.14
161,382,637.70
165,046,380. 59
182,622,360.17
232,099,178.05
207,600,698.44
244,094,169.01
210,737,083.76
190,841,184.72
156,847,826.49
129,178,792.53
124,824,804.94
118,885,988.16
196,348,193.17
269,637,307.07
244,466,201.95
209,282.643.13
284,488,516.20
306,827,605.37
328,406,798.13
362,187,361.16
388,686,114.23
322,051,568.02
295,477,491.89
330,689,354.82
422,061,445.47
395,171,347.73
276,375,428.10
256,894,675.67
290,176,926.13
317,152,478.99

1 This statement is made from warrants paid by the Treasurer of the United States to Dec. 31, 1821,
and by warrants issued after that date.
2 The unavailable funds are not included from and after this date.
3 The amount deposited with the States under act of June 23,1836, having been taken out ofthe control
of the Treasury Department by the act of Oct. 2,1837, is not included from and after this date.
64926°—FI 1 9 1 2 ™ - 8




TABLE 1.—Receipts and disbursements ofthe UnitedStates.
RECAPITULATION OF RECEIPTS BY FISCAL YEARS.
O r d i n a r y receipts.

Year.

-

Miscellaneous.
Customs.

1791
1792
1793
1794.
1795
1796. .
1797
1798
1799
1800
1801. .
1802
1803. 1804
1805. .
1806
1807
1808
1809
1810. .
1811
1812
1813
1814,
1815
1816
1817.
1818
1819.
1820
1821
1822
1823...
1824
1825.
1826

. .

•....:
.:




$4,399,473.09
3,443,070.85
4,255,306.56
4,801,065.28
5,588,461.26
6,567,987.94
7,549,649.65
7,106,061.93
6,610,449.31
9,080,932.73
10,750,778.93
12,438,235.74
10,479,417. 61
11,098,585.33
12,936,487.04
14,667,698.17
15,845,521.61
16,363,550.58
7,257,506.62
8,583,309.31
13,313,222.73
8,958,777.53
13,224,623.25
5,998,772.08
7,282,942.22
36,306,874.88
26,283,348.49
17,176,385.00
20,283,608.76
15,005,612.15
13,004,447.15
17,589,761.94
19,088,433. 44
17,878,325.71
20,098,713.45
23,341.331.77

Internal
revenue.

$208,942.81
337,705.70
274,089.62
337,755.30
475,289.60
575,491. 45
644,357.95
779,136. 44
809,396.55'
1,048,033.43
621,898.89
215,179. 09
50,941.29
21,747.15
20,101. 45
13,051.40
8,190. 23
4,034.29
7,430.63
^ 2,295.95
4,903.06
4,755.04
1,662,984.82
4,678,059.07
5,124,708.31
2,678,100.77
955,270.20
229,593. 63
106,260.53
69,027.63
67,665.71
34,242.17
34,663.37
25,771.35
21,589.93

Sales of p u b l i c
lands.

Direct t a x .

$4,836.13
83,540.60
li;963.11
443.75
167,726.06
188; 628.02
165,675.69
487,526.79
540,193.80
765,245. 73
466,163.27
647,939.06
442,252.33
696,548.82
1,040,237.53
710,427.78
835,655.-14
1,135,971.09
1,287,959.28
1,717,985.03
1,991,226.06
2.606,564.77
3;274,422.78
1,635,871.61
1,212,966.46
1,803,581.54
916,523.10
984,418.15
1,216,090.56
1,393,785.09

$734,223.97
534,343.38
206,565.44
71,879.20
50,198. 44
21,882.91
55,763.86
34,732. 56
19,159.21
7,517.31
12,448.68
7,666. 66
859.22
- 3,805.52
2,219,497.36
2,162,673.41
4,253,635.09
1,834,187.04
264,333.36
• 83,650.78
31,586.82
29,349.05
20,961.56
10,337.71
6,201.96
2,330.85
6,638.76

O t h e r miscellaneous i t e m s . 1
$10,478.10
17,946. 65
59,910.88
356,749.97
193,117. 97
1,372,215.98
480,099.29
216,787.81
157,227. 56
223,752.10
444,574.15
1,540,465.86
131,945.44
139,075.53
40,382.^30
51,121.86
38,550.42
21,822.85
62,162.57
84,476.84
59.211.22
126,165.17
271,871.00
164,485.60
296,824.58
342,447.51
580,006.52
583,030.33
- 732,098.42
1,061,338.44
257,589.43
750,457.19
. 491,129.84
477,603.60
497,951.81
497,088.66

Total ordinary
receipts.

Postal
revenue.

S u r p l u s (-f) or
Total ordinary
deficit ( - ) on
receipts a n d
o r d i n a r y receipts,
postal r e v e n u e . i n c l u d i n g p o s t a l
' deficiencies.

•
$4,409,951.19
3.669,960.31
4,652,923.14
5,431,904.87
6,119,334.59
8,420,329.65
8,688,780.99
7,979,170.80
7,546,813.31
10,848,749.10
12,945,455.95
14,995,793.95
11,064,097. 63
11,826,307.38
13,560,693.20
15,559,93L07
16,398,019.26
17,060.661.93
7,773,473.12
9,384,214.28
14,.422,634.09
9,801,132.76
14,340,709.95
11,181,710.95
15,708,458.56
47,745,650.82
33,366,868.88
21,585,583.66
24,603,374.37
17,840.669.55
14,573,379.72
20-, 232,427.94
20,540,666.26
19,381,212.79
21,840,858.02
25,260,434.21

$71,295.93
92,988.40
103,883.19
129,185.87
163,794.54
195,043.44
'213,992. 74
233,144.73
264,850.39
280,806.06
• 320,444.81
326,831.65
359,952.41
389,711.49
422,129.07
446,520.34
484,134.45
460,717.77
506,633.95
551,754.97
587,266.73
649,151.22
703,220.73
730,953.13
1,043,021.74
961,718.04
1,002,973.26
1,130,202.99
1,204,737.39
1,111,760.72
1,058,302.10
1,117,555.36
1,130,214.35
1,197,298.93
1,306,253.59
1,447,660.04

$4,481,247.12
3,762,948. 71
4,756,806.33
5,561,090.74
6,283,129.13
8,615,373.09
8,902,773.73
8,212,315.53
7,811,663.70
11,129,555.16
13,265,900.76
15,322,625.60
11,424,050.04
12,216,018.87
13,982,822.27
16,006,451.41
16,882,153.71
17,521,379.70
-8,280,107.07
9,935,969.25
15,009,900.82
10,450,283.98
15,043,930.68
11,912,664708
16,751,480.30
48,707,368.86
34,369,842.14
22,715,786.65
25,808,111.76
18,952,430.27
15,631,681.82
21,349,983.30
21,670,880; 61
20,578,511.72
23,147,111.61
26,708,094.25

-|-$1,312,498.64
- 4,599,909.44
-}805,993.24
—
865,917.17
- 1,190,266.19
-f 2,629,678.82
-f 2,680,153.74
4371,584.48
- 1,749,004.82
+
34,778.09
-1- 3,551,955.99
-h 7,019,541.88
-\- 3,111,811.03
-f 3,188,399.73
4- 4,546,344.36
4- 6,110,753.45
-{- 8,043,867.89
-h 7,999,248.85
- 2,507,273.92
-f
909,460.91
4- 6,244,593.66
-10,479,638.51
-17,341,142.19
-23,549,214.47
-17,235,202.68
4-16,'549,294.90
4-13,375,976.41
4- 1,566,955.85
4- 3,091,370.37
444,865.34
- 1,276,173.14
4- 5,231,995.64
4- 5,834,036.27
892,489.85
-h 5,983,640.68
4- 8,232,574.99

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1827.
1828.
1829.
1830.
1831 .
1832.
1833.
1834.
1835.
1836.
1837.
1838.
1839.
1840.
1841 .
1842.
1843.
1844.
1845.
1846.
1847.
1848.
1849.
1850.
1851.
1852.
1853.
1854.
1855.
1856.
1857.
1858.
1859.
1860.
1861 .
1862.
1863.
1864.
1865.
1866.
1867.
1868.
1869.
1870.
• 1871 .
1872.
1873.
1874.
1875.
1876.

712,283.29
205,523.64
681,965.91
922,391.39
224,441.77
465,237.24
032,508.91
214,957.15
391,310.59
409,940.53
169,290.39
158,800.36
137,924.81
499,502.17
487,216.74
187,908.76
046,843.91
183,570.94
528,112. 70
712,667.87
747,864.66
757,070.96
346,738.82
668,686.42
017,567.92
339,326.62
931,865.52
224,190. 27
025,794. 21
022,863.50
875,905.05
789,620.90
565,824.38
187,511.87
582,125. 64
056,397.02
059,642. 40
316,152.99
928,260.60
046,651.58
417,810.88
464,599.56
048,426. 63
538,374.44
270,408.05
370,286.77
089,522.70
103,833.69
167,722.35
071,984.61

19,885.68
17,451.54
14,502.74
12,160.62
6,933.51
11,630.65
2,759.00
4,196.09
10,459.48
370.00
5,493.84
2,467. 27
2,553.32
1,682.25
3,261.36
495. 00
103. 25
1,777.34
3,517.12
2,897.26
375.00
375.00

37,640 787.95
109,741 134.10
209,464 215.25
309,226; 813.42
266,027, 537.43
191,087,589. 41
158,356, 460.86
184,899 756.49
143,098; 153.63
130,642, 177.72
113,729,.314.14
102,409, 784.90
110,007 493.58
116,700,732.03

1,495,845. 26
1,018,308.75
1,517,175. 13
2,329,356. 14
3,210,815. 48
2,623,381. 03
.3,967,682. 55
4,857,600. 69
14,757,600. 75
24,877,179. 86
6,776,236. 52
3,730,945. 66
7,361,576. 40
3,411,818. 63
1,365,627. 42
1,335,797. 52
898,158. 18
2,059,939. 80
2,077,022. 30
2,694,452. 48
2,498,355. 20
3,328,642. 56
1,688,959. 55
1,859,894. 25
2,352,305. 30
2,043,239. 58
1,667,084. 99
8,470,798. 39
11,497,049. 07
8,917,644. 93
3,829,486. 64
3,513,715. 87
1,756,687. 30
1,778,557. 71
870,658. 54
152,203. 77
167,617. 17
588,333. 29
996,553. 31
665,031. 03
1,163,575. 76
1,348,715. 41
4,020,344. 34
3,350,481. 76
2,388,646. 68
2,575,714. 19
2,882,312. 38
1,852,428. 9S
1,413,640. 17
1,129,466. 95

2,626.90
2,218.81
11,335.05
16,980.59
10,506.01
6,791.13
394.12
19.80
4,263.33
728.79
1,687.70
755.22

1,795,33L73
1,485,103.61
475,648.96
1,200,573.03
1,974,754.12
4,200,233.70
1,788,145.85
765,685.61
229,102.88
580,355.37
315;254.51
93,798.80

1,735,722.83
520, 126.49
602, 648.55
563, 227.77
. 1,074,124.05
760, 410. 61
945, 081.67
715, 161.82
1,266,452.95
2,538,576. 90
7,001, 444. 59
6,410,348.45
979, 939. 86
2,567, 112. 28
1,004, 054. 75
451, 995.97
285, 895.92
1,075, 419. 70
361, 453.68
289, 950.13
220, 808.30
612, 610.69
685, 379.13
2,064, 308. 21
1,185, 166.11
464, 249. 40
988, 081.17
1,105, 352. 74
827, 731. 40
1,116, 190.81
1,259, 920.88
1,352, 029.13
1,454, 596. 24
1,088, 530.25
1,023, 515.31
915, 327.97
3,741, 794. 38
49,590, 595.99
30,693, 916. 49
66,903, 980.19
29,192, 365. 70
39,680, 390.13
26,373, 628.03
28,236, 255. 67
30,986, 381.16
24,518, 688.88
28,721, 800.94
37,612, 708.54
19,411, 195.00
27,794, 148.11

22,966, 363.96
24,763, 629.23
24,827, 627.38
24,844: 116.51
28,526: 820.82
31,867: 450.66
33,948: 426.25
21,791; 935.55
35,430,087.10
50,826,796.08
24,954,153.04
26,302,561. 74
31,482,749.61
19,480, 115.33
16,860, 160. 27
19,976, 197. 25
8,231,001. 26
29,320,707. 78
29,970, 105. 80
29,699,967. 74
26,467,403.16
35,698,699. 21
30,721,077.50
43,592,888.88
52,555,039.33
49,846,815.60
61,587,031.68
73,800,341. 40
65,350,574.68
74,056, 699.24
68,965,312.57
46,655,365.96
52,777,107.92
56,054.599.83
41,476,299.49
51,919,261.09
112,094,945.51
262,711,865.33
327,283, 518.68
557,817,230.34
477,001,523.47
398,369, 440.36
369,564,545.47
411,253,971.24
.383,323,944.89
374,106,867.56
333,738,204.67
304,978, 756.06
288,000,051.10
293,790, 130.50

1,524,601.79
1,660. 276.46
1,778: 471.83
1,919; 313.70
2,105, 721.94
2,258: 570.17
2,617;011.88
2,823,749.34
2,993,556.66
3,408,323.59
4,945,668. 21
4,238, 733.46
4,484,656. 70
4,543,521.92
4,407,726.27
4,546,849.65
4,296,225. 43
4,237,287.83
4,289,841. 80
3,487, 199. 35
3,880,309.23
4,555,211.10
4,705,176.28
5,499,984.86
6,410,604.33
5,184,526.84
5,240,724. 70
6,255,586.22
6,642,136.13
6,920,821.66
7,353,951.76
7,486,792.86
7,968, 484.07
8,518,067.40
8,349, 296. 40
8,299, 820.90
11,163, 789.59
12,438, 253.78
14,556; 158.70
14,436,986.21
15,297,026.87
16,292, 600.80
18,344, 510.72
19,772,220.65
20,037,045.42
21,915, 426.37
22,996, 741.57
26,471, 071.82
26,791,360.59
28,644,197.50

24,490, 965.75
26,423: 905.69
26,606: 099.21
26,763: 430.21
30,632: 542.76
34,126; 020.83
36,565, 438.13
24,615, 648.89
38,423, 643.76
54,235, 119.67
29,899,821. 25
30,541, 295. 20
35,967, 406. 31
24,023,637. 25
21,267,886.54
24,523, 046.90
12,527, 226.69
33,557,995. 61
34,259,947.60
33,187, 167.09
30,347, 712.39
40,253,910. 31
35,426, 253.78
49,092, 873. 74
58,965,643. 66
55,031, 342. 44
66,827, 756.38
80,055,927. 62
71,992, 710. 81
80,977, 520.90
76,319, 264.33
54,142, 158.82
60,745, 591. 99
64,572, 667.23
49,825, 595.89
60,219,081. 99
123,258, 735.10
275,150, 119.11
341,839, 677.38
572,254,216.55
492,298, 550.34
414,662 041.16
387,909 056.19
431,026, 191.89
403,360,990.31
396,022, 293.93
356,734, 946.24
331,449,827.88
314,791, 411.69
322,434,328.00

6; 827,196.80
8,,368,787.18
9, 643,573.75
9, 702,008.25
13, 289,004.18
14; 578,500.39
10, 930,874.27
3, 164,365.32
17, 857,273.74
19, 958,632.04
12, 289,061.20
7; 562,152.82
4, 585,966.99
4, 834,402.86
9, 621,657.57
5,,158,689.19
3: 549,091.25
837,147.64
+ e;,034,278.01
+ 7, 438,784.88
+ 2, 453,380.93
- 28, 919,521.44
- 1 1 ) 778,000.89
- 12, 644,505.76
+ 2, 803,560.92
+ 4, 456,563.24
843,042.59
761,886.29
719,911.97
+ . 5, 330,349.23
330,903.64
+ 1, 327,126.88
- 27, 216,491.85
- 16, 146,275.82
7, 173,913.59
- 25, 650,980.56
-417, 639,330.67
-606, 257,235.50
-602, 815,770.90
-967, 794,874.00
-H 38,272,197.69
4-130, 030,306.54
+ 28, 373,947.72
4- 48, 596,966.09
4-117, 163,55L38
4-100, 547,171.65
4-103, 498,879.33
+ 48, 739,955.85
+ 3, 376,658.26
4- 13. 689,045.91
4- 28,

s+
>•
+
+
4+
4+
+
4+
-

1 Including profits on coinage, payments by Pacific railways, tax on national-bank circulation, forest reserve fimd, head tax on Immigrants, fees, flnes, and penalties, rent and sale
of Government property, District of Columbia receipts, etc.
-




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TABLE I.—Receipts and disbursements of the UnitedStates—Continued.
R E C A P I T U L A T I O N O F R E C E I P T S B Y FISCAL YEARS—Continued.

G5

Ordinary receipts.
Miscellaneous.

Year.
Customs.

1877.
1878.
1879.
1880.
1881.,
1882,
1883.
1884.
1885.
1886,
1887,
1888.
1889.
1890
1891
1892.
1893
1894.
1895.
1896
1897.
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911.
1912




$130,956, 493.07
130,170, 680.20
137,250,047.70
186,522 064.60
198,159, 676.02
220,410, 730.25
214,706; 496.93
195,067, 489.76
181,471, 939.34
192,905,023.44
217,286, 893.13
219,091, 173.63
223,832, 741.69
229,668, 584.57
219,522, 205.23
177,452, 964.15
203,355, 016.73
131,818, 530.62
152,158, 617.45
160,021, 751.67
176,554, 126.65
149,575,062.35
206,128, 481.75
233,164, 871.16
238,585, 455.99
254,444-,708.19
284,479, 581.81
261,274, 564.81
261,798, 856.91
300,251, 877.77
332,233, 362.70
286,113, 130.29
300,711, 933.95
333,683, 445.03
314,497,071.24
311,321, 672.22

Internal
revenue.

$118,630, 407.83
110,581, 624.74
113,561, 610. 58
124,009, 373.92
135,264, 385.51
146,497, 595.45
144,720; 368.98
121,586, 072.51
112,498, 725.54
116,805, 936.48
118,823, 391.22
124,296, 871.98
130,881, 513.92
142,606, 705.81
145,686, 249.44
153,971, 072.57
161,027, 623.93
147,111, 232.81
143,421, 672.02
146,762,
.74
146,688, 574.29
170,900, 641.49
273,437, 161.51
295,327, 926.76
307,180, 663.77
271,880, 122.10
230,810; 124.17
232,904, 119.45
234,095: 740.85
249,150: 212.91
269,666: 772.85
251,71i: 126.70
246,212: 643.59
1289,933: 519.45
"322,529 200.79
3321,612, 199.66

Salesof p u b l i c
lands.
$976,253.68
1,079,743.37
924, 781.06
1,016, 506.60
2,201, 863.17
4,753, 140.37
7,955, 864.42
9,810,705.01
5,705, 986.44
5,630,999.34
9,254,286.42
11,202,017.23
8,038,651.79
6,358,272.51
4,029,535.41
3,261,875.58
3,182,089.78.
1,673,637.30
1,103,347.16
1,005,523.43
864, 581.41
1,243, 129.42
1,678,246.81
2,836,882.98
2,965, 119.65
4,144,122.78
8,926,311.22
7,453,479.72
4,859,249.80
4,879,833.65
.7,878,811.13
9,731,560.23
7,700,567.78
6,355,797.49
6,731, 636.88
5,392; 796,75

Direct t a x .

$30.85
1,516.89
160,141.69
108,156.60
70,720.75
108,239.94
32,892.05
1,565.82

O t h e r miscellaneous items.

Total ordinary
receipts.

$30,687, 068.20 $281,250, 222.78
. 15,931, 830.39 257,763 878.70
20,593, 801.87 272,330; 241.21
21,978, 525.01 333,526, 500.98
25,154, 850.98 360,782, 292.57
31,703, 642.52 403,525, 250.28
30,796, 695.02 398,287; 581.95
21,984, 881.89 348,519, 869.92
24,014, 055.06 323,690, 706.38
20,989, 527.86 336,439, 727.06
26,005, 814.84 371,403, 277.66
24,674, 446.10 379,266, 074.76
24,297, 151.44 387,050, 058.84
24,447, 419.74 403,080, 982.63
23,374, 457.23 302,612, 447.31
20,251, 871.94 354,937, 784.24
18,254, 898.34 385,819, 628.78
17,118, 618.52 297,722, 019.25
16,706, 438.48 313,390, 075.11
19,186, 060.54 326,976, 200.38
23,614, 422.81 347,721, 705.16
83,602, 501.94 405,321 335.20
34,716, 730.11 515,960, 620.18
35,911, 170.99 567,240, 851.89
38,954, 098.12 587,685, 337.53
32,009, 280.14 562,478, 233.21
36,180, 657.20 560,396, 674.40
38,084, 749.88 539,716, 913.86
43,852, 911.06 544,606: 758.62
40,436, 017.99 594,717: 942.32
53,346, 713.24 663,125: 659.92
53,504, 906.05 601,06O: 723.27
48,964, 344.52 603,589: 489.84
45,538, 953.05 675,511: 715.02
58,614, 466.08 701,372: 374.99
53,451, 796.74 691,778 465.37

Postal
revenue.

S u r p l u s (4-) or
Total ordinary
deficit (—) on
r e c e i p t s a n d o r d i n a r y receipts,
postal revenue. including postal
deficiencies.

$27,531, 585.26 $308,781, 808.04
29,277, 516.95 287,041 395.65
30,041, 982.86 302,372, 224.07
33,315, 479.34 366,841 980.32'
1.54
36,785, 397.97 ;. 397,567:
1.43
41,876, 410.15 445,401;
45,508, 692.61 443,796, 274.56
43,325, 958.81 391,845 828.73
42,560, 843.83 366,251: 550.21
43,948, 422.95 380,388: 150.01
48,837, 609.39 420,240; 887.05
62,695, 176.79 431,961 251.55
56,175, 611.18 443,225, 670.02
60,882, 097.92 463,963 080.55
65,931, 785.72 458,544, 233.03
70,930, 475.98 425,868, 260.22
75,896, 993.16 461,716, 621.94
75,080, 479.04 372,802; 498.29
76,983, 128.19 390,373, 203.30
82,499, 208.40 409,475, 408.78
82,665, 462.73 430,387; 167.89
89,012, 618.55 494,333 953.75
95,021, 384.17 610,982, 004.35
102,354, 579.29 669,595, 431.18
111,631, 193.39 699,316, 530.92
121,848, 047.20 684,326 280.47
134,224, 443.24 694,621 117.64
143,582, 624.34 683,299, 538.20
152,826, 585.10 697,433, 343.72
167,932, 782.95 762,650, 725.27
183,585, 005.57 846,710, 665.49
191,478, 663.41 792,539, 386.68
203,562, 383.07 807,15i; 872.91
224,128, 657.62 899,640, 372.64
237,879, 823.60 939,252, 198.59
246,744, 015.88 938,522; 481.25

4-$39, 915,747.92
4- 20, 799,551.90
+ 5, 382,357.68
4- 68, 678,863.62
4-101, 130,653.76
4-145, 543,810.71
4-132, 879,444.41
4-104, 393,625.59
4- 63, 463,771.27
4- 93, 956,588.56
4-103, 471,097.69
4-119, 612,116.09
4-105, 053,443.24
4-105, 344,496.03
4- 37, 239,762. 57
+ 9, 914,453.66
+ 2, 341,674.29
- 69, 803,260.58
- 42, 805,223.18
- 25, 203,245.70
052,454.41
- 18, 047,247.60
- 38, 111, 559. 67
4- 79, 527,060.18
4- 77, 717,984.38
+ 91, 287,375.57
4- 54, 307,652.36
+ 7, 479,092.55
753,335.00
- 18, 312,516.97
4- 45, 420,530.88
4-111, 041,667.37
- 20, 734,954.93
- 58, 806,323. 94
4- 15, 234,377.10
+ 47, 224,501.90
4- 37,

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Public debt receipts.
Panama Canal
receipts—proceeds of bonds
Proceeds of
Premium
Total public
and premium. bonds and other
debt.
received.
securities.

Year.

1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817.
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830

.

"

.

.

fl

."

.

.

...
.

.

. .

. .

1 Includes $20,951, ^80.97 corporation tax.




'

Excess of deposits to retire
national-bank
notes over
redemptions.

Total of all
. receipts.

Surplus (4-) or
deficit ( - ) on
all receipts.

$4,842,638.46 4- $978,088.02
8,865,447.16 — 174,059. 44
60.66
6,554,078.34 9,569,041.52 4- 432,050.82
596,725.'64
9,679,553.13 8,935,373.09 4- 430,957.17
8,972,773.73 4- 190,308.33
8,412,315.53 356,610.89
12,811,663.70 4- 1,624,430.85
12,694,784.40 4- 535,114. 32
13,265,900.76 4- 744,381.90
15,322,625.60 4- 1,776,281.00
11,424,050.04 151,246.00
12,216,018.87 — 733,072.08
1,602.72
13,982,822.27. 16,006,451.41 4- 571,440.70
16.882,153.71 4- 5,170,944.69
17,521,379.70 4- 311,762.86
8,280.107.07 - 6,092,235.17
12,685,969.25 — 1,175,016.45
2,750,000.00
2,750,000.00
15,009,900.82 -f 899,375.23
23,288,183.98 4- 456,590.30
. 12,837,900.00
12,837,900.00
41,228,065.68 4- 1,402,133.60
26,184,135.00
26,184,135.00
23,377,826.00
35,290,490.08 - 3,464,115.10
23,377,826.00
$32,107.64 35,252,779.04
52,004,259.34 4-11,678,010.38
35,220,671.40
686.09
58,133,139.86 4- 9,080,769.20
9,425,771.00
9,425,084.91
34.836,565.59 - 6,958,209.31
466,723.45
466,723.45
22,724,139.65 — 13,412,534.93
8,353.00
8,353.00
25,810,402.76 4- 692,170.44
2,291.00
2,291.00
21,993,254.40 -932,961.78
3,040,824.13
40,000.00
3,000,824.13
20,-632,005.82 4- 363,906.85
5,000,324.00
5,000,324.00
.21,349,983.30 4- 2,506,031.71
•
21,670,880.61 4- 5,197,932.12
25,578,511.72 - 7,510,505.04
5,000,000.00
5,000,000.00
28,147,111.61 4- 3,322,.394.60
5,000,000.00
, 5,000,000.00
26,708,094.25 4- 1,208,897.01
24,490,965.75 4- 352,582.03
26,423,905.69 — 714.890.28
26,606,099.21 310,963.86
26,763,430.21 4- 228,032.48
a Includes $33,516,976.69 corporation tax.
3 Includes $28,583,303.73 corporation tax.
$361,391.34
5,102,498.45
1,797,272.01
4,007,950.78
3,396,424.00
320,000.00
70,000.00
200,000.00
5,000,000.00
1,565,229.24

$361,391.34
5,102,498.45
1,797,272.01
4,007,950.78
3,396,424.00
320,000.00
70,000.00
200,000.00
5,000,000.00
1,565,229.24

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TABLE I'—Receipts and disbursements of the UnitedStates—Continued.
00

RECAPITULATION OF RECEIPTS BY FISCAL YEARS—Continued.
P u b l i c d e b t receipts.
P a n a m a Canal
roceipls—proceeds of b o n d s
Proceeds of
Premium
Total public
and premium. bonds and other
received.
debt.
securities.

Year.

1831...'
1832.
1833
1834
1835.
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853..
1854...:
1855
1856
1857
1858
1859
1860
1861
1862.
1863

.

$2,992,989.15
12,716,820.86
3,857,276.21
5,589,547.51
13,659,317.38
14,808,735.64
12,479,708.36
1,877,181.35

.

...

y.

1866
1867....:
1868




...

.

.

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^

:

28,872,399.45
21,256,700.00
28,588,750.00
4,045,950.00
203,400.00
46,300.00
16,350.00
2,001.67
800.00
200.00
3,900.00
23,717,300.00
28,287,500.00
20,776,800.00
41,861,709.74
529,692,460.50
774,583,361.57
1,086,312,896.82
1,468,064,910.85
612,035,278.05
473,024,790.29
537,099,974.00

$71,700.83
666. 60
28,365.91
37,080.00
487,065.48
10,550.00
4,264.92
22. 50

709,357.72
10,008.00
33,630. 90
68,400. 00
602,345.44
1,875,206.88
6,431,086.40
215,389.72
13)632,486.80
7,268,642.96

$2,992,989.15
12,716,820.86
3,857,276.21
5,589,547.51
13,659,317.38
14,808,735.64
12,551,409.19
1,877,847.95
28,900,765.36
21,293,780.00
29,075,815.48
4,056,500.00
207,664.92
46,300.00
16,372.50
2, OOL 67
800. 00
200.003,900.00
23,717,300. 00
28,996,857.72
20,786,808.00
41,895,340.64
"529,760,860.50
775,185,707.01
1,088,188,103.70
1,474,495,997.25
612,250,667. 77
486,657,277.09
544,368,616.96

Excess of d e posits lo retire
national-bank
n o t e s over
redemptions.!

T o t a l of all
receipts. 2

S u r p l u s (4-) o r
deficit ( - ) o n
all r e c e i p t s .

$30,632,542.76
34,126,020.83
36,565,438.13
24,615,648.89
38,423,643.76
54,235,119.67
32,892,810.40
43,258,116.06
39,824,682.52
29,613,184.76.
34,927,203.92
39,331,782.54
25,078,635.88
35,435,843.56
34,259,947.60
33,187,167. 09
59,248,477.75
61,547,690.31
64,502,069.26
53,149,373.74
59,173,308.58
55,077,642.44
66,844,128.88
80,057,929.29
71,993,510.81
80,977,720. 90
76,323,164.33
77,859,458.82
89,742,449. 71
85,359,475. 23
91,720,936.53
589,979,942.49
898,444,442.11
1,'363,338,222.81
1,816,335,674.63
1.184.504,884.32
978,955,827.43
959,030,658.12

- $1,412,646.16
— 2,496,848.89
4- 9,377,724.77
— 2,896,938.63
4- 18,093,152.12
4- 20,525,189.27
— 7,66'0,545.78
—
627,984.50
— 2,426,789. 94
— 3,331,584.69
— 1,369,853.72
4720,154.21
4- 8,585,777.02
— 2,502,679.99
—
551,193.10
4- 1,478,847.28
— 5,251,916.09
3,434,303.15
4- 3,636,597.39
4- 3,331,702.05
4- 4,418,802.59
4- 1,256,583.57
4- 7,020,342.44
1,670,827.08
—
813,40P. 28
4- 1,330,557.67
— 2,305,374.80
— 11,689,520 78
— 1,904,677.28
—
213,717.82
— 2,015,672.95
4- 16,012,557.85
- 10,436.258 73
4- 97,919,902.71
— 100.493,985.44
4-120,757.951 16
4-. 29,995,625. 29
- 38,051,314.22

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100,069,071.06
31,569,916.00
91,603,212. 47
173>717,750.00
38,681,450.00
183,235,866.00
133,118,500.00
132,928,950.00
141,134,650.00
198,850,250.00
617,578,010.00
73,065,540.00
678,200. 00
225,300. 00
•304,372,850. 00
1,404,650. 00
58, 150. 00
39,850. 00
40, 900.00
48, 650. 00
24,350. 00
- 21,650. 00
13,750. 00
15,250. 00
22,900.00
50,014,250. 00
81,165,050.00
131,168,800. 00
250. 00
3,950. 00
5,210.00
199,201,770. 00
117,700. 00
3,370. 00
2,050. 00
2,600. 00
2,750. 00
2,050. 00
2,100. 00
$31,210,817. 95
5,500. 00
25,367,768. 67
15,436,
30,731,008.21

1869.
1870.
1871 .
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
1880.
1881.
1882.
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
1893.
1894.
1895.
1896.
1897.
1898.
1899.
1900.
1901 .
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912 .

318,102,170.04
33,189,104.15

459,280.00

1,379,201.74
1,506.39

436,292.1&
489,357,328.99
638,809.25
462,597,614.28
927,570.54
494,964,202.78
571,348.65
.569,740,043.93
479,076.24
395,416,396.24
157,257.53
514,685,693.88
655,478.22
447,909,911.69
455,669,012.78
204.784.11
450,072,653.84
967,068.67
485,891,645.65
651,808.00
921,447,177.32 4-144, 575,084.77
439,907,630.32 -141, 485,744.21
398,245,890.54 + 14, 637,023.93
445,626,960. 43 - 20, 736,144.84
748,169,124.56 1, 178,462. 55
393,250,478.73 + 4, 531,941.09
366,309,700. 21 + 17, 479,285.84
380,428,000.01 4- 49, 412,595.20
420,281,787.05 - 24, 447,370.46
432,009,901.55 4- 36, 527,710. 58
443,250,020.02 - 33, 503,357. 76
463,984,730.55 - 19, 601,877.53
498,576,375. 28 - 34, 132,372.16
425,883,510.22 - 27, 673,266. 32
461,739,521.94 4, 445,400.21
437,158,291. 75 5, 703,91,4. 32
482,877,597.92 + 46, 192,425.01
551,810,455.19 4-104, 580,230.86
434,747,032.39 - 25, 071,091. 91
500,374,413.75 - 61, 948,849.60
815,507,448.85 4-100, 791,521. 35
669, 713,201.18
23,
699,320,230.92 + 21, 038.214.12
696,978,810.47 4- 33, 215,743.65
672,596.43
4696,107,215. 64
683,757,474. 20 4- 26, 266,651. 54
- 66, 634,546. 21
697,436,093.72
574,076.13
773,591,636.27 - 26, 211,862. 93
884,458,982. 94 4- 35, 372,090.65
4- 91,
858,141,635.35
837,882,881.12 - 26, 890,097.74
795,919.63
899,640,372. 64 -118: 480,752.43
962,610,083 63 - 1 9 ;
5,255,715.00 972,170,865.40 4- 33, 501,36& 58
4- 26, 975,552.86

101,448,272.80
31,571,422.39
91,603,212.47
173,717,750.00
38,681,450.00
183,235,866.00
133.118,500.00
305.734.'
133,234,684. 78
141,290,845.SO
156,195.1
198,850,250.00
1,496,943.25 619,074,953.25
110.00
73,065,650.00
678,200.00
225,300.00
304,372,850. 00
1,404,650. 00
58,150. 00
850. 00
• 39,
40,900.00
48,650.00
24,350. 00
21,650. 00
13,750. 00 $40,018,392.25
15,250. 00
22,900. 00
8,633,295. 71 58,647,545. 71
5,708,247. 75
11,339,344.62
92,504,394. 62
11,166,246.41 142,335,046. 41
250. 00
4,356,614. 50
3,950. 00
6,034,510.00
5,
199,201,210. 00
5,324,234. 50
770. 00
117,700. 00
3,370. do
2,098. 00 12,650,160.00
1,484,048.00
1,486,936. 00
457, 750. 00
455,336.00
2 374. 00
530,324. 00
532,'334. 00 10,408,537. 00
1,509,234. 00
5,023,165.50
1,514,500.00
24,797,980.00
15,436,

459,280.00

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lOnly the annual excess of deposits over redemptions included in this column.
2National-bank redemption fund herein includes only the annuni excess of deposits on account of national-bank redemption fund since 1890.
3 Includes deposits of $17,641,634, for principal of bonds, only $2,035,700 of which were actually issued in 1911; the balance was issued in the fiscal year 1912'.
NOTE.—The disbursements are stated by warrants paid to June 30,1866, and by warrants issued since that date.
The disbursements for postal deficiencies are grants by law from the Treasury, and differ from the fiscal year expenditures thereof shown by reports of the Audlto^E U)i the PostOffice Department.
Issues and redemptions of certificates and notes not affecting the cash in general fund are excluded from the public debt figures in this statement.




CO^

TABLE I.—Receipts and disbursements of the UnitedStates—Continued.

to

RECAPITULATION OF DISBURSEMENTS BY FISCAL YEARS.

o

Ordinary disbursements.

Civil a n d miscellaneous, exclusive
of postal deficiencies.

Year.

1791
1792.
1793
1794
1795
1796.
1797
1798
1799
1800
1801
1802 . .
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812 . .
1813
1814
1815 .
1816
1817
1818
1819
1820
1821
1822
1823
1824
1825
1826

:
.

. •
:

. .
.

.
*




. . . . .

War Department.

$1,083,971.61
4,672,664.38
511,45L01
750,350.74
1,378,920.66
801,847.58
1,259,422.62
1,139,524.94
1,039,39L68
1,337,613.22
1,114,768.45
1,462,929.40
1,842,635.76
2,191,009.43
3,768,598.75
2,890,137.01
1,697,897.51
• 1,423,285.61
1,215,803.79
1,101,144.98
1,367,29L40
1,683,088.21
1,729,435. 61
2,208,029. 70
2,898,870.47
2,989,74L 17
3,518,936.76
• 3,835,839.51
3 , 0 6 7 , 2 n . 41
2,592,021.94
2,223,12L54
1,967,996.24
2,022,093.99
7,155,308. 81
2,748,544.89
2,600,177.79

$632,804.03
1,100,702.09
1,130,249.08
2,639,097.59
2,480,910.13
1,260,263.-84
1,039,402.46
2,009,522.30
2,466,946.98
2,560,878.77
1,672,944.08
1,179,148.25
822,055.85
875,423.93
712,781.28
1,224,355.38'
1,288,685.91
2,900,834.40
3,345,772.17
2,294,323.94
2,032,828.19
11,817,798.24
19,652,013.02
20,350,806.86
14,794,294.22
16,012,096.80
8,004,236.53
5,622,715.10
6,506,300.37
2,630,392.31
4,461,29L78
3,111,98L48
3,096,924.43
3,340,939.85
3,659,914.18
3,943,194.37

N a v y Department.

$61,408.97
410,562.03
274,784.04
382,631.89
1,381,347.76
2,858,081.84
3,448,716.03
2,111,424.00
915,561.87
1,215,230.53
1,189,832.75
1,597,500.00
1,649,641.44
1,722,064.47
1,884,067.80
2,427,758.80
1,654,244.20
1,965,566.39
3,959,365.15
6,446,600.10
7,311,290.60
8,660,000.25
3,908,278.30
3,314,598.49
2,953,695.00
3,847,640.42
4.387,990.00
3,319,243.06
2,224,458.98
2,503,765.83
2,904,581.56
3,049,083.86
4,218,902.45

Pensions.

Indians.

$27,000.00
13,648.85
27,282.83
13,042.46
23,475.68
113,563.98
62,396.58
16,470.09
20,302.19
31.22
9,000.00
94,000.00
60,000.00
116,500.00
196,500.00
234,200.00
205,425.00
213,575.00
337,503.84
177,625.00
151,875.00
277,845.00
167,358.28
167,394.86
530,750.00
274,512.16
319,463. 71
505,704. 27
463,181.39
315,750. 01
477,005.44
575,007.41
380,781.82
429,987.90
724,106. 44
743,447.83

•

I n t e r e s t on t h e
public debt.

$1,177,863.03
$175,813.88
109,243.152 , 3 7 3 , 6 n . 28
2,097,859.17
80,087.81
. 2,752,523.04
81,399.24
68,673.22
2,947,059.06
100,843.71 •
3,239,347.68
3,172,516.73
92,256.97
2,955,875.90
104,845.33
2,815,651.41
95,444.03
3;402,601.04
• 64,130.73
4,411,830.00
.73,533.37
4,239,172.16
85,440.39
3,949,462.36
62,902.10
4,185,048.74
80,092.80
2,657,114. 22
81,854.59
3,368,968.. 26
81,875.53
3,369,578.48
70,500.00
2,557,074.23
82,576.04
2,866,074.90
87,833.54
3,163,671.09
83,744.16
2,585,435. J7
75,04.3.88
2,451,272.57
91,402.10
3,599,455.22
86,989.91
4,593,239.04
90,164. 36
5,990,090.24
69,656.06
7,822,923.34
188,804.15
4,536,282.55
297,374.43
6,209,954.03
890,719. 90
5,211,730.56
2,415,939.8.5
5,151,004.32
3,208,376.31 '
5,126,073.79
242,817.25
5,172,788. 79 ,
1,948,199.40
4,922,475.40
1,780,588.52
4,943,557.93
1,499,326.59
4,366,757.40
1,308,810.57
3,975,542.95
1,556,593.83

Total ordinary
disbursements,
exclusive of
postal deficiencies.
$3,097,452.55
8,269,869.75
3,846,929.90
6,297,822.04
7,309,ti00. 78
5,790,()50.83
6,008,627.25
7,607,586.32
9,295,818.13
10,813.971.01
9,393,499.96
7,976,252.07
7,952,286.60
8,637,907.65
9,014,348.84
9,449,177.02
8,354,151.37
9,061,413.08
10,280,747.04
8,474.753.37
8,178,040.43
20,280,771.27
31,681,852.14
34,720,925. 42
32,943,661. 24
31,196,355.92
19,990,892.47
20,018,627.81
21,512,004.00
. 18,285,534.89
15,849,552.86
15,000,432.30
14,706,629.99
20,273,702.64
15,857,217.34
17,037,859.22

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1827.
1828.
1829.
1830.
1831.
1832.
1833.
1834.
1835.
1836.
1837.
1838.
1839.
1840.
1841.
1842.
1843.
1844.
1845.
1846.
1847.
1848.
1849.
1850.
1851.
1852.
1853.
1854.
1855.
1856.
1857.
1858.
1859.
1860.
1861.
1862.
1863.
1864.
1865.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877.
1878.




2,713,476.58
3,676,052.64
3,082,234.65
3,237,416.04
3,064,646.10
4,577,141.45
5,716,245.93
4,404,728.95
4,229,698.53
5,393,279.72
9,893,370.27
7,160,664.76
5,725,990.89
5,995,398.96
6,083,224.45
6,721,927.61
3,181,410.00
5,645,183.86
5,911,760.98
5,901,052.27
6,349,309.36
5,628,629.29
12,885,334.24
16,043,763.36
17,888,992.18
16,462,727.01
15,309,318.01
23,464,799.05
21,011,611.43
'28,594,920.87
24,948,615.77
21,651,093.42
18,988,985.99
18,088,432.58
18,156,392.66
17,824,134.04
22,449,068.39
26,572,236.87
42,739,383.10
40,613,114.17
47,593,557.05
48,956,676.01
51,078,551.25
48,392,882.35
55,350,666.23
55,809,757.42
67,837,635.06
80,427,548.90
63,859,056.88
68,507,120.68
62,756,193.59
47,424,309.55

3,948,977.88
4,145,544.56
4,724,291.07
4,767,128.88
4,841,835.55
5,446,034.88
6,704,019.10
5,696,189.38
5,759,156. 89
11,747,345.25
13,682,730.80
12,897,224.16
8,916,995.80
7,095,267.23
8,801,610.24
6,610,438.02
2,908,671.95
5,218,183.66
5,746,291.28
10,413,370.58
35,840,030.33
27,688,334.21
14,558,473.26
9,687,024.58
12,161,965.11
8,521,506.19
9,910,498.49
11,722,282.87
14,648,074.07
16,963.160.51
19,159,150.87
25,679,121.63
23,154,720.53
16,472,202.72
23,001,530.67
389,173,562.29
603,314,411.82
690,391,048.66
1,030,690,400.06
283,154,676.06
95,224,415.63
123,246,648.62
78,501,990.61
57,655,675.40
35,799,991.82
35,372,157.20
46,323,138.31
42,313,927.22
41,120,645.98
38,070,888.64
37,082,735.90
32,154,147.85

4,263,877.45
3,918,786.44
3,308,745.47
3,239,428.63
3,856,183.07
3,956,370.29
3,901,356.75
3,956,260.42
3,864,939.06
5,807,718.23
6,646,914.53
6,131,580.53
6,182,294.25
6,113,896.89'
6,001,076.97
8,397,242.95
3,727,711.53
6,498,199.11
6,297,177.89
6,455,013.92
7,900,635.76
9,408,476.02
9,786,705.92
7,904,724.66
• 8,880,581.38
8,918,842.10
11,067,789.53
10,790,096.32
13,327.095.11
14,074,834.64
12,651,694.61
14,053,264.64
14,690,927.90
11,514,649.83
12,387,156.52
42,640,353.09
63,261,235.31
85,704,963.74
122,617,434.07
43,285,662.00
31,034,011.04
25,775,502.72
20,000,757.97
21,780,229.87
19,431,027.21
21,249,809.99
23,526,256.79
30,932,587.42
21,497,626.27
18,963,309.82
14,959,935.36
17,365,301.37

750,624.88
705,084.24
576,344.74
622,262.47
930,738.04
1,352,419.75
1,802,980.93
1,003,953.20
1,706,444.48
5,037,022.88
4,348,036.19
5,504,191.34
2,528,917.28
2,331,794.86
2,514,837.^12
1,199,099.68
578,371.00
1,256,532.39
1,539,351.35
1,027,693.64
1,430,411.30
1,252,296.81
1,374,161.55
1,663,591.47
2,829,801.77
3,043,576.04
3,880,494.12
1,550,339.55
2,772,990.78
2,644,263.97
4,354,418.87
4,978,266.18
3,490,534.53
2,991,121.54
2,865,481.17
2,327,948.37
3,152,032.70
2,629,975.97
5,059,360.71
3,295,729.32
4,642,531.77
4,100,682.32
7,042,923.06
3,407,938.15
7,426,997.44
7,061,728.82
7,951,704.88
6,692,462.09
8,384,656.82
5,966,558.11
6,277,007.22
4,629,280.28

976,138.86
850,573.57
949,594.47
1,363,297.31
1,170,665.14
1,184,422. 40
4,589,152.40
3,364,285.30
1,954,711.32
2,882,797.96
2,672,162.45
2,156,057.29
3,142,750.51
2,603,562.17
2,388,434.51
1,378,931.33
839,041.12
2,032,008.99
2,400,788.11
1,811,097.56
1,744,883.63
1,227,496.48
1,328,867.64
1,866,886.02
2,293,377.22
- 2,401,858.78
1,756,306.20
1,232,665.00
1,477,612.33
1,296,229.65
1,310,380.58
1,219,768.30
.1,222,222.71
1,100,802.32
1,034,599.73
852,170.47
1,078,513.36
4,985,473.90
16,347,621.34
15,605,549.88
20,936,551.71
23,782,386.78
28,476,621.78
28,340,202.17
34,443,894.88
28,533,402.76
29,359,426.86
29,038,414.66
29,456,216.22
28,257,395.69
27,963,752.27
27,137,019.08

3,486,071.51
3,098,800.60
2,542,843.23
1,912,574.93
1,373,748.74
772,561.50
303,796.87
202,152.98
57,863.08
14,996.48
399,833.89
174,598.08
284,977.55
773,549.85
523,583.91
1,833; 452.13
1,040,458.18
842,723.27
1,119,214.72
2,390,765.88
3,565,535.78
3,782,393.03
3,696,760.75
4,000,297.80
3,665,832.74
3,070,926.69
2,314,464.99
1,953,822.37
1,593,265.23
1,652,055.67
2,637,649.70
3,144,120.94
4,034,157.30
13,190,344.84
24,729,700.62
53,685,421.69
77,395.090.30
133,067,624.91
143,781,591.11
140,424,045.71
130,694,242.80
129,235,498.00
125,576,565.93
117,357,839.72
104,750,688.44
107,119,815.21
103,093,544.57
100,243,27L23
97,124,511.58
102,500,874.65

16,139,167.16
16,394,842.05
15,184,053.63
15,142,108. 26
15,237,816.64
17,288,950. 27
23,017,551.98
18,627,570.23
17,572,813.36
30,868,164.04
37,243,214.24
33,864,714.56
26,896,782.62
24,314,518.19
26,074,160.84
25,081,189.44
11,758,789.51
22,483,560.14
22,935,827.79
26,450,951.24
54,384,485.10
47,595,998.69
43,499,078.39
40,948,383.12
47,751,478.41
43,348,807.92
45,590,239.09
51,831,109.48
55,551,848.71
65,527,232.01
64,017,525.9'^
69,233,569.84
64,185,041.36
53,311,329.93
61,479,318.02
466,008,513.10
717,984,962.20
- 863,969,120.83
1,294,849,289.58
519,022,356.34
343,212,059.11
366,285,942.16
315,795,087.47
288,812,425.94
278,029,143.51
265,384,695.91
279,748,850.34
296,524,755.50
267,411,746.74
260,008,544.23
235,164,135.92
231,210,932.78

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TABLE 1.—Receipts and disbursements ofthe United States—Continued.

to
to

RECAPITULATION OF DISBURSEMENTS BY FISCAL YEARS—Continued.
Ordinary disbursements.

a v i l a n d miscellaneous, exclusive
of postal deficiencies.

Year.

1879
1880
1881
1882
1883
1884
1885
1880
1887.:
1888
1889
1890
1891
1892 .
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

/

'

•.

:




•

$60,968,031.00
51,642,529.76
60,520, 686.05
57,219,750.98
68,603,519.03
• 70,920,433.70
82,952,647.80
• 65,973,277.83
78,763,578.54
69,896,223. 67
76,795,144.53
74,528,219.. 58
105,306,395.41
95,790,498.90
97,786,004.08
93,693,884.07
82,263,188. 42
7,7,916,234.62
79,252,061.69
86,016,464.75
110,979,685.82
98,542,411.37
117,327,240.89
111,067,171.39
122,165,385.54
130,099,672.06
127,968,471.82
130,221,177.07
145,416,530.32
162,532,367.63
167,001,087.10
171,580,829.79
173,838,599.04
172,256,794.41

War Department.

$40,425,600.73
38,116,916.22
40,466,460.55
43,570,494.19
48,911,382.93
39,429,603.36
42, 670,578.47
34,324,152.74
38,561,025.85
38,522,436.11
44,435,270.85
44,582,838.08
48,720,005.01
46,895,456.30
49,641,773.47
54,567,920.85
51,804,759.13
50,830,920.89
48,950,267.89
91,992,000.29
229,841,254.47
134,774,767.78
144,615,697.20
112,272,216.08
118,619,520.15
115,035,410.58
122,175,074.24
117,946,692.37
122,576,465.49
137,746,523.95
161,067,462.39
155,911,705.93
160,135,975.89
148,795,421.92

N a v y Department.

$15,125,126.84
13,536,984.74
15.686.671.66
15,032,046.26
15.283.437.17
17,292,601.44
16.021.079.67
13,907,887.74
15,141,126.80
16,926,437.65
21,378,809.31
22.006.206.24
26,113,896.46
• 29,174,138.98
30,136,084.43
31,701,293.79
28,797,795.73
27,147,732.38
34,561,546.29
58,823,984.80
63.942.104.25
55,953,077.72
60,506,978.47
67,803,128.24
82.618.034.18
102,956,101.55
• 117,550,308.18
110,474,264.40
97,128,469.36
118,037,097.15
115,546,011.09
123,173,716.68
119,937,644.39
135,591,955.72

Indians.

$5,206,109.08
5,945,457.09
6,514,161.09
9,736,747.40
7,362,590.34
6,475,999.29
6,552,494.63
6,099,158.17
6,194,522.69
6,249,307.87
6,892,207.78
6,708,046.67
8,527,469.01
11,150,577. 67
13,345,347.27
10,293,481.52
9,939,754.21
12,165,528.28
13,016,802.46
10.994.667.70
12,805,711.14
10,175,106.76
10,896,073.35
10,049,584.86
12,935,168.08
10,438,350.09
14.236.073.71
12,746,859.08
15,163,608.41
14,579,755.75
15,694,618.11
18,504,131.60
20,933,869.44
20,134,839.80

Pensions.

$35,121,482.39
56,777,174.44
50,059,279.62
61,345,193.95
B6,012,573.64
55,429,228.06
56,102,267.49
63,404,864.03
75,029,101.79
80,288,508.77
87,624,779.11
106,936,855.07
124,415,951.40
134,583,052.79
159,357,557.87
141,177,284.96
141,395,228.87
139,434,000.98
141,053,164.63
147,452,368.61
139,394,929.07
140,877,316.02
139,323,621.99
138,488,559.73
138,425,646.07
142,559,266.36
141,773,964.57
141,034,561.77
139,309,514.31
153,892,407.01
161,710,367^.25
160,696,415.88
157,980,575.01
153; 590,456.26

Interest on the
public debt.

$105,327,949.00
95,757,575.11
82,508,741.18
71,077,206.79
59,160,131.25
54,578,378.48
51,386,256.47
50,580,145.97
47,741,577.25
44,715,007.47
41,001,484.29
36,099,284.05
37,547,135.37
23,378,116.23
27,264,392..18
27,841,405.64
30,978,030.21
35,385,028.93
37,791,110.48
37,585,-056.23
39,896,925.02
40,160,333.27
32,342,979.04
29,108,044.82
28,556,348.82
24,646,489.81
24,590,944.10
24,308,576.27
24,481,158.34
21,426., 138.21
21,803,836.46
21,342,978.83
21,311,334.12
22,616,300.48

Total ordinary
disbursements,
exclusive of
p o s t a l deficiencies.
$262,174,359.04
261,776,637.36
255,756,000.15
257,981,439.57
265,333,634.36
244,126,244.33
255,685,324.53
234,289,486.48
26i; 430,932.92
256,597,921.54
278,127,695.87
290,861,449.09
350,630,912. 66
340,971,840.87
377,531,159.30
359,275,279.83
345,178,756.57
342,879,446.08
354,624,953.44
432,864,542.38
596,860,609.77
480,483,012.92
505,012,590.94
468,788,705.12
503,320,102.84
525,735,290.45
548,294,836.62
536,732,130.96
544,075,746.23
608,214,349.70
642,823,382.40
651,209,778.71
654,137,997.89
652,985,768.59

te
te
te
o
te
te
o

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W

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a
te
ZP.

Postal disbursements.
Year.

1791..
1792..
1793..
1794.
1795..
1796..
1797.,
1798.,
1799.,
1800.,
1801..
1802.
1803.
1804.
1805.
1806.
1807.,
1808.
1809.
1810.
1811.
1812.
1813.
1814.
1815.
1816.
1817.
1818.
1819.
1820.
1821.
1822.
1823.
1824.
1825.
1826.
1827.
1828.
1829.
1830.
1831.
1832.

F r o m postal
revenue.

$67, 113,
76,586.
74, 161.
95, 397.
125,038.
136,639.
156,588.
185,308.
184, 835.
207, 135.
248, 141.
275, 856.
316,312.
333, 977.
386, 115.
413, 814.
418, 916.
446. 914.
505; 115.
550, 991.
517, 920.
552, 472.
.635,411.
726, 374.
743, 755.
807, 875.
917, 128.
031, 799.
114, 032.
163, 191.
177, 526.
167, 358.
158, 777.
190, 478.
238, 912.
395, 798.
481, 619.
,679,316.
872, 704.
950, 116.
006, 742.
266, 171.




Total ordinary
disbursements
and postal
service, includ- P a n a m a Canal
From Treasury
T o t a l postal . ing g r a n t s for d i s b u r s e m e n t s .
g r a n t s for
disbursements.
deficiencies
deficiencies.
therein.
113. 66
586.60
161.03
397.53
038.62
639.08
588.03
308.01
835.88
135. 96
141.92
856.69
312.37
977. 23
115.52
814. 45
916.03
914.80
115.94
991.22
920.73
472.53
411.72
374.86
755. 61
875.15
128.86
799.18
032.59
191.33
526.28
358.96
777.49
478.29
912.29
798. 78
619.68
316. 45
704.67
116.18
742.80
171.66

$3,164,566. 21
8,346;456. 35
3,921,090. 93
6,393,219.57
7,434, 639.40
5,927,289.91
6,165,215.28
7,792,894.33
9,480,654.01
11,021, 106. 97
9,641,641.88
8,252, 108. 76
8,268,598.97
8,971,884.88
9,400,464. 36
9,862,992.07
8,773;067. 40
9,508,327.88
10,785, 862. 98
9,025, 744.59
8,695, 961.16
20,833, 243.80
32,317, 263.86
35,447, 300. 28
33,687, 410.85
32,004, 231.07
20,908, 021.33
21,050, 426. 99
22,,626,036.59
19,448, 726.22
17,027, 079.14
16,167, 791. 26
15,865, 407.48
21,464, 180.93
17,096, 129.63
18,433, 658.00
17,620, 786.84
18,074, 158.50
17,056, 758.30
17,092, 224.44
17,244, 559.44
19,555, 121.93

Public debt disbursements.
Redemption
of b o n d s
a n d other
securities.
SG09, 984.23
693,050.25
2,633.048.07
2,743,771.13
2,841,639.37
2,577,126.01
2,617,250.12
976,032.09
1,706,578.84
1,138,563.11
2,879,876.98
5,294,235.24
3,306,697.07
3,977,206. 07
4,583,960.'63
5,572, 018. 64
2,938, 141.62
7,701.288.96
3,586,479. 26
4,835,241.12
5,414,564. 43
1,998,349.88
7,508,668. 22
3,307,304. 90
6,638,832.11
17,048, 139.59
20,886,753. 57
15,086,247.59
2,492, 195. 73
3,477,489. 96
3,241.019. S3
2,676, 160.33
607,541.01
11,624,835.83
7,728,587. 38
7,065,539.24
6,517;596. 88
9,064,637. 47
304. 77
• 9,860,
9,443,173.29
14,800.629. 48
17,067,747.79

Premium paid.

Total public
debt.

984.23
693,050.25
2,633,048.07
2,743, 771.13
2,841, 639.37
2,577, 126.01
2,617, 250.12
976. 032. 09
1,706; 578.84
1,138, 563.11
• 2,879,876.98
5,294, 235. 24
3,306, 697.07
3,977, 206.07
4,583, 960.03
5,572,018. 04
2,938, 141.62
7,701, 288.90
3,586: 479.26
4,835: 241.12
5,414, 564.43
1,998: 349.88
7,508, 668.22
3,307: 304.90
6,638: 832.11
17,048: 139.59
20,886, 753.57
15,086: 247.59
2,492: 195.73
3,477: 489.96
3,24i: 019.83
2,676: 160.33
6O7: 541.01
11.624 835.83
7,728: 587.38
7,065: 539.24
6,517: 596.88
9.064'
,637.47
9; 860,304.77
9,443: 173.29
,
14,800:,629.48
17,067, 747.79

E x c e s s of
national-bank
notes retired
over deposits
for retirement.

T o t a l of air
disbursements.

$3,864, 550.44 ,
9,039,506.60
6,564, 139.00
9,136,990.70
10,276,278.77
8,504,415.92
ZP
8,782, 465.40
te"
8,768,926.42
o
11,187,232.85
te
12,159, 670.08
te
12,521,518.86
te'
13,546, 344.00
11,575,296.04
te
12,949, 090.95
13,984, 424. 99
o15,435,010.71
te
11,711 209.02
17,209;616.84
te
14,372, 342.24
te
13,860, 985.71
14,110,525.59
22,831,59.3.68
te39,825,932.08
te
38,754, 605.18
te
40,326, 248.96
49,052, 370. 66
• ZP
41,794,774.90
36,136,674.58te'
25,118,232.32
22,926,216.18
20,268, 098. 97
18,843, 951.59
16,472, 948.49'
33,089,016.76
24,824, 717.01
25,499, 197. 24
24.138, 383.72
27,138, 795.97
26,917, 063.07
26,535.
32,045,397.73
36,622, 188.92
869.72

>

>

to

CO

TABLE I.—Receipts and disbursements of the UnitedStates—Contmued.

to

RECAPITULATION OF DISBURSEMENTS BY FISCAL YEARS—Continued.
Postal disbursements.
Year.
F r o m postal
revenue.

1833
1834
1835
1836
1837
1838
1839
1840.
1841
1842
1843
1844
1845. .
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856...:
1857
1858
1859
I860
1861....
1862
1863
1864
1865
1866
1867
1868
1869

$2,930,414.87
2,910,605.08
2,757,350.08
2,841,766.36
3,288,319.03
4,430,662.21
4,636,536.31
4,718,235.64
4,499,527.61
5,674,751.80
4,374,753.71
4,296,512.70
4,320,731.99
4,076,036.91
3,979,542.10
4,326,850.27
4,479,049.13
5,212,953.43
6,278,401.68
7,108,450.04
5,240,724.70
6,255,586.22
6,642,136.13
6,920,821.66
7,353,951.76
7,486,792.86
7,968,484.07
8,518,067.40
8,349,296.40
8,299,820.90
11,163,789.59
12,438,253.78
14,556,158.70
14,436,986.21
15,297,^026.87
16,292,600.80
18,344,610.72




Total ordinary
disbursements
and postal
service, i n c l u d - P a i i a m a C a n a l
F r o m Treasury Total postal
ing g r a n t s for d i s b u r s e m e n t s .
g r a n t s for
disbursements.
deficiencies
deficiencies.
therein.

$407,657.00
53,697.00
21,303.00
810,231.62
536,298.99
22,221.96

1,041,444.44
2,153,750.00
3,207,345.63
3,078,814.00
3,199,118.00
3,616,883.00
4,748,923.00
4,808,558.41
9,889,545.72
5,170,895.03
3,561,728.55
749,313.98
999,980.00
250,000.00
3,516,666.67
4,053,191.66
5,395,510.28

$2,930,414.87 $25,947,966.85
2,910,605.08
21,538,175.31
2,757,350.08
20,330,163.44
2,841,766.36
33,709,930.40
3,288,319.03
40,531,533.27
4,430,662.21
38,295,376.77
4,636,536.31
31,533,318.93
4,718,235.64
29,032,753.83
4,907,184.61
30,981,345.45
5,728,448.80
30,809,638.24
4,396,056; 71
16,154,846.22
4,296,512.70
26,780,072.84
4,320,731.99
27,256,559.78
4,886,268.53
31,337,219.77
4,515,841.09
58,900,326.19
4,349,072.23
51,945,070.92
4,479,049.13
47,978,127.52
5,212,953.43
46,161,336.55
6,278,401.68
54,029,880.09
8,149,894.48
51,498,702.40
7,394,474.70
52,984,713.79
9,462,931.85
61,294,041.33
9,720,950.13
65,272,798.84
10,119,939.66
75,647,171.67
10,970,834.76
74,988,360.69
12,235,715.86
81,469,285.70
12,777,042.48
76,962,083.84
18,407,613.12
71,718,943.05
13,520,191.43
74,999,509.45
11,861,549.45 477,870,062.55
11,913,103.57 729,898,065.77
13,438,233.78 877,407,354.61
14,806,158.70 1,309,655,448.28
14,436,986.21 533,459,342.55
18,813,693.54 362,026,352.65
20,345,792.46 386,631,734.62
23,740,021.00
339,535,108.47

Public debt disbursements.
Redemption
of b o n d s
and other
securities.
$1,239,746.51
5,974,412.21
328.20
21,822.91
5,590,723.79
10,718,153.53
3,912,015.62
5,315,712.19
7,801,990.09
338,012.64
11,158,450.71
, 7,536,349.49
371,100.04
5,600,067.65
13,036,922.54
12,804,478:54
3,656,335.14
654,912.71
2,152,293.05
6,412,574.01
17,556,896.95
6,662,065.86
3,614,618.66
3,276,606:05
7,505,250.82
14,685,043.15
13,854,250.00
18,737,100.00
96,097,322.09
178,982,635.07
388,010,965.49
605,456,311.68
530,229,114.10
576,120,500.11
603,449,086.68
138,711,248.31

Premium paid.

... .

$18,231.43

82,865.81
69,713.19
170,063.42
420,498. 64
2,877,818.69
872,047.39
385,372.90
363,572.39
574,443.08

1,717,900.11
58,476.51
10,813,349.38
7,001,151.04
1,674,680.05

Total public
debt.

$1,239,746.51
5,974,412.21
328.20
21,822.91
5,590,723.79
10,718,153.53
3,912,015.62
5,315,712.19
7,801,990.09
338,012.64
11,158,450.71
7,554,580.92
371,100.04
5,600,067.65
13,036,922.54
12,887,344.35
3,656,335.14
• 724,625.90
2,322,356.47
6,833,072.65
20,434,715.64
7.534,113.25
3,999,99L56
3,640,178.44
8,079,693.90
14,685,043.15
13,854,250.00
18,737,100.00
96,097,322.09
178,982,635.07
388,010,965.49
607,174,211.79
530,287,590.61
586,933,849.49
610,450,237.72
140,385,928.36

Excessof
national-bank
notes retired
over deposits
for r e t i r e ment.i

T o t a l of all
disbursements.2

$27,187,713.36
27,512,587.52
20.330,491.04
33,709,930.40
40,553,356.18
43,886,100.56
42,251,472.46
32,944,769.45
36,297,057.64
38,611,628.33
16,492,858.86
37,938,523. 55
34,811,140.70
31,708,319.81
64,500,393.84
64,981,993. 46
n
60,865,471.87
49,817,671.69
54,754,505.99
53,821,058.87
59,817,786.44
81,728,756. 97
72,806,912.09
79,647,163.23
78,628,539.13
^ 89,548,979.60
91,647,126.99
85,573,193.05
' 93,736,609.45
573,967,384.64
908,880,700.84
1,265,418,320.10
1,916,829,660.07
1,063,746,933.16
948,960,202.14
997,081,972.34
479,921,036.83

te
te
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te
te
o

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y^

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te
zn

1870,
1871,
1872,
1873,
1874.
1875.
1876.
1877.
1878.
1879.
1880.
1881
1882.
1883,
1884.
1885
1886
1887,
1888.
1889.
1890,
1891,
1892.
1893.
1894.
1895.
1896.
1897,
1898.
1899.
1900,
1901,
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.

19, 772,220.65
20, 037,045.42
21, 915,426.37
22, 996,741.57
26, 471,071.82
26, 791,360.59
28, 644,197.50
27, 531,585.26
29, 277,516.95
30, 041,982.86
33 315,479.34
36, 785,397.97
41 876,410.15
45, 508,692.61
43, 325,958.81
42, 560,843.83
43; 948,422.95
48, 837,609.39
52, 695,176.79
56, 175,611.18
6o; 882,097.92
65, 931,785.72
70, 930,475.98
75, 896,993.16
75, 080,479.04
76, 983,128.19
82, 499,208.40
82, 665,462.73
89, 012,618.55
95, 021,384.17
102, 354,579.29
111, 631,193.39
121, 848,047.26
134, 224,443.24
143, 582,624.34
152, 826,585.10
167, 932,782.95
183, 585,005.57
191, 478,663.41
203, 562,383.07
224, 128,657.62
237, 660,705.48
246, 744,015.88

4,844, 579.21
5,131,250.00
5,175,000.00
5,490,475.00
4,714,044.71
7,211 646.10
5,092,540.36
6,170,338.94
6,753,394.02
4,773,524.49
3,071,000.00
3,895; 638.66
74,503.18
4,541, 610.58
8,193, 652.02
6,501, 247.05
3,056, 037.13
3,868, 919.73
6,875,036.91
4,741, 772.08
4,051, 489.71
5,946, 795.19
8,250, 000.00
11,016, 541.72
9,300, 000.00
11,149, 206.13
10,504, 040.42
8,211, 570.08
7,230, 778.79
4,954, 762.21
2,402, 152.52
2,768, 919.20
6,502, 530.86
15,065, 257.00
12,673, 294.39
7,629,382.81
12,888,040.94
19,501 062.37
8,495,612.37
1,568,194.88

24,616, 799.86
25,168, 295.42
27,090, 426.37
28,487, 216.57
31,185, 116.53
34,003, 006.69
33,736, 737.86
33,701, 924.20
35,030, 910.97
34,815, 507.35
36,386, 479.34
40,681, 036.63
41,876, 410.15
45,583, 195.79
43,325, 958.81
47,102, 454.41
52,142, 074.97
55,338, 856.44
55,751, 213.92
60,044, 530.91
67,757, 134.83
70,673, 557.80
74,981, 965.69
81,843, 788.35
83,330, 479.04
87,999, 669.91
91,799, 208.40
93,814, 668.86
99,516, 658.97
103,232, 954.25
109,585,358.08
116,585, 955.60
124,250, 199.78
136,993, 362.44
150,085, 155.20
167,891, 842.10
180,606,077.34
191,214,388.38
204,366,704.35
223,063, 445.44
232,624,269.99
237,660,705.48
248,312, 210.76

313,429, 225.80
303,197, 438.93
292,475, 122.28
308,236, 066.91
327,709,872.03
301,414, 753.43
293,745, 282-. 09
268,866, 060.12
266,241,843.75
296,989,866.39
298,163, 116.70
296,437, 036.78
299,857, 849.72
310,916, 830.15
287,452, 203.14
302,787, 778.94
286,431, 561.45
316,769, 789.36
312,349, 135.46
338,172, 226.78
358,618, 584.52
421,304, 470.46
415,953, 806.56
459,374, 947.65
442,605, 758.87
433,178, 426.48
434,678, 654.48
448,439, 622.30
532,381, 201.35
700,093, 564.02
590,068, 371.00
621,598, 546.54
593,038, 904.90
640,313, 465.28
675,820, 445.65
716,186, 678.72
717,338, 208.30
735,290, 134.61
812,581, 054.05
865,886,827.84
'883,834,048.70
891,798, 703. 37
901,297,979.35

985.00
- $9,
50,164, 500.00
3,918,819.83
19,379,373.71
27,198, 618.71
38,093, 929.04
31,419, 442.41
33,911, 673.37
37,063,515.33
•35,327,370.66

140,810, 642.13
207,677, 539.65
285,878, 003. 54
96,553, 485.58
176,423, 490.77
151,150, 636.48
166,128, 514.80
151,239, 525.05
143,997, 993.90
479,882, 226.16
280,434, 937.41
86,110, 581.05
166,505, 255.55
438,430, 756.96
101,266, 334.50
46,042, 635.43
44,583, 843.36
127,959, 368.15
74,862, 213.05
121,288, 788.35
104,663, 799. 50
101,003,056.37
24,348, 086.98
709, 903.00
256, 447.20
2,494, 549.93
7,294, 103.35
11,378, 502.00
29,942, 062.00
14,622, 363.48
22,790, 058.25
36,112, 798.78
56,223, 918.00
16,608, 833.00
18,622, 730.75
605, 230.80
244, 711.80
30,373, 043.00
34,356, 750.00
15,434, 687.00
760, 925.00
246, 496. 35
120, 616.03

15,996,655.60
9,016,794.74
6,958,266.76
5,105,919.99
1,395,073.55

2,795,320.42
1,061,248.78

8,270,842.46
17,292,362.65
20,304,224.06
10,401,220.61

33,147,054.81
14,649,572.95
14,043,391.14
10,907,119.82
1,257,578.01
1,417,479.53
225,095.97

166,807, 197.73
216,694,334.39
292,836, 270.30
101,659, 405.57
177,818, 564.32
151,150, 636.48
166,128, 514.80
151,239, 526.05
143,997, 993.90
479,882, 226.16
283,230, 257.83
87,171, 829.83
166,505, 255.55
438,430, 756.96
101,266, 334.50
46,042, 635.43
44,583, 843.30
127,959, 368.15
83,133, 055.51
138,581, 151.00
124,968,023.56
111,404, 276.98
24,348, 086.98 $13,254,883.00
6,100,071.50
709,903.00
256, 447.20
1,012,196.50
2,494,549.93
7,294, 103.35
5,257,466.50
11,378, 502.00
29,942,062.00
14,622,363.48
669,503.00
55,937, 113.06
50,762,371.73
5,743,569.00
70,267,309.14
2,001,161.00
27,515,952.82
4,526,766.00
19,880,308.76
230.80
3,299,440.50
. 605,
1,662, 191.33
30,598, 138.97
34,356,750.00
43,937,843.50
15,434,687.00
614,478.00
760, 925.00
246, 496. 35
8,449,346.50
120, 616.03

470,236,423.53
519,891 773.32
585,31i: 392.58
409,895; 472.48
505,528, 436.35
452,565,389.91
459,873 796.89
420,105, 585.17
410,239 837.65
776,872,092.55
581,393, 374.53
383,608, 866.61
466,363, 105..27
749,347, 587.11
388,718. 537.64
348,830, 414.37
331,015, 404.81
444,729, 157.51
395,482, 190.97
476,753,377.78
•483,586,608.08
532,708, 747.44
453,556, 776.54 .
466,184, 922.15
442,862, 206.07
436,685, 172.91
447,230, 224.33
459,818, 124.30
562,323, 263.35
714,715, 927.50
646,674, 987.06
678,104,487.27
663,306,214.04
669,840, 564.10
750,392, 020.41
724,010, 169.85
738,379, 773.34
793,086,892.29
885,031,733.09
956,678,
919,121,800.75
125.07
929,108,715.05
945,195 312.64

zn
te
O

te
te
te
>
te
y<

o
te
te

W

te

te
te
te
>
zn
te
te

1 Only the armual excess of redemptions over deposits included in this column.
2 National-bank redemption fimd herein includes only the annual excess ol redemptions on account of national-bank redemption fimd since 1890.




to
Or

126

REPORT GIST T H E FINANCES.

TABLE J.—Statement of the coin and paper circulation ofthe United States from 1860 to
1912, inclusive, luith amount of circulation per capita.

Coin, includ- United States
Year
Total money.
ending ing bullion in notes and
Treasury.
bank notes.
lune 30.
I860..
1861..
1862..
1863..
1864..
1865..
1866..
1867..
1868..
1869..
1870..
1871..
1872..
1873..
1874..
1875..
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1883..
1884..
1885..
1886..
1887..
1888..
1889..
1890..
1891..
1892..
1893..
1894..
1895..
1896..
1897..
1898..
1899..
1900..
1901..
1902..
1903..
1904..
1905..
1906..
1907..
1908.1909..
1910..
1911..
1912..

$235,000,000
250,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
26,000,000

25,000,000
25,000,000
25,000,000
25,000,000
52,418,734
65,837,506
102,047,907
357,268,178
494,368,884
647,868,682
703,974,839
769,740,048|
801,068,939
872,175,823
903,027,304
1,007,513,901
1,092,391,690
1,100,612,434
'1,152,471,638
1,112,956,637
1,131,142,260
1,066,223,357
1,098,958,741
1,114,899,106
1,097,610,190
1,213.780,289
1,397,785,969
1,508,543,738
1,607,352,213
1-, 734,861,774
1,829,913,551
1,905,116,321
1,994,610,024
2,031,296,042
2,154,797,215
2,159,103,301
2,328,767,087
2,365,612,264
2,355,807,734
2,477,837,453
2,554,125,643

$207,102,477
202,005,767
333,4-52,079
649,867,283
680,688,067
745,398,620
729,430,711
703,334,669
692,336,115
691,471,653
698,940,094
719,539,283
740,960,724
751,368,213
781,024,781
773,273,509
738,264,550
697,216,341
687,743,069
676,372,713
691,186., 443
701,723,691
705,423,050
703,496,526
686,180,899
665,750,948
655,691,476
625,898,804
599,043,337
558,059,979
532,651,791
564,837,007
621,076,937
672,584,935
706,618,677
704,460,461
702,364,843
692,989,982
675,788,473
681,550,167
732,348,460
748,206,203
733,353,107
779,594,666
808,894,111
^51,813,822
915,179,376
956,457,706
1,049,996,933
1,040,816,090
1,063,783,749
1,078,121,524
1,094,745,008

Coin, bullion,
and paper
money in
Circulation.
Treasury, as
asset's.

Population.

$442,102,477
$6,695,225 $435,407,262 31,443,321
452,005,767
3,600,000
448,405, 767 32,064,000
358,452,079
- 23,764,335
334,697,744 32,704,000
674,867,283
79,473,245
595,394,038 33,365,000
705,588,067 • 35,946,589
669,641,478 34,046,000
770,398,620
55,426,760
714,971,860 34,748,000
754,430,711
80,839,010
673,691,701 35,469,000
728,334,669
66,208,641
662.126,128 36,211,000
717,336,116
36,449,917
680,886,198 36,973,000
716,471,653
50,898,289
665,573,364 37,756,000
723,940,094
47,655,667
676,284,427 38,558,371
25,923,169
718,616,114 39,555,000
744.539.283
24,412,016
765,960,724
741,548,708 40,596,000
22,563,801
776,363,213
753,799,412 41,677,000
29,941,750
806,024,781
776,083,031 42,796,000
44,171,562
798,273,509
754,101,947 43,951,000
63,073,896
727,609,388 45,137,000
790.683.284
40,738,964
722,314,883 46,353,000
763,053,847
60,658,342
729,132,634 47,598,000
789,790,976
216,009,098
1,033,640,891
818,631,793 48,866,000
212,168,099 . 973,382,228 50,155,783
1,185,550,327
235,354,254 1,114,238,119 51,316,000
1,349,592,373
235,107,470 1,174,290,419 52,495,000
1,409,397,889
242,188,649 1,231,047,925 53,693,000
1,473,236,574
243,323,869 1,243,925,969 54,911,000
1,487,249,838
244,864,935 1,293,061,836 56,148,000
1,537,926,771
308,707,249 1,250,011,531 67,404,000
1,558,718,780
315,873,562 1,317,539,143 68,680,000
1,633,412,705
319,270,157 1,372,164,870 69,974,000
1,6917435,027
278,310,764 1,380,361,649 61,289,000
1,658,672,413
255,872,159 1,429,251,270 62,622,250
1,685,123,429
180,353,337 1,497,440,307 63,844,000
,1,677,793,644
150,872,010 1,601,347,187 65,086,000
1,752,219,197
142,107,227 1,596,701,065 66,349,000
1,738,808,292
144,270,253 1,661,307,165 67,632,000
1,805,577,418
217,391,084 1,601,968,473 68,934,000
1,819; 359,557
293,540,067 1,506,434,966 70,254, OOd
1,799,975,033
265,787,100 1,640,983,171 71,592,000
1,906,770,271
235,714,647 1,837,859,895 72,947,000
2,073,574,442
286,022,024 1,904,071,881 74,318,000
2,190,093,905
284,649,675 2,055,150,998 76,303,387
2,339,700,673
307,760,015 2,175,307,962 77,754,000
2,483,067,977
313,876,107 2,249,390,551 79,117,000
2,563,266,658
317,018,818 2,367,692,169 80,487,000
2,684,710,987
284,361,275 2,519,142,860 81,867,000
2,803,504,135
295,227,211 2,587,882,653 83,260,000
2,883,109,864
333,329,963 2,736,646,628 84,662,000
3,069,976,591
342,604,552 2,772,956,455 86,074,000
3,115,561,007
340,748,632 3,038,016,488 87,496,000
3,378,764,020
300,087,697 3,106,240,657 88,926,000
3,406,328,364
317,236,878 3,102,355,605 90,363,000
3,419,591,483
341,956,381 3,214,002,696 93.983,000
3,555,958,977
364,357,557 3,284,513,094 95,656,000
3,648,870,651

Circulation
per
capita.

$13.85.
13.98
10.23
17,84
19.67
20.58
18.99
18.29
18.42
17.63
17.61
18.17
18.27
18.09
18.13
17.16
16,12
16.68
15.32
16.76
19.41
2L71
22.37
22.93
22.66
23.03
21.78
22.45
22.88
22.62
22.82
23.45
24. 60
24.07
24.56
23.24
21.44
22.92
25.19
25*62
26.93
27.98
28.43
29.42
30.77
31.06
32.32
32.22
34.72
34.93
34.33
34.20
34.34

NOTE 1.—Specie payments were suspended from January 1, 1862, to January 1, 1879. During the
greater part df that period gold and silver coins were not in circulation except on the Pacific coast,
where, it is estimated, the specie circulation was generally about.$25,0.00,000. This estimated amount
is the only coin included in the above statement from 1862 to 1875, inclusive.
NOTE 2.—In 1876 subsidiary silver again came into use, and is included in this statement, beginning
with that year..
NOTE 3.—The coinage of standard silver dollars began in 1878, under the act of February 28,1878.
NOTE 4.—Specie payments were resumed January 1, 1879, and all gold and silver coins, as well as
gold and silver bullion in the Treasury, are included in this statement from and after that date.
NOTE 5.—For redemption of outstanding certificates an exact equivalent in amount of the appropriate kinds of money is held in the Treasury, and is not included in the account of money held as
assets of the Government.
NOTE 6.—This table represents the circulation of the United States as shown by the revised statemints of the Treasury Department for June 30 of each of the years specified.
' NOTE 7.—The Directo;* of the Mint made a revised estimate of the stock of gold coin, and, as a
consequence of such revision, the estimated stock of gold in the United States and of gold coin in
circulation has been reduced $135,000, G O in the figures for 1907.
O
NOTE 8.—The Director of the Mint in 1910 made a revised estimate of the stock of subsidiary silver
coin, and, as a consequence of such revision, there was a reduction of $9,700,000.
NOTE 9.—The details of the foregoing table, showing the amount of each kind of money in circulation each year since 1860, are omitted; b u t they may be had upon application to the Secretary of the
Treasury, Division of Loans and Currency, where a publication covering information on the subject
has been prepared for distribution.




127

SECRETARY 01? T H E TREASURY.

TABLE K,—Statement of United States bonds and other obligations received and issued
by the office ofthe Secretary ofthe Treasury from Nov. 1, 1911, to Oct. 31, 1912.
R e r e i v e d for R e r e i v e d for
transfer a n d r e d e m p t i o n .
exchange.

Title of loan.

Consols of 1865, 6 p e r c e n t ( a c t Mar. 3, 1865)
Consols of 1867, 6 p e r c e n t ( a c t Mar. 3,1865)
F u n d e d L o a n of 1891, 4^ p e r cent, c o n t i n u e d a t
2 p e r c e n t ( a c t J u l y 14,1870)
L o a n of 1904, 5 p e r c e n t ( a c t J a n . 14,1875)
F u n d e d L o a n of 1907, 4 p e r c e n t (acts J u l y 14,
1870, a n d J a n . 20, 1871)
R e f u n d i n g certificates, 4 p e r c e n t ( a c t F e b . 26,
1879)
....
Consols of 1930, 2 p e r c e n t (act Mar. 14, 1900)....
L o a n of 1908-1918,3 p e r c e n t (act J u n e 13,1898)..
L o a n of 1925, 4 p e r c e n t ( a c t J a n . 14, 1 8 7 5 ) . . . . . .
P a n a m a Canal loan, 2 p e r c e n t (acts J u n e 28,
1902, a n d Dec. 21, 1905), series 1916-1936
P a n a m a Canal loan, 2 p e r c e n t (acts J u n e 28,
1902, a n d D e c . 21,1905), series 1918-1938
P a n a m a Canal loan, 3 p e r c e n t (acts A u g . 5,1909,
F e b . 4,1910, a n d Mar. 2,1911), series 1911-1961.
Postal savings b o n d s , 2^ p e r c e n t ( a c t J u n e 25,
1910) first series, 1911-1931
Postal savings b o n d s , 2^ p e r c e n t ( a c t J u n e 25,
1910), second series, 1912-1932
P o s t a l savings b o n d s , 2^ p e r c e n t ( a c t J u n e 25,
1910), t h i r d series, 1912-1932

Total transactions.

$50
50

$50
50

2,000
100

2,000
100

141,900

141,900

640

$49,8ii,i66

$49,811,100
7,544,720
14,159,500

7,544,720
14,159,500 <

640
99,622,200
15,089,440
28,319,000

3,365,500

3,365,500

6,731,000

2,409,100

2,409,100

4,818,200

15,843,800

15,843,800

31,687,600

4,300

4,300

8,600

23,360

440,740

464,100

875,460

20, OpO
9.3,181,980

Total

Issued.

144,740

896,060

94,454,220

187,780,940

T A B L E L . — I n t e r n a l and customs receipts and expenses of collecting, from 1858 to 1912.

Customs receipts.

Internal revenue.
'Year ended
J u n e 30—

Receipts.i
Dollars.

1858
1859
I860
1861
1862
1863
1864 . .
1865
1866 .
1867 .
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877.
1S7S

-.

V

,37, 640,787.95
109,741,134.10
209,461,215.25
. . . 309,226,813.42
266,027,537. 43
•
191,087,589.41
158,356,460.86
184,899,756.49
143,098,153.63
130,642,177.72
113,729,314.14
102,409,784.90^
110,007,493.58
116,700,732.03
118, 630,40r. 83
: . . . 110;581,624.74

E x p e n s e s of coUecting.i 2
Dollars.

i

108,685.00
253,372.99
385,239.52
6,783,128. 77 7,335,029.81
8,705,366.36
7,257,176.11
7,253,439.81
7,593,714.17
5, 694,116.86
5,340,230.00
4,509,976.05 '
4,289,442. 71
3,942,613.72
3,556,943.85
3,280,162.22 '

Percent.

i

.23
.18
1.87
2.77
4.55
4.59
3.92
6.30
4.36
4.69
4.40
3.89
3.38
2.99
2.96

- Receipts.i
Dollars.
41,789,620.96
49,565,824.38
53,187,51L87
39,582,125. 64
49,056,397.62
69,059,642.40
102,316,152.99
84,928,260.00
179,046,651.58
176,417,81.0.88
164,464,599.56
180,048,426.63
194,538,374.44
206,270,408.05
216,370,286.77
188,089,522. 70
163,103,833.69
157,167,722.35
148,071,984.61
130,956,493.07
130,170,680.20

E x p e n s e s of c o l l e c t i n g . i a
Dollars.
P e r cent.
6.94
2,903,336.89
3,407,93L77
6.85
6.27
3,337,188.15 •
•2,843,455.84
7.18
3,276,660,39
6.67
3,181,026.17
4.60
4,192,582.43
4.09
5,415,449.32
6.39
5,342,469.99
.2.98
5,763,979.01
3.26
7,641,116. 68
4 65
5.388.082.31
2.99
6,233,747. 68
3.20
6,668,350.61
3.18
6,950,173.88
3.21
7,077,864.70
3.76
7,321,469.94
4.49
7,028,521.80
4.47
6,704,858.09
4.53
6,501,037.67
' 4.96
5.826.974.32
4.47

1 Based on warrants issued duruig the year. .
2 The cost of collecting the.internal revenue embraces the following items: Salaries and expenses of
the Internal-Revenue Service, including collectors, deputy collectors, clerks, etc.,. and including,
expenses incident to enforcing the provisions of law taxing oleomargarine: salaries and expenses of
revenue agents, surveyors of distilleries, gaugers, storekeepers, and miscellaneous expenses; paper
. for internal-revenue stamps; expenses of detecting and punishing violations of internal-revenue
laws; and expenses of collecting t h e corporation t a x .
3 The expenses of collecting the revenue from customs includes all sums drawn from the appropriation made by Congress forthat purpose. (See details on p. 130 ; T h e money is expended for salaries,
rents, labor in weighing, gauging, a n d measuring imported merchandise, revenue boatmen, repairs,
and other expenses incident to rented buildings, stationery, and the traveling expenses of special
agents, b u t does not include disbursements for revenue cutters, fuel, lights, water, furniture, janitors,
etc., for buildings owned by the Government, nor disbursements for erecting new buildings, all of
which are paid for from specific appropriations made for those purposes.
The expenses of collecting internal a n d customs revenue do not include the disbursements for
salaries, etc., incident to auditing these accounts in the office of the Auditor for the Treasury
Department.
< No data.




128

REPORT ON THE

FINANCES.

TABLE L.—Internal and customs receipts and expenses of collectirig, from 1858 to 1912—
Continued.
Internal revenue.

C u s t o m s receipts.

Year ended
J u n e 30—
Receipts.

1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

Dollars.
113,561,610.
124,009,373.
135,264,385.
146,497,695.
144,720,368.
121,586,072.
112,498,725.
116,805,936.
118,823,391.
124,296,871.
130,881,513.
142,606,706.
145,686,249.
153,971,072.
161,027,623.
147,111,232.
143,421,672.
146,762,864.
146,688,574.
170,900,641.
273,437,161.
295,327,926.
307,180,663.
271,880,122.
230,810,124.
232,904,119.
234,095,740.
249,150,212.
269,666,772.
251,711,126.
246,212,64.3.
289,933,519.
|2322,529,200.
'321,612,199.

E x p e n s e s of collecting.
Dollars.
3,527,956.56
3,657,105.10
4,327,793.24
4,097,241.34
4,424,707.39
4,216,847.26
3.853.035.94
3,578,679.42
3,826,507.98
3,626,038.91
3,770,388.72
3,780,950.41
4,003.485. 65
3,879;082.31
4,144,927.02
3,749,029.22
3,754,935.45
3,846,887.55
3,606,798.85
3.705.256.95
4.350.543.05
4,446,318.98
4,404,986.68
4,360,144.97
4,496,479.28
4,507,867.83
4,338,184.70
4,391,660.65
4,641,169.95
4,650,049.89
4.547.715.06
5, OOH,191.77
6,027,871.39
5,059,286.49

Receipts.

E x p e n s e s of collecting.

Dollars.
P e r cent.
3.10 137,250,047.70
2.95 186,522,064. 60
3.20 198.159.676.02
2.80 220,410,730.25
3.06 214,706,496.93
3.47 195.067.489.76
3.42 181,471,939.34
3.06 192,905,023.44
3.22 217,286,893.13
2.92 219,091,173.63
2.88 223.832.741.69
2.65 229,668,584.57"
2.75 219,522,205.23
2.52 177.452.964.15
2.57 203,355,016.73
2.55 131,818,530.62
2.62 152,158.617.45
. 2.62 160,021,751.67
2.46 476,554,126.65
2.17 149,575,062.35
1.59 206,128,481.75
1.51 233.164.871.16
1.43 238,585,455.99
1.60 254,444,708.19
L 9 5 284,479,581.81
1.94 261,274,564.81
1.85 261,798,856.91
L 7 6 300.251.877.77
1.72 332.233.362.70
1.85 286,113,130.29
1.85 300,711,933.95
1.73 333.683.445.03
1.55 314,497,071.24
1.57 311,321,672.22

Dollars.
5,477,^21.62
6,023,253.53
6,383, 288.10
6,506,359.26
6,593,509.43
6,709, ^ 85.76
6,494,847.29
6,427,612.67
6,855,801.74
7,156,187.77
7,030,487.00
6,859,986.09
6,964,367.09
6,646,276.06
6,756,790.98
6,791,872.86
6,736,690.92
7,237,796.40
7,075,372.05
7,152,276.58
7,361,562.83
7,467,692.48
7,713,418.82
7,967,472.89
8,468,710.19
8,665,636. 37
9,115,499.44
8,997,669.41
9,436,752.68
9,580,626.25
10,261,073.33
10,665,770.12
11,015,254.24
10,804,979.15

Per cent.
3.96
3.23
3.22
2.95
3.07
3.44
3.58
3.33
, 3.16
3.27
3.14
2.98
3.17
3.74
3.32
6.15
4.43
4.52
4.01
4.78
3.57
3.20
3.23
3.13
2.98
3.32
3.48
^ 3.00
2.55
3.85
3.41
3.20
3.50
3.47

1 I n c l u d e s $20,961,780.97 c o r p o r a t i o n t a x .
2 I n c l u d e s $33,516,976.59 c o r p o r a t i o n t a x .
3 I n c l u d e s $28,583,303.73 corporation t a x .

TABLE M.—Statement showing the aggregate receipts, expenses, average number of persons employed, and cost to collect internal revenue in the several collection districts
during thefiscal year ended June 30, 1912.

Collection districts.

Alabama
Arkansas
F i r s t California
F o u r t h California..
S i x t h California
Colorado
Connecticut
Florida
Georgia
Hawaii
F i r s t Illinois
Fifth Illinois
E i g h t h Illinois
T h i r t e e n t h Illinois.
Sixth Indiana
Seventh I n d i a n a . . .
Third Iowa
F o u r t h Iowa
Kansas
Second K e n t u c k y . .
Fifth K e n t u c k y . . . -




Aggregate receipts.i

. $338 682.45
165 314.34
7,448: 198.59
75i: 883.56
1,207 169.10
1,157 393.04
2,994: 899,52
1,347,573.64
541, 253.11
266, 225.42
12,087; 300.52
29,868, 439.32
10,060, 714.81
598; 029.30
10,923, 816.20
19,397,499.53
510 272.87
6I5; 369.56
525, 804.09
3,780,001.49
16,897: 821.13
J Based on reports of collectors;

Expenses.

$38,378.93
26,491.45
150,939.25
54,558.89
50,716.67
32,279.40
52,732.07
34,954.81
44,39L53
14,380.29
102,465.77
198,331.28
78,141.98
18,258.59
96,480.34
111,447.38
21,465.99
22,425.03
18,821.31
115,195.71
377,958.84

Average
n u m b e r Cost t o
of per- collect
sons e m $L
ploj'^ed.
$0,113
.16
.02
.073
-.042
.028
.018
,026
.082
.054
.008
.007
.008
.03
.009
.006
.042
.036
.036
.03
.022

129

SECKETAKY OF THE TREASUKY.

TABLE M.—Statement showing the aggregate receipts, expenses, average number of persons employed, and cost to collect internal revenue in the several collection districts
during thefiscal year ended June 30, 1912—Continued.

Collection districts.

Sixth Kentucky
Seventh Kentucky
Eighth Kentucky
—
Louisiana
Maryland
Th ird Massachusetts
First Michigan
Fourth Michigan
Minnesota.
First Missouri
Sixth Missouri
Montana
Nebraska
New Hampshire
'.
First New Jersey
Fifth New Jersey
New Mexico
First New York
Second New York
Third New York
Fourteenth New York
Twenty-first New Y o r k . . . . . .
Twenty-eighth New York
Fourth North Carolina
Fifth North Carolina
North and South Dakota
First Ohio
Tenth Ohio
Eleventh Ohio
Eighteenth Ohio
Oklahoma
Oregon
First Pennsylvania
Ninth Pennsylvania
Twelfth Pennsylvania
Twenty-third Pennsylvania..
South Carolina
Tennessee
Third Texas
Fourth Texas
Second Virginia
Sixth Virginia
Washington
West Virginia
First Wisconsin
Second Wisconsin
,
Philippine Islands
'.
Total.
Amount of expenses as above stated
Expenses not included tn above
Total expenses fiscal year ended June 30,1912
Cost to collect $1

Aggregate receipts.

$3,889,383.20
4,235,479.92
3,385,189.42
4,997,769.41
9,339,153.83
7,223,43L34
6,449,694.35
903,640.96
2,942,360.55
10,340,482.14
1,722,339.44
746,179.50
2,988,343.18
776,888.31
798,706.13
9,783,529.23
161,299.53
11,989,105.15
9,328,457.93
10,887,122.38
5,222,683.76
3,406,034.92
3,032,800.14
4,324,741.92
4,628,738.74
197,382.15
16,266,116.40
2,901,504.80
1,173,634.18
3,482,689.15
148,906.24
893,921.74
8,863,242.76
3,063,156.64
2,545,703.02
11,981,467.65
185,703.72
2,363,520.25
1,016,756.58
380,727.27
7,027,140.69
1,327,461.10
1,385,472.73
1,799,445.62
8,293,487.41
1,106,653.58
1224,584.05
321,615,894.69

Expenses.

$99,736.08
181,035.57
153,037.83
56,796.92
189,46L60.
107,493.44
46,858.06
20,390.61
55,159.71
72,525.68
59,348.61
28,961.09
58,944.44
26,636.44
19,283.65
52,829.44
14,491.48
66.310.01
92,556.65
66,815.48
57,989.84
50,535.10
50,848.10
49,814.17
49,110.01
20,310.11
168,543.64
50,905.34
29,798.25
41,606.03
16,178.95
23,676.92
117,003.48
80,946.61
.42,704.21
212,446.29
27,894.75
79,223.89
24,830.15
21,336.92
66,884.00
82,009.79
40,813.43
. 46,621.38
73,374.99
31,598.77

•

4,686,493.42

Average
n u m b e r Cost to
of per- collect
sons em$1.
ployed.

.-

17
18
21
18
39
36
21
14
27
28
20
15.
'24
15
8
27
6
27
37
34
24
21
23
28
26
10
41
20
14
21
9
13
46
32
19
37
13
29
12
11
24
27
22
24
29
16

$0,026
.043
.045
.011
.02
.015
.007
.023
.019
.007
.034
.039
.02
.034
.024
.005
.09
.005
.01
.006
.011
.015
.017
.011
.011
.103
.01
.017
.026
.012
.109
.026
.013
.026
.017
.018
.15
.033
.024
.056
.009
.062
.029
.026
.009
.029

1,467

$4,686,493.42
- - - ^ 823,490.52
35,509,983.94
.0.0171

1 In addition to this amount reported by the United States internal-revenue stamp agent in the Philippine Islands, $174 was collected by internal-revenue collector from sale of stamps affixed to Philippine
products. •
, .
^
, .
, .Li2 These expenses include salaries and expenses of internal-revenue agents and mspectors, salaries of the
ofiicers, clerks, and employees in the office of the Coinmissioner of Internal Revenue, amounts expended
in detecting and punishing violations of internal-revenue laws, cost of paper for internal-revenue stamps,
and certain miscellaneous expenses, but which can not be apportioned among the several collection districts. Amounts paid from the appropriation "Refunding Internal-Revenue Collections," which aggregated $70,713.96, do not appear anywhere in above statements, as they are in no sense an expense.
3Based upon amounts actually paid. These expenses differ-slightly from those shown on page 134,
which are based upon warrants issued.

64926°—FI 1912-




TABLE N.—Statement of business ofthe customs districts for thefiscal year ended June 30, 1912.

CO

o
V a l u e of e x p o r t s .

Vessels entered. Vessels cleared.
Districts a n d p o r t s .
Foreign.

A l a s k a ( J u n e a u ) , Alaska
Albany N . Y
Albemarle (Elizabeth City),
N C
Alexandria Va
A n n a p o l i s , Md
Apalachicola, F l a
Arizona (Nogales), Ariz
Aroostook ( H o u l t o n ) , Me
..
Astoria, Oreg
A t l a n t a , Ga
•.
Baltimore, Md
B a n g o r , Me..'.
B a r n s t a b l e , Mass
B a t h , Me
Beaufort, N . C
Beaufort, S . C 2
Belfast, M e .
B o s t o n a n d C h a r l e s t o w n (Bost o n ) , Mass
Brazos d e Santiago ( B r o w n s ville), T e x
B r i d g e p o r t , Coim
Bridgeton, N . J
Bristol a n d W a r r e n , R . I
Bruns\vick, Ga
Buffalo Creek (Buffalo), N . Y . .
Burlington, Iowa
Burlington, N . J
Cairo, 111
Cape V i n c e n t , N Y
Castine, Me
Champlain (Plattsburg), N . Y .
Charleston, S. C
Chattanooga, Tenn
Cherrystone (Cape
Charles
City), V a




Coastwise.

Foreign.

312

Coastwise.

527

1,167
1,633

26

1

343

684

1

488

39

9

82

2,238

37

2,183'

565
1
12
. 79

1,617
12

646
5
8
79

1,877

3
34

1

1,372

2

'

34

46"
990

Documents
Entries
of mer- issued
chandise. t o vessels.

1,099

13

3
3
1,135

4,559
872

84
8

1,166
13

26
16

1,017
9

31
732

296
2,638

66
633

242
2,816'

20
44,759

340
1.297
17
1,828 "i,'778"
79
89

2,208
84
51,450
338
128

41
1,339
327
8
1,842
145 " " ' 2 0 4 '

Aggregate
receipts.

-

$57,772.22
448,558.05

$66,448.12
449,238.85

209
101
. 172
49

6.00
• 462.52

2,550.82
373,852.08
40,779.85
19,540.05
80,055.61
4,398,063.08
418,314.74
1,519.19
27,425.18
L50
434.11
4,019.98

292
'420*
332
54
80
380
23
13
22
103
263
406
54
168
296

23,853,213.22

24,117,497.59

77.74

40,680.62
525,70L14
20,865.39
42.60
8,552.42
2,402,708.29
162.07
80.24

34,816.86
322.14
1,294,528.13
26;925.32
4,267.83

35,537.18
385.46
1,298,172.23
29,123.69
4,416.23

37,910.27
524,596.99
20,752.24
2.40
7,709.09
2,389,846.46

140.00

$49;473.32
17,857.21

25
11

$0,744
.040

2,25L13
.1,409.60
300.00
3,646.62
42,612.30
25,129.16
16,079.36
6,328.77
305,763.43
25,422.05
3,717.83
6,540.07
1,769.70
2,865.03
3,647.28

4
2
1
4
31
17
13
3
207
19
7
6
2
3
5

54.'906
2.524
1.430
.114
.616
.823
.079
.070
.061
2.447
.238
1,179.800
6.599
.907

709

.035

53,381.11
12,907.58
2,851.05
233.00
4,635.67
82,458.88
396.91
356.25
150.00
15,505.00
3,718.00
53,75L66
14,892.76
1,205.88

38
9
6
2
5
64
2
2
1
' 14
5
42
12
2

L312
.025
.137
5.469
.542
.034
2.449
4.400

1,473.12'

3

10.522

Domestic.

4L00
558.40

2,193.16
371,684.10
34,940.96
18,044.46
79,773.25
4,236,808.91
417,995.89
1,038.06
26,819.50
L50
203.70
3,826.55

Cost t o
collect .
$1.

Expenses.
Foreign.

244
363

. .1
4,199
1,954
25
53'
317
17,312 "*i,"i39'
28,518
62
226
13
115
135
126
67
33
128
91,483

Duties and
tonnage tax.

Average
number of
persons
employed

$3,241

$1,006,831

26,722
1,809

701,095
6,854,312
61,020
651,011

176,000
183,741

92,034,877
1,689,422
270

45,666
126,431
848,344
2,888

68,843,827
1,038,901

1,440,183

19,889,838
53,575,842

3,552,896
175

21,953,900
12,422,860

217,799

852,011.97

.436
9.645
.041
.511
..273

O
H
O
H

W
fej
M

>
o
CQ

Chicago, 111
Cinciimati, Ohio
C o l u m b u s , Ohio
Coos B a y , Oreg
Corpus Christi, T e x
Council Bluffs, I o w a
Cuyahoga (Cleveland), O h i o . . .
D a y t o n , Ohio
Delaware (Wilmington), D e l . .
D e n v e r , Colo
:
D e s Moines, I o w a
D e t r o i t , Mich
D u b u q u e , Iowa
Duluth, Minn
Dunkirk, N . Y
E a s t e r n (Crisfield), Md
E d g a r t o w n , Mass
Erie, Pa
Evansville, Ind
F a l l R i v e r , Mass
Femandtna, Fla
Frenchmans B a y (Ellsworth),
Me
G a l e n a , III
Galveston, Tex
Genesee (iRochester), N . Y
Georgetown, D . C
Georgetown, S . C
Gloucester, Mass
G r a n d R a p i d s , Mich
G r e a t E g g H a r b o r (Somers
Point),N.J
Hartford, Conn
Hawaii
Houston, Tex
H u m b o l d t ( E u r e k a ) , Cal
H u r o n ( P o r t H u r o n ) , Mich
Indianapolis, Ind
Jacksonville, Fla
K a n s a s C i t y , Mo
K e n n e b u n k , Me
K e y West, Fla
Knoxville, Tenn
L a Crosse, W i s
Lincoln, Nebr
Little Egg Harbor (Tuckerton), N . J
L o s Angeles, Cal
Louisville, K y
Machias, Me
M a r b l e h e a d , Mass




148

5,895

278

2,328

1,909

""ii

5,780

5,456

""is'

2,233

3,322

2,166

3,395

337
1

2,733
50

239
1

•2,847
51

39
262

1
332

239

39
369

767
71

16
107

451
244

537
1,105

307
184

90

116
70

30

59
383
1,060
2
153

3
129

'682"

116
44

249
304

1
137

39,706
3,969
547
2,745
92
4,274
814
361
1,227
248
34,293
105
2,211
31
352
170
201
29
48

249
292

2,514
2,764
3,231
705
617
1,245
3,771
292
3
16,383
1,403
446
3,894

9
1,012

179
1,492

25
1,000

151
1,571

85

143

56

90

"28

'596

"i43

4,155
1,005
21
25

115
11
389

'ief
208
21
523
11
190
8
123
194
82
25
189
12
84
9
46
75
424

91

1,303

10,022,048.56
767,251.80
134,498.63
170,362.22
14,114.90
1,559,999.64
121,93L97
48,995.04
187,47L58
34,480.57
2,135,574.38
18,219.51
247,638.76
4,750.24
218.82
21,343.48
126,333.50
31,781.59
8,166.54

10,059,114.01
769,492.24
134,845.67
5L40
174,610.93
14,135.60
1,566,470.91
121,996.32
49,530.49
187,697.48
34,653.12
2,146,758.14
18,924.08
252,604.19
4,816.40
410.00
674.62,
21,636.17
126,450.86
32,182.04
8,906.13

519.81

1,093,244.43
526,759.80
263,363.21
L50
102,909.21
119, OOL 24

249
12
4

21
120
67
114
56

526,922

7,138,006
47,112
10,402,633
16,202,240
2,'838'

3,196
'75," 752'

55,836,215
" " 8 9 8 , " 626'

2,899

425,615
6,529,640

1,112.90

1,060,339.31
524,792.53
260,713.07
99,842.21
118,968.68
35.32
379,265.28
1,630,537.44
148,554.95
. 1,835.05
467,997.05
260,488.79
22,967.71
535,688.62

214.54
380,822.83
1,643,197.37
148,644.24
2,124.97
473,571.62
261,585.98
25,602.83
542,392.03

570,377.59
4,755.80
17.64
14,175.43

222
123
48
12
13
535

4,517
31
23
171

1,115

276
116

600,834.99
4,755.80
17.64
14,211.33

.84
740,412.23
171,718.37
~ 204.72
4,701.40

.84
750,059.14
172,647.80
660.63
5,298.91

4,424
2,500

218,141,673
1,956,404
10,182

14,604
34,974

358,669
1,231,441
32,164,469

81
537,974

2,329,241

1,389

*i,'597," 963'

12,605
19,901

149,130
313
210

286,7n.49
37,11L29
8,74L19
1,486.73
37,494.00
852.25
46,121.99
7,96L25
8,624.46
12,893.58
2,540.91
95,686.90
1,115.00
18,158.65
1,309.64
3,730.12
2,382.09
5,982.16
6,897.50
5,223.39
1,855.69

208
24
4
2
28
2
34
4
8
6
2
85
2
15
2
3
4
4
3
4
3

.029
.048
.065
28.925
.215
.060
.029
.065
.174
.069
.073
.045
.059
.072
.272
9.098
3.531
.276
.055
.162

3,747.52
379.00
91,638.40
25,513.90
21,653.68
262.00
22,526.15
8,660.54

6
1
62
20
12
2
15
4

3.367

4,190.79
12,426.75
101,656.33
6,695.35
2,855.18
62,091.80
11,379.52
9,281.16
32,700.44
265.75
45,725.96
510.02
228.00
2,273.66

» 5
6
71
3
4
55
6
6
24
2
40
2
1
3

359.52
54,031.50
15,926.75
4,259.89
2,218.29

1
38

.084
.048
.082
174.667
.219
.073
19.534
.033
.062
.045
1.344
.131
.044
.362
.060

zn

fej

o

%

0

^
H
fei
-H

fei

;>

Zfl

d

w
K|
*

.076
.107
12.925 .
.160
428.000
.072
.092
6.448
.419CO

TABLE N.—Statemient of badness of the customs districts for the fiscalyear ended June 30, 1912—Continued.
Value of e x p o r t s .

Vessels entered. Vessels cleared.
Districts a n d p o r t s .
Foreign.

Memphis Tenn
Memphremagog (Newport),Vt.
M i a m i (Toledo), Ohio
Iklichigan
(Grand
Haven),
:Mich
Milwaukee, Wis
Minnesota (St. P a u l ) , M i n n . . . .
Mobile, Ala
Montana and Idaho (Great
Falls), M o n t . . .
N a n t u c k e t , Mass
Nashville, T e n n
N a t c h e z , Miss
Newark, N . J
N e w Bedford, Mass
N e w b u r y p o r t , Mass. (included
i n B o s t o n a n d CharlestowTi)..
N e w H a v e n , Conn
N e w L o n d o n , Conn
N e w Orleans, L a
Newport, R. I
Newport News, Va
New York, N . Y
N i a g a r a (Niagara F a l l s ) , N . Y . . .
Norfolk a n d P o r t s m o u t h (Norfolk), V a
North and South
Dakota
(Pembina), N . Dak
Omaha, Nebr
:
Oswegatchie
(Ogdensburg),

Coast'Wise.

Foreign.

Coastwise.




Duties and
tonnage tax.

119
33
165
708

1,185
7,434
11,502

482
28,190
928

539
239
146
79
164
732

7,493
11,462

"83'

$91,551.85
348,894. 73
82,587.44

97
4,331
11,544
822

530
673
18
125

4,904.05
736,616.84
1,399,237.48
106,248. 74

.6
8
60

1,460
161
29
15
1,196
4
196
4,412
1,079

13
354
1,063
1,133
3,214

12
20
1,186
1
765
4,325
.1,056

15
5
328
1,066
124
3,183
405

236

.2,382

1,162

2,091

635
14
17,346
290
1,385
844, 781
39, 715.
471

241

58
135
106
53
386
43
273
3,954
1

239

1
3,985

3
1,019

134

16,050
694

1,042

124

2,700

$0,096
.149
.108

6,456
138,932

333,398
113,718
24,989,372
31,229,836

8,081.16
31,952.72
64,985.09
20,835.19

1.435
.043
.046
.181

23,154

3,989,269

31,885.50
360.38
4,855.60
577.40
13,983.24
6,703.11

.180

5,630.16
740,562.42
1,407,718.94
115,358.92

173,172.90

176,765.47

24,280.39
3.90
220,899.38
33,504.12

24,559.63
3.90
233,228.09
38,318.56

.

552,358

164,903
38,553

55,897

29,822
149,105,013

1,770
15,469,589
3,771,882

6,346,981
802,476,214
22,754,912

11,558.74
7,280.81
355,552.10
4,283.00
39,381.64
4,529,761.31
74,389.08

.198
148.051
.060
.175

5
277
4
31
3,393

1.513
.040
.092
.105
.022
.152

65,290.16

74,112.85

11,998,504

16,441.64

.222

177,251.82
147,136.53

179,224.39
147,280.02

105,802

22,897,860

32,130.04
10,054.67

.179
.068

20
11
18
108

481,196.45
163,202.40
21.60
332.29
671,-083.91

481,825.39
163,616.79
122.20
383.32
687,149.92

189,247
529

5,181,204
2,281,621

183,241.

5,989,195

36,405.77
15,768.51
744.11
2,464.60
• 76,955.42

.076
.096
6.089
6.430
.112

221
332

36, 705.55

38,373.04

37,048

1,201,417

27,178.69
523.55

.708

593

6,373
837

252

$8,878.99
52,058.54
8,974.72

$1,397,013

129,462.13
4,811.38
8,938,632.24
46,559.22
376,266.08
204,410,282.70
490,202.46

Domestic.

Cost t o
collect
$1.

$18,826,908
2,007,114

$92,053.19
350,156.57
83,438.58

128,740.64
2,530.40
8,896,996.04
46,333.02
367,875.68
200,659,060.50
482,343.03

Average
numb e r of
persons
employed.

Aggregate
.receipts.
Foreign.

2,377

541
194

1,144
Oswego, N . Y
Paducah, K y
Pamlico (Newborn), N . C
P a s o del N o r t e ( E l P a s o ) , T e x .
P a s s a m a q u o d d y , (EastpOrt),
Me - Patchogue, N . Y

DocuEntries
ments
of mer- issued
chandise. t o vessels.

CO
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O
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O

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18,958.75
.552
7
10,849,483
16,191.13
10,469.80
11
282
Pearl River (Gulfport), Miss...
80
32,388.76
.498
12
23,784,728
29,143.52
16,126.00
102
Pensacolap Fla
125
235
130
101,917
280
.109
2
25,372.36
2,772.13
25,349.75
18
227
Peoria. Ill
.020
7
538,818.75
592,189
10,606.17
530,992.52
154
253
115
Perth Amboy, N. J
907
2,496,193
135
78
.070
5
142,328.99
,10,012.78
141,167.38
383
Petersburg, Va.
5
378
3,626
.029
455
19,700,316.99
563,558.57
"68,"876,"5ii"
19,458,110.12
193,219
1,324
875
Philadelphia, Pa
62,744 1,050
'i,'i72'
.044
16
628,736.73
27,705.51
626,369.05
16
Pittsburgh, Pa.
2,824
1.291
2
1,113.33
1,437.37
1,104.33
Plymouth, Mass
3
2
Port Jefferson, N. Y. (included
in New York, N . Y . )
9,976,921
40
2,452
Portland, Oreg
.092
646,211.97
650,512.47
3,301
59,737.31
861
17
954
Portland and Falmouth (Port121
241,361.46
7,113,076
.230
1,274
55,648.01
222
land), Me
223,572.65
1,029
266
365
58
1,320,868.53
6,818,976
.072
94,534.64
1,306,742.94
13,036
6,427
377
Porto Ricoi
364
474
52
.558
4,037.79
2,252.97
458
24
Portsmouth, N. H
3,390. 79
11
12
3
50
.031
764,569. 73
23,858. 92
1,244
2,234
Providence, R . I
• 726,573.19
39
837 • 25
17
Puget Sound (Port Townsend),
1,926,451.21
.108
63,461,446
149
1,087
1,855.983.86
207,304.63
284,126
21,429
Wash
3,887 1,529
3,695 1,420
.017
731,048.36
7,800
6
54
12,210.80
729; 95 LOO
1,946.
Richmond, Va.
1
7.945
2
164
607. 55
76.47
36.87
Rock Island, IU.
.625
7
169
18,948.06
11,837.58
Sabine (Port Arthur), Tex
15,815.17
22,964,280
71
283
100
195
65.573
2
640. 65
6
9.77
Saco, Me
7.27
3
236
400.00
Sag Harbor, N, Y..'.
.402
2
4, O L 42
O
1,643.25
3,570. 63
St. Augustine, Fla
67 . 77
3
.080
76,729.13
6,112.13
76,648.19
4
St. Joseph, Mo
311
48
.029
62,250.21
2,163,117. 23
St. Louis, Mo
113
2,155,467.53
6,556
1,277
2
.953
1,026,300
1,976.43
1,884.37
40
1,783.21
4
St. Marks (Cedar Keys), F l a . . .
2
24. 379
57,699
771. 34
3L64
St. Marys, Ga
Salem and Beverly (Salem),
4. 554
1,852
1, 283.14
5,843.47
Mass
6
549. 43
43
7
29
.156
20, 937. 56
20,56L21
3,268.67
3
187
Salt Lake City, Utah
.183
285,842.72
17,530
2,676,777
55,139. 28
291, 124. 47
37
1,882
13
Saluria (Eagle Pass), Tex
.177
55,504
1,036,655
30,32L17
22
31
252
230
167,968.65
171, 414. 83
1,729
78
San Diego, Cal
309
.793
1,477,247
4,820.03
7
91
5,949.37
1,590
713
1,497
1,257
Sandusky, Ohio
6, 079. 39
1,166
.072
48,344,501
488,902.80
1,301
6,687,828.19
664
36,976
6,754, 220.66
570 1,153
San Francisco, Cal. ....=.
593
905,233
.100
104,286,925
9,394.94
111
90,135. 77
792
744
93, 585. 89
616
Savannah, Ga
293
169
.065
837. 31
12,75L98
12, 812. 43
123
Sioux City, Iowa
.015
10,800.19
705,706.53
/ 706, 245. 66
1,210
Springfield, Mass
.314
748.12
2,330.08
78
2, 378. 82
7
Stonington, Conn
5
2
2
.094
52,189. 79
545,523. 36
553; 834. 93
6,772
5,305.
165
Stiperior (Marquette), Mich
8,829,661
1,615
6,546 1,443
.121
7,936.21
65,054.32
65, 726. 36
508
Syracuse, N . Y
.027
1 ^"- 763.84
132
49,818.49
6,992
1,855,858.87
242
204
237
Tampa, Fla
25,352
4,384,288
110
902.11
234
Tappalmnnock, Va
"39'
203. 54
68.24
3,109.12
15. 275
82
Teche (Brashear), La
18
83,274.52
.058
1,425,134.33
1,417,073.11
12
Vermont (Burlington), Vt
6,553,600
496,567
54,546
40. 541
75.00
L85
L35
10
Vicksburg, Miss
.760
5,417.67
7,123. 99
6,215.96
120
Waluoboro, Me.
93
86
6.975
148. 23
1,033.85
219
Wheeling, W. Va
1 Receipts and expenses, etc., for Porto Rico not included in totals used in the following statement, as receipts from Porto Rico, with exception of certain fees, customs and
navigation fines, etc., amounting to $14,504.63, deposiucd during the fiscal year 1912, are not covered into the United States Treasury.




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TABLE N.—Statement of business ofthe customs districts for the fiscalyear ended June 30, 1912—Continued.
Vessels entered. Vessels cleared.
Districts a n d p o r t s .
Foreign.

WilmiTJgtnn, N . H
Wiscasset, Me
Y a q u i a a , Oreg
Y o r k , Me
Total

Coastwise.

Foreign.

54
34

75
1
118

55
11

38,235

79,511

38,962

Coastwise.

90
27
121

Value of exports.
Documents
Entries
of mer- issued
chandise. to vessels.

161
6

Aggregate
receipts.

Expenses.
Foreign.

Domestic.

Average
number of
persons
employed.

$28,705,448
153

$7,103.65
2,836.01
1,037.25
504. 90

4
3
2
2

25,649 1312,597,855.39 2 317,675,723.13 $34,002,581 2,170,319,828

3 10,255,782.39

Cost to
collect
$1.

7,817

81
74
3

79,639 1,599,788

Duties and
t o n n a g e tax.

OD

$36,897.59
164.66

$41,272.47
501. 03
2.50

$0.172
5.660
20L960

O

w
1 Duties and tonnage collected as reported by collectors.. ?
•
$311,291,110.95
Duties and tonnage covered into the Treasury by warrants in the fiscal year 1912
^
311,321,672.22
NOTE.—The difference arises in adjustment of receipts by covering warrants, and as to the time the deposits entered the fiscal-year accounts.
^
2Includes miscellaneous receipts, such as customs fees, fines, services of customs oflacers, etc.; and collections for Department of Commerce and Labor, including head tax, fees,
fines, and other miscellaneous collections.
8 Expenses reported by collectors, as above, to June 30,1912
'.
$10,255,782.39
Deduct expenses authorized by law to be paid direct from collections in Porto Rico
94,534.64
•'
10,161,247.75
,..
•
182,108.59
Add salaries and expenses of Board of General Appraisers
:—
258,235. 04
Add additional payments for 1912 account to Nov. 1, 1^12. HOt reported by collectors to June 30, 1912.
160,587. 77
Add payments for detection of frauds for 1912 account to Nov. 1, 1912
Add $5,500 and $37,300, transferred from customs appropriation for 'expenditure by the Department of Justice and Treasury Department for fees of witnesses
before Board of General Appraisers and for stationery for the (Customs Service in the sums named
Total cost of collection, fiscal year 1912
Cost to collect $1, $0,035.




10,762.179:15
42,800. 00
10,804,979.15

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APPENDIX TO THE REPORT ON THE FINANCES..




135




^i>i>E:^rDix.
EEPORTS OF H E A D S OF BUEEAUS.
REPORT OF THE TREASURER.
TREASURY DEPARTMENT,
OFFICE OF THE TREASURER,

Washington, September 30, 1912.
SIR: The transactions of the Treasury of the United States for the
fiscal year ended June 30, 1912, and its condition at the close of the
year are presented in the following report.
The ordinary receipts and disbursements, classified for the past
two years, are compared in the table following:
Ordinary receipts and disbursements for the fiscal years 1911 and 1912.
1911

1912

Customs
Intemal'revenue:
Ordinary
Corporation t a x
Lands
Miscellaneous
R e c e i p t s of t h e D i s t r i c t of C o l u m b i a .

$314,497,071.24

$.311,321,672.22

289,012,224.20
33,516,976.59
5,731,636.88
50,828.626.75
7,626,006.77

293,028,895.93
28,583,303.73
5,392,796.75
45,-092, .313.79
8,483,685.46

$4,016,671.73

Total
D e d u c t m o n e y s covered b y warr a n t in. year s u b s e q u e n t t o t h e
deposit thereof

701,212,542.43

691,902,667.88

4,874,350.42

Account.

Increase.

Decrease)

RECEIPTS.

$3,175,399.02
4,933,672.86
338,840.13
5,736,312.96
857,678.69
14,184,224 97

A d d m o n e y s received in fiscal year
b u t n o t covered b y w a r r a n t
N e t available

301,960.00

461,792.56

159,832.56

700,910,582.43

691,440,875.32

4,714,517.86

461,792.56

337,590.05

124,202 51

701,.372,374.99

691,778,465.37

9,593,909.62

13,344,838.28
734,602.93
4,902,175.29
66,407,481.63
2,221,124.60
791,141.80
23,054,316.00
1,946,378.28
1133,784. 29
17,666,228.26

12,729,949.61
923,978.57
4,676, .384.03
65,942,023.34
2,253,473.75
797,704.03
24,036,297.82
1,893,037.00
1,568,194.88
19,471,567.42

18,503,442.87
9,508,740.11
2,555,973.64
12,335,939.64

14,466,998.31
9,716,999.76
2,388,838.31
12,959,542.46

14,184,224.97

DISBURSEMENTS.

Legislative
Executive.
.'. .
State Department
Treasury Department
...
W a r D e p a r t m e n t , civil
N a v v D e p a r t m e n t , civil
Interior, civil
. .
' .
P o s t Office D e p a r t m e n t proper
P o s t a l deficiencies '
D e p a r t m e n t of Agriculture
D e p a r t m e n t of C o m m e r c e *and
Labor
D e p a r t m e n t of Justice
I n d e p e n d e n t offices
District of C o l u m b i a
T o t a l civil a n d miscellaneous.
Military E s t a b l i s h m e n t , i n c l u d i a g
rivers a n d h a r b o r s
Naval Establishment
I n d i a n Service
Pensions
I n t e r e s t on p u b l i c d e b t

173,838,599.04

173,824,989.29

160,135,975.89
119,937,644.39
20,933,869.44
157,980,575.01
21,311,334.12

148,795,421.92
135,.591,955. 72
20,134,839.80
153,590,456.26
22,616,300.48

Total ordinary disbursements
Net
Surplus

654,137,997.89

654,553,963.47

47,234,377.10

614,888.67
189,375.64
225,791.26
465,458.29
32,349.15
6,562.23
.981,981.82
53,341.28
1,701,979.17
1,805,339.16
4,036,444.56
208,2.59.65
167,135.33
623,602.82

37,224,501.90




5,549,449.64

5,563,059.39
11,340,553.97

15,654,311.33
799,029.64
4,390,118.75
1,304,966.36
22,508,727.33
415,965.58

22,092,761.75

1 Excess of repayments.

137

138

REPORT ONT THE FINAN-CES.

From the foregoing comparison it will be observed that on the side
of the receipts for 1912 customs show a decrease of $3,175,399.02,
corporation tax of $4,933,672.86, sales of public lands of $338,840.13,
and the receipts from miscellaneous sources are less by $5,736,312.96,
while increased receipts appear in internal revenue (ordinary) of
$4,016,671.73 and from the District of Columbia of $857,678.69.
The net decrease from all sources was $9,593,909.62. In expenditures there was a decrease in the total charges for civil and miscellaneous of $13,609.75, for the War Department of $11,340,553.97,
for Indians of $799,029.64, and for pensions of $4,390,118.75. The
Navy Department cost $15,654,311.33 more than in 1911, and for
interest on the public debt $1,304,966.36 more was spent. The result
on all accounts of disbursements was a net increase of $415,965.58.
The surplus for 1912 was $37,224,501.90, as against $47,234,377.10 in
the preceding year. ,
THE PANAMA CANAL.

The balance of the proceeds of the sale of Panama Canal bonds,
under the terms offered by the Secretary of the Treasury on May 16,
1911, amounting to $33,189,104.15, was paid into the Treasury by
the successful bidders during July, 1911, which amount proved sufficient to meet the expenditures on account of the canal until the
latter part of June, 1912.
The general conditions that prevailed in the governmental finances
during the fiscal year favored the maintenance of an adequate working balance in the Treasury, and under such circumstances it was
not deemed advisable by the Secretary of the Treasury to offer for
sale additional bonds of the Panama Canal loan.
The total net balance expended out of the general fund of the
Treasury to June 30, 1912, reimbursable from the proceeds of bonds
not yet sold, is $137,886,359.04.
In the following statement the proceeds of sales of bonds and the
disbursements on account of the canal to ttie close of the fiscal year
1912 are set forth by years:
Receipts and disbursements on account of the Panama Canal.
Proceeds of
U n i t e d States
b o n d s sold.

Fiscal years.

1904
1905
1906
1907
1908
1909
1910
1911
1912 ':
Total
Net....'.

:

-..
....•

Disbursements
for P a n a m a
Canal".

Excess of—
Receipts.

Disbursements.

18,102,170.04

$50,174,485.00
• 3,918,819.83
19,379,373.71
27,198,618. 71
38,093,929.04
31,419,442.41
33,911,673.37
37,063,515.33

105,411,764.87
33,189,104.15

241,159,857.40
35,327,370.66

4,012,199.24

139,760,291.77
2,138,266.51

138,600,869.02

276,487,228.06

4,012,199.24

141,898,558.28
137,886,359.04

$31,210,817.95
25,367,768.67
30,731,008.21

$50,174,485.00
3,918,819.83
19,379,373.71
$4,012,199.24
12,726,160.37
688,434. 20
33,911,673.37
18,961,345.29

RECEIPTS AND DISBURSEMENTS ON ACCOUNT OF THE POST
DEPARTMENT.

OFFICE

The Postmaster General has exclusive control of the receipts and
disbursements on account of the Post Office Department. A statement of the transactions relative thereto at the Treasury offices dur


139

TREASURER.

ing the fiscal year 1912 will be found on page 178 of this report. Advances were made from the Treasury to meet deficiencies in the postal
revenues of $3,568,194.88 during the year, of which $2,000,000 was
repaid before the close of the year.
TRANSACTIONS IN THE PUBLIC DEBT.

Postal savings bonds, a new class of interest-bearing obligations
authorized by the act of June 25, 1910, were fir'st issued in July, 1911,
to the amount of $41,900, followed by an additional issue in January,
1912, of $417,380, making a total of $459,280 during the fiscal year.
The deposits of lawful money of the United States, under the act of
July 14, 1890, to retire national-bank notes were $20,078,365, which,
with the deposits for the postal savings bonds, makes a total of
$20,537,645 in actual cash received on account of the public debt,
while the cash disbursements ori account of prmcipal of matured loans
and fractional currency were $120,616.03 and for national-bank notes
canceled and retired $28,527,711.50, a total disbursement for the
public debt of $28,648,327.53. The net result was an excess of disbursements of $8,110,682.53.
The cash received from sales of bonds of the Panama Canal loan is
taken up in the account with the Panama Canal, as may be seen on
page 138 of this report. Other transactions relate to the paper currency issued under the direct authority of the Government.
Comparison, by items, for the fiscal years 1911 and 1912 is made in
the annexed table:
•
Receipts and disbursements on account of the public debt for 1911 and 1912.
1911

Account.
RECEIPTS.

1912

Increase.

Decrease.

.

Lawful money deposited to retire
national-bank notes

$40,232,555.00

$20,078,365.00

Notes and certificates issued:
United States notes
Gold certificates
Silver certificates ° ..
.

146,860,000.00
408,900,000.00
357,780,000.00

149,660,000.00
355,760,000.00
411,432,000.00

53,652,000.00

913,540,000.00

.916,852,000.00

56,452,000.00

17,641,634.00
460,536.04

• 32,358,366.00
• 830,738.15
459,280.00

14,716,732.00
370,202.11
459,280.00
15,546,214.11

Total
Panama Canal loan:
Proceeds of bonds sold—
Principal
Premium
Postal savings bonds

$2,800;000.00

• 53,140,000.00
53,140,000.00

18,102,170.04

970,578,749.15

1,295,975.89

245,065.00
1,431.35
34,976,840.00

119,380.00
1,236,03
28,527,711.50

125,685.00
195.32
6,449,128.50

35,223,336.35

:

33,648,384.15

971,874,725.04

Total
Aggregate

.

$20,154,190.00

28,648,327.53

6,575,008.82

146,860,000.00
426,000.00
276,966,200.00
383,398,000.00

149,660,000.00
317,000.00
310,573,300.00
393,382,000.00

DISBURSEMENTS.

United States bonds retired
Fractional currency retired
National-bank notes retired
Total . .
Notes and certificates redeemed:
United States notes
Treasury notes
Gold certificates
Silver certificates

2,800,000.00

807,650,200.00

Total

109,000.00

33,607,100. 00
9,984,000.00

853,932,300.00

46,391,100.00

842,873,536.35

882,580,627.53

39,707,091.18

129,001,188.69

87,998, m . 62

109,000.00
•

Aggregate..

« . .

Excess of receipts




^

140

REPORT ON" THE FINANCES.

I t will be observed in the study of the foregoing table that the
United States notes issued are offset by an equal amount of worn or
unfit notes in kind canceled and retired, which is in accordance with
the provisions of the act of May 31, 1878. In explanation of the
manner of issuing and redeeming gold certificates, silver certificates,
and Treasury notes of 1890,' it may be said that for certificates issued
an equal amount of the respective kinds of money held in the general
fund is transferred to, and retained in, the trust funds for their redemption; for Treasury notes canceled and retired a like amount of
standard silver dollars is released from the trust funds and broughtinto the general fund in their stead.
PUBLIC DEBT, 1911 AND 1912.

The outstanding principal of the interest-bearing debt at the close
of the fiscal year 1912 was $963,776,770, an increase of $48,423,580
as compared with that of 1911. The items increased were: Panama
Canal loan, $47,964,300 (the balance of $50,000,000 sold by the Secretary of the Treasury under offer of May 16, 1911); postal savings
bonds, $459,280.
The debt bearing no interest amounted to $380,061,735.16, a decrease of $8,569,962.53.
' The certificates and notfes issued on deposits of coin and bullion
(trust funds, act of Mar. 14, 1900) took on a growth of $62,919,700,and amounted to $1,524,535,369 at the close of the year June 30, 1912.
Comparison of the public debt is made, by items, for the fiscal
years 1911 and 1912 in the statement following:
. Public debt, 1911 and 1912.
Rate

When payable.

2^
.2^

J u l y l , 1931
Jan. 1,1932^ . .

Total interest-bearing debt

.

Outstanding
June 30,1911.

P.ct.
2 After Apr. 1,1930.. '$646,250,150.00
3 After Aug 1,1908..
63,945,460.00
4 Feb. 1,1925
118,489,900.00
2 Aug. 1,1916
84,631,980.00
3 J u n e l , 1961
2,035,700.00

Interest-bearing debt: .
Consols of 1930
Loan of 1908-1918
Loan of 1925
Panama Canal loan
Do
Postal Savings bonds—
1911-1931 (fii-st series)
1912-1932 (second series)

Debt bearing no interest:
Matured loans
Old demand notes
• United States notes
National-bank notes
Fractional currency

•

>

Outstanding
June 30,1912.

$646,250,150.00
63,945,460.00
118,489,900.00
84,631,980.00
50,000,000.00
41,900.00
417,380.00

915,353,190.00

....
.'

Total
Certificates and notes issued on deposits
of coin and bullion (trust funds, act
Mar. 14,1900):
Gold certificates
Silver certificates
Treasury notes of 1890

On demand
do
. do.

1,879,830.26
53,282.60
346,681,016.00
33,160,178. 00
6,857,390.93

1,760,450.26
53,282 50
346,681,016.00
24,710,831.-50
-6,856,154.90

•388,631,697.09

On demand
. do
do
. do.
...-do. .

963,776,770.00

380,061,735.16

994,870,669.00
463,499,000.00
3,246,000.00

1,040,057,369.00
481,549)000.00
2,929,000.00

Total ^

1,461,615,669.00

1,524,535,369.00

Aggi-egate

2,765,600,556.69

2,868,373,874.16




141

TREASURER.

PAYMENT OF INTEREST ON REGISTERED BONDS OF THE UNITED STATES.

Previous to June 1, 1912, interest on registered bonds of the United
States was paid by checks prepared and mailed by the Treasurer of
the United States, from records certified in the office of the Secretary
of the Treasury. For such interest due June^'l, 1912,^ and thereafter,
checks have been prepared and mailed from the office of the Secretary
of the Treasury. Such checks bear a certificate as to the principal of
bonds registered in the name of the payee, over the facsimile signature of the Chief of the Division of Loans and Currency; they also bear
the facsimile signature of the Secretary and are countersigned by a
clerk in his office. These checks, like coupons, are paid by the Treasurer and the Assistant Treasurers of the United States, and the amount
so disbursed is included in the requisition for reimbursement made by /
the Treasurer at the end of the month, as heretofore. The paid
checks are sent to the Register of the Treasury for an administrative
examination, who in turn forwards them to the Auditor for the Treasury Department.
RESERVE AND TRUST FUNDS.

The transactions in the reserve fund, while in excess of those in the
preceding year, represent more truly exchanges to secure an accommodation of denominations. There was no apparent disposition on
the part of the holders of United States notes to use them in withdrawing gold coin from the Treasury. The redemptions from the
reserve fund during the past fiscal year were, iri United States notes,
$45,490,350, and iri Treasury notes, $7,955, making a total of
$45,498,305. Under the provisions of the act of March 14, 1900, the
redeemed notes were exchanged for gold coin each day, and thereby
the reserve was maintained at the fixed amount of $150,000,000.
The trust funds at" the close of the fiscal year 1912 amounted to
$1,524,535,369, of which $887,117,950 was infold coin, $152,939,419
in gold bullion, and $484,478,000 in standard sUver dollars.
Under the provisions of the act of March 2, 1911, gold certificates
are issued for deposits of foreign gold coin at their bullion value and
of gold bullion bearing the stamp of the coinage mints of the United
States, or the assay office in New York.
There was an increase during the year of $45,186,700 in the gold
held against the outstanding gold certificates, and of $17,733,000 in
the silver dollars held against outstanding Treasury notes of 1890
and silver certificates.
The transactions in trust-fund obligations during the fiscal year
1912 are recorded here:
Fiscal year 1912. .
Outstanding
June 30,1911.

Gold certificates
Silver certificates
Treasury notes
Total




Outstanding
Ju^e30,1912.

Issued.

Redeemed.

$994,870,669
463,499,000
3,246,000

$355,760 000
411,432,000

$310,573 300
393,382 000
317 000

$1,040,057,369
481,549,000
2,929,000

.1,461,615,669

767,192,000

704,272 300

1,524,535,369

142

REPOET ON THE FINANCES.
STATEMENT OF THE TREASURY OF THE UNITED STATES.

The holdings of moneys in the Treasury at the close of the fiscal
s year 1912 from the revised figures of the several funds were:
Reserve fund.
Gold coin and bullion

?.

$150, 000, 000

Trustfunds.
[Held for the redemption of the notes and certificates for which they are, respectively, pledged.]
Gold:
Coin
1887,117,950
Bullion.
152,939,419
Silver dollars
Silver dollars of 1890...-.
Total

$1, 040, 057, 369
481, 549, 000
2, 929, 000
1, 524, 535, 369

Gold certificates
outstanding
%1, 040, 057, 369
Silver certificates outstanding. -.:
. 481, 549, 000
Treasury notes outstanding
2,929,000
Total

1, 524, 535, 369

GENERAL FUND—CASH IN THE VAULTS.

After setting out from the assets of the Treasury the appropriate
kinds of money to meet the requirements of the reserve and trust
funds, the balances of each kind of money held belong to the.general
fund of the Treasury, from whicli, however, must be deducted the
current liabilities.
The items composing the general fund are subdivided; the first
part shows the amount of each kmd of available cash actually Held
in the vaults of the Treasury offices, the demands against the same,
and the working b'alance in such offices; the second part shows the
amounts of public moneys in national banks and other depositaries
to the credit of the Treasurer of the United States and of disbursing
officers, the demands against the same, and the net balance in such
depositaries subject to draft; the third part shows the cash items held
in Treasury offices, but which, under provisions of law, are of limited
tender or unassailable for payment.
The assets in the general fund in the Treasury on June 30, 1912, and
the demand liabilities outstanding on that date were as foUows:
I n Treasury oiSces:
Gold coin
Gold certificates
^
Standard silver dollars
. Silver certificates
United States notes
Treasury notes of 1890
National-bank notes
Certified checks on banks

$17,406, 895. 22
96, 621, 751.00
13, 460, 446
12,324,600.00
- 8., 983, 695.00
13, 430.00
15, 643, 298. 65
723, 316.13
$165,177,432.00

Deduct current liabilities:
National-bank 5
per cent fund. $24, 349,434.05
Less notes in
process of redemption
24, 349, 434.05
Outstanding warrants and checks
7, 861, 635.30
Balances to credit of disbursing
officers
48, 052, 899. 71
Post Office Department balance1, 791, 544. 55
Miscellaneous items
8, 728, 927. 04
66, 435, 006. 60
Working balance in Treasury offices



$98, 742,425.40

TREASURER.

143

I n national-bank depositaries:
To credit of the Treasurer of the
United States
$37, 953,488. 51
To. credit of mints and assay offices
•
172,101.12
To creditvof disbursing officers- - 10, 380, 596.14
$48, 506,185. 77
In treasifry of Philippine Islands:
To credit of tiie Treasurer of the
United States
To credit of United States disbursing officers

1, 084, 570. 75
3,459,626.11
4, 544,196. 86
53, 050, 382. 63

Deduct current liabilities:
Outstanding warrants
Balance to credit of disbursing
officers

847, 821. 54
13, 840, 222. 25
14, 688, 043: 79

'

Balance in banks and in treasury of Philippine Islands
$38, 362, 338. 84
In Treasury offices:
Silver bullion (at cost)
$2, 071, 857. 69
Subsidiary silver coin
25, 554, 006. 86
Fractional currency
301. 68
Minor coin
2, 386, 924. 87
Awaiting reimbursement, interest on public debt
paid
34, 623. 65
-^
30, 047, 714. 75
Total-balance in general fund June 30, 1912
Total balance in general fund June 30, 1911
Net increase

167,152, 478. 99
140,176, 926.13
26, 975, 552.86

AVAILABLE CASH BALANCE.

There was a net increase of $26,975,552.86 in the available cash in
the general fund at the close of the fiscal year 1912 as compared with
that of 12 months earlier. This increase is verified by the following
transactions, which include the net results in all accounts of receipts
and disbursements shown on previous pages of this report:
Available cash balance June 30, 1911
$140,176, 926.13
Add excess of ordinary receipts over disbursements
for 1912 (see p . 137)
$37, 224, 501. 90
Deduct:
Excess of Panama Canal disbursements over receipts (see
*
p . 138)
"$2,138, 266. 51 ,
Excess of public debt disbursements over receipts (see p . 139) 8,110, 682. 53
10,248, 949.04
:
26,975,552.86
Available cash balance June 30, 1912

167,152, 478. 99

The working balance in the vaults of the Treasury at the close of
the year was $98,742,425.40.
Financial conditions are good, and money continues abundant at
reasonable rates of interest. Bank loans are large, it is true, showing
a considerable increase compared with a year ago, but the reserves
as a whole while not as large as they were 12 months earlier, are still



144

REPORT ON T H E FINANCES.

sufficiently above the legal requirements to indicate a fundamentally
sound banking position. And then it is to be remembered that the
cash in the Treasury vaults is an additional reserve back of the credits
of the country.
If an emergency should arise calling for an increase of Government
deposits in banks, the Secretary of the Treasury is in position to give
prompt and effective relief to the business situation.
The balance in the Treasury at the end of each month from January, 1906, is stated in Table No. 19, page 203, and for July 1 in each
year since 1906 in the statement following:
Available cash balance {including the reserve fund) on the dates named. .
Available cash balance.

Dates.
Reserve fund.
July
July
July
July
July
July
July

General fund

Total.

$150,000.000 $180,689,354.82 $330,689,354.82
150,000,000 272,061,445.47 422,061,445.47
395,171,347.73
150j 000,000 245,171,347.73
150,000,000 126,375,428.10 276,375,428.10
256,894,675.67
150,000,000 106,894.675.67
150,000,000 140,176; 926.13 290,176,926.13
317,152,478.99
150,000,000 187,152,478.99

1,1906
1,1907
1,1908
1,1909
1,1910
1,1911
1,1912

GOLD IN THE TREASURY.

At the close of the fiscal year 1912 the gold in the- Treasury
amounted to $1,207,464,264.22, of which $1,004,524,844.66 was in
coin. Provision has been made, by the act of March 2, 1911, for the
issue of gold certificates against gold bullion arid foreign coin deposited in the Treasury. These certificates differ in.no particular
from those issued against United States gold coin and are payable in
such coin. The intent and effect of the act is not to limit the free
coinage of gold; the mints continue to receive all the gold that is
offered, and it all enters into circulation eitheran coin or in gold certificates. The effect is simply to allow the Treasury to carry a portion of the reserves in bullion, thus saving cost of coinage.
There has been for a number of years past a growing demand for
new gold coins of current coinage, and this demand is due principally to the popularity of these coins for Christmas gifts, Easter
offerings, birthday presents, and like purposes. The amount shipped
to depositors therefor at the expense of the consignee for transportation charges during the fiscal year was $9,363,660.
The total amount of gold tn the Treasury on July 1 in each year
from 1906, set apart for tlie respective uses, is recorded in the annexed
statement:
Gold in the Treasury.
Bates.

July
July
«July
July
July
July
July

1,1906
1,1907
1,1908
1,1909
1,1910
1,1911
1,1912




Reserve.

$150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000

For certificates in
circulation.

General fund
(belonging to
Treasury).

$516,561,849 $140,489,841.30
600,072,299 154,619,431.14
782,976,619
71,912,063.18
815,005,449
77,698,852.02
802,754,199
92,411,286.24
930,307,929
83,533,254.56
943,435,618 114,028,646.22

Total.

$807,051,690.30
904,691,730.14
1,004,888,682.18
1,042.704,301.02
1,045,165,485.24
1,163,901,183.66
,1,207,464,264.22

145

TREASURER.

The export movement of gold during the year caused net withdrawals of $8,391,848, and notwithstanding this drain there was a
net growth of $43,563,080.66 in the amount held in the Treasury.
This steady flow of gold into the Treasury continues to interest the
students of finance at home as weU as abroad and to excite an absorbing study of the resources of a country so favored in the distribution
of the precious metal.
'
BONDS HELD AS SECURITY FOR NATIONAL BANKS.

United States bonds held by the Treasurer as security for the
circulating notes of national banks at the close of the fiscal year 1912
amounted to $724,493,740, an increase of $25,961,680 as compared
with that of 12 moriths earlier, while the securities pledged for public
deposits in the depositary banks amounted to $48,309,500, a decrease
"of $1,897,300.
The kinds of bonds in the custody of the Treasurer of the United
States and the changes therein during the fiscal year 1912 are recorded
in the subjoined table:
Bonds held for national banks, close of June, 1911 and 1912, and changes during 1912.
Transactions during 1912.
Kinds of bonds.

Rate.

Held June
30,1911.

Deposited.

Withdrawn.

Held June
30, 1912.

TO SECURE CIRCXJLATION.

United
United
United
United
United

States loan of 1925
States loan of 1908-1918
States consols of 1930
States Panama Canal, 1916
States Panama Canal, .1918

P.ct.
4
3
2
2
2

$4,891,200
5,873,440
44,044,650
2,738,600
3,930,500

$3,052,0.00 $23,790,000
2,249,060 19,344,620
26,102,350 600,248,300
1,494,800 52,397,840
2,618,500 28,712,980

698,532,060

Total

$21,950,800
15,720,240
582,306,000
51,154,040
27,400,980

61,478,390

35,516,710

724,493,740

4^311,000
4,904,300

776,000
826,000
17,441,000
1,267,000

22,000
106,000
2,570,000

1,371,000
1,997,000
1,223,000
13,527,200
1,221,500
848,000
520,000
205,000
25,000
13,000
10,000
4,354,600

3,716,000
3,733r300
16,218,000
12,646,700
1,546,500
712,000
4,542,000
744,000
847,000
685,000
242,000
2,677,000

23,418,000

25,315,300

48,309,500

TO SECURE PUBLIC DEPOSITS.

United States loan of 1925. . United States loan of 1908-1918
United States Panama Canal, 1961
United States consols of 1920
United States Panama Canal, 1916
United States Panama Canal, 1918
Philippine loans
Porto Rico loans
District of Columbia.
Territory of Hawaii
Philippine Railway
State, city, and railroad
Total.-.

° 4

3
3
2
2
2
4
4
3.65

0)
0)

4

24,906,900
2,768,000
1,510,000
4,717,000
934,000
872,000
, 676,000
146,000
4,461,600
50,206,800

50,000
345,000
15,000

I Various.
BONDS HELD AS SECURITY FOR POSTAL SAVINGS FUNDS.

The Treasurer of the United States held in trust, under the provisions of the act of June 25, 1910, as security for postal savings funds
deposited in designated depositaries at the close of the fiscal year
1912, bonds and securities amounting to $50,232,371.26.
At the periods named the securities held are stated in the annexed
table, and the changes during the year cited.
64926°—FI 1912



:10

146

REPORT ON THE FINANCES.

Bonds held to secure postal savings funds, close of June, 1911 and 1912, and changes
during 1912.
Transactions during 1912.
Kind of bonds.

United States loan of 1925
United States loan of 1908^1918...
United States Panama, 1961
United States consols of 1930
United States Panama, 1916-1936.
United States Panama, 1918-1938.
Philippine loans.'.
Porto Rico loans
District of Columbia
Territory of Hawaii
\
State loans
City loans
County loans
Miscellaneous loans
Total.

Rate.

P. ct.
43
3
2
2
2
4
4
3.65
0)
0)

(0
0)
0)

Held June
30, 1911.

$25,000.00
86,500.00

Deposited.

Held June
30,1912.

Withdrawn.

154,000.00
15,000.00
5,000.00
304,000.00
618,000.00
10,000.00
59,000.00
247,000.00
1,782,251.04
351,000.00
483,500.00

$478: 900.00
$7,000.00
900.00
525: 560.00
548 060.00
64,000.00
608,000.00
4,01s: 500.00
4,626. 500.00
326,000.00
830, 300.00
1,002: 300.00
90: 000.00
' 97: 000.00
22,000.00
40: 000.00
6,000.00
41: 000.00
1,333; 000.00
1, no; 000.00
81,000.00
1,058, 000.00
248,000.00
1,428, 000.00
276: 000.00
266, 000.00
20,000.00
1,076, 000. od
135,000.00
1,000: 000.00
5,965, 400.00
528,500.00
5,683; 900.00
24,479: 187.50 2,586,960.60 23,674, 477.94
5,562: 485.00
648,585.00
5,264, 900.00 •
5,429: 707.32
354,874.00
5,558: 333.32

4,140,251.04

51,728,039.82

5,635,919.60

50,232,371.26

1 Various.

The following-described securities, at the rates respectively designated, will be accepted by the board of trustees as security for the
safety and prompt payment on demand of postal savings funds, viz:
(a) Interest-bearing bonds of the United States, bonds issued b y the Government
of the Philippine Islands, and bonds of the District of Columbia and the .Government
of Porto Rico will be feceived at their par value.
(6) Bonds of any State^of .the United States and bonds of the Territory of Hawaii
will be <Teceived at 90 per cent of their market value, such market value not to be
considered as exceeding par.
(c) Bonds of any city, town, county, or other legally constituted municipality or
district in the United States which has been in existence for a period of 10 years and
which for a period of 10 years previous has not defaulted in the payment of any part
of either principal or interest of any funded debt authorized to be contracted b y it,
and whose net funded indebtedness does not exceed 10 per cent of the valuation of its
taxable property, to be ascertained by the last preceding valuation for the assessment,
of taxes, will be received at 75 per cent of their market value, such market value not
to be considered as exceeding par.

No deposit of bonds for less than $1,000 will be accepted, nor vnil
fractions of a thousand be received. The right is reserved to reclassify
the securities acceptable for deposits or to change the valuation at
which they will be received. Under no circumstances will securities
other than those above set forth be acceptable.
POSTAL SAVINGS BONDS AND INVESTMENTS THEREIN.

The trustees of the Postal Savings System, when confronted wdth a
quotation for postal savings bonds in the open market of 92 J cents on
the dollar, took the matter in hand, and under a general authority
conferred upon them in the postal savings law, have arranged to
take over at par any of these bonds that depositors may wish to turn
back.
. Under the arrangement mentioned in the foregoing the Treasurer of
the United States held-on June 30, 1912, $5,460 in postal savings
bonds, representing investments made by the board of trustees,
Postal Savings System. The first deposit of these bonds was received
on December 9, 1911, and all of such bonds held by the Treasurer are
registered in the name of the board of trustees.



147

TREASURER.
W I T H D R A W A L O F B O N D S TO S E C U R E

CIRCULATION.

Attention is invited to the fact that, while the volume of outstanding national-bank notes attained a maximum at $745,720,348 during
the last fiscal year, there was no marked effort on the part of the banks
at any time during the year to retard the growth of this circulation by
making deposits of lawful money of the United States to the full limit
granted under provisions of law for the retirement of such circulation.
The act of March 4, 1907, limits such deposits to $9,000,000 per month,
and this limit was not reached in any month, as ma};^ be seen in the
monthly statement following:
Deposits
of lawful
money.

Nationalbank notes
outstanding.

$1,181,048
743,795
852,750
1,535,397
1,696,450
766,398
2,258,895

$732,824,016
737,206,748
737,788,358
739,165,313
739,764,346
740,603,187
741,661,968

Month.

July
August...
September
October...
November
December.
January...

NATIONAL

BANKS

Month.

Deposits
of lawful
money.

February..
March
April
May
Jurie

$1,541,845
4,258,640
2,233,197
1,322,150
1,687,750

Total

Nationalbank notes
outstanding.

20,078,365

D E S I G N A T E D AS D E P O S I T A R I E S
STATES.

OF

THE

$744,272,273
744,871,283
745,720,348
745,492,672
745,134,992

UNITED

The Secretary of the Treasury determines the number of such
depositaries and the amount of public money required in each for thetransaction of the public business, fixes the amount of balances they
may hold, and requires the banks thus designated to give satisfactory
security, by the deposit of United States bonds and otherwise, for the
safe-keeping and prompt payment of the public money deposited with
them, and for the faithful performance of their duties as financial
agents of the Government. The regular depositaries receive and disburse the public moneys, and are required to pay interest at the rate
of 2 per cent per annum from and after July 1, 1912, on the average
monthly amount of public deposits held in excess of the sum needed
for the transaction of the public business, while the special depositaries
hold only the moneys transferred to them from the Treasury. They
pay interest at the same rate on the average monthly amount of
public deposits held.
The number of national-bank depositaries a t the close of the fiscal
years 1911 and 1912 is given in the statement following:
Regular.
Depositaries J u n e 30,1911.
Depositaries J u n e 30,1912.

Special.

4.18
424

944,
929

Total.
1,362
1,353

At the close of the fiscal year 1912 ^there were 1,353 depositary
banks and the total amount bf public moneys held therein was
$48,487,282.88, which was secured by bonds pledged therefor with
the Treasurer of the United States.
The classification of depositaries by States and sections, the amount
and per cent of the public deposits therein, and the amount of bonds
pledged as security June 30,1912, may be studied in the annexed table.




148

REPORT ON THE FINANCES.

Classification of depositaries by States and sections, amount of public moneys therein, and
amount of bonds on deposit June 30, 1912.
Deposits in n a t i o n a l b a n k s .
N u m b e r T o t h e credit of
of deposi- t h e Treasurer of
taries.
t h e U n i t e d States
a n d U n i t e d States
disbursing
officers.

States, Territories, etc.

11
18
11
50
5
17

.

11

Total S o u t h e r n States

• T o t a l Middle W e s t e r n S t a t e s . .
.^

.. .

...

..
.
...

T o t a l Pacific S t a t e s . . .*
Hawaii ..
P o r t o Rico
T o t a l islands
Aggregate U n i t e d S t a t e s . .




12,598,879.68

. .

.

4.83

2,358,000

•

2,170,043.95
1,529,490.29
3,956,727.62
.939,424.90
852,626.76
1,174,345.14
654,098.19
1,322,122.83

'

715
32
44
13
12
18
8
20

5,912,633.86^

16
16
31
11
4
3
6
2

6,220,020.87

1
1

23.96

10,752,500
1,541,000
466,000
542,000
212,000
673,000
462,000
321,000
71,000
305,000
1,835,500
105.000
1,889,600
736,000

18.41

9,159,100
2,188,000
1,622,000
4,107,500
1,019,000
931,000
1,209,000
685,000
1,209,000

25.98

2,475,014.56
1,338,172.28
1,194,305.29
235,217.20
436,764.74
52,000.00
190,917.25
297,629.55

89

3,482,000
669,000
2,035,000
51,000
724;500
3,791,000

669,826.14
200,303.02

12,970,500

254,202.90
525,888.06
1,123,078.10
688,832.92
750,144.84
264,902.79
1,412,268.92
299,990.60
593,324. 73

169

North Dakota
South Dakota.
Nebraska
Kansas .
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma.-.
T o t a l W e s t e r n States

8,927,513.01

388

.

Ohio
Indiana....,-,
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri

$336,000
284,000
213 000
978,' 000
22S,000
319,000

1,535,461.25
413,084.38
526,208.47
210,708. 79
675,170.02
457,871.34
302,845.11
57,924.66
278,988.18
1,781,957.10
104,456.30
1,848,621.31
734,216.10

84
62
60
31
31
27
62
31

«

11,616,157.13

43
19
21
10
27
14
18
9
12
52
6
43
16
290

Virginia
West Virginia..
N o r t h Carolina
S o u t h Carolina
Georgia
Florida
Alabama
Mississippi.
Louisiana
Texas
Arkansas
Kentucky
Tp,nnp.c;.c;p,p, _

4,270,989.94
662,352.92
2,262,688.54
50,521.20
1,069,174.53
3,300,430.00

303

Total Eastern S t a t e s . . .

Washington...
Oregon
California
Idaho
Utah
Nevada
Arizona.
Alaska

2,341,949.17

94
20
139

Total New England States.
New York
N e w Jersey
Pennsylvania..
Delaware^
Maryland..
District of C o l u m b i a

$282,738. 24
254,450.12
124,277.10
1,142,477.90
225,170.76
312,835.05

112

Maine.
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

P e r cent.

A m o u n t of
b o n d s pledged
to secure p u b l i c
deposits.

2

870,129.16

1,353

48,487,282.88

267,000
547,000
1,125,000
721,000
771,000
282,000
1,441.000
302,000
630,000
12.19

6,086,000
• 2,544,000
1,359,000
1,126,000
236,000
446,000
52,000
191,000
300,000
6,254,000

12.83
•
1.80

529,400
200,000
729,400

48,309,500

TREASURER.

149

PUBLIC DEPOSITS IN NATIONAL BANKS.

The balance in depositary banks to " the credit of the general
^
fund at the close of the fiscal year 1911 was $36,048,759.38, and to
the credit of disbursing officers $11,598,905.22, making a total of
$47,647,664.60.
The receipts from all sources during the earlier months of the fiscal
year were sufficient to maintain the working balance in the Treasury
offices at a figure somewhat above the amount actually required for
the transaction of the public business; hence, there was no necessity
for withdrawing the public deposits from national banks;'and on the
other hand there was no emergency calling tor an increase of Government deposits in such banks. Therefore the balances in banks
remained practically stationary during the period from July to the
end of February, 1912.
The Secretary of the Treasury deemed it advisable to withdraw
from two depositary banks in Boston, Mass., the special deposit of
$1,500,000 in standard silver dollars placed therein during the month
of June, 1909, for reasons set forth in the Finance. Report for 1909,
page 145. . Accordingly, instructions were issued directing that the
amount should be delivered in installments of $100,000 each, beginning March 1, to the United States Express Co. for transportation to
the mint of the United States at Philadelphia, Pa. The transfer
was completed March 23, 1912.
At the end of March the balance in banks to the credit of the general fund was $33,836,839.48 and to the credit of disbursing officers
$11,124,171.33.
On April 22, 1912, the Secretary of the Treasury gave notice to the
depositary banks that the interest to be required on public dieposits
after July 1, 1912, would be at the rate of 2 per cent, payable, as
heretofore, semiannually.
The provisions of law relating to the collection of taxes in the
District of Columbia require that payments shall be made in the
month of May, and that collections be deposited in the Treasury of the
United States. To offset the drain upon the money in circulation in
the District of Columbia due to these tax payments, the Secretary of
the Treasury, on April 18, 1912, directed that the public deposits in
the national banks of the District of Columbia be increased $3,000,000,
the deposits to be made in three weekly installments beginning May
15, 1912, and to be divided among the several banks in proportion
to the total deposits therein, and to be secured by bonds deposited
with the Treasurer of the United States. Of the amount so placed,
the depositary banks were required -to return to the Treasury 20 per
cent on or before July 15, 1912, 20 per cent on or before August 15,
1912, 10 per cent on. or before September 14,1912, and alike sum on
or before the 14th of each succeeding month, making the final payment on or before February 14,1913. The Department reserved the
right to demand an earlier return of the money deposited if for any
reason it should be deemed advisable. This deposit was made with
the distinct understanding that either it shall be held in Washington,
D. C , or it shall be deposited only in an institution where it may be
counted as part of the lawful money reserve required to be held by
national-bank associations. Interest at the rate of 2 per cent per
annum is required on this deposit, under the act approved May 30,
1908, payable on July 1, 1912, and January 1, 1913.



150

REPORT ON THE FINANCES.

At the end of April, 1912, the balance in banks to the credit of
the general fund was $34,338,503.18, and to the credit of disbursing
officers $10,500,924.27.
The increase of public deposits in national banks of the District of
Columbia, as outlined in the foregoing, was noticeable in the aggregate deposits held by banks at the end of May, viz, balance to the
credit of the general fund, $36,367,183.85, and to the credit of disbursing officers $11,158,216.26.
.
- '
The income and outgo of public moneys through the depositary
banks during the month of June, 1912, was much larger than in other
months owing to the provisions of law relating to the payment of the
corporation tax. On the last day of the fiscal year the collectors of
internal revenue received payments of this tax until a late hour, and
as a result the collections were deposited in banks, in many instances
after banking hours, and transfers thereof to Treasury offices could
not be effected until the succeeding business day.
At the close of the fiscal year on June 30, 1912, the balance in
banks to the credit of the general fund was $37,953,488.51, and to the
credit of disbursmg officers $10,552,697.26, making a total of
$48,506,185.77.
The depositary banks east of the Mississippi River continue to
transfer to the subtreasury in New York, as recommended to the
Secretary by the Treasurer in March, 1911, the deposits received in
excess of the public moneys they are allowed to hold. This cooperation of the banks enables the Department, m t h o u t cost, to centralize
at that point a large part of the public moneys required for disbursement.
GENERAL ACCOUNT OF THE TREASURER OF THE UNITED STATES.

The Treasurer receives and keeps the moneys of the United States
and disburses the same upon warrants drawn by the Secretary of the
Treasury, countersigned by the Comptroller of the Treasury, and
not otherwise. He takes receipts for all moneys paid by him and
gives receipts for all moneys received by him; and all receipts for
moneys received by him are indorsed upon warrants signed by the
Secretary of the Treasury, without which warrant, so signed, no
acknowledgment for money received into ih.e Public, Treasury is
valid. He renders his accounts quarterly, or oftener if required,
and at all times submits to the Secretary of the Treasury and the
Comptroller of the Treasury, or either of them, the inspection of the
moneys in his hands.
As a matter of information, it may be said, that all public moneys
paid into any subtreasury office, national bank depositary, or other
depository, are placed to the credit of the Treasurer of the United
States an4 held subject to his draft. The public moneys-in the hands
^of ^any depositary of public moneys may be transferred to the Treasury
of the United States or may be transferred from one depositary to any
other depositary, as the safety of the public moneys and the convenience of the public service shall require.
The public moneys in any subtreasurj^, mint, or other d-epositary
are subject to special examination and count whenever it is deemed
advisable b}^ the Secretary of the Treasury. Such examinations of
the moneys in the subtreasuries are frequently made by committees



151:

TREASURER.

representing the Secretary and the Treasurer. Annual examinations
of the public moneys in mints are made by committees selected by
the Director of the Mint, but as these moneys are a part of the general
account it is suggested that the Treasurer of the United States
should have a representative on allsuch committees.
There are large accumulations of gold coin, gold bars, and standard
silver dollars in some of the subtreasury offices and mints; and in
making the examinations described in the foregoing, considerable
expense is incurred for the employment of laborers to handle these
funds. Then, there is also more, or less risk of loss in the handling
at each count or examination. In order to avoid such risk, and at the
same time to "diminish the expense attending the examination, it is
recommended that the subject be taken under consideration for the
purpose of devising some plan whereby a large part of such holdings
may be set apart, when possible, in a vault or compartment where
it can be locked, sealed, and safely kept, so that such contents may
be accepted as a whole in subsequent examinations without handling
the same. Of course, it is not expected that the moneys thus held
will pass from the present bonded custodian to his successor without
count.
MONETARY STOCK.

The stock of money continues to grow, showing an addition during the past fiscal year of $92,911,673. The part of this increase
in gold was $64,991,695. The silver coins advanced in volume
by $11,296,494, though this is partially offset by the cancellation
of $317,000 in Treasury notes. National-bank notes furnished
$16,940,484 of the total growth. ^
The aggregate monetary material, both metallic and paper, and.
the distribution of each component between the Treasury and the
circulation at the close of June, 1911 and 1912, are exhibited in
the subjoined statement:
Monetary stock.
[This statement renresents the monetary stock ofthe United States, as shown by the revised statements
for June 30,1911, and 1912.]
Kinds.

In Treasury
and mints.

In circulation.

Total stock.

JUNE 30,1911.

Gold coin and bullion.
Silver dollars
Subsidiary silver
Total metallic.
United States notes...
Treasury notes of 1890.
National-bank notes...
Total notes
Aggregate metallic and notes.
Gold certificates..
Silver certificates.
Total certificates.
Aggregate




$1,163,901,184
492,587,318
21,185,641

$589,295,538
72,446,049
138,421,723

$1,753,196,722
-565,033,367
159,607,364

1,677,674,143

800,163,310

2,477,837,453

7,691,894
8,744
40,493,225

338,989,122
3,237,256
687,701,283

346,681,016
3,246,000
728,194,508

48,193,863

1,029,927,661

1,078,121,524

1,725,868,006

1,830,090,971

3,555,958,977

64,502,740
9,955,304

930,367,929
453,543,696

74,458,044

1,383,911,625
3,214,002,596

3,555,958,977

152

REPORT ON THE FINANCES.
Monetary stock—Continued.
' In Treasury
and mints.

Kinds.
JUNE 30,

In circulation.

Totol stock.

1912.

$1,207,464,264
495,009,446
" 25,554,007

Total metallic
United States notes
Treasury notes of 1890
National-bank notes

$1,818,188,417
565,349,020
170,588,205

826,097,925

2,554,125,642

8,983,695
13,430
39,992,733

'

• Total notes

$610,724,153
70,339,574
145,034,198

1,728,027,717

Gold coin and bullion
Silver dollars
Subsidiary silver

' .. . .

337,697,321
2,915,570'
705,142,259

346,681,016
2,929,000
745,134,992

48,989,858

1,045,755,150

1,094,745,008

1,777,017,575

1,871,853,075

3,648,870,650

..

96,621,751
12,324,600

943,435,618
469,224,400

.

108,946,351

1,412,660,018

Aggregate metallic and notes
Gold certificates
Silver certificates

'• . . .

Total certificates
Aggregate

3,284,513,093

3,648,870,650

RATIO OF GOLD TO T H E TOTAL STOCK OF M O N E Y .

There was a substantial growth in the share of gold in our general
stock of money in the country during the past fiscal year, as may be
seen in the subjoined statement:
Ratio of gold to total stock of money from July 1, 1906.
[From the revised statements of the Treasury Department.]
Total stock of
money. •
"

July 1,1906
July 1,1907
July 1,1908
July 1,1909
July 1,1910;
J u l y l , 1911,
July 1,1912.

IViONEY I N

Gold.

$3,069,976,591
3,115,728,887
3,378,764,020
3,406,328,354
3,419,591,483
3,555,958,977
3,648,870,650

Dates.

$1,475,706,765
1,466,389,101
1,618,133,492
1,642,041,999
1,636,043,478
1,753,196,722
1,818,188,417

Per cent.
48.07
47.-06
47.89
48.20
47.85
49.30
49.82

CIRCULATION.

A new record was made by the money in circulation, which attained a maximum at $3,305,763,336 on June 1, 1912, but owing
to the large payments into the Treasury during the month of June,
as in the preceding year, it became $3,284,513,093 at the close
of the fiscal year. The gold coin and gold certificates increased
$34,496,304, and advanced from 47.28 per cent of the total to 47.31
cent. The circulation per capita was $34.34.
Comparisons for years since 1906 are presented in the table following.




153

TREASURER.
Money in circulation at the end of eachfiscalyear from 1906.
Money in circulation.
Fiscal years.

1906
1907
1908
1909
1910
1911
1912

United
Gold coin
States notes
Nationaland gold cer- and Treasury bank notes;
tificates.
notes.
$1,185,216,924 $343,277,540
1,161,769,670 348,245,590
1,396,221,429 344,359,852
1,414,343,147 344,321,682
1,393,632,192 338,450,395
1,519,663,467 342,226,378
1,554,159,771 340,612,891

Silver coin
and silver
certificates.

Total.

$548,001,238 $660,150,926 $2,736,646,628
589,242,125 673,699,070 2,772,956,455
631,648,680 665,785,527 3,038,015,488
665,538,806 682,037,022 3,106,240,657
683,659,535 686,613,483' 3,102,355,605
687,701,283 664,411,468 3,214,002,596
705,142,259 684,598,172 3,284,513,093

Circulation
per
capit'-i.

32.32
32.22
34.72
34.93
34.33
34.20
34.34

Percentage of
gold coin
and certificates
to total
circulation.
43.30
41.90
45.95
45.53
44.91
47.28
47.31

CIRCULATION AND POPULATION.

The extension of habitation into remote districts, multiplication
of lines of traffic, and the development of the aggregate of industry
and activity create a legitimate demand for an increased growth in
the amount of money in circulation, but there is no method employed
by which that demand, per capita, can be measured.
The statement foUowing presents interesting data on the subject
and may be studied to advantage:
Increase in population and in circulation per capita.
•

Money in
circulation.

Fiscal years.

1906
1907
1908
1909
1910
1911
1912

'
:

$2,736,646,628
2,772,956,455
3,038,015,488
3,106,240,657
3,102,355,605
3,214,002,596
3,284,513,093

Per cent of Per cent of
increase
increase
Population. Circulation of popula- of circulaper capita. tion per
tion per
capita per
year.
year.
84,662,000
86,074,000
87,496,000
88,926,000
90,363,000
93,983,000
95,656,000

32.32
32.22
34^72
34.93
34.33
34.20
34.34

1.7
1.7
1.6
1.6
1.6
4.0
1.7

3.9
1.3
7.8
.6
1 1.7
1 .3
.4

1 Decrease. .
CONDITION OF THE UNITED STATES PAPER CURRENCY.

The Government issued directly 290,809,347 pieces of paper currency during the past fiscal year, while 273,426,336 pieces of worn
and unfit paper money were redeemed and retired.
Under our financial system the privilege of supplying the paper
currency is shared with the Government by the national banks,
though not in equal proportion. The total paper money outstanding
at the close.of the last fiscal year;amounted to $2,616,351,377, of
which $745,134,992, or 28 per cent, was in national-bank notes limited
to denominations of $5 and above to $100, while the issues of the
Government are in denominations of $1' and upward to $10,000.
The needs of business call for a large volume of the smaller denomi-




154

REPORT ON THE FINANCES.

nations, that is to say, of $5 and under, but the banks are precluded
from the issue of $1 and $2 notes, while the issue of $5 notes is limited
to one-third in amount of the total circulation of the banks. Experience shows that a large number of the banks are reluctant to issue
$5 notes. If the option of one-third in $5 bills had been taken by aU
national banks the normal supply of such bank biUs on June 30,
1912, would have been $248,378,330 instead of the amount reported,
viz, $141,565,470.
,
'
National-bank notes are not available for ^^reserves,'^ and for this
reason large amounts of such circulation are returned to the Treasury
by the banks for redemption in order to replenish their ^^reserves.^^
The expense of transportation to the Treasury in such cases is borne
by the bank of issue, while the return of the proceeds is at the expense
of the owner of the notes. The owners of Governinent paper currency
sent to the Treasury for redemption have to pay the transportation
charges both ways, and the payment of these charges under contract
rates gives rise to a burden that does not bear equaUy upon the banks
and other business interests in the different sections of the country,
as for instance, the contract rates from Chicago, St. Louis, and Boston
to,Washington are 20 cents per $1,000, while such rates from Savannah, Charleston, Richmond, and other southern cities to Washington
are 60 cents per $1,000.
• .
As in previous annual reports, the Treasurer suggests that recommendation be made to Congress for legislation that wUl remove the
limit on the weight of a package which may be sent through the registered mail of the United States, and that wiU authorize the transportation of moneys to and from the Treasury or between Treasury
offices by registered mail, insured.
I t is contemplated in the near future to use laundering machines,
especially constructed for the purpose, for cleaning an appreciable
percentage of United States paper money received for redemption,
and destruction and thus rendering it fit for further circulation. I t
appears from a series of tests made that the washing of money is
feasible, and that the cost will not exceed one-tenth of a cent per
note. Experience wiU demonstrate to just what extent the life of
these laundered notes will be prolonged and their destruction deferred.
I t is believed that these machines can be operated to ^ e a t advantage
in the subtreasury offices, so that the expense involved in keeping
the paper money issues of the Government clean wiU be greatly
reduced.
UNITED STATES NOTES.

-

.

The provisions of the act of March 4, 1907, aifthorized changes to be
made in denominations of paper currency issued directly by the
Government, and under its operation the volume of United States
notes fixed at $346,681,016, by the act of May 31, 1878, is being
gradually converted into $5 notes. These changes have enlarged the
resources of the Treasury for supplying the demand for smaU denominations of currency without increasing the total volume of said notes.
The transactions, by denominations, during the fiscal year 1912
are recorded i n the table foUowing:




155

TBEASXJEER.
Fiscal year 1912
Outstanding
J i m e 30,1911.

Denominations.

Outstanding
J u n e 30,1912.
Issued.

One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars

.

. . . .

$1,836,592
1,382,251
151,748,170
121,805,556
15,628,122
2,026,525
5,513.300
5,200', 500
42,530,000

$107,180,000
42,480,000

Redeemed.
$5,597
7,293
89,878,240
50,147,630
3,435,690
'185,150
816,900
730,500
4,453,000

$1,830,995
1.374,958
169,049,930
114,137,926
12,192,432
1,841,375
4,696,400
4,470,000
38,077,000

10,000

10,000

347,681,016
1,000,000

Net

149,660,000

149,660,000

347,681.016
1,000,000

346,681,016

Total
U n k n o w n , destroyed .

149,660,000 •• 149,660,000

346,681,016

TREASURY NOTES OF 1890.

Under the provisions of the act of March 14, 1900, the Treasury
notes of 1890 are slowly disappearing. The total amount of these
notes issued for the purchase of silver bullion to November 1, 1893
(the date of the repeal of the act), was $155,931,002. The amount
redeemed during the last fiscal year was $317,000 and the amount
outstanding at the close of the year was $2,929,000, against which
standard silver dollars in equal amount are held in the trust funds
for their redemption when presented.
The amount outstanding, by denominations, on June 30 ior the
past seven years is stated in Table No. 21, page 206.
GOLD CERTIFICATES.

The advance in the volume of gold certificates within 12 years by
the sum of $812,260,190 is a measure of the greater strength of our
circulation. The amount outstanding at the close of the last, fiscal
year was $1,040,057,369, an increase of $45,186,700 as compared
with that of 12 months earlier. The denominations are limited to $10
and above. The gold certificates supply the large biUs required in
circulation), but there is need of a $5 gold certificate in .order that the
Treasury may make returns in that denomination when it is wanted
in exchange for gold certificates presented for redemption. Also
there is demand for gold certificates payable to order in denomination
of $5,000. Such certificates are now issued in denominations of
$10,000 only.
The gold certificates issued and redeemed, by denominations,
during tne fiscal year 1912 are stated in the annexed table:
Fiscal j^ear 1912
Outstanding
J u n e 30,1911.

Denominations.

Outstanding
J u n e 30,1912.
Issued.

T e n dollars
T w e n t y dollars
Fifty dollars
O n e h u n d r e d dollars.
F i v e h u n d r e d dollars
Oiie t h o u s a n d dollars
F i v e t h o u s a n d dollars.
T e n t h o u s a n d dollars
Total.

$211,415,550
248,914, 464
52,092,455
77,7.57,700
16,978,000
67,287,500
95,795,000
224,'630,000

*
.
:




Redeemed.

:

$108,080,000
83,360,000
17,000,000
20,400,000
3.950,000
9,500.000
6, ooo; 000
107,470,000

$93,060,250
75,777,500
•14,039,400
18,030,150
2,689,000
10,022,000
6,775,000
90,180,000

$226,435,300
256,496,964
55,053,055
80,127,550
18,239,000
66,765,500
95,020,000
241,920,000

994,870,669

355,760,000

310,573,300

1,040,057,369

•

156

REPORT ON T H E FINANCES.
SILVER CERTIFICATES.

All of the $1, $2, and the greater part of the $5 denominations
required in circulation.are supplied by the issue of silver certificates.
The volume of silver certificates outstanding at the close of the fiscal
year 1912 was $481,549,000, of which $451,359,739 were in denominations of $5 and under; $20,757,611 in denominations of $10, a n d
$9,431,650 in denominations of $20 and above. The large issue of
smaU denominations during the crop moving and holiday seasons
produces a slight redundancy of the smaUer denominations in the
months of January and February when the worn biUs in large numbers are returned to the Treasury in exchange for higher denominations of currency.
The transactions in silver certificates, by denominations, during
the fiscal year 1912 are recorded here:
Fiscal year 1912.
Denominations.

Outstandmg
June 30, 1911.

Outstanding
June 30,1912.
Issued,

One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars.
Five hundred dollars
One thousand dollars.
Total..;

$150,477,355
60,578,352
224,542,952
15,191,171
5,829,290
6,286,860
544,020
24,000
25,000
463,499,000

Redeemed.

$186,460,000 $175,609,919
65,152,000
62,876,236
145,580,000
142,944,765
" 14,240,000
8,673,.560
1,340,620
1,869,100
63,800
2,000
2,000
411,432,000

393,382,000

$161,327,436
62,854,116
227,178,187
20,757,611
4,488,670
4,417,760
480,220
22,000
23,000
481,549,000

CHANGES IN DENOMINATIONS.

There is demand for elasticity in the denominations as well as in
the volume of currency at certain seasons of the year, and the burden
of supplying the smaller denominations required falls upon the Treas- ,
ury. Through the process of redeeming the larger denominations of
United States currency and issuing smaller denominations in lieu
thereof, the Treasury has been enabled to supply the greater part of
the demand for such bills.
The total amount of United States paper currency of each denomination issued, redeemed, and outstanding at the close of the fiscal
year 1912 is stated in the subjoined table:
Fiscal year 1912.
Denominations.

Outstanding
June 30, 1911.

Outstanding
June 30, 1912.
Issued.

Redeemed.

One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars.
Fift^ dollars...°
One hundred dollars..
Five hundred dollars..
One thousand dollars.
Five thousand dollars
Ten thousand dollars.

$152,698,314 $186,460,000 $175,626,278
.62,211,666
65,152,000 c 62,892,847
377,046,982
252,760,000
232,890,705
349,442,737
164,800;000
152,013,430
270,877,726
83,360,000
80,624,690
60,421,740
17,jQ00,000
16,095,000
84,002,520
20,400,000
18,931,850
22,202,500
3,950,00,0
3,421,500
' 109,957,500
9,500,000
14,481,000
95,795,000
6,000,000
6,775,000
224,640,000
107,470,000
90,180,000

Total
Unknown, destroyed:

1,809,296,685
1,000,000

916,852,000

853,932,300

1,872,216,385
1,000,000

1,808,296,685

916,852, poo

853,932,300

1,871,216,385

• Net.

:.
..




$163,532,036
64,470,819
396,916,277
362,229,307
273,613,036
_61,326,740
85,470,670
22,731,000
104,976,500
95,020,000
241,930,000

157

TREASURER.

I t will be observed in the study of the foregoing statement that all
denominations outstanding June 30, 1912 (except those of $1,000 and
$5,000), were increased during the year.
PIECES OF UNITED STATES PAPER CURRENCY OUTSTANDING.

The steady increase in the number of pieces of United States paper
currency outstanding may be seen from a comparative monthly statement thereof for the fiscal years 1911 and 1912, as follows:
Fiscal year 1911, outstanding. Fiscal year 1912, outstanding.
Months.

Number of
pieces.

July
August
September
October...
November.
December.
January...
February.
March
April
May
June

296,800,151
298,150,785
300,292,197
306,010,929
308,274,554
310,398,145
308,275,844
306,317,973
307,291,279
309,231,795
310,682,227
309,946,146

Total value.

Number of
pieces.

$1,711, 384,685
1,727, 018,685
l,73i; 062,685
1,740, 126,685
1,749, 719,685
1,759; 579,685
1,768; 867,685
1,769; 834,685
1,775; 514,685
1,790;864,685
1,802, 561,685
1,809; 296,685

311,953,862
313,376,715
315,080,350
320,864,851
325,081,763
327,702,331
328,978,951
322,490,473
323,892,474
325,096,917
325,967,213
327,329,159

Total value.
809,902,68.5
811, 631,685
816, 968,685
832, 162,685
843,824,685
850, 896,385
870, 944,385
854, 363,385
866, 286,385
871, 146,385
868, 756,385
872, 216,385

PAPER CURRENCY BY DENOMINATIONS, OUTSTANDING JUNE 30, 1912.

The amount of each kind of paper currency outstanding, by
denominations, may be seen in the m'onthly statement for June, 1912:
Denominations.

United States Treasury
notes of
notes.
1890.

Nationalbank notes.

Gold
certificates.

Silver
certificates.

Total.

One dollar
Two dollars
Five dollars...
Ten dollars
Twenty dollars
Fifty dollars
One himdred dollars
Five hundred dollars
One thousand dollars
Five thousand dollars
Ten thousand dollars . . . .
Fractional parts

$1,830,994
1,374,959
169,049,930
114,137,926
12,192,432'
1,841,375

$373,606
241,744
688,160
898,470
434,970
14,550

$343,588
164,312
141,565,470
328,508,870
224,866,140
16,373,800

4,696,400

166,500

35,032,350

80,127,550

480,220

89,500

18,239,000

22,000

22,820,500

23,000

66,765,500

23,000

104,999,500

Total
Unknown,
stroj'^ed

347,681,016

Net

4,470,000
38,077,000

$163,875,624
'64,635,131
538,481,747
690,738,177
498,469,176
77,700,540
120,503,020

95,020,000
10,000

^

de-

111,000

$161,327,436
62,854,116
227,178,187
$226,4,35,300 20,757,611
256,496,964
4,488.670
55,053,055
4,417; 760

50,684
2,929,000

1,000,000 '
346,681,016




747,007,714

95,020,000

241,920,000

241,930)000
50,684

1,040,057,369

481,549,000

2,619,224,099

1,040,057,369

481,549,000

2,616,351,377

2,872,722

11,872,722
2,929,000

745,134,992

1 Redeemed, but not assorted by denomination.

158

REPORT ON T H E FINANCES.
RATIO OF SMALL DENOMINATIONS TO ALL PAPER CURRENCY.

The ratio of denominations of $10 and less to the total paper currency, by fiscal years since 1906, is given in the statemerit here:
D e n o m i n a t i o n s of $10 a n d less.
Dates.

July
Julv
July
July
July
July
July

1,1906.
1,1907.
1,1908'.
1,1909.
1,1910.
1,1911.
1,1912.

Total p a p e r
currency.

$1,953,712,245
2,111,659,575
2,345,130,802
2,375,261,959
2,419,600,310
2,538,656,263
2,619,224,099

One
dollar.

Two
dollars.

P e r cent. P e r
5.31
5.24
4.92
5.33
5.93
6.02
6.25

Five
dollars.

Ten
dollars.

Total.

cent. P e r cent. P e r cent. P e r c e n t .
2.51 • 19.67
27.43
54.93
2.69
25.84
53.26
19.48
54.19
2.46
26.00
20.79
53.40
2.44
25.77
19.84
55.62
2.54
26.53
20. 62
55.16
2.45
26.28
20.39
55.65
2.46
26.33
20.55

COST OF PAPER CURRENCY.

Inquiries often reach the Department relating to the production
and the cost of the paper currency issued by the United States. Our
paper currency is said to be superior to that of any other nation iri
the world. The quality of the material used and the artistic work
of the engraver give us a product that presents almost insurmountable
obstacles to those who would profit by false imitations.
As a matter of information it may be stated that the paper used
is, made by a secret process under Treasury supervision by special
contract, renewed every year. The Bureau of Engraving and r r i n t ing, a branch of the Department, designs, under the direction of the
Secretary, engraves, and prints the notes and certificates complete.
This currency is delivered to the Treasurer in packages of 4,000 notes,
the product of 1,000 sheets of paper. Such a package is taken as the
unit from which to reckon the cost.
With the allowance for every item of expense attending the mak~
ing, the issue, and the redemption of this paper curr.ency, it appears
that the average cost is as follows:
Total average expense of 4,000 notes issued
Total average expense of 4,000 notes redeemed
Aggregate average expense of issue and redemption

$52. 50
8. 54
61. 04

From the foregoing it may be readily ascertained that the average
cost for each note is 1.526 cents. Calculations based upon these average expenses of issue and redemption indicate results that will be
very close to the actual cost of maintenance of the paper currency,
and such cost for the fiscal years 1911. and 1912 may be studied from
the details set forth in the subjoined table.




159

TREASURER.
Total expenses of issue and redemption.
N u m b e r of
pieces.

Cost per
1,000
pieces.

$267,207,921
251,189,762

Fiscal years.

$13.125
2.135

Totalcost.

1911.
Issued
Redeemed
Total

$3,507,103.96
536,290.14

.

4,043,394.10
1912."

Issued
Redeemed

I

290,809,347
273,426,336

3,816,872.68
583,765.23

13.125
2.135

Total

4,400,637.91

United States paper currency outstanding and cost of maintenance.
Cost of m a i n t e n a n c e .
Amount
outstanding.

Fiscal years.

Amount.
1911
1912

$1,808,296,685
1,871,216,385

$4,043,394.10
4,400,637.91

P e r cent.
0.223
235

I n this connection attention is invited to the saving of abrasion
on the gold and silver coins held in the Treasury against outstanding
certificates and notes, which to all intents and purposes is an offsetting item against the cost of the paper currency issued directly by
the Government, though not so treated in the foregoing calculations.
^

AVERAGE LIFE OF PAPER CURRENCY.

Inquiry and observation lead to the conclusion that the service of
our paper currency is materially shortened by the increasing activities
of such money in the channels, of trade. This is especially noticeable
in the smaller denominations, $5 and under.
The average lifetime of each note, by kinds, may be studied in
the statement following:
Denominations.

One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t v dollars
Fifty dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars . .
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
All d e n o m i n a t i o n s




United
States
notes.

Treasury
notes.

3.11
3.223.13
3.64
5.93
6.14
6.11
3.78
4.12
.32
.16

1.74
1.87
2.96
3.72
3.99
3.71
3.63

3.39

2.20

1.91

Gold
certifi. cates.

1.68
3.18
3.50
3.55
3.40
3.23
1.89
1.62
2.47

Silver
certificates.

Nationalbank
notes.

1.09
1.26
1.89
3.37
3.99
3.08
2.78
1.88
1.41

4
4
2
2
3
4
3
5
3

1.34

2 97

41
50
92
74
12
03
86
23
35

160

REPORT ON T H E FINANCES.

PAPER CURRENCY PREPARED FOR ISSUE AND AMOUNT ISSUED.

The pieces of United States paper currency in circulation are
gradually increasing, and numbered 327,329,159 on" June 30, 1912,
of the total value of $1,872,216,385. I t is incumbent upon^the
Treasury to maintain this great number of pieces and to provide
for the annual growth of the smaller denominations in order to meet
the needs of business. Experience and forethought prompt the
preparation of an adequate volume of paper currency of the kinds
and denominations authorized by law in advance of putting same
into circulation. Heretofore but little progress has been made in
accumulating a sufficient reserve of such bills, but it is hoped that
with the improved facUities now, in operation the output in future
will be ample for this purpose.
The number of pieces and amount of paper currency prepared for
issue and the amount issued since 1906 are recorded in the table
following:
Paper currency issued.

Prepared for issue.
Fiscal years.

1906
1907
1908
1909
1910
1911
1912

Number of
notes and
certificates.

'

Total value. Average
value.

157,-^425,000 $602,172,000
178,180,000 679,480,000
197,012,000 858,944,000
206,89'8,000 637,320,000
809,579,600
235,210,400
268,450,000 957,744,000
301,302,000 990,096,000

Number of
notes and
certificates.

Total value. Average
value.

3.825 $172,930,548 $629,826,000
173.093.911 698,273,000
3.813
4.359 188.999.912 804,326,000
3.080 202,746,192 764,510,000
3.441 240,990,922 767.115,600
3.567 267,207,921 913;540;000
3.286 290,809,347 916,852,000

$3.642
4.034
4.255
3.770
3.183
3.418
3 152

Comparison of the issues, by months, for the fiscal years 1911 and
1912 is made in the annexed table:
United States paper currency dssued during thefiscal years 1911 and 1912.
Fiscal year 1911.
Months.

Juiy.^
:
August
September.
October
November
December
January
February
March
April
May
June..

Number of
notes and
certificates.

"

Total
Per cent of increase over
preceding year
,




Fiscal year 1912.

Average
value of Number of
Total value. notes and notes and
certificertificates.
cates.

Average
value of
Total value. notes and
certificates.

21,262,272
22,482,318
21,964,785
23,996,851
19,816,658
22,002,085
24,032,823
19,564,422
23,218,396
22,678,626
24,163,668
22,025,017

$64,814,000
80,720,000
67,894,000
70,630,000
66,300,000
76,270,000
91,558,000
71,484,000
76,690,000
82,520,000
82,770,000
81,890,000

$3.048
3.590
3.091
2.943
3.345
3.466
3.809
3.653
3.302
3.638
3.425
3.718

24,359,190
23,717,538
22,909,048
25,812,850
24,369,960
24,397,983
24,773,893
20,986,685
. 24,305,304
25,460,161
24,682,372
25,034,363

$74,750,000
75,400,000
73,250,000
79,530,000
70,984,000
74,110,000
96,390,000
62,970,000
81,152,000
77,518,000
73,304,000
77,494,000

$3.068
3.179
3.197
3.081
2.912
3.037
3.890
3.000
3.338
3.044
2.969
3.095

267,207,921

913,540,000

3.418

290,809,347

916,852,000

3.152

161

TREASURER.

SUPPLY OF UNITED STATES PAPER CURRENCY HELD IN RESERVE.

A comparison by number of pieces of each denomination and total
value of the United States paper currency held in the reserve vault
at the close of the fiscal years 1911 and 1912 may be seen here:
Held June 30, 1912.

Held June 30, 1911.
Denominations.

Number
of pie

Total value.

Number
of pieces.

Total value.

7,636,000
2,160,000
7,948,000
«, 624,000
2,616,000
280,000
142,000
43,600
29,300
3,200
6,400
. 6,795

Total

636,000
320,000
740,000
240,000
320,000
000,000
200,000
800,000
300,000
000,000
000,000
950,000

12,188,000
5,716,000
5,770,000
7,376,000
2,968,000
740,000
" 140,000
35,700
31,800
2,000
5,600
8,837

$12,188,000
11,432,000
28,850,000
73,760,000
59,360,000
37,000,000
14,000,000
17,850,000
31,800,000
10,000,000
56,000,000
88,370,000

24,495,295

One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
^...
One hundred dollars.
"...
Five hundred dollars
One thousand dollars
Five thousand dollars
Ten thousand dollars.
Ten thousand dollars—Order.

367,506,000

34,981,937

440,610,000

REDEMPTIONS OF PAPER CURRENCY.

There were 273,426,336 pieces of United States paper currency
redeemed during the last fiscal year, an increase of 22,236,574 pieces,
or S.S5 per cent, over those of the preceding year. The pieces redeemed were 6,218,415 greater than those issued in 1911.
There has been a.large and growing increase in redemptions for
a number of years past, and the increase which varies from time to
time, and is now very large, is due primarUy to the following circumstances:
. The growth in business activities.
The tendency toward the use of sniall denominations.
The publicity given to uncleanliness and alleged insanitation of
soUed notes, and the consequent demand for cleaner money.
• The necessity for maintaining in good condition an increasing
volume of outstanding pieces.
The growing practice of payment of wages in factories, shops, etc.,
•weekly arid biweekly, as compared with monthly.
The growing popularity of paper money in sections where sUver
was formerly in the greatest demand;
The transactions, by months, for the past two fiscal years are
recorded in the table foUowing.
64926°—FI 1912




11

162

REPORT ON T H E

FINANCES.

United States p a p e r currency redeemed d u r i n g the fiscal years 1911 a n d 1912
Fiscal year 1912.

Fiscal year 1911.
Months.

Number of
notes and
certificates.

Average
value of
Total value. notes and
certificates.

July.
August
September.
October
November.
December..
January
February..
March
Ai>ril
May
June

18,389,608
21,132,184
19,823,373
18,278,119
17,553,033
19,878,494
26,155,124
21,522,293
22,244,290
20,738,910
22,713,236
22,761,098

$56,836,200
65,086,000
63,850,000
61,566,000
56,707,000
66,410,000
82,270,000
70,517,000
71,010,000
67,170,000
71,073,000
75,155,000

$3.090
3.079
3. 220^
3.368
3.230
3.340
3.145
3.276
3.192
3.238
3.129
3.302

Total

251,189,702

807,650,200

3. 215

Number of
notes and
certificates.

Average
value of
Total value. notes and
certificates.

22,351,476
22,294,686
21,205,410
20,028,349
20,152,651
21,777,812
23,497,273
27,475,164
22,903,304
24,255,717
23,812,075
23,672,419

$74,144,000
73,671,000
67,913,000
64,336,000
59,322,000
67,038,300
•76,342,000
79,551,000
69,229,000
72,658,000
75,694,000
74,034,000

$3.317
3.304
3.202
3.212
2.943
3. 078
3. 248
2.895
3. 226
2.995
3.178
. 3.127

273,426,336

853,932,300

3.123

8.85

5.7

Per cent of increase over
preceding year

The subtreasuiy offices (except Sail Francisco) continue to cancel
their redemptions. of United States paper currency, which they ship
to the Treasury by registered mail in such manner as to practically
provide against loss. The plan is working satisfactorily and effecting a large saving in transportation charges as compared with the
biUs for such services in former years under contract rates by express.
STANDARD SILVER

DOLLARS.

The standard silver dollars shipped to depositors therefor at the
expense of the consignee for transportation charges during the last
fiscal year were $11,841,874, a decrease of $2,218,661 as compared
w t h such shipments in 1911. The transactions for the past three
5^ears show a gradual reduction in the shipment of these silver dollai^.
The shipments, by months, for the past thi'ee fiscal years are set
forth in tiie statement foUowing.
Movement of standard silver dollars.
Fiscal yeai".
Month.

July
August
September..
October
November...
December...
January
February
March
April
M!ay...
June
Total.




$1,182,000
1,747,260
, 1,968,575
1,672,975
1,353,490
1,323,939
474,550
655,740
979, 750
1,026,330
928,325
1,071,800

$951,425
1,648,880
2,129,050
1,943,925
1,517,845
1,420,130
442,650
656,000
908,975
748,500
784,400
908,755

$815,005
1,301,925
1,770,545
1,514,095
1,098,659
1,282,215
372,850
565,980
663,175
808,000
• 825,395
818,030

14,384,734

14,060,535

11,841,874

163

TREASURER.
SUBSIDIARY SILVER COIN.

The general stock of subsidiary silver coin in the country at the
close of the fiscal year 1912 was $170,588,205, an increase of $10,980,841, as compared with that of 1911. The amount of these coins
shipped to depositors therefor in 1912 was $21,476,457.40 as against
like shipments of $21,956,847.80 in 1911, a decrease of $480,390.40.
The subsidiary silver coins are redeemable in the lawful money of
the Umted States, and under the operation of this provision of law
there is usually an accumulation of these coins in the Treasury offices
from January to June, b u t after this period the seasonable movement begins and great quantities are distributed, either to depositors
therefor by express, at the expense of the consignee for transportation charges, or are paid over the counter at subtreasuries in exchange for other kinds of money.
The amount shipped to depositors therefor, by months, during the
past three fiscal years is recorded in the table following:
Movement of subsidiary silver coins.
Fiscal year.
Months.

July
August
September..
October
November..
December..
January
February...
March
April
May
June

$2,982, 761.45
3,737 759.40
5,866; 250.30
5,694, 439.70
4,532, 163.00
4,636, 027.40
1,711, 884.20
2,140, 215.10
2,924, 952. 20
2,841, 488.60
2,915, 057.20
3,994, 041.15

$1,510,570.00
2,133,770.00
2,642, 690.00
3,003,850.40
2,675,560.00
2,""" 918.60
824; 964.00
998,970.00
1,291,550.00
^1,495,390.20
1,671 450.00
1,641,164.60

Total

43,977,039. 70

21,956,847.80

497,801.90
037,520.00
801,906.00
614,145.00
778,510.20
618,539.80
816,054.00
937,175.00
120,893.80
305,515.50
527,466.00
420,930. 20
21,476,457.40

1 Transportation charges paid by the Government.
MINOR

COIN.

The demand for the minor coins attest their popularity in the
channels of trade. These token coins form no part of the stated
stock of money in the country, and they are redeemable in the lawful
money of the United States. The supply is seldom in excess of the
demand, and therefore there is no accumulation of them in the Treasury offices.
The net addition made to the coinage during the last fiscal year
was $2,032,015.86, of which $748,348.71 was in bronze cents and
$1,283,667.15 in nickel 5-cent pieces.




164

REPORT ON T H E FINANCES.

The amount of each denomination of minor coin outstanding at
the close of the fiscal years 1911 ahd 1912 may be seen in the statement following:
Fiscal 5^ear 1912.

Outstanding
June 30, 1911
(re\'ised). •

Outstanding
June 30, 1912.
Coined.

$1,182,137.67
39,926.11
1,204,001.79
19,358,623.58.
571,912.78
658,030.46
30,140,797.90
53,155,430.29

Copper cents
Copper half cents....
Copper nickel cents.
-Bronze 1-cent pieces
Bronze 2-cent pieces
Nickel 3-cent pieces.
Nickel 5-cent pieces.
Total

Remeited.

i;392,188.20

243.23
22,803.24
153.10
192.93
108,521.05

$1,182,060.03
39,926.11
1,203,758.56
20,106,972.29
571,759.68
657,837.53
31,424,465.05

2,163,340.15

131,991.19

55,186,779.25

$77.64
$771,151.95

These coins can be obtained frorii the Treasury and subtreasuries
over the counter in exchange for other kinds of money, or they will
be shipped to depositors therefor at the expense of the consignee fqr
transportation, charges.
The shipments by offices for the past three fiscal years are recorded
in the annexed statement:
Movement of minor coins.
Fiscal year.
Offices-

Washington
Baltimore
Boston
Chicago
Cincinnati
New Orleans
New York
' Philadelphia
St. Louis
San Francisco
Mint, Philadelphia..
Mint, San Francisco.
Mint, Denver
Total.

$96,139.75
47,314.50
179,790.00
817,870.00
276,064.60
95,380.40
1,010,959.70
424,708.00
342,250.00
193,480.00
2,387,739.06
3,400.00

$103,210.80
53,095.00
164,190.00
514,335.00
268,660.05
189,820.00
885,795.00
. 341,820.00
333,510.00
90,630.00
1,250,289.10
10.00

$123,196.07
54,820.00
160,430.00
411,500.00
- 272,256.00
209,385.00
725,970.00
328,375.00
247,434.00
77,350.00
1,373,047.60
7,089.40
11,851.15

5,875,096.01

4,195,364.95

4,002,704.22

TRANSFERS OF FUNDS F b R DEPOSITS MADE IN NEW YORK.

The cooperation of the Treasury is frequently requested by banking institutions in the transfer of large amounts of money between
subtreasury cities, through the medium of the general account, to
be used in the movement of crops, or to meet other demands of
business. These requests are' granted when such transfers are not
incompatible with the public interest.
The following table gives the deposits in New York in calendar
years and the resultant payments in the several cities from 1907 to
June 30, 1912:




165

TEE.4SUEEB.
Gold coin a n d
certificates.

Trarisactions.

1907—Receipts

U n i t e d States
notes.

Silver dollars
a n d certificates.

$69,628,190.00

P a i d b y t h e Treasurer a n d assistant
treasurers of t h e U n i t e d States:
Washington
Baltimore.
Boston
Chicago
Cincinnati.
N e w Orleans
Philadelphia
St. Louis
San Francisco
Denver mint

$.37,000.00

Total.

$69,66.5,190.00

°

703,000.00
100,000.00
572,000.00
23,765,932.00
290,900.00
5,666,500.00
2,955,000.00
6, 787,700.00
25,855,265.00
2,545,393.00

.

703,000.00
100,000.00
572,000.00
20,000.00
23,785,932.00
100,500.00
391,400.00
170,000.00 . 5,916, 500.00
2,955,000.00
6,840, 700.00
33,000.00
25,855,265.00
2,545,393.00

$80,000.00
20,000.00

69,241,690.00

100,000.00

323,500.00

69,665,190.00

1908—Receipts

4,025,779.00

108,000.00

100,000.00

4,233,779.00

P a i d b y t h e Treasurer a n d assistant
treasurers of t h e U n i t e d States:
WEishington
\ .
Chicago
Denver m i n t .
..
.......
N e w Orleans
Philadelphia
S a n Francisco

400,000.00

200,000.00

30,000.00
100,000.00
1,638,000.00
5,000.00
1, 702,779.00

60,000.00

98,000.00

600,000.00
30,000.00
100,000.00
1,796,000.00
5,000.00
1,702,779.00

Total

3,475, 779.00

460,000.00

1909—Receipts.

Total...

19,172,000.00

5,000.00

P a i d b y t h e Treasurer a n d assistant
treasurers of t h e U n i t e d S t a t e s :
Washington...
. .
Chicago
Cincinnati..
N e w Orleans
S a n Francisco.

450,000.00

100,000.00

600,000.00
200,000.00
615,000.00
16,900,000..00

55,000.00

257,000.00

18,315,000.00

505,000.00

357,000.00

Total....
1910—Receipts

19,177,000.00

400,000.00
3,146,000.00
7,360,000.t)0

780,000.00

129,000.00

10,906,000.00

Total

•

550,000.00
600,000.00
200,000.00
927,000.00
16.900,000.00
19,177,000.00

11,815,000.00

11,815,000.00

P a i d b y t h e Treasurer a n d assistant
treasurers of t h e U n i t e d States:
Washington
N e w Orleans
S a n Francisco

4,233, 779.00

298,000.00

'

780,000.00

129,000.00

400,000.00
4,055,000.00
7,360,000.00
11,815,000.00

lOl-l^Receipts

23,350,000.00

23,350,000.00

P a i d b y t h e Treasurer a n d assistant
treasurers of t h e U n i t e d States:
Washington
Chicago..
Cincinnati
N e w Orleans
Philadelphia
.'
San F r a n c i s c o .

400,000.00
10,000,000.00
100,000.00
•200,000.00
900,000.00
11,750,000.00

400,000.00
10,000,000.00
100,000.00
200,000.00
900,000.00
11,750,000.00

23,350,000.00

23,350,000.00

2,000,000.00
1,600,000.00
600,000.00
4,850,000.00
5,349,167.99
1,219,398.30

2,000,000.00
1,600,000.00
600,000.00
4,850,000.00
5,349,167.99
1,219,398.30

Total...
1912—Receipts:
I n Januarj''
In February
In March...
I n April
I n May
In June

' .

Total
P a i d b y t h e Treasurer a n d assistant
treasurers of t h e U n i t e d States:
Wa'=?hington—Tn J u n e
N e w Orleans—In A p r i l




15,618,566.29

0

15,618,560.29

200,000.00

200,000.00

2,100,000.00

2,100,000.00

166

EEPOET ON T H E FINANCES.
Gold coin and . United States Silver dollars
certificates.
notes.
and certificates.

Transactions.
.Paid, bv the Treasurer and assistant
treasurers ofthe United States—Con.
Philadelphia—
Tn January
Tn l^ebruary
..
Tn March 1

Total.

.$2,000,000.00
300,000.00
600,000.00

•12,000,000.00
300,000.00
^ 600,000.00

Total

2,900,000.00

2,900,000.00

San .Francisco—
In February
In April
In May
In June

1,300,000.00
2,750,000.00
5,349,167.99
1,019,398.30

1,300,000.00
2,750,000.00
.5, .349,167.99
1,019,39$. 30

Total

'

10,418,566 29

10,418,566.29

15,618,566.29

15,018,566.29

Aggregate

USE

OF ORDER

CTO;LD C E ; R T I F I C A T E S

F O R EXCHANGE

ON NEW

YORK.

Previous to February 1, 1910, the banks in San Francisco, under
provisions of existing law, exchanged gold coin at the Subtreasury
for demand gold certificates of large denominations, which they sent
by registered maU to their correspondents in New York, thus effecting a transfer of funds at small cost to the banks. The demand gold
certificates were shipped from Washington to San Francisco by
express at the rate of $1.75 per $1,000, while order gold certificates
(incomplete) were sent by express in packages of $5,000,000 at a
total cost of only $15.
I n order to eliminate the expense of transporting demand certificates to San Francisco, and at the same time to grant to the banks
in that city their rights under the law to deposit gold coin in exchange
for gold certificates, it was deemed advisable to issue to said banks
order gold certificates, series of 1900, and to make them payable by
the assistant treasurer of the United States, New York. Under this
plan an actual saving of expense was effected even if it should later
become necessaiy to transport the gold coin so deposited to New
York, because the transportation charge on gold coin from San
Francisco to New York is less than the charge on demand gold certificates from Washingt.on to San Francisco. However, there is
usually a ^^return movement'' at certain seasons of the year, during
which it becomes desirable on the part of banks to make deposits of
funds in New York, and to have payments ma'de therefor in gold
coin at the Subtreasury in San Francisco.
The transactions, semi-annuall}', since Februaiy, 1910, are recorded
in the statement foUowing:

Period.

1910—February tp June, inclusive..
July to December, inclusive .
1911—January to June, inclusive . . .
July to December, inclusive .
1912—January to June, inclusive . . .
Aggregate.




Order gold
Deposits in
New York for
certificates
which payissued in
ments weVe.
San Francisco
made in .
and redeemed
in New York. San Francisco.

3,000,000

$2,650,000
4,260,000
3,500,000
8,250,000
10,418,566

.12,450,000

29,078,506

$3,750,000
600,000
5,100,000

167

TREASURER.

I t will be seen from the foregoing transactions that the new method
is in the interest of good administration and has made it possible to
discontinue the shipments of demand gold certificates from Washing'ton to San Francisco with a resultant saving of transportati^on
charges. Also that the deposits made in New York on account of
the return movement are $16,628,566 in excess of the payments
made for aold certificates issued in San Francisco.
EXCHANGE FOR GOLD RECEIVED AT MINTS AND ASSAY OFFICES. •

Under the provisions of an act of Congress approved March .2, 1911,
the new product of our gold mines and all imports of gold may be
deposited in the mints and assay offices for which the full value
thereof will be paid, either in coin, b}^ check on local bank, or b}^
exchange on Subtreasury offices, and against the gold so deposited
and paid for the Secretary of the Treasury may, in his discretion,
issue gold certificates.
To facUitate these transactions gold coin was in the last fiscal year
sent from Denver to the assay office at Seattle to the amount of
$2,000,000.
•
"
The^^amount of exchange given the several mints and assay offices
to pay^for local deposits of gold during the fiscal year 1912 is given in
the statement following:
Exchange o n M i n t or assay office.

Total.
N e w York.

Mint:
Carson
Denver
N e w Orleans
San Francisco
Assay office:
B o i s e . . '.
Charlotte
Deadwood
Helena
Salt L a k e City
Seattle

Philadelphia.

$200,000
21,500,000
450,000
29,000,000
.'

San F r a n cisco.

$900,000
$500,000

.800,000
80,000
6,500,000

300,000
3,000,000
61,530,000

Attention is again invited to the use
deposits of gold bullion at the western
existing provisions of law payment for
vided for in another way. Reference
.Revised Statutes, viz:

650,000

850,000

$1,100,000
22,000,000
450,000
29,000,000
800,000
80,000
6,550,000
650,000
300,000
3,000,000

50,000
$650,000

. .

Total

Chicago.

900,000

63,930,000

of exchange in paying for local
mints. I t appears that under
such deposits of bullion is prois made to section 3545 of the

For the purpose of enabling the mints and the assay office in New York to make
returns to depositors with as little delay as possible, it shall be the duty of the Secretary
of the Treasury to keep in such mints and assay office, when the state of.the Treasury
will admit thereof, such an amount of public money, or bullion procured for the purpose, as he shall judge convenient and necessary, out of which those who bring bullion
to the said mints and assay office may be paid the value thereof, in coin or bars, as soon
as practicable after the value has been ascertained. On payment thereof being made,
the bullion so deposited shall become the property of the IJnited States. The Secretary of the Treasury may, however, at any time withdraw the fund, or any portion
thereof.
'
.
,




168

REPORT ON T H E

FINANCES.

The present plan or method of paying for gold bullion deposited at
mints IS not an economical one, for the reason that it results in
drawing away from the Subtreasury offices their resources and piles
up in the mints an equal amount of gold which can not be used for
immediate payment. I t is true that the gold in the mints is available
for the issue of gold certificates, and which, to a large extent, has
been so covered. I t is also true that the gold certificates thus issued
are paid out at the Subtreasury offices, which momentarily restores
the resources drawn away by the exchange in the first instance, but
just at this point is where the trouble arises. The gold certificates in
circulation are presented for payment at the Subtreasury offices when
there is demand for gold coin, thus depleting said offices of such holdings. The true effect of this process on Subtreasury holdings of coin
is.forcibly illustrated by the experience at the Subtreasury in New
York during the past 30 months, as follows:
On January 1, 1910, the gold coin o n h a n d was $91,434,532.50; b}^
June 30, 1910, it had been reduced to $49,795,392.50, a loss of $41,639,140; and by. June 30, 1911, it had been further reduced, standing
at $36,755,375, or a net loss in 18 months of $54,679,157.50. During
the'fiscal year 1912, $17,000,000 in gold coin was transferred to the
New York office, but, notwithstanding this fact, the amount on hand
at the close of the year was $34,883,087.50, making a net loss^in 30
months of $73,551,445. The coin was withdrawn for export.
A cldse study of the transactions as they occur and the effects that
they are likely to have on the future requirements of the Subtreasury
offices confirms the belief heretofore expressed ^Hhat ultimately these
funds will have to be moved bodily back to the vSubtreasuries at great
expense for transportation."
I t is therefore suggested that the practice of giving western mints
exchange on New York with which to pay for local deposits of gold
bullion be discontinued.
\

•

SHIPMENTS OF CURRENCY FROM

•

WASHINGTON.

The currency distributed from the Treasury in Washington to the
subtreasuries and to banks during the fiscal year 1912 amounted to
$761,847,077, against $750,225,418 during the preceding 12 months.
In 1911, 17,731 packages were sent by registered mail and 93,290 by,
express, while in 1912, 17,822 went by registered mail and 97,596 by
express.
The transactions during the fiscal years 1911 and 1912 are compared in the subjoined statement:
Fiscal year 1911.

Number of
packages.

Number of

Total by express
Total by registered mail
• Aggregate




93,290
17,731
111,021

Fiscal year 1912.

$747,636,250
2,589,188

Amount.

97,596
17,822

$758,634,665
3,212,412

115,418

761,847,077

169

TREASURER.
RECOINAGE IN THE FISCAL YEAR 1912.

The worn gold coiiis sent to the mint for renewal during the fiscal
3^ear 1912 amounted to $2,447,195.50, the silver coins to $674,787.27,
and the minor coins to $131,926.50.
The face value in each case, and the loss in gold, silver, and minor
coin, respectively, are set forth for the past two fiscal years in the
annexed table:
Recoinage in thefiscal years 1911 and 19.12.
Fiscal year 19ill.

F i s c a l y e a r 1912.

-

Denominations.
Face value.
D o u b l e eagles
Eagles
Half eagles
Q u a r t e r eagles
Three-dollar pieces
One-dollar pieces

'

1,789,164.50

T o t a l gold

$4,371.81

188,401.00
170,370.75
79.20
220,319.30
459.50
75.40

'.

T o t a l silver

Face value.

Loss.

$487,560.00
721,860.00
1,227,860.00
9,867.50
18.00
30.00

$291,140.00
534,560.00
957,125.00
6,307.50
9.00
23.00

;

Half dollai's
Q u a r t e r dollars
T w e n t y - c e n t pieces
Dimes
Half dimes
Three-cent pieces

Loss.

2,447,195.50

.$4,848.09

196.157.00
215,572.50
' 63.60
261,968.80
' 954.90
70.47

579^705.15

674,787. 27

6,861.84

131,926.50

9,186'. 49

2,556,063..15

^

Aggregate

37,476.70

187,193.50

Minor coins

48,710.35

3,253,909. 27

58,356.28

T h e r e were $601.35 in H a w a i i a n silver coins n o t inclij d e d in t h e ab ove total, viz:
Dollars
Halves
Quarters
...
....
Dimes
Total

:,.

44,321.70

.

....

.

$323.00
163.50
112.75
2.10
60L35

REDEMPTION OF NATIONAL-BANK NOTES.

There were .46,305 remittances of national-bank notes presented
for redemption during the fiscal year 1912 containing $649,954,710,
an amount which exceeded the largest sum ever received during any
previous year (1910-11) by $98,423,114. The average amount of
notes in circulation was $739,940,744 and the redemptions were 87.84
per cent of this sum. The number of notes received was 67,039,704.
These notes averaged $9.64 in value, while the average denomination
of the outstanding was $10.12. Of the average amount of $5 notes
outstanding, 97.62 per cent was redeemed; of the $10 notes, 91 per
cent; of the $20 notes, 80.47 per cent; of the $50 notes, 63.36 per
cent; and of the $100 notes, 58.33 per cent. The receipts for the
first six months, July to December, were 43.92 per cent of the total
for the year; those for the last six months, January to June, were
56.08 per cent. The smallest amount presented during a month was
$40,026,992, in September, and the largest was $77,819,645, in
January.




IVO

REPORT ON THE FINANCES.

P^ayment was made for notes redeemed as follows: By Ti^easurer^s
checks on the various subtreasuries to the amount of $241,465,409,
by remittances of $319,249,866 in new United States currency, b}^
remittances of $142,889 in gold, silver, and minor coin, and by credits
of $86,164,400 in accounts.
National-bank notes assorted and delivered during the year
amounted to $645,011,311. Of this sum $198,550,800, or"30.78 per
cent, was returned to the respective banks of issue for further circulation, in 137,804 sealed packages, and there was delivered to the
Comptroller of the Currency for destruction and reissue in new notes
$417,932,800 in .216,362 packages, and for destruction and retirement from circulation $28,527,711 in 13,083 packages.
Redemptions of national-bank notes during the year have constantly been in excess of the 5 per cent fund required under section
3 of the act of June 20, 1874, to be kept by the banks on deposit in
the Treasury of the United States for the redemption of their notes.
Consequently that fund has been overdrawn during the whole year
aiid the Treasury has had to advance payment for notes as the}^ were
presented out of the general fund. The largest overdraft at one time
was $26,927,389.52, on February 3; 1912.
The expenses incurred during the year amounted to $505,735.21,
and have been assessed upon the banks in proportion to their notes
redeemed at the rate of $0.78233 per $1,000.
As has been stated, the redemptions for the^fiscal year 1912 have
been the largest in the history of the national-banking system. At
the beginning of the year there was a national-bank note balance of
$34,359,346.33; at the close, $35,631,875.70, an increase of only
$1,272,529.37. The ability of the present force to handle such a
great increase in the volume of work is due in large measure to the
increased efficiency on the part of the large number of counters added
to the roll during the previous year, improvements in methods of
work in both the money and bookkeeping branches of the agency,
and the facilities for expeditious and safe handling of money and
better supervision of employees afforded by the new quarters to
which the division was moved during the spring of 1911.
SPURIOUS ISSUES DETECTED IN 1912.

A vast sum of money is annuaUy paid into the Treasury offices, all
of which is subjected to examination by experts, and its genuineness
during the past fiscal year is attested by the fact that the diligence
of the counters detected of spurious issues only $12,317.11 in nominal
value in all kinds of currency handled.
Comparison, by items^ for the past three fiscal years follows:
Kinds.
United States notes
Treasury notes of 1 8 9 0 . . .
Gold certificates
Silver certificates
National-bank notes
Gold coin
Silver coin
Minor coin
Fractional currency
Compound-interest notes
Total




1910

'.

1911

1912

$4,340.00
183.00
130.00
953.00
1,802.00
306.50
2,625.90
421.35
167.45
50.00

$3,796.00
74.00
150.00
723.00
3,978.00
333.00
3,075.00
385.61
153.30
200.00

$3,934.00
27.00
20.00
850.00
3,279.00
324.00
3,118.45
157.81
106.85
500.00

10,979.20

12,867.91

12,317.11

171

TREASURER.
SPECIAL TRUST FUNDS.

The Treasurer of the United States is custodian of several special
trusts, consisting of bonds and other obligations, which are held under
provisions of law or by direction of the Secretary of the Treasury.
The kinds of bonds or obligations held on each account and transactions therein during the past fiscal year are recorded in the statement following:
Fiscal year 1912.
Account and kinds.

State bonds belonging to the United States:
Louisiana State bonds
North Carolina State bonds
Tfinnessftft Statfi b o n d s . .

United States bonds held under special provisions of law: Manhattan Savings Institution.
Held for the Secretary of War: Captured bonds
of the State of Louisiana
Held for the Secretary of the Treasury: Panama
R. R. notes
Held for the District of Columbia:
Bonds for account of District contractors...
Chesapeake & Ohio Canal bonds
Board of audit certificates
Total

Held June 30.
1911.

Deposited.

Witlidrawn.

Held June 30,
1912.

$.37,000.00
58,000.00
335,666.66'4

$37,000.00
58,000.00
335,666.66§
75,000.00

75,000.00

545,480.00

545,480.00

3,247,332.11

3,247,332.11

225,920.00
84,285.00
20,134.72

$35,630.00

$63,870.00

4,628,818.49§

35,630.00

63,870.00

197,680.00
84,285.00
20,134.72
^4,600,57S.49§

But little progress was made during the past fiscal year toward
effecting settlement with the States of Louisiana, North Carolina, and
Tennessee for the unpaid matured bonds of those States belonging
to the United States.
The General Assembly of the State of Louisiana in July, 1912,
passed a joint resolution proposing an amendment to the constitution of the State, authorizing the board of liquidation of the State
debt to create a sinking fund and to provide for the payment in
fiUl out of the first surplus accruing in the sinking fund the amount
of principal and interest due on the bonds of the State, the face
value of which aggregates $37,000, and which are held by the United
States as trustee for certain Indian funds. This proposition wUl
be submitted to the qualified electors of the State for their approval
or rejection at the general election on November 5, 1912.
The State of North Carolina has authorized and appointed commissioners to take under consideration a plan for settling the indebtedness of that State to the United States, but Congress postponed
action on a measure providing for representatives on the part of
the Government.
Commissioners representing the Government and the State of
Tennessee, under provisions of law, have now under consideration a
plan for settling m t h that State.
The bonds held for the Manhattan Savigs Institution are in trust
for that institution as indemnity for certain stolen bonds, as provided
by act of December 19, 1878 (20 Stat., 589), and wUl be held for such
time as, in the judgment of the Secretary of the Treasury, wUl secure'^
the Treasurer of the United States against loss..




172

REPORT ON THE FINANCES.

^

Recommendation has been made to Congress for authority to
return to the State of Louisiana the bonds of that State captured at
Shreveport by the Union forces during the War of the Rebellion,
now held as a special deposit by the Secretary of War.
The special trust held for the Secretary of the Treasury is composed of notes of the Panama RaUroad Co. drawing 4 per cent interest
payable to the United States, and is security for money advanced
for the equipment and construction of said raUroad.
The special trust held for the District of Columbia represents, first,
the moneys retained from contractors under provisions of law and
invested at the request and risk of said contractors, and second,
obligations that belong to the District of Columbia.
DISTRICT OF COLUMBIA.

The transactions of the Treasurer of the United States, ex officio
commissioner of the sinldng fund of the District of Columbia, pertaining to the affairs of the District are fully set forth in a separate
report.
During the fiscal year 1912 the bonds of the funded debt retired
amounted to $629,650, resulting in the reduction of the annual
mterest charge by $22,982.22.
On July 1, 1878, when the Treasurer was charged with the duties
of the'late-commissioners of the sinking fund of the District of
Columbia, the bonded debt was $22,106,650; since that date 3.65
per cent bonds have been issued, amounting to $1,254,050, making a
total debt of $23,360,700. This sum has been decreased by the
operation of the sinking fund and otherwise $15,102,050, leaving
outstanding July 1, 1912, $8,258,550 of bonds bearing 3.65 per cent
interest.
'
The annual interest charge on July 1, 1878, was $1,015,759.12
and on July 1, 1912, $301,437.08, showmg a reduction of $714,322.04.
The retentions from 35 contracts with the District of Columbia
were canceled during the year by the return to the contractors of
$57,030 in bonds and $22,058.12 in cash.
At the close of the fiscal year the 10 per cent guaranty fund held
for account of contracts amounted to $320,915.28, and is represented by $197,680 in bonds purchased at the request and risk of
contractors and $55,112.04 uninvested cash.
The securities of the District m the care and custody of the Treasurer are:
Bonds for account of contractors
Chesapea'ke & Ohio Canal bonds
Board of audit certificates

'

.^Total

$197, 680. 00
84, 285. 00
20,134. 72
302, 099. 72

RESTORATION OF SALARIES.

The Treasurer renews the recommendations made by his predecessors in their annual reports for the restoration to their former amounts
of the salaries of the subordinate officers of his office, which were
reduced by the appropriation act of 1876.




173

TREASURER.

After a careful study of the duties and responsibUities of the subordinate officers of this bureau, he is fully convinced that the salaries
paid are not adequate compensation for the services rendered.
In this connection attention is invfled to the act of Congress
approved March 3, 1875, wherein the annual salaries of the subordinate officers of this bureau were fixed to take effect from and after
July 1, 1875, and to the amount of annual salaries paid to said officers
under the appropriations made by Congress, since July 1, 1876:

Title of officers.

"
Assistant Treasurer
Cashier
Assistant cashier
Chiefs of division.
Chief clerk..
.
Principal bookkeepers:
One at $2,600
One at $2,500
Tellers:
One at $2,700
One at $2,600 '.
Assistant teller

Amount of
Aimual salary paid,
salary as
assapprofixed by
priated
act Mar. 3, by Congress, since
1875.
July 1,1876.
$3,800
3,800
3,500
2,700
2,700

.
. .

1 $3,000 since July 1,1901.

^

2,500
2 2,400

2,700
2,600
2,350

.

$3,600
3'OOO
13,200
2,500
2,500

2,600
2,500

:

2,500
2,500
2,250

2 $2,100 since July .1,1895.

Upon these officers are devolved duties of great importance and
pecuniary responsibility. How grave their responsibilities are may
be inferred from the following comparative statement of the principal
duties of this office:
Transactions during fiscal-year—.
Accoimts.
1876
Bonds and securities:
Deposited
T
Withdrawn
Balance on deposit
United States paper currency:
Issued
Redeemed
Balance held in reserve vault,
Transfers on all accounts:
Received
Paid
,
Revenues, repayments, etc
National-bank notes redeemed...
United States bpnds redeemed...
Total

$20,995,312
55,962,,262
360,067,750

$136,665,520
66,531,80o
827,641,649

120,403,658
217,819,783
56,396,208

916,852,000
853,932,300
440,610,000

624,837,503
106,654,274
80,743,757
208,955,392
124,119,470

781,296,498
638,328,809
118,257,246
649,954,710
120,616

1,976,955,369

5,430,191,148

I t will be seen fi'om the .foregoing statement that the duties and
responsibilities of the office have increased nearly threefold during
the past 36 years but, notwithstanding this fact, the same amount
of salaries has been paid these faithful officers throughout the whole
period. Even with the salaries a t the amount fixed by statute, the
pay of these officers will be much less than is paid for like services
and responsibilities in private establishments, and less than the



174

REPORT ON THE FINANCES.

salaries of ofiicers of no higher rank in some other branches of the
public service. The Treasurer earnestly urges that recommendation
be made to Congress to reasonably increase the annual salaries of
the under officers of this biireau.
LEGISLATION RECOMMENDED.

I t is suggested that recommendation to Congress be made in such
form as may be deemed advisable for legislation that will authorize
favorable action on the foUowing subjects:
1. Gold certificates for $5.—There is necessity for increasing the
.rescmrces of the Treasury for the issue of small denominations of
currency. I t is 'believed that the issue of gold certificates for $5
instead of restricting the issue as now to $10 and above will enable
the department to respond to the demands for small denominations.
2. To order gold certificates for $5,000.—At present gold certificates
payable to order are issued in the denomination of $10,000 only.
There.is demand for such certificates in the denomination of $5,000.
3. Increased facilities for exchanging worn and defaced UnitedStates
paper currency for new.—There is a constant and widespread interest
which advocates a cleaner and more sanitary currency. The sentiment is a laudable one ahd should be attainable, because the expense
is but a trifle as compared with the beneficent results. The Government can well afford to replace its.paper issues when unfit for
circulation.
4. Increase ofthe 5 per cent hanlc-note redemption fund.—ExpeYieiic&
shows that the 5 per cent redemption fund is not adequate for the
purposes intended. Throughout the entire last fiscal year the
Treasury had to advance money for the redemption of bank notes
on the security of the notes themselves. As the notes are not obligations of the Treasury the banks should be required to'deposit a
greater amount to provide for current redemptions.
5. Restriction on amount of $5 hanlc notes.—It appears that national
banks located in comniercial centers are hot disposed to issue t h e
full amount of $5 notes authorized by law, while the banks located
in the interior or outlying sections of the counti;^ would largely
increase thco amount of their $5 notes but for the limitation by
statute. Therefore i t is believed that the repeal or modification of
the provision limiting the $5 notes to one-third in amount of the
circulating notes of national banks would be the means of increasing
the amount of such notes in circulation, and would accordingly reduce
the demand upon the Treasury for United States paper currency of
small denominations.
6. Removing limit on iveight of registered pacTcage.—It is believed
that the removal of the limit on the weight of a package which may be
sent through the registered maU of the United States would facUitate
a greater use of this method of transportation; and if followed by an
enactment that wUl authorize the transportation of paper currency
to and from the Treasury or between Treasury offices by registered
maU insured, it would be in the interest of economical administration.
7. Personal bonds of officials and employees handling money.—The
matter of personal bond of the Treasurer of the United States is
covered by statute enacted in 1789. Of course conditions of administration and operation have radically changed since 1789, and it



TREASURER.

175

seems desirable that new or revised legislation should be enacted.
The Treasurer of the United States is the only person bonded in his
office, and it appears clear that a law might be passed which would
secure more protection to the Government and, greater fairness to
the Treasurer by placing bonded responsibility more directly upon
those officials and eniployees actually handling money and securities.
The work of the Treasurer's office was conducted with accuracy
and promptness, evidencing the fidelity and efficiency of the staff
and employees of every grade in this office.
Respectfully submitted.
L E E MCCLUNG

Treasurer ofthe Umted States. .

Hon.

FRANKLIN MACVEAGH,

Secretary ofthe Treasury.







A P P E N D I X TO

EEPORT OF THE TREASURER

No. 1.—Receipts and disbursements for the fiscal year 1912, as shown by warrants issued.

Account.

Receipts. "

$311,321,672.22
321,612,199.66
. 5,392,796.75
44,931,531.48
8,644,467. 77

Customs
Internal revenues
Lands
Miscellaneous
'.
District of Columbia:
Miscellaneous series
Interior:
Civil
Pensions •
Miscellaneous civil
Treasury
Postal deficiency
War, civil
Navy, civil . . . . . .
War
Navy
Indians
Interest on piiblic debt

•

Total
:
Postal savings bonds
Panama Canal
Redemption public debt
Redemp tionnational-bank notes
Aggregate

Disbursements.

Repayments from Counter credits
unexpended
appropriations. to appropriations.

$12,959,542.46
48,331,949.52
24,036,297.82
153,590,456.26
17,935,803.49
65,942,023.34
1,568,194.88
2,253,473.75
797,704.03
148,795,421.92
135,591,955.72
20,134,839.80
22,616,300.48

$580,840.28
1,950,843.84
•

$447,928.01
266,312.89

2,228,922.32
500,803.39
822,922.33
3,445,877.82
2,000,000.00
8,663.76
8,60L40
5,071,912.77
1,159,657.60
1,166,663.98168.75

1,428,484.19
730,578.19
131,545.20
1,941.21
2,532.43
5,317,224.61
153,508,760.06
221,510.30

654,^3,963.47

18,945,878.24

162,056,817.09

35,327,370.66
854,052,916.03
28,527,711.50

129,574.97

1,649,938.02

1,662,481,417.03

".

691,902,667.88
459,280.00
33,189,104.15
916,852,000.00
20,078.365.00

1,572,461,961.66

19,075,453.21

163,706,755.11

No. 2 . ^ N e t ordinary receipts and disbursements for each quarter of the fiscal year 1912,
as shown by warrants issued.
Account.

First quarter. Second quarter. Third quarter. Fourth quarter.

Total.

RECEIPTS.

$76,683,243. 67 $74,537,059.92 $81,969,762.70 $78,131,695.93 $311,321,672.22
Customs
75,572,168. 69 77,413,318.59
70,048,151.73 98,578,560.65 321,612,199.66
Internal revenues
• 1,543,118. 95 1,451,269.91
1,253,398.91
1,145,008.98
5,392,796.75
Lands
..'. . .
• 10,961,729.83 11,846,966.61
12,800,089.51 17,967,213.30
53,575,999.25
Miscellaneous
Total

164,760,261.14

165,248,615'. 03 166,071,402.85

195,822,388.86

691,902,667.88

DISBURSEMENTS.

Civil and miscellaneous
War Department
Navy Department
Indians
Interest public d e b t . . .
Total
Excess of receipts..
Excess of disbursements

89,674,636.97
46,325,539.70
34,847,103.85
2,890,967.60
5,523,460.64

85,635,927.80
38,091,211.16
35,438,72L58
6,232,811.75
5,708,955. 27

179,261,708.76

171,107,627.56

77,701,702.90
32,612,936.24
32,580,544.71
5,550,346.10
5,692,18L84

154,137,711. 79 150,046,915.36

654,553,963.47

45,775,473.50

37,348,704.41

11,933,691.06
14,501,447.62

64926°—FI 1912


-12

74,396,124.64
327,408,392.31
31,765,734.82
148,795,421.92
32,732,638.82
135,599,008.96
5,460,714.35 . 20,134,839.80
5,691,702.73
22,616,300.48

5,859,012.53

177

178

REPORT OlSr T H E FIISrANCES.

No. 3.—Receipts and disbursements for service of the Post Office Department for thefiscal
year 1912.
Fiscal year 1912.
Balance June
30,1911.

Office.

Balance June
30,1912.
Receipts.

Disbursements.

Washington
Baltimore
Boston
Chicago
Cincinnati
New Orleans
NewYork
Philadelphia
San Francisco
St. Louis
J
National-bank depositaries.
In transit

$67,998.32
177,080.22
267,558.61
210,240.01
66,602.74
201,480.38
1,486,353.89
164,908.78
358,422:78
166,140.31
10, 625.28

$6,639, 867.77
2,588,156.42
6,123, 370.85
37,295, 640.29
8,501, 432.33
4,069, 169.08
52,347, 641.70
8,186, 294.95
6,916, 322.97
6,783, 162.89
42, 659.70
560,000.00

$6,704, 646.44
2,753, 685.47
6,339, 114.75
36,931, 326.51
.8,366, 415.25
4,253, 283.24
51,606, 598.98
8,303, 077.30
6,977, 681.15
6,898,844.76
34, 382.09

$3,219.65
11,551.17
51,814.71
574,553.79
201,619.82
17,366.22
2,227,396.61
48,126,43
297,064.60
50,458.44
18,902.89
560,000.00

Total.
Deduct:
Transfers between offices
Advances from the Treasury and
repayments by the Post Office
Department on account of postal
deficiency
:

3,177,411.32

140,053,718.95

139,169,055.94

4,062,074.33

32,175,382.09

32,175,382.00

3,568,194.88

2,000,000^00

104,310,141.98

104,993,673.85

Net receipts and disbursements
by Treasury offices
Receipts and disbursements by postmasters for quarter ended—
Sept. 30,1911
Dec. 31,1911
Mar. 31,1912
June 30,1912
:

43,671,374.55
44,177,457.87
43,276,924.20
43,627,710.88

Total
Net excess of disbursements over
receipts

279,063,609.48

43,671,374.55
44,177,457.87
43,276,924. 20
43,627,710.88
279,747,141.35
683,531.87

No. 4.- -Post Office Dep>artment loarrarcts issued, paid, and outstanding for the fiscal year '
1912.
Fiscal year 1912.
W a r r a n t s d r a w n on—

N u m b e r of
warrants
issued.

. Warrants
outstanding
J u n e 30,1911.

•

Warrants
outstanding
J u n e 30,1912.

•
Treasurer " "of t h e ' U n i t e d
States, Washington
Assistant Treasurer of t h e
United States:
• Baltimore
Boston
Chicago
Cincinnati
N e w Orleans
NewYork
Philadelphia
San F r a n c i s c o . .
S t . Louis
Total




A m o u n t of
warrants
issued.

A m o u n t of
warrants
paid.

$7,942.37

$2,040,225.71

$2,047,957.92

$210.16

7,379
3,964
99,593
7,651
7,150
137, 436
5,425
28,132
8,948

41,755.40
14,581.32
136,188.06
46,294. 76
69,657.05
605,096.00
20,981.77
226,285. 63
136," 504. 99

1,708,189.66
1,301,351.80
33,729,197.71
5,276, 275.79
3,035,850.04
49,387,451.48
1,869,021.67
5,288,138.93
4,357,196.56

1,748,880.47
1,314,249.99
32,854,148.87
5,321,888.84
3,104,143.56
49,015,364.88
1,889, 268.90
5,259, 779.87
4,490, 876.51

1,064.59
1,683.13
1,011,236.90
681.71
1,363.53
977,182.60
734.54
254,644 69
2,825.04

306,421

1,305,287.35

107,992,899.35

107,046,559.81

2;"251,626.89

• 743

179

TREASURER.
No. 5.—Assets, and liabilities ofthe Treasury offices, June 30, 1912.
Washington.

Baltimore.

New York.

Philadelphia.

Boston.

ASSETS.

Gold coin
$3,351,96L36 $13,408,955.58
Gold bullion (bars)
4,499,820.00
ise;943,723.66
S t a n d a r d silver dollars
330,241.75
S u b s i d i a r y silver coin
1,370,363.96
270,833.00
984,786.00
U n i t e d States notes
352.00
T r e a s u r y notes of 1890
186,325.00
35,631,875.70
N a t i o n a l - b a n k notes
2,606,280.00
3,139,700.00
Gold certificates
182,653.00
1,934,242.00
Silver certificates
33,323.94
38,136.06
Minor coin
Fractional currencv
Certified checks on b a n k s
69.25
I n t e r e s t on p u b l i c d e b t p a i d .

$34,883,087.50 $17,485,686.73 $13,702,120.06
3,116,156.75
82,134,335.00
6,018,349.00
1,109,931.00
6,607,574.35
1,308,880.63
1,156,131.05
4,797,550.00
12,500.00
306,629.00
5,461.00
123 00
71,440.00
77,000.00
21,352.00
3,339,000.00
49,962,281.00
3,537,000 00
32,582.00
5,235,005.00
423; 562.00
228,059.38
190,724.28
62,630 4
262.04
3,322.07
650,570.13
44,106 25
3,684.15
145.00
528.75

T o t a l cash assets
Transfer a c c o u n t

203,394,788.08
59,110,443.28-

21,518,853.52

187,695,204.26

28,468,451.75

20,364,113 .,58

Affffrecate

262,505,231.36

21,518,853.52

187,695,204.26

28,468,451.75

20,364,113 58

69,344.61
957,087.33

3,341,91L06
24,658,193.58

218,622.85
2,483,46L47

339,105.06
1,772,879.91

10,486.58

1,250,214.01

47,391.89

50,131.58

LIABILITIES.

Outstanding warrants a n d '
51,564.94
checks
3,967,892.22
Disbursing officers' balances
P o s t Office D e p a r t m e n t ac3,009.49
count
B a n k n o t e 5 p e r cent re24,349,434.05
d e m p t i o n fund
O t h e r deposit a n d r e d e m p 4,236,924.77
t i o n accounts

23,233.89

1,210,475.35

351,679.94

486,177.41

1,060,152.41

30,460,794.00

3,101,156.15

2,648,293.96

2,978,197.99
17,480,503.12

6,119,519.69
26,878,785.28
124,236,105.29

551,607.85
3,979,090.37
20,836,597.38

2,865,270.26
14,850,549.36

262,505,231.36

21,518,853^.52

187,695,204.26

28,468,451.75

20,364,113 58

Cincinnati.

Chicago.

St. Louis.

N e w Orleans.

San F r a n cisco.

T o t a l agency a c c o u n t . 32,608,825.47
B a l a n c e t o credit of m i n t s
a n d assay offices
Balance transfer account
229,896,405.89
Balance general a c c o u n t
Aeeregate

ASSETS.

Gold coin
$18,976,350.40 $85,194,340.40
Gold bullion (bars)
S t a n d a r d silver dollars.. 1 . . . 3,071,225.00
7,767,652.00
S u b s i d i a r y silver coin
2,552,756.61
851,441.30
U n i t e d States notes
135,942.00
170,735.00
T r e a s u r y nbtes of 1890
1,000.00
National-baiik notes
23,566.66
' 194,555.00
8,125,000.00
1,744,270.00
Gold certificates
Silver certificates
•
472,084.00
336,058.00
Minor coin
31,749.20
18,736.09
F r a c t i o n a l currency
Certified checks on b a n k s . . .
18,350.15
Interest on p u b h c debt p a i d .
156.90
143.60
Aegregate

25,500,540.39 104,185,505.26

$27,536,656.86 $10,278,753.42 $33,689,740.52
3,533,980.00
3,O78,J037.OO
212,000.00
1,000.00
260,000.00
4,730,500.00
302,980.00
31,599.38

15,793,647.00
1,232,075.90
134,036.00
884.00
1,246,030.00
3,150,260.00
427,291.00
20,118.12

25,547,052.00
831,276.45
599,680.00
1,110 00
1,279,655.00
495,070 00
87,616.00
36,127.46
39. 64'
4,769.42
208 75

39,689,087.65

32,283,095.44

62,572,345 24

274,410.78
1,664,302.36

85,900.61
1,597,091.69

909,566.56
4,775,084.54
42,419.91

2,198.11
136.30

LIABILITIES.

Outstanding warrants and
checks
Disbursing officers' balances
P o s t Office D e p a r t m e n t account
O t h e r deposit a n d r e d e m p tion accounts

119,972.83
1,256,351.55

2,451,236.00
4,920,555.06

200,938.11

1 436,683.11

47,633.40

16,002.69

80,152.59

549,174.69

- 20,976.18

142,974.95

47,328.11

T o t a l agency a c c o u n t . 1,657,415.08
Balance to credit of m i n t s
and assay offices
Balance transfer a c c o u n t
3,144,961.64
20,698,163. 67
Balance general a c c o u n t

7,484,282.64

2,007,322.72

1,841,969.94

5,774,399.12

253,204.90
3,718,635.86
92,729,381.86

8,136,210.41
29,545,554.52

50,984.94
2,171,044.66
28,219.095.90

1,203,434.19
5,238.246.81
50,356,265.12

~25,500,540.39 104,185,505.26

39,689,087.65

32,283,095.44

62,572,345.24

Aggregate




1 Overdraft.

180

REPORT ON THE FINANCES.

No. 6.—Assets of the Treasury in the custody of mints and assay offices, June 30\ 1912.
Boise City.

Carson City.

Deadwood.

~ Charlotte.

Helena.

BULLION F U N D .

Gold coin
Gold bullion..
Standard silver dollars..
Subsidiary silver coin...
Silver bullion
United States notes
Gold certificates.!
Minor coin
Balance in subtreasuries
and national banks...

$37,538.60

Aggregate

.67
4.00
1,900.00

$14,963 97
104,001.24

$4,774.21

154.38
1,863.34

10.09

$237,797.74

$90,775.93

58,562.82

113,833 37

8,276 05

171,386 75

91,104.18

98,006.09

234,816.30

13,060.35

409,184.49

. 181,880 11

Salt Lake Qity.

Seattle.

New York.

$140,000.00
262,396.53

$12,344 86
$42,604,966.30

New Orleans.

BULLION F U N D .

Gold coin
Gold buUion
Standard silver dollars
Subsidiary silver coin
Silver bullion
United States notes
Gold certificates..
Minor coin
Balance in subtreasuries and national
banks
Aggregate

$56,164 38

671,615 65

$124,006.63
22,475,000.00
1,774.64

147,520 17

415,044.53

2,537,586 70

112,432.90

203,684.55

817, 441.06

45,826,513 51

22,713,214.17

Denver.

Philadelphia.

San Francisco.

Total.

BULLION F U N D .

$404,729,257 50 $307,948,665 50
Gold coin
49,704,260.44
Gold buUion
19,583,509 37
107,643,732.00
Standard silver dollars
.. . . . .
3,412,570 20
Subsidiary silver coin-.. •
1,566,806 77
973,521 78
155,308 42"
Silver bullion .
United States notes
3,060.00
534,930 00
Gold certificates
Minor coin •.
5.83
Balance in subtreasm*ies and national
521,394 82
419,067.81
banks
Aggregate bulUon 1und.!

458,423,530.20

438,772,560 24

240,328 12

28,000 00
55.00
1,426,497 25

MINOR COIN AND METAL F U N f .

Gold certificates
.'.
Silver certificates
'
Minor coin
Balance in subtreasuries and national
banks
•
Aggregate assets




3,734,889.86

8,331,099.96

186,215,812.32. 1,153,909,703.39

,

440,227,112 49

18,889.29

28,000.00
55.00
1,685,714.66

15,000.00

4,752.73
458,668,611.05

$33,171,960 00 $746,017,191.85
86,415,527.58 199,225,718.93
61,400,000.00 191,518,732.00
1,225,671 78
6,205,203.13
267,763 10
2,071,857.69
4 00
539 890 00
5.83

19,752.73

186,249,701.61 1,155,643,225.78

TREASURER.

,181

No. 7.—General distribution of the assets and liabilities of the Treasury, June 30, 1912.
Treasury
offices.

Mints a n d assay
offices.

National bank
a n d other
depositories.

Total.

I n transit.

ASSETS.

Gold coin
$258,507,652.83
Gold buUion
3,116,156.75
S t a n d a r d silver dollars
306,419,714.00
S u b s i d i a r y silver coin
19,318,779.00
Silver buUion .
7,624,691.00
U n i t e d States notes
9,930.00
T r e a s u r v notes of 1890..
N a t i o n a l b a n k notes
38,991,732.70
Gold certificates
: 80,829,361.00
9,434,073.00
Silver certificates.. .•
Minor coin
691,204.38
F r a c donal currency
. 301.68
Certified c h e c k s o n
723,316.13
banks
I n t e r e s t on p u b h c d e b t
paid
5,072.70
Deposits i n national
banks, etc
T o t a l available
assets
B a l a n c e i n subtreasuu r i e s a n d national
banks
Transfer account

$746,017,191.83
199,225,718.95
191,518,732.00
6,205,203.13
2,071,857.69
4.00

$597,543.86
30,024.73
1,359,000.00
3,500.00
1,001,000.00
15,224,500.00
2,890,472.00
10,000.00

567,890.00
55.00
1,685,720.49

723,316.13

.°

34,623.65

29,550.95
$53,050,382.63

725,^671,985.17 1,147,292,373.09 53,050,382.63

53,050,382.63
21,145,591.54

784,782,428.45 1,155,643,225.78

i , 947,100,332.43
8,350,852.69
59,110,443.28

8,350,852.69
59,110,443.28

Aggregate

$1,004,524,844.66
202,939,419.56
497,938,446.00
25,554,006.86
2,071,857.69
8,983,695.00
13,430.00
39,992,732.70
96,621,751.00
12,324,600.00
2,386,924.87
301.68

53,050,382.63 21,145,591.54

2,0.14,621,628.40

LIABrLITIT5'.S.

Outstanding warrants
a n d checks
Disbursing officers' balances
P o s t Office D e p a r t m e n t
account
B a n k n o t e 5 p e r cent
redemption account..
O t h e r deposit a n d redemption accounts...

847,821.54

8,709,456.84

13/59.1.319.36

61,874,219.07

1,231,544.55

18,902.89

560,000.00

1,810,447.44
24,349,434.05

24,349,434.05
1,579,829.16

8,728,927.04

2,139,829.16

105,472,484.44

59,110,443.28
628,848,622.11 1,155,643,225.78

38,190,237.72 19,005,762.38

59,110,443.28
1,841,687,847.99

784,782,428.45 1,155,643,225.78

T o t a l agency account
Balance t o credit of
m i n t s a n d assay offices
B a l a n c e t r a n s f e r account
Balance general account
Aggregate

7,861,635.30
48,052,899.71

53,050,382.63 21,145,591.54

2,014,621,628.40

7,149,097.88
88,644,611.49

14,688,043:79

• 8,178,751.57

172,101.12

8,350,852.69

No. 8.—Distribution ofthe general Treasury balance, June 30, 1912.

Location.

Washington
Baltimore
New York
Philadelpliia
Boston
Cincinnati
Chicago
St. Louis
New Orleans
San Francisco
Mints and assay offices
National banks
Treasury of Philippine Islands
In transit
Total Treasury balance..




Receipts
Treasurer's
not covered Balance as shown
general account.
by warby warrants.
rants.
$229,896,405.89 $42,032.67
17,480,503.12
9.66
124,236,105.29
12,567.45
20,836,597.38
3,408.82
14,850,549.36
4,124.96
20,698,163. 67
92,729,381.86
13,738.58
29,545,554.52
3,782.91
28,219,095.90
1,626.68
50,356,265.12
8,197.94
1,155,643,225.78
37,473,215.84 234,635.66
13,464.72
717,021.88
19,005,762.38

$229,854, 373.22
17,480, 493.46
124,223, 537.84
20,833, 188.56
14,846, 424.40
20,698, 163.67
92,715, 643.28
29,541, 771.61
28,217, 469.22
50,348, 067.18
1,155,643, 225.78
37,238, 580.18
703, 557.16
19,005, 762.38

1,841,687,847.99

1,841,350,257.94

337,590.05

182

REPORT ON T H E FINANCES.

No. 9.—Available assets and net liabilities ofthe Treasury at the close of June, 1911 and
1912.
June 30,1911.

$1,039,622,600.15
124,278,583.41

525,564,310.55

7,691,894.00
8,744.00
40,493,225.33
64,502,740.00
9,955,304.00

8,983,695.00
13,430.00
39,992,732.70
96,621,751.00
12,324,600.00

122,651,907.33

157,936,208.70

1,979,183.93
67.05
2,301,963.04
51,394,464.45
7,678.20

Other:
Minor coin.,
Fractional currency
Certified checks on banks
Deposits in national banks, etc..
Interest on public debt paid

497,938,446.00
25,554,*006.86
2,071,857.69

520,960,333.28
Paper:
United States notes
Treasury notes of 1890..
National-bank notes...
Gold certificates
Silver certificates

1,207,464,264.22

495,833,318.00
21,185,640.87
3,941,374.41

Silver:
DoUars
Subsidiary coin.
Bullion

$1,004,524,844.66
202,939,419. 56

1,163,901,183.56

Gold:
Coin
Bullion.

June 30,1912.

2,386,924.87
301.68
723,316.13
53,050,382.63
34,623.65

55,683,356.67

56,195,548.96

1,863,196,780.84

1,947,160,332.43

8,971,103.99
68,508,358.84
1,872,123.97
24,681,961.39
7,370,637.52

8,709,456.84
61,874,219.07
1,810,447.44
24,349,434.05
8,728,927.04

111,404,185.71

105,472,484.44

994,870,669.00
463,499,000.00
3,246,000.00
150,000,000.00
140,176.926.13

1,040,057,369.00
481,549,000.00
2.929,000.00
1.50,000,000.00
167,152,478.99

1,7.51,792,595.13

1,841,687,847.99

1,863,196,780.84

Aggregate.

1,947,160,332.43

LIABILITIES.

Agency account:
Outstanding warrants and checks
Disbursing officers' balances
Post Office Department account
Bank-note 5 per cent redemption account.
Other deposit and redemption accounts...
General account:
Gold certificates
SUver certificates
Treasury notes of 1890..
Reserve'fund..,,
Balance
'.

Aggregate

No. 10.—Assets and liabilities ofthe Treasury in excess of certificates and Treasury notes
at the close of June, 1911 and 1912.
^
June 30,1911.

June 30,1912.

$233, 533,254.56
42, 984,996.41
21, 185,640.87
7, 691,894.00
8,744.00
-'40, 493,225.33
1,979,183.93
67.05
2,301.963.04
51, 394, 464. 45
7,678.20

$264,028,646.22
27,856,903.69
25,554,006.86
8,983,695.00
13,430.00
39,992,732.70
2,386,924.87
'301.68
723,316.13
53,050,382.63
34,623.65

401,581,111.84

422,624,963.43

111,404,185.71
150,000,000.00
140,176.926.13

105,472,484. 44
150,000,000.00
167,152,478.99

401,581,111.84

422,624,963.43

ASSETS.

Gold coin and bullion
SUver doUars and buUion
Subsidiary silver coin
United States notes
Treasury notes of 1890
National-bank notes
Minor coin
Fractional currency
Certified checks on banks
Deposits in national banks, etc
Interest on public debt paid

:.

Total
LIABILITIES,

Agency account
Reserve fund
Available cash balance
Total..




183

TEEASUREE.

No. 11.—Estimated stock of gold coin and bullion, the amount in the Treasury, and the
amount in circulation at the end of each month, from January, 1906.
Months.
1906—January:
Estimated stock.
In the Treasury.
In circulation—
February:
Estimated stock.
In the Treasury.
In circulation
March:
Estimated stock.
In the Treasury.
In circulation
April:
Estimated stock.
In the Treasury.
In circulation
May:
Estimated stock.
In the Treasury.
In circulation
June:
Estimated stock.
In the Treasury.
In circulation
July:
Estimated stock.
In the Treasury.
In circulation
August:
Estimated stock.
In tbe Treasury.
In circulation
September:
Estimated stock.
In the Treasury.
In circulation
October:
Estimated stock.
I n t h e Treasury.
In circulation
November:
Estimated stock.
In the Treasury.
In circulation
December:
Estimated stock.
In the Treasury.
In circulation
1907—January: • •
Estimated stock.
In the Treasury.
In circulation
Februaryr
Estiinated stock
In the Treasury.
In circulation
March:
Estimated stock.
I n t h e Treasury.
In circulation
April:
Estimated stock.
In the Treasury.
In circulation
May:
Estimated stock.
In the Treasury.
In circulation
June:
Estimated stock.
In the Treasury.
In circulation
July:
Estimated stock.
In the Treasury.
In circulation
August:
Estimated stock.
In the Treasury.
In circulation




Gold coin.

Gold bullion.

Total.

,325,016,490
670,222,793
654,793,697

$98,203,723
98,203,723

$1,423,220,213
768,426,516
6.54,793,697

,322,876,970
674,020,918
648,856,052

94,130,469
94,130,469

1,417,007,439
768,151,387
648,856,052

,326,831,495
682,838,188
643,993,307

91,370,715
91,370,715

1,418,202,210
774,208,903
643,993,307

, .342,812,911
670,288,507
672,524,404

90,637,659
90,637,659

1,433,450,570
760,926,166
672,524,404

,369,656,302
686,229,424
683,426,878

97,265,072
97,265,072

1,466,921,374
783,494,496
683,426,878

,368,612,051
699,956,976
668,655,075

107,094,714
107,094,714

,376,804,530
700,824,869
675,979,661

118,801,964
118,801,964

1,495,606,494
819,626,833
675,979,661

,383,961,942
707,782,428
676,179,514

123,541,907
123,541,907

1,507,503,849
831,324,335
676,179,514

,410,506,914
726,238.840
684,268^074

129,333,864
129,333,864

1,539,840,778
855,572,704
684,268,074

,421,400,284
733,713,523
087,6.86,761

145,218.847
145,218', 847

1,566,619,131
878,932,370
687,686,761

,429.009,743
743,035,321
685,974,422

147,889,169
147,889,169

1,576,898,912
890,924,490
685,974,422

,431,146,581
738,523,017
692,623,564

155,871,804
155,871,804

1,587,018,385
894,394,821
692,623,564

,440,249.298
744,709; 457
695,539,841

157,866,809
157,866,809

1,598,116,107
902,576,266
695,539,841

,450,890,495
757,994,683
692,895,812

154,081,932
154,081,932

1,604,972,427
912,076,615
692,895,812

,455,993,997
765,554,788
690,439,279

155,379,753
155,379,753

1,611,373,750
920,934,471
690,439,279

,459,6.33,919
768,152,450
691,481,469

158,259,822
158,259,822

1,617,893,741
926,412,272
691,481,469

,465,182,901
769,502,643
695,680,258

153,953,990
153,953,990

1,619,136,891
923,456,633
695,680,258

,328,768,271
767,070,900
561,697,371

137,620,830
137,620,830

1,466,389,101
904,691,730
561,697,371

,331,818,653
765,781,928
566,036,725

142,350,085
142,350,085

1,474,168,738
908,132,013
"566,036,725

. 355,653,562
,
795,296,568
560,356,994

116,909,766
116,909,766

1,472, .563,328
912,206,334
560,356,994

°

1,475,706,765
807,051,690
668,655,075

184

REPORT ON T H E FINANCES.
No. 11.—Estimated stock of gold coin and bullion, etc.—Continued.
Months.

1907—September:
Estimated stock.
In the Treasury..
In circulation...
October:
Estimated stock.
In the Treasury.
In circulation....
November:
Estimated stock.
In the Treasury.
In circulation...,
December:
Estimated stock.
In the Treasury.
In circulation...
1908—January:
Estimated stock.
In the Treasury.
In circulation...
February:
Estimated stock.
In the Treasury.
In ciijpulation...
March:
Estimated stock.
In the Treasury.
In circulation...
April:
Estimated stock,
In the Treasury.
In circulation...
May:
Estimated stock.
In the Treasury.
In circulation
June:
Estimated stock.
In the Treasury.
In circulation...
July:
Estimated stock.
In the Treasury.
In circulation
August:
Estimated stock.
In the Treasury.
In circulation...
September:
Estimated stock.
In the Treasury.
In chculation...
OctQber:
Estimated stock.
In the Treasury.
In circulation...
November:
Estimated stock.
In the Treasury.
In circulation...
December:
. . Estimated stock.
In the Treasury.
In circulation...
1909—January:
Estimated stock.
In the Treasury.
In circulation
February:
Estimated stock.
In the Treasury.
In circulation
March:
Estimated stock.
In t h e Treasury.
In circulation...
April:
Estimated stock.
In the Treasury.
In circulation...




Gold coin.

Gold buUion.

Total.

$1,359,927,431
797,970,842
561,956,589

$123,042,279
123,042,279

1,368,668,660
794,209,574
574,459,086

121,074,185
121,074,185

1,489,742,845
915,283,759 574,459,086

1,420,804,115
780,226,163
640,577,952

140,910,604
140,910,604

1,561,714,719
921,136, 767
640,577,952

1,438,276,003
789,702,830
648,573,173

166,254,490
166,254,490

1,604,530,493
955,957,320
648,573,173

1,463,271,296
821,775,200
641,496,096

165,329,279
165,329,279

1,628,600,555
987,104,459
641,496,096

1,483,613,475
849,809,418
633,804,057

152,234,999
152,234,999

1,635,848,474
1,002,044,417
633,804,057

1,501,092,789
871,360,084
629,732,705

141,472,825
141,472,825

1,642,565,614
1,012,832,909
629,732,705

1,527,262,767
899,093,879
628,168,888

112,004,617
112,004,617

1,639,267,384
1,011,098,496
628,168,888

1,538,405)225
919,784,464
618,620,761

77,608,708
77,608,708

1,616,013,933'
. 997,393,172
.
618,620,761

1,535,169,328
921,924,518
613,244,810

82,964,164
82,964,164

1,618,133,492
1,004„888,682
613,244,810

1,536,611,207
920,822,931
615,788,276

93,688,682
93,688,682

1,630,299,889
1,014,511,613
615,788,276

1,538,216,009
918,225,746
619,990,263

103,342,939
103,342,939

1,641,558,948
1,021,668,685
619,990,263

1,530,087,479
914,132,361
615,955,118

113,593,907
113,593,907

1,643,681,386
1,027,726,268
615,955,118

1,528,297,418
918,236,856
610,060,562

121,061,326
121,061,326

1,649,358,744
1,039,298,182
610,060,562

1,535,520,290
918,522,229
616,998,061

123,323,861
123,323,861

1,658,844,151
1,041,846,090
616,998,061

1,541,657,483
922,339,642
619,317,841

112,224,324
112,224,324

1,653,881,807
1,034,563,966
619,317,841

1,538,476,008
932,531,108
605,944,900

110,553,295
110,553,295

1,649,029,303
1,043,084,403
605,944,900

1,543,640,861
933,661,502
609,988,359

113,075,248
113,075,248

1 656,725,109
1,046,736,750
609,988,359

1,531,914,472
923,621,813
608,292,659

113,507,584
113,507,584

1,645,422,056
1,037,129,397
608,292,659

1,557,115,972
947,826,635
609,289,337

92,373,570
92,373,570

1,649,489,542
1,040,200,205
609,289,337

$1,482,969,710
921,013,121
561,956,589

TREASURER.

185

No. 11.—Estimated stock of gold coin and bullion, etc.—Continued.
Months.
1909—May:
Estimated stock.
In the Treasury.
In circulation...
June:
Estimated stock.
In the Treasury.
In circulation...
July:
Estimated stock.
In the Treasury.
In circulation...
August:
Estimated stock.
In the Treasury.
In circulation...
September:
. Estimated stock.
In theTreasury.
In circulation...
° October:
Estimated stock.
In the Treasury.
In circulation...
November:
Estimated stock.
In the Treasury.
In circulation...
December:
^
Estimated stock
In the Treasury.
In circulation..,
1910—January:
Estimated stock.
In theTreasury.
In circulation...
February:
Estimated stock
In the Treasury.
In circulation...
March:
Estimated stock.
In the Treasury.
In circulation...
April:
Estimated stock
In the Treasury.
In circulation..,
May:
Estimated stock.
In the Treasury.
In circulation...
June:
Estimated stock,
In the Treasury.
In circulation...
July:
Estimated stock
In the Treasury.
In circulation...
August:
Estimated stock
In the Treasury.
In circulation...
September:
Estimated stock.
In the Treasury.
In circulation
October:
Estimated stock.
In the Treasury.
In circulation
November:
Estimated stock.
In Che Treasury.
In circulation
December:
Estimated stock.
In the Treasury.
In circulation




Gold coin.

Gold buUion.

Total.

$1,576,806,675
971,562,999
605,243,676

$68,094,058
68,094,058

$1,644,900,733
1,039,657,057
605,243,676

1,574,906,904
975,569,206
599,337,698

67,135,095
67,135,095

1,642,041,999
1,042,704,^301
599,337,698

1,563,453,111
966,646,676
596,806,435

74,358,016
74,358,016

1,637,811,127
1,041,004,692
596,806,435

1,556,714,542
968,875,785
587,838,757

79,781,241
79,781,241

1,636,495,783
1,048,657,026
587,838,757

1,563,011,877
964,568,877
. 598,443,000

83,821,624
83,821,624

1,646,833,501
1,048,390,501
598,443,000

1,561,651,476
962,878,301
598,773,175

87,062,655
87,062,655

1,648,714,131
1,049,940,956
598,773,175

1,551,702,508
947,741,192
603,961,316

93,203,715
93,203,715

1,644,906,223
1,040,944,907
603,961,316

1,541,100,375
934,887,962
606,212,413

97,008,446
97,008,446

1,638,108,821
1,031,896,408
606,212,413

1,540,260,782
936,746,130
603,514,652

99,702,013
99,702,013

1,639,962,795
1,036,448,143
603,514,6^2

1,541,07.3,698
" 943,174,760
597,798)938

101,110,148
101,110,148

1,642,083,846
1,044,284,908
. 597,798,938

1,544,213,200
950,127,482
594,085,718

,104,649,952
104,649,952

1,648,863,152
1,054,777,434
594,085,718

1,51.5,679,850
923,865,142
591,814,708

104,842,241
104,842,241

1,620,522,091
1,028,707,383
591,814,708

1,525,000,144
930,045,336'
594,954,808

102,428,170
102,428,170

1,627,428,314
. 1,032,473,506
. 594,954,808

1,531,074^997
940,197,004
590,877,993

104,968,481
104,968,481

1,636,043,478
1,045,165,485
590,877,993

1,530,837,770
939,172,332
591,665^438

120,912,080
120,912,080

1,651,749,850
1,060,084,412
591,665,438

1,540,829,608
948,144,600
592,685,008

135,350,316
135,350,316

1,676,179,924
1,083,494,916
592,685,008

1,549.619,071
956,548,991
593,070,080

133,778,979
133,778,979

1,683,398,050
1,090,327,970
593,070,080

1,561,775,877
966,840,932
594,934,945

130,983,299
130,983,299

1,692,759,176
1,097,824,231
594,934,945

1,575,806,210
974,314,025
601,492,185

125,392,577
125,392,577

1,701,198,787
1,099,706,602
601,492,185

1,587,473,973
981,823,886
605,650,087

121,354,324
121,354,324

1,708,828,297
1,103,178,210
605,650,087

^18'6

REPORT ON T H E FINANCES.
No. 11.—Estimated stock of gold coin and bullion, etc.—Continued.
Months.

1911—Jariuary:
Estimated stock.
In the Treasury.
In circulation
February:
Estimated stock
In the Treasury.
In circulation
March:
Estimated stock
In the Treasury.
In circulation...
April:
Estimated stock
In the Treasury.
In circulation...
May:
Estimated stock
In the Treasury.
In circulation...
June:
Estimated stock.
In the Treasury.
In circulation...
July:
Estimated stock
In the Treasmy.
In chculation
August:
Estimated stock.
In the Treasury.
In chculation
September:
Estimated stock.
In the Treasury.
In chculation
October
Estimated stock.
In the Treasury.
In chculation
November:
Estimated stock.
In the Treasmy.
In chculation—
December:
Estimated stock.
In the Treasmy.
In chculation
1912—January:
Estimated stock.
In the Treasury.
In chculation—
Febraary:
Estimated stock.
In the Treasury.
In chculation....
March:
Estimated stock.
In the Treasmy.
In circulation
April:
Estimated stock.
In the l^reasury.
s
•
In chculation
May:
Estimated stock
In the Treasury.
In circulation
June:
Estimated stock.
In the Treasury.
In chculation—




Gold coin.

Gold bullion.

Total.

$1,592,641,988
995,354,104
597,287,884

$126,294,149
126,294,149

$1,718,936,137
1,121,648,253
597,287,884

1,609,263,114
1,015,591,664
593,671,450

121.. 198,179
121,198,179

1,730,461,293
1,136,789,843
593,671,450

1,623,930,729
1,033,761,672
590,169,057

113,830,216
113,830,216

1,737,760,945
1,147,591,888
590,169,057

1,631,408,079
1,041,974,554
. 589,433,525

113,180,235
113,180,235

1,744,588,314
1,155,154,789
589,433.525

1,636,821,562
1,035,957,210
600,864,352

116,626,653
116,626,653

1,753,448,215
1,152,583,863
600,864,352

1,628,918,138
1,039,622,600
589,295,538

124,278,584
124,278,584

1,753,196,722
1,163,901,184
589,295,538

1,628,496,372
1,038,265,552
590,230,820

135,610,731
135,610,731

1,764,107,103
1,173,876,283
590,230,820

1,627,640,691
1,034,154,933
593,485,758

147,854,063
147,854,063

1,775,494,754
1,182,008,996
593,485,758

1,625,959,188
1,030,824,729
595,134,459

156,804,787
156,804,787

1,782,763,975
.1,187,629,516
595,134,459

1,624,405,372
1,029,988,211
594,417,161

167,154,228
167,154,228

1,791,559,600
1,197,142,439
594,417,161

1,622,798,501
1,006,020,860
616,777,641

174,923,059
174,923,059

1,797,721,560
1,180,943,919
616,777,641

1,614,288,817
1,000,261,911
614,026,906

182,712,099
182,712,099

1,797,000,916
1,182,974,010
614,02(),906

1,612,843,485
1,009,369,049
603,474,436

190,438,836
190,438,836

1,803,282,321
1,199,807,885
603,474,436

1,603,747,458
1,008,285,828
595,461,630

190,804,569
190,804,569

1,794,552,027
1,199,090,397
595,461,630

1,603,758,028
1,006,642,688
597,115,340

194,631,497
194,631,497

1,798,389,525
1,201,274,185
597,115,340

1,611;507,861
1,006,146,931
605,360,930

199,007,920
199,007,920

1,810,515,781
1,205,154,851
605,360,930

1,613,009,112
1,004,469,096
608,540,016

200,027,283
200,027,283

1,-813,036,395
1,204,496,379
608,540,016

1,615,248,998
1,004,524,845
610,724,153

202,939,419
202,939,419

1,818,188,417
1,207,464,264
610,724,153

187

TEEASUEEE.

No. 12.—Estimated stock of silver coin, the amount in the Treasury, and the amount in
circulation, at the end of each month, froin January, 1906; also silver other than stock
held in the Treasury.
Months.
1906—January:
Estimated stock
In the Treasury.
In circulation...
February:
Estimated stock
In the Treasury.
In circulation...
March:
Esthnated stock
In the Treasury.
In circulation...
April;
Estimated stock
In the Treasury.
In circulation...
May:
Estimated stock
In the Treasury.
In circulation...
June:
Estimated stock
In the Treasury.
In circulation...
July:
Estimated stock
In the Treasury.
In circulation...
August:
Estimated stock
In theTreasury.
In circulation...
September:
Estimated stock
In the Treasury.
In chculation...
October:
Estimated stock
In the Treasury.
In circulation...
November:
Estimated stock
In the Treasury.
In circulation...
December:
Estimated stock
In the Treasury.
In circulation...
1907—January:
Estimated stock
In theTreasury.
In circulation...
February:
Estimated stock
In the Treasury.
In circulation...
March:
Estimated stock
In the Treasury.
• In circulation...
•April:
.Estimated stock
In the Treasury.
In circulation...
May:
Estimated stock
In the Treasury.
In circulation...
June:
Estimated stock
In the Treasury.
In circulation...
July:
Estimated stock
In the Treasury.
In circulation...
August:
Estimated stock
In the Treasury.
In circulation...




Standard
dollars.

$560, 142,865
479, 725,320
417,545

Other silver
items held.

Subsidiary
silver.

$117,111, 381 $677, 254,246
489, 247,167
9,521,847
188,007,079
107,589,534

$9,380,351

560, 259,865
480, 896,099
79, 363,766

117,168,956
9,787,503
107,381,453

677, 428,821
490, 683,602
186, 745,219

9,666,393

560,434,865
478, 723,429
81, 711,436

116,763,582
7,274,243
109,489,339

677, 198,447
485, 997,672
191,200,775

9,466,350

560,567,865
480, 143,809
80, 424,056

116,919,774
7,425,109
109,494,665

677, 487,639
487, 568,918
189,918,721

9,167,649

560, 724,865
482, 122,730„
78, 602,135

116,940,192
7,045,873
109,894,319

677, 665,057
489, 168,603
188,496,454

9,161,511

560, 865,530
483, 864,162
77,, 001,368

118,224,920
6,595,416
111,629,504

679,090,450
490,459,578
188, 630,872

8,766,336

561 018,855
483; 903,200
77, 115,655

117,802,471
5,826,342
111,976,129

678,821,326
729,542
091,784

8,742,753

561, 121,855
482, 183,246
78, 938,609

118,808,475
5,408,943
113,399,532

679, 930,330
487, 592,189
192, 338,141

8,607,247 •

561, 229,855
479, 567,148
81, 662,707

120,056,795
4,055,285
116,001,510

681, 286,650
483, 622,433
197, 664,217

8,769,993

561 339,530
477; 733,062
83, 606,468

123,785,299
3,506,651
120,278,648

481; 239,713

8,320,338

561,424,530
'477, 212,611
84; 211,919

126,154,782
3,893,072
122,261,710

687, 579,312
481, 105,683
206,473,629

7,733,380

561,635,530
476, 257,695
85, 377,835

127,841,368
3,720,430
124,120,938

476,898
479; 978,125
209; 498,773

7,449,600

561, 763,530
478,590,490
83, 173,040

127,474,478
7,066,315
120,408,163

238,008
485; 656,805
203, 581,203

8,109,187

561,866,530
478,948,749
917,781

128,134,441
7,361,332
120,773,109

000,971
310,081
203, 690,890

8,744,627

561,969,530
479, 045,824
82, 923,706

128,435,053
7,375,520
121,059,533

404,583
421,344
203, 983,239

8,758,509

562, 069,530
479, 541,226
82, 528,304

129,769,489
8,419,788
121,349,701

839,019
487, 961,014
203, 878,005

8,720,7.50

562, 173,530
480, 089,588
82, 083,942

130,779,018
9,052,491
121,726,527

692, 952,548
489, 142,079
203,810,469

8,852,565

562, 261,982
480, 551,538
81, 710,444

130,452/218
8,674,817
121,777,401

714,200
489, 226,355
203,487,845

10,028,075

562, 360,530
481, 104,863
81, 255,667

130,836,567
8,587,949
122,248,618

693, 197,097
489, 692,812
203, 504,285

10,410,^49

562, 464,530
480, 350,162
114,368

131,504,478
8,385,569
123,118,909

693, 969,008
.488,735,731
205, 233,277

'16,'260," 468

124,829
885,116

18.8

REPORT ON THE .FINANCES.
No. 12.—Estimated stock of silver coin, etc.—Continued.
Months.

1907—September:
E s t i m a t e d stock,
In the Treasury.
In circulation...
October:
E s t i m a t e d stock,
In the Treasury.
In circulation...
November:
E s t i m a t e d stock.
In the Treasury.
In circulation...
December:
E s t i m a t e d stock.
In the Treasury.
In circulation...
1908—January:
E s t i m a t e d stock.
In the Treasury.
In circulation...
February:
E s t i m a t e d stock.
In the Treasury.
In circulation...
March:
E s t i m a t e d stock.
I n the Treasury.
In circulation...
AprU:
Estimate'd stock.
In the Treasury.
In circulation...
May:
E s t i m a t e d stock.
In the Treasury.
In circulation...
June:
E s t i m a t e d stock.
In the Treasury.
In circulation...
July:
E s t i m a t e d stock.
In the Treasury.
In circulation...
August:
E s t i m a t e d stock.
In the Treasury.
In circulation...
September:
E s t i m a t e d stock.
In the Treasury.
In circulation...
October:
E s t i m a t e d stock.
In theTreasury.
In circulation...
November:
E s t i m a t e d stock.
In the Treasury.
In circulation...
December:
E s t i m a t e d stock.
In theTreasury.
In circulation...
1909—January:
E s t i m a t e d stock.
I n t h e Treasury.
In circulation...
February:
E s t i m a t e d stock.
In the Treasury.
In circulation...
March:
E s t i m a t e d stock.
In the Treasury.
In circulation...
April:
E s t i m a t e d stock.
In theTreasury.
In circulation...




Standard
doUars.

Subsidiary
silver.

$562,544,530
477,786,364
84,758,166

$132,799,079
7,812,842
124,986,237

$695 343,609
485: 599,206
744,403

$9,374,258

562,636,982
473,814,023
88,822,959

134,122,602
6,661,373
127,461,229

759,584
475,396
216, 284,188

8,925,446

562,703,982
471,724,433
90,979,549

136,201,145
3.221 533
132,979,612

905,127
474, 945,966
223, 959,161

8,652,090

562,770,982
471,458,554
91,312,428

139,630,994
. 4,650,135
134,980,859

702, 401,976
476; 108,689
226; 293,287

8,534,984

562,849,982
473,292,890
89,557,092

141,517,793
10,816,738
130,701,055

704 367,775
484; 109,628
220; 258,147

9,715,900

562,930,982
476,391,757
86,539,225

143,464,623
16,075,711
127,388,912

706, 395,605
492; 467,468
213; 928,137

10,264,137

563,009,982
479,412,996
83,596,986

144,486,463
18,452,313
126,034,150

707 496,445
497: 865,309
209; 631,136

11,305,261

563,097,982
482,347,588
80,750,394

144,809,002
20,267,842
124,541,160

707, 906,984
502, 615.430
205; 291,554

11,128,435

563,179,982
485,076,651
78,103,331

143,538,263
22,155,411
121,382,852

706, 718,245
507, 232,062
199, 486,183

10,829,470

563,277,812
486,949,155
76,328,657

147,355,783
23,177,618
124,178,165

710, 633,595
510, 126,773
200; 506,822

11,078,247

563,357,982
488,172,848
75,185,134

147,005,385
24,222,649
122,782,736

710, 363,367
512 395,497
197, 967,870

10,642,882

563,413,982
488,522,887
74,891,095

147,779,837
23,774,263
124,005,574

711 193,819
512; 297,150
198; 896,669

10,432,468

563,493,982
488,409,835
75,084,147

145,770,090
21,746,013
124,024,077

709, 264,072
510, 155,848
199; 108,224

10,156,193

563,554,812
488,814,567
74,740,245

150,935,970
19,272,269
131,663,701

714 490,782
508; 086,836
206; 403,946

9,903,429

563,610; 812
488,379,119
75,213,693

151,173,805
17,913,465
133,260,340

714; 784,617
506; 310,584
474,033

9,720,695

563,663,812
491,220,219
72,443,593

153,226,112
18,162,747
135,063,365

716, 889,924
509; 382,966
207; 506,958

563,734,812
490,964,137
72,770,675

154.387,552
22,899,998
131,487,554

718, 122,364
513; 864,135
204; 258,229

563,791,812
491,632,913
72,158,899

155,622,140
24,855,000
130,767,140

719, 413,952
516; 487,913
202; 926,039

; 761,650
,

563,861,812
492,179,297
71,682,515

153,845,035
25,957,101
127,887,934

717, 706,847
518; 136,398
199; 570,449

1,828,567

563,930,812
492,700,994
71,229,818

154,608,.399
26,899,135
127,709,264

718; 539,211
519, 600,129
198, 939,082

i,"384,"577

O t h e r silver
items held.

8,920,444

.?>.
9,205,407

189

TREASURER.

No. 12.—Estimated stock of silver coin, etc.—Continued.
Months.
1909--May:
Estimated stock..
In the Treasury..
In circulation
June:
Estimated stock..
In the Treasury..
In circulation
July:
Estimated stock..
In theTreasury..
In circulation
August:
Estimated stock..
I n t h e Treasury..
In circulation
September:
Estimated stock..
In theTreasury..
In chculation
October:
Estimated stock..
I n t h e Treasury..
In circulation
November:
Estimated stock..
In theTreasury..
In circulation.,...
December:
Estimated stock..
In theTreasury..
In chculation
1910—January:
Estimated stock..
In theTreasury..
In circulation
February:
Estimated stock..
In the Treasury..
In circulation....
March:
Estimated stock..
In theTreasury..
In circulation
April:
Estimated stock..
I n t h e Treasury..
In'circulation

Standard
dollars.

Subsidiary
silver.

Other silver
items held.

$563, 985
493; 245;
70, 740;

$158,687,115
27,250,163
131,336,952

$722,572,927
620,495,749
202,077,178

$8,151,328

564, 061
492, 073;
71, 987,
564, 090,
492, 203;
71, 887;
564, 139,
491, 682;
72, 556;

159,408,546
27,076,748
132,331,798

723,470,265
519,150,667
204,319,698

8,457,393

159,428,122
26,571,114
132,857,008

723,518,934
618, 774,238
204,744,696

8,352,621

166,766,307
25,270,932
130,495,375

719,906,119
516,853,763
203,052,356

8,306,676

564, 188,
490, 6IO;
73, 578;

160,026,753
21,677,881
138,448,872

724,215,665
512,187,964
212,027,601

8,127,316

564, 242
489, 858;
74, 383;

160,276,491
17,952,453
142,324,038

724,519,210
507,811,315
216,707,895

8,083,657

:,294
1,696;
74,

161,304,633
16,963,689
145,341,044

725,599,352
505,659,901
219,939,451

7,788,748

162,801,137
15,832,549
146,968,588

727,135,866
505,404,193
221,731,663

6,901,631

564,
490,
73,

163,336,105
19,703,483
143,632,622

727,718,824
510,627,216
217,091,608

7,158,382

564,
491,
72,

163,815,886 ' 728,242,605
21,389,008
513,014,382
142,426,878
215,228,223

6,989,241

564,

564,
491,
72,

161,343,971
21,384,171
. 139,969,800

725,820,690
513,243.624
212.577,066

7,035,125

564,
491,
72,

161,472,306
21,694,391
139,877,915

725,992,026
513,446,746
212,545,280

6,867,448

664,
Esthnated stock..
164,753,394
729,319,113
492,
In theTreasury..
21,367,285
513,500,230
In circulation
143,386,109
72,
216,818,883
June:
564,
Esthnated stock..
1155,158,748
719,764,266
492,
In the Treasury..
511,748,011
19,575,017
72,
In circulation
208,016,245
135,583,731
July:
564,
155,405,862
720,050,581
Esthnated stock.
492,
In the Treasury..
20,377,827
512,866,392
72,
In circulation
207,184,189
136,028,035
August:
564,
Estimated stock.
155,434,038
720,124,546
491,
In the Treasury..
512,280,328
20,366,633
72,
In circulation
207,844,218
135,067,505
September:
664,
Estimated stock.
720,049,014
155,317,506
490,
In the Treasury..
18,820,064
509,553,611
136,497,442
In circulation
210,496,403
73,
October:
664,
Estimated stock.
720,906,304
156,146,796
In the Treasury..
489,
506,696,746
16,995,517
In circulation
214,209,558
139,151,279
75,
November:
564,
156,546,862
Estimated stock.
721,330,360
489,
14,974,568
In the Treasury..
604,230,438
75,
141,572,284
In circulation
217,099,922
December:
Estimated stock.
564,
157,864,053 722,669,561
I n t h e Treasury..
489,
16,401,350 504,412,439
In circulation
142,462,703 218,257,122
75,
1 A revised estimate adopted, making a reduction of $9,700,000.




6,940,796

7,217,834

6,832,816

6,947,235

6,863,366

7,104,040

7,045,344

"6,'573,"9ii

190

REPORT ON TPIE FINANCES.
No. 12.—Estimated stock of silver coin, etc.—Continued.
Standard
dollars.

1911—January:
E s t u n a t e d stock
I n the Treasury
I n circulation
February:
E s t i m a t e d stock
I n the Treasury
I n circulation
March:
E s t i m a t e d stock
In the Treasury
I n circulation
April:
E s t i m a t e d stock
I n the Treasury
I n circulation
May:'
E s t h n a t e d stock
I n the Treasury
I n circulation
June:
E s t i m a t e d stock
In the Treasury
I n circulation
July:
E s t i m a t e d stock
I n the Treasury
I n circulation
August:
E s t i m a t e d stock
I n t h e Treasury
I n circulation
September:
E s t i m a t e d stock
I n the Treasury
I n circulation
October:
E s t i m a t e d stock
I n t h e Treasury
I n circulation
November:
E s t i m a t e d stock
In the Treasury.
I n circulation
December:
E s t i m a t e d stock
I n the Treasury
I n circulation
1912—January:
E s t i m a t e d stock
I n the Treasury
I n circulation
February:
E s t i m a t e d stock
I n the Treasury
I n circulation
March:
^Estimated stock
*In t h e T r e a s u r y
I n circulation
April:
E s t i m a t e d stock
I n the Treasury
I n circulation
May:
E s t i m a t e d stock
I n t h e Treasury
I n circulation
June:
E s t i m a t e d stock
I n t h e Treasury
' I n circulation




$723, 038,402
509, 618,896
213, 419,506

$6,528,480

156,369,541
20,661,890
135,707,651

721, 269,049
511 649,022
209; 610,027

6,402,986

158,546,029
20,935,886
137,610,143

723, 466,537
512; 410,442
•211 056,096

7,065,139

564,958,608
491,903,105
73,055,403

158,-882,981
21,278,864
137,604,117

723 841,489
513; 181,969
210; 659,520

7,171,816

664,991,608
492,147,149
72,844,359

159,201,448
21,388,360
137,813,088

724, 192,956
513, 535,509
210; 657,447

566,033,367
492,687,318
72,446,049

169,607,364
21,186,641
138,421,723

724, 640,731
513; 772,969
210, 867,772

7,187,374

565,059,508
492,833,659
72,225,849

159,709,862
21,153,059
138,656,803

724, 769,370
513 986,718
210; 782,662

7,276,937

566,076,508
492,604,703
72,471,805

160,617,839
21,093,644
139,524,195

725 694,347
6I3; 698,347
211 996,000

6,783,939

565,111,508
491,526,216
73,685,292

162,804,189
19,537,456
143,266, 733

727, 915,697
511' 063,672
216; 852,025

6,605,677

565,141, .367
490,931,067
74,210,300

161,264,426
18,617,856
142,646,570

565,168,367
490,925,423
74,242,944

164,080,387
17,490,432
146,589,955

565,186,367
490,647,776
74,538,591

165,789,312
18,016,294
147,773,018

726, 405,793
509; 548,923
856,870
216;
248,754
729; 415,855
608, 832,899
220;
730, 975,679
508; 664,070
222, 311,609

565,222,367
492,116,937
73,105,430

164,667,449
21,775,660
142,891,789

729, 889,816
6I3; 892,597
215; 997,219

4,534,173

• 566,239,367
492,688,795
72,550,672

"

$168,186,894
19,091,685
139,095,209

564,920,508
491,474,556
73,446,952

:

Total.

564,889,508
490,987,132
73,902,376

:

Subsidiary
silver.

$664,851,508
490,627,211
74,324,297

Months.

167,332,556
23,468,394
143,864,162

732, 571,923
516, 167,189
216, 414,734

4,473,648

565,269,367
494,740,904
70,528,463

165,073,65824,306,074
140,767,584

730 343,026
519; 046,978
211 296,047

4,713,877

565,301,367
494,884,971
70,416,396

165,763; 883
24,738,979'
141,024,904

731 065,250
519; 623,960
211; 441,300

4,821,793

566,322,367
494,961,344
70,361,023

169,884,577
25,584,334
144,300,243

735; 206,944
520, 546,678
214, 661,266

4,640,489

665,349,020
495,009,446
70,339,674

170,588,205
26,554,007
145,034,198

735, 937,226
520 563,453
215; 373,772

"5," 666; 858

O t h e r silver
i t e m s held.

6,097,082

5,557,907

4,762,138

/)
.-

191

TREASUEBE.

No. 13.— Unitea States notes. Treasury notes, and national-bank notes outstanding, in
the Treasury, and in circulation at the end of each month, from January, 1906.
United
States notes.

1906—January:
Outstanding
' In the Treasury
In circulation
February:
Outstanding
In the Treasury
In circulation
March:
Outstanding
In the Treasury
In circulation
AprU:
Outstanding
In the Treasury
In chculation
May:
Outstanding
In the Treasury
In chculation
June:
Outstanding
In the Treasury
In chculation
July:
Outstanding
In the Treasury
In chculation
August:
Outstanding
In the Treasury
In circulation
September:
Outstanding
In the Treasury
In chculation
October:
Outstanding
In the Treasury
In circulation
November:
Outstanding
In the Treasury
In chculation
December:
Outstandhlg
In the Treasury
In chculation
1907—January:
Outstandhlg
In the Treasury
In circulation
February:
Outstanding
In the Treasury
In chculation
March:
Outstanding
In the Treasury
In circulation
AprU:
Outstanding
In the Treasury
In chculation
May:
Outstanding
In the Treasury
In circulation
June:
Outstanding
In the Treasury
In circulation
July:
Outstanding
In the Treasury
In circulation
August:
Outstanding
In the Treasury
In chculatioii,




7,794,000
25,905
7,768,095

554,666,967
13,589,761
541,077,216

909,141,983
22,772,591
886,369,392

3''6.
o;
337,

7,661,000
20,961
7,640,039

556,646,282
11,880,323
544,765,959

910,988,298
21,451,979
889,536,319

7,504,000
26,782
7,477,218

559,129,660
13,869,358
545,260,302

913,314,676
25,024,263
888,290,413

346,
10,
335,

7.386,000
48,680
7,337,320

661,112,360
13,111,122
548,001,238

915,179,376
23,900;598
891,278,778

7,232,000
°17,004
7,214,996

661,481,045
12,983,607
548,497,638

915,394,061
23,222,135
892,171,926

7,129,000
16,748
7,11^252

569,862,303
10,656,637
569,295,666

923,662,319
18,525,665
905,136,764

7,021,000
22,438
6,998,562

573,903,108
9,755,104
564,148,004

927,605,124
13,599,960
914,005,164

6,912,000
17,482
6,894,618

683,171,985
8,649,611
674,522,374

936,765,001
10,831,960
925,933,041

346,
3;
343,

6,827,000
15,424
6,811,576

593,380,549
9,916,945
583,463,604

946,888,565
13,353,063
933,535,602

346,
4,
341;

6,616,000
15,171
6,600,829

596,162,469
11,105,884
685,056,585

949,459,485
15,893,718
933,565,767

346,
8,
338,

6,488,000
14,460
6,473,540

596,197,569
17,950-, 662
578,246,907

949,366,585
• 26,086,414
923,280,171

6,385,000
17,909
6,367,091

596,343,022
13,584,999
582,758,023

949,409,038
21,356,406
928,062,632

6,282,000
10,259
6,271,741

597,212,063
10,388,420
586,823,643

950,175,079
.15,333,241
934,841,838

346,
4,
341,

6,182,000
13,242
6,168,758

699,913,840
11,616,291
588,397,549

962,776,866
16,231,307
936,545,549

346,
3,
343,

:

905,453,911
24,238,961
881,214,950

346,
4,
341,

.-.

660,803,895
< 13,588,277
537,215,618

346,
7,
338,

(

7,969,000
66,545
•7,912,455

346,
'2,
344,

,

346,
10,
336,

346,
3,
342,

,.

$897,997,096
27,756,713
870,240,383

346,
7,
338,

,
,

$543,230,080
18,740,257
524,489,823

10,
336,

,.

$8,086,000
28,721
.8,057,279

346,
11,
335,

.,K.
:.
,

Nationalbank notes.

346,
9,
337,

-.

Treasury
notes.

$346,681
8,987
337, 693;

Months.

6,078,000
11,220
6,066,780

601,940,560
11,910,342
590,030,208

954,699,566
15,502,385
939,197,181

346,
4,
342,

5,988,000
12,465
5,975,535

603,788,690
14,646,565
589,242,125

956,457,706
18,969,991
937,487,715

346,
5,
341,

5,891,000
9,950
5,881,050

603,395,886
16,876,682
586,519,204

955,967,902
22,463,178
933,504,724

342

5,787,000
9,039
5,777,961

604,066,321
17,135,485
586,92'0,836

956,524,337
21,323,768
935,200,569

Total.

192

REPORT ON THE FINANCES.
No. 13.— United States notes. Treasury notes, etc.—Continued.
Months.

1907—September: Outstanding
In the Treasury.
In circulation...
October:
Outstanding
I n t h e Treasmy.
In circulation...
November:
Outstanding
I n t h e Treasury.
In circulation...
December:
Outstanding
In the Treasury.
In circulation...
1908—January:
Outstanding
* In the Treasury.
*
In circulation...
February:
Outstanding
In the Treasury.
In circulation...
March:
Outstanding
In the Treasury.
In chculation...
April:
Outstanding
In the Treasury.
In circulation...
May:
Outstanding
In the Treasury.
In circulation...
June:
Outstanding
In the Treasmy.
In circulation...
JulyOutstanding
In the Treasmy.
In circulation...
August:
Outstanding
In the Treasury,
In circulation...
September:
Outstanding
I n t h e Treasmy.
In chculation...
October:
Outstanding
In the Treasmy.
In circulation..,
November:
Outstanding
In the Treasmy.
In circulation...
December:
Outstanding
In the Treasuiy
In circulation..,
' 1909—January:
Outstanding
In the Treasury,
In chculation..,
February:
Outstanding
In the Treasury
In chculation..
March:
Outstanding
In the Treasury
In chculation..
April:
Outstanding
In the Treasury
In chculation..




United
States notes.

Treasury
notes.

Nationalbank notes.

$346,681,016
3,655,391
343,125,625

$5,707,000
6,662
5,700,348

$603,987,114
19,711,565
584,275,549

$956,375,130
23,273,608
933,101,522

346,681,016
3,426,863
343,264,163

5,613,000
11,074
5,601,926

609,980,466
14,856,600
595,123,866

962,274,482
18,294,637
943,979,945

346,681,016
1,998,069
344,682,957

656,218,196 1,008,445,212
5,546,000
9,330,071
8,933 ' 7,323,079
648,895,117
999,115,141
5,537,067

346,681,016
1,405,694
345,275,422

5,479,000
9,944
5,469,056

690,130,895
11,096,231
679,034,664

1,042,290,911
12,.511,769
1,029,779,142

346,681,016
7,609,361
339,171,655

5,400,000
7,616
5,392,484

695,402,762
30,401,444
665,001,318

1,047,483,778
37,918.321
1,009,566,457

346,681,016
9,627,701
337,053,315

5,319,000
10,499
5,308,501

695,674,-519
30,955,166
664,719,363

1,047,674,535
40,593,356
1,007,081,179

346,681,016
13,167,707
333,513,309

5,240,000
14,256
5,225,744

696,407,365
40,581,561
655,825,794

1,048,328,371
53.763,524
994,564,847

346,681,016
10,449,437
336,231,579

5,152,006
12,735
5,139,265

697,646,698
49,767,343
647,878,355

1,049,478,714
60,229,615
'989,249,199

346,681,016
11,488,742
335,192,274

5,070,000
16,101
5,053,899

698,449,517
60,997,318
637,452,199

1,050,200,533
72.502,161
977,698,372

346,681,016
7,284,694
339,396,322

4,982,000
18,470
4,963,530

698,333,917
66,685,237
631,648,680

1,049,996,933
73,988,401
976,008,632

346,681,016
5,645,634
241,035,382

4,903,000
13,211
4,889,789

692,088,991
64,772,332
627,316,659

1,043,673,007
70,431,177
973,241,830

346,681,016
5,369,090
341,311,926

4,847,000
9,682
4,837,418

685,326,108
54,692,308
630,633,800

1,036,854,124
60,070,980
976,783,144

346,681,016
5,490,561
341,190)465

4,767,000
16,191
4,750,809

675,612,327
39,829,288
636,783,039

1,027,060,343
46,336,030
981,724,313

346,681,016
3,686,960
342,994,056

4,706,000
13,775
4,691,225

665,844,192
22,642,191
643,202,001

1,017,230,208
26,342,926
990,887,282

346,681,016
3,043,833
343,637,183

4,649,000
10,143
4,638,857

667,178,177
17,752,117
649,426,060

1,018,508,193
20,806,093 997,702,100

346,681,016
10,268,047
336,422,969

4,596,000
6,811
4,589,189

677,068,165
25,287,727
651,780,438

1,028,345,181
35,552,585
992,792,596

346,681,016
8,661,996
338,019,020

4,525,000
15,276
4,509,724

676,673,092
37,762,721
638,910,371

1,027,879,108
46,439,993
981,439,115

346,681,016
10,922,510
335,758,506

4,468,000
16,336
4,452,664

678,286,600
30,686,733
647,598,867

1,029,434,616
41,624,579
987,810,037

346,681,016
7,552,169
339,128,847

4,398,000
11,193
4,386,807

684,407,615
22,816,033
661,591,582

1,035,486,631
30,379,395
1,005,107,236

346,681,016
5,902,751
340,778,265

4,329,000
8,481
4,320,519

687,408,227
.25,263,392
662,144,835

1,038,418,243
31,174,624
1,007,243,619

Total.

.., ^

193

TREASURER.

No. 13.— United States notes. Treasury notes, etc.—Continued.
United
St^^tes notes.

1909-May:
Outstandhlg
In the Treasury
In chculation
June:
Outstandihg
In the Treasury
In chculation
July:
Outstandhlg
In the Treasury
In chculation;
August:
Outstanding
In the Treasury
In circulation
September:
Outstanding
In the Treasury
In chculation
October:
Outstanding
In the Treasury
In circulation
November:
Outstanding
In the Treasury
In circulation
; December:
/
Outstanding
J
In the Treasury
In circulation
"1910—January:
Outstanding
In the Treasury
In circulation
February:
Outstanding
.'
In the Treasury
In circulation
March:
Outstanding
In the Treasury
In chculation
April:
Outstanding
_
In the Treasury
".
In circulation
May:
Outstanding
In the Treasury
In circulation
June:
Outstandhlg
In the Treasury
In circulation
July:
Outstanding
In the Treasury
In circulation
August:
Outstanding
In the Treasury
In chculation
September:
Outstanding
In the Treasury
In circulation
October:
Outstanding
In the Treasury
,
In circulation
November:
Outstanding
In the Treasury
In chculation
December:
Outstanding
In the Treasury
In chculation

64926°—FI 1912



$4,274,000
8,812
4,265,188

$688,183,115 $1,039,138,131
25,426,734
32,592,765
662,757,381 1,006,645,376

4,215,000
11,585
4,203,415

689,920,074
24,381,268
665,538,806

1,040,816,090
.30,955,602
1,009/860,488

4,169,000
12,879
4,156,121

696,354,164
27,406,977
667,947,187

1,046,204,180
35,172,438
1,011,031,742

4,120,000
12,725
4,107,275

698,845,474
26,902,024
671,943,450

1,049,646,490
33,820,500
1,015,825,990

346, 681,016
4, 278,924
342, 402,092

4,071,000
7,165
4,063,835

702,807,459
23,641,951
679,165,508

1,053,559,475
27,928,040
1,025,631,435

346, 681,016
4,501,054
342, 179,962

4,034,000
12,465
4,021,535

703,940,766
17,944,644
685,996,112

1,054,655,772
22,458,163
1,032,197,609

346, 681,016
4, 459,267
342, 221,749

3,982,000
4,530
3,977,470

707,433,457
17,709,371
689,724,086

1,058,096,473
22,173,168
1,035,923,305

346, 681,016
7, 814,753
338, 866,263

3,942,000
8,-162
3,933,838

710,354,253
23,240,419
687,113,834

1,060,977,269
31,063,334
1,029,913,935

346;
,681,016
,402,096
,278,920

3,894,000
9,751
3,884,249

709,879,333
37,293,444
672,585,889

1,060,454,349
45,705,291
1,014,749,058

346, 681,016
,906,422
5,
340, 774,594

3,850,000
20,286
3,829,714

710,022,868
30,426,739
679,696,129

1,060,553,884
36,353,447
1,024,200,437

346, 681,016
5,861,746
819,270
340,
681,016
346,857,287
823,729
339,
681,016
346,835,513
845,503
339,
681,016
346, 893,146
11, 787,870
334,
346, 681,016
789,039
891,977

,3,800,000
18,019
3,781,981

717,258,996
21,596,041
695,662,965

1,067,740,012
27,476,806
1,040,264,206

3,757,000
15,560
3,741,440

713,461,586
25,396,364
688,065,222

1,063,899,602
32,269,211
1,031,630,391

3,711,000
10,797
3,700,203

712,242,841
29,373,061
682,869,780

1,062,634,857
36,219,371
1,026,415,486

3,672,000
9,475
3,662,525

713,430,733
29,771,198
683,669,535

1,063,783,749
41,673,819
1,022,109,930

3.632,000
11,046
3,620,954

712,029.468
36,666,030
675,363,438

1,062,342,484
45,466,116
1,016,876,369

346, 681,016
e; 320,278
340, 360,738

3,587,000
10,719
3,576,281

717,321,051- 1,067,589,067
35.598,345
41,929,342
68i;722,706 1,^025,659,725 •

346, 681,016
5;325,879
341, 355,137

3,546,000
8,775
3,537,225

720,795,606
29,810,242
690,985,364

1,071,022,622
35,144,896
1,035,877,726

346, 681,016
5,496,564
341, 184,452

3,518,000
7,442
3,510,558

724,874,308
18,805,902
706,068,406

1,075,073,324
• 24,309; 908
1,050,763,416

346, 681,016
6; 169,091
340, 511,925

3.494,000
9,626
3,484,374

726,855,833
20,430,734
706;425,099

1,077,030,849
26,609,451
1,050,421,398

346, 681,016
9,268,762
337, 412,254

13

S346,
,681,016
1.,168,209
339; 522,807

346, 681,016
905,751
339, 775,265

:

Nationalbank notes.

346, 681,016
7,752,582
338, 928,434

'..

Treasury
notes.

346, 681,016
6,562,749
340, 118,267

Months.

3,472,000
10,507
3,461,493

727,705,981
23,614,689
704,091,292

1,077,858,997
32,893,958
1.044,965,039

Total.

194

REPORT OR T H E FINANCES.
No. 13.— United States notes. Treasury notes, etc.—Continued.
Months.

1911—January:
Outstandmg...
In the Treasury
In circulation..
February:
Outstanding...
In the Treasury
In circulation..
March:
Outstanding...
In the Treasmy
In chculation..
April:
Outstanding...
In the Treasury
In chculation..
May:
Outstanding...
In the Treasury
In circulation..
June:
Outstanding...
In the Treasury
In circulation..
July:
Outstanding...
In the Treasury
In circulation..
August:
Outstanding...
In the Treasm'y
In circulation..
September:
Outstanding
I n t h e Treasury
In circulation..
October:
Outstanding
In the Treasury
In circulation..
November:
Outstanding
In the Treasury
In circulation..
December:
Outstanding
In the Treasury
In circulation..,
1912—January:
Outstanding
In the Treasuiy
In circulation..
February:
Outstandhlg
I n t h e Treasury
In circulation."..
March:
Ou tstanding
I n t h e Treasury.
- I n circulation..,
April:
Outstanding
In the Treasury.
In circulation...
May:
Outstanding
I n t h e Treasury.
In circulation...
June:
Outstanding
In theTreasury.
In circulation...




United
States notes.

Treasury
notes.

Nationalbank notes.

$346, 681,016
,532,313
8,
338, 148,703

$3,426,000
10,877
3,415,123

$726,445,388 $1,076,552,404
37,863,433
46,406,623
688,581,955 1,030,145,781

346, 681,016
,718,382
5,
340, 962,634

3,388,000
9,749
3,378,251

728,935,041
31,472,797
697,462,244

1,079,004,057
37,200,928
1,041,803,129

346, 681,016
,665,946
5,
341, 015,070

3,357,000
12,724
3,344,276

729,152,916
27,560,025
701,592,891

1.079,190,932
33,238,695
1,045,952,237

346, 681,016
,660,527
10,
336, 020,489

3,319,000
8,743
3,310,257

728,144,518
30,356,824
697,787,694

1,078,144,534
41,026,094
1,037,118,440

681,016
11, 664,414
335,016,602

3,286,000
10,194
3,275,806

728,478,011 1,078,445,027
30,964,360
42,638,968
697, .513,651 1,035,806,059

346, 681,016
7,691,894
338,989,122

3,246,000
8,744
3,237,256

728,194,508
40,493,225
-687,701,283

1,078,121,624
48,193,863
1,029,927,661

346j 681,016
5,032,726
341, 648,290

3,218,000
9,315
3,208,685

732,824,016
42,774,016
690,050,000

1,082,723,0^2
47,816./057
l,034,906i,975

346, 681,016
4,249,310
342, 431,706

3,201,000
15,227
3,185,773

737,206,748
43,430,951
693,775,797

1,087,088,V64
47,695,488
1,039,393,2ta^

346,
,681,016
4,
,926,284
341,
,754,732

3,166,000
10,251
3,155,749

737,788,358
41,068,954
696,719,404

1,087,635,374
46,005,489
1,041,629,885

346,
,681,016
4,768,101
341, 912,915

3,138,000
9,868
3,128,132

739,165,313
33,166,353
705,998,960

1,088,984,329
37,944,322
1,051,040,007

346, 681,016
,868,032
5,
340, 812,984

3,111,000
8,230
3,102,770

739,764,346
29,800,608
709,963,738

1,089,556,362
35,676,870
1,053,879,492

346, 681,016
8,730,716
337, 950,300

3,093,000
14,386
3,078,614

740,603,187
35,366,945
705,236,242

1,090,377,203
44,112,047
1,046,265,156

346, 681,016
9,547,0.34
337, 133,982

3,057,000
741,661,968 1,091., 399,984
11,651^
47,855,918
57,414,603
3,045,349 • 693,806,050 1,033,985,381

346, 681,016
9, 567,341
337, 113,676

3,04Q,000
12,386
3,027,614

744,272,273
38,963,623
705,308,650

1,093,993,289
48,543,350
1,045,449,939

346, 681,016
8,880,271
337, 800,745

3,010,000
11,004
2,998,996

744,871,283
34,887,276
709,984,007

1,094,562,299
43,778,551
1,050,783,748

346,681,016
9, 625,444
337, 055,572

2,978; 000
8,183
2,969,817

745,720,348
33,623,681
712,096,667

1,095,379,364
43,257,308
1,052,122,056

'346,681,016
8, 657,798
338, 023, 218

2,957,000
14,110
2,942,890

745,492,672
35,937,196
709,555,476

1,095,130.688
44,609; 104
1,050, .521,584

346, 681,016
8,983,695
337, 697,321

2,929,000
.13,430
2,915,570

745,134,992
39,992,733
705,142,259

1,094,745,008'
48,989,858
1,045,755,150

Total.

195

TEEASUEEE.

No. 14.—Gold certificates and silver certificates outstanding, in the Treasury, and in circulation at the end of each month, from January, 1906.

Months.

1906—January:
Outstanding
In the Treasury.
In circulation...
February:
Outstanding
In the Treasury.
In chculation...
March:
Outstanding
In the Treasury,
In chculation . .
April:
Outstanding
In the Treasury,
In chculation...
May:
Outstanding
In the Treasury,
In circulation...
June:
Outstanding
In the Treasury
In circulation...
July:
Outstanding
In the Treasury
In circulation..,
.'Vugust:
Outstanding...
In the Treasury
In circulation..
September:
Outstanding
In the Treasury
•
In circulation...
October:
Outstanding...
In the Treasury
In circulation..
November:
Outstanding...
In the Treasury
In circulation..
December:
Outstanding...
In the Treasury
In circulation..
1907—January:
Outstanding...
In the Treasury
In chculation..
February:
Outstanding...
In the Treasury
In circulation..
March:
Outstanding
In the Treasury
In chculation..
AprU:
Outstanding
In the Treasury
In circulation..
May:
Outstanding
In the Treasury
In chculation...
June:
Outstanding
In the Treasury
In chculation...
July:
Outstandhlg
In the Treasury
In chculation...
August:
° Outstanding
In the Treasury
Ih chculation...




Gold certificates.

$539,262,869
30,683,230
508,569,639

Silver certificates.

Total.

,$467,926,000 $1,007,178,869
8,9'06,866
39,590,096
459,019,134
967,588,673

542,360,869
50,627,650
491,733,319

467,164,000
4,411,037
462,752,963

1,009,624,869
55,038,587
954,486,282

544,746,869
54,916,250
489,830,619

469,729,000
4,618,305
466,110,695

1,014,476,869
69,634,656
964,941,314

660,691,869
49,995,480.
600,696,389

472,644,000
5,069,530
467,674,470

1,023,335,869
65,066,010
968,270,869

557,599,869
43,796,080
513,803,789

474,640,000
4,976,414
469,663,586

1,032,239,869
48,772,494
983,467,375

560,059,869
43,498,020
516,561,849

477,473,000
5,952,946
471,520,064

1,037,532,869
49,450,966
988,081,903

663,984,869
34,671,490
529,313,379

477,637,000
6,844,312
470,792,688

1,041,621,869
41,515,802
1,000,106,067

569,739? 869
49,773,980
'519,966,889

481,392,000
8,099,009
473,292,991

1,051,131,869
57,872,989
993,258,880

•581,740,869
39,882,940
541,867,929

478,662,000
• 4,223,690
474,338,310

1,060,302,869
44,106,630
1,016,196,239

619,617,869
43,659,450
575,958,419

477,368,000
3,948,551
473,419,449

47,608,001
1,049,377,868

628,059,869
55,087,750
572,972,119

477,203,000
7,084,417
470,118,583

1,106,262,869.
62,172,167
1,043,090,702

639,114,869
.68,719,670
580,395,199

476,256,000
8,438,975
467,817,025

1,116,370,869
67,168,645
1,048,212,224

662,570,869
35,006,180
617,564,689

475,642,000
12,705,811
462,936,189

1,128,212,869
•47,711,991
1,080,500,878

646,082,869
44,623,470
601,459,399

471,993,000
7,370,611
464,622,489

1,118,075,869
51,993,981
1,066,081,888

652,191,869
42,018,390
610,173,479.

471,673,000
4,710,967
466,962,033

1,123,864,869
46,729,357
1,077 136,512

672,336,869
41,965,030
630,371,839

476,150,000
6,320,837
469,829,163

1,148,486,869
48,285,867
1,100,201,002

681,249,869
50,614,460
630,635,409

475,734,000
5,274,748
470,469,252

1,156,983,869
55,889,208
1,101,094,661

678,424,869
78,362,570
600,072,299

475,777,000
5,565,775
470,211,225

1,154,201,869 •
83,918,345
1,070,283,624

694,930,869
80,469,480
'614,461,389

474,068,000
10,251,563
463,816,437

1,168,998,869
90,721,043
1,078,277,826

710,938,869
83,033,260
627,905,609

472,011,000
11,505,829
460,505,171

1,182,949,869
94,539,089
1,088,410,780

196

REPORT ON THE FINANCES.
• • No. 14.—Gold certificates and silver certificates, etc.—Continued.
Shver certificates.

• Months.

1907—September:
Outstanding
• In the Treasury.
In chculation...
October: ^
^ Outstanding
In the Treasury.
In chculation..'.
November:
Outstanding
In the Treasury.
In chculation...
December:
Outstanding
In the Treasury.
In chculation...
1908—January:
Outstanding
In the Treasury.
In chculation...
February:
Outstanding
In the Treasury.
In chculation...
March:
Outstanding
I n t h e Treasury,
In chculation...
April:
Outstanding
In the Treasury.
In chculation...
• May:
Outstanding
In the Treasmry.
In chculation...
June:
Outstandhlg
In the Treasury
In chculation...
July:
Outstanding
In the Treasury.
In chculation...
August:
Outstanding
In the Treasury;
In circulation...
September:
Outstandhlg
In the Treasmy.
In chculation...
I October:
Outstanding
In the Treasury.
In chculation...
November:
Outstandhlg
In the Treasury.
In circulation...
December:
Outstanding
In the Treasury.
In chculation...
1909—January:
Outstandhlg
In the Treasury
In circulation...
February:
Outstanding—
^
In the Treasury
In circulation...
Marcb:
Outstandhlg
In the Treasury
In circulation...
AprU:
Outstanding
In the Treasury
In circulation...




$720,889,869
80,685,260
640,204,609

Total.

$473,723,000 $1,194,612,869
12,875,«749
93,661,009
460,847,251 1,101,061,860

748,637,869
71,341,960
677,296,909

471,527,000
7,177,432
464,349,568

1,220,164,869
78,619,392
1,141,646,477

747,218,869
71,682,660
675,636,209

471,687,000
2,733,880
468,953,120

1,218,905,869
74,316,540
1,144,689,329

767,006,869
60,393,520
706,612,349

471,416,000
3,684,653
467,731,347

1,238,421,869
64,078,173
1,174,343,696

610,215,869
40,586,510
769,629,359

464,704,000
11,290,360
453,413,640

1,274,919,869
51,876,870
1,223,042,999

830,046,869
38,384,970
791,661,899

457,044,000 1,287,090,869
10,852,631.
49,237,601
446,191,369 1,237,853,268

835,010,869
26,670,040
808,340,829

452,048,000
13,866,783
438,181,217

1,287,058,869
40,536,823
1,246,522,046

846,910,869
29,684,390
817,326,479

463,778,000
17,620,019
446,257,981

1,310,688,869
47,104,409
1,263,584,460

825,730,869
42,022,380
783,708,489

474,054,000
17,385,516
450,068,484

1,299,784,869
59,407,806
1,240,376,973

822,923,869
39,947,250
782,976,619

474,350,000
9,071,295
465,278,705

1,297,273,869
49,018,645
1,248,265,324

818,768,869
34,485,260
784,273,609

484,064,000
9,363,038
474,690,962

1,302,812,869
43,848,298
1,258,964,571

837,664,869
30,911,760
806,663,109

487,768,000
12,684,277
475,083,723

1,326,332,869
43,596,037
1,281,736,832

842,045,869
36,378,105
805,667,764

488,208,000
12,364,058
475,843,942

1,330,263,869
48,742,163
1,281,511,706

850,817,869
43,571,480
807,246,389

488,793,000
4,893,158
483,899,842

1,339,610,869
48,464,638
1,291,146,231

863,262,869
49,618,530
813,644,339

488,125,000
7,382,500
480,742,600

1,351,387,869
57,001,030
1,294,386,839

858,272,869
56,412,360
801,860,509

491,216,000
20,378,201
470,837,799

1,349,488,869
76,790,561
1,272,698,308

864,263,869
25,966,330
838,307, . . 9
53

480,898,000
19,535,237
461,362,763

1,345,161,869
45,491,567
1,299,670,302

860, .341,869
47,699,690
812,642,179

484,754,000
13,342,608
471,411,392

1,345,095,869
61,042,298
1,284,053,571

844,617,869
47,661,660
796,966,209

483,365,000
6,607,037
476,757,963

1,327,982,869
54,268,697
1,273,714,172

846,698,869
42,089,580
804,609,289

482,647,000
5,965.203
476,581;797

1,329,245.869
48;054,783 .
1,281,191,086

197

TREASURER.
No. 14.—Gold certificates and silver certificates, etc.—Continued.
Months.

1909—May:
Outstanding
In the Treasury
In circulation...
June:
Outstanding
In the Treasury
In circulation...
July:
Outstanding
In the Treasury
In circulation.].
August:
Outstandhlg
In the Treasury
In circulation...
. September:
Outstanding
In the Treasury
In circiUation...
October:
Outstanding
In the Treasury
In circulation...
November:
Outstanding
In the Treasury
In circulation...
December:
Outstanding
In the Treasury
In circulation...
1910—January:
Outstanding
In the Treasury
In circulation...
February:
Outstanding
In the Treasury
Tn circulation...
March:
Outstanding
In the Treasury
/
In circulation...
April:
Outstanding
In the TT easury
In circulation...
May:
Outstanding
In the Treasury
In circulation...
June:
Outstanding
In the Treasury
In chculation...
July:
Outstanding
In the Treasury
In circulation...
August:
Outstanding
In the Treasury
In circulation...
September:
Outstanding
In the Treasury
In circulation...
October:
Outstanding
In the Treasury
In circulation...
November:
Outstanding
In the Treasury,
In circulation...
December:
Outstandmg
In the Treasury,
In circulation...




Gold certificates.

$842,855,
27,461.
816,394,

Silver certificates.

Total.

$486,390,000 $1,329,246,869
6,987,843
34,449,693
479,402,157 1,294,796,176

862,751,
37,746,
815,005,

484,414,000
6,696,676
477,717,324

337,165 869
44,443, 096
292, 722,773

852,034,
46.750,
805,284,

487,008,000
9,794,233
477,21.?, 767

339,042, 869
66,644, 743
282,498. 126

859,392,
47,920,
811,472,

487,586,000
9/501,446
478,084.564

346,978.
67,422, 146
289,656, 723

864,162,
68,645,
806,517,

484,826,000
5,1.35,169
479,690,831

348,98.8,
63,780; 879
285,207, 990

874,656,
79,4.51,
795,206,

487,687,000
5,792, 111
481,794,889

362,243,
85,243, 491
277,000, 378

884,339,
93,962,
790,377,

487,038,000
6,928,407
481,109,593

371,.377,
99,891, 007
271,486,

874,792,
84,885,
789,907, 069

487,365,000
12,965,642
474,389,458

362,147,
97,851, 342
264,296, 627

866,808,
60,617.
816,191,

484,665,000
10,624,977
474,040,023

351,473,
61,242, 467
290,231, 402

868,472,
40,844,
817,628,

485,775.000
• 6,537; 927
479,237,073

344,247,
47,382, 217
296,866, 652

852,877,
45,676,
807,201,

489 834,000
5,688,438
484,146,562

342,711,
.51.365,048
29i;346; 821

851,- 665,
66,959,
784,706,

489,798,000
5,947,355
483.850,645

341,463.
72,906; 975
268,556, 894

857,003,
64,161,
802,852,

489,317,000
8,063,089
481,263,911

346,320;
62,204, 299
284,116, 570

862,936,
60,182,
802,754,

489,117,000
10,519,762
478,597,238

352,053,
70. 702,432
281;351, 4,37

870,697,
38,934,
831,663,

489,474,000
12,810,624
476,663,376

360,071 669
51,746, 264
308,326, 405

889,811,
36,945,
853,866,

485,939,000
10,267,573
475,671,427

375,750, 669
46,212, 773
329,537,

895,178,
49,212,
846,965,

484,657,000
5,238,487
479,418,513

379,835, 669
54,451, 197
325,384, 472

899,859,
63,059,
836,800,

489,068,000
5,691,589
483,376,411

388,927,
68,751,
320,176, 680

910,354,
67,480,
842,874,

488,190,000
7,462,588
480,727,412

398,544, e
74,942,8
323,601,8

922,855,
73,681,
849,174,

'485,571,000
11,237, 501
474,333,499

408,426, 669
84,918, 531
323,508, 138

198

REPORT ON T H E FIN-ANTCES.
No. 1 4 . ^ ^ o l d certificates and silver certificates, etc.—Continued.

Months.

1911—January:
Outstanding
In the Treasury.
In circulation
February:
Outstandihg
In the Treasury.
In circulation
March:
Outstanding
In the Treasury.
In circulation....
April:
Outstanding
In the Treasury .•
In circulation
May:
Outstanding
In theTreasury.
In circulation
June:
Outstanding
In the Treasury.
In circulation
July:
Outstanding
In the Treasuiy.
In circulation...
August:
Outstanding
In the Treasury.
In circulation. •. .•
September:
Outstanding
In the Treasury.
In chculation...
October:
Outstanding
In the Treasury.
In circulation...
November:
Outstanding
In the Treasury.
In circulation...
December:
Outstanding
In the Treasury.
In circulation...
1912—January:
Outstanding
In the Treasury.
In circulation...
February:
Outstanding
In the Treasury.
In circulation...
March:
Outstanding
In the Treasury.
In circulation
April:
Outstanding
In the Treasu ry.
In circulation...
May:
Outstanding
In the Treasury.
In circulation...
June:
Outstandihg
In the Treasury.
In circulation...




Gold certificates.

$937, 757,669
36, 371,317
901, 386,352

Silver certificates.

$480,003,000 $1,417,760,669
10,692,058
47,063,375
469,310,942 1,370,697,294

1,079,669
1,468,180
1,611,489

478,686,000
6,485,117
472,200,883

1,418,765,669
36,953,297
1,381,812,372

950,
34, 515,050
916, 865,619

474,096,000
6,673,373
, 467,422,627

1,424,476,669
41,-188,423
1,383,288,246

967, 232,669
32, 827,160
934, 405,509

472,632,000
6,610,877
466,021,123

1,439,864,669
39,438,037
1,400,426,632

983, 158,669
36, 958,040
946, 200,629

468,436,000
5,848,232
462,587,768

1,451,594,669
42,806,272
1,408,788,397

994. 870,669
64; 502,740
930, 367,929

463,499,000
9,955,304
453,543,696

1,458,369,669
74,458,044
1,383,911,625

,457,669 •467,54.6,000 1,459,003,669
6,845, .366
I, ,361,620
87,206,986
460,700,634 1,371,796,683
,096,049
338,669
70, 648,980
923, 689,689

466,411,000
6,062,089
460,348,911

1,460,749,669
76,711,069
1,384,038,600

1,002,070,669
71, 944,640
930, 126,029

464,051,000
5,610,683
458,440,317

1,466,121,669
77, .555,323
1,388,566,346

997, (362,669
SO, 100,670
916, 961,999

484,281,000
8,590,586
475,690,414

1,481,343,669
88,691,2561,392,652,413

1,002, 579,609
.106,938,921
895, 640,748

490,453,000
7,001,027
483,451,973

1,493,032,669
11.3,939,948
1,379,092,721

1,010, 956,369
104, 012,002
906, 944,307

489,166,000
11,138,716
478,027,284

1,500,122,369
115,150,718
1,384,971,651

1,035, 612,369
71, 458,840
964, 153,629

484,594,000
15,934,925
468,659,075

1,520,206,369
87,393,765
1,432,812,604

1,025, 723,369
66, 580,673
959, 142,796

477,919,000
10,235,603
467,683,397

,1,503,642,369
76,816,176
1,426,826,193

1,028,432,369
81, 295,114
947, 137,255

487,163,000
12,307,624
474,865,376

1,515,595,369
93,602,738
1,421,992,631

1,0.34,296,369
82, 329,040
9.51,967,329

486,191,000
10,883,976
475,307,024

1,520,487,369
93,213,016
1,427,274, .353

1,034,895,369
74, 588,040
960, 307,329

483,223,000
11,489,859
471,733,141

1,518,118,369
86,077,899
1,432,040,470

1,040, 0.57,369
96, 621,751
943, 4.35,618

481,54.9,000
12,324,600
469,224,400

1,521,606,369
108,946,351
1,412,660,018

199

TEEASUEEE,

No. 15.—Estimated stock of all hinds of money at the end of each month, from January,
1906.
[Notes include"United States notes. T r e a s u r y notes, a n d n a t i o n a l - b a n k notes.]
Gold.
1906—January...,
February..
' March
April
May
June
July
August
September,
October...
November.
December.
1907^ January...
February..
March
April
May
June
^ July
August
September
October...
November.
December.
1908—January...
February.,
March
AprU
May
June
July.......
August
September
October...
November.
December.
1909—January...
February.,
March
April
May
June
July
August
September
October...
November,
December.
1910—January...
February..
March
April
May
June
July
August
September
October...
November,
December.
1911—January...
February.,
March
AprU
May
June
July
August
Sep.tember
October...
November.
December.
1912—January...
FebruaryMarch
AprU
May
June




423,220,213
417,007,439
418,202,210
433,450,570
466,921,374
475,706,765
495,606,494
507,503,849
539,840,778
566,619,131
576,898,912
587,018,385
598,116,107
604,972,427
611,373,750
617,893,741
619,136,891
466,389,101
474,168,738
472,563,328
482,969,710
489,742,845
561,714,719
604,530,493
628,600,555
635,848,474
642,565,614
639,267,384
616,013,933
618,133,492
630,299,889
641,558,948
643,681,386
649,358,744
658,844,151
653,881,807
649,029,303
656,725,109
645,422,056
649,489,542
644,900,733
642,041,999
637,811,127
636,495,783
646,833,501
648,714,131
644,906,223
638,108,821
639,962,795
642,083,846
648,863,152
,620,522,091
,627,428,314
,636,043,478
•651,749,850
676,179,924
683,398,050
692,759,176
701,198,787
708,828,297
718,936,137
730,461,293
737,760,945
;744,588,314
753,448,215
753,196,722
764,107,103
776,494,754
782,763,975
791,559,600
797,721,560
797,000,916
803,282,321
794,552,027
798,389,525
810,515,781
813,036,396
818,188,417

Silver.
$677,254,246
677,428,821
677,198,447
677,487,639
677,665,057
679,090,450
678,821,326
679,930,330
681,286,650
685,124,829
687,579,312
689,476,898
689,2.38,008
690,000,971
690,404,583
691,839,019
692,962, .548
692,714,200
693,197,097
693,969,008
695,343,609
696,759,584
698,905,127
702,401,976
704,367,775
706,395,605
707,496,445
707,906,984
706,718,245
710,633,595
710,363,367
711,193,819
709,264,072
714,490,782
714,784,617
716,889,924
718,122,364
719,413,952
717,706,847
718,539,211
722,572,927
723,470,265
723,518,934
719,906,119
724,215,565
724,519,210
725,599,352
727,135,856
727,718,824
728,242,605
725,820,690
725,992,025
729,319,113
719,764,256
720,050,681
720,124,546
720;049,014
720,906,304
721,330,360
722,669,561
723,038,402
721,259,049
723,466,537
723,841,489
724,192,956
724,640,731
724,769,370
725,694,347
727,916,697
726,405,793
729,248,764
730,975,679
729,889,816
732,571,923
730,343,025
731,065,250
735,206,944
735,937,226

Aggregate.
$897,997,096
905,453,911
909,141,983
910,988,298
913,314,676
915,179, .376
915,394,061
923,662,319
927,605,124
936,765,001
946,888,565
949,459,485
949,366,585
•949,409,038
950,175,079
952,776,856
954,699,666
956,457,706
955,967,902
956,-624,337
956,375,130
962,274,482
1,008,445,212
1,042,290,911
1,047,483,778
1,047,674,535
1,048,328,371
1,049,478,714
1,050,200,533
1,049,996,933
1,043,673,007
1,036,854,124
1,027,060,343
1,017,230,208
1,018,508,193
1,028,345,181
1,027,879,108
1,029,434,616
1,035,486,631
1,038,418,243
1,039,138,131
1,040,816,090
1,046,204,180
1,049,646,490
1,053,559,475
1,054,655,772
1,058,096,473
1,060,977,269
1,060,454,349
1,060,553,884
1,067,740,012
1,063,899,602
1,062,634,857
1,063,783,749
1,062,342,484
1,067,589,067
1,071,022,622
1,075,073,324
1,077,030,849
1,077,858,997
1,076,552,404,
1,079,004,057
1,079,190,932
1,078,144,534
1,078,445,027
1,078,121,524
1,082,723,032
1,087,088,764
1,087,635,374
1,088,984,329
1,089,566,362
, 1,090,377,203
1,091,399,984
1,093,993,289
1,094,562,299
1,095,379,364
1,095,130,688
1,094,745,008

998, 471,555
999, 890,171
004, 542,640
021 926,507
057; 901,107
069 976,591
089; 821,881
111, 096,498
148, 732,552
188, 508,961
211 366,789
225, 954,768
236 720,700
244, 382,436
251, 953,412
262, 509,616
266, 789,005
115; 561,007
123, 333,737
123, 056,673
134, 688,449
148, 776,911
269, 065,058
349, 223,380
380, 452,108
918,614
390,430
396, 653,082
372, 932,711
378, 764,020
384; 336,263
389; 606,891
380, 005,801381, 079,734
392, 136,961
399; 116,912
395, 030,775
405, 573,677
398, 615,534
406, 446,996
406, 611,791
406, 328,354
407; 534,241
406, 048,392
424, 608,541
427, 889,113
428, 602,048
426, 221,946
428, 135,968
430, 880,335
442, 423,854
410, 413,718
419; 382,284
419, 591,483
434, 142,915
463, 893,537
474, 469,686
488, 738,804
499, 559,996
509, 356,855
518, 526,943
530 724,399
540; 418,414
546, 574,337
556, 086,198
5.55, 958,977
571 599,605
688; 277,865
698; 315,046
606, 949,722
616 626,676
618; 363,798
624, 572,121
621, 117,239
623, 294,849
636; 960,395
643, 374,027
648, 870,650

200

REPORT ON T H E FINANCES.

No. 16.—Estirnated amount of all kinds of money in circulation at the end of each month,
from January, 1906.
Months.
1906—January...
February..
March
April
May
June
July
August
September.
October—
November.
December.
1907--January...
February..
March—'
April
May
June
July
August
September.
October—
November.
December.
1908—January...
February..
March
AprU
May
June
July
August
September.
October....
November.
December.
1909—January...
February..
March
AprU
May
June
July
August
September,
October....
November.
'
December.
1910—January...
February..
March
April
May
June
July
August
September
October
November.
December.
1911—January...
February..
March
AprU
May
June
July
. August
September,
October...
November.
December.
1912—January...
February..
March
AprU
May
-.
June




Gold.

SUver.

$654, 793,697 $188,007,079
648, 856,052
186,746,219
643; 993,307
191,200,775
672, 524,404
189,918,721
683; 426,878
188,496,454
668; 655,075
188,630,872
675, 979,661
189,091,784
676, 179,514
192,33^,141
684, 268,074
197,664,217
687, 686,761
203,885,116
685, 974,422
206,473,629
692, 623,564
209,498,773
695, 539,841
203,581,203
692, 895,812
203,690,890
690, 439,279
203,983,239
691, 481,469
203,878,005
695, 680,258.
203,810,469
561, 097,371
203,487,845
566, 036,725
203,504,285
560, 356,994
205,233,277
561, 956,589 . 209,744,403
574, 459,086
216,284,188
640, 577,952
223,959,161
648, 573,173
226,293,287
641, 496,096
220,258,147
633, 804,057
213,928,137
629, 732,705
209,631,136
628, 168,888
205,291,654
618> 620,701
199,486,183
613, 244,810
200,506,822
615, 788,276
197,967,870
619, 990,263
198,896,669
615, 955;118
199,108,224
610, 060,562
206,403,946
616, 998,061
208,474,033
619, 317,841
207,606,958
605, 944,900
204,258,229
609, 998,359
202,926,039
608, 292,669
199,570,449
609, 289,337
198,939,082
605, 243,676
599, 337,698 -202,077,178
204,319,698
596, 806,435
204,744,696
687, 838,757
203,052,356
598, 443,000
212,027,601
598, 773,175
216,707,895
603, 961,316
219,939,461
606, 212,413
221,731,663
603, 614,652
217,091,608
597, 798,938
215,228,223
594, 085,718
212,577,066
591, 814,708
212,645,280
594, 954,808
215,818,883
877,993
208,016,245
690; 665,438
207,184,189
591; 685,008
207,844,218
070,080
592,
210,495,403
593, 934,946
214,209,558
492,185
694;
217,099,922
601, 650,087
218,257,122
287,884
605;
213,419,506
597; 671,450
209,610,027
169,067
593, 433,526
211,056,095
690; 864,352
210,659,520
689; 295,538
210,657,447
600, 230,820
210,867,772
589, 485,758
210,782,652
590; 134,469
211,996,000
693; 417,161
216,852,025
595, 777,641
216,856,870
594; 026,906
220,832,899
616;,474,436
222,311,609
614, 461,630
216,997,219
216,414,734
603,,115,340
211,296,047
595;,360,930
211,441,300
597; 540,016
214,661,266
605; 724,153
215,373,772
608;
6I0;

Notes.

Certificates.

$870,240,383
881,214,950
886,369,392
889,536,319
888,290,413
891,278,778
892,171,926
905,136,764
914,005,164
925,933,041
933,535,502
933,565,767
923,280,171
928,052,632
934,841,838
936,545,649
939,197,181
937,487,715
933,504,724
935,200,509
933,101,522
943,979,945
999,115,141
1,029,779,142
1,009,565,457
1,007,081,179
994,564,847
989,249,199
977,698,372
976,008,532
973,241,830
976,783,144
981,724,313
'990,887,282
997,702,100
992,792,596
981,439,115
987,810,037
1,005,107,236
1,007,243,619
1,006,545,376
1,009,860,488
1,011,031,742
1,015,825,990
1,025,631,435
1,032,197,609
1,035,923,305
1,029,913,935
1,014,749,058
1,024,200,437
1,040,264,206
1,031,630,39L
1,026,415,486
1,022,109,930
1,016,876,369
1,025,659,725
1,035,877,726
1,050,763,416
1,050,421,398
1,044,965,039
1,030,145,781
1,041,803,129
1,046,962,237
1,037,118,440
1,035,806,059
1,029,927,661
1.034,906,975
1,039,393,276
1,041,629,885
1,051,040,007
1,053,879,492
1,046,266,156
1,033,986,381
1,045,449,939
1,050,783,748
1,052,122,066
1,050,521,584
1,045,765,150

$967, 588,773
954, 486,282
954, 941,314
968, 270,859
983, 467,375
988, 081,903
1,000, 106,067
993, 258,880
1,016, 196,239
1,049, 377,868
1,043, 090,702
1,048, 212,224
1,080, 500,878
1,066, 081,888
1,077, 135,512
1,100, 201,002
1,101, 094,661
1,070, 283,524
1,078, 277,826
1,088, 410,780
1,101, 0.51,860
1,141, 645,477
1,144, 589,329
1,174, 343,696
1,223, 042,999
1,237, 853,268
1,246, 522,046
1,263, •584,460
1,240, 376,973
1,248, 255,324
1,258, 964,571
1,281, 736,832
1,281, 511,706
1,291, 146,231
1,294, 386,839
1,272, 698,308
1,299, 670,302
1,284, 053,571
1,273, 714,172
1,281, 191,086
1,294, 796,176
1,292, 722,773
1,282; 498,126
1,289, 566,723
207,990
1,285; 000,378
1,277, 486,862
1,271, 296,527
1,264; 231,402
1,290, 865,652
1,296; 346,821
1,291; 556,894
1,268; 116,570
1,284; 351,437
1,281; 326,405
1,308; 537,896
1,329; 384,472
1,325; 176,580
1,320, 601,809
1,323, 508,138
1,323, 697,294
1,370; 812,372
1,381; 288,246
1,383, 426,632
1,400, 788,397
1,408 911,625
1,383; 796,683
1,371; 038,600
1,.384; 566,346
1,388; 652,413
1,392; 092,721
1,379, 971,651
1,384; 812,604
1,432; 826,193
992,631
1,426, ,274,353
1,421, ,040,470
1,427 660,018
1,432;
1,412;

Total.
,629,932
,302,503 •
,504,788
,250,303
,681,120
,646,628
,349,438
,913,299
,133,694
,882,786
,074,255
,900,328,902,093
,721,222
,399,868
,106,025
,782,569 .
1,956,465
,323,560 •
1,201,620
,854,374
,368,696
;, 241,583
;, 989,298
,362,699
,666,641
1,450,734 .
> 294,101
,
1,182,289
;, 015,488
1,962,547
,406,908
,299,361
1,498,021
,561,033'
,315,703
,312,546
:, 778,006
,684,616
,663,124
,662,406 '
,240,657
,080,999
1,273,826
,310,026
:, 679,057
,310,934
,154,538,586,720,093,250
,273,811
,547;273
,305,747
,355,605
,052,401
,726,847
:, 827,681
,084,499
i, 615,314
,380,386
,660,465
,896,978
,465,635
,638,117
,116,255 /
,002,596-^
,717,130
,913,634
!, 182,716
,966,451
1,582,753
,575,322
,,269,640 .
,152,496
,187,766'
1,198,639
,763,336
,513,093

201

TEEASUEEE.

No. 17.^-Assets ofthe Treasury other than gold, silver, notes, and certificates at the end of
each month, from January, 1906.

Months.

1906—January...
February.
March
AprU
May
June
July
August
September
October...
November.
December.
1907—January...
February..
March
AprU
May
June
July
August
September
October...
November.
December.
1908—January...
February..
March
AprU
• May
June
July
August
September
October...
November.
December.
1909—January...
February.
March
A pril.....
May
June
July
August
September
October...
November.
December.
1910—January...
February.,
March
AprU.....
May
June
July
August
September
October...
November.
December.
1911—January...
February.
March
,
AprU
I
May
June
July
August
September
October...
November,
December.
1912—January...
February.
March
April
May
June

Minor coin.

Fractional
currency.

Deposits
in n a t i o n a l
banks.

$74
$64.343,644
$696,215
754,470
137
65,333,465
855,028
103
76,350,723
760,142
162
102,918,772
578,825
126
92,534,755
1,359,586
164
90,443,924
1,243,896
195
84,480,056
967,924
128
106,355,219
672 132
168
134,619,383
967,506
191
148,975,346
495,608
137
145,659,439
601,133
154
158,753,158
1,065,121
58
160,654,952
1,063,125
73
150,486,236
893,730
159
166,236,680
80
178,691,078
2,022,713
1,834,313
150
183,810,572
1,642,938
57
178,741,438
1,424,650
91
156,990,205
1,183,838
147
157,102,219
884,615
56
170,512,212
1,500,150
92
220,270,625
1,133,863
107
236,548,321
1,159,206
172
256,920,155
1 665,027
76
238,190,042
1,996,907
129
230,515,443
2,826,075
47
202,662,622
2,771,683
117 . 200,713,219
2,869,089
85
164,912,412
3,164,307
141
160,357,000
X 3,077,284
75
130,660,745
3,096,834
126
128,907,343
2,896,369
92
129,925,200
2,666,449
135
131,693,492
2,306,071
97
130,111,806
2,023,737
239
123,928,436
2,360,179
103
100,511,200
2,423,955
165
72,343,826
2,802,819
35
70,516,470
2,746,130
59
71,159,294
2,582,133
146
72,946,080
2,607,433
79
71,662,801
2,430,978
118
54,022,746
1,923,098
53
61,651,531
1,972,344
53
50,604,523
1,519,743
125
49,497,664
1,222,516
59
49,069,718
1,060,531
110
47,926,877
1,167,889
• 183
48,353,942
1,192,280
87
48,618,090
1,022,457
136
47,603,386
1,148,185
138
46,944,661
1,257,024
78
50,841,325
936,199
131
52,209,686
1,144,107
127
48,390,919
922,151
66
48,766,121
882,828
134
48,047,442
652,188
63
47,898,287
583,325
100
47,868,364
499,536
137
47,135,285
'880,763
96
46,695,234
1,417,100
127
46,667,652
1,351,229
53
46,732,832
1,162,994
• 77
46,393,015
990,174
127
49,828,771
1,979,184 12,302,030
47,647,665
1,883,208
694,419
49,244,763
1,757,756
819,745
48,684,242
1,464,244'
401,672
" 48,668,692
2,202,826
1,003,306
48,200,874
1,673,867
817,838
47,820,242
1,434,616
699,486
47,768,604
1,797,922
1,068,487
47,439,242
2,050,105
1,074,287
46,748,305
2,330,084
1,039,299
44,961,011
2,571,412
658,055
44,839,428
2,689,355
741,798
47,525,400
2,386,925
723,619
48,506,185

ijeposiisin Bonds and
t r e a s u r y of
interest
PhUippine
paid.
Islands.
$5,148,603
5,064,704
4,921,755
3,713,519
4,318,437
3,449,266
5,177,552
4,898,673
5,314,736
4,730,064
6,003,377
4,398,584
4,200,305
3,422,551
3,887,713
3,799,562
4,112,786
2,984,102
4,253,678
4,731,183
5,593,866
5,064,571
3,939,200
4,353,145
4,004,169
2,996,970
4,064,367
3,366,421
2,451,942
1,971,066
5,448,751
6,455,226
4,687,105
4,029,618
4,769,987
5,009,728
4,323,011
3,472,902
4,428,338
4,135,946
4,282,808
2,770,878
5,901,272
5,032,190
4,800,898
6,107,046
5,863,025
5,631,183
4,725,884
4,243,930
4,857,190
4,481,524
4,728,696
3,470,650
6,228,662
6,110,363
6,128,254
6,421,814
6,197,665
6,427,103
6,437,836
6,194,992
5,261,144
4,929,019
6,564,013
, 3,746,800
"7,249,867
4,604,172
7,208,286
6,334,028
6,138,300
5,853,794
6,470,553
5,316,837
4,923,814
6,047,267
6,669,006
4,544,196

$121,499
26,907
31,265
43,613
217,095
• 53,238
24,468
34,740
29,247
27,769
22,452
346,897
13,319
30,790
596,606
26,464
40,690
60,383
517,924
105,052
59,216
49,155
66,113
« 67,051
15,537
32,014
11,764
22,738
37,736
33,221
21,707
17,174
9,766
18,978
27,618
26,098
23,526
24,988
18,087
24,688
59,070
18,663
26,376
1 9,115
' 4 579
14,654
26,718
8,830
5,994
48,045
17,263
27,569
16,470
12,097
28,994
14,521
12,052
15,586
20,108
9,006
18,495
25,179
18,026
22,265
10,668
7,678
11,779
14,801
7,466
6,067
50,378
10,280
6,969
21,633
4,037
4,660
9,661
34,623-

I Including certified checks on banks from and after this date.




Total.

$70,310,035
71,179,683
82,158,874
107,436,198
97,649,238
96,306,167
90,926,167
112 256 684
140,635,655
154,70.0,866
151,081,013
164,099,926
. 165,933,755
156,002,775
170,613,888
184,639,877
189; 798,511
183,428,918
163,186,548
163,122,439
177,049,965
226,884,593
241,677,604
262,489,729
243,874,860
235,540,463
209,564,876
206,874,078
170,271,264
165,525,735
139,208,562
1.38,476,702
137,518,522
138,407,672
137,216,579
130,988,238
107,218,019
78,265,835
77,766,749
78,065,117
79,870,237
77,059,854
62,381,490
58,616,987
57,382,397
57,139,222
56,182,035
54,627,531
54,253,892
54,102,432
53,600,422
52,602,077
56,843,593
56,628,663
55,792,809
56,812,221
54,070,710
54,987,938
54,669,562
54,071,067
54,032,424
54,305,050
53,363,284
52,507,370
56,393,753
55,683,367
69,084,036
55,780,716
67,660,360
67,747,101
56,600,626
55,766,680
56,773,173
55,211,167
53,258,245
54,120,722
56,625,120
56,195,548

202

REPORT ON T H E FINANCES.
No. 18.—Assets ofthe Treasury at the end of each month, from January, 1906.
Gold.

Months.
1906—January...
February..
March
April
May
June
July
August—
September
October...
November.
December.
1907—Jahuary...
• February..
March
April
May..
June
July
August
September
October...
November.
December.
1908—January...
February..
March
April
May
June
July
August—
September
October...
November,
December.
1909—January...
February.,
March
April
May
June
July
August
September
October...
November.
December.
1910—January...
February,.
March
April
May
June
July..
August
September
October...
November.
December.
1911—January...
February.,
March
April
^ May
June
July
August
September
October...
November.
December.
1912—January...
.February.,
March
April
May
June

$768 426,
768 lol,
774 208,
760 926,
783 494,
80-^ 051,
•819 626,
831 324,
855 5^2,
8 8 932,
^
890 92^,
894 394,
902 5''6,
912 0^6,
920 934,
926 412,
923 456
904 691,
908 132,
912 206,
921 013,
915 283
921 136,
955 957,
98'^ 104
,002 044,
,012 832,
,011 098,
997 383,
,004 888
,014 511,
,021 568,
,02' 726,
,039 298,
,041 846
,034 563
,043 084,
,046 736
,037 129,
,040 200,
,039 657,
,042 704;
,041 004,
,048 657,
,048 390,
,049 940,
;040 944,
,081 896,
,036 448,
,044 284,
,0,54 777
,028 707,
,032 4'^3
,046 165
,060 084
,083 494
,090 327
,097 824,
,099 706
,103 178,
,121 648,
,136 789,
,147 591,
,155 154,
,152 583,
,163 901,
,173 876,
,182 008,
,187 629,
,197 142,
,180 943,
,182 974,
,199 807,
,199 090,
,201 274,
,205 154,
,204 496,
,207 464,




Silver.$498 627,
500 349,
495 464,
496 73o,
498 3.30,
499 225,
498 4-^2,
496 199,
492 392,
489 560,
488 839,
48"' 427,
493 765,
495 054,
495 179,
496 681,
497 994,
499 254,
500 103,
498 996,
494 973,
489 400,
483 .598,
484 643,
493 825,
502 731.
509 170,
513 743,
518 061,
• 521205,
523 038,
522 729,
520 312,
517 990,
516 031,
518 303,
523 069,
525 249,
.526 964,
52'^ 984,
528 647,
52^ 607,
52-^ 126.
525 160,
520 .315,
515 894,
513 448,
512 .305,
517 785,
520 003,
520 278,
520 314,
520 441,
518 965,
519 969,
519 227,
516 406.
513 800,
511 275,
510 986,
516 147,
518 052.
519 475,
520 353,
520 728,
520 960.
521 263,
520 482,
517 669,
.515 646,
513 973,
513 426,
518 426,
520 630,
523 760,
524 445,
525 186,
525 564,

Notes.
$27,756,713
24,238,961
22,772,591
21,451,979
25,024,263
23,900,598
23,222,135
18,525,555
13,599,960
10,831,960
13,353,063
15,893,718
26,086,414
•21,356;406
15,333,241
16,231,307
15,502,385
18,969,991
22,463,178
21,323,768
23,273,608
18,294,537
9,330,071
12,511,769
37,918,321
40,593,356
53,763,524
60.229,515
72,502.161
73,988,401
70,431,177
60.070,980
45; 336,0.30
26,342,926
20,806,093
35,552,585
46,439,993
41,624,579
30,37,9,395
31,174,624
32,592,755
30,955,602
35,172,4.38
33,820,500
27,928,040
22,458,163
22,173,168
31,063,3.34
' .45,705,291
36,353,447
27,475,806
32,269,211
36,219,371
41,673,819
45.466,115
41,929,342
35,144,896
24;309,908
26,609,451
.32,893,958
46.406,623
37;200.928
33,238; 695
41,026,094
42,638,908
48,193,803
47,816,057
47,695,488
46,005,489
37,944,322
35,676,870
44,112,047
57,414,603
48,543,350
43,778,551
43,257,308
44,609,104
48,989,858

Certificates.
$39 590,
55 038,
59 534,
55 065,
48 772,
49 450,
• 1 515,
4
57 872,
44 106,
47 608,
62 172,
67 158,
47 711,
- 1 993,
5
46 729,
48 285,
55 889,
83 918,
90 721,
94 539,
93 561, 009
78 519, 392
74 316, 540
64 078, 173
51 8'^6,870
49 237, 601
40 536, 823
47 104, 409
59 407, 896
49 018, 5'.5
43 848, 298
43 596, 037
48 742, 163
48 464, 638
57 001, 030
76 790, 561
45 491, 567
61 042, 298
54 268. 697
48 054, 783
34 449, 693
44 443, 096
56 5^4, 743
57 422, 146
63 780, 879
85 243, 491
99 891, 007
97 8.51,342
61 242, 467
47 .382,217
5 - 365, 048
1
72 906, 9'75
62 204, 299
70 702, 432
51 746, 264.
,773
46 212;
54 451, 197
68 751, 089
74 942. 860
84 918. 531
47 063, 3'75
• 6 953, 297
3
41 188, 423
39 438, 037
42 806, 272
74 458, 044
87 206, 986
76 711, 069
77 555, 323
88 691, 256
113 939, 948
115 150, 718
87 393, 765
76 816, 1-76
93 602, 738
93 213, 016
86 077, 899
108, 946, 351

Other.

Total.

.$70,310,035 $1,404,710,878
1,418,958,613
71,179,683
1,434, 138,945
82,168,874
1,441,615,920
107,436,198
1,453,270,606
97,649,239
1,474,935,335
95,306,167
1,473,763,232
90,926,167
112,256,684
1,516; 178,999
140,635.655
1,546,307,375
154,700;865
1,581; 633,247
151,081,013
1,606,369,796
164,099,925
1,628; 974,834
165,933,755
1,636,074,418
155,002,775
1,635, 484,485
170,613,888
1,648; 790,810
184,539,877
1,672, 151,087
189,798,511
1.682, 641,381
183,428,918
i;690, 263,414
163,186,548
1,684; 605,843
163,122,439
1,690, 187,769
177,049,965
1,709; 871,167
226,884,593
1,728. 283,123
241,677,604
1,730; 059,038
1,779; 680,664
262,489,729
1,814, 600,028
243,874,850
1,830; 147,442
235,540,463
1,825, 868,701
209,564,875
1,839, 050,363
206,874,078
1,817, 636,025
170,271,264
1,814, 626,383
165,52.5,735
1,791; 038,029
139,208,562
1,780; 442,022
138,476.702
1,779, 635,024
137,51S;522
1,770; 503,683
138,407,072
1,772;
;900,071
137,215; 579
1.796; 198,760
130,988,238
i;765; 303,524
107,218,019
78,266,835
1,752, 919;025
77,765,749
1,726; 508; 203
78,066,117
1,725, 479,435
79,870.237
1,715; 216;819
77,059,854
1,722; 770,813
62,381,490
1,722; 230,122
58,615,987
1,723; 676,098
57,382,397
1,717; 797,097
67,139,222
1,730, 676,80456,182,035
1,732, 639;766
54,627,531
1,727, 744,439
54,253,892
1,715, 435,391
54,102,432
1,702; 126,627
53,500,422
1,707, 397,4'59
52,602,077
1,706; 799,839
56,843.593
1,708; 181,796
;136,244
56,628;663
1,733;
,057,808
55,792,809
1,73.3;
,676,815
55,812,221
1,746;
54,070.710
1,750; 401,749
54,987,938
1,759; 673,952
,204,257
54,669,562
1,767;
54,0.71,067
1,786; 048,116
54,032,424
1,785, 298,051
.54,305,050
1,783; 301,126
53,363,284
1,794; 857,871
52.607, .370 1,808, 480,075
56;393,753
1,815; 151,591
55,083,3.57
1,863, 196,781
59,084,036
1,889, 247,017
55,780,715
1,882, 678,554
57,650,360
1,886, 510,037
57,747,101
1,897, 171,123
56,500,625
1,901, 035,124
55,766,680
1,911, 429,663
56,773,173
1,919, 816,196
55,211,167
1,900, 291,927
53,258,245
1,916, 674,574
54,120,722
1,920, 191,640 •
56,625,120
1,916,994,669
56,195,548
1,947, 160,332

TREASURER.

,

-

203

No. 19.—Liabilities ofthe Treasury at the endof each inonth, from January, 1906.

Months.

1906—January...
February..
March
April
May
Jime
July
. August
September
October...
November.
December.
1907—January...
February..
March
April
May
June
July
August
September
October...
November.
December.
1908—January..,
February..
March
April
May.......
June
July
August
September
October...
November.
December.
1909—January...
February..
March
April
May
June
July
August
.September
•October...
November.
December.
1910—January...
. February..
March
April
May
June
July
August
September.
October...
November.
December.
1911—January...
February..
March
AprU
May
June
July
August
September.
October
November.
December..
1912—January...
February..
March
April
May
June




Certificates
and Treasury notes.
$1,015; 264,869
1,017, 493,869
1,022,
1,030,
1,039, 743,869
1,044, 918,869
1,048, 853,869
1,058, 260,869
1,067, 323,869
1,103, 897,869
1,112,
1,121,
1,134, 700,869
1,124; 460,869
1,130; 146,869
1, 154; 668,869
1,163, 061,869
1,160, 189,869
1,174, 889,869
1,188, 736,869
1, 200; 319,869
1,225; 777,869
1, 224; 461,869
1, 243, 900,869
1,280, 319,869
1, 292, 409,869
1,292, 298,869
1,315, 840,869
1,304; 854,869
1,302, 255,869
1,307, 715,869
1,330; 179,869
1,335; 020,869
1,344; 315,869
1,366; 036,869
1.354,
1,349;
1.349, 563,869
< , 332, 380,869
1,333; 574,869
1,333, 519,869
1,341, 380,869
1,343; 211,869
1,351; 098,86,9
1,353; 059,869
1,366, 277,869
1,375, 359,869
1,366, 089,869
1.355, 367,869
1,348; 097,869
1,346, 511,869
1,34.5, 220,869
1.350, 031,869
1,355, 725,869
1,363, 703, 669
1,379, 337,669
1,383, 381, 669
1,392, 446,669
1,402, 038, 669
1,411, 898,669
1, 421, 186,669
1,422, 163,669
1,427, 833,669
1, 443, 183,-669
1,454; 880,669
1, 461, 615, 669
1.462, 221,669
1.463, 960,669
1,469, 287,669
1,484, 481,669
1,496, 143,669
1,503, 215,369
1,523, 263, .369
1,506, 682,369
1,518, 605,369
1,523, 465,3"69
1,521, 075., 369
1,524, 535,369

Agency
account.

98 746,
102 009,'
103 492,
103 141,
99 327,
104 945,
107 231,
107 770,
104 434,
112 809,
117 990,
106 665,
110 868,
115 775,
116 093,
111 949,
108 012,
121 141,
114 790,
119 999,
115 278,
106 056,
116 259,
117 862,
118 891,
120 961,
121 612,
121 847,
117 199,
129 693,
116 372,
115 561,
109 305,
115 475,
122 612,
115 915,
112 091,
110 193,
114 470,
111 795,
105 014,
120 580,
124 626,
120 531,
125 295,
125 344,
127 605,
129 106,
123 456,
122 000,
128 116,
126 984,
120 515,
126 997,
127 816,
126 036,
131 .539,
128 481,
134 7.55,
128 644,
125 621,
127 669,
129 .590,
123 792,
111 404,
124 500,
126 319,
122 827,
126. 167,
122, 647,
1,31,288,
•123, 139,
121, 716,
115, 535,
121, 112,
118, 921,
105, 472,

Balance.

$293,885,
302, 71S;
309, 859;
307,126;
310,385;
330, 689;
319,963,
360, 686;
371,213;
373,300;
381, 470,
388,997,
394,708,
400,154,
402,868;
401,388,
407,629,
422,06I;
388,574;
386/660,
389,551,
387,227,
400,651,
419,519,
416, 417,
418,845,
412, 608,
401,596,
390,933;
395,171
353,628
339, 890
329,052;
316,882,
301,387,
319,501
299, 701
291,263;
283,934,
277, 433,
269,901,
276,375;
258, 437;
247,950;
244,206;
239,103;
231,935;
234,048;
230,960,
230,67i;
238,885,
233, 462,
232,165,
256,894;
242,356;
239,523,
240,984;
235, 688;
236, 683;
239,393,
235,466;
236,525,
239, 454,
235, 705,
236, 477,
290,176,
302,525,
292,408;
294,394
286,522;
282,243;
276,925;
273,413,
271,892;
281,534,
275,613
276,'997
^ 317,152;

Total.

$1,404 710,878
i,
1, 418; 958,613
!
,
[,138,946
1,434,
,
1,441' 615,920
;
,
1, 453; 270,606
[,.935,335 •
1, 474;
; 763,232
,
1, 473;
i
,
1,516, 178, 999
i 307,375
,
1,546,
,
1,58i; 633,247
i
1,606;, 369,796
i
,
1 '""' 974,834
i
,
1; 636; 0747418
>,
1,635; 484,485
1 790,810 •
,
1 , "•"
1,151,087
1,672;
1,641,381
1,682;
I
,
1, 690, 263,414
:
1,684,, 606,843
1,187, 7691,690,
I
,
1, 709; 871,167
1
,
1, 728; 283,123
I 059,038
,
1, 730;
I
,
1, 779; 680, 664
. 600,028
1,814;,
i 147,442
,
1,830,
i
,
1, 825; 868, 701
\ 050,363
1 """
'
,
1,817;, 636,026
: 626,383
1,814 , 038,029
1, 791, 442,022
I
1, 786; 635,024
'
,
1, 779; 503,683
),
1,770, 900,071
\
1, 772, 198, 760
),
1,796; 303,524
',
1, 765, 919,025
!
,
1, 752,
1,508,203
1, 726; 479,435
,
1, 725; 216,819
<,
1, 715, 770,813
1
,
1, 722, 230,122
I
,
1, 722,
1,676,098
1,723, 797,097
;
1, 717, 676,804
I
,
1, 730, 639, 766
I
,
1, 732, 744,439
;
1, 727; 435,391
i
,
1, 715;
1,126,627
1, 702, 397,459
;
1, 707,799,839
',
1, 706, 181,796
:
,
1, 708; 136,244
,
1,733; 057,808
,
1, 733;
1,676,815
»
,
1,746; 401,749
I 673,952
,
1, 750,
'
,
1, 759, 204,157
i
,
1, 767, 048,116
.
,
1, 786, 298,061
,
1, 785, 301,126
,857,871
1, 783,
:
1,794;, 480,075
1,"" ,161,591
,
1,8I5; 196,781
,247,017
1,863;
,678,554
1,889,
1,882 ,510,037
,171,123
,035,124
1,
1,901 ,429,663
,816,196
1,911;
,291,927
1,919'
,674,574
1,900;
,191,640
1,915; 994,669
.
,
1,920,
,160,332
1,916
1,947'

204

REPOItT ON THE FINANCES.

No. 20.— United States notes of each denomination issued, redeemed, and outstanding at
the close of each fiscalyear from 1905.
,
Issued during y e a r .

Total issued.

Redeemed
d u r i n g year.

1905.
One dollar
T'wo dollars
F i v e dollars
$126,320,000
T e n dollars
Twenty dollars..
Fifty dollars
One h u n d r e d d o l l a r s . . . .
Five hundred dollars..
210,000
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d doUars

$188,364,160
186,763,048
692,821,760
1,100,691,240
528,682,400
147,015,200
191,714,000
219,276,000
'414,548,000
20,000,000
40,000,000

$22,328.00
23,102.00
3,215,860.00
107,412,180.00
9,021,930.00
1,116,750.00
, 2,200,850.00
1,233,000.00
2,284,000.00

$186,465,143.80
185,316,066.20
584,172,660.00
836,343,409.00
501,877,388.00
142,332,875.00
182,953,250.00
210,815,000.00
391,939,000.00
19,990,000.00
39,990,000.00

126,530.000

3,629,875,808

126,530,000.00

3,282,194,792.00
1,000,000.00

347,681,016.00
1,000,000.00

126,530,000

3,629,875,808

126,530,000.00

3,283,194,792.00

346,681,016.00

Denominations.

Total
U n k n o w n , destroyed
Net

Outstanding.

Total redeemed.

$i,899,016.20
.1,446,981.80
. .8,649,100.00
264,347,831.00
.26;805,012.00
4;'682,325.00
8,760,750.00
8,461,000.00
22,609,000.00
10,000.00
10,000.00

.

1906.
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty doUars
One h u n d r e d d o l l a r s . . . .
F i v e h u n d r e d doUars
One t h o u s a n d d o l l a r s . .
Five thousand dollars...
T e n t h o u s a n d dollars

107,840,000

^
,

13,093.00
188,-364,160
13,952.00
186,763,048
1,706,195.00
592,821,760
1,208,531,240 • 95,839,150.00
528,682,400
5,519,560.00 .
760,150.00
147,015,200
• 191,714,000
1,500,900.00
717,000.00
219,276,000
414,648,000
1,770,000.00
20,000,000
40,000,000

186,478,236:80.
1,885,923.20
185,330,018.20
1,433,029.80
585.878,855.00'
6,942,905.00
932,182; 559.00' 276, .348,681.00
507,396,948.00
21,285,452.00
143,093,025.00
3,922,175.00
184,454,150.00,
7,259,850.00
211,6.32,000.00
7,744,000.00
393,709,000.00
20,839,000.00
19,990,000.00
10,000.00
39,990,000.00
10,000.00

107,840,000

1907.
O n e dollar
.''.
Two dollars..
F i v e dollars
T e n dollars
'.
T w e n t y dollars
Fifty dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars .
Five thousand dollars...
Ten t h o u s a n d dollars
Total
Unknown, destroyed.
Net

107,840,000.00

3,390,034,792.00
1,000,000.00

347,681,016.00
1,000,000.00

3,737,715,808

107,840,000.00

3,391,034,792.00

346,681,016.00

188,364,160
186,763,048
593,621,760
1,312,861,240
528,682,400
147,015,200
191,714,000
219,276,000
414, 548,^000
20,000,000
40,000,000

10,536.00
11,660.00
1,022,790.00
96,910.975.00
3,719,190.00
480.260.00
1,035; 600.00
630,000.00
1,199,000.00

105,020,000

3,842,735,808

105,020,000.00

3,495.054,792.00
1,000,000.00

347,681,016.00
1,000,000.00

105,020,000

Net

3,737,715,808

107,840,000

Total
Unknown, destroyed..

3,842,735,808

105,020,000.00

3,496,054,792.00

346,681,016.00

188,364,160
186,763,048
671,741,760
1,335,331,240
531,562,400
147,015,200
193,914,000
219,626,000
432,028,000
20,000,000
40,000,000

186,502,817.80
14,046.00
185,355,022.20
13,344.00
596,425,295.00
9,523,650.00
102,919,770.00 1,132,013,304.00
514,391,378.00
3,275, 240.00 '
144,039,426.00
466,150.00
186,598, 560.00
1,108,800.00
214,022,000.00
1,860,000.00
399,327,000.00
4,419,000.00
20,000,000.00
10,000.00
39,990,000.00

1,861,342.20
1,408,025.80
76,316,465.00
203,317,936.00
17,171,022.00
2,975, 775.00
7,315,460.00
5,604,000.00
32,701,000.00

123,610,000

3,966,346,808

,123,610,000.00

3,618,664, 792.00
1,000,000.00

347,681,016.00
1,000,000 00

123,610,000

3,966,345,808

123,610,000.00

3,619,.664,792.00

346,681,016 00

\
700,000
104,320, O C
O

186,488i 771.80
1,875,388.20
185,341,678.20
1,421,369.80
586,901,645.00 . 6,620,115.00
1,029,093,534.00 283,757,706.00
17,566,262. 00
511,116,1.38.00
3,441,925.00
143,573,275.00
6,224,250.00
185,489,750.00
212,162,000.00
7,114,000.00
19,^40,000.00
394,908,000.00
10.000.00
19,990,000.00
10,000.00
39,990,000.00

1908.
O n e dollar. "
.^
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars.
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
Orie t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars.;..
Total
U n k n o w n , destroyed
Net

.




78,220,666
22,480,000
2,880,000
2,200,000
350,000
17,480,000

10,000.00

205

TEEASUEEE.,

No. 20.— United States notes of each denomination issued, redeemed, and outstanding at
the close of each fiscal year from 1905—Continued. "~
Denominations.

Issued during year.

T o t a l issued.

.Redeemed
d u r i n g year.

T o t a l redeemed.

Outstanding.

1909.
$186,514,213.80
185,367,436.20
634,297,135.00
1,216,463,894.00
519,048,538.00
144,404, 626.00
188,048,950.00
214,566,000.00
402,914,000.00
20„000,000.00
39; 990,000.00

$1,849,946.20
1,395,611.80
87,964,625.00
173,317,346.00
16,833, 862.00
2,610, 575.00
6,925,050.00
7,360,000.00
49,414,000.00

132,940,000

4,099,285,808

132,940,000.00

3,751,604,792.00
1,000,000.00

347,681,016.00
1,000,000.00

4,099,285,808

132,940,000.00

3,762,604,792.00

346,681,016.00

188,364,160
186,763,048
800,451,760
1,432,751, 240
643,322,400
147,015,200
196,304,000
221,926,000
462,328,000
20,000,000
40,000,000

7,391.00
7,334.00
51,364,295.00
66,502,900.00
4,192,280.00
302, 950.00
1,428,850.00
943,000.00
5,191,000.00

186,521,604.80
185,374,770.20
685,661,430.00
1,282,956,794.00
623,240,818.00
144,707,575.00
189,477,800.00
216,609,000.00
408,105,000.00
20,000,000.00
39,990,000.00

1,842,565.20
1,388,277.80
114,790,330 00
149,794,446.00
20,081,582.00
2,307,625.00
6,826,200.00
6,417,000.00
44,223,000.00

129,940,000

4,229,225,808

129,940,000.00

3,881,544,792.00
1,000,000.00

347,681,016.00
1,000,000.00

4,229,225,808

129,940,000.00

3,882,644,792.00

346,681,016.00

188,364,160
186,763,048
912,311,760
1,465,751,240
543,322,400
147,015,200
196,304,000
221,926,000
464,328,000
20,000,000
40,000,000

5,964.00
6,026.00
74,902,160.00
60,988,890.00
4,453, 460.00
281,100.00
1,312,900.00
1,216,600.00
3,693,000.00

186,527,568.80185,380,796.20
760,663,590.00
1,343,946,684.00
527,694, 278.00
144,988, 675.00
190,790, 700.00
216,725,500.00
411,798,000.00
20,000,000.00
39,990,000.00

1,836,591.20
1,382,251.80
161,748,170.00
121,805,556.00
15,628,122.00
2,026,525.00
5,513,300.00
5,200,500.00
42,530,000.00

146,860,000

4,376.085,808

146,860,000.00

4,028,404, 792.00
1,000,000.00

347,681,016.00
1,000,000.00

146,860,000

Net

$11,396.00
12,414.00
37,871,840.00
84,440,590.00
4,657,160.00
365,200.00
1,450,400.00
544,000.00
3,458,000.00

129,940,000

Total
UnknoAvn, destroyed

$188,364,160
186,763,048
722,261,760
1,389,771,240
535,882,400
147,015,200
194,974,000
1,060,000
221,926,000
2,300,000.
452,328,000
20,300,000
* 20,000,000
40,000,000

132,940,000

O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
Five thousand dollars...
T e n t h o u s a n d dollars

4,376,085,808

146,860,000.00

4,029,404,792.00

346,681,016.00

$50,520,000
54,440,000
4,320,000

10,000.00

1910.
O n e dollar
T w o dollars . . .
F i v e dollars
T e n dollars
. . .
T w e n t y dollars
Fifty dollars
O n e h u n d r e d dollars
F i v e h u n d r e d doUars . .
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed

Net

78,190,000
42,980,000
7,440,000
1,330,000_

10,000.00

1911.
O n e dollar .
°
T w o dollars
F i v e dollars
T e n dollars
..
T w e n t y dollars
Fifty dollars.
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
Net

111,860,000
33,000,000

2,000,000

o

1912.
O n e dollar
T w o dollars
F i v e dollnrs
T e n dollars
. .
T w e n t y doUars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d doUars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d doUars
Total
Unknown, destroyed.
Net

10,000.00

,

188,364,160
186,763.048
1,019,491.760
1,508,231,240
543,322,400
147,015,200
196,304,000
221,926,000
454,328,000
20,000,000
40,000,000

.5,597.00
7,293.00
89,878,240.00
50,147,630. 00
3,435,690.00
185,150.00
816,900. 00
730,500.00
4,453,000:00

149,660,000

4,525,745,808

149,660,000.00

4,17.8,064,792.00
1,000,000.00

347,681,016.00
1,000,000.00

149,660,000

4,525,745,808

149,660,000.00

4,179,084,792.00

346,681,016.00

107,180,000
42,480,000




1,830,994.20
186,633,166.80
1,374,968.80
185,388,089.20
850,441,830.00 169,049,930.00
1.394,093,314.00 114,137,926.00
12,192,432.00
'531,129,968.00
1,841,375.00'
145,173,825.004 696 400.00
191,607,600.00
4;470;000.00
217,456,000.00
38,077,000.00
416,251,000.00
20,000,000.00
10; 000.00
39,990,000.00

206

REPORT ON T H E FINANCES.

No. 21.— Treasury notes of 1890 of each denomination issued, redeemed, and outstanding
at the close of each fiscalyear from 1906.
Issued dur- T o t a l issued. R e d e e m e d
ing year.
d u r i n g year.

Denominations.

1906.
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
One h u n j l r e d dollars
O n e t h o u s a n d dollars

Total
redeemed.

Outstanding.

$64,704,000
49,808,000
120,740,000
104,680,000
- 35,760,000
1,175,000
18,000,000
52,568,000

$64,207,916
49,451,494
119,081,300
101,887,790
34,395,750
1,143,250
- 17,638,500
52,243,000

$496,084
356,506
1,658,700
2,792,210
1,364,250
31,750
361,500
325,000

447,435,000

2,027,000'

440,049,000

7,386,000

64,704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,000,000
52,568,000

33,097
32,208
303,515
601,800
266,180
5,100
49,100
107,000

64,241,013
49,483,702
119,384,815
102,489,590
34,661,930
1,148,350
17,687,600
•52,350,000

462,987
324,298
1,355,185
2,190,410
1,098,070
26,650
312,400
•^
218,000

447,435,000

1,398,000

441,447,000

5,988,000

64,704,000
49,808,000
120,740,000
104,680,000
.35,760,000
1,175,000
18,000,000
52,568,000

28,606
26,154
210,790
432,350
-202,900
4,100
43,100
58,000

64,269,619
49,509,856
119,595,605
102,921,940
34,864,830
1,152,450
17,730,700
52,408,000

434,381
298,144
1,144,395
1,758,060
895,170
22,550
269,300
160,000

.447,435,000

1,006,000

442,453,000

4,982,000

64,704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,000,000
52,568,000

23,557
20,558
184,005
320,220
167,460
- 2,300
31,900
17,000

64,293,176
49,530,414
119,779,610
103,242,160
35,032,290
1,154,750
17,762,600
52,425,000

410,824
277,586
960,390
1,437,840
727,710
20,250
237,400
143,000

447,435,000

767,000

443,220,000

4,215,000

15,467
15,748
117,925
226,020
122,940
1,900
28,000
15,000

64,308,643
49,546,162
119,897,535
103,468,180
35,155,230
1,156,650
17,790,600
52,440,000

395,357
261,838
842,465
1,211,820
604,770
18,350
209,400
128,000

447,435,000

543,000

443,763,000

3,672,000

64,704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,0^^0,000
52,568,000

10,989
10,776
86,605
181,360
98,920
2,450
21,900
13,000

64,319,632
49,556,938
119,984,140
103,649,540
35,254,150
1,159,100
17,812,500
52,453,000

384,368
251,062
755,860
1,030,460
505,860
15,900
187,500
115,000

447,435,000

426,000

444,189,000

3,246,-000

64,704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,000,000
52,568,000

Total

$51,670
47,935
464,015
944,030
390,100
6,750
64,500
58,000

10,762
9,318
67,700
131,990
70,880
1,350
21,000
4,000

64,330, .394
49,566,256
120,051,840
103,781,530
35,325,030
1,160,450
17,833,500
52,457,000

373,606
241,744
688,160
898,470
434,970
14 550
166, ,500
111 000

317,000

• 444,506,000

2,929,000

1907.
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
One h u n d r e d dollars
One t h o u s a n d dollars

,:

Total
1908.
One dollar
T w o dollars
F i v e dollars
T e n dollars
:
T w e n t y dollars
F i f t y dollars
O n e h u n d r e d dollars
One t h o u s a n d dollars

. . -'

Total
1909.
O n e dollar
TwO dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
.
O n e h u n d r e d dollars
One t h o u s a n d dollars .

•

Total
1910.
,

One dollar . .
T w o dollars.
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
O n e h u n d r e d dollars
O n e t h o u s a n d dollars

.

. . .
."

Total

/^

1911.
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
One h u n d r e d doUars
One t h o u s a n d dollars
Total

. •.

.

...

1912.
One dollar
T w o dollars
F i v e dollars.
:
T e n dollars
T w e n t y doUars
F i f t y doUars
One h u n d r e d doUars
One t h o u s a n d doUars
Total




64,704,000
.49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,000,000
- 52,568,000

. - ..

447,435,000

.

•

207

TREASURER.

No. 22.—Gold certificates of each denomination issued,^ redeemed, and outstanding at the
close of each fiscal year from 1907.

$40,000
607,920,000
123,200,000
183,834,300
97,944,000
286,381,000
664,040,000
1,171,740,000

$4,000
42,153,800
10,882,700
14,637,500
3,774,000
9,838,000
2,050,000
86,740,000

3,035,099,300

170,080,000

2,356,854,431

678,244,869

107,760,000
67,280,000
12,000,000
15;600,000
6,100,000
14,300,000
17,000,000
138,320,000

107,800,000
575,200,000
135,200,000
199,434,300
104,044,000
300,681,000
681,040,000
1,310,060,000

9,618,840
60,820,260
11,447,400
14,144,000
3,640,500
10,195,000
16,165,000
110,790,000

9,622,840
317,961,896
84,532,245
126,619,450
84,519,500
235„229,500
598,890,000
1,136,300,000

98,177,160
257,238,104
50,667,755
72,814,850
19,524,500
65,451,500
82,150,000
173,760,000

3,413,459,300

236,821,000

2,593,675,431

819,783,869

39,480,000
45,360,000
6,600,000
14,000,000
1,850,000
15,500,000
23 ,'000,000
148,920,000

147,280,000
620,560,000
141,800,000
213,434,300
105,894,000
316,181,000
704,040,000
1,458,980, ooa

31,261,640
69,893,560
12,396,800
16,806,600
3,690,500
11,758,000
6,505,000
109,580,000

40,884,380
387,855,456
96,929,045
143,426,050
88,210,000
246,987,500
605,395,000
,245,880,000

3,708,169,300

261,892,000

2,855,667,431

852,601,869

88,868,000
66,640,000
12,200,000
19,600,000
950,000
8,700,000
86,220,000

236,148,000
687,200,000
154,000,000
233,034,300
106,844,000
324,881,000
704,040,000'
1,545,200,000

42,600,470
65,471,280
10,931,800
17,212,450
3,247,000
10,505,000
14,265,000
108,610,000

83,484,850
453,326,736
107,860,845
160,638,500
91,457,000
257,492,500
619,660,000
1,354,490,000

162,663,150
233,873,264
46,139,155
72,395,800
15,387,000
67,388,600
84,380,000
190,710,000

3,991,347,300

272,843,000

3,128,410,431

862,936,869

128,080,000
86,560,000
17,400,000
21,600,000
4,550,000
9,000,000
16,500,000
125,210,000

364,228,000
773,760,000
171,400,000
254,634,300
111,394,000
333,881,000
720,540,000
1,670,410,000

69,327,600
71,518,800
11,446,700
16,238,100
2,959,000
9,101,000
5,085,000
91,290,000

152,812,460
524,845,536
119,307,545
176,876,600
94,416,000
266,593,500
624,745,000
1,445,780,000

211,415,550
248,914,464
52,092,455
77,757,700
16,978,00067,287,500
95,795,000
224,630,000

408,900,000

Total.

$40,000
94,800,000
17,600,000
22,400,000
5,100,000
11,500,000
25,005,000
112,100,000

283,178,000

1908.
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars..
Ten thousand dollars..

Redeemed
during year.

294,710,000

Total.

Total'issued.

378,360,000

1907.
Ten dollars
Twenty dollars..'.
Fifty doUars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars..
Ten thousand dollars..

Issued during year.

288,545,000

Denominations.

,400,247,300

276,966,200

3,405,376,631

994,870,669

108,080,000
83,360,000
17,000,000
20,400,0.00
3:950,000
9,500,000
6,000,000
107,470,000

472,308,000
857,120,000
188,400,000
275,034, .300
115,344,000
343,381,000
726,-540,000
1,777,880,000

93,060,250
245,872,700
75,777,500
600,623,036
14,039,400
133,346,945
18,030,150
194,906,750
2,689,000
97,105,000
10,022,000
276,615,500
^,775; 000
631,520,000
90,180,000 1,535,960,000

226,435.300
256,496; 964
55,053,055
80,127,550
18,239,000
66,765,500
95,020,000
241,920,000

355,7.60,000

4,756,007,300

Total
redeemed.

Outstanding.

$36,000
' $4,000
257,141,636 250,778,364
50,115,155
73,084,845
71,358,850
112,475,460
17,065,000
80,879,000
61,346,-500
225,034,500
81,315,000
582,725,000
1,025,510,000 146,230,000

1909.
Ten dollars
Twenty dollars
Fifty dollars
One hundred doUars...
Five hundred doUars..
One thousand dollars..
Five thousand dollars..
Ten thousand dollars..
Total.

106,395,620'
232,704,544
44,870,955
70,008,250
17,684,000
69,193,500
98,645,000
213,100,000

1910.
Ten dollars
Twenty doUars
Fifty dollars
One hundred doUars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars..
Ten thousand doUars..
Total.
1911.
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars..
Ten thousand dollars..
Total.
1912.
Ten doUars
Twenty dollars
Fifty doUars
•..
One hundred dollars...
Five h,undred doUars..
One thousand dollars..
Five thousand dollars.
Ten thousand doUars..
TotaL




310,573,300

3,715,949,931 1,040,057,369

208

REPORT ON T H E FINANCES.

No. 23.—Silver certificates of each denomination issued, redeemed, and outstanding at the
close of each fiscal year from 1907.
Issued .during year.

T o t a l issued.

Redeemed
d u r i n g year.

• • $101,996,000
48,752,000
153,960,000

$808,856,000
411,968,000
1,601,660,000
574,514,000
290,866,000,
69,450,000
81,540,000
16,650,000
32,490,000

$94,964,739.00
40,899,996.00
163,279,185.00
4,454,890.00
2,041,090.00
613,100.00
,135,000.00
3,000.00
13,000.00

$700,804,642.90 $108,051,467.10
356,943,905.60
65,024,094.40
1,312,055,402.50 289,604,597.50
12,396,521.00
562,117,479.00
283,030,450.00
7,835,550.00
67,578,140.00
1,871,860.00
907,420.00
80,632,580.00
35,500.00
16,614,500.00
32,440,000.00
50,000.00

304,708,000

3,887,994,000

306,404,000.00

3,412,217,000.00

475,777,000.00

106,832,000
"46,064,000
125,100,000
8,800,000
8,960,000
6,600,000

915,688,000
458,032,000
1,726,760,000
. 583,314,000
299,826,000
76,050,000
81,540,000
16,650,000
32,490,000

102,077,663.00
45,044,352.00
161,076,315.00
3,001,410.00
2,022,260.00
430,000.00
120,000.00
5,000.00
7,000.00

802,882,^205.90
401,988,257.60
1,463,130,717.50
565,118,889.00
285,062,710.00
68,008,140.00
80,752,580.00
16,619,500.00
32,447,000.00

112,805,794.10
56,043,742.40
263,629,282.50
18,196,111.00
14,773,290.00
8,041,860.00 787,420.00
30,500.00
43,000.00

302,356,000

4,190,350,000

303,783,000.00

3,716,000,000.00

474,360,000.00

127,768,000
49,832,000
124,980,000
25,680,000

1,043,456,000
507,864,000
1,851,740,000
608,994,000
299,826,000
0 84,650,000
81,540,000
16,6o0,000
32,490,000

116,432,634.00
49,595,506.00.
142,599,070.00
10,053,2^00
3,863,900.00
4,140,300.00
100,800.00
2,500.00
8,000.00

919,314,839.90
451,583,763.60
1,605,729,787.60
575,172,179.00
288,916,610.00
72,148,440.00
* 80,853,380.00
16,622,000.00
32,455,000.00

124,141,160.10
56,280,236.40
246,010,212.60
33,821,821.00
10,909,390.00
12,501,560.00
686,620.00
28,000.00
35,000.00

336,860,000

4,527;210,000

326,796,000.00

4,042,796,000.00

484,414,000.00

151,907,600
66,020,000
136,270,000
7,800,000

1,195,363,600
563,884,000
1,988,010,000
616,794,000
299,826,000
86,650,000
81,540,000
16,650,000
32,490*000

135,229,421.00
52,538,064.00
138,718,915.00
14,723,550.00
3,188,800.00
4,802,950.00
83,400.00
1,500.00
8,000.00

1,064,544,260.90
604,121,827.60
1,744,448,702.50
589,895,729.00
292,105,410.00
76,951,390.00
80,936,780.00
16,623,500.00
32,463,000.00

140,819,339.10
69,762,172.40
243,561,297.60
26,898,271.00
7,720,590.00
. 9,698,610.00
603,220.00
26,500.00
27,000.00

353,997,600

4,881,207,600

349,294,600.00

4,392,090,600.00

489,117,000.00

167,736,000
60,184,000
129,860,000

1,363,099,600
• 624,068,000
2,117,870,000
616,794,000
299,826,000
86,660,000
81,640,000
'16,650,000
32,490,000

158,077,985.00
59,367,820.00
148,878,345.00
11,707,100.00
1,891,300.00
3,411,750.00
59,200.00
2,600.00
2,000.00

1,212,622,246.90
563,489,647.60
1,893,327,047.50
• 601,602,829.00
293,996,710.00
80,363,140.00
80,995,980..00
16,626,000.00
32,465,000.00

150,477,364.10
60,678,352.40
224,542,952.50
16,191,171.00
5,829,290.00
6,286,860.00
644,020.00^
24,000.00
25,000.00

D'enominations.

1907.
One dollar
T w o dollars
F i v e dollars
T e n dollars
'
:
T w e n t y dollars
Fifty d o l l a r s . . . .
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
,

Total

Total
redeemed.

Outstanding.

1908.
O n e dollar
T w o dollars
.
i
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
"
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars

'
.

Total
1909.
One dollar
T w o dollars .
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
Total

.'..
8,600,000

1910.
O n e dollar
.'
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
Total.

2,000,000

1911.
O n e dollar
T w o dollars
F i v e dollars
T e n dollars . .
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars.
One t h o u s a n d dollars

357,780,000

5,238,987,600

383:398,000.00

4,775,488,600.00

463,499,000.00

1912;
One dollar..
• .
. . 186,460,000
65,152,000
T w o dollars
145,580,000
F i v e dollars
14,240,000
T e n dollars . . . .
T w e n t y dollars
F i f t y dollars.
One h u n d r e d d o l l a r s . .
Five hundred dollars... .
One t h o u s a n d dollars.

1,549,559,600
689,220,000
2,263,450,000
631,034,000
299,826,000
86,650,000
81,540,000
16,650,000
32,490,000

175,609,919.00
62,876,236.00
142,944,765.00
8,673,560.00
1,340,620.00
1,869,100.00
63,800.00
2,000.00
2,000.00

1,388,232,164.90
626,365,883.60
2,036,271,812.50
610,276,389.00
295,337,330.00
82,232,240.00
81,059,780.00
16,628,000.00
32,467,000.00

161,327,435.10
62,854,116.40
227,178,187 50
20,757,611. 00
4,488,670.00
4,417,760.00
480,220.00
22,000.00
23,000.00

411,432,000

5,650,419.600

393,382,000.00

5,168,870,600.00

481,549,000.00

Total .

^

Total




209

TEEASUEEE.

No. 24:..:r~Amount of United States notes, Treasuryjaotes, gold and silver certificates of
each denomination issued, redeemed, and outstanding at the close of each fiscal year
from 1905.
Redeemed
d u r i n g year.

Denominations.

Issued during y e a r .

Total issued.

1905.
O n e dollar
T w o dollars
Five dollars...:".
T e n dollars. .
.
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars

$96,640,000
45,200,000
175,460,000
126,320,000
54,240,000
16,400,000
23,200,000
2,800,000
8,510,000
7,260,000
82,520,000

$857,416,160 $86,343,369.00 $764,864,316.70
609,202,236.80
569,243,048 42,298,141.00
1,983,161,760 176,479,500.00 1,687,417,827.50
1,779,885,240 122,869,670.00 1,487,439,648.00
986,530,754.00
1,202,428,400 64,507,070.00
261,639,260.00
311,040,200 12,397,650.00
364,309,080.00
436,888,300 15,648,200.00
300,924,500.00
323,870,000 "4,669,000.00
682,788,500.00
763,287,000 10,684,000.00
598,620,000.00
653,285,000
2,010,000.00
901,490,000.00
1,015,660,000 86,120,000.00

637,540,000

9,886,165,108 623,026,600.00 8,546,226,123.00 1,339,938,985.00
- 1,000,000.00
1,000,000.00

637,640,000

9,885,165,108 623,026,600.00 8,546,226,123.00 1,338,938,985.00

Total....
U n k n o w n , destroyed
Net

Total
redeemed.

Outstanding,

$92,651,843.30
60,040,811.20
295,743,932.50
292,445,592.00
215,897,646. 00
49,400,940.00
71,579,220.00
22,945,500.00
80,498,500.00
54,665,000.00
114,170,000.00^

1906.
O n e dollar
102,512,000
T w o dollars
40,544,000
F i v e dollars
178,100,000
T e n dollars
107,840,000
T w e n t y dollars
66,000,000
Fiftv dollars
12,200,000
O n e h u n d r e d dollars
16,800,000
F i v e h u n d r e d dollars
4,900,000
One t h o u s a n d dollars
11,200,000
Five thousand doUars......
5,750,000
T e n t h o u s a n d dollars
83,980,000
Total
U n k n o w n , destroyed

866,526,966.70
959,928,160 91,661,640.00
560,826,421.80
699,787,048 41,623,185.00
2,161,261,760 166,318,545.00 1,863,736,372.50
1,887,725,240 104,293,290.00 1,591,732,938.00
1,268,428,400 51,239,140.00 1,037,769,894.00
323,240,200 11,764,200.00
273,403,460.00
452,688,300 16,119,100.00
380,428,180.00
328,770,000
4,324,000.00
306,248,500.00
774,487,000 10,787,000.00
693,575,600.00
659,036,000 • 2,045,000.00
600,665,000.00
1,099,640;000 77,270,000.00
978,760,000.00

103,402,203.30
48,961,626.20
307,626,387.50
296,992,302.00
230,658,506.00
49,836,740.00
72,260,120.00
23,521,500.00
80,911,500.00
58,370,000.00
120,880,000.00

629,826,000 10,514,991,108 577,445,100.00 9,122,671,223.00 1,392,319,886.00
1,000,000.00
1,000,000.00

Net

629,826,000 10,514,991,108 577,445,100.00 9,123,671,223.00 1,391,319,885.00
1907.

O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars

101,996,000
48,752,000
154,660,000
104,360,000
94,800,000
17,600,000
22,400,000
6,100,000
11,500,000
25,006,000
112,100,000

Total
U n k n o w n , destroyed

698,273,000 11,213,264,108" 582,902,000.00 9,705,573,223.00 1,507,690;885.00
1,000,000.00
1,000,000.00

Net

1,061,924,160 95,008,371.00
951,634,327.70
648,539,048 40,943,864.00
591,769,285.80
2,315,921,760 164,605,490.00 2,018,341,862.50
1,992,085,240 101,971,665.00 1,693,704,603.00
1,363,228,400 48,180,260.00 1,085,950,164.00
340,840,200 11,981,150.00
285,384,610.00
475,088,300 15,857,200.00
396,285,380.00
4,407,000.00
333,870,000
309,665,500.00
704,732,600.00
785,987,000 11,157,000.00
2,050,000.00
602,715,000.00
684,040,000
1,211,740,000 86,740,000.00 1,066,600,000.00

110,389,832.30
56,769,762.00
297,579,897.50
298,380,637.00
277,278,246.00
55,455,590.00
78,802,920.00
24,214,500.00
81,254,600.00
81,325,000.00
146,240,000.00

698,273,000 11,213,264,108 582,902,000.00 9,706,573,223.00 1,506,690,885.00
1908.

O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
Net

106,832,000
46,064,000
203,320,000
139,040,000
79,120,000
18,600,000
17,800,000
6,450,000
31,780,000
17,000,000
138,320,000
.. .

115,101,517.30
- '57,749,912.20
340,090,142.50
321,448,267.00
290,077,586.00
61,707,940.00
81,187,020.00
25,159,000.00
98,355,500.00
82,150,000.00
173,770,000.00

804,326,000 12,017,590,108 666,220,000.00 10,370,793,223.00 1,646,796,885.00
1,000,000.00
1,000,000.00
804,326,000 12,017,590,108 665,220,000.00 10,371,793,223.00 1,645,796,885.00

64926°—FI 1912-

i

1,168,756,160 102,120,315.00 1,053,654,642.70
694,603,048 45,083,860.00
636,853,135.80
2,519,241,760 160,809,755.00 2,179,151,617.50
2,131,125,240 115,972,370.00 1,809,676,973.00
1,442,348,400 66,320,660.00 1,152,270,814.00
359,440,200 12,347,660.00
297,732,260.00
492,888,300 15,415,900.00
411,701,280.00
5,505,500.00
340,320,000
315,161,000.00
817,767,000 14,679,000.00
719,411,500.00
701,040,000 16,175,000.00
618,890,000.00
1,350,060,000 110,790,000.00 1,176,290,000.00

-14




210

REPORT. ON THE FINANCES.

No. 24.—Amount of United States notes. Treasury notes, gold and silver certificates of
each denomination issued, redeemed, and outstanding at ihe close of each fiscal year
from 1905—Continued.
Issued during year.

Denominations.

1909.
O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y doUars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars

T o t a l issued.

Redeemed
d u r i n g year.

Total
redeemed.

Outstanding.

. . .$127,768,000 $1,296,524,160 $116,467,587.00 $1,170,122,229.70 $126,401,930.30
686,481,613.80
744,435,048 49,628,478.00
57,963,434.20
49,832,000
175,500,000 2,694,741,760 180,654,915.00 2,359,806,532.50' 334,935,227.60
314,972,627.00
119,600,000 2,260,725,240 126,075,640.00 1,935,752,613.00
49,680,000 1,492,028,400 78,682,080.00 1,230,862,894.00. 261,176,606.00
16,200,000
374,640,200 16,904,600.00
314,636,860.00
60,003,340.00
77,857,320.00
15,060,000
430,090,980.00
507,948,300 18,389,700.00
25,072,000.00
4,150,000
4,237,000.00
319,398,000.00
344,470,000
35,800,000
118,785,600.00
734,781,600.00
863,567,000 15,370,000.00
98,645,000.00
23,000,000
6,605,000.00
625,395,000.00
724,040,000
213,410,000.00
148,920,000 1,498,980,000 109,580,000.00 1,285,870,000.00
764,510,000 12,782,100,108 722,395,000.00 11,093,188,223.00 1,688,911,886.00
1,000,000.00
1,000,000.00

Total
Unkno^^m, destroyed
Net

764,510,000 12,782,100,108 722,396,000.00 11,094,188,223.00 1,687,911,886.00
1910.

One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d doUai-s..
T e n t h o u s a n d dollars

151,907,600
56,020,000
214,460,000
• 139,648,000
74,080,000
14,200,000
20,930,000
960,000
8,700,000

Total
U n k n o w n , destroyed

86,220,000

1,448,431,760
800,455,048
2,909,201,760
2,390,373,240
1,566,108,400
388,840,200
528,878,300
345,420,000
862,267,000
724,040,000
1,586,200,000

136,252,279.00
52,661,146.00
190,201,135.00
124,052,940.00
72,976,300.00
16,039,600.00
18,752,700.00
4,191,500.00
15,719,000.00
14,265,000.00
108,610,000.00

1,305,374,508.70
739,042,759.80
2,560,007,667.60
2,059,805,553.00
1,303,828,194.00
330,676,460.00
448,843,680.00
323,589,500.00
750,500,500.00
639,660,000.00
1,394,480,000.00

143,057,261.30
61,412,288.20
359,194,092.50
330,567,687.00
262,280,206.00
58,163,740.00
80,034,620.00
21,830,500.00
111,766,500.00
84,380,000. 00
190,720,000.00

767,116,600 13,549,215,708 762,620,600.00 11,845,808,823.00 1,703,406,885.00
1,000,000.00
1,000,000.00
767,116,600 13,549,216,708 752,620,600.00 11,846,808,823.00 1,702,406,885.00

Net
1911.

1,616,167,760 168,094,938.00 1,463,469,446.70
798,427,381.80
860,639,048 59,384,622.00
3,150,921,760 223,867,110.00 2,773,874,777.50
2,551,453,240 142,204,950.00 2,202,010,503.00
1,652,668,400 77,962,480.00 1,381,790,674.00
345,818,460.00
406,240,200 16,142,000.00
466,475,780.00
550,478,300 17,632,100.00
4,178,000.00
327,767,500.00
349,970,000
763,309,500.00
873,267,000 12,809,000.00
5,086,000.00
644,745,000.00
740,540,000
1,710,410,000 91,290,000.00 1,485,770,000.00

152,698,313.30
62,211,666.20
377,046,982.50
349,442,737.00
270,877,726.00
60,421,740.00
84,002,620.00
22,202,600.00
109,957,500.00
95,795,000.00
224,640,000.00

O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y doUai'S
F i f t y dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars
Ten t h o u s a n d dollars

167,736,000
60,184,000
241,720,000
161,080,000
86,560,000
17,400,000
21,600,000
4,550,000
11,000,000
16,500,000
125,210,000

Total
U n k n o w n , destroyed

913,540,000 14,462,755,708 807,650,200.00 12,653,459,023.00 1,809,296,686.00
1,000,000.00
1,000,000.00

Net

913,540,000 14,462,755,708 807,650,200.00 12,654,459,023.00 1,808,296,685.00
1912.
1,802,627,760 175,626,278.00 1,639,095,724.70
861,320,228.80
925,791,048 62,892,847.00
3,403; 681,760 232,890,705.00 3,006,765,482.50
2,716,253,240 152,013,430.00 2,354,023,933.00
1,736,028,400 80,624,690. 00- 1,462,415,364.00
361,913,460.00
423,240,200 16,095,000.00
485,407,630. 00
570,878,300 18,931,850.00
331,189,000.00
3,421, .500. 00
353,920,000
777,790,600.00
882,767,000 14,481,000.00
651,.520,000.00
6,775,000.00
746,540,000
1,817,880,000 90,180,000.00 1,57.5,950,000.00

163,532,035.30
64,470,819. 20
396,916,277. .50
362,229,307.00
273,613,036.00
61,326,740.00
85,470,670.00
22,731,000.00
104,976,500. 00
95,020,000.00
241,930,000.00

One dollar.
Two dollars.!!
F i v e dollars
T e n dollars
T w e n t y dollars.
Fifty doUars
One h u n d r e d dollars
F i v e h u d r e d dollars
One t h o u s a n d dollars
Five thousand d o l l a r s . : . . .
T e n t h o u s a n d dollars

186,460,000
65,152,000
252,760,000
164,800,000
83,360,000
17,000,000
20,400,000
3,950,000
9,500,000
6,000,000
107,470,000

Total
U n k n o w n , destroyed

916,852,000 15,379,607,708 853,932,300.00 13,507,391,323. 00 1,872,216,385.00
1,000,000.00
1,000,000. 00

Net.




916,852,000 15,379,607,708 853,932,300.00 13,508,391,323.00 1,871,216,385.00

i

211

TEEASUEEE.

No. 25.—Amount of papjcr currency of each denomination outstanding at the close of each
fiscal year from 1905.
Legal-tender
notes.

Denominations.

Certificates.

National-bank
notes.

Total.

1905.
O n e doUar '.
Two dollars..
F i v e doUars
T e n dollars
T w e n t y doUars
Fifty doUars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d doUars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars

$2,446,771
1,861,422
10,771,815
268,084,071
28,569,362
4,720,825
9,186,750
8,461,000
22,992,000
10,000
10,000

$90,105,074
48,189,388
284,972,117
24,361,521
187,338,284
44,680,115
62,392,470
14,484,600
57,506,500
54,665,000
114,160,000

$344,669
164,992
68,473,495
211,148,110
158,704,700
18,238,850
38,487,.500
95,000
24,000

$92,896,514
50,205,802
364,217,427
603,593,702
374,602,346
67,639,790
110,066,720
23,040,500
80,522,500
64,665,000
114,170,000

Total
U n k n o w n , destroyed

357,094,016
1,000,000

982,844,969

495,681,316

1,835,620,301
1,000,000

356,094,016

982,844,969

495,681,316

1,834,620,301

2,382,007
1,789,536
8,601,606
279,140,891
22,649,702
3,963,925
7,621,350
7,744,000
21,164,000
10,000
10,000

101,020,197
47,172,090
298,923,782
16,851,411
208,008,804
45,882,815
64,638,770
15,777,500
59,747,500
58,360,000
120,870,000

344,352
164,806
76,889,175
240,007,710
181,097,620
19,934,800
42,515,600
94,600
24,000

103,746,556
49,126,432
384,414,662
636,000,012
411,756,126
69,771,540
114,775,720
23,616,000
80,935,500
58,370,000
120,880,000

355,067,016
1,000,000

1,037,252,869

561,072,563

1,953,392,448
1,000,000

354,067,016

1,037,252,869

561,072,663

1,952,392,448

2,338,375
1,745,668
7,975,300
285,948,116
18,664,332
3,468,676
6,536,650
7,114,000
19,868,000
10,000
10,000

108,051,468
55,024,094
.289,604,597
12,432,521
258,613,914
51,987,015
72,266,270
17,100,500
61,396,600
81,315,000
146,230,000

344,249
164,708
113,^826,705
247,378,760
183,971,240
18,239,300
39,705,100
93,000
24,000

110,734,082
56,934,470
411,406,602
545,759,387
461,249,486
73,694,890
118,508,020
24,307,500
81,278,500
81,325,000
146,240,000

353,669,016
1,000,000

1,154,021,869

603,747,052

2,111,437,937
1,000,000

352,669,016

1,164,021,869

603,747,062

2,110,437,937

O n e dollar
Two dollars..
F i v e dollars
T e n dollars . .
T w e n t y dollars.
Fifty doUars
O n e h u n d r e d dollars
Five hundred dollars...
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars

2,295,723
1,706,170
76,460,860
205,075,996
18,066,192
2,998,325
7,584,750
5,604,000
32,861,000

112,805,796.
66,043,742
263,629,282
116,372,271
272,011,394
68,709,615
73,602,270
19,555,000
65,494,600
82,150,000
173,760,000

343,878
164,470
•147,594,415
288,381,100
202,533,280
18,369,150
40,787,300
93,000
24,000

116,445,396
57,914,382
487,684,557
609,829,367
492,610,866
80,077,090
121,974,320
25,252,000
98,379,500
82,150,000
173,770,000

Total
U n k n o w n , destroyed

352,663,016
1,000,000

1,294,133,869

698,290,593

2,345,087,478
1,000,000

351,663,016

1,294,133,869

698,290,593

2,344,087,478

Net
1906.
O n e dollar . .
T w o doUars
F i v e dollars
T e n doUars . .
. .
T w e n t y dollars
Fifty doUars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars

.

Total
U n k n o w n destroyed
Net

.

1907.
One dollar..'.
T w o doUars
F i v e dollars
.•
T e n dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
Five hundred dollars...
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
Unknown, destroyed...

.'

Net
1908.

Net

•




10,000

212

REPORT ON THE FINANCES.

No. 25.—Amount of paper currency of each denomination Outstanding-at the close of each
fiscal year from 1905—Continued.
Legal-tender
notes.

Denominations.

1909.
O n e dollar
:
T w o dollars
F i v e dollars
T e n dollars
.• .
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d doUars
O n e t h o u s a n d dollars . .
F i v e t h o u s a n d dollars.
T e n t h o u s a n d dollars

National-bank
notes.

Total.

$126,745,644
58,117,756
471,371,667
612,233,317
461,857,606
76,860,640
115,873,620
25,163,000
118,808,500
98,645,000
213,110,000

1,337,015,869

689,874,665

2,378,786,560
1,000,000

1,337,015,869

689,874,665

2,377,786,650

2,237,912
1,650,116
115,632,795
161,006,266
20,686,352
2,325,975
7,035,600
6,417,000
44,351,000

140,819,340
69,762,172
243,561,297
179,561,421
241,593,854
55,837,765
72,999,020
15,413,600
67,415,600
84,380,000
190,710,000

343,610
164,320
139,864,175
311,269,990
211,974,920
16,033,000
36,383,000
90,000
23,000

143,400,862
61,576,608
499,058,267
641,837,677
474,256,126
74,196,740
116,417,620
21,920,500
111,789,500
84,380,000
190,720,000

351,353,016
1,000,000

1,352,053,869

716,146,015
12,762,692

2,419,652,900
3,762,692

350,353,016

1,352,063,869

713,383,323

2,415,790,208

2,220,959
1,633,314
162,504,030
122,836,016
16,133,972
2,042,425
5,700,800
5,200,600
42,645,000

Net.

$343,613
164,322
136,436,440
297,260,690
200,682,100
16,857,300.
38,016,200
91,000
23,000

350,896,016

. .

Total
U n k n o w n , destroyed

$124,141,161
56,280,236
246,010,212
140,217,441
243,613,934
57,372,515
70,694,870
17,712,000
69,228,500
98,645;000
213,100,000

351,896,016
• 1,000,000

•..

$2,260,770
1,673,198
88,925,015
174,756,186
17,561,572
2,630,826
7,162,450
7,360,000
49,557,000

Certificates.

150,477,365
60,578,352
224,542,952
226,606,721
254,743,764
68,379,315
78,301,720
17,002,000
67,312,500
95,795,000
224,630,000

343,610
164,320
140,678,555
317,935,200
217,732,020
16,148,850
36,194,900
90,000
23,000

153,041,924
62,375,986
517,725,537
667,377,937
488,609,746
76,670,590
120,197,420
22,292,600
109,980,500
95,795,000
224,640,000

10,000

1910.
O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars..:
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars

T

10,000

Total
U n k n o w n , destroyed
Net

/

1911.
O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty doUars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars .
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
ITnlrnown, dp„st.royp.d

J

10,000

•

350,927,016
1,000,000

1,458,369,669

' 729,310,455
11,165,070

2,538,607,140
2,165,070

349,927,016

1,458,369,669

728,145,385

2,536,442,070

One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d dollar.s
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e ' t h o u s a n d dollars
T e n t h o u s a n d dollars

2,204,600
1,616,703
169,738,090
115,0.36,396
12,627,402
1,855,925
4,862,900
4,470,000
38,188,000

161,327,436
62,854,116
227,178,187
247,192,911
200,985,034
59,470,815
SO,607,770
18,261,000
60.788,500
9.5; 020,000
' 241,920,000

343,588
164,312
141,.565,470
328,508,870
224,856,140
16,373,800
35,032,350
89,500
23,000

163,875,624
64,6.35,131
538,481,747
690,738,177
498,469,176
77,700,540
120,503,020
22,820, .500
104,999,500
95,020,000
241,930,000

Total
U n k n o w n , destroyed

350,610,010
1,000,000

1,521,606,369

746,957,030
11,872,722

2,619,173,415
2,872,722

349,610,016

1,521,606,369

745,084,308

2,616,300,693

Net
1912.

Net




10,000

1 Redeemed, but not assorted by denominations.

213

TEEASUEEE.

No. 26.—Old aemand notes of each denomination issued, redeemed, and outstanding
June 30, 1912.
•
dee
T o t a l Issued. dR e i n g m e d T o t a l redeemed. O u t s t a n d i n g .
ur
year.

Denominations.

•

F i v e dollars
T e n dollars
T w e n t y dollars
Totsl

$21,800,000
20,030,000
18,200,000

. . . .
.

.

.

$21,778,622.50
20,010,235.00
18,187,860.00

$21,377.50
19,765.00
12,140.00

60,030,000

59,976,717.50

53,282. 50

No. 27.—Fractional currency of each denominatioru issued, redeemed, and outstanding
June 30, 1912.

T h r e e cents
F i v e cents
T e n cents
Fifteen cents
Twenty-five cents
Fifty cents
Total
U n k n o w n , destroyed
Net.

'
....'.

. .

Redeemed
d u r i n g year.

T o t a l redeemed.

.$601,923.90
5,694,717.85
82,198,456.80
5.305,568.40
139; 031,482.00
135,891,930.50

Denominations. ,

$0.03
10.30
201.90
16.15
504.15
504.50

$511,724.35
3,836,249.34
77,143,110.73
5,065,605.84
134,764,839.01
132,138,456.95

$90,199.55
1,858,468.51
5,055,346.07
239,962.56
4,266,642.99
3,753,473.55

368,724,079.45

1,236.03

353,459,986.22
32,000.00

15,264,093.23
32,000.00

368,724,079.45

1,236.03

353,491,986.22

15,232,093.23

T o t a l issued.

Outstanding.

No. 28.—Compound-interest notes of each denomination issued, redeemed, and outstanding
.
June 30, 1912.
T o t a l issued.

.

Total

. $40
20

$23,265,440
30;094,250
60,762,750
45,062,600,
67,835,000
39,416,000

$19,760
31,590
61, 250
31,800
11,000
4,000

266,595,440

T e n dollars
T w e n t y doUars
•.
Fifty dollars
O n e h u n d r e d doUars.
F i v e h u n d r e d dollars.
One t h o u s a n d dollars

Redeemed
d u r i n g year.

$23,285,200
30,125,840
60,824,000
45,094,400
67,846,000
39,420,000

Denominations.

60

266,436,040

159,400

Total
redeemed.

Outstanding.

No. 29.—One and tiuo year notes of each denomination issued, redeemed, and outstanding
June 30, 1912.
Denominations.

T o t a l issued.

T e n dollars
T w e n t y dollars
Fifty dollars
...
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d d o l l a r s . . . "

Total

$6,200,000
16,440,000
20,945,600
37,804,400
40,302,000
89,308,000

...




Total
redeemed.

Outstanding.

$6,193,990
16,427,820
20,932,300
37,788,600
40,300,500
89,289,000

$6,010
12,180
13,300
15,800
1,500
19,000

211,000,000

210,932,210
10,590

67,790
10,590

211,000,000

210,942,800

57,200

TJnlmown, destroyed
Net

Redeemed
d u r i n g year.

. .

214

REPORT ON T H E FINANCES.

No. 30.— United States paper currency of each class, together ivith one and two year notes
and compound-interest notes, issued, redeemed, and outstanding June 30, 1912.
Is.sued d u r ing year.

Classes.

Old d e m a n d notes
U n i t e d States n o t e s . . . $149,660,000
T r e a s u r y notes of 1890.
Gold certificates
355.760,000
411,432,000
Silver certificates..
Currency certificates.
Fractional currency...
One a n d t w o y e a r
notes
Compound - interest
notes
Total

Redeemed
d u r m g year.

T o t a l issued.

$60,030,000.00
4,525,745,808.00 $149,660,000.00
317,000.00
447,435,000.00
4,789,007,880.46 310,573,300.00
5,650,419,600.00 393,382,000.00
1,473,625,000.00
368,724,079.45
• 1,236.03

Total redeemed.

$59,976,717.50
$53,282.O0
4,179,064,792.00
346,681,016.00
444,506,000.00
2,929,000.00
3,748,950,511.46 1,040,057,369.00
5,168,870,600.00
481,549,000.00
1,473,625.000.00
353,491,986.22
15,232,093.23

.211,000,000.00

210,942,800.00
60.00

266,595,440.00

916,852,000 17,792,582,807.91

Outstanding.

57,200.00

266,436,040.00

159,400.00

853,933,596.03 15,905,864,447.18 1,886.718,360.73

No. 'il.—United States notes and Treasury notes redeemed in gold from January 1, 1879,
to June 30, 1912, also imports and exports of gold, by fiscal years, from 1897.
United States
notes.

Periods.

Total to June 30, 1896
Fiscal yearl897
Fiscal year 1898
Fiscal year 1899
Fiscal year 1900
'.
Fiscal year 1901
Fiscal year 1902
Fiscal year 1903
Fiscal year 1904
Fiscal year 1905
Fiscal year 1906
:
Fiscal year 1907
Fiscal year 1908
Fiscal year 1909
Fiscal year 1910

•

•

Total to June 30,1910.."
1910—July
August
September
October
November
December
1911—January
February.
March
April
May
June

TotaL

$426,190,220 $80,073,325 $506,263,545
68,372,923
78,201,914
9,828,991
22,301,710
24,997,963
2,696,253
18,645,015
25,642,265
6,997,250
28,637,501
35,598,337
6,960,836
23,776,433
24,223,111
446,678
17,482,590
18,757,180
1,274,690
7,154,718
8,267,245
1,112,527
11,081,068
11,555,044
473,976
11,517,579
11,858,254
340,675
11,452,195
11,645,005
192,810
12,690,887
12,792,165
101,278
21,278,307
21,320,012
• 41,705
19,984,536
20,015,941
31,405
11,695,012
11,704,892
9,880
742,260,694 110,682,179

'.

Total for fiscal year 1912.
Aggregate to June 30;
1912




5
38,135
1,000
2,400
606
4,820
590

1,782,035
1,315,915
1,347,165
1,312,992
1,683,010
1,891,605
2,769,784
869,543
2,397,923
2,536,426
2,496,216
2,490,181

22,844,635

48,160

22,892,795

350
255

540
120
120
510
40

Imports of
gold.

Exports of
gold.

$85,014,780
120,391,674
88,954,603
44,573,184
66,051,187
52,021,254
44,982,027
99,055,368
53,648,961
96,221,730
114,510,249
148,337,321
44,003,989
43,339,905

$40,361,580
15,406,391
37,522,086
48,266,759
53,185,177
48,568,950
47,090,595
•81,459,986
92,594,024
38,573,591
51,399,176
72,432,924
91,531,818
118,563,215

10,282,649
12,818,606
3,192,341
4,250,259
4,313,500
4,976,632
9,540,830
5,805,844
4,119,063
4,524,835
5,014,740
4,767,714

828,461
3,150,423
1,822,476
750,330
1,376,011
1,330,400
923,676
424,733
506,615
1,505,634
6,817,149
3,074,755

73,607,013

22,509,653

822,842,873

1,782,035
1,315,565
1,347,165
1,312,737
1,683,010
1,891,600
2,731,649
868,543
2,395,523
2,535,821
2,491,396
2,489,591

Total for fiscal year 1911.
1911—July
August
. September
October
November
December
1912—January
February
March
AprU
May
June

Treasury
notes.

2,052,372
3,101,119
2,980,596
2,717,825
2,731, 643
3,736,969
6,976,040
3,182,310
3,147,180
4,182,287
5,407,950
5,274,059

100
4,040
180
^120
2,125
60

45,490,350

7,955

45,498,305

780,595,679 110,638,294

891,233,973

2,062,912
3,101,239
2,980.716
2,718,325
2, 731, 683
3,736,969
6,976,140
3,186,350
3,147,360
4,182,407
5,410,076
5,274,119

2,694, 663
4,105,331
4,704,096
4,102,427
3,458,321
4,707,330
5,141,243
2,937,274
4,335,678
3,892,599
3,346,491
5,611,067
48,936,5a0

2,178,088
480,799
2,352,861
3,983,994
13) 941,093
994,677
1,915,202
10,589,295
7,453,589
1,816,816
4,450,899
7,171,035
57,328,348

215

TEEASUEEE.

No. 32.— Treasury notes of 1890 retired by redemption in silver dollars and outstanding,
together ivith the silxw in the Treasury purchased by such notes, for each month, from
January, 1906.
Months.
1906—January...
February.
March
April
May
June
July
August....
September
October...
November
December.
1907—January...
February..
March
AprU
May
June.
July
August
September
October...
November
December.
1908—January...
February.
March
April
May
June
July
August
September
October...
November.
December.
1909—January...
February.
March
April
May
June
July
August
September
October...
November,
December.
1910—January...
February.
March
April
May
June
July
August
„ September
October...
November.
December.
1911—January...
February..
March
AprU
May
June
July
August
September
October...
November.
December.
1912—January...
February..
March
AprU
May
June




Retired by
redemption.

Outstanding.

$244,000
117,000
175,000
133,000
157,000
118,000
164,000
103,000
108,000
109,000
85,000
211,000
128,000
103,000
103,000
100,000
104,000
90,000
97,000
104,000
80,000
'94,000
67,000
•67,000
79,000
81,000
79,000
88,000
82,000
88,000
79,000
56,000
80,000
62,000
56,000
53,000
71,000
57,000
70,000
69,000
55,000
59,000
46,000
49,000
49,000
37,000
52,000
40,000
48,000
44,000
50,000
43,000
46,000
39,000
40,000
45,000
41,000
28,000
24,000
22,000
46,000
38,000
31,000
38.000
33,000
40,000
28,000
17,000
35,000
28,000
27,000
18,000
36,000
17,000
30,000
32,000
21,000
28,000

$8,086,000
7,969,000
7,794,000
7,661,000
7,604,000
7,386,000
7,232,000
7,129,000
7,021,000
6,912,000
6,827,000
6,616,000
6,488,000
6,385,000
6,282,000
6,182,000
6,078,000
5,988,000
5,891,000
5,787,000
5,707,000
• 5,613,000
• 5,546,000
5,479,000
5,400,000
5,319,000
5,240,000
5,152,000
5,070,000
4,982,000
4,903,000
4,847,000
4,767,000
4,705,000
4,649,000
4,696,000
4,525,000
4,468,000
4,398,000
4,329,000
4,274,000
4,216,000
4,169,000
4,120,000
4,071,000
4,034,000
3,982,000
.'3,942,000
3,894,000
3,850,000
3,800,000
3,757,000
3,711,000
3,672,000
3,632,000
3,587,000
3,546,000
3,518,000
3,494,000
3,472,000
3,426,000
3,388,000
3,357,000
3,319,000
3,286,000
3,246,000
3,218,000
3,201,000
3,166,000
3,138,000
3,111,000
3,093,000
3,057, 000
3,040, 000
3,010,000
2,978,000
2,957,000
2,929,000

.Bullion in
Treasur5\

Dollars in
Treasury.
$8,080,000
7,969,000
7,794,000
7,661,000
7,504,000
7,386,000
7,232,000
7,129,000
7,021,000
6,912,000
6,827; 000
6,616,000
6,488,000
6,385,000
6,282,000
6,182,000
6,078,000
5,988,000
5,891,000
5,787,000
5,707,000
5,613,000
5,546,000
5,479,000
5,400,000
5,319,000
5,240,000
5,152,000
5,070,000
4,982,000
4,903,000
4,847,000
4,767,000
4,705,000
4,649,000
4,596,000
4,625,000
4,468,000
4,398,000
4,329,000
4,274,000
4,215,000
4,169,000
4,120,000
4,071,000
4,034,000
3,982,000
3,942,000
3,894,000
3,860,000
3,800,000
3,767,000
3,711,000
3,672,000
3,632,000
3,587,000
3,546,000
3,518,000
3,494,000
3,472,000
3,426,000
3,388,000
3,367,000
3,319,000
3,286,000
3,246,000
3,218,000
3,201,000
3,166,000
3,138,000
3, 111, 000
3,093,000
3,057,000
3,040,000
3,010,000
. 2,978,000
2,957,000
2,929,000

216

REPORT ON T H E FINANCES.

No. 33.— Transactions between the subtreasury arid clearing house in New York during
eachmonth, from January, 1906.

Month.

1906—January
February..,
March
April
May
:.
June
July
August
September.
October
November.,
December..
1907—January
February..
'
March
April
,
May
June
July
August
September.,
October
November..
December..
1908—January
February..,
March
,
April
,
May
June
.,
July
,
August
September.,
October
November..
December..,
1909—January
February...
March
,
AprU
May
,
June...
July
August
September.,
October
November.^.
•December..,
1910—January
February...
March..:
April
;...
May
:
June
July
August
September.,
October
November..
December...
1911—January
February...
March...
AprU
May
June....
July
August
September.,
October
November..
December..
1912—January
February...
March
AprU
May
June




Checks sent to
clearing house.

$25 456,
1,394.18
1,404.33
30 608,
:,
29 174, 220.00
;,833.42
23 738,
,358.19
23 291,
;,
24 473, 190.24
;,
25 963, 205.01
,
31 101, 688.94
',058.16
23 917,
1,493.03
31 929,
1,729.99
23 982,
:,
27 274, 123.10
!,
23 812, 324.68
1.992.41
23 269,
1.275.59
25 062,
1,102.21
23 208,
1,532.92
21 632,
:
,
20 864, 865.38
:
,
28 764, 435.33
i
,
30 782, 311.55
,
24 983, 421.44
!
,
33 892, 636.66
1,591.97
28 556,
!,343.70
18 862,
,286.27
20 287,
;
,
26 608, 121.64
!
,
24 802, 630.15
'
,
23 037, 257.40
),
26 176, 221.18
1,826.01
25 848,
1.802.27
30 710,
:,72L78
24 764,
,
34 207, 314.96
1,942.01
39 809,
i
,
33 263, 633.61
,
36 101, 209.32
!
,
27 6,53, 803.30
1.185.60
32 800,
:
,
29 194, 692.33
1,695.19
27 900,
i
,
27 685, 647.20
1,716.96
29 989,
i
,
38 556, 891.36
!
,
36 088, 909. 68
',056.26
34 719,
,778.12
40 497,
1,563.49
34 698,
,
33 641, 116.03
1.689.28
29 625,
1.200.42
33 826,
i,
36 925, 209.97
1,731.00
30 105,
,059.09
29 587,
1,632.87
38 220,
1,024.19
38 559,
1,686. 59
36 809,
!
,
37 042, 021. 66
1,426.38
42 180,
1,997.44
36 216,
;
,
40 035, 153.67
!
,
33 738, 920.42
1,711.71
32 346,
I
,
47 809, 502.10
[,
44 964, 301.72
\
44 012, 773.26
i
,
67 033, 327.47
',881.74
83 169,
,054.18
62 203,
,358.88
57 123,
,971.78
64 495,
i
,
65 776, 164.00
i
,
62 816, 124.78
;,007.63
60 ,558,
,064.06
64 523,
,8.54.30
61 993,
,590.54
61 444,
,321.39
64 023,
,496.56
67,776,

Checks received
from clearing "
house.
$46,716,493.94
31,688,622.75
31,214,215.38
32,776, 428.45
29,305, 626.23
29,795,611.40
47,068,368.67
41,237,013.83
26,997,138.94
42,556,658.85
30,740,017.18
32,288,780.63
44,822,538.29
34,265,137.69
37,746,229.90
42,994,465.83
38,191,399.28
34.195.552.74
54,054,139.63
41,987,887.40
31,659,037.19
39,110,722.73
16,856,939.93
14,652,80L00
57,084,775.26
52,212,932.49
55,613,884.92
65,924,686.07
66,556,169.30
67,218,270.04
76,982,674.93
.65,173,055.08
50,725,444.32
63,257,916.35
53,263,192.51
55,842,115.58
78,340,859.97
55,779,637.63
59,668,666.37
58.963.309.45
57,314,410.09
56,147,626. 57
64,723,251.30
57,992,969.22
46,277,90L42
51,606,719.54
49.560.130.75
53,237,283.65
64,687,717.44
53,420,898.89
53,553,053.97
52,230,222.78
55,072,019.04
53, 410,343.44
63,569,104.24
65,393, 277. 61
43,958,308.00
52,749,729.30
55,543,710.00
60,695,626.39
72,430, 564.46
58,429,957.99
60.110.577.46
66,481,687.15
61,680,480.46
68,871,169.82
69,739,681.92
63,635,173.77
54,659,695.68
65,354,590.49
60,067,931.60
61,204,121.47
81,965,153.19
59,809,276.48
54,825,506.15
62,764,262.95
63; 787,358.77
54,765,211.26

Balances due
subtreasury.

$325, 392.65
7,268, 975.27
3,750, 494.87
1,453, 127.16
724, 748.49
3,348, 367.87
829, 671.56
2,329, 858.22
3,033, 801.96
952, 100.03
1,250, 514,28
3,035, 260.73
2,140, 926.57
15, 443.69
385, 374.72
835, 695. 58
7, 462.54
163, 05L84
3, 546,013. 55
3,471,583.68
4,962,869.90
12,161,572.97
4,903,464.78
1,677,327.92
,276,154.23

1,003,190.58
992,113.86
323,035. 57
1,276,882.14
937, 570.28
805,731.89

830, 639. 44
1,264,695.09
1,638,285. 52
1,738,43L35
177,748.89
360,531.22
759,050.44
1,707,748.80
2,408,770.18
127,169.35
2,876,965.81
1,325,377.86
396,654.48
1,467,260.90
498.46
206.04
1,294, 893.06
8,694, 216.76
18,871, 484.72
6,733, 424. 36
7,768, 820.58
6,305, 723.76
8,279, 453.25
8,530, 337.00
2,120, 953.95
10,843, 687.59
10,800, 655.17
4,916, 843.86
7,612, 207.50
16,317, 626.91

Balances due
clearing house.

$21,585,
8,349,
5,790,
10, 490;
6,739,
8,670,
21,934,
12,465,
6,113,
11,579,
8,007,
8,049,
23,151

ii,oio;
1'3,069,
20,622,
16,566,
13,493,
25,289;
14,751
10,147,
10,180,
461
693:
36,797
27,282;
31,087
42,887:
40,379;
41,369;
47,275;
40,408;
17,510;
23,771
21,266;
20,678,
50,687,
23,785;
30,473;
31,062;
29,628;
26,167;
26,996,
24,168,
13,197
12,846;
14,861
19,773;
35,062;
19,955;
17,386;
22,124;
25,484
16,897;
27,418,
28,710,
9,793,
11,894
19,723;
22,027;
38,691
26,083;
14,191
21,748,
18,962,
10,532;
5,441
8,165!
5,305,
7,164;
2,571
6,918;
23,528:
6,129;
3,632,
6,226;
7,376;
3,306;

217

TEEASUEEE.

No. M.—Amount of each kind of money used in settlement of clearing-house balances
against the subtreasury in New York during each month, from January, 1906.
Month.

Gold coin.

1906—January
February..
March
April
May
June
July
August
Septernber.
October
November.,
December..
1907—January
February..
March
April
M a y . . .•
June
July
August
September.
October
November.,
December..
1908—January
February..
March
AprU
May
June
July
August
September.
October
November.,
December..
1909—January
February..
March
AprU
May
June
July
August
September.
October
November.
December..
1910—January
February..
March
April
May
June..
July........
August
September.
October
November.
December..
1911—January
February..
March
AprU
May
June
July
August
September.
October
November..
December..
1912—January
February...
March
AprU
May
June




United States
notes.
$22,
12;
15;
17;
18;
14;
20;
19;
13
16;
13
12;
20;
19;
19;
23;
23
24;
26;
19;
18;
15;
1
5;
27

000;

Treasury
notes.

Gold certificates.
$21,563,
8,337,
6,775,
10,473,
6,721,
8,656.
21,914;
12,446,
6,100,
11,563,
7,994,
8,037,
23,131,
10,991,
13,050,
20,599,
16,643,
13,469,
26,263,
14,732,
10,129,
10,165,
460,
688,
36,770,
27,282,
31,087,
41,112,
40,379,
34,381,
44,274,
40,408,
17,442,
23,370,
21,266,
20,450,
46,673,
11,151,
19,307,
26,172,
24,156,
22,995,
21,020,
16,015,
5,100,
7,143,
4,100,
14,290,
33,930,
17,490,
13,891,
19,051,
23,110,
14,562,
26,240,
26,660,
8,680,
10,800,
18,822,
20,020,
38,600,
26,800,
12,600,
21,000,
18,600,
9,500,
5,440,
7,800,
5,000,
7,160,
2, .500,
6,400,
23,000,
6,000,
3,600,
6,200,
7,370,
3,300,

SUver certificates.

Total.

$21,585,492
194
490
722
017
789
835
183 '
883
266
801
918
140
589
329
069
329
739
704
589.
199
966
921
922
489
139
409
429
948
444
063
333
243
010
441
477
057
184
974
614
763
910
999
755
131
373
667
916
028
230
894
492
960
459
850
760
262
681
367
733
644
246
574
591
600
059
285
544
157
342
221
334
100
900
307
506
245
242

218

REPORT ON T H E FINANCES.

No. "35.—Balance in the Treasury ofthe United States; amount in Treasury offices, and
amount in depositary banks, at the end of each calendar year from the adoption of the
(Constitution in 1789 to 1842, and at the end of each fiscal year thereafter to 1912.
Balance in t h e Treasury.i
Datas.
In Treasury
offices.
1789—Dec. 31
1790—Mar. 31
J u n e 30
S e p t . 30
Dec. 31
1791—June 30
Sept.30
Dec. 31
1792—Mar. 3 1 .
J u n e 30
S e p t . 30
Dec. 31
1793—Mar. 31
J u n e 30
Dec. 31
1794—Dec. 31
1795—Dec. 31
1796—Dec. 31
1797_Dec. 31
1798—Dec. 31
1 7 9 9 _ D e c . 31
1800—Dec. 31
1801—Dec. 31
1802—Dec. 31
1803—Dec. 31
1804—Dec. 31
1805—Dec. 31
1806—Dec. 31
1807—Dec. 31
1808—Dec. 31
1809—Dec. 31
1810—Dec. 31
1811—Dec. 31
1812—Dec. 31
1813—Dec. 31
1814—Dec. 31
1815—Dec. 31
1816—Dec. 31
1817—Dec. 31
1818—Dec. 31
1819—Dec. 31
1820—Deci31
1821—Dec. 31
1822—Dec. 31
1823—Dec. 31
1824—Dec. 31
1825—Dec. 31
1826—Dec. 31
1827—Dec. 31
1828—Dec. 31
1829—Dec. 31
1830—Dec. 31
1831—Dec. 31
1832—Dec. 31
1833—Dec.31
1834—Dec. 3 1 .
1835—Dec.31
1836—Dec. 31
1837—Dec.31
1838—Dec. 31
1839—Dec. 31
1840—Dec. 31
1841—Dec. 31
1842—Dec. 31
1843—June 30
1844—June.30

:
$10,490.54

232.14

-

"

'•
:

700,000.00
1,025,610.63
1,268,827.62
691,097.04
1,414,029.62
205,330.74
380,199.04
669,889.11
390,199.04

I n depositary
banks.
$28,239.61
60,613.14
156,320.23
349,670.23
570,023.80
571,699.00
679,579.99
973,905 75
751,377.34
623,133.61
420,914.51
783,212.37
1,035,973.09
561,435.33
753,661.69
1,151,924.17
516,442.61
888,995.42
1,021,899.04
617,461.43
2,16i;867.77
2 , 6 2 3 , 3 n . 99
3,295,39L00
5,020,697.64
4 , 8 2 6 , 8 n . 60
4,037,005.26
3,999,388.99
4,538,123.80
9,643,850.07
9,941,809.96
3,848,066.78
2,672,276.57
3,502,305.80
3,862,217.41
5,196,542.00
1,727,848.63
13,106,592.88
22,033,519.19
14,989,465.48
1,478,626.74
2,079,992.38
1,198,461.21
1,681,592.24
4,193,690.68
9,431,353.20
1,887,799.80
5,296,306.74
6,342,289.48
6,649,604.31
5,966,974.27
4,362,770.76
4,761,409.34
• 3,053,513.24
911,863;.16
10,658,283.61
7,861,093.60
25,729,315.72
45,056,833.64
5,779,343.01
5,364,887.61
3,992,319.44
290,532.18
170,361.73
1,699,709.09
10,525,267.10
8,222,651.19

Total.

$28,239.61"
60,613.14
155,320.23
349,670.23
570,023.80
582,189.54
679,579.99
973,905.75
751,377.34
• 623,133. 61
420,914.61
783,444.51
1,035,973.09
561,435.33
753,661.69
1,151,924.17
516,442.61
888,995.42
1,021,899.04
617,451. 43
2,161,867.77
2,623,311.99
3,295,391.00
5,020,697.64
4 , 8 2 5 , 8 n . 60
4,037,005.26.
3,999,388.99
4,538,123:80
9,643,850. 07
9,941,809.96
3,848,056.78
2,672,276.57
3,602,305.80
3,862,217.41
5,196,642.00
1,727,848.63
13,106,692.88
22,033,519.19
14,989,466.48
1,478,526.74
2,079,992.38
1,198,46L21
1,681,592.24
4,193,690.68
9,431,353.20
1,887,799.80
5,296,306.74
6,342,289.48
6,649,604.31
5,965,974.27
2 4,362,770.76
4,761,409.34
3,053,513.24
911,863.16
10,658,283.61
7,861,093.60
25,729,315.72
45,756,833.54
8 6,804,953.64
6,633,715.23
4,683,416.48
1,704,561.80
375,692.47
2,079,908.13
11,195,156. 21
8,612,850.23

Number
of
deposi tar V
banks.

3
3
3
3
3
3
4
6
6
9
Q

8

14
16
15

94
29

58
55
58
60
59
59
56
40
40
42
41
62
50
44
91
54
43
27
11
19
26
30
34

1 This statement is made from warrants paid by the Treasurer of the United States to Dec. 31,1821. and
by warrants issued after that date.
2 The unavailable funds are not included from and after this date.
8 The amount deposited with the States under act of June 23,1836, having been taken out of the control
of the Treasury Department by the act of Oct. 2,1837, is not included rom and after this date. •




TREASURER.

219

No. 35.—Balance in the Treasury ofthe United States, etc.—Continued.
Balance i n t h e T r e a s u r y .

Dates.

1845—June 30
184&—June 30
1847—June 30
1848—June 30
1849—June 30
1850—June 30
1851—June 30
1852—June 30
1853—June 30
1854—June30.
1855—June 30
1856—June 30
1857—June 30
1858—June 30
1859—June 30
1860—^une30
1861—June 30
1862—June 30
1863—June 30
1864—June 30
1865—June 30
186&—June 30
1867—June 30
1868—June 30
1869—June 30
1870—June 30
1871—June 30.
1872—June 30
1873—June 30
1874—June 30
1875—June 30
1876—June 30
1877—June 30
1878—June 30
1879—June 30
1880—'June 30
1881—June 30
1882—June 30
1883—June 30
1884—June 30
1885—June 30
1886—June 30
1887—June 30
1888—June 30
1889—June 30
1890—June 30
1891—June 30
1892—June 30
1893—June 30
1894—June 30
1895—June 30
1896—June 30
1897—June 30
1898—June 30
1899—June 30
1900—June 30
1901—June30
190^—June30.
1903—June 30
1904—June 30.
1905—June 30
1906—June 30
1907—June 30
1908—June 3 0 . .
1909—June 30:
1910—June 30
1911—June 30
1912—June 30

In Treasury
oflices.

.

. .
. ...

...

..

.

.
..

^
..

.

...

•
.
.

. .




.

$725,199.04
768,000.00
5,446,382.16
768,332.15
3,208,822.43
7,431,022.72
12,142,193.97
15,097,880.36
22,286,462.49
20,300,636.61
19,529,841.06
20,304,844.78
18,218,770.40
6,698,157.91
4,686,625.04
3,931,287.72
2,005,285.24
18,265,984.84
8,395,443.73
72,022,019.71
2,374,744.10
78,352,599.12
135,270,243.53
92,353,732.20
117,944,915.43
105,279,800.67
84,819,993.41
61,935,763.46
52,528,793.53
64,723,630.48
51,712,042.19
61,427,414.23
84,394,007.01
130,570,5/^.15
159,020,734.90
.160,528,170.50
173,974,146.61
152,941,618.24
151,579,255.91
154,557,'55l96
171,851,780.21
218,277,107.25
188,625,383.03
.189,395,440.65
167,646,333.23
164,061,481.40
135,448>>137.33
118,728,662.62
114,862,278.94
108,462,220.55
186,369,687.37
258,221,832.65
232,304,043.90
175,438,942.32
214,193,189.26
214,206,233.65
234,964,116.04
246,045,797.03
248,685,097.53
217,591,929.57
230,674,025.59
249,958,296.77
265,257,493.51
247,479,310.94
215,947,902.41
216,263,086.09
264,128,166.75
279,239,692.86

I n depositary
banks.
$7,385,450.82
8,915,869.83

39,980,756.39
'24,066,186.19
34,124,171.54
25,904,930.78
22,779,797.62
8,597,927.34
8,206,180.34
6,919,745.59
12,501,595.08
7,233,551.11
7,435,966.69
11,562,679.52
7,520,194.76
7,299,999.28
46,928,268.56
208,033,840.24
7,771,233.90
8,704,830.83
9,381,712.90
9,803,381.79
10,488,827.63
10,770,579.96
13,822,070.80
18,975,315.41
54,698,728.36
43,090,750.53
26,779,703.32
21,399,689.16
10,450,130.01
9,962,526.00
10,4?3,767.61
10,978,505.80
11,415,474.42
12,162,168.05
33,843,700.81
70,295,326.94
92,621,371.72
93,442,683.09
117,141,564.13
140,001,016.70
104,459,638.45
64,803,466.30
80,731,058.05
166,803,951.96
147,692,036.79
60,427,625.69
40,631,589.68
36,048,759.38
37,912,786.14

Total.

$8,110,649.86
9,683,869.83
5,446,382.16
758,332.15
3,208,822.43
7,431,022.72
12,142,193.97
15,097,880.36
22,286,462.49
20,300,636.61
19,529,841.06
20,304,844.78
18,218,770.40
6,698,157.91
4,686,625.04
3,931,287.72
2,005,285.24
18,265,984.84
8,395,443.73
112,002,776.10
26,440,930.29
112,476,770.66
161,175,174.31
115,133,529.82
126,542,842.77
113,485,981.01
91,739,739.00
74,437,358.54
59,762,346.64
72,159,597.17
63,274,721.71
58,.947,608.99
91,694,006.29
177,498,846.71
367,054,575.14
168,299,404.40'
182,678,977.44
162,323,331.14
161,382,637.70
165,046,380.69
182,622,360.17
232,099,178.05
207,600,698.44
244,094,169.01
210,737,083.76
190,841,184.72
166,847,826.49
129,178., 792.53
124,824,804.94
118,885,988.16
196,348,193.17
269,637,307.07
244,466,201.95
209,282,643.13
284,488,516.20
306,827,606.37
328,406,798.13
362,187,361.16
388,686,114.23
322,051,568.02
295,477,491.89
330,689,354.82
422,061,445.47
395,171,347.73
276,375,428.10
256,894,675.67
290,176,926.13
317,152,478.99

Number
of
depositary
- banks.

43
49

204
330
382
385
370
276
148
159
163
158
154
145.
143
145
124
127
131
130
134
140
135
132
160
200
290
270
205
185
159
160
155
160
160
168
172
357
442
448
577
713
842
837
928
1,255
1,436
1,414
1,380
1,362
1,353

220

REPORT ON THE FINANCES.

No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1912.
REGULAR DEPOSITARIES.

Title of banks.

To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.

DELAWARE.

ALABAMA.

First National Bank, Birmingham.
Traders' National Bank, Birmingham
Bank of Mobile National Banking
Association, Mobile
First National Bank, Montgomery.
First National Bank, Tuscaloosa...
City National Bank, Tuscaloosa

Title of banks.

To the credit
of the
Treasurer of
the Unite"a
States and
United States
disbursing
officers.

$100,000.00

First National Bank, Wilmington..

$49,521.20

50,000.00

DISTRICT OF COLUMBIA.

48,244.18
49,660.00
21,247.55
21,693.38

Commercial National Bank, Washington
National Bank of Washington,
Washington
:

530,455.00

147,651.70
149,977.86

First National Bank, Gainesville
Atlantic National Bank, Jacksonville
Barnett National Bank, Jacksonville
First National Bank, Key West
First National Bank, Pensacola
American National Bank, Pensacola
First National Bank, Tampa
Exchange National Bank, Tampa..,

40,882.65
25,000.00
100,659.43
44,072.94
24,686.72
51,856.44
124,857.19
39,955.97

Atlanta National Bank, Atlanta
Lowry National Bank, Atlanta
Commercial National Bank, Macon.,
Merchants' National Bank, Savannah..-.
,

124,650.00
304,144.23
49,709.87

589,000.00

ALASKA.

First National Bank, Fairbanks
First National Bank, Juneau
ARIZONA.

First National Bank, Douglas
First National Bank, Nogales
Phoenix National Bank, Phoenix..
Prescott National Bank, Prescott..
Consolidated National Bank,Tucson

26,000.00
25,000.00
50,000.00
40,000.00
49,917.25

ARKANSAS.

Exchange National Bank, Little
Rock

99,466.30

173,665.92

CALIFORNIA.

First National Bank, Eureka
First National Bank, Fresno
,
Farmers' National Bank, Fresno...,
First National Bank, Los Angeles..
First National Bank, Oakland
Cahfornia National Bank, Sacramehto
National Bank of D. 0. Mills & Co.,
Sacramento
First National Bank, San Diego
First National Bank, San Francisco,
American National Bank, San Francisco
Bank of Califoriua National Association, San Francisco
Crocker National Bank, San Francisco
Wells,Fargo-Nevada National Bank,
San Francisco.

39,979.79
40,000.00
25,000.00
300,068.48
37,437.51
40,000.00
49,234.64
39,450.49
267,932.17




First National Bank, Blackfoot
Boise City National Bank, Boise
Exchange National Bank, Coeur
d'Alene
,
Hailey National Bank, Hailey
,
First National Bank, Lewiston
,

50,198.39
104,486.22
26,000.00
25,07.5.74
24,456.85

ILLINOIS.

100,000.00
29,738.71
100,000.00

384,731.32
390,665.72
398,594.39
75,000.00
50,000.00
77,869.44

24,408.05

CONNECTICUT.

First-Bridgeport National Bank,
Bridgeport
,
City National Bank, Bridgeport
Charter Oak National Bank, Hartford
Hartford National Bank, Hartford..
Second National Bank, New Haven,
National Bank of Commerce, New
. London
,
Thames National Bank, Norwich

669,826.14

IDAHO.

107,463.50

COLORADO.

First National Bank, Denver
Colorado National Bank, Denver...
Denver National Bank, Denver
First National Bankj^Durango.
First National Bank, Montrose
First National Bank, Pueblo
Logan County National Bank,
Sterling

First National Bank of Hawau,
0 Honolulu

74,830.03
25,000.00
74,913.42
25,000.00
50,000.00
23,091.60
30,000.00

First National Bank, Chicago
Continental and Commercial National Bank, Chicago
Corn Exchange National Bank,
Chicago
National City Bank, Chicago
Danville National Bank, Danville...
Milikin National Bank, Decatur
Southern Ilhnois National Bank,
East St. Louis
:
Farmers' National Bank, Pekin...:..
German-American National "Bank,
Pekm
Herget National Bank, Pekin
First National Bank, Peoria
Central National Bank, Peoria
.-.
Commercial-German National Bank,
Pekin:
Illinois National Bank, Peoria
Merchants' National Bank, Peoria.,
Quincy National Bank, Quincy
Ricker National Bank, Quincy
Rock Island National Bank, Rock
Island
,
First National Bank, Springfield....
Illinois National Bank, Springfield..
State National Bank, Springfield

250,000.00
249,361.00
398,614.42
150,000.00
199,997.93
24,440.48
75,000.00
200,000.00
200,000.00
200,000.00
350,000.00
350,442.10
349,999.98
350,000.00
350,365.24
25,000.00
25,000.00
50,000,000
39,898.75
40,000.00
39,607.72

221

TREASURER.

No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, i^i^—Continued.
REGULAR DEPOSITARIES—Continued.

Title of banks.

To the credit
ofthe
Treasurer of
the United
States and
UnitedStates
disbursing
officers.

To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
KENTUCKY—continued.

Old State National Bank, Evansville
First National Bank, Fort Wayne...
Hamilton National Bank, Fort
Wayne
First National Bank, Hammond...
Citizens' German National Bank,
Hammond
Fletcher American National Bank,
Indianapolis
Indiana National Bank, Indianapohs|
Merchants' National Bank, Indianapolis
Dearborn National Bank, Lawrenceburg
Peoples' National Bank, Lawrenceburg
Marion National Bank, Marion
Citizens' National Bank, South Bend.
South Bend National Bank, South
Bend
First National Bank, Terre Haute..
First National Bank, Vincennes...:.
German National Bank, Vincennes..
First National Bank, Burhngton
Cedar Rapids National Bank, Cedar
Rapids
City National Bank, Clinton
.First National Bank, Council Bluffs,
First National Bank, Davenport
Citizens' National Bank, Des Moines
Des Moines National Bank. Des
Moines
,
Iowa National Bank, Des Moines...,
Valley National Bank, Des Moines..
Second National Bank. Dubuque..,
First National Bank, Ottumwa
Security National Bank, Sioux City,

National Bank of Commerce,Dodge
City
First National Bank, Junction City..
Lawrence National Bank.Lawi'ence
First National Bank, Leavenworth..
Leavenworth
National
Bank,
Leavenworth
First National Bank, Pittsburg
Merchants' National Bank, Topeka .

$49,013.36
25,000.00
26,000.00
125,000.00
125,000.00
46,821.73
258,220.91
50,000.00

100,000.00
230,058.96
25,000.00
25,000.00
199,375.34
50,000.00
50,000.00

30,000.00

29,948.01
25,000.00
29,946.02
60,000.00
58,964.74
60,376.64
60,095.82
24,809.40
49,952.96
50,004.60
125,000.00

49,459.11
23,071.30
24,917.16
200,240.86




$150,000.00
150,000.00
332,086.08
25,000.00
60,578.25
.59,914.45
29,870.75

LOUISIANA.

Whitney-Central National
New Orleans

Bank,

100,000.00
Granite National Bank, Augusta
First National Bank. Bangor
First National Bank, Houlton
Portland National Bank, Portland..

267,988.18
80,000.00
50,000.00
24,658.54
121,079.70

MARYLAND.

Citizens' National Bank, Baltimore..
Merchants' Nartional Bank, Baltimore
National Bank of Baltimore, Baltimore
National Exchange Bank, Baltimore.
National Mechanics' Bank, Baltimore
,
First National Bank, Cumberland...
Second National Bank, Cumberland,
Second National Bank, Hagerstown.

125,000.00
97,138.37
125,000.00
393,538.18 ^
209,497.98
25,000.00
40,000.00
25,000.00

MASSACHUSETTS.

First National Bank, Boston
Merchants' National Bank, Boston.,
National Shawmut Bank, Boston...
Mechanics' National Bank, New
Bedford
First National Bank of West Newton, Newton
Third National Bank, Springfield...
Mechanics' National Bank, Worcester
.

218,136.35
100,000.00
530,342.33
40,000.00
85,999.22
100,000.00
25,000.00

MICHIGAN.

197,959.01
25,000.00
131,185. 48

KENTUCKY.

Citizens' National Bank, Bowhng
Green
Carrollton National Bank, CarroUton,
First National Bank, Co\angton
Citizens' National Bank, Covington.,
German National Bank, Covington..
Farmers' National Bank, DanviUe...
State National Bank, Frankfort
Lawrenceburg National
Bank,
La\^Tenceburg
Lexington City National Bank,
Lexington
First National Bank, LouisviUe
American National Bank, LouisviUe.
Citizens' National Bank, LouisviUe..

National Bank of Kentucky, Louisville
Southern National Bank, LouisviUe
Uiuon National Bank, LouisviUe
State National Bank, Maysville
First National Bank, Owensboro...
NationalDepgsit Bank, Owensboro
City National Bank, Paducah

25,000.00
40,000.00
75,710. 20
74,937.10
75,000.00
50,029.41
99,872.64
50,000.00
75,000.00
151,732.15
150,000.00
149,890.28

First National Bank, Bay City
First National Bank, Detroit
Old Detroit National Bank, Detroit.
Fourth National Bank, Grand
Rapids
Houghton National Bank, Houghton.
Miners' National Bank, Ishpeming..
First National Bank, Kalamazoo
First National Bank, Marquette
First National Bank, Menominee
First National Exchange Bank,
Port Huron
Second National Bank, Saginaw
First National Bank, Sault Ste.
Marie
MINNESOTA.

50,000.00
326,531.86
100,000.00
149,349.98
25,000.00
50,000.00
24,999.90
23,725.67
25,000.00
40,317.05
75,000.44
30,000.00

o

Merchants' National Bank, Crookston

25,000.00

222

REPORT ON T H E FINANCES.

No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1912—Continued.
REGULAR DEPOSITARIES—Continued.

Title of banks.

To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.

MINNESOTA—continued.
First National Bank, Duluth
First National Bank, Minneapolis...
Northwestern National Bank, MinneapoUs
First National Bank, St. Paul
Second National Bank, St. Paul
National German-American Bank,
St. Paul

NEW JERSEY.

$150,000.00
147,877.82
34,328.90
372,406.81
399,731.61

MISSISSIPPI.

First National Bank, Vicksburg

49,924.66

MISSOURI.

First National Bank, Kansas City..,
National Bank of Commerce,Kansas
City
National Bank of the Republic,
Kansas City
,
First National Bank of Buchanan
County, St. Joseph.,
German-American National Bank,
St. Joseph
Mercantile National Bank, St. Louis!
Merchants'-Laclede National Bank,
St. Louis
National Bank of Commerce, St.
Louis
StaiteNational Bank, St. Louis.
MONTANA.

Yellowstone National Bank, Billings
Commercial National Barik, Bozeman
First National Bank, Butte
First National Bank, Glasgow
First National Bank, Great Falls...
American National Bank, Helena..
National Bank of Montana, Helena..
Conrad National Bank, Kalispell...
First National Bank, Lewistown...
State National Bank, MUes City
Western Montana National Bank,
Missoula
NEBRASKA.

Alliance National Bank, Alliance...
First National Bank, Lincoln
First National Bank, Omaha
Merchants' National Banl^:, Omaha.
Nebraska National Bank;, Omaha...
Omaha National Bank, O m a h a . . . .
United States National Bank,
Omaha

Farmers and Merchants' National
Bank, Reno
N E W HAMPSHIRE.

VFirst National Bank, Concord
Manchester National Bank, Manchester
Fhst National Bank, Portsmouth...
New Hampshire National Bank,
Portsmouth




Title of banks.

To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.

Bridgeton National Bank, Bridgeton
CamdenNational Bank, Camden.. .•.
National State Bank, Ehzabeth
First National Bank, Jersey City
Essex County National Bank,
Newark
Union National Bank, Newark
Passaic National Bank, Passaic
First National Bank, Paterson
Paterson National Bank, Paterson..
First National Bank, Perth Amboy.
First National Bank, Trenton

$20,437.84
41,950.46
46,036.15
125,000.00
25,000.00
126,000.00
25,000.00
40,056.10
40,000.00
40,000.00
124,872.37

N E W MEXICO.

200,000.00
260,000.00
100,408.91

First National Bank, Albuquerque..
StateNational Bank, Albuquerque..
First National Bank, Clayton
First National Bank, Roswell
First National Bank, Santa Fe
First National Bank, Tucumcari

125,000.00
50,000.00
25, boo. 00
25,000.00
48,526.00
24,464.60

79,887.91
N E W YORK.

30,000.00
48,275.53

First National Bank, Albany
90,000.00
National Commercial Bank,Albany.
90,000.00
150,000.00 First National Bank, Binghamton..
30,000.00
Nassau National Bank, Brooklyn...
199,840.94
291,560.48 National City Bank, Brooklyn
150,000.00
150,000.00 Third National Bank, Buffalo
100,000.00
Marine National Bank, Buffalo
100,075.71
Second National Bank, Elmira
40,000.00
American Exchange National Bank,
New York
30,000.00
150,000.00
Chatham and Phenix National
Bank, New York
24,658. 28
150,000.00
75,000.00 ChemicalNational Bank, New York.
149,524.05
25,000.00 Citizens' Central National Bank,
New York
49,833.90
110,739.85
Hanover National Bank, New York.
99,976.56
150,000.00
199,179.76 National Bank of Commerce, New
1,618,799.82
York
25,000.00
25,000.00 National City Bank, New York
250,000.00
95,434. 26 New York County National Bank,
New York
150, ooo: 00
99,062.08 State National Bank, North Tonawanda
25,000 00
National Bank of Ogdensburg, Ogdensburg
• 40,000.00
25,000.00 First National Bank, Oswego
49,689.89
PeekskiU National Bank, Peekskill.
49,931.11
42,047.38
149,980.28 Westchester County National Bank, •
Peekskill
150,000.00
65,000.00
148,562.92 Plattsburg National Bank, Plattsburg
399,603. 79
40,000.00
Lincoln National Bank, Rochester..
74,311.76
175,000.00 Traders' National Bank. Rochester..
25,000.00
Third National Bank, Syracuse
79,937.63
Manufacturers' National Bank,Troy.
60,000.00
National State Bank, Troy
25,000 00
First National Bank, Utica
25,000.00
49,022.91
50,000.00 Second National Bank, Utica
First National Bank, Waterloo
30,000.00
Watertown National Bank, Watertown
:.
50,000.00
31,669.37
NORTH CAROLINA.

25,000.00
158,780.75
25,000.00

American National Bank, Asheville.
Commercial National Bank, Charlotto

60,000.00
75,000.00

223

TEEASUBEE.

No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1912—Continued.
REGULAR DEPOSITARIES—Continued.

Title of banks.

To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.

NORTH CAROLINA—continued.
First National Bank, Durham
Citizens' National Bank, Durham..
Greensboro National Bank, Greensboro
Citizens' National Bank, Raleigh...
First National Bank, Statesvillc...
Southern National Bank, Wilmington
Peoples' National Bank, Winston..

PENNSYLVANIA.

$50,000.00
50,000.00
50,000.00
84,435.53
40,000.00
24,7a5.76
80,007.18

N O R T H DAKOTA.

First National Bank, Bismarck—
Dakota National Bank, Dickinson.
First National Bank, Fargo
Second National Bank, Minot
Citizens' National Bank, Williston.

27.354.47
24.878.48
99,970.00
49,999.95
50,000.00

oino.
First National Bank, Athens
,
First National Bank; ChiUicothe
First National Bank, Cincinnati
Second National Bank, Cincinnati..
Fourth National Bank, Cincinnati..
Fifth-Third National Bank, Cincinnati
Citizens' National Bank, Cincinnati,
Market National Bank, Cincinnati.,
First National Bank, Cleveland
Bank of Commerce, National Association, Cleveland
Hay den-Clinton National Bank,
Columbus
,
Third National Bank, Dayton
First National Bank, Hamilton
Second National Bank, Hamilton. .
Merchants' National Bank, Middletown
First National Bank, Portsmouth..
Commercial National Bank, Sanduskj'^
First National Bank, Toledo
Second National Bank, Toledo
Troy National Bank, Troy

25,000.00
25,000.00
201,000.00
200,000.00
200,000. 0

125,000.00

150,000.00
491,725.81
150,000.00
150,000.00
486, 720.30
25,000.00
50,000.00
74,953.61
40,000.00
40,000.00

SOUTH CAROLINA.

100,000.00
200,000.00
25,000.00
25,000.00

First National Bank, Charleston
Palmetto National Bank, Columbia..
National Union Bank, Rock H i l l —

75,000.00
30,000.00
24,999.97
49,986.37
50,000.00
50,000.00

25,000.00
25,000.00
25,000.00
60,880.79
71,038.17
75,000.00

Western National Bank, Oklahoma
City
First National Bank, Woodward

200,000.00
25,905.77

74,500.00-

OREGON.

I

$25,000.00
.50,000.00
24.430.01
49,965.04
50,000.00
59,893.77
50,000.00
150,000.00
25,000.00

R H O D E ISLAND.

Aquidneck National Bank, Newport
Merchants' National Bank, Provi. dence

OKLAHOMA.




Merchants' National Bank, Allentown
First National Bank, Altoona
First National Bank, Easton
First National Bank, Erie
First National Bank, Harrisburg
Conestoga National Bank, Lancaster.
New First National .Bank, Mead ville.
First National Bank, Philadelphia..
Second National Bank, Philadelphia.
Corn Exchange National Bank,
Philadelphia
Quaker City National Bank, Philadelphia
Second National Bank, Pittsburg...
Columbia National Bank, Pittsburg.
Mellon National Bank, Pittsburg...
Miners' National Bank, PottsvUle...
First National Bank, Reading
Third National Bank, Scranton
First National Bank, Wilkes-Barre.
First National Bank, York

200,057.61
200,000.00
200,000.00
100,000.00

First National Bank, Alva
Ardmore National Bank, Ardmore.
Citizens' National Bank, El Reno..
Guthrie National Bank, Guthrie...
First National Bank, Lawton
First National Bank, Muskogee."...
Commercial National Bank, Mus-

First National Bank, Burns
La Grande National Bank, La
Grande
First National Bank, Lakeview
First National Bank, Portland
Merchants' National Bank,Portland.
United States Na,tional Bank, Portland

Title of banks.

To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.

24, 482.74
40,000.00
24,841.15
898,996. 41
146,646.91
193,205.07

97,213.69
124,957.07

98.708.79
80,000.00
25,000.00

SOUTH DAKOTA.

Aberdeen National Bank, Aberdeen.
Whitbeck National Bank, Chamberlain
First National Bank, Deadwood
Gregory National Bank, Gregory
First National Bank, Huron
First National Bank, Lemmon
,
First National Bank, Mitchell
MitcheU National Bank, Mitchell..,
First National Bank, Pierre.
,
Pierre National Bank, Pierre.
,
First National Bank, Rapid City...
Minnehaha National Bank, Sioux
Falls

47,883.02
50,320.77
92,979.48
50.000.00
50', 161.66
25,000.10
30,000.00
30,000.00
23,857.79
24,309.33
.50,000.00
48,375.91

TENNESSEE.

First National Bank, Bristol
First National Bank, Chattanooga..
First National Bank, Clarksville
Manufacturers^National Bank, Harriman
Unaka National Bank, Johnson City.
East Tennessee National Bank,
Knoxville
,.
First National Bank, Memphis
First National Bank, Nashville
American-National Bank, NashviUe
First National Bank, Tullahoma—

24,988.83
130,444.04
25,000.00
26,000.00
100,000.00
73,876.44
149,108. 85
124,797.94
50,000.00
25,000.00

224

REPORT ON T H E FINANCES.

No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1912—Continued.
R E G U L A R DEPOSITARIES—Continued.

Title of banks.

To the credit
of the
Treasurer of
the United
States and
United States
disbursing
officers.

Title of banks.

To the credit
ofthe
Treasurer of
the United
States and
United States .
disbursing
officers.

AV ASHINGTON.

American National Bank, Austin..
Austin National Bank, Austin
First National Bank, Beaumont...
American National Bank, Beaumont
Gulf National Bank, Beaumont
First National Bank, Brownsville...
American Exchange National Bank,
Dallas
City National Bank, Dallas
First National Bank, Eagle Pass
First National Bank, El Paso
City National Bank, El Paso
First National Bank, Galveston
City National Bank, Galveston
South Texas Commercial National
Bank, Houston
Laredo National Bank, Laredo
First National Bank, Orange
Orange National Bank, Orange.....
First National Bank, Port Arthur..
San Antonio National Bank, San
Antonio
Merchants and Planters' National
Bank, Sherman
Citizens' National Bank, Waco

Fhst National Bank, Bellingham...
First National Bank, North Yakima.
First National Bank, Port Townsend
National Bank of Commerce, Seattle.
Seattle National Bank, Seattle
Exchange National Bank, Spokane.
Old National Bank, Spokarje
88,995.19
89,350.95 National Bank of Commerce, Tacoma
25,000.00
144,164. 76 Pacific National Bank, Tacoma
30,000.00 Vancouver National Bank, Vancouver
.T...
24,873.77
29,906.80 First National Bank, Walla WaUa..

$40,048.00
200,738.07
149,103. 25
137,700.00
138,100.00
22,719.52

50,000.00
25,000.00
94,000.00
42,500.00
29,737.60
299,220.16

Fhst National Bank, Ogden
Utah National Bank, Ogden
Deseret National Bank, Salt Lake
City
National Bank ofthe Republic, Salt
Lake City

Merchants' National Bank,Burlington
National Bank of Newport, Newport

First National Bank, Abingdon
First National Bank, Alexandria
First National Bank, DauAnlle
Front Royal National Bank, Front
Royal
,
Lynchburg National Bank, Lynchbm-g
First National Bank,Ne^^^^ort News'
National Bank of Commerce, Norfolk
Norfolk National Bank, Norfolk
Virginia National Bank, Petersburg.
American National Bank, Richmond
Merchants' National Bank, Richmond
National Bank of Vhginia, Richmond




99,8n.90
50,000.00
89,527.47
197,425.37

75,277.10
40,000.00

40,000.00
24,800.38
22,658.05

95,142.72
894,603.95
900,000.00
74,702.48
74,906.13

175,000.00
50,000.00
24,869.38
39,557.58

WEST VIRGINIA.

Citizens' National Bank, Charleston.
First National Bank, Grafton
First National Bank, Huntington...
Old National Bank, Martinsburg
First National Bank, Parkersburg..
National Exchange Bank, Wheehng.

49,852.63
39,946.40

UTAH.

$40,000.00
101,232.32

150,084.38
25,000.00
25,000.00
25,000.00
50,000.00
125,000.00

AVISCONSIN.

Ashland National Bank, Ashland...
KeUogg National Bank, Green Bay.
National Bank of La Crosse, La
Crosse
First National Bank, Madison
First National Bank, Milwaukee
National Exchange Bank, Milwaukee
Wisconsin National Bank, Milwaukee
Old National Bank, Oshkosh
First National Bank of the City of
Superior, Superior

58,539.48
30,000.00
30,000.00
49,111.67
247,227.95
249,624.88
86,122.78
.30,000.00
50,000.00

AVYOMING.

First National Bank, Buffalo
First National Bank, Cheyenne
Stock Growers' National Bank,
Cheyenne
:
Fhst National Bank, Evanston
First National Bank, Lander

25,000.00
85,000.00
99,525.03
23,397.38.
24,980.38

23,127.76
ADDITIONAL DEPOSITARIES.
75,000.00
46,898.73
458,456.80
462,403.64
49,589.64

PHILIPPE^^E ISLANDS.

Treasury of the Phihppine Islands,
Manila

4,544,196.86

PORTO RICO.
100,000.00
101,796.35
99,729.90

American Colonial Bank of Porto
Rico, San Juan
Total.

200,303.02

49,930,504.74

[

225

TEEASUEEE.

No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1912—Continued.\
SPECIAL DEPOSITARIES.
To the credit
Num- of the Treasurer of the
ber.
United States.!
I

State.

$12,000
1,000

.A-labama
Arizona
Arkansas
Cahfornia
Colorado
Connecticut
Delaware
,...
District of Columbia..
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
"...
Mississippi..
Missouri
Montana

5,000
18,0,00
11,000
10,000
1,000
2,180,975
6,000
23,000

6,000
39,000
46,000
50,000
37,000
24,000
11,000
7,000
29,000
43,000
19,000
20,000
8,000
22,000
2,000

To the credit
Num- of the Treasber.
urer of the
United States.

State.

Nebraska
Nevada
New Hampshire.
New Jersey
New Mexico
:
New York
•.
North Carohna . . .
North Dakota
Ohio
Oklahoma
•..
Oregon
Pennsvlvania
Rhode Island
South Carolina . . .
South Dakota...
Tennes.see
Texas
Vermont
Virginia
Washington
West Virginia...
Wisconsin
Wyoming

25
2
14
9
2
62
12
2
64
11
10
120
3
7
3
6
31
31
5
13
22
7

$25,000
2,000
14,000
9,000
2,000
62,000
12,000
2,000
64,000
11,000
10,000
120,000
3,000
7,000
3,000
6,000
31,000
9,000
31,000
5,000
13,000
22,000
7,000

Total

929

3,100,975

9

RECAPITULATION.
Regular depositaries
Special depositaries

'

$49,930,504.74
3,100,975.00

."^

53,031,479.74
No. 37.—Receipts and disbursements of public moneys through national-bank depositaries
by fiscalyears from 1901.
Receipts.

Fiscal years.

4901 .
1902
1903...
1904..1905
1906
1907
1908..1909
1910
1911
1912

!

$313,373,160.38
281,234,091.57
244,947,528. 71
251,970,862.61
251,265,327.39
267,418,788.43
313,824.771.09
293,869,490.31
300,924,352.92
342,600,932.99
.377,280,054.97
378,597, 729.27

F u n d s transFunds transe
ferred to banks. ferredy to aT rk sa.s u r y
b b n
$125,443,007.56
1.57,041,571.84
201,897,430.60
176,189,6n. 66
134,884,137.86
233,200,148.62
349,196,379.80
297,371,652.96
192,639,9.39.96
226,151,893.16
235,563,144.18
224,961,946.42

$413,853,457. 60
388,229,463.27
388,539,946.66
414,301,175.71
368,889,785.82
427,142,930.07
516,805,991.82
544,589,160.96
502,286,495.43
510,782,592.86
539,491,903.99
530,697,076.26

Warrants paid
by banks.
$24,141,398.97
26,347,319.10
35,445,560.08
49,400,676.71
' 56,905,861.58
57,648,415.23
60,142,265.16
65,763,897.28
79,016,707.39
78,346,622.81
77,822,223.75
70,093,031.83

Balance.
$93,657,444.47
117,356,325.51
140,216,778.08
104,674,399.83
65,018,227.68
80,945,819.43
167,-018,713.34
147,906,798.17
60,167,888.23
39,791,698.71
35..320.670.12
38,190,237.72

No. 38.—Number of national banks with semiannual duty levied, by fiscal years, and
number of depositaries with bonds as security at close of each'fiscal year from 1901.

Fiscal years.
1901.
1902.
1903.
1904.
1906.
1906.
1907.
1908.
1909,
1910
1911
1912

Number Bonds held
secure cirof banks. toculation.
4,187 $326,119,230
4,553 317,038,-530
5,014
375,068,770
5,409 416,016,690
5,782 468,066,940
6,138 620,605,210
6,538 558,364,660
6,827 628,172,130
7,020 660,689,070
7,207 686,974,880
7,3,37 698,532,060
•.7,428 724,493, 740

64926°—FI 1912-




-15

Semiannual
duty levied.
$1,599, 221.08
1,633,309.15
1,708, 819.92
1,928,827.49
2,163 882.05
2,509,997.80
2 , " " 070.54
3,090,811.72
3,190, 543.04
3,463, 466. 68
3,567, 037.21
3,690. 313.63

Number
of depositaries.
448
677
713
842
837
927
1,265
1,436
1,414
1,380
1,362
1,354

Bonds held
to secure
deposits.
$105,765,460
124,718,650
152,852,020
112,902,560
80,404,960
95,575.725
193,244; 052
180,459,419
81,244,071
61,774,700
5(), 206,800
48,309,500

Total bonds
held.
$431,884,680
441.757,180
527,920,790
528,919,240
548,471,890
616,1.80,935
761,608,712
808,631,549
741,933,071
738,749,580
748,738.860
772,'803,240

226

REPORT ON T H E FINANCES.

No. Z^.^-Shipn^nts of silver coin from each office of the Treasury and mints during the
fiscal years 1911 and 1912.
During fiscal year 1911.
Office.

During fiscal year 1912.

Standard
dollars.

Denver
New Orleans..
Philadelphia..
San Francisco.

Standard
•dollars.

Subsidiary
silver.

$489, 475.00
146,400.00
349,200.00
3,458, 500.00
2,381,736.00
2,082, 700.00
183,125.00
848,200.00
3,457,445.00618,800.00

Washington
Baltimore
Boston
.Clhcago
Cincinnati
New Orleans...
New York
Philadelphia...
St. Louis
San Francisco..

Subsidiary
silver.

$775, 067.60
549, 910.00
1,362, 400.00
2,950, 940.00
1,718, 691.00
1,196, 300.00
4,844, 259.40
2,334, 375.00
2,199, 495.00
797, 545.00

$475,045.00
64,400.00
276,600.00
2,894, 875.00
2,077, 639.00
1,848, 700.00
151,500.00
801,250.00
2,780,425.00
289,900.00

$1,010,360.60
534,605.00
1,410,380.00
2,576,932.00
1,808,300.00
1,384,720.00
4,009, 295.00
2,412,135.00
1,564,450.00
755,510.00

1,606,499.80
1,087,285.00
635,180.00

181,540.00

2,'787,839.06

11,841,874.00

21,476,457.40

10,000.00
134,755". 00
200.00
14,060,535.00

Total.

21,956,847.:

1,221,930.80

No. 40.—Shipments of silver coin from the Treasury offices and mints during each fiscal
year from 1901-, and charges thereon for transportation.
Standard
doUars.

Fiscal years.

1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

$38,338,519.00
40,404,325.00
41,182,154.00
41,032,715.00
44,988, 746.00
41,562,828.00
37,500,118.00
31,466,911.00
i})
(2)
{')

....

Subsidiary
silver.
$21,075,146.85
21,871,959.35
24,112, 444.65
24,382,947.90
27,606,184.80
29,378,631.40
30,395,662.55
31,438,830.99
36,058; 567.75
43,977,039. 70
{')
(6)

Total.

$59,413,665.85
62,276,284.35
65,294, 598. 65
66,415,662.90
72,694,930.80
70,941,459.40
67,895,780.55
62,905,741.99
36,058,567.75
43,977,039.70

Charges.

$125,742.99
124,003.65
132,265.05
126,359.81
137,697. 21
152,184.90
163,051.55
154,069.35
104,443.28
84,457.58

1 $11,865,180 in standard silver dollars shipped at expense of consignee.
2 $14,384,734 in standard silver dollars shipped at expense of consignee.
8 $14,060,535 in standard silver dollars shipped at expense of consignee.
< $2l,9a6,847.80 in sifbsidiary silver shipped at expense of consignee.
6 $11,841,874 in standard silver dollars shipped at expense of consignee.
6 $21,476,457.40 in subsidiary silver shipped at expense of consignee. .




R a t e per
$1,000.
$2 12
1.99
2 03
1.93
1 90
2.15
2.40
• 2.45
2.90
1 92

TREASURER.

227

No. 41.— United States bonds retired, from May, 1869, to June 30, 1912.
Rate
of interest.

Title of loans.

Loan of 1847...
Bounty-land scrip
Loan of February, 1861..
Oregon war debt
Loan of July and August, 1861
Five-twenties of 1862
;
Loan of 1863
Five-twenties of March, 1864
Five-twenties of June, 1864
Five-twenties of 1865 . . . .
Consols of 1865
Consols of 1867 .
Consols of 1868
Texan indemnity stock
Loan of 1860
Loan of 1858
Ten-forties of 1864
Funded loan of 1881
Funded loan of 1891
Funded loan of 1907 • . .
Loan' of July and August, 1861, continued
Loan of 1863, continued
Funded loan of 1881, continued
Loan of July 12,1882
Loan of 1908-1918
Funded loan of 1891, continued
Bonds issued to Pacific railroads:
Central Pacific
Union Pacific
Kansas Pacific
Central Branch, Union Pacific
Western Pacific
Sioux City and Pacific
Loan of 1904
Loan of 1925
Total

-

Redeemed.

Per ct.
6
6
6
6
6
6
6
6
6
6
.6
6
6
5
5
6
6
5

$47,900
1,175
7,798,000
685,950
12,932,400
430,418,100
4,684,700
2,382,200
69,868,900
167,697,450
205,287,350
310,108,650
37,478,750
232,000
7,022,000
6,041,000
192,459,150
72,867,850
81,045,950
61,833; 400

^

4

it
f
3

43,699,000
143,518,200
236,575,400

25,407,200

6
6
6
6
6
6
5
4

25,885,120
'27,236,512
6,303,000
1,600,000
1,970,560
1,628,320
19,371,800
2,349,853,487

Converted
and
exchanged.

Total.

S47,9,00
$10,612,000
256,800
48,776,700
57,155,860
19,854,250
1,119,800
43,459,750
36,023,350
118,960,650
62,846,950
4,794,050

127,595,600
37,226,200
109,155,250
306,581,050

2

Purchased.

$27,091,000
380,500
12,218,650
9,686,600
8,703,600
6,568,600
25&,660
13,957.000
2,089; 500
441,728,950
13,231,650
292,349,600

2,913,540

8,643,650
43,825,500

132,449,900

72,071,300

882,825,340 1,032,683,500

18,410,000
942,750
61,709,100
614,664,960
24,538,960
'3,882,500
126,547,300
203,307,400
332,941,500
379,524,200
42,529,450
232,000
7,022.000
19,998,000
194,548,650
. 116,466,850
224,-564,160
740,137, 750
127,595,600
60,457,860
401,504,850
305,581,060
135,363,440
25,407,200
25,885,120
27,236,512
6,303,000
1,600,000
1,970,660
1,628,320
99,986, 760
43,825,500
4,265,362,327

No. 42.—Seven-thirty notes issued, redeemed, and outstanding June 30, 1912.
R e d e e m e d to R e d e e m e d
Total issued. J u n e 30,1911.
during
year.

Issue.

$140,094,750
299,992, 500
'331,000,000
199,000,000

Total

$140,085^400
299,947,200
330,970,200
198,954,900

970,087,260

July 17,1861...
A u g u s t 15,1864
J u n e 15,1865...
July 15,1865...

i9,957,700

Total
redeemed.

Outstandirig.

$100

$140,085,400
299,947,200
330,970,200
198,955,000

$9,350
45,300
29,800
45,000

100

969,957,800

129,450

No. 43.—Refunding certificates, act of Feb. 26,1879, issued, redeemed, and outstanding.

How payable.

To order
To bearer

".•

Total




Issued.

Total
Redeemed
Outstandduring
retired to
ing.
year.
June 30,1912.

$68,500
39,954, 250

$600

$58,480
39,940,220

$20
14,030

40,012,750

600

39,998,700

14,050

228

REPORT ON T H E FINANCES.

No. 44.—Checks issued by Treasurer's office for interest on registered bonds during thefiscal
year 1912.
T i t l e of loans.
16,542
53,253
39,476
4,174
2,079
3,180
146
1,979
798
228
. 151
• 129
236
423
54
477
37

Total

'.

283.00
1,309, 003.80
12,841, 116.00
1,092, 129.80
592, 856.40
645, 348. 26
458.00
280, 000.00
100, 000.00
40, 000.00
40, 000.00
000.00
000.00
000.00
3, 750.00
285, 959. 25
17, 000.00

123,362

L o a n of 1925
L o a n of 1908-1918
Consols of 1930
P a n a m a Canal loan of 1916-1936
P a n a m a Canal loan of 1918-1938
P a n a m a Canal loan of 1961
P o s t a l saviiigs loan, first series
P h i l i p p i n e loan of 1914r-1934
P h i l i p p i n e loan of 1915-1935, p u b h c - i m p r o v e m e n t b o n d s —
P h i l i p p i n e loan of 1915-1935, Manila sewer a n d w a t e r b o n d s
P h i h p p i n e loan of 1916-1936, p u b l i c - i m p r o v e m e n t b o n d s . . . .
P h i h p p i n e loan of 1917-1937, M a n i l a sewer a n d w a t e r b o n d s
P h i l i p p i n e loan of 1918-1938, M a n i l a sewer a n d w a t e r b o n d s
P h i l i p p i n e loan of 1919-1939, p u b l i c - i m p r o v e m e n t bonds
P h i h p p i n e loan of 1921-1941, C e b u b o n d s
District of Columbia 3.65 p e r c e n t b o n d s
•
P o r t o R i c a n gold loan of 1920-1927
-.

21,407,904.51

No. 45.—Interest on 3.6.5 per cent bonds ofithe District of Columbia paid during thefiscal
year 1912.
Where paid.

Coupons.
$2,400.77
14,822. 65

T o t a l . '.

$37,357.75
248,437.25

$39,768.52
263, 259.90

17,223.42

Treasury U n i t e d States, W a s h i n g t o n
Subtreasury United States, New York

Checks.

285,795.00

303,018.42

Total..

No. 46.—Coupons from United States bonds and interest notes paid during thefiscal year
1912, classified by loans.

Title of loans.

Number
of
coupons.

Amount.

Title of loans.

Five-twenties of 1862
F i v e - t w e n t i e s of 1865
Consols of 1865
Consols of 1868
F u n d e d loan of 1891
L o a n of 1904
F u n d e d loan of 1907
L o a n of 1925
•Tvoan of 1908 1918
Consols of 1930.

2
2
4
2
• 2
2
3,552
88,237
276,928
23,862

$4.50
18.00
6.00
4.50
1.13
13.13
19,189.00
746,545.00
615,712.20
87,735. 75

P a n a m a Canal loan of 19161936
P a n a m a Canal loan of 19181938
P a n a m a Canal loan of 1961...
Postal savings loan, first
series
7.30 notes of 1864-65




:

Total

Number
of
coupons.

Amount.

576

$532 60

1,460
63,137

6,031.80
426,066.00

37
5

38.25
9 12

457,808 1,901,906.98

229

TEEASUEEE.

No. 47.—Bonds and other securities retired from the sinking fund during the fiscal year
1912, and total from May, 1869.

Title of loans.

War-bounty scrip:
.'
L o a n of 1860
L o a n of F e b r u a r y , 1861
Oregon w a r d e b t
,
L o a n of J u l y a n d A u g u s t , 1861
Five-twenties of 1862
L o a n of 1863
Ten-forties of 1864
Five-twenties of March, 1864
Five-twenties of J u n e , 1864
Five-twenties of 1865
Consols of 1865
Consols of 1867
,
Consols of 1868
F u n d e d loan of 1881
\
F u n d e d loan of 1891
,
F u n d e d loan of 1907
L o a n of 1904
L o a n of J u l y a n d A u g u s t , 1861, continued.
L o a n of 1863, c o n t i n u e d
F u n d e d loan of 1881, c o n t i n u e d
L o a n of J u l y 12, 1882
L o a n of 1908-1918
F u n d e d loan of 1891, c o n t i n u e d
,
L o a n of 1925
T r e a s m y notes issued prior to 1846
T r e a s u r y notes of 1861
T e m p o r a r y loan certificates, act 1862
Certificates of i n d e b t e d n e s s , act 1862
Certificates of i n d e b t e d n e s s of 1870
One-year notes of 1863
Two-year notes of 1863
'.
•
Compound-interest notes
Seven-thirties of 1861
Seven-thirties of 1864-65
Fractional currency
U n i t e d States notes
Old d e m a n d notes
Refimding certificates
Certificates of i n d e b t e d n e s s

Total.,




Rethed
d u r i n g fiscal
year.

F r o m May, 1869.
Redeemed.
$175.00
10,000.00
3,000.00
1,550.00
78,450.00
30,047,400.00
23,100.00
691,600.00

$116,350.00
200.00

2,000.00

Purchased.

$10,612,000.00
256,800.00
48,776,700.00
24,029,150.00
19,854,250.00

361, 600.00
11,072, 100.00
18,356, 100.00
1,982,'i50.00
16,866, 150.00
65, 450.00
48,166, 150.00
32,115, 600.00
76, 700.00
2,213, 800.00
21, 350.00.
43,599, 000.00
25,091,550.00
46,274, 850.00
50,764, 900.00
60,414. 550.00 134,291, 400.00
8,543; 650.00
19,371, 800 00
56,633, 000.00
.37,220,300.00
43,7^0, 300.00
168,692, 750.00
2,396,800.00
25,407,200.00

*43,'825,"566."66'

100.00
1,236.03
600.00
120,616.03

110.00
200.00
110.00
1,000.00
678,000.00
5,345.00
1,650.00
30,310.00
1,500.00
1.3,400.00
26,259,728.03
29,090,564.00
3,185.00
8,940.00
13,936,500.00
601,410,217.03

1,350.00
1,500,000.00

$175.00
10,000.00.
10,615,000.00
258,350.00
48,855,150.00
54,076,550.00
19,877,350.00
691,600.00
361,600.00
29,428,200.00
18,848,600.00
48,231,600.00
32,192,300.00
2,235,150.00
68,690,550.00
97,039,750.00
194,705,950.00
27,915,450.00
56,633,000.00
37,220,300.00
43,710,300.00
168,692,750.00
2,396,800.00
25,407,200.00
43,825,500.00
110.00
200.00
110.00
1,000.00
678,000.00
5,346.00
1,650.00
30,310.00
1,500.00
13,400.00
26,269,728.03
29,090,564.00
3,185.00
10,290.00
15,436,500.00

502,040,850.00 1,103,451,067.03

230

. REPORT ON T H E FINANCES.

No. 48.—Public debt June 30, 1911, and June 30, 1912, and changes during the year.

Title of loans.

Rate
of interest.

Outstanding
J u n e 30,1911.

Issued d u r i n g
year.

Retired during
year.

Outstanding
J u n e 30, 1912.

INTEREST-BEARmO DEBT.

L o a n of 1925".
L o a n of 1908-1918 °
Consols of 1930 . . . .
P a n a m a C a n a l loan of 1916-1936
P a n a m a Canal loan of 1918-1938
P a n a m a Canal loan of 1961
P o s t a l Savings loan, 1st s e r i e s . .
P o s t a l Savings loan, 2d s e r i e s . . .

P e r ct.
4
$118,489,900.00
3
63,946,460.00
2
646,250,150.00
2
54,631,980.00
2
30,000,000.00
3
2,035,700.00
2it
2h

.$47,964,300.00
41,900.00
417,380.00

$118,489,900.00
63,945,460.00
646,250,150.00
54,631,980.00
30,000,000.00
50,000,000.00
41,900.00
417,380.00

915,353,190.00

48,423,580.00

963,776,770.00

Total
D E B T ON W i n C H INTEREST
HAS CEASED.

.^to6
Old d e b t .
L o a n of 184'^
T e x a n i n d e m n i t y stock
5
5
L o a n of 18t)8
6
Five-twenties of 1862
Five-twenties of J u n e , 1 8 6 4 . . . . • 6
6
Five-twenties of 1865
5
Ten-forties of 1864
6
Consols of 1865
6
Consols of 1867
'.
6
Consols of 1868
6
L o a n of F e b r u a r y , 1861
5
F u n d e d loan of 1881
'.
. F u n d e d loan of 1881, c o n t i n u e d .
3^
Oregon w a r d e b t
"
6
L o a n of J u l y a n d A u g u s t , 1861..
6
L o a n of J u l y a n d A u g u s t , 1861,
continued
L o a n of 1863 (1881's)
L o a n of 1863, c o n t i n u e d
L o a n of J u l y 12,1882
F u n d e d loan of 1891
F u n d e d loan of 1891, c o n t i n u e d .
5
L o a n of 1904
4
F u n d e d loan of 1907
;
6
T r e a s u r y notes of 1861
-.. .
Seven-thirties of 1861
7A
One-year notes of 1863
5
Two-year notes of 1863
5
Compound-interest notes
Seven-thirties of 1864-65
Certificates of i n d e b t e d n e s s
6
4 to 6
T e m p o r a r y loan
3 per c e n t certificates.
3
Refunding certificates
4

151,610.26
950. 00
20,000.00
2,000.00
107,150. 00
14,000.00
19,850.00
18,650.00
57,450.00
93,800.00
9,900.00
5,000.00
22,400. 00
50.00
2,250.00
15,050.00

151,610.26
950.00
20,000.00
•2,000.00
107,1.50.00
14,000.00
19,850.00
18,6.50.00
57,450.00
93,800.00
9,900.00
^ 5,000.00
22,400.00
50.00
2,250.00
15,050.00

•

1,600.00
3,100.00
100. 00
• 200.00
23,660.00
7,000.00
13,450.00
916,700.00
2,300.00
9,350.00
30,360.00
26,850.00
159,360.00
120,200.00
3,000.00
2,850.00
5,000.00
14,650.00

600.00

1,600.00
3,100.00
100.00
200.00
23,650.00
5,000.00
13,250.00
800,350.00
2,300.00
9,350.00
30,360.00
26,850.00
159,230.00
120,100.00
3,000.00
2,850.00
5,000.00
14,050.00

119,380.00

-1,760,450.26

149,660,000.00

149,660,000.00

53,282. .50
346,681,016.00

33,160,178.00
6,857,390.93

20,078,365.00

28,527,711.50
1,236.03

24,710,831.50
6,856,154.90

386,751,867.43

169,738,365.00

178,188,947.53 • 378,301,284.90

994,870,669.00
463,499,000-00
3,246,000.00

365,760,000.00
411,432,000.00

310,573,300.00 1,040,057,369.00
393,382,000.00
481,549,000.00
317,000.00
2,929,000.00

Total

1,461,615,669.00

767,192,000.00

704,272, .300.00 1,524,535,369.00

Aggregate

2,765,600,556.69

985,353,945.00

882,580,627.53 2,868,373,874.16

f
f

'k

Total

$2,000.00
200.00
116,350.00

130.00
100.00

1,879,830.26

D E B T BEARING N O I N T E R E S T .

Old d e m a n d notes
U n i t e d States notes
National-bank notes, r e d e m p tion account
Fractional currency
Total

53,282.-.50
346,681,016.00

CERTITTCATES AND TREASURY
NOTES.

Gold certificates
.•
Silver certificates
T r e a s u r y notes of 1890




231

TEEASUEEE.

No. 49.—Public debt, exclusive of certificates and Treasury notes, at the end of each month,
from January, 1906.

Months.

1906—January...
February..
March
April
May
June
July
August
September.
October...,
November.
December.
1907—January...
February..
March
April
May
June
July
August
September,
October...
November.
December.
1908—January..,
February..
March
April
May-r
..
June
July
August
September.
October....
November.
December.
1909—January..,
February..
March
AprU
May
June
July
August
September.
October
November.
December.
191Q—January..,
February..
March
AprU
May
June
July
August
September.
October
November.
December.
1911—January...
February..
March
AprU
May
June
July
August
^
September.
October...
November.
December.
1912—January...
February..
March
April
May.
June

Interest
bearing.

Matured.

United. S t a t e s
notes a n d
fractional currency.

1,825.26 .$353 601,
$896 159 180 $1,170,
,007.68
i,
,007.58
895 159 170 1,156, 705.26 363 601,
1,425.26 363 600,
•895 159 170 1,139,
,257.58
,145.26 363 600,
1,139,
,257.58
895 159 160
.,045.26 353 600,
,257.58
895 159 150 1,135,
,135.26 353 600,
1,128,
,055.78
895 159 140
i,
,065.78
895 159 090 1,126, 585.26 363 600,
i,
,535.78
922 133 380 1,126, 376.26 353 599,
i,
,536.78
925,159 200 1,126, 376.26 .353 .599,
,205.26 353 .599,
1,123,
,535.78
925 159 250
1,975,26 353 599,
,635.78
925 159 190 1,118,
1,765.26 ,353 599,
,535.78
922 717 880 1,118,
1,745.26 353 599,
,535.78
922 020 560 1,095,
1,696.26 353 598,
1,096,
,775.78
920 099 510
,365.26 353 598,
,775.78
908 233 660 1,095,
,136.26 353 598,
.,775.78
901 568 630 1,096,
i,
.899 972 780
,775.78
1,086, 925.26 353 598,
1,815.26 353 598,
,292.78
894 834 280 1,086,
,135.26 353 598
:,292.78
868 685 510 13,563,
,105.26 363 698,
;,292.78
858 685 510 9,623,
1,645.26 353 698,
,292.78
858 685 510 8,272,
1,965.26 363 597,
,847.78'
-858 685 510 6,930,
1,015.26 363 597,
,847.78
869 603 010 6,228,
1,385.26 353 597,
,732.78
898 210 050 6,680,
',205.26 353 597,
,732.78
898 753 990 5,107,
,095.26 353 597,
,732.78
4,887,
898 753 990
.,215.26 363 697,
,132.78
897 603 990 4,675,
i,
,112.78
4,500, 695,26 353 597,
897 603 990
,305.26 363 597,
,112.78
897,503 990 4,291,
1,015.26 .363 597,112.78
4,130,
897 503 990
1,745.26 353 596, 672.78
i
,
897 503 990 3,943,
',625.26 353 596,
1,672.78
897 503 990 3,867,
,195.26 353 596,
1,672.78
897,253 990 3,823,
1,235.26 .353 596,
1,222.78
897 253 990 3,738,
,265.26 353 596,
1,222.78
883 317 490 3,647,
1,935.26 353 596, 222.78
.
,
912 900 850 3,448,
1,705.26 353 695,
,655.78
913 307 490 3,373,
1,485.26 353 695,
,655.78
913 317 490 3,338,
!,356.26 363 695,
,655.78
913 317 490 3,292,
,115.26 353 595,
,655.78
913 317 490 3,131,
,115.26 .353 595,
,085.78
913 317 490 2,987,
1,855.26 363 595,
,085.78
913 317 490 2,883,
:,475.26 353 595,
,085.78
913 317 490 2,814,
1,625.26 ,353 594,
,607.78
2,793,
913 317 490
,285.26 353 594,
,192.78
913 317 490 2,761,
1,895.26 353 694,
,010.78
913 .317 490 2,686,
1,325.26 .353 594,
,010.78
913 317 490 2,378,
i, 725.26 .353 594,
,010.78
913 317 490 2,365,
1,295.26 353 594,
,010.78
913 317 490 2,322,
1,865.26 ,353 593,
,520.78
2,262,
913 .317 490
1,445.26 363 693,
,520.78
913 317 490 2,246,
,275.26 353 593,
,520.78
913 317 490 2,237,
1,815.26 .353 693,
,120.78
913 317 490 2,209,
:,895.26 .353 593,
,120.78
913 317 490 2,124,
,106.36 353 593,
,119.43
913 317 490 2,074,
1,645.26 353 592,
,734.43
913 317 490 2,069,
1,685.26 353 •592,
,734.43
913 317 490 2,063,
1,985.26 .353 592,
,734.43
913 317 490 2,056,
1,265.26 353 592,
,734.43
913 317 490 2,042,
1,045.26 353 692,
,734.43
913 317 490 1,996,
1,095.26 353 592,
,734.43
913 317 490 1,988,
,635.26 353 592,
,204.43
913 317 490 1,961,
;,715.26 353 592,
,204.43
913 317 490 1,918,
,910.26 ,353 592,
,204.43
913 317 490 1,905,
1,750.26 .353 691,
,689.43
913 317 490 1,893,
1,830.26 363 591,
,689.43
915 353 190 1,879,
!,
,678.40
939 268 890 1,872, 780.26 3.53 591,
., 410. 26 3.53 591,
,318.40
963 118 390 1,866,
,780.26 353 591,
,318.40
963 344 390 1,854,
,810.26 3.53 591,
,318.40
963 349 390 1,851,
,500.26 353 -591,
,318.40
963 3.59 .390 1,824,
,830.26 353 590,
1,938.40
963 369 390 1,821,
1,220.26 3.53 590,
1,938.40
963 776 770 1,818,
1,938.40
963 776 770 1,814, 750.26 3.53 .590,
;240.26 3.53 .590,
1,938.40
963 776 770 1,805,
1,230.26 3.53 .590,
,453.40
96" 776 770 1.770,
,210.26 353 590,
1,453.40
963 776 770 1,765,
1,450.26 353 590,
1,453.40
963 776 770 1,760,




National-bank
notes, r e d e m p tion account.

Total.

$35 478, 666.00 $1 285,409,678.84
290,239,641.34
40 322, 758.50
291,482,760.84
41 583, 908.00
291,539,471..84
41 640, 909.00
292,340,068.84
42 445, 616.00
292,522,970.04
42 635, 639.00
293,820,742.54
43 935, 011.50
321,056,268.24
44 195, 967.20
326,469,289.04
45 574, 178.00
325,472, 174.54
45 590, 183.50
325,799,716.04
46 922, 015.00
632, 672.50
324,068,853.54
46
322,160,412.04
45 434, 571.00
320,799,508.04
46 005, 627.00
311,974,568.04
49 046, 767.00
304,726,959.04
48 463, 418.00
302,412, 189.04
47 753, 708.00
297,178, 192.64
47 658, 804.50
273,275,342.04
47 428, 404.00
268,352,790.04
46 445, 882.00
267,650, 122.04
46 993, 774.00
266,453-,649.54
47 239, 336.50
276,030,852.74
45 601, 979.70
303,550,821.64
46 162, 653.60
309,055,938.24
51 597, 010.20
319,267,650.44
62 028, 732.40
322,329,527.14
66 553, 189.10
326,764,223.04
71 162, 425.00
327,271,870.54
71 879, 462.50
327,690,402.54
72 459, 284.50
312,437,996.04
67 393, 588.00
303,776,726.04
48 808, 438.00
297,316,223.04
42 642, 366.00
293,657,878.04
39 069, 4,30.00
290,820,923.04
50 259, 945.00
316,851, 168.04
46 905, 160.00
313,827,818.54
43 550, 967.50
310,951,758.54
40 700, 127.50
306,710,590.54
36 505, 089.50
303,417,658.04
33 373, 397.00
300,030,918.04
30 131, 227.00
298,315,372.04
28 618, 941.00
296,549,109.54
26 822, 068.50
295,478,081.54
26 772, 358.50
295,542,976.54
26 870, 008.60
296,147,432.04
25 549, 036.00
295,718,757.04
26 428, 931.00
296,220,699.04
26 943, 473.00
297,681,518.04
28 447, 722.00
299,299,966.54
30 126, 090.60
301,095,709.04
31 938 263.00
299,345,756.54.
30 197, 470.50298,588,306.54
29 467, 880.50
296,-939,969.04
27 904, 463.00
296,436,832.69
27 452, 118.00
299,710,-167.44
30 7.30,387.75
301,602,681.45
32 628, 771.76
302,496,415.19
33 529, 206.60
302,103,612.69
33 151, 133.00
303,231,937.69
34 .326,668.00
302,395,247.69
33 496, 928.00
304,701,497.69
35 830, 168.00
304,678,032.69
36 849, 623.00
305,278,345.19
36 462, 740.50
303,566,397.69
34 753, 468.00
303,984,887.69
33 160, 178.00
326,111,021.66
31 387, 673.00
348,592,686.66
30 016, 568.00
347,593, 134.16
28 802, 645.50
346,848,636.66
28 0.56,118.00
346,414,969.16
27 639, 750.60
344,976,020.16
26 203, 861.50
345,344, 643.66
26 158, 715.00
344,897,271.16
25 714, 812.50
347,033,481.16
27 860, 532.50
346,250,866.16
27 113, 412.50
344,754,833.16
25 622, 399.50
343,838,505.16
24 710, 831.60

232

REPORT ON T H E FINANCES.

No. 50.—Lawful money deposited in the Treasury each month of the fiscal year 1912 for
^
the redemption of national-bank notes.
R e t i r e m e n t account.
6 per c e n t .
. account."

Months.

Total.
Insolvent a n d
liquidating.

Reducing.

1911—July
August...
September,
October...
November.
December.
1912—January...
February..
March
April
May
June

$46,748, 847.87
49,417, 068.39
36,857, 055. 99
48,264, 711.43
47,679, 524.42
47,007, 460.58
57,582, 713.83
59,340, 777.56
55,134, 161.62
54,666, 919.80
58,624, 698.39
67,211, 262.94

$830,937.60
603,795.00
274,250.00
657,397.60
539,450.00
181,397.50
671,895.00
901,845.00
461,840.00
1,135,197.50
298,650.00
397,250.00

$350,110.00
240,000.00
578,600.00
978,000.00
1,157,000.00
585,000.00
1,587,000.00
640,000.00
3,796,800.00
1,098,000.00
1,023,600.00
1,290,500.00

$46,929, 895.37
50,160; 853.39
37,709, 805.99
49,800, 108.93
49,375 974.42
47,773; 858.08
59,841, 608.83
60,882, 622.56
59,392, 791.62
56,790, 117.30
59,946,848.39
58,899 002.94

Total..

617,425,172.82

6,763,905.00

13,324,410.00

637,503,487.82

No. 51.—Disbursements from redemption accounts of national banks each month of the
fiscal year 1912.
F o r notes redeemed.

Transfers a n d
repayments.

Total disbursements.

1911—July
August...
September
October...
November.
December.
1912—January...
February.,
March
April
May
June

$48,401, 145.00
46,313, 625.00
42,047, 160.00
49,371, 960.00
60,249, 070.00
47,301, 556.50
.67, 086, 361.50
68,175, 237.50
57,642, 700.00
56,885, 132.60
62,226, 303.00
60,987, 750.60

$69,475.43
42,780.16
66i 406.63
137,041.71
236,458.96
296,046.86
197,532.10
104,392.96
264,542.65
130,043.12
92,328.63
81,084.49

$48,470, 620.43
46,356, 405.16
42,113, 566.53
49,608, 991.71
50,485, 528.96
47,597, 602.36
67,283, 893.60
58,279, 630.46
57,907, 242.65
67,015, 176.62
62,318, 631.63
61,068, 834.99

Total..

646,687,991.50

1,718,132.60

648,406,124.10

Balance.

$61,722, 666.39
55,527, 014.62
51,123, 254. 08
61,414, 371.30
50,304, 816.76
50,481 •072.48
43,038, 787.71
46,641 779.81
47,127, 328.78
46,902, 27a 46
44,630, 487.22
42,360, 655.17

No. 52.—Result ofthe count of national-bank notes received for redemption, by fiscal years,
from 1900.
Fiscal year.

Claimed b y
owners.

1900 . .
1901
1902
1903
1904.. .
1905
1906 .
1907
1908
1909
1910
1911
1912
. .^ .

$96,982,607.88
147,486,577.93
171,612,752.90
196,786,126.51
262,141,930.23
308,298,760.03
296,292,884.95
240,314,680.86
349,634,341. 42
461,522,201.92
502,498,993.94
551,531,596.52
649,964,710.29




"Overs."

" S h o r t s . " Referred a n d Counterrejected.
feit.

$8,092.25 $11,685.80
19,903.52 20,620.30
7,269.23
6,999. 40
29,339.97 12,998.30
18,489.36 30,839.28
61,102.05 19,032.80
41,359.06 35,882.00
28,549.10 31,794.80
41,978.85 39,976.70
83,100.36 99,060.05
74,856.24 87,264..80
73,285.11 24,929.89
87,49L46 32,869.23

$750,902.15 $1,706.00
340,635.30 1,432.00
462,958.75 1,754.00
439,173. 50 1, OOL 00
385,635.85 1,307.00
1,521,902.10 1,308.00
1,121,987.50 1,685. 75
1,474,686. 55 1,567.00
1,085,529.22 1,130. 50
1,967,445.65 1,300.76
910.05
2,885,195.31
2,089,93L50 1,815.60
2,983,863.09 2,514.35

Express
charges.
$124.70
143.95
174. 62
200. 40
250.81
261.75
268.95
316.85
403.15
487. 53
.596. 45
502. 26
390. 70

N e t proceeds.

$96,226,281 48
147,143,649.90
171,048,135 36
196,361,193.28
261,742,386.65
306,817,357. 43
295 174 419 81
238,834,864.76
348,549, 280.70
459,537,008.30
499,599,883.57
549,487,701.38
647,022,564.37

233

TEEASUEEE.

No. 53.—National-bank notes outstanding at the end of each month, and amount and per
cent of monthly redemptions, from January, 1900.
Redemptions.
Months.

Outstanding.
Amount.

1900—January
$247, 068,743
February
249, 516,228
March
271, 034,337
285, 359,366
April
300, 569,768
May
309, 640,443
June
J u l y . . . . : . . . . 320, 095,891
324, 304,326
August
S e p t e m b e r . . . 328, 416,428
331, 693,412
October
N o v e m b e r . . . 332, 292,300
D e c e m b e r . ; . . 340, 141,174
346, 821,871
1901—January
348, 655,255
February
350, 101,405
March
350, 764,257
AprU
351, 582,590
May
353, 742,187
June
356, 152,903
July
357, 419,155
August
S e p t e m b e r . . . 358, 830,548
October
. . 359, 911,683
N o v e m b e r . . . 359, 720,711
360, 289,726
December
359, 444,615
1902—January
358, 434,867
February
357, 476.407
March
356, 987,399
AprU
356, 747,184
May
356, 672,091
June
358, 984,184
July
361, 282,691
August
S e p t e m b e r . . . 366, 993,598
380, 476,334
October
N o v e m b e r . . . 384; 854,614
D e c e m b e r . . . . 384, 929,784
1903—January
,. 383, 973,546
February
. 382, 798,845
382, 519,258
March
391, 151,728
April
406, 443,205
May
413, 670,650
June
July
: . . 417, 346,487
418, 587,975
August
S e p t e m b e r . . . 420, 426,535
419, 610,683
October
N o v e m b e r . . . 421, 106,979
425, 163,018
December
426, 857,627
1904—January
430, 324,310
February
434, 909,942
March
437, 080,573
April
445, 988,565
May
449, 235,095
June
450, 206,888
July
452, 516,773
August
S e p t e m b e r . . . ! 456, 079.408
October
. . 457, 281,500
N o v e m b e r . . . 460, 679,075
464, 794,166
December
467, 422,853
1905—January
February
j 469, 203,840
March
| 475, 948,945
481, 244,945
AprU
May
I 488, 327,516
495, 719,806
June
503, 971,395
July
612, 220,367
August
S e p t e m b e r . . . 516, 352,240
524, 408,249
October
N o v e m b e r . . . 533, 329,258
540, 914,347
December
543, 230,080
1906—January
550, 803,895
February
March
! 554, 666,967




Redemptions.
Months.

Per
cent.

$12,196,432
7,367,144
7,133,696
8,358,204
12,054,085
13,043,599
13,665,718
13,072,084
8,677,348
8,443,068
9,567,510
10,511,185
19,482,754
12,799,120
12,358,659
11,305,800
14,188,094
13,415,238
13,378,875
14,336,572
8,792,245
11,384,984
11,087,009
13,351,267
20,863,764
14,999,349
14,610,899
15,450,660
17,243,753
16,369,881
15,334,968
13,213,682
11,242,551
12,483,910
13,600,790
18,557,201
24,364,960
13,916,434
14,446,393
17,012,685
20,576,357
21,679,690
22,953,412
18,856,085
16,830,610
17,488,970
13,654,484
22,080,483
29,541,701
21,006,260
21,567,430
23,783,646
25,702,886
28,676,063
27,138,361
24,922,175
18,187,050
20,200,160
22,291,957
27,355,322
35,687,232
24,706,431
26,964,698
24,505,427
27,265,778
29,074,269
26,624,807
22,912,285
19,073,610
20,612,165
21,561,971
24,832,551
36,710,959
23,716,730
27,021,045

4.94
2.95
2.63
2.93
4.01
4.21
4.27
4.03
2.64
2.55
2.88
3.09
5.62
3.67
3.53
3.22
4.04
3.79
3.76
4.01
2.45
3.16
3.08
3.71
5.80
4.18
4.09
4.33
4.83
4.59
4.27
3.66
3.06
3.28
3.53
4.82
6.36
3.64
3.78
4.35
5.06
5.24
5.50
4.50
4.00
4.17
3.24
5.19
6.92
4.88
4.96
5.44
5.76
6.38
6.03
5.61
3.99
4.42
4.84
5.89
7.63
5.27
5.67
5.09.
5.58
5.87
5.08
4.47
3.69
3.93
4.04
4.59
6.76
4.31
4.87

Outstanding.
Amount.

Per.
cent.

$556, 646,282 $22,758,848 4.09
1906—AprU
559 129,660 27,590,918 4.93
. May
561 112,360 23,876,995 4.26
June
561 481,045 21,766,334 3.88
July
569: 852,303 18,804,632 3.30
August
S e p t e m b e r . . . 573: 903,108 14,538,106 2.53
583, 171,985 15,370,970 2.64
October
N o v e m b e r . . . 593: 380,549 15,483,851 2.61
596', 162,469 16,903,960 2.84December
596; 197,569 31,730,178 5.32
1907—January
596, 343,022 20,296,954 3.40
February
597; 212,063 18,187,816 3.05
March
599: 913,840 21,522,289 3.59
AprU
601 940,550 22,278,235 3.70
May
June
'... 6O3: 788,690 23,431,356 3.88
6O3: 395,886 25,748,794 4.27
July
604: 056,321 22,285,888 3.69
August
S e p t e m b e r . . . 6O3: 987.114 19,329,739 3.20
6O9: 980.467 19,955,863 3.27
October
7,749,861 L 1 8
N o v e m b e r . . . 656: 218,196
690: 130,895 11,736,620 1.70
December
695: 402,762 43,425,863 6.24
1908—January
695: 674,519 29,627,608 4.26
February
696: 407,355 38,949,474 6.59
March
697i 645,698 42,491,474 6.09
April....'
698, 449,517 43,212,118 6.19
•May
698, 333,917 45,121,039 6.46
June
692: 088,991 38,319,375 5.54
July
685: 326,108 29,442,768 4.30
August
S e p t e m b e r . . . 676, 612,327 24,776,186 3.67
665, 844,192 27.507.778 4.13
.October
N o v e m b e r . . . 667: 178,177 27,801,459 4.17
D e c e m b e r . . : . 677, 068,165 34,874,210 5.15
m , 673,092 56,627,458 8.37
1909—January
678, 285,600 37,227,225 5.49
February
684, 407,615 42,637,791 6.23
March
687' 408,227 46,125,141 6.71
AprU
688 183.115 48,247,752 7.01
May
689; 920,074 47,935,059 6.95
June
696, 354,164 46,403,870 6.67
July
698, 846,474 36,939,830 5.29
August
S e p t e m b e r . . . 702, 807, 459 31,890,067 4.54
703, 940,756 31,759,154 4.51
October
N o v e m b e r . . . 707, 433,456 33,253,015 4.70
710, 354,253 43,484,347 6.12
December
709j 879,333 60,864,575 8.57
1910—January
710, 022,868 41,570,169 5.86
February
717 258,996 39,917,273 5.56
March
713; 461,586 45,222,008 6.34
April
712, 242,841 46,299,971 6.50
- May
June
" 713, 430,733 44,894,723 6.29
712, 029.468 45,504,817' 6.39
July
717 321,051 39,504,676 5.51
August
S e p t e m b e r . . . 720; 795,606 32.366.779 4.49
724; 874,308 31,268,843 4.31
October
N o v e m b e r . . . 726, 866,833 35,036,595 4.82
727, 705,981 41,371,476 5.69
December
726, 445,388 64,785, 436 8.92
1911—January
F e b r u a r y . . . . 728; 935,041 46,524,453 6.38
729, 152,916 49,353,908 6.77
March
728; 144,718 51,487,162 7.07
April
728, 478,011 54,006,009 7 . 4 1
May
728, 194,508 60,321,441 8.28
June
732, 824,016 54,003,825 7.37
" July
^
737 206,748 49,174,135 6.67
August
S e p t e m b e r . . . 737 788,358 40,026,992 5.43
739; 165,313 41,248,347 5.58
October
N o v e m b e r . . . 739, 764,346 46,646,904 6.31740 603,187 54,363,693 7.34
December
741' 661,968 77,819,645 10.49
1912—January
744; 272,273 50,283,920 6.76
February
744 871,283 53,149,946 7.14
March
745; 720,348 55,320,499 7.42
AprU
745, 492,672 65,929,473 8.84
May
745 134,992 61,987,331 8.32
June...".

234

REPORT ON T H E

FINANCES.

No. 54.—Redemptions and deliveries of national-bank notes each month of the fiscal year
1912.

Month.

Redemptions.

Deliveries o n
redemption
accomits.

1911—July
August
September
October
November
December
1912—January
February
March.
April
May
June

$53,247,781.67
49,086,458.26
39,299,252.15
41,813,657.75
.'. 46,246,413.11
52,023,875.23
79,416,776.78
50,090,149.47
52,732,816.90
55,378,830.25
64,177,867.86
63,508,684.94

$48,084,162.50
47,035,512.50
42,183,910.00
49,419,665.00
50,152,237.50
47,503,399.00
65,188,591.60
58,702,025.00
57,621,915.00
57,076,905.00
61,699,483.00
60,343,505.50

$56,273.00
67,347.50
48,673.00
43,455.00
55,477.00
57,051.00
78,338. 00
66,183.00
48,774. 00
63,010.00
67,919.00
86,223.00

647,022,564.37

645,.011,311.50

On h a n d
charged to 5
per cent
account.

On h a n d u n assorted.

$1,778,112.50
1,056,225.00
919,475.00
871,760.00
968,592.50
766,750.00
2,664,520.00
2,1.37,732.50
2,158, 617.50
' 1,966,745.00
2,493, 565.00
. 3.1.37,810.00

$37,688,580.00
40,394,065.76
37,597,484.91
29,995,737.66
25,937,603.77
30,602,871.50
42,854,948.78
34,703,677.75
29,745,020.65
28,175,708.40
30,059,354.26
32,494,065. 70

738,723.50

Total

Deposited in
Treasury.

No. 55.—Redeemed national-bank notes delivered from, the Treasury each month of the
fiscal year 1912.
F o r retm-n t o F o r destruction F o r destruction
b a n k s of issue.
a n d reissue.- a n d retirement.

Month.

1911—July
August
September
October
November
December
1912—January
February
March
April.
May
June ..

Total.

$12,629,950.00
12,170,5.50.00
10,201,700.00
10,904,100.00
16,404,650.00
14,514,750.00
22,378,650.00
20,454,600.00
19,073,100.00
18,698,750.00
20,226,750.00
20,893,260.00

$2,'953,602.50
2,114,900.00
2,066,672.50
2,281,925.00
2,112,817.50
2,202,286.50
2,304,041.50
1,985,747.50
2,112,920.00
2,980,317.50
2,813.163.00
2,599,318.00

$4S, 084,162.50
47,0.35,512.50
42,1.83,910.00
49,419,665.00
50,152,237.50
47,503,399.00
65,188,591..50
58,702,025.00.
57,621,915.00
57,076,905.00
61,699,483.00
60,343,505.50

198,560,800.00

Total

$32,600,610.00
32,750,062. 50
29,915,537.50
36,233,640.00
31,634,770.00
30,786,362.50
40,505,900.00
36,261,677.50
36,435,895.00
.35,397,8.37. .50
38,659,570.00
36,850,937.60
417,932,800.00

28,527,711.50

Balance.

645,011,311.50

$39,466,692.60
41,450,290.76
38,516,959.91
30,867,497.66
26,906,196.27
31,369,621.50
45,519,468.78
36,841,410.25
31,903,538.15
30,142,453. 40
.32,552,919.26
'35,631,875.70

No. b%.—Assets and liabilities of the 5 per cent redemption fund of national banks at the
end of each month of the fiscal year 1912.
Assets.
Month.

On deposit National- Expenses
in
bank notes
paid.
Treasury. on hand.

1911—July
August
September..
October
November..
December..
1912—January
February...
March
April
May
June




$39,466,692
41,450,291
38,516,960
30,867,498
26,906,196
31,369,621
45,519,469
36,841,410
31,903,538
30,142,463
32,552,919
36,631,876

Liabilities.

Total.

$39,466,692
41,450,291
38,516,960
30,867,498
$317,367 27,223,563
85,705 31,455,326
46,619,469
36,841,410
31,903,538
30,142,453
32,552,919
35,631,876

To national
banks.
$20,334,893
25,510, 447
22,320,609
23,358,253
22,665,066
24,277,211
16,880,073.
19,926,967
19,266,796
19,788,858
18,908,088
17,649,824

To Treasury.

On other
accounts.

$17,308,207 $1,823,592
14,838,006 1,101,838
16,230,766
965,585
6, 589,917
919,328
3,541,700 1,016,797
6,362,989
815,126 •
25,940,281 2,699,115
14,741,374 2,173,069
10,442,161 2,194,581
8,348,855 2,004,740
11,111,996 2,532,835
14,804,816 3,177,236

235

TEEASUEEE.

No. 57.—National-bank notes received fqr redemption from the principal cities and other
places, by fiscal years, from 1900, in thousands of dollars.
Fiscal
years.

New
York.

New
Orleans.

St.
Chicago. Cincinnati.
Louis.

Boston.

PhUadelphia.

Baltimore.

$52,707
81,263
86,749
98,550
141,660
159,432
150,087
102,279
193,292
236,101
234,110
262,105

$12,427
19,4.67
18,672
19,643
22,834
24,416
22,656
18,087
20,075
29,435
35,492
37,920

$8,390
9,097
10,788
14,306
18,688
21,483
20,422
17,778
20,437
28,887
36,640
36,199

.$2,633
4,747
. 6,635
7,009
9,338
11,768
10,789
9,222
'7,941
10,301
11,561
11,549

$4,804
8,562
14,192
18,739
21,910
26,798
28,160
27,677
30,512
47,504
63,397
69,373

$1,218
1,644
3,198
4,449
6,417
7,724
8,321
7,285
8,026
12,342
11,712
11,981

$2,320
6,008
12,847
9,311
12,301
18,572'
13,764
13,044
16,147
28,268
30,286
29,799

1911.
July
Aug
Sept
Oct.......
Nov
Dec

27,924
2:3,395
18,307
18,772
24,110
28,086

3,423
3,761
3,322
3,029
3,456
4,149

3,134
3,442
2,724
3,023
3,032
3,896

776
1,060
870
. 735
868
874

6,728
6,160
4,764
6,130
5,206
5,484

949
1,204
1,112
974
1,130
1,122

2,73.5
1,523
1,921
1,442
1,238
2,327

1912.
Jan
Feb
Mar
Apr
Maj^
June

44,451
25,988
24,998
27,339
32,9'91
31,432

4,764
2,821
3,544
3,981
5,754
5,701

5,384
3,271
3,112
4,022
4,256
4,018

1,735 '
1,250
994
1,137
1,597
1,111

7,396
5,977
6,472
6,158
6,261
. 5,527

1,606
1,076
987
1,298
1,326
1,497

2,910
2,184
3,999
2,853
3,518
3,217

327,793

47,704

43,314

71,262

14,281

29,867

1900.
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911.:

T o t a l , fiscal year
1912

13,007

.

Other
places.

$710 $11,773
1,528 15,171
2,271 17,517
3,176 21,347
4,034 24,960
6,372 32,734
5,346 36,748
6,418 38,525
5,896 47,308
7,838 60,846
6,586 72,71^
7,710 84,896

Total.

$96,982
147,487
171,869
196,430
262,142
308,299
296,293
240,315
349,634
461,522
502,499
551,632

616
501
454
479
543
410

54,004
49,174
40,027
41,248
46,647
54,364

964
453
739
478
687
473

8,611
7,264
8,305
8,055
9,539
9,011

77,820
50,284
63,150
55,321
66,929
61,987

6,797

.

7,719
8,128
6,553
7,664
7,065
8,016

95,930

649,955

No. b'&.^Disposition made of the notes redeemed at the national-bank redemption agency,
•:>:
by fiscalyears, from 1900.
Delivered to t h e Comptroller of
t h e Currency.
Fiscal years.

R e t u r n e d to
b a n k s of issue.

Deposited in
Treasury.

Balance on
hand.

F o r destruction F o r destruction
a n d reissue.
and retirement.
1900....
1901
1902
1903
1904 . .
1905
1906
1907
1908
1909
1910..
1911
1912

-'

$26,620,660
57,668,715
57,303,620
62,563,430
92,026,555
106,286,870
88,930,700
43,140,205
62,194,660
89,629,100
118,016,100
•107,017,870
198,560,800




$49,006,445.00
71,432,232.50
89,646,746.00
104,604,265.50
136,444,406.00
174,417,382 50
184,661,827.50
168,940,466.00
196,449,107.50
321,445.662.50
343,645,282.50
398,279,110.00
417,932,800.00

$17,909,793.00
18,626,437.50
20,085,274.50
26,272,086.00
30,936,971.00
25,867,368 00
24,724,135.00
25,454,254 50
39,6.35,156 50
89,562,083.00
32,288,770 50
34,976,840.00
28,527,711.50

$111,699.00
122,883.13
148,477.00
174,806.50
291,351.00
308,547 50
267,451.50
295,300 00
469,966 00
532,949 00
640,328 00
610,141.50
738,723.50

$6,787,132.32
6,080.614.09
9,944,632.96
12,691,238.23
14,735,342.88
14,682,532.31
11,372,838.12
12,377,478.38
62,277,880.08
20,645,203.88
26,755,606.45
34,359,346.33
36,631,876. 70

236

REPORT ON THE FINANCES.

No. 59.—Mode of payment for notes redeemed at the national-bank redemption agency, by
fiscal years, from 1900.
,

Fiscalyears.

1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

U n i t e d States
currency.

Transfer
checks.

$28,433,009.36
65,936,811.50
61,870,406.50
63,546,511.10
.
95,594,893.78
• 107,599,546. 95
122,852,833.45
126,676,021.21
172, 719,195. 75
... ^
219,617,316.49
171,238,564.95
: . . 192,124,524.68
241,465,409.01

Gold, silver, Credit In genand minor
eral a c c o u n t .
coin.

Credit in
redemption
account.

$56,877,983.30
58,986,976.54
74,811,828.26
95,919,863.47
123,698,051.41
146,513,677.16
123,371,141.71
62,747,460.05
123,985,045.30
165,668,342.33
250,279,311.34
280,827,485.49
319,249,866.07

$78,301.-35 $11,380,978.28
41,954.90 21,508,997.10
46,770.80 33,603,045.00
47,084.45 36,178,517.50
31,829.60 41,360,571.40
81,430.80 50,629,868.00
109,491.20 46,965,078.53
151,594.40 47,676,609.25
190,323.65 48,732,300.17
187,978.58 65,451,853.20
239,196.18 65,740,145.68
121,080.80 61,092,783.79
142,889. 60 66,615,692.70

$456,009.20
669,909.86
716,084.80
669,216. 76
1,157,040.46
1,992,834.52
1,875,874.92
1,683,179.85
•2,922,415.83
8,611,517.70
12,102,665.42
15,321,826.62
19,648,706.99

Total.

$96,226,281.48
147,143,649.90
171,048,135.36
196,361,193.28
261,742,386.65
306,817,357.43
295,174,419.81
238,834,864. 76
348,549,280.70
459,637,008.30
499,599,883.57
549,487,701.38
647,022,564.37

No 60.—Deposits, redemptions, assessments for expenses, and transfers and repayments
% account of the 5 per cent redemption fund of national banks, by fiscal years, from 1900.
Fiscal years.

1900 . .
1901
1902.
1903
1904
1905
1906
1907
1908 . .
1909
1910
1911 . .
1912

Deposits.

$78,354,882.88
131,535,726.84
148,687,860.75
169,458,351.28
230,952,146.79
282,914,986.56
279,186.849.35
214,858;638.72
260,678,988.70
415,116,821.67
465,351,212.01
505,754,509. 59
617,425,172.82

Redemptions.

Assessments.

$74,872,477.60
128,928,835.00
147,010,875.00
167,643,585.60
228,324,620.00
280,998,292.50
272,996,587.50
212,082,400.00
261,197,305.00
409,517,715.00
461,232,132.50
605,809,020.00
618,160,280.00-

$121,420.28
122,544.28
153,334.03
156,409.72
176,464.24
223,672.88
249,350.38
248,742.26
234,300.66
271,934.30
398.612.85
442;668. 78
437,838.01

Transfers a n d
repayments.

Balance.

$1,021,916.07
723,459. 79
1,622,486.52
1,176,007.61'
1,351,771.62
977,191. 78
1,570;711.55.
1,480,983.67'
2,347,492.91
2,367,908.44
1,675,725.54
1,820,609.03
1,280,294.j59

$11,140,721.93
12,901,609.70
12,802,774.90
13,285,123. 45
14,384,414.38
16,100,243. 78
19,470,443.70
20,616,956.49
17,416,846.62
20,376,110.55
22,420,851.67
20,103.063.45
17,649,823. 67

No. 61.—Deposits, redemptions, and transfers and repayments on account ofthe retirement
redemption account, by fiscalyears, from 1900.
Deposits.
Fiscal
years.

Redemptions.
Insolvent and
liquidating.-

Reducing.

$3,776,186.00
2,795,986.00
8,314,110.50
10,029,185.50
8,027,613.00
16,862,474.00
19,207,465.10
11,029,187.00
30,743,532.00
14,841,244.50
14,341,980,00
19,898,587.60
6,753,905.00

$14,626,460.00
10,861,289.00
25,232,209.50
17,181,070.00
18,879', 475.00
8,301,695.00
17,467,742.50
22,224,662.50
37,112,837. 50
30,780,495. 00
17,332,312.50
20,334,017.60
13,324,410.00

$18,402,646.00
13,667,275.00
.33,546,320.00
27,210,255.50
26,907,088.00
24,164,169.00
36,675,207.60
33,253,849.50
67,856,369.50
45,621,739.50
31,674,292.50
40,232,606.00
20,078,315.00

Transfers a n d
repayments.

Balance.

Total.

/
1900
1901
1902
1903
1904.. >...
1905
1906
1907
1908
1909
1910
1911
1912




$17,909,793.00
18,626,437.50
20,085,274.50
26,272,086.00
30,936,971.00
25,857,368.00
24,724,135. 00
25,454.254.50
39,535,156.50
89,562,083.00
32,288,770.50
34,976,840.00
28,527,711.50

$1,162,356.00 $35,147,878.60
774,406.50 29,404,309.60
793,385.60 42,071,969.50
2,956,830.60 40,053,308.50
496,883.00 35,526,542.50
1,606,24L60 32,227,102.00
1,542, .535.60 42,635,639.00
2,776,429. 50 47,658,804.50
3,520,733.00 72,469,284.50
28,618,941.00
27,904,463.00
33,160,228.00
24,710,831.50

237

TEEASUBEE.

No. 62.—Expenses incurred in the redemption of national-bank notes, by fiscal years, from
1900.
Salaries.

Contingent expenses.

StationCharges
ery, p r i n t Office of
Office of
Fiscal years. for t r a n s - T r e a s u r e r
ing, a n d
portation.
Comptrol- b i n d i n g .
ofthe
ler of t h e
United
Currency.
States.

Office of
Treasurer
ofthe
United
States.

16,812.72 $3,561.94
2,859.25
16,272.76
4,621.51
16,663.35
4,693.88
16,790.03
16,803.64 . 6,055.20
7,506.28
21,497.76
6,790.10
19,767.63
5,909.36
28,332.39
8,506.90
31,471.00
30,707.91 10,748.36
29,985.99 12,036.34
8,761. 70
31,683.35
38,211.45 10,581.53

$669.19
771.08
1,791.61
1,982.19
2,917.01
2,^668.15
3,600.92
3,161.83
1,226.50
8,929.29
8,009.16
14,726. 49
6,228.59

1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

.

..

.

.

$31,767.33
55,549.75
59,957.96
\ 67,998.88
95,580.12
111,661.20
104,477.20
73,101.66
104,685.62
147,020.70
171,073.57
168,463.38
235,825.34

$70,173.58
70,783.34
70,761.90
83,012.64
97,737.26
104,739.87
116,288.39
123,145.38
124,950.19
199,336.89
212,988.34
2i8,410.62
213,688.99

Office of
Comptroller of t h e
Currency.

Total.

Rate
of expense
$1,000.

$122,984.76 $1.33558
146,236.18
.9956
153,796.33
.92444
174,477.62 . .90262
219,093.13
.84716
247,973.26
.80993
250,924.24
.84528
233,650.52
.98615
270,840.21
.90366
.79762
396,743.15
434,093.10
.88066
. 81977
$1,334.58 443,380.12
1,199.31 505,735.21
.78233

No. 63.—General cash account of the national-bank redemption agency for the fiscal year
1912, and from July 1, 1874.
F o r fiscal year.

F r o m J u l y 1,1874.

$34,359,346.33
649,954,710.29
87,491.45

$7,080,681,292'. 46
916,366.92

684,401,548.07

7,081,597,659.38

198,550,800.00
446,460,511.50
738,723.50
2,976,473.24
390.70
2,514.35
7,389.85
32,869.23
35,631,875.70

2,154,675,146.00
4,717,96.5,479.10
139,035,889.18
33,163,600.61
88,468.28
97,937.60
186^856.49
752,406.42
35,631,875.70

684,401,548.07

7,081,597,659.;

DR.

B a l a n c e from p r e v i o u s year
N a t i o n a l - b a n k notes received for r e d e m p t i o n
" Overs''
.....".
Total:..-;:

I

CR.
N a t i o n a l - b a n k n o t e s forwarded t o b a n k s of issue
N a t i o n a l - b a n k n o t e s delivered to Comptroller of t h e Currency
Money deposited i n T r e a s u r y
Packages referred a n d m o n e y s r e t u r n e d
,
E x p r e s s charges d e d u c t e d
Counterfeit n o t e s r e t u r n e d
•.
• U n c u r r e n t notes r e t u r n e d or discounted
" Shorts "
Cash b a l a n c e J u n e 30,1912
Total

No. 64.—Average amount of national-bank notes i^deemable and amount redeemed, by
fiscal years from 1900.
O u t of deposits for retirement.

O u t of 5 per cent fund.

Fiscal years.
Average
redeemable.
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909.....
1910
1-911
1912

".-

$36,424,466
31,258,712
35,966,721
43,179,711
38,920,347
32,798,435
38,019,161
47,075,981
57,388,822
44,837,970
28,243,118
33,441,142
28,062,282




Redeemed.

Average
redeemable.

Redeemed,
fit for use.

$17,909,793
18,626,437
20,085,275
26,272,086
30,936,971
25,857,368
24,724,135
25,464,255
39,535,156
89,562,083
32,288,770
34,976,840
28,527,711

$223,869,280
308,625,645
322,207,220
339,993,484
389,966,135
435,487,040
600,046,264
542,369,618
605,084,732
635,828,337
679,676,209
691,469,927
711,878,462

$25,620,660
67,668,715
57,303,-520
62,563,430
92,026,555
106,286,870
88,930,700
43,140,205
62,194,650
89,629,100
118,015,100
107,017,870
198,660,800

Redeemed,
unfit for use.
$49,006,445
71,432,232
89,646,746
104,604,266
136,444,405
174,417,383
184,661,828
168,940,465
196,449,108
321,445,652
343,545,283
398,279,110
417,932,800

Total
redeemed.
$74,627,105
129,100,947
146,950,265
167,167,696
228,469,960
280,704,253
273,492,528
212,080,670
258,643,768
411,074,652
461,560,383
505,296,980
616,483,600

238

REPORT ON THE FINANCES.

No. 65.—Percentage of outstanding national-bank notes redeemed and assorted each fiscal
year from 1902, by geograpKical divisions.
Divisions.
Maine
New Hampshire.
Vermont
Massachusetts
Boston
Rhode Island
Connecticut
New England.
New Y o r k
New York C i t y . .
N e w Jersey
Pennsylvania
'..
Philadelphia
D e l a w a r e . . '.
Maryland
Baltimore
D i s t r i c t of C o l u m b i a .
Eastern.
Virginia
West \^rginia
North Carolina...
South Carolina...
Georgia
Florida
Alabama
Mississippi
Louisiana
N e w Orleans.
Texas
Arkansas
Kentucky
Tennessee
P o r t o Rico
Southern..
Ohio
Cincinnati.
Indiana
Illinois
Chicago....
Michigan
Wisconsin
Minnesota
Iowa
Missouri
St. L o u i s . . .
Middle.
North Dakota
South Dakota
Nebraska.
Kansas
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma
Indian Territory.
Western.

1902

1903

51.55
53.43
53.32
61.78

55.33
59.69
59.03
64.85

55.95
61.95

56.27
63.67

59.03

62.14

64.84

73.07

70.48
46.39

73.51
54>. 78

46.78
70.77

55.86
83.16

64.90

63.80

58.43

1904

1905

1906

1907

1908

190&

1910

1911

67.93
70.36
69.65
87.66
67. .54
80.56

66.49
69.61
70.73
73.78
86.82
80.27
87.76

55.31
59.40
60.16
65.33
78.32
68.43
73.10

41.54
42.19
44.91
45.52
51.62
53.59
50.51

43.59
43.83
47.17
47.21
50.96
54.44
54.98

74.41
76.76
79.81
82.21
97.16
81.59
98.79

76.17
81.36
83.56
85.04
91.34
89.63
95.35

79.06
83.61
83.89
88.17
90.14
96.39
95.56

73.25

77.39

67.10

47.36

49.31

).63

87.18

69.24 74.54 70.13
101.62 114.02 83.60
89.17 104.52 89.33
62.13 68.69 60.72
81.97 78.18 73.47
61.10 66.87 65.01
64.15 82.23 79.66
134.30 143.86 111.89
74.24 86.77 75.88

4.6.04
47.23
57.70
47.00
52.67
54.06
63.11
75.57
60.83

93.59
92.15
54.31 98.23
95.77 104.87
54.07 100.09
60.07 121.25 119. 79 119.99
84.06
80.28
48.44 82.54
51.55 90.18- 104. 44 105. -58
88.87
93.61
51.87 82.99
95.74 96.74
57.25 93.77
99.94 104.34
63.75 98.04
63.03 105.57 100.74 103.32

80.46

46.29
36.67
51.22
52.18
41.08
47.29
42.01
34.47
41.00

48.80
39.42
49.84
50.33
44.88
42.66
43.10
47.23
56.22

36.01
38.57
31.60
34.10

36.81
34.86
36.68
35:06
6.75

53.-26
51.59
54.64
62.29
58.56
49.63
47.66
48.92
89.25
74.'87
41.82
32.20
42.24
38.63
67.25

1.70
69.85
60.39
69.24
77.37
60.88
55.80
54.16>
61.10
41.99
64.28
48.24
40.27
48.19
46.02
55.90

74.56

49.75

53.20

94.60

92.75

58.02
52.02
55.73
61.30
52.55
46.86
44.08
50.71
40.43
71.09
39.75
33.60
42.32
41.85
65.90

44.58
38.44
43.56
45.19
41.02
40.70
35.23
37. 01
44.28
66.04
30.80
28.62
33.52
35.99
37.05

56.25
49.70
58. 73
58.33
54.65
45.75
54.66
43.66
46.63
48.79
45.68
40.82
40.44
43.68
57.15

82.35
71.54
86.25
88.40
78.58
78.98
76.19
63.30
70.42
76.14
59.46
57.28
57.21
63.83
71.80

80.63
67.36
82.12
95.51
80.96
73.17
72.15
57.28
56.58
57.36
61.67
60.43
53.66
63.08
47.86

41.25

47.55

54.64

46.83

37.63

48.36

69.18

67.45

75.59

35.77

38.17

41.75
52.43
35.88
35.50
56.69
34.42
30.70
34.43
35.62
28.83
51.58

46.15
53.43
40.61
40.27
55.31
39.35
34.64
39.70
40.30
41.34
53.44

40.76
40.23
34.85
35.93
38.68
34.38
27.80'
32.72
33.18
32.32
42.36

34.27
30.96
29.24
30.02
31.82
28.70
24.52
26.44
27.52
27.65
37.84

38.12
36.37
33.59
33.98
26.93
31.68
29.99
32.81
31.51
37. 56
36.41

55.83
67.69
50.92
49.93
49.10
47.13
47.00
50.97
43.07
50.61
54.99

51.60
55.68
49.82
50.55
48.09
, 44.25
•42.21
43.69
42.72
46.16.
51.74

55.82
68.12
62.28
55. 79
54.62
48.28
46.70
52.42
49.60
55.06
63.61

26.29
32.84

28.74
35.45

27.65
27.04
26.45
27.90
41.18

31.37
.31.39
29.75
32.51
38.26

32.00

34.45

39.59

43.96

36.75

30.75

33.90

51.63

48.47

55.84

25.34
25. S3
31.75
29.63
27.80
29.41
.32.32
32.41
30.38
33.41

29.89
31.40
34. 51
32.00
33.70
34. .53
39.72
37.97
32.24
37.13

34.83
35.91
35.30
34.54
37.80
38. 33
40.43
44.84
34.90
39.48

40.70
36.30
37.32
41.42
40.09
41.74
35.87
49.23
50.22
49.54

32.97
32.82
30.90
34.42
35.03
35.20
32.17
42.44
37.88
36.20

24.99
27.08
26.04
27.78
29.06
27.55
30. 93
31.71
30.18
30.72

34.42
32.85
30.07
33.02
34.33
37.47
33. m
39.86
41.29

51.83
43.44
44.72
45.44
51..31
53.92
53.89
52.03
59.31

43.58
40.28
43.00
43.97
46.31
51.67
48.09
51.36
56.39

50.69
47.28
47.77
47.51
52.61
57.93
51.40
55.81
59.97

28.41

34.45

50.07

46.76

51.26

30.62

34.52

36.79

40.78

33.81

33.92
35.24
37.35

38.28
46.82
43.00

29.21
29.67
37.48
37.35
12.00
54.66

34.06
33.26
41.54
42.96
10.00
45.22

44.06
51.22
48.72
46.33
38.45
43.98
28.47
49.65
18.40
139.99

47.03
57.48
52.13
45.20
42.27
40.64
46.03
48.40
26.80
96.57

35.62 31.74
46.53 33.39
48.25 -36.56
38.49 33.89
33.56 28.63
35.15 31.03
45.14 44.71
43.35 36.38
14.29 26.32
88.31 60. .55

Pacific

35.64

41.50

47.57

49.10

42.35

34.40

41.34

United States.

46.82

60.52

65.84

55.21

40.27

44.87

Washington
Oregon
,
Cahfornia
San F r a n c i s c o . .
Idaho
Utah
Nevada
,
Arizona
Alaska
Hawau
:




96.82 ~
89.18
75.96
89.19
103.45
89.97
75.67
76.74
63.92
63.82
66.46
71.76
64.99
61.35
69.25
43.68

47.64
33.66 51.78
56.93
44.92 65.25
72.53
44.99 73.35
69.98
37.82 65.67
47. 60
34.90 51.42
54.62
38.71 55.19
61.39
58.21 67.71
62.69
50.19 65.74
37.52
32.32 48.80
59.55 116.23 209.41

51.67
60.63
68.13
70.66
,54.78
56.77
60.22
65.37
43.68
166.26*

66.02

62.48

65. 68

72.85

70.03

75.09

239

.TEEASUEEE.
No.

66.—Average amount of national-bank notes outstanding and the redemptions, by
fiscal years, from 1875 {the first year of the agency).

Redemptions.
Years.

Years.
Amount.

1875
1876.
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893

Redemptions.

Average
outstanding.

$354,238,291
344,483,798
321,828,139
320,625,047
324,244,285
339,530,923
346,314,471
359, 736,050
359,868,524
347, 746,363
327,022,283
314,815^970
293, 742,052
265,622,692
230,648,247
196,248,499
175,911,373
' 172,113,311
174,755,355

$155,520,880
209,038,855
242,885,375
213,151,458
157,656,645
61,585,676
59,650,259
76,089,327
102,699,677
126,152,572
150,209,129
130,296,607
87,689,687
99,152,364
SS, 932,059
70,256,947
67,460,619
69,625,046
75,845,225

Average
outstanding.

P e r cent.

Amount.
1894
1895
1.896:
1897
1898.'
1899
1900
1901
1902
1903
1904
1905
1906
.1907
1908
1909
1910
1911
1912

43.90
60.68
75.47
66.48
48.62
18.13
17.22
21.15
28.53
36.27
45.93
41.38
29.85
37.32
38.55
35.80
38.34
40.45
43.40

$205,322,804
207,860,409
217,133,390
232,888,449
228,170,874
239,287,673
260,293, 746
339,884,257
358,173,941
383,173,195
428,886,482
468,285,475
.- 538,065,425
589,445,599
662,473,554
680,666,307
707,919; 327
724,911,069
739,940,744

Per cent.

$105,330,844
86, 709,133
108,260,978
113,573, 776
97,111,68790,838,301
96,982,608
147,486,578
171,869,258
196,429,621
262,141,930
308,298,760 296,292,885
240,314,681
349, 634,341
461,522,202
502,498,994
551,531,596
649,954,710

51.30
41.71
49.85
48.76
42.56
37.96
37.25
43.39
47.98
51.26
61.12
65.84
55.07
40.77
52. 78
67.80
70.98
76.08
87.84

No. 67.—Changes during thefiscal year 1912 in the force employed in. the Treasurer's office.
Total force June 30, 1911:
Regular roU
Places discontinued

675
47
528

Died
Resigned
Transferred
Detailed from
Appointed
Transferred to
Reappointed
DetaUed to
Vacancies

«

.
I •
•

'

8
18
24
2
52
9
21
2
8
12
: 52

•

Total force June 30, 1912

528

No. 68.—Appropriations made for the force employed i n the Treasurer's office and salaries
paid during thefiscal year 1912.

Roll on which paid.

Regular roll
Reimbursable roll (force employed in redemption of
national currency)
,
Aggregate




Appropriated.

Expended.

Balance
unexpended.

$359,440.00

$349,800.00

221,420.00

213,688.99

7,731.01

580,860.00

563,488.99

17,371.01

$9,640.00




REPORT OF THE DIRECTOR OF THE MINT.

TREASURY DEPARTMENT,
B U R E A U OF THE MINT^

Washington, January 10, 1913. •
SIR : In compliance with the provisions of section 345, Revised Stat-.
utes of the United States, I am submitting herewith a report covering
the operations of the mints and assay offices of the United States for
the fiscal year ended June 30, 1912^ being the fortieth annual report
of the Director of the Mint. I am also submitting for publication in
connection therewith the annual report of this bureau upon the production and consumption of the piecious metals in the United States
for the calendar year 1911.
OFFICES OF THE SERVICE.

The mints at Philadelphia, Denver, and San Francisco were in operation throughout the fiscal year. The assay office at Sb. Louis was
discontinued at the close of the fiscal year 1911 and the equipment
shipped to other offices. The assay offices at New York, Charlotte,
Deadwood, Helena, Boise, Salt Lake City, Carson, New Orleans, and
Seattle were open to deposits as usual.
In January, 1912, the new electrolytic refinery in the New York
office was started up and has been in operation continuously since^
excepting while the annual settlement was underway at the close of
the fiscal year.
ELECTROLYTIC REFINERIES.

-

The refinery at New York is the fourth in the mint service of this
country to be equipped with the electrolytic process, but in the meantime refining operations have been discontinued at the Philadelphia
Mint, leaving three refineries in operation.
The electrolytic process as developed in the mint service is based on
the Wohlwill patents, but the practice has been materially altered to
suit the conditions. I t gives good results, yielding a very high-grade
bullion, ductile and favorable to the best results in coinage operations.
ASSAY OFFICE AT NEW YORK.

The old assay office building at New York, No. 32 Wall Street, was
finally vacated during the last fiscal year, the entire establishment
64926°—FI 1912




-16 "

241

242

REPORT ON THE FINANCES.

being moved temporarily into the new building on the rear of the
lot, which is planned to be devoted eventually to the melting and
refining department.
This site was bought in 1822 by the Bank of the United States,
which erected the building now standing upon the property. The
United States assay office was established upon these premises in September, 1854, but from that date to 1873 the assay officie occupied
only the upper fioor, the Government renting the. ground floor to
private parties.
The building will be torn down at an early day to make room for
a new structure for which an appropriation has.been made. The
present quarters are veryTDUch cramped and the working force labors
under serious inconvenience and discomfort.
PHILADELPHIA MINT.

The refinery in the Philadelphia Mint has been discontinued, because with a refinery in operation at New York the amount of crude
bullion received at Philadelphia is insufficient for economical operations. The western, bullion which formerly came to this mint now
goes to the Denver Mint and bullion imported at New York is received
at the New York office. So much of the Philadelphia equipment as
could be advantageously used at New York was transferred.
During the year a new set of 16-inch rolls, the heaviest ever used
in our mint service, were installed for handling the minor coinage.
They will take 'an ingot 24 inches long, 4^ inches wide, f of an inch
thick and produce a strip from which six bronze or five nickel
planchets may be struck at once. For other changes in the equipment of this mint reference is made to the report elsewhere.
SAN FRANCISCO MINT.

Since the close of the fiscal year 1912 the superintendent of that
institution, the Hon. Edward Sweeny, has died, and the Hon. Frank
A. Leach, formerly superintendent of the same mint and later Director
of the Mint at Washington, has been installed as his successor. The
loss of Judge Sweeny was greatly deplored, but the Government is
fortunate in being able to secure the services of Mr. Leach. A review
of recent changes in the methods and equipment of this mint is given
in the more extended account of its operations, which appears in this
volume elsewhere. .
NUMBER OF EMPLOYEES IN THE SERVICE.

The number of employees in the mint service continues to show,
diminution, being less by 36 on July 1, 1912, than on July 1, 1911.
This continuous reduction is due in part to a smaller coinage, but in
the main to the introduction and more efficient use of automatic
machinery. The coinage of gold has been less than in previous years
as a result of the act authorizing the issue of gold certificates against
gold bulhon.




243

DIRECTOR OF T H E . M I N T .

The number of employees at each institution at the beginning and
end of the fiscal year is given herewith, aU officials included:
July 1, July 1,
1912.
1911.

Institution.
Philadelphia
San Francisco
Denver
New Orleans .
New York
Carson
Boise.'
Helena
Charlotte
Deadwood
Seattle
Salt Lake City
Total

.
=

-

.

-.

-

•
.-

'

. . .
--

-

.

356
138
100
14
66
10
10
12
4
5
24
8

333
124
93
13
89
8
10
8
3
5
19
6

747

. . .'

711

NEAV NICKEL PIECES.

During the year Mr. J. E. Eraser, of New York, was invited to
submit designs for a new 5-cent nickel coin and he has prepared designs that have been accepted. The features of the piece, in addition
to the inscriptions required by law, are an Indian head for the obverse
and a buffalo for the reverse. The coin is distinctively characteristic
of America, and in its execution promises to take high artistic rank
among the coinages of the world. I t seems peculiarly appropriate
that the Indian and buffalo should be associated permanently in a
national memorial, and there can be no better form for such memorial
than a popular coin.
GOLD CERTIFICATE

BARS.

At the close of the fiscal year refined gold bars, duly stamped with
their weight, fineness, and value, in accordance with the provisions
of the act of Congress approved March 2, 1911, providing for the issue
of gold certificates against gold bullion and foreign gold coin, were
held at the .several mints and the assay office at New 1 ork as follows:
New York assay office
Philadelphia Mint.
Denver Mint
San Francisco Mint

:

Total

:

.
•

$10,094,982.26
6,109,745.11
36,088,677.49
r... 56,755,513.06
109,048,917.92

No certificates have been issued against deposits of foreign coin, and
this feature of the act will probably be seldom used. The object in
view, which was to avoid the melting of foreign coin, would be more
effectively accomplished by authorizing the national banks to include
foreign coin in their''reserves, as foreign banks do. Any invoice
of coin, even if fresh from a mint, wiU show some loss upon being
melted, and there is always a risk that counterfeits are included. A
bank may import foreign coins and dispose of them in the regular
course of business without melting, by exportation, but if the Treasury
receives them there is no assurance that they can be disposed of at
their face value. The Treasury is not engaged in exchange operations and can not export them without inconvenience and expense.




244

REPORT ON THE FINANCES.

If melted they are certain to show a loss from their face value. The
only condition under which the Treasury could s^afely issue certificates
against foreign coins would be where an agreement was made, with
proper security for its performance, by which the coins would be taken
off its hands at their lace value.
ESTIMATES FOR FISCAL YEAR 1 9 1 4 .

The total estimates for the mint service for the fiscal year 1914,
including all expenditures heretofore paid from earnings, are
$1,222,270, which compares with $1,228,920, appropriated for 1913,
a reduction of $6,650.
Prior to the present.year all expenditures incidental to the maintenance^and operation of the refineries connected with the service were
made directly from current earnings. The law contemplates. that
this branch of the service shall be self-supporting, and to this end
charges are imposed upon all bullion which requires treatment to
fit it for coinage. These earnings in the past have been paid into
the Treasury to the credit of the parting and refining fund and were
all available under a continuing appropriation for the payment of
the costs of refining operations. Beginning July 1, 1912, this practice was changed. The estimates for the inirt service for the fiscal
year 1913 included the sums required for operating the refineries.
The expenses connected with these operations are now being paid
froin the regular appropriations, and the earnings are turned into
the general fund of the Treasury as miscellaneous receipts. The
earnings from all refinery sources during the last fiscal year, including
the proceeds of sales of by-products and the surplus bullion recovered,
ainounted to $359,315.2^, while the expenditures against these earnings were $237,912.99.
ANNUAL APPROPRIATIONS FOR 1 9 1 2 .

The amounts appropriated for conducting the mint service during
the fiscal year 1912 totaled $1,178,670, to which should be added the
. reimbursements for w'ork done for the Philippines and San Salvador
Governments and for United States Government institutions, amounting to $51,441.11; also unexpended balances of permanent appropriations amounting to $20,483.55 and reimbursements thereto
amounting to $2,556.30; this gives the total amount available for
use during the fiscal year 1912, $1,253,150.96.
The expenditures, from above funds (including the reimbursements
noted) total $1,022,433.07, to which a few minor unsettled bills may
be added.
The unexpended balance totals $230,717.89, of which $13,353.35
(permanent appropriation balances) continues to be available until
used, and the remainder, $217,364.54, reverts to the surplus fund of
the Treasury.
.
'
These figures do not include expenditures from the earnings of the
refineries.
Details, by institutions, are shown in the following tabulated
statement:




DIRECTOR OF THE M I N T .

245

Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1912.
Appropriations.

Items.
Wages
Salaries. w o r k m eof.
n

Office Director of Mint:
A p p r o p r i a t e d for 1912
Expended

Contmgent expenses.

Equipment
New
York
assay
office.

Freight
on b u l lion a n d
coin.

New machinery
and appliances.

Total.

$29,280.00
27,094,72

$5,300.00
3,709.20

$50,000.00
126,577.74

$84,580.00
57, .381.66

2,185.28

1,690.80

23,422.26

27,198.34

Unexpended balance..
Mint at P h i l a d e l p h i a :
A p p r o p r i a t e d for 1912
Repayments..'
U n e x p e n d e d balance of
permanent appropriation

80,300.00 $295,000.00 70,000.00
12,286.88 9,195.07

$2,556.30

445,300.00
24,038.25

2,316.94

Unexpended b a l a n c e . . . .

2,316.94

80, .300.00 307,286.88 79,195.07
74,851.12 293,073.35 66,231.25

Available for use
Expended

4,873.24

471,655.19
434,155.72

14,213.53 12,963.82

4,873.24

37,499.47

6,448.88

M m t at S a n Francisco:
ApproiDriated for 1912
Repayments

64,300.00 156,000.00 40,000.00
19,808.49 9,904.73

249,300.00
29,713.22

Available for use
Expended

54,300.00 174,808.49 49,904.73
50,374.91 102,703.49 27,670.40

279,013.22
180,748.80

3,925.09

72,105.00 22,234.33

98,264.42

48,100.00

94,000.00 30. 000.00

172,100.00

46,326.11

U n e x p e n d e d balance
Mint at D e n v e r :
A p p r o p r i a t e d for 1912
U n e x p e n d e d balance of
p e r m a n e n t appropriation
Expended

65,973.08 25,447.36

343.01
1,773.89

U n e x p e n d e d balance
Assay oflice. N e w Y o r k :
A p p r o p r i a t e d for 1912
Repayments
U n e x p e n d e d balance of
permanent. appropriation

28,026.92

343.01

4,552.64

46,600.00

34", 696.46

30] 000.00 10,000.00
184.00
61.94

46,500.00
46,013.89

343.01
137,746.65

30,184.00 10,061.94 17,823.60
25,674.00 9,784.75 9,686.50 (4,612.53)

86,500.00
246.94
17,823 60

$17,82k 60

AvaUable for u s e .
Expended
Unexpended balance

486.11

4,510.00

277.19

M i n t , N e w Orleans:
A p p r o p r i a t e d for 1912
Expended

10,300.00
7,900.00

7,500.00
6,943.00

3,600.00
1,717.15

U n e x p e n d e d balance

2,400.00

657.00

1,782.86

M i n t , Carson:
A p p r o p r i a t e d for 1912
Expended

6,350.00
6,350.00

104,569 64
91,159.14

'

Unexpended balance

6,200.00 • 3,000.00
6,409.60 1,997.12
790.50

1,302.00
3,640.00
3,540.00

2,600.00
1,966.03

4,739.85
15,550.00
13,756.62

(1,628.05)

921.42

8,050.00
8,060.00

U n e x p e n d e d balance

.3,250.00
2,328.58

1,600.00

Unexpended balance
Assay office, Boise:
A p p r o p r i a t e d for 1912
Expended

6,500.,00
5,198.00

21;300.00
16,560.16

(2,296.53)

1,002.88

10,400.00
8,800.00

Assay office, H e l e n a :
A p p r o p r i a t e d for 1912
Expended

13,410.40

8,137.10

1,793.38
20,150.00
16,326 58

(1,886.60)

3,823.42
14,090.00
13, ,556.03

(986.11)

533.97

533.97

.
I Chargeable, as indicated in parentheses, to the various offices.




"

246

REPORT ON T H E FINANCES.

Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1912Continiied.
Appropriations.

Items.
Salaries. Wages of
workfnen.

Assay office, Charlotte:
A p p r o p r i a t e d for 1912
Expended

Unexpended balance
A.ssay office, Seattle:'
A p p r o p r i a t e d for 1912
Expended

6,450.00
6,271.12

U n e x p e n d e d balance

$500.00
477.26

2,300.00
2,300.00

1.500.00
1,368.18

Total.

$2,900.00
2,872.26

($88.70)

,'

27.74
10,250.00
9,939.30

(3,973.75)

131.82
22,000.00
16,913.57

3,600.00
2,710.20

616.50

41,550.00
34,536.56

1,927.01

4,500.00
3,883:50

310.70

6,600.00
4,572.99

5,086.43

13,0.50.00
13,050.00

Freight New machinery
on bullion a n d a n d a p pliances.
coin.

22.74

178.88

U n e x p e n d e d balance
Assay office. Salt L a k e :
A p p r o p r i a t e d for 1912
Expended

• $900.00
895.00
5.00

$1,500.00
1,500.00

• U n e x p e n d e d balance
A.ssay office, D e a d w o o d :
A p p r o p r i a t e d for 1912
Expended

Equipment
New
York
assay
, office.

Conting e n t expenses.

789.80

(10,108.17)

7,013.44

,
7,100.00
7,100.00 .

15,100.00
13,693.70

(1,099.40)

1,406.30

Totals, e n t i r e service:
A p p r o p r i a t e d for 4912
1,178,670.00
321,680.00 627,440.00 179,550.00
50,000.00
32,279.37 19,161.74
$2,556.30
63,997.41
Repayments
U n e x p e n d e d b a l a n c e of
permanent appropriations
2,659.95
20,483.55
$17,823.60
Available for use
Expended
U n e x p e n d e d balance

321,680.00 659,719.37 198,711.74 17,823.60 .50,000.00
303,681.87 .532,606.49 149,980.47 9,686.50 26,677.74
17,998.13 127,212.88 48,731.27

8,137.10 23,422.26

5,216.25 1,263,150.96
1,022,433.07
5,216.25

230,717.89

Earnings and expenditures of the refineries at the several mints and the assay office at New
York for thefiscal year 1912.

Institutions.

Philadelphia' .
S a n Francisco
Denver .
New York

.

Total

Charges
coUected.

Surplus
buUion
recovered.

Receipts,
sale b y products.

$15,749.86
47,355.21
92,291.13
93,174.41

$16,600.12
12,111.62

$72,124.69 $103,474.57
59,466.S3
4,283.73
96,574.86
93,364.03

248,570.61

27,901.36

189.62

76,408.32

Total •
earnings.

352,880.29

Expenditures.

.$25,365.71
52,862.85
48,140.52
1 136,450.12
262,819.20

1 Includes approximately .$80,000 worth of new equipment; also cost of installing part of same.

ALL INCOME AND EXPENDITURES

ON ACCOUNT OF MINT

SERVICE.

A complete statement of the income and expenditures of the
Treasury on account of the mint service, including seigniorage on
the silver and minor coins, is shown in the following statements




All income and expenditures on account of the mint service.
Expenditures.
C o m p e n s a t i o n o f employees:
M i n t s a n d assay offices—
Salaries a p p r o p r i a t i o n s
Wages appropriations
'
P a r t i n g a n d refining fund

Earnings.
D e d u c t i o n s on b u l h o n deposits:
Credited to p a r t i n g a n d refirung fund—
P a r t i n g a n d refining charges
Melting charges
'
F m e b a r charges

$276,687.15
532,606.49
117,235.13

B u r e a u of t h e M i n t , salaries a p p r o p r i a t i o n

$926,328.77
27,094.72

.$265,005.61
$953,423.49

E q u i p m e n t , s u p p h e s , a n d o t h e r expenses:
M i n t s a n d assay offices—
Contingent
appropriations
(including
$1,199.79, o p e r a t i n g w a s t e , a n d $772.38,
loss on assay v a l u e of sweeps sold)
146,271.27
E q u i p m e n t of N e w Y o r k Assay Office
Building appropriation
9,686.50
P a r t i n g a n d refining fund (including
$2,769.75, o p e r a t i n g w a s t e , a n d $4,841.65,
loss o n assay v a l u e of sweeps sold)
, 120,677.86
F r e i g h t o n b u l h o n a n d coin b e t w e e n
m i n t s a n d assay offices, a p p r o p r i a t i o n . .
26,577.74
B u r e a u of t h e M i n t , c o n t i n g e n t a p p r o p r i a t i o n

$190,054.19
38,961.14
25,990. f"

Credited to miscellaneous receipts—
Assaying a n d s t a m p i n g charges
Alloy charges

27,955.94
15,175.49
43,131.43
$298,137.04
3,680.34
2,364.94

Special assays of ore a n d buUion
Proceeds of sale of m e d a l s a n d proof c o i n s .
Contingent.

303,213.37
• 3,709.20
306,922.57

R e i m b u r s e m e n t s to a p p r o p r i a t i o n s :
F o r m a n u f a c t u r e of m a c h i n e r y
a n d a p p h a n c e s for G o v e r n m e n t
institutions
F o r m a n u f a c t m ' e of P h i h p p i n e
comage
F o r m a n u f a c t u r e of Salvador
coinage
F o r m a n u f a c t u r e of m e d a l s
:.
F o r ore analyses for D e p a r t m e n t
of Justice
Total.

Wages.




1,260,346.06

o

H
.O
$4,128.16

$6,502,20

$10,630.36.

9,904.73

19,808.49

29,713.22

1,061.11
4,005.80

4,202.69
1,581.99

5,263.80
5,587.79

61.94

184.00

245.94

19,161.74

32,279.37

51,441.11

T o t a l earnings
N e t e x p e n d i t u r e s , to profit a n d loss s t a t e m e n t (below)
Total expenditures

Totals.

o
W
51,441.11
356,623.433
904,722.6
1,260,346.06

All income and expenditures on account ofthe mint service—Continued.

to
00

Profits.

Losses.
N e t e x p e n d i t u r e s , from earnings a n d e x p e n d i t u r e s s t a t e m e n t ( a b o v e ) .
N e t r e v e n u e s from m i n t service.

904,722.63
5,652,045.45

Seigniorage:
O n s u b s i d i a r y (silver) coinage
O n m i n o r (rhckel a n d bronze) coinage
Less—
Operating w a s t e
$1,205.68
Cost of d i s t r i b u t i o n
29,945.62

$4,567,823.96
$1,880,591.03

31,151.30
O n recoinage of m i n o r coin.

1,849,439.73
1,466.83
6,418,730.52

S u r p l u s buUion r e c o v e r e d :
Fjr o m deposit m e l t i n g room grains a n d sweeps
F r o m operations of coiner
1
F r o m operations of m e l t e r a n d refiner (credited to p a r t ing a n d refining fund)
F r o i n gain oh s h i p m e n t s (difference in a s s a y s ) . $1,397.37
Less losses o n s h i p m e n t s
353.36

23,832.74
1,229.47

O

27,901.36

O

1,044.01
Gain on h g h t w e i g h t gold coin p u r c h a s e d for recoinage
'.
Proceeds of sale of b5'--products ( p l a t i n u m , etc.) (credited to p a r t i n g arid
refining fund)
.Proceeds of sale of old m a t e r i a l
556,768.08
N O T E 1.—Except

Total

w h e r e otherwise s t a t e d , aU earnings a n d profits w e r e covered i n t o t h e T r e a s u r y as misceUaneous receipts.




54,007.58
131.07
76,408.32
7.490.59
6,.556,768.08
•

^—
-

w
tzj

^
^

a

td

U2

249

DIRECTOR OF T H E M I N T .
DEPOSITS OF GOLD BULLION.

The value of aU gold buUion contained in original deposits at the
mints and assay offices during the fiscal year 1912 was $15.1,929,881.
The redeposits during the year, consisting of bullion transferred from
one ofiice to another and bars bearing the stamp of one of the mints
or assay offices, amounted to $28,817,726. The value of the gold
bulhon and uncurrent domestic and foreign coin received, including
redeposits, amounted to $180,747,607, which was the total of gold
receipts at all ofiices.
Statements which show the classification of deposits, the source of
domestic buUion by States and Territories, and the receipts at the
several ofiices of the service appear in tabular form in this volume
elsewhere.
DEPOSITS OF FOREIGN GOLD BULLION AND COIN.

Foreign gold buUion containing 1,124,140 standard ounces, of the
value of $20,914,227, and foreign gold coin containing 115,844 standard ounces, of the value of $2,155,233, were deposited, and consisted
of bulhon and coin produced in the foUowing-named countries:
Crude buUion.

Refined buUiOn.

Coin. .

Country.
Standard
ounces.

•
B r i t i s h Columbia . .
Northwest Territory
O n t a r i o a n d Quebec
N o v a Scotia
Mexico
:
Central A m e r i c a
S o u t h America
West Indies
Great B r i t a i n
Spain
Germany
France
Austria-Hungary
Sweden
Holland
Russia
•.
S o u t h Africa
Japan
Mixed
• Total'




. . .

48,485
935
6,017
2,995
46,198
89,287
145,473
572

Value.

$902,047
17,395
111,944
55,722
859,498
1,661,154
2,706,474
10,643

Standard
ounces.

•Value.

9,269

14,416,912

.
.
- ..',

6,324,877

1,183
74
9,101

.

$22,008
• 1,377
169,321

1,021
8,267
563
• 46
33
15
12
6
10
95;087
426

:

339,962

Value.

$172,438

774,909

Standard
ounces.

784,178

14,589,350

18,994
153,805
10,474
865
614
279
223
112
186
1,769,060
7,925

115,844

2,156,233

250

REPORT

DEPOSITS

ON T H E

FINANCES.

AND PURCHASES

OF

SILVER.

The deposits of silver received at the mints and assay, offices during the fiscal year ended June 30, 1912, for return to depositors, in
fine or unparted bars, with the weight and fineness stamped thereon,
aggregated 2,000,291.55 fine ounces. - The United States assay
office at New York received the greater part of these deposits.
The government of the Phihppine Islands deposited at the United
States mint in San Francisco silver coins issued under the act of
March 2, 1903, containing 227,303 fine ounces, for recoinage into
coins of reduced weight and fineness as authorized by the act of
June 23, 1906.
The purchases and deposits of silver buUion at the mints and assay
offices of the United States during the fiscal year 1912 were as follows:
F i n e ounces.

Total

DEPOSITS

OF JFOREIGN

SILVER

BULLION

$2,021 866.59
727,671.56
1,087.61
6,288.97
1,092,855.16
222,866.28

7,031,262.87

Commercial b a r s p u r c h a s e d
Um"efined deposits, p a r t i n g s , charges, a n d fractions
Mutilated a n d u n c u r r e n t coins
'...
Assay coins a n d s u r p l u s buUion
F o r r e t u r n of fine bars
P h U i p p i n e corns transferred for recomage

Cost.

3,462,471.76
1,328,866.37
1,982.54
10,347.65
2,000,291.56
227,303.00

Items.

4,072,626.17

AND

COIN.

Foreign silver buUion containing 1,063,592 standard ounces and
foreign silver coin containing 8,816 standard ounces were received
from various countries as follows:
Crude
bullion.

Country of origin.

British Columbia
Northwest Territory
Nova Scotia
Ontario and Quebec
Mexico
Central America
South America
West Indies
.
Spain
Mixed
-

Total

"
.
. . .
".
T
.

.

Refined
buUion.

Com.

Stand, ozs.
8,313
• 211
184
2,389
500,079
57,094
59,886
60

Stand, ozs.

Stand, ozs.'

435,376

~

14
853
1,026
6,923

:

628,216

435,376

8,816

COINAGE.

The coinage durins the fiscal year 1912 amounted to 173,388,176
pieces of the value of $24,567,835.40, as foUows:




251

DIBECTOE OF THE M I N T .
- PhUadelphia.

San Francisco.

Denominations.
Value.

Pieces.
Gold:
D o u b l e eagles
Eagles
Half eagles
Q u a r t e r eagles .

Value.

Pieces.

130,329
104,108
366,167
-356,2.38

$2,606,680.00
1,041,080.00.
1,830,836.00
890,595.00

134,500
361,000
36,000

$2,690,000.00
3,510,000.00
180,000.00

956,842

6,369,090.00

521,500

6,380,000.00

1.848,665
4,016,665
29,480,665

904,332.50
1,004,166.25
2,948,066.50

2,120,000
1,696,000
5,730,000

1,060,000.00
424,000.00
673,000.00

35,305,995

4,856,565.25

9,546,000

2,057,000.00

23,187,764
60,998,195

1,159,388.20
609,98L95

3,494,000

34,940.00

84,185,959

1,769,370.15

3,494,000

34,940.00

120,448,796

12,995,025.40

13,561,500

8,471,940.00

•.
:..

T o t a l gold .
Silver:
Half dollars
Q u a r t e r dollars
Dimes
T o t a l silver
Minor:
5-cent nickels
1-cent bronze

"

^.

T o t a l minor
T o t a l coinage

Denver.

.

Total.

Denominations.
Pieces.

Value.

Value.

V

Gold:
Double eagles
Eagles
Half eagles
" • Q u a r t e r eagles
T o t a l gold

Pieces.

264,829
455,108
402,167
356,238
1,478,342

:

Silver:
Half dollars
Q u a r t e r dollars
Dimes

$5,296° 580.00
4,561,080.00
2,010,835.00
890,595.00
12,749,090.00

'1,329,880

2,076,900.00

5,268.645
5,712,665
65,979,665

2,629,272.50
1,428,166.25
5,597,966.50

, 22,098,880

2,741,840.00

66,950,875

9,655,405.25

4,656,000
12,623,000

T o t a l silver
Minor:
5-cent nickels.
1-cent bronze

$664,940.00

20,769,000

232,800.00
126,230.00

27,843,764
77,115,195

-

1,392,188.20
771,151.95

T o t a l minor

17,279,000

359,030.00

104,958,959

2,163,340.15

T o t a l coinage

39,377,880

3,100,870.00

173,388,176

24,667,836. 40

In addition to the regular domestic coinage there were manufactured the following:
'
Silver coinage for San Salvador, made at the mint at Philadelphia,
consisted of 510,993 peso pieces.
The coinage for the Philippine Islands was made at the San Francisco Mint as follows:
°
/
Pesos (silver)
20 centavos (silver)
10 centavos (silver)
1 centavo (bronze)
Total

,
.'
:




,

Pieces'.
295,000
1,265,000
1,000,505
6,703,000
8,253,505

252

REPORT ON T H E EIN-ANCES.

Average number of pieces struck per die at the coinage mints during the calendar year 1912:
PhUadelphia.

S a n Francisco.

Obverse. R e v e r s e .

Obverse. R e v e r s e .

Denver.

Denominations.
Obverse.

Reverse.

Pieces.

Pieces.

DOMESTIC.

Pieces.
51,254
82,702
22,327
28,347
79,448
127,467
203,941
166,405
345,136

Pieces:
51,254
82,702
28,486
40,749
124,847
163,886
208,281
166,405
355,886

27,533
54,655

^..

27,533
43,724

Pieces.

Pieces.

11, 536
105,595

11, bm
105,595

92,552
71,243
201,723
23,972
221,152

123,403
59,369
163,299
23,972
192,305

122,939
56,081
50,738
143,289

D o u b l e eagles
Eagles
Half eagles
Q u a r t e r eagles
Half dollars
Q u a r t e r dollars
Dimes
5-cent nickels
1-cent bronze

122,939
41,323
50,738
125,378

....,

56,243

172,480

198,092
86,018
381,076

172,254
93,241
323,337

FOREIGN.

Costa R i c a :
10 c e n t i m e s
5 centimes
Philipphies:
Pesos
20 c e n t a v o s
10 c e n t a v o s
1 centavo

•

^

PURCHASE OF MINOR COINAGE METAL.

There was purchased during the year 17,143,339.05 ounces, equivalent to 1,775,600 pounds avoirdupois, of minor coinage metal, at a
cost of $189,680.46,'and delivered at the Philadelphia and Denver
Mints, as follows:
Philadelphia.

Denver.

Total.

Metal.
Ounces.
Copper
Tm
Zinc
Nickel

Cost.

Ounces.

Cost.

Ounces.

Cost.

13,132,798. 44 $114,055.47
278,009. 37
8,279.44
1,366.03
335,737. 50
1,459,339.68
40,027.60

Total

1,458,333.33
8,939.58
29,181.25
441,000.00

$13,460.00 14,591,131.77
275. 85
286,948.95
130. 07
364,918.76
12,096.00 1,900,339.68

$127,505.47
8,555.29
1,496.10
52,123.60

163,728.54

1,937,454.16

26,961.92 17,143,339.06

189,680.46

15,205,884.89

In addition to the above there were purchased 8,000 pounds of
prepared nickel blanks, at a cost of $2,708; and 40,000 pounds of
bronze blanks, at a cost of $9,450, for dehvery at the mint at Philadelphia.
DISTRIBUTION OP MINOR COINS.

The amount of minor coins distributed was $2,471,215.35,
$307,875.20 in excess of the actual coinage, which excess was drawn
from the accumulated stock. The expense of distribution was
$29,821.72 for bags, twine, seals, and kegs and for freight between
mints and subtreasuries.
Denomination.

6-cent, nickel
1-cent, bronze

'

Total distribution.
Expenses
,




From Philadelphia.

From San
Francisco.

From
Denver.

Total.

$1,669,154.70
767,332.90

$32,876.60

$11,020.65
90,830.50

$1,580,175.35
890,040.00

32,876.60 101,851.15
84.50 . • 1,800.00

2,471,215.35
29,821.72

2,336,487.60
^ 27,937.22

DIRECTOR OE T H E

253

MINT.

Minor coinage issued, melted, and amount outstanding.

Denomination.

Coined.

PhUadelphia:
Copper cents
Copper half-cents
Copper nickel c e n t s . . .
Bronze 1-cent pieces
Bronze 2-cent pieces
Nickel 3-cent pieces
Nickel 6-cent pieces

Issued.

'.. .$1,562,887.44 $1,562,887.44
39,926.11
39,926.11
2,007,720. 00 2,007,720.00
20,381,811.83 20,301,330.10
912,020. 00
912,020.00
.941,349.,48
941,349.48
36,916,356.05 34,710,546. 05
61,762,070.91 60,475,779.18

Total

On hand.

Outstanding
J u n e 30,1912.

Melted.

$380,827.41

i, 205,816.66

803,961.44
434,854.41
340,260.32
283,511.95
3,304,681.50

$1,182,060.03
39,926.11
1,203,758.56
19,866,475.69
571,759.68
657,837. 63
31,405,864.55

1,286,291.73

5,548,097. 03

64,927,682.16

$80,481.73

S a n Francisco:
Bronze 1-cent pieces

157,980.00

144,466.10

13,513.90

Denver:
.
Bronze 1-cent pieces
Nickel 5-cent pieces .

144,730.00
232,800.00

96,030.50
18,600. 50

48,699.60
214,199. 50

377,530. 00

114,631.00

262,899.00

62,297,580.91 60,734,876.28

1,562,704. 63

Total
Grand total.

...

PHILIPPINE

^

144,466.10
96,030.50
18,600. 50

K

114,631.00
5,548,097.03

55,186,779.25

COINAGE.

The following coinage was executed during the fiscal year 1912 at
the United States mint at San Francisco for the Philippine Government:
Denomination.

T o t a l , sUA'^er

^

.

Bronze:
1 centavos

151,748.00
121.053.22
48,257.82

2,550,505.00

!

888

SUver:
Pesos
20 centaA'^os
10 centavos

F i n e ounces
consumed.

Pieces.

321,059.04

5,703,000.00

The total silver coinage to June 30, 1912, from coins received from
Philippine Islands for recoinage and from bullion purchased for such
coina2:e was as follows:

Denomination.

Coined from n e w bullion, acts of M a r . 2,
1903,and J u n e 23,1906.

Pieces.

F i n e ounces.

Pesos
50 c e n t a v o s
20 centavos
10 c e n t a v o s

93,445
3,342,126
. 3,666,162
6,077,392

•^ 48,068.11
805,870.13
353,600.36
293,082. 21

Total

13,179,115

1,500,620. 81

Coined from P h U i p p i n e
coin received for recoinage, a c t of J u n e 23.
1906.

Total.

Pieces.

F i n e ounces.

42,530,059 21,929,272.78
2,136,000
534,382.26
3,270,759
339,511.24
4,055,000
213,607.96

42,623,504
5,478,126
6,936,911
10,132,392

21,977,340.89
1,340,262.38
693,111.60
506,690.17

51,991,818 123,016,774. 23

66,170,933

24,517.396.04

Pieces.

F i n e ounces.

1 Included tn this amount is 12,299.92 fine ounces of coins reserved for assaj^. (The balance of silver now
on hand to the credit of the PhUippine Government is 423.19 ounces, fine.)




254

REPORT ON THE FINANCES.

Of the coins manufactured for the Philippine Government under
the act of March 2, 1903, there were remaining in the Philippine
Islands June 30, 1912, the following:
Denomination.

2,190.385
546,118
2,073,768
3,882,557

-.
:

2,190,385.'00
27«,059.00
414,753. 60
388,255. 70

8,692,828

Pesos
50 centavos
20 c e n t a v o s
10 c e n t a v o s
Total

Value in
pesos.-

Pieces.

3,266,453.30

WORK OF THE GOVERNMENT REFINERIES.

Bullion was operated upon by the refineries connected with the
• coinage mints and assay office at New York during the fiscal year
1912, as shown by the following tables:
^

\

Bullion ojoerations of the refineries.
Sent to refinery.

R e t u r n e d from refinery.

Institutions.
SUver.

Gold.

SUver.

Gold.

Philadelphia
San F r a n c i s c o . . . ' .
Denver . .
New York i

Stand, ozs.
240,636. 684
2,073,517.634
1,926,534.596
2,313,792.947

s t a n d , ozs.
622,501.47
439,190.34
1,710,630.69
1,057,193.01

Stand, ozs.
241,264.263
2,073,738.009
1,926,265.297
2,313,803.139

s t a n d , ozs.
'623,926. 75
444,286.25
1,708,581.96
1,055,610.67

Total

6,554,481.861

3,829,515.61

6,555,070.698

3,832,405.63

A p p a r e n t gain.
Institutions.

.

A p p a r e n t loss.

.
Silver.

Gold.
Stand, ozs.
627.569
220.375

Philadelphia
San Francisco
Denver
New York i

Stand, ozs.
1,425.28
5,095.91

Gold.

Silver.

Stand, ozs.

Stand, ozs.

269.299

2,048.73
1,582.34

269. 299

3,631.07

10.192

-Total'

'.'..

858.136

6,521.19

1 Refining operations in the new refinery began on Jan. 11,1912.

Bullion upon which charges were collected and bullion owned by the Goveriiment.

Bullion " u p o n
•
Avhich
charges for p a r t i n g were
collected.

Institutions.

'

Philadelphia
San Francisco
DeuAJ-er
NcAV Y o r k
Total

Gold..

Silver.

Bullion owned b y t h e
GoA^ernmenfretained b y
t h e refinery for p a r t i n g
purposes on w h i c h no
charges for p a r t i n g Avere
imposed.
Gold.

Stand, ozs.
60,917.674
793,751.150
1,464,267.187
92,251.589

Stand, ozs.
Stand, ozs.
242,041.91
179,719.010
269,362.69 1,279,766.484
758,597.14
462,267.409
974,093.31 2,221,541.358

2,411,187.600

2,244,095.05 4,143,.294. 261




SilA^er.

Total.

Gold.

SilA^er.

Stand, ozs.
Stand, ozs. ' Stand, ozs.
240,636.684
380,459:56
622,501.47
169,827.65 2,073,517.634
439,190.34
952,033.55 1,926,534.596
1,710,630.69
83,099.70 2,313,792.947
1,057,193.01
1,585,420.46 6,654,481.861

3,829,615.^51

255

DIRECTOR OF T H E M I N T .
By-product of refineries.
Electrolytic
copper.

Institutions.

Pounds.
Philadelphia..
San Francisco
Denver
NcAv Y o r k

Sponge p l a t i n u m .

Value.

..

Total

5,126. 67 $908. 44
74.58
573.70
5,699.37

983.02

•

Sponge palladium.

Osmiridium.

Total.

Ounces.
Value.
891.55 $38,871.58
70.60
2,471.00
116.15
5,400.97
175.50
7,634.25

Ounces.
Value. Ounces. Value.
Value.
116.50 $5,056.10
$43,927.68
12.82
320. 50
1.18 $41.30
3,741.24
14.95
485.87
6,961.42
7,634. 25

1,253.80

144.27

54,377.80

5,862.47

1.18

41.30

61,264.59

EXCHANGE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION.

The value of the fine gold bars exchanged for gold coin and bullion
monthly by the United States mint at Philadelphia and,assay ofiice
at New York for the fiscal year 1912 was as follows:
E x c h a n g e d for gold coin.

E x c h a n g e d for gold buUion.

Months.
Philadelphia.
1911.
July
August
September
October
November
December

Philadelphia.

New York.

Total.

$479,633.18 $1,457,339.64 $1,936,972.82
476,855.58 2,217,864.70 2,694,720.28
581,998. 23 4,182,320.48 4,764,318.71
610,821.81 4,746,719.96 5,357,541.77
445,600.29 2,239,395.07 2,684,995. 36
312,448. 63 1,608,906.87 1,921,355.50

$23,874.01
13,816.90
26,467.72
27,369.27
21,643.49
24,834.21

$404,836.48
287,142.36
357,184. 34
370,353.07
364,658.30
382,640.93

$428,710.49
300,959.26
383,642.06
397,722.34
386,301.79
407,475.14

506,013.11 r, 989,988.51 2,496,001.62
564,073.09 10,091,055.78 10,655,128.87
627,184.27 5,893,418.58 6,520,602. 85
658,604.35 2,183,987.86 2,842,592.21
557,602.68 2,117,194.19 2,674,796.87
541,965. 68 6,025,925.81 6,567,891.49

17,599.04
16,689.92
18,429.79
17,549. 64
20,296.84
18,540.54

313,219.48
319,022.49
376,047.39
308,480.56
296,935.33
340,384.71

330,818.52
335,712.41
394,477.18
326,030.20
317,232.17
358,925.25

6,362,800.90 44,754,117.45 51,116,918.35

247,101.37

New York.

Total.

1912.
January
February
March
April
Kay
June.
Total...

4,120,905.44 4,368,006.81

UNITED STATES MINT AT PHILADELPHIA.

This mint was in operation throughout -the year, chiefly upon subsidiary and minor coins. The details of the deposits and ordinary
coinage operations are to be found in general tables elsewhere in this
report.
P R O O F COINS AND

MEDALS.

The following table shows the number of proof coins and medals
a.Qd their nominal value, manufactured during the fiscal year:
Nominal
A'^alue.

Articles.

Gold m e d a l s
SilA^er medals
Bronze m e d a l s . . .
Gold proof coins..
SiWer proof coins
Minor proof coins

127
545
8,620
592
1,995
4,390

Total

16,269




$3,456.51
1,296.55
2,774.03 4,090.00
565. 25
131.70
12,314.04

256

REPORT ON THE FINANCES.
T H E STATE OF T H E NUMISMATIC

COLLECTION.

Preliminary to a brief statement on the condition of the numismatic
collection at the close of the fiscal year just ended it might be well
to make an observation upoii the more important subject of the
interest now shown by the public in the objects embraced in the
collection. I n this country there is an improved general as well as
scientific interest in that branch of archaeology known as numismatics. I t is not easy'to describe in few words the manifestations
of an advance in the knowledge and appreciation of a large and
important field of information such as the study of the world's
coinages has produced during the last seven centmies; yet one is
readily made aware of the fact that within the last decade knowledge
of the historical significance and cultural value of coins has been widely
disseminated among our people, and decidedly marked is the improved taste for the medal, the artistic character of which is far more
widely insisted upon than heretofore. In view of the vast and scholarly literature on the subject one is surprised at the scant attention
given to numismatics in this pountry until he learns that the whole
subject of archaeology is of rather recent cultivation in America.
Comparatively few oi the larger universities of the country have yet
been able to provide themselves with professorships of archaeology,
and a department so special as numismatics could hardly be expected
to have secured large attention. Yet, as before stated, interest in
the subject is now increasing; in some of the universities occasional
courses of lectures on the Greek orJRoman coinages are now offered,
and, judging from the number of instances in which this department
has been called upon for advice and expert assistance, the num.ber of
institutions whose small historical museums include a limited general
collection of ancient and modern coins must be rather large.
During the past year the catalogue of the collection has been published and is now on sale. This is a single volume of 639 pages and
embraces the entire collection of both coins and medals, and since the
collection includes specimens of almost every period and of every
country of the civilized world, the catalogue presents a fairly complete
conspectus of the world's coinages:
Additions to the collection for the j^ear just closed have greatly
exceeded the excellent showing of the previous year. A specially
good opportunity, in the sale of the large collection of Mr. G. PI.
Earle7 jr., was presented for securing long-desired specimens and a
considerable number were purchased at that sale—very many, indeed,
when the small ainount of the funds available for the purchase of'coins
is taken into consideration.
MACHINE SPIOP.
0

I n addition to the regular repairs and upkeep of the machinery and
appliances, the following new work was done for this mint:
Fifteen 2,000-ounce fijie gold bar molds.
Iron rack and truck for storeroom.
One surfacing machine for boiler headers.
Beds, punches, collars, and tubes for automatic weigliing machines for Salvador
Un Peso coinage.

The three automatic weighing machines of our own designs were
run almost constantly since their installation last year, and the grati


DIRECTOR OF THE M I N T .

°

257

fying tesults obtained in speed and accuracy of weighing were such
that two more of these machines were completed during this fiscal
year, making a total of five in use at this mint.
The three coin presses sent here from the mint at New Orleans,
La., were entirely dismantled and rebuilt. . Individual motor drives
replace the old belt drives and automatic hopper 'feeds have been
added. A new method has been provided for delivery of the finished
coin at the side of the press instead of underneath. These improvements have made the presses up to date in every respect.
One new outside packed Worthington boiler feed pump has been
installed to take the place of one Barr pump which had cracked and
was condemned.
Owing to the rush of work necessary to complete the two automatic
weighing machines, work on the minor coinage plant was somewhat
delayed. The two 16 by 16 inch rolling niills with motor drives have
been installed, and the heavy cables, for current have been carried
from the main switchboard in engine room to the panel boards at the
mills. These mills are the heaviest ever used in minting operations
and will be capable of breaking down in a comparatively few passes
an ingot 24 inches long, 4^ inches wide, | inch thick, and producing a
strip from which will be cut six bronze or five nickpl planchets at
each stroke of the cutting press.
^ One new rotary annealing furnace has been purchased and placed
in position.
i, Considerable progress has been made on the heating and ventilating
system.
® .
One 100-ton shear for topping the heavy ingots has been completed
and is ready for installation in melting room. Several different molds
have been made i h order to determine which will prove the best in
pouring the large ingot.
Work is now in progress on the beds and punches for cutting presses,
and also on a 6-inch lever shear'for cutting the strips.
During the same period the following work was done in the shops
for the mint at San Francisco, Cal.:
Equipment for whitening room, consisting df two tumbling barrels, or washing
machines.
Two conical and two square copper colanders.
Three tanks and carriages for rotary annealing furnaces.
' Six copper-lined trucks.
One copper and one lead-lined tub.
Two brass pots and two copper colanders for gold.
Six copper-lined clipping boxes.
•
One 6-foot balance with complete complement of weights. .
One steel-covered table for use at scale.
Three sets of automatic coin press feeders for nickel. ^
Two sets of toggles for sectional collars.
Four sets of eagle sectional collars (48 stars).

During this year, by reason of the admission of two new States to
the Union, it was necessary to change the design on the edge of the
eagle from 46 to 48 stars, which made necessary the destruction and
replacing of all tools, collars, etc., bearing the 46 stars.
For the mint at Denver 58 coin collars were made.
For the Department of Agriculture, 10 silver disks.
For the United States assay office at New York, repair parts for
various machines.
64926°—FI 1912



17

258

REPORT ON THE FINANCES.
CARPENTER SHOP.

.Besides the general repairs and upkeep of the machinery and appli- ^
ances the following work was done by the chief carpenter and nis
assistants during the year:
,
The roof on the Spring Garden Street front of the building was
repaired.
P a r t of the old refinery was altered, repaired, and painted, so that
it could be used as a workshop by the electricians.
The iron grill work, front doors, railings, fences, tree boxes, etc.,
were cleaned and painted.
The new storeroom was equipped with shelving, bins, tables, stationery cases,, etc.
"
°
^
Two mahogany exhibition cases were made for the numismatic
room:
' Card-filing cases were made for the offices of the chief clerk, medal
clerk, and coiner.
Improvements were designed and added to the counting hoppers,
which greatly facilitates the bagging and handling of coin.
The counting boards were improved by a new method of inserting
and fastening the brass division strips that >vill allow the wood to
shrink or ^swell without splitting it or tearing out the brass strips.'
Three of these boards have been made for the St. Louis subtreasury.
A new safet}^ device has been added to the coin-examining machines.
One steelrrail top table was made for the superintendent's transfer,
weigh room.
Dne table was made for, a new scale in the assay department.
Patterns were made for scales, automatic weighing machines,
machinery, etc.
One counting board was made for Costa Rican 5-centimo pieces
coined here.
One thousand five hundred and fifty-six silver-dollar storage boxes
were made. ' , ^
Two hundred hardwood-bottom coiii boxes were manufactured.
Shipping boxes for San Salvador coins were made.
Secret locking devices for the exhibition cases in the numismatic
room were designed, made, and placed upon the cases. These locks
clamp the covers on the cases, so as to make the cases as near dust-"
proof as possible.
One portable vise bench was made for the rolling room.
For tile San Francisco Mint the following new equipment was made:
Two counting hoppers.
Eight counting boards.
Three copper-lined annealing tanks.
One lead-lined acid tank.
One copper-lined cleaning tank..
One selecting table.
One steel-rail top bench for ^6-foot scale.
Six copper-lined strip cars.
Six copper-lined clipping boxes.
One mahogany case for 6-foot scale.

.
,
,

.
'

'

For the St. Louis subtreasury there were manufactured:
Six counting boards.




.

259^

DIRECTOR OF THE M I N T .

For the New York assay office the equipment of the refinery of
this mint was repaired and put in good order, many new articles made,
and the whole boxed and crated for shipment.
ASSAYING DEPARTMENT.

The operations of this department during the fiscal year 1912 were
as follows:
=
^
'
Samples operated on.
Item.
Gold.
Deposits
Redepos^'ts
,
Anode melts
'.
Fine melts
Ingot melts
Experimental melts
Bullion assay samples
Melter's assay samples
Coiner's bars
Assayer's bars
Superintendent's grain bars\
SAveep samples.^
Certificate bars
Silver purchase bars

Silver.

Gold and
silver.

2,814
44
37
234
13

12

Total.

3,154

160
141
2,430

120

188
181
30
37
32
38
1,738
5,136

626

.'

51,310
9,820
3,173
698
36

The number of assays made was as follows:
Deposits and purchases
Ingots (gold and silver)
Special assays
Miscellaneous assays, bronze and nickel
Oil assays
Total

•
-

:... -

,-

65,036

The average cost per assay during the year was $0,357.
In addition to ,the above, 488 ounces of proof gold and 340 ounces of
proof silver were made.
Of the 234 melts of gold ingots made by the melter and refiner, 42
were returned for remelting. Of the 2,430 melts of silver ingots, 16
were returned for remelting and 8 were condemned.
The fineness of gold melts passed Avas:
3 melts at:
9 melts at
57 melts at
63 melts at
44melts at...
16 melts at

900.2
900.1
900.0
899.9
899.8
899. 7

192

The fineness of silver melts passed Avas:
42 melts at
: . . 900
92 melts at
899f
220 melts at
:
899^
233 melts at
.'.. 899^
.
626 melts at
«. 899
423 melts at
898f
555 melts at
898^
139 melts at
898i
76 melts a t . . :
i
898
2,4Q6

About 70,000 cupels were made.
MELTING AND REPINING DEPARTMENT.

Upon the settlement of the melter and refiner's accounts, June 29,
1912, there was found an apparent gain upon the gold bullion of
710.259 standard ounces, and in the operations upon silver bullion
an apparent gain of 4,437.32 standard ounces.



260

REPORT ON THE FINANCES.

The melts 'made aggregate as follows:
Bars.

Melts.

Gold
Silver

Ingots.

64
262

Total

.234
2,431

326

. .

Anodes.

2,665

47
160
207-

Deposits. Specials.

Remelted.

Condemned.

' 4,675
368

47

42
17

7

'5,043

47

59

.7

The large number of remelts in gold was due to the lack of high
refinement iii gold shipped to us for coinage. I t was not the product
of Government electrolytic refineries, and assayed from 993.8 to 998.8.
This department, likewise the coiner's department, secures much
better results when using highest-grade electrolytically refined gold
bars for coinage.
' During the year, 260 barrels of sweeps were recovered^ containing
by assay 715.766 standard ounces of gold and 2,545.49 standard,
ounces of silver. Of this lot. 111 barrels were.recovered from sweeps
sent by the United States assay office at New York, which contained
362.999 standard ounces of gold and 368.56 standard ounces of silver.
This 'department yielded 129 barrels of sweeps, containing 273.534
standard ounces of gold and 1,927.10 standard ounces'^of silver, the
balance representing superintendent's and coiner's material. Besides
this, grains and pellets from minor coin melting operations to the
extent of 23,667.67 ounces were recovered by treating in sweep mill.
This latter work was carried on without conflicting with regular sweep
operations.
Number, weight, and value of gold and silver bars for industrial use, including goldcertificate bars and fine silver bars transferred to New York assay office.
Met^l.

Gold
Silver

-

Bars.

5,666
4,441

Total.

10,107

standard
ounces..
686,070.773
887; 857.20 1,573,927.973

Coinage v a l u e .

$12,764,107.49
1.104 643 48
13,868,750.97

The operations of the refinery were as foUows:
Bullion.

Sent to refinery 891,246.30 gross ounces containing by assay
Bullion received from refinery
'.
SAveeps
Apparent gain

Gold.

Silver. •

Standard ozs.
240,636. 684
241,093.795
. 170.458

Standard ozs.
622,501.47
622,859.21
1,067.54

627.569

1,425.28

The surplus of gold and sUver as shown by our refinery account is
almost entirely due to the large returns from dismantling the refinery
equipment and burning apparatus that would otherwise have served
for years.



261

DIRECTOR OF THE MINT-

SUver bullion sent to the refinery upon which refining charges were
collected contained by assay 242,041.91 standard ounces, and sUver
owned by the Government returned to the refinery for parting purposes upon which no parting charges were collected contained by
assay 381,884.84 .standard ounces.
Receipts and deliveries by the melter and refiner.
Minor coinage m e t a l account.
Gold account.

Items.

Silver account.
Nickel.

Receipts:
^
S e t t l e m e n t m e t a l of J u n e 3 0 , 1 9 1 1 . . .
Deposits a n d p u r c h a s e s . .
Redeposits
ClioDing
Medal c l i p s . . .
'
' U n c u r r e n t coin
s
Transfers from N e w Y o r k
T r e a s u r y purchases
Pm'chases for S a n Salvador coinage.
P u r c h a s e s for m e d a l s .
Chips
Coiners' b a r s
F o r Agricultural D e p a r t m e n t
For medals...
I n g o t copper
Silicon c o p p e r .
Tin
Zinc...
Clipnings
U n c u r r e n t coin
Nickel c u b e s . . .
Total

Stand, ozs.
696,917.492
105,862.882
56,078.883
610,163. 868
343. 556
129,462.005
459,835.098

17,085.150
616.979

Stand, ozs.
1,111,855.68
315,722.66
27,372.42
4,023,688.90
1,526.52
543,455.90
1,308,270.36
2,668,.815.85
410,710.29
1,435.83
75,502. 40
11.71
12.58
48.25

Bronze.

Troy ozs.
441,851.25

Troij ozs.
193,435.01

•
13,125,000.00
1,798. 44
278,009.37
335,737.50
3,626,284.80
223,824.76

4,457,282.15
' 333,030.23
1,459,339.58
2,076,365.913

10,488,459.35

6,705,301.65

17,782,291.44
6,705,301.65

I^'otal m i n o r coinage m e t a l
Deliveries:
Gold-certificate b a r s
Merchant bars
.Fine bars.'
Unparted bars
Ingots ..
Assayers' proof
Strips and disks
Medal ingots
SA^'ceps
Miscellaneous.
Copper
Silicon c o p p e r .
Tin
Zinc...
Clippings
Nickel m e t a l
Shoe bars
Grains from SAveeps
Residue.
:

'.'.

Total

24,487,593.09
330.788.530
335; 890.103
-157,287. 616
95,465.370
1,151,248.650
'623.166
16. 702
682. 778
273. 534
4,799. 723

856,877.01
48.25
348,125. 06
9,273,405.50
654. 67
97.65
3,148.39
1,927.10
' 8,613.04

9,561,286.20

10,853,151.50

2,854,614.58
3,366. 00
285,177.08
155,720.83
407.60

1,409.70
697,433.33

i.iei. 60

280. 50
4,057.50

'
. 2,077,076.172

10,492,896.67

710.259

. 1,352.00

10,267,833.23

14,151,584.59
10,267,833.23

4,437.32

24,419,417.82

T o t a l minor coinage m e t a l
Surplus
Wastage

68,175.27

Refinery
Ingot room

240,636. 684
1,428,638.609

622,501.47
9,544,954.87

9,699,591.10

10,921,993.06

Total

1,669,275.293

10,167,456.34

9,699,59L10

10,921.993. 06
9,699,591.10

T o t a l m i n o r coinage m e t a l




•

20.621,584.16

262

'

REPORT ON THE

HNANCES.

This department has had before it for consideration an improved
method for melting and handling the minor coin metals, so as to turn
out an ingot weighing about 25 pounds. Our present system of
pouring two 4-pound ingots into a double mold and then throwing
this filled mold down to the next in line to open and extract the
ingots is crude, though it might pass muster for the deliberate and
exacting work of gold and silver ingot making. However, for quickly
and effectively handling large volumes of minor coin metal a less
laborious and more mechanical method impresses the careful ob. server as much to be desired.
This department during the past year has with comparatively
little expense tried out two different types of oil furnaces on our
special work. The furnaces were shipped to us and after trial returned at the expense of the factories and this Government- was only
at the expense of setting up, providing suitable molds, and operating.
The first type tried was an oil-burning reverberatory tilting furnace.
Tt was originally planned to run our metal down in this furnace under
a heavy flux; this not being feasible, we tried it out with the flame
playing directly over metal charge. The results upon bronze were
better than anticipated, in that the ingots were solid and the proortion of zinc not unduly reduced. On the cupro-nickel melts,
owever, it was impossible to get solid ingots, the oxides of the
metals preventing a uniformly sound casting. While with this furnace we poured direct into the molds, the mechanism for tilting
was not perfect, which resulted in spilling by overflowing, when it •
was desired to exactly fill the molds.
The other furnace tried out 'was an oil-burning tilting crucible
type, using No. 125 crucible. This furnace possesses some excellent,
features and much better accuracy in tilting and pouring direct
was secured by its use. The great trouble, however, as found by.
testing it out, was due to excessive oxidation on account of the
construction not permitting use of a cover on the crucible.
The problem before us now seems not to be so much a furnace one
(unless it be an electric crucible furnace) as, one dealing with' good
mechanical methods \)f getting molten metal into molds and in a
nonlaborious way extracting the ingots from the molds.
This department sees the possibilities of quickly getting the molten
metal from the crucible if this is grappled by heavy tongs, removed
from the furnace, and tilted over the molds. This, while rapid,
involves great risk to workmen and shortens the life of the crucible,
primarily by crushing with tongs while hot and mor'e or less soft and
then again by subjecting it to cooling drafts outside of furnace. We
think some better method than this will be evolved and are about to
try out another plan that will get out very much more metal in eight
hours than we are now doing, and less laboriously than is our present
practice.
As we now see it, an electric crucible furnace would be^ our most
satisfactory melting scheme, though we have 3^et to see the efficient
type that will meet our requirements. This being the case, we are
led to expect that our coming equipment must be of the oil-burning
type, for no strides of any consequence have lately been made in the
matter of melting large quantities of high-grade nonferrous metals
without undue oxidation.

E




DIRECTOR OF THE MINT.

263

There is little difficulty in getting proper temperature in most any
modern oil furnace, but the proper control of this high temperature
so as to melt with a minimum of oxidation is of utmost importance;
after this, getting the metal out quickly and with a minimum of
labor into good bars should follo^y.
The assistant melter and refiner has invented a new form of mold,
which need not be lifted in order to remove the ingot. I t promises
to be a very useful and labor-saving .device which can be used with
any furnace. A number of these molds are being prepared and a
new experimental furnace is expected here in the near future. - Our
experiments have demonstrated that the tilting type of furnace, as
now made, is unsuitable for oiir service, though possessing some
attractive mechanical features. A further development along melting lines is necessary if good solid metal is to result.
COINING D E P A R T M E N T .

During the fiscal year 1912 this department received from tne
superintendent 1,193,100.92 standard ounces of gold for coin, which
was operated upon and from which there was produced 343,338.587
standard ounces of coin of the value of- $6,369,090, and delivered to
the superintendent during the fiscal year prior to settlement. There
was also delivered to the superintendent prior to settlement, 627,839.958 standard ounces of gold in clippings, bars, condemned coin,
and sweeps, and there were delivered in settlement 222,939.05 stand- ,
ard ounces in finished coin and blanks. The entire operation showed
a gain or surplus of 16.796 standard ounces.of the value of $312.48.
A recovery of former wastage from the pipes and wells contributed
this surplus.
The percentage of coin produced to the amount of metal operated
upon was 28.69 per cent.
This low percentage was due to a low-grade gold which had not
passed through the mint refinery and the coinage of a large amount'
of half eagles, and all quarter eagles without adjusting the blanks,
the pieces being weighed only after coinage, and those found above
or below the tolerance returned to the melting pot. The design of
these two denominations will not allow any shaving or fUing of the
blanks. A large percentage of the gold delivered to the superintendent at settlement consisted of unfinished coin and blanks.
During the same period the coiner also received from the superintendent 9,189,533.65 standard ounces of silver for coinage, of which
9,156,325.45 standard ounces were operated upon, from which there
were produced 3,903,152.33 standard ounces of coin of the value of
$4,856,565.25 in subsidiary silver coin, and 410,710.29 standard
ounces of silver coin for the Government of San Salvador, from which
there were produced $510,992.58 in United States subsidiary value,
and delivered to the superintendent during the fiscal year prior to
settlement.
There were also delivered to the superintendent during the fiscal
year prior to settlement 4,099,343.56 standard ounces of silver clippings, condemned coin, and sw^eeps, and there were delivered at
settlement 775,629.05 standard ounces of ingots, unfinished half
dollars, quarter dollars, dimes, and finished Costa Rica coin. Upon




264

RE.PORT ON THE FINANCES.

the entire operation there was a wastage of 693.27 standard ounces of the value of $372.78, being 7.57 per cent of the legal allowance.
The percentage of coin produced to the amount operated upon was
54.80 per cent. This includes the coined half and quarter dollars .
(awaiting weighing), dimes, and finished Costa Rica coin delivered
in ^settlement.
^
There were also delivered to the coiner durmg the sanie period
9,944,707.25 standard ounces of nickel ingots and blanks, from which
'there were produced from the metal operated upon 3,727,986.76 standard ounces of 5-cent pieces of the face value $1,159,388.20, upon which
there was a wastage of 6,472.19 standard ounces of the value of $75.74,
being 79 per cent of the legal allowance as allowed on sUver. There
were also delivered to the supermtendent during the Jiscal year prior
to settlement 4,457,208.80 standard ounces ui chppings, condemned
blanks, condemned coin and chips, and there were delivered at settlement 1,753,039.50 standard ounces of ingots. The percentage of
coin produced to the amount of metal operated upon was 45.51 per
cent. This low. percentage is owing to the large percentage of condeinned blanks.
There were also delivered to the coiaer during the same period
13,832,172.33 standard ounces of copper-bronze mgots and blanks,
from which there were produced from the metal operated upon
6,113,984.30 standard ounces of 1-cent coin of the lace value of
$609,981.95, upon which there was a wastage of 2,920.93 standard
ounces of the value of $34.18, being 29.98 per cent of the legal allowance as allowed on sUver.
~
There were also delivered to the supernitendent duruig the year,
prior to settlement, 3,626,284.80 standard ounces in clippings, condemned coin, and blanks, and there were delivered in settlement
4,088,982.30 standard ounces of mgots.
The percentage of com produced to the amount of metal operated
upon was 62.75.
I t will be noticed from the above figures that the wastage on minor
coin is much lower than in previous years. This saving is due to the
new process of cleaning, supplanting the old and expensive method of
acid cleaning. By the elimination of the acid process we not only
save in the wastage, but in the cost of material and wear and tear of
machinery.
In addition to the gold received for coinage the coin,er received
682.778 standard ounces of fine gold for medals, from w^hich 176.623
standard ounces were used in the manufacture of medals. This
amount and 343.556 standard ounces in clippmgs were delivered to
the supermtendent prior to settlement and 162.720 standard ounces
delivered in settlement.
The coiner also received from the superintendent durmg the same
period 3,148.39 standard ounces of fine silver. From this amount
1,404.61 ounces were used in the manufacture of medals, and this
amount with 1,531.53 ounces in clippings were delivered to the superintendent prior to settlement and 217.40 standard ounces in fine silver
delivered in. settlement. The slight gain in gold and silver is included
m the gain and loss in the comage of gold and sUver.
The gold, silver, and minor domestic coinage for the vear amounted
to $12,995,025.40 in United States com, and $510,992.58 m United



265

DIRECTOR OF -THE M I N T .

States subsidiary value of coins made for the Government of San
Salvador, making a total of 14,498,172.26 standard ounces of metal
consumed in the entire operation. Net wastage on this amount of
metal was $170.22.
IMPROVEMENTS.

Improvements in the way of an independent minor-coin plant are
well under way. The basement under the northwest terrace corner
of the building has been fitted up for that purpose. The object of this
separate plant is to keep the workings oi the base metal isolated as
much as possible from those of the precious metals. Considerable
suitable machinery has already been installed. Two large 16-inch
rolling mills, driven by 175-horsepower 'electric motors, have been
placed in position. These mUls will be used for rolling and finishing
bronze and nickel ingots 24 inches long, 4^ inches wide, and | inch
thick. Two cutting presses capable of cutting six blanks or planchets,
two automatic rotary gas furnaces for annealing blanks, and one strip
annealing gas furnace for annealing large ingots. Two centrifugal
drying machines and sufl5.cient tumbling barrels to do the work are
being added. The plant wiUhe in operation before the end of the year.
Two automatic weighing machines have been added to the three
now in use in the automatic scale ;room, making five m aU. In weighing blanks or com these five machines wfll weigh over 200,000 pieces
per day. Three coining presses and one 9-inch rolling mill from the
New Orleans Mmt have been rebuilt and added to our present equipment.
A n improvement has.been made on the coining presses. Instead?
of delivering the coin after it is struck through a leather boot to a box
or receptacle directly under the press it is delivered through a pipe to
a screened box fastened on the side of press. The advantage over the
old way is the money can be easily handled and is always in full view
of those in charge of the presses.
Receipts and deliveries by the coiner.
Items.
Receipts:
Settlement metal of June 30,1911...
Ingots
Ingots, medal
Blanks
Total.
Deliveries:
Coin, domestic
Coin, San Salvador
Clippings, condemned and SAveeps.
Medals and clippings
Coin and blanks
Medal metal
Ingots:

Gold account. Silver account. Nickel account. Bronze account.Stand, ozs.
12,902.870
1,180,198.050
682.778

Stand, ozs.
181,428.55
9,008,105.10
3,148.39

r- Troy ozs.
367,318.88
9,460,721.70
116,666.67

583,333.33

1,193,783.6

9,192,682.04

9,944,707.25

13,832,172.33

3,903,152.33
410,710.29
4,099,343.56
2,936.14
775,629.05
217.40

3,727,986.76

6,113,984.30

"4,'457,'268."86

'3'626,'284.'SO

1,753,039.50

4,088,982.30

9,938,235.06

13,829,251.40

342,338.587
627,839.968
520.179
222,939.050
162.720

Troy ozs.
2,239,060.40
11,009,778. .60

Total.
Surplus
Wastage

1,193,800.494
16.796

' 9,191,988.77

6,472.19

2,920.93

Amount operated upon
Percentage of coin produced to amount
operated upon

1,193,783.698

9,159,473.84

8,191,667.75

9,743,190.03

28.69

47.10

45.51

-62.75




693." 27'

266

REPORT ON T H E FINANCES.
ENGRAVING DEPARTMENT,

All the dies used in coining operations-in all of the mints are made
in the engraving department at Philadelphia. The embossed-envelope dies used by contractors supplying envelopes for the Post Oflice
Department and Postal Savings Bank are also made here; also dies
for Army and Navy and other authorized public medals. The mint
is reimbursed for the actual expenditures for labor and materials ori
these medal accounts.
The number of dies prepared for United States comage last year was
2,110. I n addition, 265 dies were made for Philippine coinage, 78
for Costa Rica, 4 for San Salvador, 158 for Post Office Department, 11 for medals, and 30 master dies and hubs; in all, 2,056, as
foUows:
Philadel- San F r a n - D e n v e r .
phia.
cisco.

Denomination.

Gold:
D o u b l e eagle
Eagle... .
Half eagle
Q u a r t e r eagle

10
10
35
35
90

.

Total

20

20

Total.

10
30
35
35
110

Silver:
Half dollar
Q u a r t e r dollar
Dime

80
158315

70
55

....

SO

44
24
246

194
237
641

Total

. . .

553

205

314

1,072

295
217

52

158
78

453
•347

' 512

52

236'

SOO

Minor:
5-cent
1-cent

.'

Total
Philippme:
Peso
20 centaA'^os
10 centaA'^os
1 centaA'^o . .

•

Total
Costa R i c a :
10 c e n t i m e s
5 centimes

20
70
40
90
220

38
40

Grand total coinage dies
Proof dies
Master dies and hubs for comatje
United States pOstal-saA'^ings die and hub
United States embossed-euA'^elope dies (stamp dies)
Medal dies

\

:

78

4

Total

38
40

78

:

S a n Salvador:
Peso

Total

20
70
40
90

220

"

4

2,418
38
31
2
156
11
2,C56

NUMBER OP EMPLOYEES.

The total number of employees in this-mint at the close of the
fiscal year was 333, distributed in the several departments as
follows:




DIRECTOR OF THE M I N T .
General
Assayei-s
Melter and refiners
Coiners
Engravers

:

:

267
^.. 175
13
"^46
91
8

,

,

Total

333

A large number of visitors from all States of the Union and from
foreign countries visited the mint during the year, 84,763 having
been shown through the building by the several guides.
MINT OF THE UNITED STATES AT SAN FRANCISCO.

.

'

This mint was in operation throughout the year. The details as to
deposits and coinage operations are given in tables elsewhere.
The appended extracts from the report of the superintendent of
the mint are submitted:
Until the year 1897, this mint was operated with an equipment unchanged in
any respect from the date of its first installation, more than 40 years before. However,
that was a condition existing in all United States mints. With the advent of the
McKinley administration came a Director of the Mint who saw there was need of
remodeling the methods of mint operations b y the introduction^ of improved machinery^, the use of electric drives instead of steam power, the adoption of gas and oil as a '
substitute for coal and coke in melting furnace work and the adoption of the electrolytic method of refining in place of the old acid system, all of which was conducive
to better or higher class of work, and with neatness and economy and greater coinfort
to the employees.
'
.
"
With the mint at Philadelphia the changes were brought about in comparatively
short time as a new building was erected and the new machinery installed while the
old mint was operated without interference until the new quarters were ready for
occupancy, b u t with this institution the conditions were quite different. The
extraordinary demand for coinage from it began with the Alaska gold discovery in
1897, a demand that exceeded any requirement way beyond anything in its history
or even expected of it, and this was augumented b y the necessity of making the ^
coinage for the Philippines here. Under this call upon its resources, it operated to '
the full capacity of its machinery and the excellent force of men employed without
cessation or lull for nearly 13 years, making a record for quantity, quality, and cost
that was a source of pride to all concerned. Yet it was during this period that the
changes above alluded to were made. Prior to the alterations, the power plant
consisted of one 150-horsepower walking beam steam engine, one 30-horsepower
Corliss steam engine and four other smaller steam engines—six in all, steam being
supplied b y a battery of four Scotch boilers of the marine type. The rolling mills
were all driven from one main shaft 8 inches in diameter and .60 feet long. The
coining presses were all operated from one shaft line. Thus, if only one press was
needed to be run, the least power that could be used was the 30-horsepower engine.
The efficiency of the 150-horsepower engine was only about 50 per cent of its rating,
consequently the great waste in the power plant was obvious.
The old-fashioned • coal and coke melting furnaces were changed one by one to gas
or oil burning, so that the melting was done by gas flame in some instances and by oil
in others. Electric motors one by one were placed in position and made to drivedifferent macliines and by degrees took the place of steam power.
New rolling mills, punching machines, annealing and cleaning devices of the
latest pattern were installed. In fact, an entire change in the coinage niachinery was
perfected, with the exception, I may say, of the presses. The presses used in the
United States mints are equal, if not superior, to any press that has been devised,
b u t even the presses have been equipped with additional devices that have greatly
added to their efiiciency.
The old acid refining plant was entirely removed and in its place was substituted
an electrolytic refinery which for neatness, capacity, and efficiency is unequaled,
unless it shall be by the new refinery that is being installed in the New York assayoffice,
o




268

REPORT ON THE FINANCES.

The old methods of adjusting were dispensed with and hand scales replaced by the
modern" weighing machines.
I t is something of interest to know that all of these changes made, whereby the
institution was brought up to the highest standard of a modern plant, were accomplished, as I said before, while it was being operated to its fullest capacity on coinage,
without the loss of one single day in operation. To accomplish this has taken much
time, b u t the work has been completed, and the San Francisco Mint is equal to any
other institution in the matter of modern machinery and efficiency. I t may well be
said here that our Government has not relied or depended on other Governments for
ideas in modernizing or remodeling its coinage machinery, for almost in every instance
the new machines are the invention of, or have been constructed on ideas offered by,
officers engaged in the mint service. This mint has contributed its share in the
general improvement of machinery. I t was here that the rolling mill now in use
was made and brought up to its high grade of efficiency. Perfect work in the rolling
mill siniplifies all other operations. The officers of this institution spent much time
and study and experimenting in perfecting the rolling mills, and when success finally
crowned their efforts the introduction of the automatic cutting and weigliing was a
simple matter.
Accompanying this review I beg to call your attention to the statement of Asst.
Coiner P . A. Kearney on matters connected with rolling mill work.
I also desire to refer to the statement herewith made by Mr. E. R. Leach, superintendent of the melting and refining department, relating to the adoption of a sirnple
method for recoveries of volatilized metals in the melting department, also to \ h e
discovery of a refining-furnace product by Mr. E . J. Wagor, superintendent of the
refinery, a matter of considerable scientific interest as something new and possibly
unheard-of before, and also direct attention to the very interesting report by Mr.
M. A. Martin, assayer of this mint, bearing on,matters relating to the accuracy of assay
-work, and particularly, to the method devised by him of assaying fine silver, a method
which seems to reach more reliable and accurate results in the determination of the
silver contents of certain classes of bullion.

The assayer of the niiat reports, in part, as follows:
During the fiscal year several interesting experiments were inaugurated in the hope
of increasing the efficiency of the assay department, the most important of these coming
under the following heads: ' ' T h e relation between the surcharge and the denomination of a gold proof," ' ' T h e modification of the Gay-Lussac method for the humid,
assay of fine silver bars," and " T h e determination of silver in mass melts of gold
bullion." The results of these investigations appear below.
T H E RELATION B E T W E E N T H E S U R C H A R G E AND T H E D E N O M I N A T I O N OP A GOLD P R O O F .

In a large institution like the San Francisco Mint, where the daily deposits of gold
bullion vary in fineness from 200 or less to 990 and over, it is evident that frequent
instances necessarily occur where the question of suitable proof denominations has
an important bearing upon the problem of reporting the assays with as much promptness as rs consistent with a proper degree of accuracy.
Upon many occasions the work has been so congested as to render it extremely
inconvenient, if not actually out of the question, to accompany the assays of certain
deposits of widely varying finenesses with-individual proofs of special denominations,
In. the effort to obviate tliis difficulty, a length^ series of experiments was conducted
with the idea of ascertaining the definite relation, if such existed, between the respective surcharges of gold proofs made u p with varying amounts of gold, b u t cupeled and
. parted under identical conditions.
The proofs were weighed up in sets of eight, each set being run in two rows of fourcupels each, with 40 grains of lead, 15 gold weight of copper, and 2 parts of silver
to I of gold. Each set was subjected to two 10-minute partings in 32° nitric acid.
To avoid drawing any erroneous conclusions from results possibly due -to position
in the furnace, the odd-number sets were run with the liigher proofs in the front row
of cupels and the lower ones in the row behind, while in the case of the alternating
sets the low proofs were placed in front With the higher proofs in the rear. One set'
containing duplicate proofs of four denominations was run through daily for a period
of four weeks. The results were as follows:




269

DIEECTOE OF THE MINT.Denominations.

/

Set.
1,0,00

•

/1,000.3
\1,000.3
/1,000.55
\1,000.6
/1,000.6
\1,000.6
/I,000.6
\1,000.65
/1,000.7
\1,000.6

1

2

^

\
\ OOO. 25
d,

6

\1,000.3 •

"

a,ooo.7
\1,000.8
/1,000. 6
\1,000.65
11,000.55
\1,000.6
11,000.55
\1,000.5

9
in

n
12

•
|
>
<

13

/

14

\
i

15

{

•
N

I\ :•;.

16

800

900
900.1
900.1
900.45
900.35
•900.3
900.4
900.45
900.5
900.4
900.35
900.15
. 900.05
900.55
900.6
900.45
900.45
900.35
900.35
900.35
900.4
900.4
900.35
900.1
900.05
900.3
900.3
900.55
900.5
900.35
GOO.25

{

{;:...
1
•-\
J
\
•
(
\
{

18
19
20.. .
•
21

j

22

I

23

\
)::::::::.
\

OA

900.6
900.6
900.1
900.1
900.4
900.4
900.5
900.5
900. .35
900.4

799.9 ' 699.9
699.8
800.0
700.1
800.2
700.1
800.15
700.0
800.2
700.1
800.3
700.2
800.4
700.2
800.3 700.1
800.2
700.1 •
800.25
700.1
700.05
699.85
799.95
699.9
800.0
800.5
' 700.4
800.45
700.35
800.35
700.25
800. 4
700.25
800.25
700.15
800.25
700.1
800.2
700.1
800.25
700.15
800.2
700.1
800.15
700.1
800.0
699.9
799.95
700.0
800.2
700.05
800.2
700.05
800.4
700.3
800.35
700.25
800.2
700.05
800.2
700.1
700.25
700.2
700.05
700.05
700.2
700.2
800.5
700.3
800.4
700.25
800.0
700.0
800.0
699.9
800.25
700.1
800.25
700.1
800.4
700.3
800.35
700.2
700.15
800.3
800.2
700.1

500

400

499.7
499. 65

399.55
399.45

600

700 •

599.9
599.8

599. 95
599.95
599. 85
599.75
599.9
599. 95
. 600.1
600.1
699. 95
599.9
499.9
600.05
. 499.9
600.1499.85
599.9
499.8
599.95
499.9
600.0
499.9
600.1
600.1
600.1
599.8
599.8
600.0
600.0
600.1
600.05
600.0
600.0 .
-

,
.
•399.7 .
^
399.8
399.7
399.7
399.75
399.8

•

The average cornet weights of the different denominations were as follows:
1,000

900

800

700

600

500

400

1,000.56

900.35

800.22

700.11

599.96

499.82

399.68

A study of the above figures shows conclusively that under identical conditions, and
between certain limits, the surcharge of a gold proof increases in direct proportion to the
amount of gold added, this increase in the case of proofs running from 400 to 900 fine
averaging slightly over one-tenth of a thousandth for each extra hundred points of
gold added. I t is also demonstrated that the same cupelling temperature which gives,
a surcharge of three-tenths of a thousandth upon a 900 proof will inevitably give us
' ' m i n u s " proofs in the cases of all denominations under 600.
The practical application of the inference to be drawn from these conclusions is very
apparent. Whenever, for instance, it is inconvenient to run a proof of special denomination with one or more assays of bullion between 400 and 700 fine, it is possible to
correct the weights of the assay cornets b y means of an arbitrary surcharge based.upon
the surcharge of the regular proofs which have accompanied the sets. By this means
it is possible to save considerable time without materially endangering the accuracy
of the assayer's figures. The method is, of course, not applicable to low-grade bullion
relativelyhigh in base, special proofs being required for such deposits,




270

REPORT ON THE FINANCES.,

The following table gives the assay results upon several bullion samples accompanied
by 900 proofs, but corrected b y means of arbitrary surcharges. The results subsequently obtained in assaying these samples separately are included for purposes ofcomparison:

No.

,
Cornet!

6601

'

'.

6614
6621
6665

"-

6679
6725
6744
6760
6918
6965

Special assays.

Assays w i t h 900 proofs.

•

-c

713.2
713.1
710.1
710.1
674.6
674.6
512.9
512.7
558.9
558.6
387.5
387.4
602.8
602.9
504.0
503.9
461.3
460.8
616.7
616.7

Proof.

Arbitraryproof.
700.1
700.0
700.3
700.2
700.3
700.3
500.3
500.2
600.5
600.2
400.0
400.0
600.2
600.4
500.1
500.1^
500.3
500.0
600.5
600.3

900.3
900.2
900.5
900.4
900.5
900.5
900.7'
900.6
900.8
900.5
: 900.5
900.5
900.5
900.7
900.5
900.5
900.7
900.4
900.8
900.6

R e p o r t e d . Cornets.

713.0
709f
674i
512.5
558J
387i
602.5
503i
4601
616i

713.4
713.3
710.1
709.9
674.5
674.4
512.6
512.5
558.7
558.5
387.3
387.3
603.1
603.1
504.1
503.9
460.9
461.0
616.7
616.6

Proof.

Net.

700.2

713.2
713.1
709.9
709.7
674.4
674.3
512.6
512.5
558.5
558.3
387.4
387.4
602.7
602.7
503.9
503.7
460 8
460.9
616.5
616.4

700.2
' 700.1
500.0
600.2
399.9
600.4 .
500.2
500.1
600.2

MODEFICATION OF T H E GAY-LUSSAC METHOD OF ASSAYING F I N E SILVER B A R S .

^

Differences having arisen during the latter part of 1911 between this mint and an
outside refinery, regarding the fineness of certain silver bars purchased by us for coinage purposes, it was considered advisable to adopt some system of hiimid assaying
which would enable the assayer to determine the silver contents of such bars to a closer
degree of accuracy than was practicable under the straight Gay-Lussac method.
With this idea in view a modified method was utilized, said ihodification consisting
in the use of ammonium sulphocyanate instead of the usual decinormal salt to determine the amount of silver unprecipitated by the standard salt solution." This process,
while occupying more time than that consumed by the old method; gave results which
npt only agreed closely, b u t which enabled us to determine the finenesses of the bars
in question to the tenth of a thousandth. The assays follow:
!

Silver

\

fineness.

Silver

No.
A.
556

'

557
558

.

fineness.

No.

•:-

. . . "

998.9
998.9
998.9
998.9
998.9
998.9

B.
998.9
998.9
998.9
998.9
998.8
998.8

B.
559
560
561

999.0
998.9
999.1
999.1
999.1
999.1

998 8
998.8
999 2
999.2
999 1
999.1

In preparing to run through a series bf fine silver assays we weigh u p two proofs
of pure silver at 1,020 milligrams, dissolve in an ounce of 32° nitric acid (retaining
bottles on sand bath untU the fumes of nitric acid have disappeared), and 100 c. c.
' of standard salt solution and agitate for five minutes in the usual manner. The cleareolutions are then decanted into fresh bottles (humid assay pattern), care bemg taken
that no appreciable amount of the chloride passes over with the nitrate. If the decantations have been performed-with the proper care it will be safe to ignore the comparatively minute amount of silver solution retained in the chloride precipitates.
JEowever, we usually wash in a little distilled water, and decanting as before, add
the wash water to the balance of the solution.
Five c: c. of a saturated solution of ferric, ammonium sulphate are now added as an
indicator, and each bottle in turn is placed, under a burette containing a solution of
ammonium sulphocyanate, 1 c. c. of which will precipitate 1 milligram of silver.
The sulphocyanate is run in a few drops at a time, the bottle being rotated in the



DIRECTOR OF T H E M I N T .

271

hand after each addition, until the precipitated silver commences to settle to the
bottom. The reagent is now, added drop by drop until the appearance of a faint
brownish red color that will not disappear on shaking.
This point having been reached, a reading is taken of the burette and t h e a m o u n t
of silver precipitated b y the standard salt solution deterniined b y differences. For
instance, if it was necessary to add 18.9 c, c. of the sulphocyanate solution in order
to reach the end point, the standard salt is credited with havmg precipitated 1,020
milligrams minus 18.9 milligrams, or 1,001.1 milligrams of silver.
The strength of the standard solution having been determined, samples of the bars
to be assayed are weighed u p at 1,020 milligrams each and treated as described for
the proofs. The calculation of the actual fineness of a sample is very simple. Taking
the direct reading of the burette as representing so many milligrams of silver precipitated by the sulphocyanate, the amount thus determined is added to the number
' of milligrams precipitated by the standard salt, and the sum divided by the weight
taken for assay. Thus, if it has required 18.1 €. c. of sulphocyanate to arrive at the
end point in a certain assay, we have:
Milligrams.
Precipitated by standard salt (as shown by proofs)
Precipitated by sulphocyanate (as shown by burette)
Total
1,019.2 divided by 1,020 equals 0.9992.

1,001.1
18.1
1,019.2

The sample, therefore, is 999.2 fine in silver.
I n making u p the sulphocyanate solution about 8 grams of the salt are dissolved
in a liter of water. After determining the strength of this stock solution by means
of pure silver proofs weighed at 200 milligrams each, a portion is diluted and tested
until 1 c. c. will precipitate exactly 1 milligram of silver.
To secure correct results it appears essential to add a uniform amount of acid upon,
each occasion, to boil off all traces of nitric oxide fumes, to decant the solutions with
close uniformity of detail and to perform this operation as soon as possible after the
addition of the standard salt, to use a uniform quantity of the indicator and to -conduct
the titrations at approximately the same temperature.
I t is especially necessary to use care in decanting. No harm would probably be
done if quite an appreciable amount of silver nitrate was retained in the chloride,
provided that the same amount had been retained in the case of the proofs, for the
amount of silver thus neglected would be credited to the standard salt solution and
an error thereby avoided. The moment, however, that the decanting operations
cease to be uniformly executed, the value of the method is vitiated and the results
become unreliable.
I t may be suggested b y some assayer that the solutions should be filtered instead
of decanted. We have done this upon several occasions,- b u t do not find that the
resulting slight increase in accuracy is of sufficient importance to warrant the consumption of extra time involved.
THE, DETERMINATION OP SILVER IN MASS MELTS OP GOLD BULLION.

For several years past we have experienced no little difficulty in the endeavor to
correctly determine the silver contents of gold bullion mass melts by means of cupellation, the many varieties of alloy usually present in bullion of this character rendering it almost impossible to obtain a close agreement between duplicate assays.
Early in the fiscal year we experimented with a different method, the results of
which have been so satisfactory as to justify its permanent adoption. The details of
the process are as follows:
A scorifier about two-thirds full of 98 per cent potassium cyanide is placed in the
front of the muffle furnace, care being taken that the contents are kept below the
boiling point. The assay is weighed u p at 1,000 gold weight, wrapped in a small
sheet of lead foil weighing about 1 gram and immersed in the molten cyanide. A
piece of stick cadmium weighing approximately 5 grams is immediately added, and
b y a slight rotation of the scorifier is brought into contact with the bullion sample.
The metals unite rapidly, a complete .alloy usually being formed in two or three
minutes.
The contents of the scorifier are then poured into a round bottom mold, allowed to
cool for a few moments, and the cadmium button separated from the cyanide, which
may be used a second and a third time before being discarded. The button is cleansed
with hot water, placed in an ordinary humid assay bottle, and boiled in 2 ounces
of 32° nitric acid. When the brownish red fumes have entirely disappeared, the
solution is diluted with 100 c. c. of distilled water and 5 c. c. of a saturated solution
of iron alum added as an indicator. The contents of the bottle are then titrated with
a solution of ammonium sulplocyanate, 1 c. c. of which is equivalent to 10 gold weight




272

REPORT ON T H E

FINANCES.

of silver.. The complete- precipitation of the silver is, of course, 'indicated by the
formation of a brownish red color which will not disappear on shaking. The fineness
of the sample is obtained b y multiplying the d n e c t burette reading, by 10.
Operations of the assay department, fiscal year 1912.
Samples operated on.
Item.
Gold.
Deposits
Redeposits
Exchange bars
Purchase bars.
Return bars
Anode melts
Mint fine melts
Ingot melts
Consolidated melts.
Experimental samples
Bullion assay samples
Superintendent's grata bar
Melter and refiner settlement bars
Coiner's settlement bars
Assayer's bars
Sweep samples
,..
General Land Office ore samples..
Forest Service ore samples.. •

16,258
432
68
134
52
612
2,120
232
172
116
12
14
122
18
44
93
75
10

Total

20,584

Silver.

Total.

1,642
'"162
452
316
3,230
22

5,987

17,900~
432
170
134,
52
1,064
2,436
3,462
172
138
12
14
150
26
56
186
. 147
20
26,571

In addition there were assayed for the General Land Office and the
Forest Service 3 samples,for copper^ 9 samples for lead, 8 samples for
tin, and 5 samples for platinum.
Number of assays made and segregated.

>
Number
made.

Assays.

Gold
..
...
Silver
Sweeps
B u r e a u of t h e M i n t
'General L a n d Office
Forest Service

.

.

. .

.'

Total

62,596
7,456
210
713
314
70
71,359

Number
segregated.

Assays.

Deposits
Purchases
Ingots
Refinery
Miscellaneous

52,413
1,893
4,208
.
7,073
5,772
71,359

Total

Cupels made, 120,000.
Leads cut and rolled, 120,000.
The average cost per assay was $0,298.
F i n e gold d e t e r m i n a t i o n s .

^ F i n e silver d e t e r m i n a t i o n s .

Fineness.
994.3
9981
998.2
998 3
998.4
998 5
998.6
998.7
998.8
998.9
999.0
999.1
999 2
..
999.3...:
999 4
999.5
9996 '....

Melts.

:

1 999
6 999^
3 1 999|
5
5
Total.....
5
2
3
3
9
21
14
23
54
39
• 16
3
'

•

'.
•

.'....

Total




-..

212

Fineness.

Melts.
:...
. .

3
74
2
79

273

DIEECTOK OF T H E M I N T .
Ingot melts.
Passed
on first
melting.

Melts.

Gold ingots
Silver ingots
P h i l i p p i n e pesos
P h i l i p p i n e 20 centavos
P h i l i p p i u e 10 centavos

Remeited.

108
1,118
233
167
69

2
24
0
3
1

110
1,142
233
170
70

1,695

'

30

1,725

.
-

-.

Total

Total.

Two melts of Philippine pesos were condemned.

Fineness of ingot melts.
P h i l i p p i n e coinage.

Domestic coinage.
Gold.
16 a t
54 a t
32 a t
5 at
1 at

899.8
899.9
900.0
900.1
900.2

108

Silver.
1 a t 898.7
97 a t 898. 8
267 at.899.1
274 a t 899. 3
' 226 a t 899.5
158 a t 899. 8
67 a t 900.0
20 a t 900. 2
8 a t 900.4

Pesos.
9 at
17 a t
30 a t
52 a t
53 a t
35 a t
28 a t
4 at
5 at

798.4
798. 6
798. 8
799. 0
799.2
799.4
799. 6
799. 8
800.0

233

1,118

MELTING AND R E P I N I N G

20 centavos.
1 at
2 at
19 a t
29 a t
32 a t
41 a t
25 a t
9 at
3 at
2 at
4 at

747.8
748. 0
748.2
748.5
748. 7
748.9 •
749.2
749.5
749.8
750.0
750.3

167

10 centavos.

23 a t
11 a t
17 a t
15 a t
2 at
1 at

748.2.
748.5
748. 7
748.9
749.2
749.2

69

DEPARTMENT.

The melter and refiner submits an extract from the report of the.
superintendent of the refinery on the discovery in a refinery furnace
. product of platinum arsenide.
Durmg the last year two matters of sufficient interest to merit mention in the Annual
Report of the Director have occurred in the melting and refining department of this mint.
One was the discovery in a refinery furnace product of platinum arsenide by Mr. •
E . J . Wagor, superintendent of the refinery, an account of which is inclosed herewith.
The other relates to the use of wire cloth instead of smgle wires for collecting dust
in settling chambers. In the attic above the refinery melting room is a long, horizontal
flue leading into a settling chamber, 9 feet 5 inches wide by 12 feet long by 6 feet high,
just before entering the stack. In July, 1911, a part of this large chamber was equipped
with baffles, consisting of sheets of wire cloth 6 feet by 4 feet in size, hung transverse to
the current on rods 4 inches apart. Two sheets were hung on each of 10 rods and so
arranged that a complete clogging of the meshes would not choke the draft. That is,
while the chamber is 9 feet 5 inches wide, two pieces side by side cover only 8 feet,
the remaining opening of 1 foot 5 inches being left first on one side then on the other,
so that the draft could zigzag through even though the meshes were closed completely
by the dust.
The cloth used had a f-inch space (i. e., actual opening was f inch square) and was
made of iron whe, size No. 8 W. & M. (equals No. 6 B. & S. or equals 0.162 inch diame- •
ter). Each piece contained 708 linear feet of wire, the 20 containing 14,160 feet. By
actual time, two men hung and adjusted the 20 pieces, containing over 2f miles of wire,
in 10 minutes.
At settlement, June, 1912, after being in use 11 months, three times as much dust
was collected as in previous years before the installation of the wire baffles. And while
the dust from this part of the chambers usually produced about 10 ounces of gold, this
year 16 ounces were obtained, and this in spite of the fact that less than two-thu'ds as
much gold was melted as usual.
This method of using wire cloth, I believe, is new and certainly is vastly superior to
that of single wires, on account of the time and labor saved in. hanging and cleaning.
PLATINUM ARSENTOE—A FURNACE PRODUCT.

Of no commercial importance, b u t perhaps of some scientific interest is the fact that
.platinum arsenide may be formed undea: certain conditions in the operation of melting
the anode mud from our copper refining cells. Of special in'terest, inasmuch as the
64926°—FI 1912



18

>274

REPORT ON THE FINANCES.

crystals so formed are identical with the rare mineral sperrylite, the only mineral ih
which platinum is found as an essential constituent and which has been found only in
the province of Ontario, Canada, and in Macon County, N . C , and in copper ore at the
Rambler mine, in Wyoming.
Twenty-three years ago Francis L. Sperry, connected with the Vermillion mine,
near Sudbury, Canada, sent to Horace L. Wells for examination a bright crystalline
substance which had been found in pockets of decomposed masses of pre, in conjunction with sulphides of copper and iron. Wells found this bright-looking sand to be platinum arsenide (PtAs2) and he named his new mineral sperrylite. Wells also produced
artificial PtAs2 by heating a known weight of platinum to redness and passing over it
vapor of arsenic in a current of hydrogen, confirming the claim of its previous
preparation by Murray.
"
o
The anode sludge, the melting of which produced the crystals of platinum arsenide,
differs from ordinary copper sludge and is quite variable in composition, dependent
wholly upon the anode content, but will probably average 20 to 30 sper cent of the
precious metals, including 2 to 4 per cent platinum, copper in fragments and powder,
sulphate of lead, basic sulphates of antimony, bismuth and tin, sulphides of silver,
copper and iron, arsenates and antimonates, silica, carbon, and fragments of slag.
These slunes are washed thoroughly, dried, and melted in crucibles with borax and
soda, and allowed to settle.
The crystals were found in a very thin layer of speiss, which separated from the
metal with considerable difficulty. The fact that the crystals are not attacked by acids
generally, and only slightly by aqua regia, led to t h e h discovery in testing the speiss.
In washing free from acid, it was noticed that the crystals were not easily wet by water,
and, notwithstanding their high specific gravity, showed a marked tendency to float
when brought to surface of the water, a marked characteristic of the mineral.
The microscope develops striking tin-white, isometric crystals with extremely
brilliant crystal faces and sharp-cut edges. The crystals are mostly fragmentary,
showing cubes, octahedrons, and pyritohedrons, and a conchoidal fracture.
When heated rapidly in a porcelam crucible, a slight decrepitation is noticed, and
then abundant fumes of AS2O3 are given off until a certain point is reached, when the
mass fuses readily to a hollow silver-white globule, which is slightly malleable. Heated
slowly, all the arsenic is driven off, leavmg a platinum sponge. A known weight of
PtAs2 was heated very slowly until fumes ceased to be given off. It was then given
high heat, cooled, and weighed. The loss in weight accounted for 42.7 per cent
arsenic, which agrees within 0.8 per cent of the theoretical amount.
The hardness is between 6 and 7; the specific gravity is given as 10.6 and the fusi-"
bility as 2. The crystals when dropped upon a red-hot platinum foil instantly melt,
giving off white fumes of AS2O3, and porous excrescences are formed on the platinum',
which do not differ in color from the untouched portions of foil. This is given by Wells
_ as the most characteristic reaction.

The melter and refiner received, operated upon, and delivered gold
and silver bullion and minor-coinage metal during the fiscal year 1912,
as follows:
Gold account.
Receipts:
S e t t l e m e n t metal of J u n e 30, 1911
Deposits and p u r c h a s e s
Redeposits
.'
Clippmgs
Proof gold, s u p e r i n t e n d e n t ' s sweep bars, e t c .
P h i l i p p i n e recoinage
S u b t r e a s u r y transfers, etc
Cojjper p u r c h a s e
Tin purchase
Zinc p u r c h a s e

/rotal.
Deliveries:
Gold certificate bars
M e r c h a n t bars
F i n e bars
Ingots
Sweeps
S e t t l e m e n t of J u n e 30, 1912.
Total.
Surp'us..
Wa.stage..




Silver a c c o u n t .

Stand, ozs.
1.896,566.472
2,895,435.799
52,575.368
333.157.414
'293.990

Stand, ozs.
685,882.29
1,159.357.21
31! 601. 06
1,447,996.13

Minor coinage
m e t a l account.
Gross ozs.
1,311,060.38
613,891.31

252,372.34
12,604.75
500.864.58
14,991.66
14,991.66
5,178,029.043

3,589,813.78

2,455,799.59

331,638.400
440.847
1,412,765.126

17,822.73
3,189,378.36
1,054.73
386, 746.04

1,889,919.90

5,178,535.379

3,595,001.86

2,449,235.68

3,427.856.697
5,834.309

506.336

559,315.78

275

DIRECTOR OF THE M I N T .
Amount operated upon during fiscal year 1912.
Gold.

Operations..

Silver.

>..

Total

Stand, ozs.
2.073,738.009
2,895,435.799
342,400.009

Stand, ozs.
444,286.25
210,291.08
3,286,678.41

5,311,573.817

Refinery
D eposit room
I n g o t room

3,941, 255. 74

Bronze.
Gross ozs.
1, 891,291.90
1,891,291.90

Refinery.
GOLD BULLION.

standard • Standard
ounces.
ounces.
1,279,766.484
793,751.150
••—2,073,517.634

Delivered to refinery:
Bullion without charges
Crude bullion with charges
Returned from refinery:
Fine bars
Settlement June 30, 1912

•.

:

2,004,212.931
09,525.078

Surplus

2,073,738.009
220. 375

P.ILVER BULLION.

Delivered to refinery:
Bullion without charges
Bullion with charges

169,827.65
269,362.69

Returned from refinery:
Fine silver bars
Settlement June 30, 1912

365,592.56
,78,693.69

Surplus

439,190.34

444,286.25
5,09.5.91

,
COINING DEPARTMENT.

The coiner of the mint submits a report on the new equipment installed, the results of experiments made, and improvements achieved.
He says:
Uniformity of rolling is the goal toward which the various mints have been directing
their best efforts for many years. The accuracy attained is remarkable, considering
the difficulties to be met in rolling strips of metal of varying degrees of hardness. The
enormous pressure necessary to produce a displacement of the metal and t h e strain
put upon the rolls, bearings, and housings varies with the hardness or softness of the
metal being rolled and the amount of ''draft" or squeeze.
I t has long been known that bodies really solid do not exist. Let us then consider
metals as semifluid bodies, whose forms may be changed by pressure. All metals
possess some elasticity, and will resist pressures or strains to their limits of elasticity
before permanently changing their forms or taking on "permanent set."
The strains put upon the housings cause them to stretch to a greater or less extent
as the pressure varies, thus making wider or narrower, as the case may be, the opening
between the rolls through which the metal p'asses, thereby varying the thickness of
the strip.
The problem of properly lubricating the journals to prevent friction is one of great
difficulty, when we consider the possibility of squeezing the film of oil out of the boxes
and thereby changing the thickness of the strip, resulting in a variation sufficient to
condemn the blanks punched from it. The thinnest possible film of oil must constantly be kept in the bearings when the rolls are in operation. Intermittent lubrication would result in imperfect work.
•
.
The process of rolling hardens the metal and causes it to lose its malleability. The
working of the metal causes.its temperature to rise. Tests on silver show this rise of
temperature to be in some instances as much as 150° Fahrenheit from start to finish
of rolling.
The hardness of the metal varies with the temperature at which it is worked, and
as some of the melts, or some of the strips in a melt will cool more rapidly than others,
the rolling of each strip is not finished at a uniform temperature.
" '
• ' ;'
;'' ,
Some of the heat generated in the metal by rolling passes into the rolls and, togeth^Or
with the heat of journal friction, causes expansion of the various parts, again interfering



276

REPORT ON T H E FIISr.ANCES.

with the uniform thickness of strips operated upon. The rise of temperature of the
rolls and bronze boxes.is at times from 80° to 100° Fahrenheit. Taking 0.00000599 as
the coefficient of expansion of steel,^ 0.00001037 as that of brass or bronze, 18 inches as
the outside distance of roll journals, and 3 inches as the thickness of the bottoms of the
two boxes, then the expansion for 1° of temperature in the rolls and boxes would be
0.000011577 inch, and. for 80° would be 0:000926 inch. As this expansion would
be from fixed points in the housing inwardly, it would result in making the strips
thinner. But when this heat is transmitted to the housings by conduction, and the
housings in turn expand,, the opposite effect is experienced and the counteracting
tendency would be to make the strips thicker. Of course, this tendency is not so
quickly manifested because the rise of temperature in the housing is slower than that
of the rolls and boxes.
The hardness or softness of gold is much more uniform than that of silver, and records
show that it is possible to attain much greater accuracy in rolling with gold than with
silver.
Having all these varying factors to contend with, it is nevertheless possible to do comparatively accurate rolling if the metal operated upon is fairly uniform in hardness,
as that is the principal obstacle to perfection. As the diameters of the punched blanks
are practically constant, their weights must vary according to their thickness.
The following tables give the legal weights and tolerances of the several denominations, both gold and silver, coined here at "the present time, together with the thickness
of standard cut blanks and variations of thickness which would equal change of weights
of different pieces corresponding to one grain—to legal tolerance from standard—and
to working tolerance:
'
Table I .
W e i g h t of
standard
coin.

Double eagles
F agles
Half eagles
' '.
Half dollars
Q u a r t e r dollars , .
Dimes.

:

Legal
tolerance.

Grains.
516.00
258. 00
129.00
192. 90
96.45
38.58

Denomination.

Grains.
0.5
.5
.25
1.5
1.5
1.5

Working
tolerance
from
standard.
Grains.
0.35
,
.35
.13
1.25
1.25
1.25

Diameter
punched
•blank.

Inches.
1.350
1.066
.834
1.209
.958
.711

Thickness
punched
blank.

Inch.
0.083
.068
.054
.066
.051
.038

Table I I .
[Weights and variations of coin blanks in grains equivalent to thickness in inches.]
GOLD.
Double eagles.

.

Grains.
516.00
1.00
.50
.35

Inch.
0.083000
.000160
.OOS
O OO
. 000056

^
Half dollars.
Grains. ^
192.90
1.00
1.50
1.25

Inch.
0.006000
.000342
.000513
. 000427

Eagles.
Grains.
258. 00
1.00
.50
.35

Inch.
0.068000
.000263
.000131
.000092

Half eagles.

•

Grains.
129.00
1.00
.25
.13

Inch.
0.054000
.000418 .
. 000104
.000054

SttVER.
Q u a r t e r dollars.
Grains.
96.45
1.00
• 1.50
1.25

Inch.
0.051000
.000528
• . 000793
. 000660

Dimes.
Grains.
38. 58
1.00
1.50'
1.25

Inch.
0.038000
.000984
.001477
.001231

Of course, in the practical work of rolling it is not possible to make such close measurements with a micrometer as the foregoing table indicates would be necessary. The




DIRECTOR OF THE M I N T .

^

277

strips are rolled down as close to standard as possible, test blanks are punched out
and weighed, and the final adjustment of the rolls made in accordance with the weight
test. But it is nevertheless true that when the standard point of thickness is reached
the greatest allowable variation from that point in operating on double-eagle strips
is 0.0000562984 of an inch, and a variation of 0.000080426 would cause the blanks to
reach the legal tolerance limit in weight. The total allowable working variation,
0.70 grain, between a blank 0.35 of a grain heavier than the standard and one 0.35
grain lighter than standard is equal to 0.000112596 inch in thickness.
I t was formerly the custom in this mint, as it was at one time in all the mints, to
roll the strips down close to standard, anneal them, and finish the operation bypassing
them through the small stationary rolls of the drawbench die. The heavy blanks
from these strips, on reaching the adjusting room, were filed down to weight by hand.
At that time the weighing and adjusting was all done by hand and the expense of
maintaining the adjusting room was very great; the labor cost for adjusting at times
amounted to nearly $200 per day. The amount of adjusted blanks produced varied,
as now, in accordance with the closeness and uniformity of the rolling. The comparatively small additional expense of maintaining the annealing process and the
draw bench at that time was justified by the lowered labor cost of adjusting resulting
from it. This was before the rolling had been brought up to its present standard, and
before the perfecting and adoption of. the automatic weighing and reducing machines.
The lessened cost of adjusting under the new conditions did not warrant the longer
maintenance of the drawbench, and the wisdom of discarding it is unquestioned. A
new impetus was thus given to the already strenuous efforts to perfect the rolling,
which is resulting in permanent good to the service. During the last year two of our
10-inch rolling mills were changed from the wedge adjustment of the bottom-roll type
to the screw adjustment of the top-roll type, which proved to be quite an improvement,
as the number of joints is lessened and the rolls and bearings are held more firmly
in the housings.
The boxes of the bottom roll rest directly upon the frames in the housings, and the
top roll is held firmly against the upper bearings by means of rods passing through the
top of the frame. The tops of these rods are fastened to the case which contains the
worm and screw adjustment gears of the pressure screws by means of adjustable nuts
resting upon coil springs. The bottoms of these rods are screwed into the bronze
frarnes containing roller bearings. The top roll is supported by these roller bearings
and, together with its bronze boxes, is held up against the housings.
The roll can be more firmly held in place, with less friction, b y means of these
roller bearings than it could with the bronze boxes formerly used, and the open frame
allows for greater radiation of the heat generated in rolling. The rollers are made
of tool steel, hardened and ground, and are run in bronze cages of suitable design
' to fit housings.
The upper roll is fitted with pressure controlling and indicating mechanisms consisting of two accurately turned tool steel screws, 3 inches in diameter, " V " thread,
four threads per inch, passing through bronze nuts pressed into and locked to housings; ends of screws hardened and working in hardened steel sockets on bronze bearings.
The adjustment of upper roll is positive, both up and down; heavy compensating
coil springs with adjustable nuts surround pressure screws and rest on top of housings.
The pressure-adjusting screws are actuated b y worm gearing with handwheel ar-/
rangement, having adjustable micrometer indicator dial, graduated and reading to
1/20,000 of an inch.
^
_
Each pressure screw is capable of separate adjustment to change position of roll not
more than 1/2,000 of.an inch. These rolls are equipped with universal coupling drives,
in place of the wabbles formerly used, and the jar upon the machines and the noise
were almost entirely eliminated.
'These changes were not completed until late in the fiscal year.
During the year we weighed 905,473.19 ounces of half dollars, of which 55,687.40
ounces, or 6.1 per cent were condemned on account of weight-; 93.9 per cent, or
849,785.7.9 ounces, was within the working limit; therefore 93.9 per cent, of the strips
from which these blanks were punched did not vary from standard b y more than
.000427 inch in thickness; 353,237.30 ounces of quarter dollars weighed showed 96.2
per cent, or 339,790.71 ounces within the working limit; 96.2 per cent of the strips
from which this was cut did not vary from standard by more than 0.000660 inch in
thickness; 464,859.98 ounces of dunes were practically all within the tolerance limit,
or nearly -100 per cent within a variation of less than 0.001231 inch in thickness.
This metal was not operated on b y the rolls which were being changed to the screw
adjustment.




278

REPORT ON" T H E FINANCES.

. We were able, however, to get a test run on eagle strips when the rolls were completed, and the following statement of the adjusting-room record of operations on
eagle blanks punched from these .strips shows how satisfactory the test was:
Adjusting-room record of operations on eagle blanks for April, 1912.
Items.

Ounces.

A m o u n t - i n s i d e limit
Hea\nes
Condemned p u n c h e s lights
Heavies filed h g h t
H e a v i e s recovered b y filing m a c h i n e
P e r cent of total operated on condemned b y filing m a c h i n e .
T o t a l c o n d e m n e d lights a n d fihngs
A m o u n t good w o r k
."
A m o u n t condemned
A m o u n t filings
T o t a l ounces operated on
Filings per 1,000 ounces operated on

145.392.84
21,760.00
5,145.30
718.52
20. 977.53
5,927.77
166.370.37
5,863.82
63.95
172,298.14
.37

P e r cent.
84. ,38445127
12.62927156
2.98627715
12.17513433
.00454137
3.4404140
96.55958561

Over 84.38 per cent of blanks as they came from the punch, without any shaving
or filmg whatever, were within the working tolerance lunit of 0.35 grain above to 0.35
grain below standard; or, in other words, over 84.38 per cent of the metal rolled did
not vary either way from standard more than 92/1,000,000 of an inch.This is fairly accurate rolling, even for the mint service, b u t we hope- to improve
upon it.

The refinery also produced:
,

,

Value.
$908.40
2,471.04
320.50
41.30

Electrolytic copper, 5,126.67 p o u n d s
Sponge p l a t i n u m , 70.60 ounces
Sponge p a l l a d i u m , 12.82 ounces
O s m i r i d i u m , 1.18 ounces

The surplus in gold is due to the recovery of metal lost in previous
years and the surplus in silver to the recovery of silver from fine gold
deposits re-refined in this mint.
COINING

DEPARTMENT.

The coiner received gold, silver, and bronze from and delivered to
the superintendent during the fiscal year 1912 as follows:
Item.

Gold.

Silver.

Bronze.

Deliveries:
Coin
Clippings, etc
Surplus
W astage

Stand, ozs.
3,576,494. 82

Trov ozs.
1,957,633.66

2,010,147.24
1,565,60S.59

1,299,528.32
656,603. 01

737,412.038
17. 638

.'

Stand, ozs.
737,394.400
342,925.000
394; 487.038

Receipts:
Ingots^

3,575,755.S3

1,9.56,131.33

738. 99

A m o u n t operated u p o n
Percentage of coin produced to a m o u n t operated u p o n . .

628,345. 850
54.58

1,502.33

3,458,809.13
58.12

1,913.399.50
67. 91

N U M B E R OF E M P L O Y E E S .

The number of employees in the institution at the close of the
year was 12^, distributed as follows:
Department.
General
Melter a n d refiner's ( m c l u d i n g refinery)
Comer's
."..
Assay
Total




Employees.
58
30
26
10

279

DIEECTOK OF T H E M I N T .
VISITORS.

During the year 41,369 visitors were shown through the mint.
MINT OF THE UNITED STATES AT DENVER.

This mint was in operation throughout the year. Nickel coinage
was executed here and the first delivery amounting to $1,000 in these
corns was made on February 5, 1912. The first coinage made here of
bronze 1-cent pieces was on May 20, 1911.
On January 12, Mr. John C. Wells, assistant coiner, was made coiner
to succeed Mr. Jabin B. Baldwin, deceased.
Redeposits of bullion were received during the entire year from the
United States assay ofiices at Seattle, Deadwood, Helena, Boise, and
Salt Lake.
ASSAYING

DEPARTMENT.

The operations of this department during the fiscal year 1912 were
as follows:
Samples operated on.
Items.
Gold.
Deposits
•Redeposits
Exchange bars
R e t u r n bars
Purchase
Anode melts
M i n t fine m e l t s
Ingot melts
Consolidated m e l t s
E x p e r i m e n t a l samples
Bullion assay samples
,
Copper m e l t s
S u p e r i n t e n d e n t ' s grain bar
Melter a n d refiner's s e t t l e m e n t b a r s . .
Coiner's s e t t l e m e n t bars
Assayer's bars
Coin samples
S w e e p samples
Forest Service samples

Silver.

Total,

26
129

17
2
12
906
26
129

3,992
'1,495
53
3
"540
559
400
808
3
256
4
7
15
31
2
38
906
52
258

5,402

4,020

9,422

3.301
1,495
38
3
57
203

540
• 502
197
175

Total.

Number of actual assays made.
Gold
Silver

36,484 I Forest Service .
31,675
271
Total....

T h e r e were m a d e , 60,000 cupels, a n d 60,000 pieces of lead c u t a n d rolled.
T h e average cost per assay d u r i n g t h e year was SO.259.

Determinations.
Fine gold.

Fine silver.
Melts.

Fineness.
999 3
999.4
999 5
999.6
999 7
999.8
999 9

.

V
..

..

Total




'..

Fineness.
999
999i
999J
9991

11
23
32
65
51
19
2

Melts.
^78
53
65
1

.
Total....

'.

197

203

.

=
"

280

EEPORT ON T H E EIISrANC:fiS.
INGOT FINENESS.

The reported fineness of the silver ingot melts were as follows:
Fineness.

Melts.

898.6
898.7
898.8
898..9
899.0
899 1
899.2
899.3

28
56
111
87
170
125
83
72

Fineness.
899.4
899.5
899.6
899.7
899.8

Melts.
52
15
7
1
1

:
•
•
Total

808

MELTING AND REFINING DEPARTMENT.

The melter and refiner received from and delivered to the superintendent during the fiscal year ended June 30, 1912, the following:
Items.

Gold account.

Receipts:
S e t t l e m e n t m e t a l of J u n e 30 1911..
Deposits
Redeposits
CliDnincs
I n g o t copper
.
Tin
Zinc
-•
C u b e nickel

Standard ozs.
306,471.505
1,091,126.173
930,627.340

Silver account. Nickel accomit. Bronze account.
Standard ozs.
908,423.67
1,180,545.49
• 370,563.15
1,110,103.95

.

437,652.65
138,297.70
8,9.39.58
29,181.25

441,000.00

.

305.828

1,804,524.61

2,586.38
3,249,642.30
2,281.54

1,641,004.349
1,805.211

2,272,508.43

1,227,366.60

1,774,404.30

2 38,297.70
999,877.33

Deliveries:
Gold certificate b a r s
Commercial bars
TuEots
.
Sweeps
Nickel composition ^
Bronze coijiposition ^
S e t t l e m e n t m e t a l of J u n e 30 1912

18,414.06

2,265,541.63

1,792,818.36

745,028.258

3,5.5S; 718.02

81.372

'

3.14,207.80

2,388, .143. 646

Total

1 Transferred from nickel account.

373,175.10
1,458,333.38.

Troy ozs.
' 1,290,453.49

3,569,636.26

" 2,388,225.018

Total

Surplus
Wastage

Troy ozs.

918.24

2 Transferred from bronze account.

6,966.80

11,706.31

3 Settlement of June 30,1912.

THE REFINERY.

The refinery operations, covering a period of eight months, were
as follows:
Gold.

Items.

Silver.

Stand, ozs.
1,926,534.596
1,849,959.678
76,185.045
120.574

-- -

Returns:
Prior to s e t t l e m e n t
Bars a t s e t t l e m e n t
SwppT)<> at s e t t l e m e n t

Surnlus
Wastage

Stand, ozs.
1,710,630.69
1,627,651.73
SO,3S2.41
547.82

1,926,265.297

Deliveries:
Sent fo refmerv

1,708,581.96

i

A m o u n t operated upon




-

269.299

2,048.73

1,926,534.596

1,7.10,630.69

281

DIRECTOR o r THE M I N T .
Ojyerations fiscal year 1912.
Items.

Silver.

Gold.

Nickel.

Stand, ozs.
1,926,534.596

Total

Troy ozs.

Stand, ozs.
1,7.10,630.69
3,32.5,4.10. .35

1,926,534.596

Refuiery
Ingot room

5,036,041.04

Bronze.
Troy oe9.

1,23^,333.40

1,786,110.61

1,234,333.40

1,786,110.01

The refinery also returned 573.7 pounds copper; 116.15 Troy ounces
Nplatinum, and 14.95 Tro}^ ounces palladium.
The refinery earnings were as follows:
Charges collected on bullion treated
By-products as above set forth (approximated).'.

S75,809.03
5,961.42

,

Total

. . . : . . . . . . . . . . _ . . . . . 81,770^45'
MELTS MADE.

The following melts were made:
Items.

Gold.

Silver.

3,799
• 283
27

Deposits
Anodes...
.
Cathodes
Ingots
Fine bars
Shmes
Settlement
Sweats
Nickel ingots..
Bronze ingots..
Miscellaneous..

Total.

739
502
27
808
196
221
17

203
154
• 14

Total.

4,538
- 785
54
808
399
375
^31
661
356.
452
71
8,530

Ingot melts condemned or rernelted.
Number of employees in the refinery..:
•
,
Number of employees in the melter and refmer's department

".

;;

^

1....:...

None.
"15
21 •

The sweeps cellar was operated under the supervision of the superintendent of the mint.
COINING DEPARTMENT.

During the fiscal year 1912 the coiner received and operated upon
3,323,873.95 standard ounces of silver and produced therefrom
2,203,188.83 standard ounces of coin,-valued at $2,741,840, and representing 22,098,880 pieces. The loss in operations was 894.69 standard ounces, being 26.92 per cent of the legal allowance. Thfe per cent
of coin produced to the amount operated upon was 66.28.
The first nickel coinage in this institution was executed during the
year. One-cent pieces were also coined. The per cent of coin to the
amount operated upon was as follows: Five-cent nickel, 66.66, and 1cent bronze, 75.13.




282

REPORT ONT T H E riN"A]SrCES.
Receipts and deliveries by the coiner.
Silver.

Items.

'

Nickel.

Bronze.

Standard ozs.
3,323,873.95

Receipts:
Ingots
Deliveries:
Coin..
•.
Clippings, etc

Troy ozs.
1,123,297.60

Troy ozs.
1,681,002.75

2,203,188.83
1,119,790.43

748,747.70
373,175.10

1,262,856.30
417,163.70

3,322,979. 26
8^4. 69

.1,121,922.80
• 1,374.80

1,680,020.00
982. 75

3,323,873.95

1,123,297.60

1,681,002.75

66.28

66.66

75.13

.•

Total
Wastage

.'

..

Amount operated upon
Percentage of coin produced to amount operated upon..

In cleaning up at the end of the fiscal year 31.65 standard ounces of
gold were recovered from the sweeps.
EMPLOYEES.

The number of officers and employees in the mint at the close of the
fiscal year was as follows:
General department
Assayer's department
Melter and refiner's department
Coiner's department
Total

49
8
21
15

,

93
VISITORS.

Visitors to the number of 69,363 witnessed the coining operations
during the year.
UNITED STATES ASSAY OFFICE AT NEW YORK.
REMOVAL.

The year has been a notable one for this institution, as, during
December, 1911, and January, 1912, the old building at 32 Wall Street,
which has been the home of the United States assay office at New
York since it was opened in 1854, was vacated and the work transferred
to the new refinery buildingin the rear of the old building. The employees deserve the highest praise for their loyalty and faithfulness when
they were working during the last two years in the insanitary and
dangerous conditions of the old building, and it is hoped that the new
building on Wall Street mil soon be erected, as the temporary quarters for the clerical force in the refinery building are not suitable for
their work.
I t is worthy of note here that the old building was erected in 1823,
presumably for the Second Bank of the United States, and occupied by
the New York branch of that bank until 1836, when, the bank went
into liquidation. The property was then transferred to the Bank of
the State of New York, which sold it to the Government in 1854.
From 1854 to 1873 the United States assay oflice occupied the upper
part of the building and the first fioor was rented. A picture of the
old building, now about to be demolished, is given herewith. A considerable expression of sentiment has been heard in Wall Street
against the demolition of the old building, and the the architects



DIRECTOR OF THE M I N T .

283

have seriously considered incorporating the front wall in the new
building in order to preserve the historic landmark.
REDEPOSITS.

Since January 1, 1912, redeposits have been received from the
assay office at Charlotte, N. C , to the amount of 1,746.626 standard

United States Assay Office Building, Wall Street, New York City; erected in 1823, occupied by the
Assay Office in 1854, and vacated for demolition in 1911.

ounces of gold and 278.22 standard ounces of silver, and from the
mint at New Orleans, La., 40,825.913 standard ounces of gold and
28,069.77 standard ounces of silver.
GOLD BARS ISSUED.

Gold bars were issued to depositors for domestic use in payment
for bullion for $4,120,950.44, and gold bars were exchanged for gold



284

BEPORT ON T H E FUSTANTCES.

coin for domestic use for $24,629,211.61, making a total value of,
gold bars issued for domestic use in the arts, etc., of $28,750,117.05,
showing a decrease 'of $277,801.32 as cpmpared with the previous
year. The value of gold bars exchanged fpr gold coin for export
was $20,124,905.85, being an increase compared with last year of
$19,840,853.21. The income for the exchange of gold bars for gold
coin was $20,564.45, and from special assays $2,021.
There were stamped during the year 63,812 gold bars as compared
with 65,003 during the previous year, or a decrease of 1,191, and
12,873 silver bars compared with 13,572 during the previous year, or
a decrease of 699.
EMPLOYEES.

The number of officers and employees in this assay office at the close
of the fiscal year was as follows:
.
General department
Assay department
Melter and refiner's department
^

Total

:
'.

1

—

43
14
32
89

DEPOSIT MELTING ROOM.

The almost intolerable conditions of the assay office were somewhat .relieved September 15, 1911, when the deposit melting room
was moved from the cramped quarters in the front building to the
larger ones in the new building. The dirt and heat necessary for
the operations of a melting room were at last placed on the ground
floor of a fireproof building speciaUy built for the purpose with high
ceilings and sufficient space for the work.
. The eq^uipment of the deposit melting room consists of one stand-'
ard melting furnace and three medium-sized furnaces usin^ oil for
fuel, seven gas furnaces of a somewhat smaller capacity than the
medium-sized oil furnaces, and two smaller gas furnaces for the
small deposits. The use of both gas and oil in the deposit melting
room is to insure an uninterrupted service under all conditions and
yet to obtain the high temperature and economy of the fuel oil. I t
would be possible in case of a severe snowstorm to do all the melting
by gas in this particular room.
The benches, dumping pans, settling tanks, etc., have all been
made fireproof—that is, there is no wood in their construction.
A special lead-lined iron tank with a pan and washing sink above
was installed on this fioor with its overflow running to a large settling
tank in the basement. This system of traps practicaUy insures the
wash waters which run to the sewer to be free from value. The
pressure blower system which gives air to all the furnaces in the
]3uilding, and has given perfect satisfaction, is rather different from
that generally in use for similar purposes. I t is laiown as a centrifugal compressor and has a rotating element mounted upon the common shaft with the driving element of the motor. This eliminates
all gears, belts, chains, etc., and the compressor runs the same speed
as the driving motor. The essential characteristics are: The air pressure is constant through aU loads, and the power consumption is
proportional to the load.




DIRECTOR OF THE MINT.
THE REPINING

285

DEPARTMENT.

On December 18, 1911, the melting room of the melting and refining department started operations in the new building. Eight
standard oil furnaces arranged around a square, with the necessary
tanks, pans, and benches, furnish the equipment of the room. The
square, which is in the middle of the room, is built of fire brick and
so constructed that it constitutes a settling chamber with the outlet
le'ading from its center to a large fine off to one side. The flue is
vertical and connects aU furnaces throughout the building to a large
settling chamber on the ninth floor. The construction is such that
aU flues and settling chambers can be easily cleaned and the values
obtained from the dust.
The standard furnace is so built that the burner looks directly
down in the combustion chamber, which arrangement puts the blowtorch flame against the bottom fire brick instead of the crucible, as
is usual in many of this type of furnace.
The make-up room and ofl&ce occupies the other haU of the third
floor and contains the. necessary working desks, two large scales, one
long table with soaps tone top covered with leather, and the working
vault.- The vault has a lowering platform before the door, whicE
allows the floor level of the vault to be the same as the room. The
vaults throughout the building have the same construction, and this
has proved to be of great value, because it allows the heavy trucks
to be moved in and out easily.
The sixth floor contains the shop and the electrical dynamos for
producing the proper current for the refining cells, the switchboard,
and controlling devices. The three low-volt age machines are separately excited from an outside source and are so connected through
the switchboard that any machine can be used on any circuit. The
machines are duplicate, and each is capable .of producing 1,200
amperes at 20 volts, but only one is run at a time.
The third machine was speciaUy built to produce the pulsating
current by placing an alternating current in series with a direct
current. This is accomplished by mounting on one bed plate four
machines, a driving motor, a direct-current dynamo, a single-phase
alternating-current dynamo, and an exciter. One lead from the
alternate passes directly to one lead of the direct current machine,
and the other two leads go to the gold cells.
The controlling device is unique because of the fact that the 110volt exciter excites the fields of both the alternat®r and the directcurrent machine, but with a hand rheostat in series with each, thus
allowing'a relative adjustment of voltage. The fields of the exciter
itself are excited by an outside source through an adjustable rheostat.
This complete arrangement gives the necessary large range of adjustments to suit every condition that might arise. The value of this
combination machine is that a t allows the use of anodes containing
a greater proportion of silver, does aw^ay with the necessity of heating
the electrolyte, and makes a slime containing a less quantity of gold.
The low-voltage dynamos have- a graphite composition brush and
a device that gives a series of end thrusts on the end of the shaft
which prevents the brushes from wearing tracks in the commutator.




286

REPORT ON THE FINANCES.

The shop proper contains a lathe, driU press, shaper, emery and
grind stone, and several smaUer machines, aU of them operated by
individual motors. The rolls for making cathodes are located on
this fioor and are driven by an. alternating-current motor. The idea
has been to place all possible machines on the sixth fioor, so they
will be out of acid fumes, and this plan has given all that was
expected of it.
.The seventh floor has been given over to the silver cells and the
precipitating tanks for the foul electrotyte. There are two circuits of
vertical cells, each series containing 16 jars placed on a long table
built of brick topped with soapstone slalDS. The slabs are countersunk, making a 4-inch rim around the whole table, thus preventing
drops of the electrolytes from falling on the floor. The two series of
horizontal cells are placed on a somewhat higher table but of similar
construction. The floor of this room, and the eighth, or gold room,
is made of soapstone slabs so that any spill of acid or electrolyte does
no harm. A centrifugal hard rubber pump lifts the foul electrolyte
from the level of the cells to that of the precipitating tanks and for this
purpose is much superior to the reciprocating type, as there are no
valves under which small pieces of foreign matter may lodge, interfering with the proper action of the machine.
On March 7, 1912, the current was turned through the gold cells on
the eighth floor, which, with the exception of the sweep cellar, completes the plant. The gold cells are set on soapstone-topped tables
somewhat simHar to those on the silver floor. There are two tables
each holding two sets of 12 cells, with a heavy soapstone aividing
slab through the middle. On the top of the dividing slab, electrically
driven, runs a light shaft li :e with pulleys at proper intervals. The
propellers are carried on wooden arms bolted to the central slab and
are driven by a light belt from the shaft line. In cleaning up the entire
top of the cell is exposed, thus giving the man. in charge ample space
for lifting out anodes and slimes. A large soapstone hood with wire
reenforecd glass for sides gives the proper facilities for the treatment
of platinum and palladium solutions.
A testing laboratory is partitioned off from this floor, in which all
the foul solutions are tested for values before they pass to the sewer.
The different electrolytes are tested tor their strength of acid and
metal values and also any necessary experimental work done.
T R E A T M E N T OF S W E E P S .

The sweep cellar has been put in operation recently and its equipment consists of a jaw crusher which crushes the sweeps to 1 inch or
less in diameter, one mill with 60-mesh screen which grinds the
sweeps under water until they are fine enough to pass tlirough the
screen to the two settling taiiks, and a steam drier. The type of mill
is a standard mining machine where the rolls revolve and the pan
remains stationary. I t is of sufficient size so that it will not be necessary to keep the mill in continuous operation and the misn will be
available in other places. The drier constantly agitates the wet
sweeps so that they can not bake on the bottom. One settling tank
is directly above the other and the lower contains a steam siphon
which lifts the water to the upper. From the upper tank there is an
overflow to the sewer and a connection which leads the water back to
the mill so that it may be used over again.



287

DIRECTOR OF THE M I N T .
Year's operations in refinery.
Sent to refinery.

Returned from refinery.

GOLD.

GOLD.

Stand, ounces.
92,251.589
2,221,.541.358

Crude bullion with charges
Bullion without charges..
Amount operated upon

Fine bars
I
Settlement bars, sweeps, etc

2,313,792.947

Total ..
Surplus

SILVER.

Crude bullion with charges
Bullion without charges

974,093.31
83,099.70

Amount operated upon

1,057,193.01

Stand, ounces.
2,087,855.686
225,947.453
2,313,803.139
10.192

SILVER.

Fine bars
Settlement bars
Total
Wastage

932,376.27
123,234.40
1,055,610.67
1,582.34

Refining operations in the new r3finery began on January 11, 1912.
ELECTOLYTIC PARTING A N D R E F I N I N G OF B U L L I O N .
DESCRIPTION OF THE N E W

INSTALLATION.

The Government, in its dealings with the public, purchases both
gold and silver, so that a suitable refining process must handle both
" of these metals. This is accomplished by a double system, one for
silver and one for gold. In the system which gives as a product pure
silver, the gold contained is also sufficiently refined to pass to the
gold process. If deposits which the Government buys are very high
in gold contents, 0.850 or above, they pass directly to the gold cells,
thus saving much work, but if low, they pass through both processes.
T H E SILVER SYSTEM.

In practice, the deposits are so combined that the resulting melt
will vary between 250 and 400 parts in 1,000 in gold, 120 parts base
and the remaining parts silver. This melt, 3,800 troy ounces, is
poured into anodes 16 inches long, 3 inches wide, and ^ inch
thick, with a J-inch hole at one end for suspension in the electrolyte.
Allowing the gold contents in the anodes to vary between the above
limits reduces the clerical work materially and is permitted by the
process.
s Each anode is placed inside a muslin bag, tied at the top, and
then suspended in the electrolyte by a golcl hook from the proper
connection. The cells for the silver refining are 47 inches long, 24
inches wiele, and 24 inches deep, and are made from vitreous acidproof stoneware. The electrolyte contains about 2 per cent free
nitric acid and 2 per cent silver nitrate, anel this proportion must be
practically maintained in order to keep other metals from plating
on the cathode. The silver is plated on a thin strip of rolled silver,
which is lifted out once in eight hours, and the loosely adhering
crystals scraped into a dish. I h e addition of glue to the electrotyte
for preventing treeing has been discontinued. The portion of.the
crystals which fall tb the bottom of the tank are regained periodically
and added to the fine silver output. This bottom silver runs almost
as fine as does that which is scraped from the cathodes. The silver




288

REPORT ON T H E FINANCES.

and other soluble metals contained in the anodes are gradually
dissolved by the action of the electric currenty whUe-the gold
remains as a coherent mass, retaining the shape of the original anode,
but of a spongy nature and very-easily broken. • One of the functions
of the bag is td prevent these easily broken anodes from mixing
with the silver in the bottom of the cells, which, if it happened, would
necessitate a second refining. In general, the buUion purchased by
the Government contains so many base metals that the resulting
anode is very brittle, and. of ten breaks .before the current has had
time! to act properly. This fact has necessitated the modification
of the vertical cell to what is called the ^'horizontal cell,^' so named
because the anode and cathode lie in a horizontal position. The
position, however, is the important point, for the broken anodes from
the vertical cells can be selected out and placed in the horizontal
cells, and the refining action will continue. The horizontal cell is
slower, and requires more energy than the vertical ceU, so that it
does not replace the vertical type, but supplements it.
A porcelain basket, with a "filter bottom, is used in the horizontal
cells to hold the anodes, and the cathode is a graphite plate placed
about 4 inches below the other pole. The deposited sUver is taken
out periodicaUy by, means of wooden scrapers and added to the fine
silver output. ' The product, from the silver ceUs runs from 0.999 to
nearly 1,000 fine, and if any of this product contains more than 1
part of gold in 30,000 parts of silver it is retreated.
The treatment of the foul electrolyte consists in precipitating the
silver by metallic copper and regaining this copper by a chemical
process. A hard rubber centrifugal pump aids in the exchange of
solutions from one set of tanks to another.
There are 2 sets of 16 vertical cells, each in series across the circuit
of 11 volts. The current density is about 6 amperes per square foot,
although this varies considerably according to the condition of the
solutions and the nature of the anodes. The 28 horizontal ceUs are
connected 2 in series across the same circuit as the vertical cells,
and they carry a current density of 35 amperes per square foot. The
circulation in the vertical cells is obtained by a glass propeUer in
each cell, a small belted motor furnishing the necessary power, while
no circulation is required in the horizontal ceUs.
T H E GOLD SYSTEM.

There are 4 sets of 12 ceUs each on the fioor above the silver room
which are used for gold refining. Each cell is 19 inches long, 15
inches wide, and 12 inches deep, and is made of Royal Berlin porcelain,
which withstands the action of gold chloride. The anodes are 8
inches long, 3 inches wide, and ^ inch thick, weighing about 75
ounces, with the top reduced in thickness and having the shape of a
triangle, with a hole for suspension at the apex.
The casting molds contain an iron peg which puts the hole through
the anode at the time of pouring. It is impossible in this process
to entirely submerge the anode as is done in the silver ceUs, because
the gold suspension hook would be eaten off and the anode would
drop to the bottom of the tank.
The electrolyte is composed of a 10 per cent solution of free hydrochloric acid containing 30 grams of gold as a chloride to the Uter.
The anodes run about 0.910 fine with 70 parts of silver, and the product
from' the cells will average 0.9995 fine.



DIRECTOR OF THE M I N T .

289

The use of the electric current in series with the direct current
has done away with t h e necessity of applying outside heat, has
reduced the amount of free hydrochloric acid necessary, anci has
allowed a greater proportion of silver in the anode without resorting
to hand scraping.
An effective current density of 70 amperes per square foot is maintained in actual working conditions, and this is easily increased when
necessary. The circulation is accomplished by means of small hard
rubber propellers driven by a motor.
The slimes and the electrolyte contain all the metals which were
in the anodes, and it is here that most of the platinum and paUadium
gradually accumulate. When the solution becomes foul the plati-num is precipitated by sal ammoniac as platinum-ammonium
chloride, which is carefully washed and upon heating yields spongy
latinum. This by-product pf platinum is sold at intervals by the
rovernment, and is a source of income which was lost in the old acid
processes. The rare metal, palladium, is also separated by a chemical
process and adds to the Government's revenue, but the amount
recovered is much smaUer than the amount of platinum.
The slimes produced are chiefly a mixture of silver chloride and a
finely divided gold, which product is washed throroughly, the chloride
reduced to metallic silver by zinc, and the whole, poured directly
into anodes which are suitable for the silver ceUs.
.The ordinary difficulty of imperfect contacts in an electrolytic
process is reachly obviated in the Government refineries by using the
noble metals as conductors. Thin silver strips, half-rounded, along
a hard rubber tube, reenforced through the center by a steel rod,
serves the double purpose of a suspension rod and a conductor of the
current. The anodes are hung from these rods by gold hooks, which
method entirely eliminates all contact problems.
The general arrangement of the ceUs in the silver and gold rooms
is in duplicate, each set ordinarily sufficient to refuie all the deposits
as they are received. This present year it has been found necessary
to run both sets most of the time because of the large surplus of bullion
on hand. The chief advantage of two sets is to aicf in quarterly
settlements without shutting down, by cutting out one and starting
the other.

g

ASSAYING

DEPARTMENT.

During the fiscal year 1911-12 there were assayed 10,749 melts
of gold deposits a.nd 1,987 melts of silver deposits. Fine gold melts
from melter and refiner's operations numbered 303, and fine silver
melts 238.
The usual assays of anodes, etc., were made for the refinery and
upon the sweeps obtauied as well as those incident to settlement and
for the Mint Bureau.
Special bullion assays numbered 861, consisting very largely of
articles of jewelry and manufacturers' samples, m a number of cases,
being for the enfor<^.ement of the stamping act governing the manufacture and sale of jevv-elry marked with karat fineness. An anusual
feature of our work was the making for the United States district
attorney, by authorization of the Director of the Mint, about 500
assays upon over 400 samples of ore, to determine the gold contents.
64926°—FI 1912




19

290

REPORT ON T H E

FINANCES.

The necessary cupels for aU these operations were made in the department, and since removal to our present quarters in the new refinery building we have been rolling and cutting the silver disks used
in our assaying. A gas-operated still has supplied water for our laboratory operations and also for drinking purposes for the other departments where desired. For our laboratory work it is conducted
direct to the boiling table. This table has a glass flue and hood set
in aluminum frame, so that the acid fumes may be conducted off
and still give the light desired for the delicate work performed there.
The steadily increasing quantity of the. work done and the effort
to keep it up to a high standard of accuracy has made it an exceedingly busy year and prevented any experimental assaying other
than that involved in the ones made for the bureau and in the preparation of proof alloys for controlling results in the regular operations.
THE UNITED STATES ASSAY OFFICE AT SEATTLE.

The total number of deposits of gold dust and bullion received at the
Seattle assay office during the fiscal year 1911 was 1,822, weighing
578,531.57 standard^ ounces of the value of $10,363,153.17. The
origin of these deposits is shown below:
Source.

Alaska:
Circle
Cooks Inlet
Copper River
Eagle
Iditarod
Koyukuk
Nome
Southeast Alaska
Tanana
Total for Alaska
California
Colorado
Idaho
.'
Montana.
Nevada
Oregon
South Dakota
Utah
' Washington
British Columbia
Yukon Territory
Foreign gold coin
Mutilated domestic gold coin
Jeweler's bars, etc
Deposit melting room grains.
Bullion recovered from slag...
G ains on purchases
Redeposits
:
Total

Gold standard ounces.

Silver
standard
ounces..

Total coining
value.

2,392.641
6,035. 728
19,143.169
1,456.288
56,0.35.947
8,219.546
193,572.096
14,249.513
178,493.046

592.25
880. 84
3,165.19
309.36
7,642.17
452. 85
22,078.55
3,050.33
24,648. 27

$45,203.41
113,317.60
359,835.11
27,453. 71
1,051,421.95
153,448. 74
3,627,032.73
268,656.69
3,349,481.44

479,597.974
83.177
33.222
138. 679
644.599
20. 979
297.984
8.196
6.719
1,687. 262
61,171.439
6,691.658
9.704
39. 707
1,711.524
26. 223
23.170
1.318
27.853

62,819.81
28.20
30.79
35.94
135 33
15. 25
57.43
1.91
1.08
1,341.92
9,718.43
1,638. 88
.00
.00
815.03
4.01
3.37
68.15
8.25

8,995,851.38
1,580.29
653.91
2,621.89
12,150.01
408.05
5,610.72
154. 70
126.26
32,952. 43
1,149,382.00
126,403.03
180.54
738.78
32,790. 71
492.53
434.98
93.17
527. 79

552,221.387

76,713.78

10,363,153.17

" Statement of gold deposits from the opening of the institution on July 15, 1898, to the
close of business June 30, 1911.
Number of deposits
Troy ounces
Avoirdupois tons
Coining value




' 48,125
11, 668, 362. 50
399. 90
$200, 483, 637. 37

291

DIEECTOE OF THE M I N T .
SOURCE.

Nome, Alaska, United States
Tanana, Alaska, United States
Iditarod, Alaska, United States
Balance of Alaska, United States

$46,006, 306. 90
41, 327, 385. 78
1, 051, 421. 95
9, 629, 418. 62

.-

Total for Alaska, United States
British Columbia, Canada
Yukon Territory, Canada
All other sources

.^
:

Total

$98, 014. 533.25
13, 555, 560. 62
86, 751, 767. 00
2,161, 776. 50
200, 483, 637. 37

The net cost of operating the office for the fiscal year 1911 was
$25,897.10.
The total number of deposits of gold dust and gold buUion received
at the Seattle assay office during the fiscal year 1912. was 1,614,
weighing 312,823.891 standard ounces, of the value of $5,872,647.14.
The origin of these deposits is shown below:
Gold.

Source.

Alaska :
Circle
Cooks I n l e t
Copper R i v e r .
Eagle
Iditarod
Koyukuk
Nome
Southeast Alaska.
Tanana

Silver.

Total
Coining value

Total for Alaska
California
Colorado
Idaho
Montana
Nevada
Oregon
Washington
'.
B r i t i s h Columbia
Y u k o n Territory
S o u t h America
Foreign gold coin
M u t i l a t e d domestic gold coin
Jewelers, b a r s , etc
P e p a r t m e n t melting-room grains
Gains on purchases
Redeposits
Total.......

Stand, oxs.
510.95
991.76
2,438.97
431.10
6,728.24
369.75
11,005.61
1,341.27
8,326.28
32,143.93
.99
4.76
101.20
137.94
2.26
933.19
2,874.57
8,083.68
197.23
2.35
746.09
5.42
21.16
6.60

4,618,578.32
1,179.42
249.73
12,998.37
20,443.41
145.98
45,103.97
66,383.63
1,061,476.60
17,150.47
505.56
48.30
318.00
26,538.28
473.51
61.16
992.43

312,823.891

:

Stand, oxs.
2,337.535
7,028.542
14,126.340
• 2,776.408
49,836.786
6,819.334.
99,091.820
6,664.261
57,557.144
246,238.170
63.332
13.125
692.333
1,090.206
7.705
2,365.972
3,388.329
56,548.770
909.502
27.027
2.596
17.091
1,379.768
25.112
1.924
52.929

.

"

45,261.37

5,872,647.14

$44,083.58
131,917.62
265,653.70
52,155.74
935,025.24
127,301.58
1,856,374.51
125,547.00
1,080,519.35

Total deposits from the opening ofthe office.
N i n n b e r of deposits
Coining value

49,739
$206,356,284.51

•.
Origin of foregoing.

Alaska:
Nome
Tanana
Iditarod
Balanceof

•

T o t a l for Alaska
Canada:
B r i t i s h Columbia
Y u k o n Territory
All other sources
Total




$47,862,681.41
42,407,905.12
1,986,447.19
10,376,077.85
$102,633,111.57

•

.
14,617,548.76
86,768,911.49
2,336,712.69

.,.,..,

,...,,..,,,.,,

,..,..,..,...,,.,...,....:

206,356,284.51

292

REPORT ON T H E FINANCES.

The foUowing table shows the number, weight before and after
melting, loss in melting, and percentage of loss of the various classes
of bullion received:
Number of
deposits.

Character of deposit.

Weight
before
melting.

Weight
after
melting.

626
216
98
166
83
34

Ounces.
244,083.58
51,256.95
10,293.01
1,407.35
23,144.57
3,404.68
331.39
17.03
2.55
63.14

243,959.56
49,562.56
9,656.12
/ 1,332.44
21,877.42
3,348.84
283.89
17.03
2.55
63.14

1,614

Bars
Dust..'.
,
Retort
Nuggets
Mixed.
Jewelry, scraps and bars
Dental scraps and bars..
United States gold coin..
Foreign gold coin
Redeposits

334,004.25

330,103.55

0)

Total

Loss in
inelting.

Percentage
of loss;

Ounces.
124.02
1,694.39
636.89
74.91
1,267.15
55.84
47.50

Ounces.
0.058
3.305
6.187
5.322
5.474
1.640
14.333

3,900.70

1.167

1 Foreign gold coin received with mixed deposits are not taken into account as to number.

The average fineness of the buUion deposited was as follows:
Gold, 852.8.; silver, 123.3.
For convenience in shipping to the rnints for coinage, 1,242 bars,
each under 400 ounces in weight and aggregatkig 62,611:62 ounces
troy, were melted into 61 large bars.
A summary of the work done in the assaying department during
the year is as follows:
Quartatipn of silver manufactured
Cupels manufactured
.•
Bullion assays made
Ore assays made for gold and silver
Ore assays made for base metals
special bulUon assays made
Mutilated domestic coins tested (gold)

1.

ounces..
450
number.. 10,000
do
6,500
do—
197
do
;
89
do
36
.do
51

,

ASSAY OFFICES AT CHARLOTTE, DEADWOOD, HELENA, BOISE,
LAKE CITY, NEW ORLEANS AND CARSON.

SALT

These offices were open throughout the year as usual for deposit
of buUion and the detaUs of their operations wiU be found in tables
elsewhere.
DEPOSITS, EARNINGS, AND EXPENDITXIRES OF ALL OFFICES.

The deposits, earnings, and experiditures of the mints and assay
offices during the fiscal year 1912 and number of employees at the
close of the year, were as follows:
N u m b e r of—
Institutions.
Deposits.
Philadelphia
San Francisco
Denver
New York
Nev/ Orleans .
Carsc€i
BoiseHelena
Charlotte..
Deadwood
Seattle
Salt L a k e City
Total

'

Redeposits.

V a l u e of gold
a n d silver
deposits.!

Earnings.2

3,724
8,184
3,357
10,707
692
881
1,115
837
211
473
1,614
389

309
112
1,495
113

$18,201,688.98 $3,325,370.36
56,679,450.03 1,372,466.04
39,756,910.22 2,093,623.43
110,256.16
58,039,399.17
3,704.60
1,492,828.79
3,717.93
1,041,422.32
911,303.18
6,017.46
1,904,975.80
4,037.27
79,509.82
854.16
7,866,736.03
10,917.95
5,882,549.09
10,681.40
1,158,499.28
2,249.41

32,184

2,029

193,015,272.71

1 Silver calculated at subsidiary rate.
* Including seigniorage on coinage.




6,943,896.17

Expenditures.3

F r e i g h t on
coin a n d
buUiou.

Employees.

$487,315.21
225,498.03
176,204.75
227,355.12
19,969.60
15,284.67
14,541.14
18,358.05
2,986.00
14,096.40
44,644.73
14,793.10

$4,612.53
2,295.53
1,528.05
985.11
1,886.50
88.70
3,973.75
10,108.17
1,099.40

333
124
93
89
13
8
10
8
3
5
19
6

1,261,046.80

26,577.74

711

3 Including freight on shipments of bullion and coin
loetween mints ^nd assay offices.

293

DIRECTOR OF T H E M I N T .
OPERATIONS

OF THE

MELTER AND REFINERS
FISCAL YEAR 1912.

AND THE

COINERS,

The quantity of metals operated upon in the different departments
of the mints and assay office at New York during the fiscal year 1912
aggregated 13,043,306 standard ounces of gold, and 36,144,103
standard ounces of sUver. The figures in the table following are the
actual figures as obtained at the settlements of the accounts:

I n s t i t u t i o n a n d department.

P h i l a d e l p h i a Mint:
Melter and refiner
Coiner.
S a n Francisco Mint:
Melter a n d r e f i n e r . . . .
Coiner
.Denver Mint:
Melter and refiner
Coiner 1 . .
New Y o r k assay office:
Melter a n d refiner
Total:
Melter a n d refiner
Coiner
G r a n d total

A m o u n t delivered b y
superintendent.

A m o u n t ret u r n e d to
superintendent.

Amount
operated
upon.

Surplus.

Wastage.

Stand, ozs.
Stand, ozs.
Stand, ozs.
2,076,365.913 2,077,076.172 1,669,275.293
1,193,783.698 l,193,800.-494 1,193,-783.^698

Stand.
Stand,
ozs.
ozs.
710.259
16.796

5,178,029.043 5,178,535.379 5,311,573.817
737,412.038
628,345.850
737,394.400

PercentageW a s t - of good
age per
coin
1,000
proounces . duced
oper-to
ated amount
upon.
operated
upon.

506.336
17.638
0.042

31.650

3,143,322.283 3,143,332.475 2,313,792.947

28.69
54.68

81.372

2,388,225.018 2,388,143.646 1,926,534.596
131.650

Stand,
ozs.

10.192

12,785,942.257 12,787,087.672 11,221,176.653 1,226.787
66.084
1,931,178.098 1,931,244.182 1,822,129.548

81.372

14,717,120.355 14,718,331.854 13,043,306.201 1,292.871

81.372

SILVER.
Philadelphia Mint:
Melter a n d r e f i n e r . . . . 10,488,459.35 10,492,896.67 10,167,456.34 4,437.32
Coiner
9,192,682.04 9,191,988.77 9,159,473.84
693.27
San Francisco Mint:
Melter a n d refiner
3,589,813.78 3,595,001.86 3,941,255.74 5,188.08
Coiner
3,576,494.82 3,575,755.83 3,458,809.13
738.99
D e n v e r Mint:
3,569,636.26 3,568,718.02 " 5,036,041.04
918. 24
Melter a n d refiner
Coiner..:
894.69
3,323,873.95 3,322,979.26 '3,323,873.95
N e w Y o r k assay office:
Melter a n d refiner
1,582.34
2,470,617.16 2,469,034.82 1,057,193.01
Total:
Melter a n d refiner
Coiner

58.38
0.182
.269

66.28

1.497

20,118,526.55 20,125,651.37 20,201,946.13 9,625.40 2,500.58
2,326.95
16,093,050.81 16,090,723.86 15,942,156.92

Grand total....

54.80

36,211,577.36 36,216,375.23 36,144,103.05 9,625.40 4,827.53
NICKEL.

P h i l a d e l p h i a Mint:
Melter a n d refiner
Coiner
D e n v e r Mint:
Melter a n d refiner
Coiner
Total:
Melter a n d refiner
Coiner
G r a n d total

Troy ozs.
Troy ozs.
10,309,361.53 10,267,833.23
9,944,707.25 9,938,235.06
2,272,508.43
1,123,297.60

2,265,541.63
1,121,922.80

Troy ozs.
9,699,591:10
8,191,667.75

Troy
ozs.

Troy
ozs.
22,725.09
6,472.19

1,234,333.40
1,123,297.60

6,966.80
1,374.80

12,581,869.96 12,533,374.86 10,933,924.50
11,068,004.85 11,060,157.86 9,314,965.35

29,691.89
7,846.99

23,649,874.81 23,593,532.72 20,248,889.85

37,538.88




1 No gold coinage; recovered from sweeps.

Troy
ozs.
2.343
.790

Troy
ozs.
45.51

5.645
1.224 - 66.66

294

REPORT ON THE FINANCES.
BRONZE.

A m o u n t de- A m o u n t relivered b y
t u r n e d to
superintend- superintendent.
ent.

I n s t i t u t i o n a n d department.

P h i l a d e l p h i a Mint:
Melter a n d refiner.
Coiner
S a n Francisco M i n t :
Melter a n d refiner
Coiner
D e n v e r Mint:
Melter a n d refiner
Coiner
Total:
Melter a n d refiner
Coiner
G r a n d total

Amount
operated
upon.

Surplus.

Stand, ozs.
Stand, ozs.
Stand, ozs.
14,178,231.56 14,151,584.59 10,921,993.06
13,832,172.33 13,829,251.40 9,743,190.03

.

Stand,
ozs.

Percentage
Wast- of good
coin
age per
pro1,000
ounces duced"^
opeto
rated amount
upon.
operated
upon.

Wastage.

Stand. Stand,
ozs.
ozs.
45,450.16
4.161
2,920.93
.299

64.80

2,455,799.59
1,957,633.66

1,891,291.90
1,913,399.50

6,563.91
1,502.33

3.471
.785

67.91

1,804,524.67
1,681,002.75

1,792,818.36
1,680,020.00

1,786,110.61
1,681,002.75

11,706.31
982.75

6.554
.584

75.13

18,438,555.82 18,393,638.63 14,599,395.57
17,470,808.74 17,465,402.73 13,337,592.28

63,720.38
5,406.01

35,909,364.56 35,859,041.36 27,936,987.85

.

2,449,235.68
1,956,13L33

69,126.39

WASTAGE AND LOSS ON SALE OF SWEEPS AND GAINS FROM OPERATIONS.

The value of the precious metals wasted in the metallurgical and
mechanical departments was $3,969.54. A loss of $5,614.03 occurred
from the difference between the assay value of the bullion contained
in sweeps sold and the amount received for the same, as described in
the foUowing table:
Mint a t Items.

Philadelphia.

$372.78
1,361.06

TotaL

$383.37
455.05

1,733.84

Melter and refiner's gold wastage..
Melter and refiner's silver wastage.
Coiner's silver wastage
•...
Loss on sale of sweeps

San
Francisco.

838.42

Paid as follows:
From contingent appropriation
From parting and refining appropriation.
Total.

930.28
803.56
1,733.84

Denver.

$1,513.90
455.27
443.60
869.06

Assay
efiice
at New
York.

$1,513.90
1,255.89
1,199.75.
2,928.86 5,614.03
$800.62

3,281.83 3,729.48

566.34
475.51
362.91 2,715.49

Total.

9,583.57

3,729.48

1,972.13
7,611.44

838.42 3,281.83 3,729.48

9,583.57

The gains from operations in bullion during the fiscal year 1912
amounted to $130,546.97, as follows:
Character of gains.
Surplus bullion recovered by the operative officers
Value of deposit melting room grains and sweeps
Net gains on bullion shipped from assay offices to mints for coinage.
Gain on light weight gold coin purchased for recoinage
Receipts from the sale of by-products
Total.

Amount.
$29,130.83
23,832.74
1,044.01
131.07
76,408.32
130,546.97

Deducting the wastage and loss. $9,583.57, from the gains^ $130>646.97i gives a net gain from bullion opera"
tion during the flscal year 1912 Of $120)963.40.




DIEECTOE OF T H E

295

MINT.

Receipts and disposition of gold bullion, fiscal year 1912.
Deposited.
Institutions.
Deposits. ,

Total

Redeposited
receipts from
mints and
assay offices.

Total.

$1,923,040.26 $2,429,221.65 I $18,474.30 y $9,560,748-. 90
11,897.86
53,868,573.00
• 2 981^146.38
3,718.71 2 17,486,001.49
20,327,099.88
5,539.16
53,612,839.63*
3 794,047.25
442.06
1,427,824.92
199.83
997,717.80
221.39
1,815,566.74
549.83
869,595.61
186.84
78,174.86
187.96
7,592,073.78
503.74
5,819,475.65
1,122,415.30
185.37

Philadelphia
S a n Francisco
Denver
New York
N e w Ojleans
. . . .
Carson
Helena.
. .
. .
Boise
Charlotte
Deadwood
Seattle .
Salt L a k e City
O

Surplus
Uncurrent
bullion
U n i t e d States recovered.
coin t r a n s ferred for
recoinage.

$13,931,485.11
54,861,617.24
37,816,820.08
54,412,426.04
1,428,266.98
997,917.63
1,815,788.13
870,145.44
78,361.70
7,592,261.74
'5,819,979.39
1,122,600.67

28,821,944.02

180,747,670.15

•

.'

149,454,397.43

2,429,221.65

1 Of this amount $94.16 was gained in United
states light-weight coin melted.

42,107.05

2 This includes $3,000 proof gold.
3 This includes $2,000 proof gold.

The disposition of gold biUlion contained in the above table is as
follows:
Institutions.

Bars paid
depositors.

Shipment to
m i n t for
coinage.

Sold i n
sweeps.

Bars exc h a n g e d for
coin.

Coinage.

$14,913.86 i$6,373,495.82 $6,369,090.00
$247,101.37
Philadelphia
8,201.80 7,102,366.89 6,380,000.00
24,743.41
S a n Francisco
2 $3,754.42 8,549.81
13,600.19
Denver.
4,120,905.44 3 11,672,674.49 5,024.80 44,754,117.46
New York
13,553.33 1,707,428.69
New Orleans....
Carson
1,557.71
974,625.46
Helena
229.08 1,845,657.41
Boise
917,788.93
Charlotte
78,360.51
Deadwood
7,837,084.39
472.50 5,764,777.79
Seattle
1,117,607.90
Salt L a k e City

,

Wastage.

Total.

$13,004,601.05
13,515,312.10
25,904.42
60,552,722.19
1,720,982.02
^ 976,183.17
1,845,886.49
917,788.93'
<$1.19
78,361.70
7,837,084.39
5,765,250.29
1,117,607.90

T o t a l . . . . . . 4,408,562.84 31,919.759.99 36,690.27 58,243,580.36 12,749,090.00

1.19 107,357,684:65

1 Includes $7,098.19 proof gold and $3,596.73 for medals.
2 Error Seattle mass melt No. 70.
8 Includes $3,116,156.75 certificate bars to Assistant Treasurer and $1,446.12 grain bar to Philadelphia.
4 Loss in mass melting.
BALANCES, RECEIPTS, AND DISBURSEMENTS.

Balance of gold bullion on hand June 30, 1911, and receipts, disbursements, and balances June 30, 1912, at the mints and assay
offices are shown in the following table:
Institutions.

Balance on
J u n e 30.1911.

Philadelphia
San Francisco
Denver
New York
N e w Orleans
Carson
Helena
Boise
Charlotte
Deadwood
Seattle
Salt L a k e C i t y . *

$18,689,614.33
42,833,906.45
12,503,853.56
48,742,692.57
417,192.21
479.24
119,682.27
84,735.28

Total

124,129,975.46

479,641.06
207,173.90
51,004.59




Receipts d u r ing t h e fiscal
year 1912.

Disbursements
during fiscal
year 1912.

Balance on
J u n e 30, 1912.

$13,931,485.11 $32,621,099.44
54,861,617.24
97,695,523.69
50,320,673.64
37,816,820.08
54,412,426.04 103,155,118.61
1,428,266.98
1,845,459.19
997,917.63
998,396.87
1,815,788.13
1,935,470.40
870,145.44
954,880.72
78,361.70
78,361.70
7,592,261.74 . 8,071,902.80
5,819,979.39
6,027,153.29
.1,122,600.67
1,173,605.26

$13,004,601.05
. 13,515,312.10
25,904.42
60,552,722.19
1,720,982.02
, 976,183.17
1,845,886.49
917,788.93
78,361.70
7,837,084.39
5,765,250.29
1,117,607.90

$19,616,498.39
84,180,211.59
50,294,769.22
' 42,602,396.42
124,477.17
22,213.70
89,583.91
37,091.79

180,747,670.15

107,357,684.65

197,519,960.98

Total.

304,877,645.61

234,818.41
261,903.00
55,997.36

296

REPORT ON THE FINANCES.
LABORATORY OF THE BUREAU OF THE MINT.

From the coinage of the calendar year 1911 the assayer of this
bureau tested 232 gold and 358 silver coins, all of which were found
within the legal requirements as to weight and fineness.
In the gold coins the greatest deviation in fineness above standard
(the legal limit being 1 above or below) was 0.4, while the greatest
deviation below was 0.5.
The greatest deviation in fineness of silver coins above standard
(the limit being 3 above or below) was 2, whUe the greatest deviation
below was 1.5.
The following table and statement summarize these assays:
Denver.

Philadelphia.
Fineness.

•

Gold.
898.5
.7 . :
.9 . . - . . .
899.1
.3 . - .
.5
,6
.7
.8
.9
900.0
,1
.2
.4
."
.7
.9
901.1
.3
.5
.8
902.0 . . .

Silver.

Silver.

Gold.

Silver.

Gold.

Gold.

2

1
1
4
8
17
17
13
3-

21
33
31
25
11
5
11
2
1
1

1
9
5
17
12
4
6

1
8
6

5
9
7

3
17
19
28
25
13

•

8
14

ie

13
9
9
3
• 5
3

1

. 3

'

14
8
2
2
1

Silver.
t

1

1.
4

10
13
14
24

..

5
27
28
53
54
34
24
3
1

1
1

3
10
14
23
34
29
50
52
54
34
22
16
9
5
1
1
1

64

Total
Average

Total.

San Francisco.

fineness..;..

202

55

72

110

84

229

358

899.95

899. 78

.899.85

900.25

899.81

900.03

899.87

900.03

Besides the coins tabulated above, two coins from the Philadelphia
mint and one from the Denver mint on repeated assays showed wide
variations, but within the limits above stated, in the composition of
the metal in different parts of the coins. There were also examined
24 Philippine and 10 San Salvador silver coins, aU of which were
within the legal requirements as to weight and fineness.
As the result of investigation by the bureau assayer upon the
methods of a:ssa3^ing followed in our various laboratories, which had
been going on for several years, a meeting of six service assayers was
convened at the PhUadelphia mint on April 18 and continued until
May 4, 1911, for the purpose of devising improvements in the general
ractice which should lead to greater accuracy in the assay work.
*his meeting resulted in the adoption of 15 unanimous recommendations, most of which have been incorporated into the practice of the
department, and it is expected that much improvement in the assay
work will follow as the result of the meeting.
Later in the year the bureau assayer inaugurated an extensive
investigation into the sampling of gold bullion in its relation to the
settlement of accounts between purchasing offices and offices of rede-

P




DIRECTOR OF T H E

297

MINT.

posits. The results of this investigation are described in a pamphlet
entitled '^The Sampling of Gold BuUion,'' which wiU be supplied to
those who may be mterested in the subject.
PROCEEDINGS OF THE ASSAY COMMISSION, 1 9 1 2 .

The foUowing-named gentlemen were designated as commissioners
to test and examine the weight and fineness of the coins reserved at
the several mints during the calendar year 1911 pursuant to the provisions of section 3547 of the Revised Statutes:
Hon. Weldon B . Heyburn, United States Senate; Hon. D. J.
Eiordan, House of Representatives; Hon. WiUiam E. Cox, House of
Representatives; Mr. Zina Richey, Yankton, S. Dak.; Dr. Marcus
Benjamin, Washington, D. C ; Hon. Warren R. Austin, St. Albans,
Vt.; Mr. Edwin S. Church, Akron, Ohio; Dr. Owen Louis Shinn,
Philadelphia, Pa.; Dr. John Trowbridge, Cambridge, Mass.; Dr. G.
W. Stewart, Iowa City, Iowa; Dr. R. C. Benner, Pittsburgh, Pa.;
Hon. Joseph Perrault, Boise, Idaho; Mr. Judson Brenner, De Kalb,
IU.; Col. R. J. Woods, Sioux Falls, S. Dak.; Mr. James H. Mannmg,
Albany, N . Y.; Mr. John D. Walker, Sparta, Ga.; Mr. Charles T.
Kountze, Omaha, Nebr.; Mr. H . Dudley Coleman, Waveland, Miss.;
Mr. Waldo C. Moore, Lewisburg, Ohio; Mr. L. A. Fischer, Bureau of
Standards, Washington, D. C ; Mr. Charles S. McDonald, Sioux Falls,
S. Dak.; Hon. Arthur W. Kopp, House of Representatives, Washington, D . C.
The commission met at the mint at PhUadelphia on February 14,
1912, and Hon. Daniel J. Riordan was elected chairman.
The foUowing committees were appointed by the chairman with the
approval of the commission:
Cow/mittee on couniing.—^Mr. Manning, chairman; Messrs. Church,
Walker, McDonald, Perrault, Austin, and Richey.
Committee on weighing.—^Dr. Benjamin, chairman; Messrs. Stewart, Kopp, Coleman, and Kountze.
Committee on assaying.—^Dr. Shinn, chairman; Messrs. Comings,
Benner, Moore, and Breimer.
The committee on counting reported that the packages containing
the pieces reserved by the several mints for the trial of coins were
delivered to them, and that they were compared with the transcripts
kept by the Director of the Mint and found to be correct. Alter
verification the coins were delivered to the committees on weighing
and assaying.
The coins reserved by the mints for the purposes of the assay commission were as follows:
Gold.

Silver.

Institutions.
Pieces.
Philadelphia...
Denver
San Francisco:
United States coin
PhiUppine Islands coin




Value.

Pieces.

Value.

2,334
1,009
.•

$15,465.00
17,795.00

12,010
6,420

$1 763 40
851 25

2,244

23,130.00

2,890
986

617 50

298

REPORT ON T H E FINANCES.

The committee on assaying reported receiving and making assays
of coins reserved from the mints at Philadelphia, San Francisco, and
Denver, representing the deliveries made by the coiners to the superintendents duririg the calendar year 1911.
The highest assay value of the gold coinage at the different mints
(the limit of tolerance being one one-thousandth) is at—
Philadelphia
San Francisco
Denver

:

i

900. 6
900.1
900.1

The lowest assay value of the gold coinage at the different mints
(the limit of tolerance being one one-thousandth) is at—
Philadelphia
San Francisco
Denver

899.7
899.7
899.7

:

The highest assay value of the silver coinage at the different mints
(the limit of tolerance being three one-thousandths) is at—
Philadelphia
San Francisco.
D en ver

.90L1
901.4
.' 901.5

-..:..

The lowest assay value of the sUver coinage at the different mints
(the limit oi tolerance being three one-thousandths) is at—
Philadelphia.
San Francisco
Denver

898.8
; 898.8
898.8

The highest assay value of the Philippine sUver coinage is at—
San Francisco (pesos)
San Francisco (subsidiary)

'.

800.8 •
751.5

The lowest assay value of the PhUippine sUver coinage is at—
San Francisco (pesos)
San Francisco (subsidiary)

;

:
<?.

-.

799.8
749.5

The committees also tested the quartation sUver and found it free
from gold, and the lead used in the assay pf the gold bullion and found
it free from gold and sUver. The acid used in the humid assay of
sUver was found to be free from silver and also from"chlorine.
The balances used were tested and found to be correct.
The committee on weighing reported having received and examined
sample coins selected at random from those reserved by the mints
at PhUadelphia, Denver, and San Francisco, and that in no case did
the deviations from the standard weights of the coins examined
exceed the limit of tolerance. The working standards of the mint
were compared with the standards in the possession of the mint which
were certified to by the Bureau of Standards, Test No. 9502, September 15, 1911. The 100, 50, 40, 30, and 20 ounce weights were found
to be correct within 1 part in 200,000. The 10-ounce weight was
correct to 1 part in 70,000, and the 1-ounce weight was correct to 1
part in 7,500. The other weights were placed in two piles—the 6
and the 4, and the 5, 3, and 2—and compared with the 10-ounce
standard. The former pile was found to be correct to within 1 part
in 100,000 and the latter to within 1 part iQ 34,000.
COMMITTEE ON RESOLUTIONS.

Mr. Kopp, chairman, submitted the report of the committee on
resolutions, as foUows:



299

DIEECTOE OF T H E M I N T .

Whereas tliere is now in the mint at Philadelphia a National Coin Collection of
great value, the result of years of effort on the part of the mint officials; and
Whereas this collection is yearly visited by thousands of interested visitors and is
of great educational and historical value; and
Whereas with a reasonable annual appropriation it would be possible to greatly
increase this collection and make it one of the finest in the world; and
Whereas the Government has made and is selling at a reasonable price bronze medals
of the Presidents of the United States;
Now, therefore, be it resolved— •
First. That the annual assay commission of 1912 hereby renews the recommendations of prior commissions with reference to the maintenance and increase of this
National Coin Collection at the mint in Philadelphia.
Second. That in the opinion of the commission, in order to facilitate this work, an
official souvenir mint medal of typical and characteristic design should be struck off
and a descriptive booklet of the mint published, to be sold at a moderate price to
visitors at the mint.
Third, That the proceeds from such sales be devoted exclusively, under the supervision of the Secretary of the Treasury, to the extension of this collection of coins and
medals at the Philadelphia.Mint as aforesaid. We recommend an annual appropriation of $2,000 for this purpose.
Be it further resolved. That the thanks of the commission be heartily tendered to
Hon. George E. Roberts, Director of the Mint, Mr. J. W. Sheetz, and to the various
officials and employees of the mint for their uniform courtesies extended dm-ing the
session.
Respectfully submitted'.
A. W. K O P P , Chairman.
JUDSON B R E N N E R .
WALDO C. MOORE.

.

The report of the committee on resolutions was unanimouslyo
adopted.
MOVEMENT OF GOLD FROM THE PORT OF N E W YORK.

The superintendent of the United States assay office at New York
has prepared the foUowing table giving exports of gold through the
port of J^ewoYork:
Statement of United States gold coin and gold bullion exported from the port of New
York to Europe during thefiscal year ended June 30, 1912.
Date.
1911.
Sept. 29
Oct. 2
Dec. 30
1912.
Feb. 2
5
7
8
26
Mar. 6
8
Apr. 1
19
26
May 20
25
June 17
24
24
26

Country.

Amount.

Rate of
exchange.

\
$1,492,507
2,011,238
500

France
do
Netherlands
France
do
do
do

;
.

Netherlands
France
do
Netherlands
Spain
Netherlands
do
do
...
do
France. .•
Netherlands
France

.

. .

Total




•.

.
:..

$4.8645
4.8615
4.8625

2,052,669
^ 2,116,291
2,091,657
1,733,070
500
2,631,424
,1,405,376
500
50,000
500
500
500
500
2,098,536
500
1,913,555

4.8760
4.8750
4.8735
• 4.8725

19,600,323

4.8725
4:8720
4.8685
4.8740
• 4.8720
4.8710
4.8720
4.8735
4.8735
4.8735
4.8720

300

REPORT ON T H E FINANCES.
Recapitulation of gold exports to Europe.
Classification.

U n i t e d States coin,
Bullion

Netherlands.

Spain.

France.

."

$50,000

$4,000

50,000

4,000

$19,546,323

Total

19,546,323

Grand total of exports to Europe
$19,600,323
During the same period there were shipped to Westlndies, Mexico, Central and South America,
etc., the following:
United States coia
$13,690,405
Foreign coin.
2,270,387
Tbtal exports to other ports

15,960,792

Grand total of gold exports

35,561,115

The imports during the same period were as follows:
From Europe:
United States coin
Foreign coin
Foreign bullion
Bullion in ore

$68,814
969,021
266,188
5,770

."

Total gold imports from Europe
From other ports (West Indies, Mexico, Central and South America, Cuba, etc.):
United States coin
Foreign coin
Foreign bullion
Bullion in ore

$1,309,793
$494,767
1,545,391
16,618,424
124,029

Total gold imports from other ports.

18,782,611

Grand total of gold imports

20,092,404

NET EXPORTS, UNITED STATES GOLD COIN.

The net exports of United States gold coin since 1870 were as
follows:
Imports and exports of United States gold coin since 1870.
.

Fiscal years.-

J a n . 1 t o J u n e 30—
1870
1871
1872
1873
1874
.....
1875
1876
1877
1878
- -1879..'
• • 1880
1881
•• '.1882
1883
. 1884
1885
1886
'. 1887
"1888
1889
' 1890
1891
1892
1893

Imports.

0)
0)
0)
C)
C)
(0
(0
(1)

$7,325,783
3,654,859
18,207,559
'7,577,422
4,796,630
8,112,265
3,824,962
3,352,090
1,687,231
5,862,509.
5,181,513
1,403,619
1,949,552
2,824,146
15,432,443
6,074,899

Exports. •

$12,768,501
55,491,719
40,391,357
35,661,863
28,766,943
59,309,770
27,542,861
21,274,565
6,427,251
4,120,311
1,687,973
1,741,364
29,805,289
4,802,454
12,242,021
2,345,809
5,400,976
3,550,770
3,211,399
4,143,939
3,951,736
67,704,900
42,841,963
101,844,087

Imports.

Fiscal years.
J a n . 1 t o J u n e 30—
Continued.
1894
1895
1896
1897
1898....
1899
1900
1901
1902
1903
1904
1905...
1906
1907
1908 . . .
1909
1910
1911
1912

$30,790,892
10,752,673
10,189,614
57,728,797
40,593,495
7,779,123
8,659,856
3,311,105
3,870,320
1,519,756
5,780,607
2,236,399
35,251,921
44,445,402
44,929,518
4,642,690
2,050,563
6,041,646
6,283,968

Total
Net exports

424,125,827

Exports.

$64,303,840
55,096,639.
77,789,892
23,646,535
8,402,216
27,419,737
30,674,511
, 8,425,947
9,370,841
18,041,660
15,682,424
54,409,014
20,573,572
22,632,283
28,246,170
66,126,869
86,329,314
20,651,276
25,677,378
1,240,529,939

•

»Imports of United States gold coin not separately given prior to the fiscal year 1878;




816,404,112

301

DIRECTOR OF THE M I N T .
STOCK OF MONEY IN THE UNITED STATES.

On June 30, 1912, the stock of domestic coins in the United States
was $2,354,115,223, as shown by the following table:
Official table of stock of coin in the United States June 30, 1912.
Items.

Silver.

Gold.

Estimated stock of coin June 30,1911
Net imports, United States coin, fiscal year 1912
Coinage fiscalyear 1912..
.

$1,628,918,138

• Total.

12,749,090

$2,356,804,869
2,103,148
' 22,404,495

1,641,667,228

Total

$727,886,731
2,103,148
9,655,405
739,645,284

2,381,312,512

Less:
, United States coin melted for recoinage (face value)..
United States coin estimated to have been used in
the arts
.
.
Net exports. United States coin, fiscal year 1912

1679,059

4,203,879

3,500,000
. 19,393,410

. ^ ioo;ooff
^

3,600,000
19,393,410

. Total
i.
Estimated stock of coin tn the United States June 30,1912

26,418,230
1,615,248,998

779,059
738,866,225-

27,197,289
2,354,115,223

3,524,820

1 Of this amount $601 were Hawaiian coins.
NOTE.—The number of standard silver dollars coined to June 30,1912, was 570,272,610, which, added to
the Hawaiian dollar coinage, 500,000, plus the number imported from the Philippine Islands, 150,000, and
the number returned in Government transports, 496,859, equals 571,419,469. , Smce July 1,1898, the number of standard silver doUars exported in transports has been 2,495,000; and since 1883 the number melted
to June 30,1912, has been 191,308 (see Report of the Director of the Mint, 1912); and the number of Hawaiian
doUars melted.to June 30, 1912, has been 455,141, a total disposition of 3,141,449, leaving in the United
States on June 30,1912,568,278,020 standard sUver doUars, and 170,588,205 doUars in subsidiary silver coins.

Bullion in mints and assay offices June 30, 1912.
BuUion.
Gold
Silver (cost)

.. -

-

^

Total

Value.

-

- -

. -_

$197,607,243
2,317,870
199,925,113

Metallic stock June 30, 1907, 1908,1909, 1910, 1911, and 1912.
Coin and bullion. June 30,1907. June 30,1908. June 30,1909. June 30,1910. June 30,1911. June 30,1912.
$1,466,056,632 $1,615,140,575 $1,640,567,131 $1,635,424,513 $1,753,134,114 $1,812,856,241
705,330,224
727,078,304
723,594,595
733,250,073
732,002,448 741,184,095

Gold
Silver
Total

2,171,386,856 2,338,735,170 2,373,817,204 2,362,502,817 2,485,136,562 2,554,040,336

Ownership of golddnd silver in the United States, June 30, 1912.
Silver coin and buUion.
Ownership. - •.

Gold com
and buUion.

United States Treasury
$258,696,470
(free)
United States Treasury
(for certificates outstanding)
943,435,618
National hanks (June
14,1912)
149,294,418
National banks (for
clearing-house certificates)
80,479,000
Private banks and individuals
380,950,735
Total

1,812,856,241




Total gold
and silver
coin and
bullion.

Silver
doUars.

Subsidiary
coin.

Silver
buUion.

Total
silver.

$28,714,046

$25,554,007

$2,317,870

$56,585,923

$315,282,393

469,224,400

469,224,400

1,412,660,018

12,637,221

19,180,041

31,817,262

181,111,680

57,702,353

125,854,157

183,556,510

564,507,245

568,278,020

170,588,205

.80,479,000

2,317,870. 741,184,095

2,554,040,336

302

BBPOBT ON THE PINANCES.
Location of moneys of United States June 30, 1912.
I n Treasury.

Money.

METALLIC.
Gold buUion
Silver buUion
Gold coin
Silver doUiars
Subsidiarv silver coin

I n other b a n k s
I n national
b a n k s J u n e 14, a n d i n circu1912.
lation.

Total.

$197,607,243
2,317,870
. 1,004,524,845
497,938,446
25,554,007

1 $229,773,418
12,637,221
19,180,041

$380,950,735
57,702,353
125,854,157

$197,607,243
2,317,870
1,615,248,998
568,278,020
170,588,205

1,727,942,411

261,590,680

564,507,245

2,554,040,336

8,983,695
13,430
39,992,733

188,440,207
2 59,539,974

149,257,114
2,915,570
645,602,285

346,681,016
2,929,000
745,134,992

T o t a l notes

48,989,858

247,980,181

797,774,969

1,094,745,008

Gold certificates
SUver certificates

96,621 ,'751
12,324,600

296,921,380
138,569,628

646,514,238
330,654,772

108,946,351

435,491,008

977,169,010

1,885,878,620

945,061,869

•2,339,451,224

. . . .
^

T o t a l metallic
PAPER.
Legal-tender notes (old)
Legal-tender n o t e s (act J u l y 14,1890)...
N a t i o n a l b a n k notes

. . .

T o t a l certificates
G r a n d total

3,648,785,344

1 Includes $80,479,000 gold clearing-house certificates.
2 Includes $11,975,697 of their own, held by different national banks.

Estimated stock of gold and silver in the United States and the amount per capita at the close
of each fiscalyear since 1873.
Total stock of coin and bullion.
Fiscal year ended June 30—

Population.
, Gold.

1873
1874....%;
1875
1876
1877
1878

1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892.
1893
1894
•1895.
1896
1897
1898
1899
1900
1901
1902.
1903.
1904
1905
1906
1907
1908
1909
1910
1911
1912.

:

,




Per capita.

,677,000
,796,000
,951,000
,137,000
,353,000
,598,000
,866,000
,155,783
,316,000
,495,000
,693,000
,91i;000
,148,000
,404,000
,680,000
,974,000
,289,000
,622,250
,975,000
,520,000
,946,000
,397,000
,878,000
,390.000
,937,000
,522,000
,148,000
,891,000
,754,000
,117,000
,847,000
,867,000
,259,000
,662,000
,074,000
,496,000
,926,000
,363,000
,983,000
,656,000

$135, 000,000
147, 379,493
121, 134,906
130, 056,907
167, 501,472
213, 199,977
245, 741,837
351, 841,206
478, 484,538
506, 757,715
542, 732,063
545, 500,797
588, 697,036
590, 774,461
654, 520,335
705,818,855
680, 063,505
695, 563,029
646, 582,852
664; 275,335
597, 697,685
627, 293,201
636, 229,825
599, 597,964
270,542
514,780
962, 865,505
1,034, 439,264
1,124; 652,818
395,607
1,192. 552,756
1,24.9;672,672
1,327, 881,186
1,357; 995,209
1,472, 056,632
1,466, 140,575
1,615 567,131
1,640; 424,513
1,635, 134,114
1,753, 856,241
1,812;

SUver.

Gold.

$3.23
$6,149,305
3.44
10,355,478
19,367,995
2.75
36,415,992
2.88
56,464,427
3.61
88,047,907
4.47
117,526,341
5.02
148,522,678
7.01
175,384,144
9.32
203,217,124
9.65
233,007,985
10.10
255,568,142
9.93
283,478,788
10.48
312,252,844
10.29
352,993,566
11.15
386,611,108
11.76
420,548,929
11.09
463,211,919
11.10
522,277,740
10.10
570,313,544
10.15
615,861,484
8.93
624,347,757
9.18
625,854,949
9.10
628,728,071
8.40
634, .509,781
9.55
637,672,743
11.56
639,286,743
12.64
647,371,030
13.45
661,205,403
14.47
670,540,105
15.07
677,448,933
15.45
682,383,277
16.22
686,401,168
16.31
687,958,920
17.40
705,330,224
17.03
.723,594,595
18.46
733,250,073
18.45
727,078,304
18.10
732,002,448
. 18.65
741,184,095
18.95

Total
Silver. metallic.
$0.15
.24
.44
.81
1.21
1.85
2.40
2.96
3.41
3.87
4.34
4.65
5.05
5.44
6.00
6.44
6.86
7.39
8.16
8.70
9.20
9.13
8.97
8.81
8.70
8.56
8.40
8.42
8.50
8.48
8.38
8.33
8.24
8.12
8.20
8.27
8.25
8.05
7.79
7.75

$3.38
3.68
3.19
3.69
4.82
6.32
7.42
9.97
12.7?
13.52
14.44
14.58
15.53
15.73
17.15
18.20
17.95
18.49
18.26
18.85
18.13
18.31
18.07
17.21
18.25
20.12
21.04
21.87
22.97
23.55
23.83
24.55
24.55'
25.52
25.23
26.73
26.70
"26.15
26.44
26.70

303

DIRECTOR OF T H E M I N T .
S T A N D A R D . SILVER DOLLARS U S E D I N S U B S I D I A R Y SILVER C O I N A G E .

There were purchased as bulUon and melted at the mints and
assay offices 1,024 mutilated silver doUars during the fiscal j^ear 1912,
owhich were used in the manufacture of subsidiary silver coin.
The following have been used since 1883:
Fiscal years.

Amount.

Fiscal years.

$621

1883
1884
1885
1886
1887
1888
1889
1890

1891..i
1892
1893
1894
8,292
1895
14,055 vl896
31,042
1897
11,977
1898
1,850

'

Amount.

Fiscal years.

$10,800
42,881
10,500
15,055
18,580
. 2,034
1,898
1,365

1899
1900
1901
1902
1903
1904....
1905
1906

Amount;
$1,734
1,341
1,786
1,893
1,777
1,304
2,298
909

Fiscal years.

Amount.

1907
1908
1909
1910
1911
1912

$1,548
1,170
1,293
• 961
1,320
1,024
Total....

191,308

R E C O I N A G E OP U N C U R R E N T U N I T E D STATES COIN.

. The table following shows the face value of abraded subsidiary
coin transferred and purchased for recoinage, the amount of new
coin made therefrom, and the loss since 1891:
Fiscal years.

F a c e value.

$910,046.
7,118,602.
7,618,198.
7,184,472.
4,361,761.
.4,627,141.
3,197,998.
6,109.772.
8,584; 304.
5,261,070.
3,832,280.
3,333,437.
3,008,747.
2,828,384.
1,964,476.
1,414,963.
1,142,184.
1,162,982.
977,321.
814,361.
583,538.
678,457.

1891
,
1892
,
1893
,
1894
,
1895
1896
1897
,
1898.......•
1899
1900
1901
1902
1903
1904..
1905
1906
1907
".
1908
1909
1910
1911
1912
Total

76,714,504.02

Value of n e w
coin p r o d u c e d .
$861,680.41
,937,886.02
,381,289.58
,924,753.05
,161,820.73
,377,258.40
,048,861.64
,820,159.16
,098,485.18
,950,088.96
,613,021.59
,141,548.04
,829,890.71
,656,104.21
,839,219.24
,322,834.27
,064,826.39
,086,691.94
912,300.40
758,695.55
544,539.09
634,101.94
72,966,056.50

Loss.

$48,366.28
180,716.76
236,908.67
259,719.12
199,940.63
249,883.06
149.136.86
289; 613.16
485,819.08:
310,981.39
219,259.10
191,889.02
178,857.27
172,280.69
125,256.87
92,129.63
77,357.61
76,290.12
65.020.83
55,666.02
38,999.35
44,356.00
3,748,447.52

The loss on the recoinage of $3,524,820 in worn and uncurrent gold
coins was $28,050.61 and the net loss on the recoinage of $678,457.94
in worn and uncurrent silver coins was $44,356.
The Treasury was reimbursed the following losses for uncurrent
coin transferred during the fiscal year 1912 for recoinage from the
appropriation for that purpose:
U n c u r r e n t gold coins
U n c u r r e n t sUver coins
U n c u r r e n t m i n o r coins

$4,848.09
44,321.70
9,184.49

Total

58,354.28

UNITED STATES GOLD COIN IN CANADA.

The holdings of United. States gold coin in the treasury of the
Dominion of Canada on December 31, 1911, was $93,507,764.
The holdings of United States gold coin bf the charter banks
(23 in number) on the same date aggregated $21,330,458.
The total amount of United States gold coin in Canadian reserves
on the foregoing date was therefore $114,838,222.



304

REPOKT ON T H E FINANCES.
Monetary systems and approximate stocks of money, .in the aggregate and
Stock of gold.
Countries.

1
?
3
4
5
6
7
8

U n i t e d States
Austria-Hungary...
Belgium
British E m p i r e :
Australia:
Canada
U n i t e d Kingdom.
India

South Africa...
Straits Settlements.2
11 Bulgaria
12 Cuba
13 D e n m a r k
14 E g y p t
15- F i n l a n d
16 F r a n c e
.
17 G e r m a n y
18 Greece
19 H a i t i
20 I t a l y
21 J a p a n
22 Mexico..
23 N e t h e r l a n d s
24 N o r w a y
25 P o r t u g a l
26 R o u m a n i a
27 R u s s i a .
28 Servia
29 Siam
American
30 S o u t h
States:
31
Argentina
32
Bolivia
33
Brazil
34
Chile
35
Colombia
36
Ecuador
Guiana—
37
38
British . . .
Dutch
39
40
French
41
Paraguay
42
Peru
43
Uruguay
44
Venezuela
45 Spain
46 Sweden
47 Switzerland
48 T u r k e y
•..
49 Central A m e r i c a n
States.
9
10

Total

Monetary
standard

M o n e t a r y unit..

G o l d . . . . Dollar
. . . . d o . . . . Crown
- . . . d o . . . . Franc

Population.

4,400
6,200
45,000

Peso
BoUviano
Milreis
Peso
DoUar
Sucre

do
....do...
....do....
....do....
....do....
do
....do....
do
. .do
....do..-,
do
Silvers..

P o u n d sterling
Florin
Franc
Peso
Sol
Peso
Bolivar
Peseta
Crown
Franc
Piaster
Peso

50,400
6,800

4,000
2,100
2,700
11,300
2,900
39,300
64,900
2,600
1,500
33,900
52,200
15,000
5,900
2,400
5,400
6,800
160,100
2,800
7,000

19,800
8,200
.6,900
635,000
6 205,700
2,500
1,300
288,500
117,000
31,200
56,400
16,200
'
6,500
30,600
611,700
6,500
100

14,600

222,400

335,800

1716,806

15,000

65,400

18,500
174,500
3,700
565,000

' 38,300
4 182,700
10,600
5 1,200,000

1,900
2,100

4,466

16,900

133,966

19,200
4,600
.8,000
2,100
334,600

75,666

20,800
14,500
32,700
946,300

2,100

5,400

3,900

12,200

2,500
138,200
3,200
34,700
127,500
100

1

3,100
213,100
26,000
65,700
142,400
1,400

2 44,600

7,800
l',600

Lev
Peseta
Crown
Piaster . . '
Markkaa
Franc
. ..
Mark
Drachma
Gourde
Lira
Yen
Peso...
Florin
Crown
Milreis
Lei
Ruble .'
Dinar
Tical

207,800
138,200
1375,000

295,000

. . . . d o . . . . P o u n d sterhng a n d
rupee.
. . . . d o . . . . Pound sterhng
. . . . d o . . . . Dollar

...do
....do....
do
....do....
do
....do....

Total.

Thousands. Thousands. Thousands. Thousands
1,799,600
1,429,800
369,800
94,800
356,300
"265,700
90,600
49,400
36,500
7,300

. . . . d o . . . . P o u n d sterhng
. . . do . . Dollar
. . . . d o . . . . P o u n d sterling

do
do . . .
....do....
do
....do....
do
. . . d o ..
....do....
. . do
....do....
do
....do....
do
...-do-..do
....do....
do
do
do

In banks
a n d p u b l i c I n tcirculaion.
treasuries.

7,700

7,000
2,300
2Q,500
3,500
4,300
1,500

100
200
100
15,200
8,300
15,200
600
74,900
22,800
31,000
14,900
1,300

1,040,600

3,400

248,300
7,800
116,500
500

300
100
100
800
4,500
1,100
2,600
19,700
5,400
3,300
24,000
5,300

42,666

5,167,600

^

3,300

NOTE.—The blank spaces in this table signify that no satisfactory information is available.
1 Estimates for the United Kingdom prior to that for 1910 were for coin only; these figures include
8100,000,000 for buUion in the Bank of England; also $12,200,000 gold belonging to Indian gold-standard
reserve.
2 This is the amount in the currency reserves. Fred. J. Atkinson, accountant general of India, in 1908,
estimated the active rupee circulation at 2,040,000,000 rupees; small silver coin at-140,000,000 rupees.
3 Includes Straits Settlements, the Malay States, and Johore.
4 This estimate is based upon a calculation made by Messrs. P. Arminjon and B. Michel in 1908, who
estimated the stock of gold in the country at from 33,000,000 to 41,000,000 Egyptian pounds. The mean
-of these figures was adopted in this table last year. Since their estimate was made the net imports of
gold into Egypt to Dec. 31,1911, have amounted to $28,919,061, but as there is said to be a .considerable
absorption of gold for ornaments, no change in the estimate of the monetary stock has been made.
5 Estimate of A. De Foville, 1909.
6 German war fund and Imperial' Bank of Germany. No definite.information as to other holdings.
The coinage of gold since the establishment of the Empire, less recoinage, amounts to $1,125,023,299, but
the exports are unknown, and there has been-an industrial consumption.
7 Gold conversion value.
8 This amount has been reduced to a gold basis; that is, 100 pesos equal 1 United States gold doUar.
» Except Costa Rica^and British Honduras (gold-standard countries).




DIRECTOR OF T H E

305

MINT.

per capita, in the principal countries of the world, Dec. 31, 1911.
S t o c k of silver.

Full tender.

Limited
tender.

Uncovered
paper.

Total.

Thousands.
568,300
NU.
8,700

Thousands.
167,600
122,900
2,400

Thousands.
735,900
122,900
'
11,100

NU.
NU.
Nil.

10,000
7,700
116,800

10,000
7,700
116,800

115,200

45,000

142,400

45,400

97,400
NU.
NU.

20,000
19,000
4,800
5,'000
7,900
14,300
500
63,700
253,600
3,000
1,500
1,400
64,200
4,000
29,000
3,700
33,100
12,600
78,800
1,300
52,200

4,800
5,000
7,900
14,300
500
411,100
• 253,600
•3,000
2,500
24,100
64,200
56,000
29,000
3,700
33,100
12,600
78,800
1,300
52,200

NU.
NU.
NU.
NU.
NU.
, . NU.

9,400
700
25,000
8,500

9,400
700
25,000
8,500

NU.
NU.
NU.
NU.
NU.
NU.
NU.
NU.
NU.
NU.
NU.
NU.

400
300
100
4,300
10,800
256,800
8,600
13,500
26,400
9,200

1,097,500

1,523,700

i,'366"

'.i,"366
400
300
100

2,'466' "*•




Thousands.
764,500
197,600
139,000

79,'166'

20,000
19,000 "

NU.
NU.
NU.
Nil..
NU.
347,400
NU.
NU.
1,000
22,700
NU.
52,000
NU.
NU.
NU.
NU.
NU.
NU.
NU.

64926°—FI 1912-

-

Per c a p i t a .

2,'460.
4,300
10,800
256,800
8,600
13,500
26,400
9,200
2,621,200

-20

7,'566'
9,900

i7,'366'
.

6,600
14,900
245,900
276,100
27,600
8,200
182,300
101,700
51,200
64,700
8,700
69,900
43,200

4,'966'
2,100

Gold.

$18.98
7.21
5.00
50.54
22.29
15.80

.48
2.56
11.88

1.93
20.00
14.19
16.17
3.66
30.53 .
3.16
1.69
2.26
8.51
2.57
2.08
12.81
8.67
2.69
4.81
5.91.
2.32
.01

100
300
600
42,900

.33
2.00
L.OO
19.00
2.71
13.82
1.19
10.82
4.81
19.91
5.93
.26

89,'966'
3,567,500

3.'66*

Paper.

$8.07
4.00
19.04

2.27
L 2 4 "'*i2."76*
2.59
2.56

.14

35.47
•3.39
5,68
.14-

800
"76,000
34,700
27,900

$7.76
2.49
1.52

8.38
4.25

^ 692,200
2,000
7 77,900
19,000
8 10,000
1,700

8,'666'

Silver.

;'16

Total.

$34.81
13.70
25.56
52.81
36.29
20.95

1
2

I
5
6
7

.78

8

4*68*

10.94
20.81

9
10

1.20
' 2.47
2.38
2.92
6.'4i*
1.26
.•58
.17
5.13
10.46
6.26
3.90
4.24
1.15
10.62
1.67
5.47
.71
5.38
1.23
1.95
3.73
3.41
4.92
10.97
1.54
3.62
6.13
12.94
1.85
6.35
. .49
.46 * " " i . ' 7 5 "
7.46
.30

5.60
22.38
23.52
18.01
8.96
47.25
11.30
13.46
9.40
14.60
5.55
9.22
28.70
.13.83
21.76
13.01
6.40
4.53
7.77

11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28.
29
30

98.89
.87
3.80
5.43
2.33
1.13

135.70
4.56
10.70
8.00
2.33
5.60

31

.33
3.00
6.00
53.63

2.00
8.00
8.00
72.63
3.24
25.00
5.65
27.71
12.83
32.45
7.03
18.96

1.34
.30
1.22
2.43
.'87*
1.34
3.00
LOO

.'53'
7.'28'
3.90
4.15
.31
13.04
3.85
1.59
6.43
4.09
8,45
1.10
1.74 '"'ie.'ge'

32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49

306

REPORT ON THE FINANCES.
MONETARY STOCKS OF GOLD.

The foregoing table is by no means complete or satisfactory, but all
of the figures given have some reputable authority behind them, and
in most cases are from official sources. No official information was
received from Germany last year, but the figures for the Imperial
Bank are from its published statements. No authoritative estimate
has been made for a number of years of the stock of gold in Germany
outside of the"Imperial Bank and the war fund. The coinage of
imperial gold since the first act authorizing coinage under the Empire
in 1871 to the close of 1910, less recoinage, amounted to 4,726,988,650
marks, or approximately $1,125,000,000, but. there has been a considerable reduction at the hands of manufacturing jewelers and of
course considerable exportation. I t is to be said, however, of exportation that ordinarily coins passing from one European country to
another are not melted, but held in the reserves of the banks of issue
until fluctuations of exchange return them to the country of origin.
There is good reason for this in the fact that melting would always
involve a loss, while the coins may be returned at their face value.
In 1887 Mr. Edward Atkinson, of Boston, having been appointed
by the President of the United States to make an inquiry into monetary conditions abroad, made a report in which he stated that the
net gold coinage under the Empire to the close of 1885 had amounted
to 1,928,890,830 marks, and that competent authorities estimated
that of this 1,550,000,000 marks, or about $369,000,000 remained in
the country. As the net coinage to the end of 1910 is about two and
one-half times the coinage to the end of 1885, it would appear that the
total stock of German gold coin remaining in the country at the close
of 1910 might be reasonably estimated at not less than $800,000,000.
The changes in the table of gold holdings of the principal institutions of issue, including for the United States the Treasury and national
banks, from the table of last year are as given below:
Gold in institutions of issue.
Country.
United States
Austria-Hungary
Belgium
Australia . . .
•
Canada
Great Britain
India
Straits Settlements
Bulgaria.
Denmark
Eevnt
^Fmland
France
Germany
^
Greece
Italy
Mexico
Netherlands
Portugal

Gain.
$98,500,000
12,200,000
23,300,000
30,000,000
60,800,000
31,400,000
4,600,000
1,600,000
100,000'
2,700,000
2,100,000
19,800,000
24,400,000
6,200,000
2,600,000
6,200,000
7,000,000

Loss.

$5,900,000

166,666
17,266,666

Country.

Gain.

Roumania
;.
Russia
Servia
I..
Argentina
Bolivia
Brazil
Ecuador
Guiana—Dutch
Paraguay
Uruguay
Venezuela
Spain
Sweden
Switzerland
Turkey
Central American States..

$10,900,000
1,400,000
•3,900,000
5,300,000
18,000,000
900,000.
100,000
14,900,000
200,000
1,200,000
1,000,000

Total
2,100,000.

391,300,000
80,700,000

Net gain

Loss. .

$22,400,000

300,000
31,900,000
600,000
200,000

310,600,000

80,700,000

THE MOVEMENT TO INDIA.

The persistent absorption of gold by India which began to occasion
comment in the early part of 1911 has become decidedly the largest



DIRECTOR OF THE MINT.

307

factor in the question of future banking reserves. The annual production in the world has increased since 1908 from approximately
$442,500,000 in that year to perhaps $470,000,000 in 1912, or somewhat less than $30,000,000. The economists of the world have been
busy tracing the effects of these increasing supplies upon prices and
forecasting the influence of future supplies. Meanwhile the net
imports of gold by India have risen from $56,346,699 during the Britr
ish fiscal year ended.March 30, 1908, to $134,409,087 during the fiscal
year ended March 30, 1912. For five years they have been as follows:
1907-8
1908-9
1909-10

'
.

$56,346,699 I 1910-11
14,130,583 1911-12
81,017,584 1 „ •

'.

$90,270,816
134,409,087

At this writing it seems probable that the imports of 1912-13 wUl
equal and possibly exceed those of the preceding year.
The ability of India to take this amount of gold is explained by its
increasing favorable balance in the international trade, as appears by
the following statement of the net merchandise movement the last
five years:
1907-8
1908-9
1909-10

. - . $132,846,889 I 1910-11
•..
79,-048,235 1911-12
211,919,211 |

$248,068,313
272,305,961

The figures given elsewhere for the movement of gold and sUver to
India in past years show that the importations of silver are not declining but that the increasing balances due that country have been taken
of la;te in gold. This absorption of gold, amoimting last year to
approximately 29 per cent of the world's output, must be regarded as
of great importance, because the history of India shows that that
country seldom gives up any of the precious metals which enter into
its possession. Its holdings of gold and silver steadily increase and
to a great extent the additions to its stock are retired from monetary
use and from the world's available supply.
The Government of India last year instituted a formal inquiry
directed to all its treasury offices asking for information concerning
the use of gold ui current trade. All replies agreed that its use was
increasing, but there is no indication of hoarding in any other sense
than that the mass of i^e people prefer to use coin rather than paper
money and have made but little progress in the use of banks or credit
instruments. Two of the provincial reports will serve as examples of
them all, and they are here given:
Anibala.—^^Gold is now very largely in demand not only by banks,
firms, and contractors, but also by the public in general. Indian
firms in this district make very large demands for gold in payment of
bUls, checjks, etc., and also in exchange for notes, and from inquiries
I have made, it appears that their demands are to supply the wants
of the general public and not for any particular purpose. The use of
gold among all classes inay now be considered general. The agent of
the Agricultural Bank takes large quantities of gold for the use of the
agricmfural cornmunity. Land revenue payments include very fair
amount of sovereigns; the post-office paynaents into the treasury
include a large number of sovereigns.''
Shahpur.—^^ Kboui three-fifths of the gold issued from the treasury
is actually in circulation as currency. The receipts come in chiefly
with the land revenue both at TahsU and Sadar treasuries and also
with payments for the purchase of proprietary rights. Excise and



308

REPORT ON T H E FINANCES.

opium contractors make payments in gold and stamp. Municipal
and post-office receipts contain gold to some extent; generally speaking, gold forms part of all the payments that are made at the treasury.
Gold is demanded by the people in payments of every.sort and is,
issued freely from the treasury if in stock. Gold is issued in exchange
for notes and rupees, but there are very few instances in which gold
has been received and sUver or notes issued in exchange. Crops are
paid for partly in gold; out of the gold thus paid a portion of it is
tendered in the bazaars when some domestic necessities arise and the
balance (if any) after payments of government dues, is hoarded."
PRODUCTION AND DISTRIBUTION.

The production of gold has been steadily increasing since abou^
1890, and during the last 10 years the reserves of the principal banking institutions of the world have been largely augmented by the new
supplies. The United States has been particularly, successful in
securing and holding a large share of this new gold, the gains of the
Treasury and national banks from January 1, 1900, to January 1,
.1912, aggregating $825,705,052 and representing an increase of over
100 per cent.
The volume of trade and of bank credits, of private, corporate, and
public indebtedness, and the general level of prices have all been
affected to some degree no doubt by this enlargement of bank reserves
and the stimulus thereby imparted to enterprise and industry. I t
is an interesting question whether the gold supplies of the next 10 or i
20 years will be sufficient to allow of further additions to banking
reserves, corresponding to those ofthe past and to the natural expansion of trade and industry.
The effect of the new supplies will depend not alone upon their
actual amount but upon their relative amount as compared with the
existing stock. On December 31, 1899, the gold holdings of the principal banks of issue of Europe, Australasia, South Africa, and Canada,
including the United States Treasury, were $2,367,201,422 (see report
of this.bureau for 1911, p.. 58), and on December 31, 1911, these institutions held approximately $4,570,000,000, an increase of about
$2,200,000,000, or nearly 100 per cent in 12 years. But it is apparent
that there will have to be a much larger actual gain in the future to
make the same percentage of gain.
The importations of India last year plus the world's industrial consumption equaled fully one-half of the world's production, leaving
perhaps $210,000,000 or $220,000,000 for monetary' use. At that
rate bank reserves would scarcely gain more than 50 per cent in the
. next 10 years.
I t can not be safely predicted on the strength of present conditions'
in the principal gold fields of the world that the production of gold .
will materially increase in the next 10 years.
On the other hand, it must be recognized that the increase in gold
supplies during the last 20 years has been at an abnormally high rate,
and it is not probable that any harmful results will come from a slowing down in the rate of accumulation. The fact that bank credits
have kept pace with bank reserves and even shown a tendency to
overrun them, does not prove an insufficient supply of money. Never
in the history of the world was the supply of money equal to the demand, excepting in periods of temporary depression and reaction,



DIRECTOR OF T H E

309

MINT.

when the business'community was controlled by a spirit of caytion
instead of the normal spirit of enterprise. The opportunities for
profit in exploiting the latent resources of the world, in developing
the multitude of new inventions and new ideas that are forever coming forward, create a practically unlimited demand for capital.
These opportunities constantly bid against each other in the investment market, in?vite the use of credit, and will absorb any amount of
money. The effect of increasing supplies of gold is to stimulate the
demand for labor and commodities until wages and prices .are forced
to higher levels and the equilibrium thus restored.
UNITED STATES GOLD COIN IMPORTED AND MELTED BY VARIOUS COUNTRIES DURING THE CALENDAR YEAR 1911.

The following table shows the amount of United States gold coin
imported by various countries and the value of the United States gold
com melted at their mints:
Import of
•United States
United States
gold coin
gold coin.
melted.

Countries.

Austria-Hungary
Austraha
BrazU
Canada
Finland
. .
Great Britain
Japan
Turkey

...
.

.

. . .

..

.

-

.'
-

Total

$160,000
1,000
250,575
22,097,630
82,000
10
290
22,591,505

$160,000
7,120
82,000
19,958,355
290
20,207,765

The amount of gold and sUver in the form of old plate, jewelry, and
other old material returned from use in the industrial arts to monetary
use by being deposited at the mint for coinage during the calendar
year 1911 is shown in the following table:
Gold.

Countries.

•
United States
Austraha
..
Austria-Hungary
Canada
Finland

.

Total




' -°

• Silver.

Fine ounces. Fine ounces.
2,116,671
454,480
6,305
5,218
878
253
927
81
462,671

2,122,142

310

REPORT ON THE FINANCES.
VALUES OF FOREIGN COINS.

The following values calculated by the Director of the Mint were
proclaimed by the Secretary of the Treasury under the provisions of
section 25 of the act of August 27, 1894, as the basis for estimating
the value of foreign merchandise exported to the United States during
the quarter beginning October 1, 1912:
Values offoreign coins.

Country.

Legal
standard.

• Monetary unit.

Value
in
terms
of
United
States
money.

Argentine Republic.

Gold.

Peso.

Austria-Hungary..
Belgium

..do
Gold and
silver.
Gold......
..do

Crown.
Franc.

.203
:i93

Boliviano,
Milreis

.389
.546

Bolivia.
Brazil...

British Colonies in Aus- ..do.
tralasia and Africa. „
Canada
.do.
Central A m e r i c a n
states:
CostaRica
.do.
British Honduras., .do.
Guatemala
Honduras
•Silver.
Nicaragua
Salvador

Chile..

Gold.

China.

Silver...

Colombia.

Gold.

Denrnark.
Ecuador..
Egypt....

.do.
.do.
.do.

Finland.
France..

$0.965

Pound sterling

Member of Latin Union; gold is the
actual standard.
12| bolivianos equal 1 pound sterling. Currency: Government paper, convertible at $0.3244 to the milreis.

LOOO

Colorf..
Dollar.

Currency: Depreciated paper, convertible at 44 per cent of face value.

4.8665

Dollar

Remarks.!

.465
1.000

Peso

.do.

.365

Amoy
.740
Canton
.738
Cheefoo
.708
Chin Kiang.., .723
Fuchau...
.685
Haik wan
.753
(customs).
Hankow
.692
.717
Tael. Kiaochow
Nankin
.732
Niuchwang.. • .694
Ntngpo
.712
Peking
.721
Shanghai
.676
Swatow
^
.684
Takau
.745
Tientsin
.717
Yuan
.539
Hongkong
.487
Dollar British
.487
Mexican......
.490
1.000
Dollar.
Crown
Sucre
Pound (100 piasters).

.268
.487
4.943

Guatemala: Currency, inconvertible
paper, exchange rate .16 to 18
pesos=SL Honduras: Currency,
bank notes, exchange rate March
20, 1912, $0,415. Nicaragua: Currency, inconvertible paper, exchange rate 16^ to 17 pesos=$L
Salvador: Currency, convertible
into silver on demand.
Currenc}'^: Inconvertible paper; exchange
rate,
approximately,
$0.2230.

Currency: Inconvertible paper; exchange rate, approximately, $102
paper to $1 gold.
The actual standard is the British
pound sterling, which is legal tender for 97^ piasters.

..do
Mark..
.193
Gold and Franc.
.193 Member of Latin Union; gold is
actual standard.
silver.
German Empire.
Marie
Gold
.238
Great Britain....
Pound sterling.
..do
4.8665
Greece
Gold and Drachma,
' .193 Member of Latin Union; gold is
actual standard.
silver.
J The exchange rates shown under this heading are recent quotations and given as an indication of
values of currencies which are fluctuating in their relation to the legal standard. They are not to take
place of the consular certificate where it is available.




the

the
the
the

311

DIRECTOR OF THE MINT.
Values offoreign coins—Continued.

Legal
standard.

Country.

Gold

Haiti
I n d i a (British)
Italy
Japan...Liberia
Mexico
Netherlands
Newfoundland
Norway
Panama
Persia

.

Peru
P h i l i p p i n e Islands
Portugal
Roumania
Russia
S a n t o Domingo
Servia
Siam
Spain

...do
.. ...do
...do
...do . .
...do
. . Gold a n d
silver.

Gold
..do
do

Turkey
Uruguay
Venezuela

Gold
do
do.
...do
...do
do

. . $0,965

Rupee-^
Lira
Yen
Dollar

....

Peso
Florin
Dollar
Crown . . .
Balboa
Kran

Libra
Peso
Milreis

,... ...do
...do
...do
...do. ...
...do"
Gold a n d
silver.

Straits S e t t l e m e n t s
Sweden..
Switzerland

Monetary u n i t .

Gourde . .

...do
Gold a n d
silver.
Gold
. . do

Value
in
terms
of '
United
States
money.

Leu
Ruble
Dollar
Dinar
Tical
Peseta . ' . .

:

Dollar
Crown
. . . Franc

.-

Piaster
Peso
Bolivar

Remarks.

Currency: Inconvertible paper; exchange
rate,
approximately,

.3244A 15 rupees equal 1 p o u n d sterUng.
Member of L a t i n U n i o n ; gold is t h e
.193
actual standard.
.498
1.000
Currency: Depreciated silver token
coins. Customs duties are collected in gold.
.498
.402
1.014
.268
1.000
. 1704- T h i s is t h e value of t h e gold k r a n .
Currency is silver circulating
above its metaUic value; e x c h a n g e
v a l u e of silver k r a n , a p p r o x i m a t e ly, $0.0885.
4.8665
.500
1.080- Currency: Inconvertible paper; exchange
rate,
approximately,
$0,986.
.193
.515
1.000
.193
.3708
V a l u a t i o n is for t h e gold peseta;
.193
c u r r e n c y is silver circulating
above its metallic value; exchange
v a l u e , a p p r o x i m a t e l y , $0.1794.
.5677
.268
M e m b e r of L a t i n U n i o n ; gold is t h e
.193
actual standard.
.044
100 piasters equal to t h e T u r k i s h £
L034
.193

Changes in the value offoreign coins during 1912.
V a l u e , 1912.
Monetary unit.

Countries.

J a n . 1.
Central A m e r i c a n States
China
Do
Do
Do
Do
Do
Do
Do
Do
Do
'
Do
.
Do
Do
Do
Do .
.
.
Do
..:
Do
Do
Do
Do .
I n d i a (British)

Silver peso
Silver tael, A m o y
Silver tael, Canton
•
Silver tael. Chin Kiantr
Silver tael, Cheefoo
SUver tael, F u c h a u
SUver tael, H a i k w a n (customs)
Silver tael, H a n k o w
Silver tael,' Kiaochow
Silver tael. N a n k i n
Silver tael, N e w c h w a n g
Silver tael, N i n g p o
Silver tael, P e k i n g
Silver tael, Shanghai
Silver tael, S w a t o w
Silver tael, T a k a u .
Silver tael, Tientsin
Silver dollar. Y u a n
Silver dollar, H o n g k o n g
...
Silver dollar, British
Silver dollar, Mexican
Rupee




—

$0.400
.655
.654
640
627
.606667
613
. 635
.649
.615
.630
.639
599
605
660
635
431
431
.4:34

A p r . 1.

J u l y 1.

$0.423 $0.442
.725
.693
.691 . .723
.708
.677
.663
.693
..641
.670
.737
.706
.649
.678
.7^2
.672
.717
.686
.680
.650
.697
.667
. 676''
.706
.662
.633
.669
.641
.729
.698
.702
.672
.528 .
.505
.477
.456
.477
.456
.480
.459
.3244^

Oct. 1. "
$0,451
.740
.738
.723
.708
.685
.753
.692
.717
.732
.694
.712
.721
.676
.684
.745
.717
.539
.487

••

.487
.490
.3244^

312

REPORT oisr

T H E FINANCES.

MONETARY LEGISLATION,
Public, No. 299. Chapter 350.—An Act Making appropriations for the legislative,
[H. R. 26371.1 executive, and judicial expenses of the Government for the fiscal year
^ ending June thirtieth, nineteen hundred' and thirteen, and for other
purposes.
Be it enacted by the Senate and .House of Representatives of the United
States of America in Congress assembled. That the following sums be,
and the same are hereby,, appropriated, out of any money in the Treasury not otherwise appropriated, in full compensation for the service of
the fiscal year ending June thirtieth, nineteen hundred and thirteen,
for the objects hereinafter expressed, namely:
LEGISLATIVE.

TREASURY DEPARTMENT.

MINTS AND ASSAY OFFICES.
*

^

•?«•

^

*

•»«•

*

Coiner, melter, The position of coiner, which has heretofore existed in each of the
Positions aboi- coinage mints, and the position of melter and refiner, which has herei s h e d . R. S., tofore existed in each of the coinage mints and in the United States
qSt '^'folf'^qS' ^^^^y office at New York, are hereby abolished, to take effect on and
3509' 353o' 35.34 ^^^^^ 'T^ly ^I'st, nineteen hundred and' twelve, and on and after that
3538-3542,' 3550^ date the duties and responsibilities heretofore imposed by law on the
3551, 3554, 3556, officers holding said positions in each of said mints and the assay
702". ^Amended, office shall devolve upon the superintendents of said institutions;
iEmployees to and all assistants and employees of the mints and assay offices of the
be appointed by United States shall, from and after July first, nineteen hundred and
Secretary.
twelve, be appointed by the Secretary of the Treasury. .
^

*

•}«•

^

^

-K-

-Jt

SEC. 9. That until otherwise provided b y law, the regular annual
estimates of appropriations for expenses of the Government of the
United States shall be prepared and submitted to Congress, b y those
charged with the duty of such preparation and submission, only in
the form and at the time now required by law, and in no other form
and at no other time.
SEC. 10. That all laws or parts of laws inconsistent with this Act
are repealed.
Approved, August 23, 1912.

The foregoing report, covering the operations of the mints and
assay oflBces of the United States for the fiscal year ended June 30,
1912; is respectfully submitted.
G E O . E . ROBERTS,

Director of the Mint.
.Hon. FRAN-KLIN MACVEAGH,




• Secretary of the Treasury.




314

feEPOET ON T H E FINANCES.

APPENDIX TO REPORT ON THE
No. 1.—Domestic production deposits and purchases of gold

Alabania
Alaska
,
Arizona
California
Colorado
:...
Georgia
Idaho
Michigan
,
Montana
Nevada...
N e w Mexico
N o r t h Carolina..
Oklahoma
Oregon
S o u t h Carolina..
South Dakota...
Utah
,
Virgmia..,
Washington.....
Wyoming
,
P o r t o Rico
PhUippines
Other
,
Total
Domestic bullion refinery bar.s
Domestic bullion refined
Total
Domestic coin purchased
Domestic coin transferred
Foreign bulliori unrefined
Foreign bullion refined
.Foreign coin
:
Jewelers' bars, etc
Deposit melting-room grains and s w e e p s .
Deposit melting-room grains and sweeps.
New York.
S u r p l u s bullion
Gains on bullion purchased
Proof bullion
Total.
Redeposits:
F i n e bars
Unparted bars.
Mint bars

Philadelphia.

San F r a n cisco.

Denver.

Stand, ozs.

Location a n d description of deposits.

Stand, ozs.

Stand, ozs'.

New York.

Stand, ozs.
29.037
2,094.161
114.377
138.751

176,438.086
93,381.917
233,005.701

2.:
740.575
48..606
196,138.537

167.816;

626. 839

66.643

3.182
63,316.174
1,458.146

188.771
271,435.529
3,883. 216

5.057
18.307
17,733.143

4,226.896

38.642

239. 799
78.299

7.085

665.866
12.084
508.551
492.339
. 190.815
395.083
.554
88. 293
2,132.165

530.507
182.456

7.901
40.746

5,115.318
16. 284
3.843
12. 655
64. 743

'ioo.'359
1,274.520
5,771.397

.31.113
30.080

9;701.192
577,876. 759
102.588
286. 978 2,'i64,'5i8.'43S

475,090.497
20,627.414
463,944.434
65,935.717
147,799. 736 1,565,264.229

2. 599

10,090. 758 2,742,395.197 1,086,834.667 1,651,827.360
- 12.479
37,186.766
17,459.187
863:957
130,575.725
204.009
172,106.145
2,570.474
45,105.084
774.908.871
52. 321
3.935
19;796.344
95,858.210
5,526.529
225,583.089
73,163.290
11,213.351
164.854
287.538
160.055
115.536
259.402
727. 055

523.974

31.650

'iei." 250

161.250

107.500

235,058.26^ 2,896,236.559 1,092,939.373 2,881,813.805
459,864.084
53,894.973

52,575.368

939,711.330

281.555
42,572.539

Total

513,759.057

52,575.368

939,711.330

42,854

Grand total.

748,817.324 2,948,811.927 2,032,650.703 2,924,667.899




315

DIEECTOE OF THE M I N T .

OPERATIONS OF THE MINT SERVICE.
by weight during thefiscal year ended Jmy^ 30, 1912.
New
Orleans.

Carson.

Boise.

Helena.

Charlotte. D e a d w o o d .

Stand, ozs. Siand. ozs.. Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs.
791.366
398.968
6.736
3.438
13.771
1,018.304
2.735
873.004
37,642.637
52,583.072

625.442

45.312 95,852.949
1.018
1,692.766
7,337.902

512.812

Salt L a k e
City.

Total.

•Stand, ozs. Stand, ozs.

Stand, ozs.
820.403
425,845.544
94,318.396
63.332
234,816.188
13.125
196,704.559
1,063.819
692.333 4,574.118
44,790.911
.554
1,090.206
17.940
97.291.710
7.705 27,041.069 416,535.039
23,074.505
6,808.084
. 239.799
2,365.972
4.189
14,068.184
764.540
408,625.013
27,847.589
28,077.876
64.743
3,388.329
5,553.110
1,274.520
31.113
5,801.477
2.599

246,238.170

1.258
52. 234
30.208
60.558

*
*
760.697
408,073.950

1,551.610

Seattle.

1
2
3
4
5
6
7

s

q
10
11
12
13
14
15
-16
17
18
19
20
21
22
9-^

13.771 53', 604.814 46,587.950 97,390.171 4,117.833 408,073.950 253,859.172 59,629.163 2,006,572.686 24
529,982.739 25
3,877,869.381 ''6
13.771 53,604.814 46,587.'^50 97,390.171 4,117.833 408,073.950 253,859.172 59,629.163 6,414,424.806
17.091
57,375.630
• .260
1,835.890
130,575.725
48,2:16.585
339,962,121
7i,759.824
9,268.714
784,177.585
115,843.748
2.596
120.976
9 366
1,379.768
700.689 321,028.409
3,015.129
83.805
22.518
153.031
187.210
25.112
846.234
9.964
10.741
16.630
10.041
10.103
23.760
11.900
259.402
13.448

1.924

27
28
29
30
31
32
33
34
35

1,292.871 36
15.372 37
430.000 38

76,769.350 53,638.073 46,771.059 97,598.647 4,211.939 408,084.053 312,770.962 60,339.816 8,166,231.903 39
27.533
25.396

460,173.172 40
1,088,779.606 •11
4*?

52.929

1,548,952.778 43

76,769.350 53,638.073 46,771.059 97,598.647 4,211.939 408,084.053 312,823.891 60,339.816 9,715,184.681 44




316

REPORT ON THE FINANCES.
No. 2.—Domestic production, deposits and purchases of
Location a n d description of
deposits.

1
9

3
4
"i
6
7
• 8
q
10
11
1'>
13
I'l
1^
16
17
IS
19
'>0

•!
>
99
*>?
9^
''5

26
27
9S
99

30
31
^9

33
34
35
36
37
38

Alabama
.
.
Alaska
Arizona
California
Colorado
Georgia
Idaho
Michigan
Montana
Nevada
N e w Mexico
N o r t h Carolma
Oklahoma
Oregon
Sou t h Carolina
South D a k o t a
Utah
Virginia
Washington - .
Wvoming"
P o r t o Rico
Philippines
Other
. . '

San Francisco.

Denver.

New York.

$42. 77
$12,388.20 S3,282,569.04
13,778.14
224. 82 1,737,337.99
904.29
9,461.41 4,334,989.79
3,649,089.06
9,159. 80
3,550.05
11,662.12
3,122.16
7,350.38
10.'31
3,512.02
59.20
1,642.66
39,668.18 1,177,975.33 5,049,963.33
72,245.88
27,128.30
95,168. 71

$540.22
38,961.13
2,127.94
2,581.41

New
Orleans.

$256.20

1,239.87
94.08
340.59
329,918.94

78,639.92

718.92

4,461.38
1,456.73

131.81

9,869.90
3,394.53

147.00
758:07

23,712.00

.302.96
71.50
235.44

.*"
578.85

1,204.52
1,867.14
.:.
107,374.83

559.63

48.35

Total
Domestic buUion, refined b a r s
Domestic bullion refined

383,765. 84
180,487.29 10,751,195.51 8,838,892.96
1,908.61
8,631,524.36 29,121,194.96
5,339.13 40,270,110.47 2,749,762.53 1,226,711.01

256. 20

T o t a l domestic bullion
256.20
187,735.03 51,021,305.98 20,220,179.85 30,731,671.81
16,073.62
34.156.09
691,846.81
232.16
324,822.08
Domestic coin p u r c h a s e d
. .
Domestic coin transferred
2,429,315.81
Foreign bullion, unrefined
3,795.51 3,201,974.79 1,335,066.49
. 47,822.78
839,164.35
14,416,909.23
Foreign bullion, refined
2,250.72
Foreign coin
•.
973.42 1,783,408.56
368,304.08
73.20
Jewelers' bars, etc
'
.'
102,819.15 4,196,894.68 . 56,095.42
1,361,177.49
208,620.48
442.06
Deposit, melting-room grains a n d
5,349.54
3,067.05
2,977.76
2,149.51
sweeps.
Deposit, melting-room grains a n d
4,826.08
sweeps, N e w Y o r k .
S u r p l u s bullion
189.62
13,526.60
588.84
9,748.35
Gains on''bullion purchased
2,000.00
Assayers' proof bullion
3,000.00
3,000.00

39

T o t a l deposits

40
41

Redeposits:
F i n e bars
U n p a r t e d bars
M i n t bars
.

49

Philadelphia.

43

T o t a l redeposits

44

G r a n d total




4,373,177.05 53,883,470.85 20,333,755.76 53,615,140.56 1,428,266.98
8,555,610.88
1,002,697.18

978,146.38 17,483,001.49

5,238.23
792,047.25

9,558,308.06

978,146.38 17,483,001.49 -

797,285.48

. .

13,931,485.11 54,861,617.23 37,816,757.25 54,412,426.04 1,428,266.98

317-

DIRECTOR OF THE M I N T ,
gold, by value, during the fiscal year ended June 30, 1912.
Carson.

Boise.

Helena.

Charlotte.

Deadwood.

Seattle.

Salt L a k e
City.

$14,723.09
$125.29
$63.96
18,945.19

$7,422.66

$4,581,174.48
1,178.27
244.19

$23.40
971. 79
562.01
1,126. 66

11,636.13

12,880.61

85,099.87

842.98 1,783,310.41
20. 60

20,282.90
143.35

333.77
503,089.67

° 44,018.08

77. 93

50.87
16,241.93
700,337.19

978,289.71

31,493.33
136,524.06
14,152.51
$7,592,073.78
518,094.68
28,866.74

9,540.69

63,038.68

,
997,298.86 866,767.73 1,811,909.89 76,610.86 7,592,073.78 4,722,960.56 1,109,379.78

997,298.86 866,767.73 1,811,909.89 76,610.86 7,592,073.78 4,722,960.56 r, 109,379.78
4.84
318.00

418. 94 .2,827.88
199.83
309.37

174.25
3,482.60
221.39

i,559.i6
186.84

187.96

897,052.75
172,441.19
48.30
25,670.10
467.20

13,035.52
185.37

,
36.54

240.46

^
997,917. 63 870,145.44 1,815,788.13 78,361.70 7,592,261.74 5,818,994.64 1,122,600.67
512.25
472:50
984.75
997,917.63 870,145.44 1,815,788.13 78,361.70 7,592,261.74 5,819,979.39 1,122,600.67




.Total..

$15,263.31
7,922,706.97
1,754,760.84
4,368,673.24
3,659,619.71
19,791.98
833,328.33
10.31
1,810,078.02
, 7,749,490.76
429,293.12
126,662.04
4,461.38
261,738.60
14,224.01
7,602,326.12
522,379.09
1,204.52
• 103,313.25
23,712.00
578. 85
107,934.46
48.35

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
'^1
22
23

37,331,599.26 24
37,754,627.93 25
44,251,923.14 ^^6
119,338,150.33
1,067,453.60
2,429,315.81
6,324,876.67
14,589,350.42
-2,155,232.53
5,972,601.42
15,743.88

27
9S

29
30
31
3"^
33
34

4,826.08 ?5
24,053.41 36
277.00 37,
8,000.00 38
151,929,881.15

39

8,561,'361.36 40
20,256,364.80 41
42
28,817,726.16

43

180,747,607.31

44

318

REPORT ON THE FINANCES.
No. 3.—Domestic production,^deposits, and purchases of silver,

Alabama..,,.
Alaska
Arizona
'.
Cahfornia
Colorado
Georgia
Idaho..:
Michigan
Montana
Nievada
N e w Mexico
N o r t h Carolina.
Oklahoma
Oregon
S o u t h Carolina.
South D a k o t a . .
Utah
Virginia..:
Washington.....
Wyoming...
P o r t o Rico
Philippmes
Other
Total
Domestic buUion, refinery bars..
Domestic buUion, refined".^

Philadelphia,

San F r a n cisco.

Denver.

Stand, ozs.

Location a n d description of deposits.

Stand, ozs.

Stajid. ozs.

69.35
1.78
102.66
1.60
19.96
93. 74
31,717.77
8.47
697.16

Redeposits:
Fine bars.
U n p a r t e d bars
M i n t bars
Total
Grand t o t a l .




.34
770.4^1
17.38
344,816. 83

Stand, ozs.
6.56:
260.73
47.97
23.75

324.44

13.73

1.59
24,939.09
925. 92

82.75
36,531.44
56,-864.03

5.18
20.13
817,557.79

671. 94

•12.37

39..99
6.91

2.04

316.70
440. 23

.51
1,054.09

1,431.03
1.65
.81
-2.35

'36.'73'
211. 53
10.43
10.76

1,098.31
34,157.21
10,309.41
2,709,147.58

137,640.08

440,388.45
34,640.79
334,439.95

819,058.53
83,995.43
322,548.47

809,469.19
134.57
34,276.32

1,225,602.43
156.:61

6.75

53.68
334,315.78
.06

426,610.95
101,060.32
8,448.13

252,363.45
16,580.83
48.96

6,367.26
135.94

471,756.82
823.97

55.56

111.11

3,405,005.52

1,429,482.06

1,184,808.36

2,234,570.34

27,170. 84

31,601.06

374,589.59

.652,261.23
28,348.09

Total domestic..:
2,753,614.20
Domestic coin purchased
2,545.24
Domestic coin transferred
460,433.00
H a w a i i a n coin transferred
Foreign bullion, umefined
92,058.57
F o r e i g n buUion,r e fined
360.64
Foreign coin
186.55
P h i l i p p i n e assay c oins
P h i l i p p i n e coins[ or recoinage
90,820.70
Jewelers' bars, etc
Deposit melting-room grains a n d . s w e e p s . .
268. 86
Deposit melting-room grains and sweeps,
280.44
. New York
4,437.32
S u r p l u s bullion
Gains on bullion purchased
Assayer's proof silver
Total.

18,836.72
42,244.04
48,839.17

Kew Y o r k .

949,168:!
1,086,809.66
86.30
12,027.40
496.96
55,873.67

27,170.84

31,601.06

374,589.59

680,609.32

3,432,176.36

1,461,083.12

1,559,397.95

2,915,179.66

319

DIRECTOR OF THE M I N T .
by weight, during thefiscal year ended June 30, 1912.
'New
Orleans.

Carson.

Boise.

Helena.

Charlotte.

Deadwood.

Seattle.

Salt L a k e
City.

Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. Stand, ozs. St and. ozs.
162.57
L12
32,143.93
57.50
.28
1.71
1.07
17.79"
179. 40
.99
.80
8. 37
4.76
32.97
1.32.52
94.17
101.20
25,120.40
430. 60
137.94
5.03
2.26 23,142.21

2.53
.96 64,144.05

31,265.82

462.18
933.19

3,931.31

.25

31.05
198,529:07
1,686.92
423.56

2,874.57

120.14

Total.

Stand, ozs.
169.13
51,369.97
43,084.77
49,172.52
344,856.16
152.48
26,223.41
. 31,717.77
243.49
180,743.12
875,347.74
1,893.21
39.99
5,557.65
3L86
198,848.63
3,183.28.
8.81
3,455.00
21L53
10.43
1,109.07
.07

1
1
3

/\
5
(
^
7
8
9
10
11
1'>
13
14
15
16
17
18
19
?0
''I
??
9-^

• 1:71

31,446.29

29,480.71 64,415.86

788.32 198,529.07 36,198. 84 25,324.42'

1,817.430.09
128,945.63
4,3.15,304.98

1.71

31,446.29

29,480.71 64,415.86

788.32 198,529.07 36,198.84 25,324.42

6,261,680.70 27
2,922.72
506,736. 72 ?q
496. 96 30
628,216.41 31
435,376.10 32
8,815.68 '33
186.55 34
252,363.45 35
588,400.96 36
1,400.12 37

45,336.28

8,283. 26
.10

1,346.29
IS. 13

11.65
12.27

39.68
13. 21

63. 67
36.50

236. 22
46,702.41

31,470. 21

29,769.82 64,5.16.13

28.08
14.13

18.88

746.09
5.42

639.89
3.85

. 21.16
830.53 .1.98,547.95 45,254.77 25,968.16

6.60
6.60
46,702.41

31,470.21

29,769.82 64,489.20




817.17 198,547.95 45,261.37 25,968.16

24
95
''6

280.44
9,-62,5. 40
257.38
166.67

38
39
40
41

8,696,926.26

42

652,261.23
461,716.18

43
44
45

1,113,977.41

46

9,810,903.67

47

320

REPORT ON THE FINANCES.
No. 4:.—Domestic production, deposits, and purchases of silver,
Philadelphia.

Location a n d description of deposits.

1
2
3
4
5
6
7
8
q
10
11
l*?
13
14
15
16
17
18
19
?0
•'I
92
23

Alabama
Alaska
Arizona
California
"
Colorado
:
(.rcorgia
Idaho
Michigan
Montana
Nevada
N e w Mexico
N o r t h Carolina.
Oklahoma
:
Oregon
S o u t h Carolina
South Dakota
Utah
.Virginia
Washington
Wyoming
Porto Rico..'.
Philippines
0 ther

?4
?5
26

Total .
...
Domestic bullion, reHnery bars . . . . . .
Domestic buUion, refined

42,497.30
12,826.64
3,370,634.62

?7
?S
9q
30
31
39
33
34"
35
36
37
38

Total domestic
Domestic coin p u r c h a s e d
Domestic coin transferred
H a w a i i a n coin transferred
Foreign buUion, unrefined..
....
Foreign bullion, refined
Foreign coin
P h i l i p p i n e assay coins
P h i l i p p i n e coins for recoinage
'.
J e w e l e r s ' b a r - , etc
Deposit melting-room grains a n d s w e e p s . .
Deposit melting-room grains a n d sweeps,
New York.
Surplus bullion
Gains on bullion p u r c h a s e d
Assayers' proof silver

3,425,958.56
3,166.72
572,855.97

39
40
41
49
43
44
45

.,

46

Total

47

Grand total'




Denver.

New York

...

.$8.16
324.39
59.68
29.55

$23,436.04
-52,558.68
60,764.13

$0.42
958.52
21.62
429,010.05

56.15

403.66

17.08

1.98
31,028.42
1,152.00

102.96
45,451.26
70,748.40

6.44
25.05
1,017,179.21

83(4.00

15.39

49.75
8.60

2.54

$86.28
2.21
127.73
1.99
24.83
116.63
39,462.23
10.54
867.39

394.03
547.71

.64
1,311.46

,

1,780.44
2.05
1.01
2.92
10.96
45.70
•

263.18

•

°
1,366.48

12.98
13.39

.09

114,536.33
448.70
232.10
112,996.21
334.51
348.91

..

547,917.20
43,098.96
416,099.47

1,019,046.38
401,304.47
104,504.42

1,007,115.63
167.43
42,645.50

1,524,855.27
194.85

8.40

' 66.79
415,944.98
.07

125,736.01
530,775.681
.10,510.89

313,982.52
20,629.34
60.92

7,921.94
169.13

586,944.72
1,025.16

1,180,925.63
1,352,173.75
107.37
14,964.10
618.30
69,516.23

5,520.77

6,454.84
69.13

138.24

1,778,515.77

1,474,100.60

2,780,180.82

33,805.09

.

•

171,248.12

4,236,398.78

Total
Redeposits:
F i n e b a r s '.
Unparted bars
Mint bars

San F r a n cisco.

39,317.03

466,052.37

811,522.52
35,269.791

'....
33,805.09

39,317.03

466,052.37

846,792.31

4,270,^203.87

1,817,832.80

1,940,152.97

3,626,973.13

321

DIRECTOR OF THE M I N T .
by subsidiary value, during thefiscal year ended June 30, 1912.
New
Orleans.

Carson.

Boise.

Helena.

Charlotte.

Deadwood.

Seattle.

Salt L a k e
City.

$224. 74
$1.55
$2.36

$1.48
248'. 00

$79. 48

$44,436.05
i.37
6.58
139.90

1.11

$0.39
24.59
11.57
45.58
- 595.26

183.19
34,726.66
43,222.15

130.19

190.69
. 6.95
3.12 31,992.00

3.49 88,673.30
1.33
638.92
- 5,434.75

1,290.05

^

.35

42.92
274,448.19
2,332.01

•

585. 53

3,973.83

166.08

2.36

43,471.63 40,754.39 89,049.05

1,089.77

274,448.19 50,041.59 35,008.70

2.36

43,471.63 40,754.39 89,049.05

1,089.77

274,448.19 50,041.59 35,008.70

'

62,673.27

11,450.85

•

.14

,
1,801.12
25.06

ie.io
16.96

54.85
18.26

330.24

88.02
50.46

38.82
19.53

26.10

V

1,0.31.40
7.49

29.25
• • • \

64,561.81

43,504.69 41,157.74 89,187.67

1,148.12

884.59
5.32

Total.

$232.90
68,364.60
53,607.52
61,205.08
429,064.20
208.02
36,185.53
39,462.23
88,996.35
152,590. 72
1,089,079.61
2,419.36
49.75
7,587.16
43.93
274,845.78
4,193.72
10.96
4,771.14
263.18
12.98
1,379.87
.09

1
2
3
4
5
6
7
8
q
10
11
12
13
14
15
16
17
18
19
20
21
22
23

2,314,574.68 24
457,230.07 25
5,072,164.14 26
7,843,968.89
3,636.37
630,465.57
• 618.30
383,979! 48
946,720.66
10,968.20
232.10
313,982.52
732,467.11
1,758.90
348.91

27
28
29
30
31
32
33
34
35
36
37
38

11,975.61 3q
359.49 40
207.37 41

274,474.29 62,560. 58 35,898.61 10,881,689.48 42

9.12
9.12
64,561.81

43,504.69 41,157.74 89,187.67

64926°—FI 1912-




-21

1,148.12

811,522.52 43
574,453.40 44
45
1,385,975.92 46

274,474.29 62,569.70 35,898.61 12,267,665.40 47

322

REPORT ON THE FINANCES.
No. 6«—Mutilated and uncurrent domestic gold and silver coins
Philadelphia.

Denominations.

Received
from
Treasury.

S a n Francisco.

Purchased

•Received
from
Treasury.

Purchased.

Denver. .
Received
from
Treasury.

Purchased.

GOLD.

$487,560.00
$86,430.00'
110,240.00
721,860.00
1,227,860.00 . 122,680.00
45.00
18.00
7,632.50
9,867.50
179.00
30.00

Double eagles
Eagles
Half e a g l e
Three-dollar pieces
Q u a r t e r eagles
Dollars

Total gold, face v a l u e . . 2,447,195.50

$11,040.00
1,980.00
3,235.00
92.50
8.00

{2.50

16,355.50

327,206.50

S40.00
90.00
110.00

252.60

SILVER.

T r a d e dollars
S t a n d a r d dollars
Half dollars
Q u a r t e r dollars
T w e n t y - c e n t pieces
Dimes
Half dimes
Three-cent pieces

175,407.00
198,572.50
45.00
237,823.80
795.25
51; 45

Total silver, face v a l u e .

612,695.00

172.00
912.00
1,034.00
683.50

32.50
. 19.75

405.20
19.80
1.08

$13,750:00
12,000.00
18.00
20,145.00
75.00
12.00

3,227.58

-

65.50
28.50
2.40
14.80
2.10

16,092.27

113.30

46,000.00

126.35

HAWAHAN COINS.

Dollars
Half dollars
Q u a r t e r doUars
Dimes

.'

Total H a w a i i a n ,
value

58.66

$7,000.00
5,000.00
.00
4,000.00
84. 65
7.02

323.00
163.50
112.75
2.10

. ih. i6

>
^

face
601.35

NICKEL.

One-cent
Three-cent
Five-cent.
Total nickel, face value.

242. .50
180.54
108,474.90

.73
12.39
46.15

108,897.94

69.27

22,798.84
152.20
77. 52

4.40
.90
.12

23,028.56

6.42

BRONZE.

One-cent
Two-cent
One-cent, copper
Total bronze, face value

-

SUMMARY.

Gold coins.
Silver coins
Silver coins, H a w a i i a n .

Stand, ozs.
130,576.725
460,433.00

Stand, ozs. Stand, ozs.
17,459.187
2,645.24
12,027.40
496.96

Troy ozs.
332,795.00
223,759.00

Troy ozs.
' 168.00
65.76

Gold, coining value
$2,429,315.81
Silver, subsidiary value
572,855.99
SUver ( H a w a u a n ) , subsidia r y value
Nickel, coining value
102,737.36
22,197.32
Bronze, coining value

$324,822.08
3,166.70

Nickel coins
Bronze coins

Loss, gold
Loss, silver
Gain, silver
...
Gain, silver, H a w a i i a n
Loss, nickel coins
Loss, bronze coins
Gain, bronze coins




Stand, ozs •Stand, ozs.
863.957
34,276.32
86.30

Stand, ozs.
12.479
134.57

Troy ozs.

Troy ozs.

Troy ozs.

Troy ozs.

$14,964.10

.$16,073.62
107.37

$42,645.60

1232.17
167.43

281.88
5.93

3,354.60

618.30
5L87
6.29

i7,879.69
39,839.01

2,384.42
60.88

6,160.58
831.24

7.40

1,128.17
i6.95

.87

20.33

41.08

323

DIRECTOR OF THE M I N T .
received for recoinage during thefiscal year ended June 30,. 1912,
N e w Orleans.

New York.

Seattle.

Charlotte.

Purchased.

Purchased.

Purchased.

Purchased.

Total.
Received
from
Treasury.

Total.
Purchased.

$5.00

$487,660.00
721,860.00
1,227,860.00
18.00
9,867.60
30.00

$231,090.00
340,350.00
490,800.00
84.00
15,022.60
278.00

$718,650.00
1,062,210.00
1,718,660.00
102.00
24,890.00
308.00

5.00

2,447,195.60

1,077,624.50

3,524,820.00

60.00
3.20
.24

196,157.00
215,572.50
63.60
261,968.80
954.90
70.47

172.00
1,024.00
1,183.60
776.26
2.40
486.10
25.10
1.32.

172. G
O
1,024.00
197,340.50
216,348.75
66.00
262,464.90
980.00
71.79

203.44

674,787.27

3,670.67

678,467.94

$10,620.00
8,640.00
15,175.00
3.00
, 227.60
3.00
34,568.50

$20.00
110.00
190.00

$122,940.00
219,390.00
349,405.00
36.00
7,055.00
88.00
698,914.00

2.50
322.50

-'
54.00
51.60
44.60

323.00
163.50
112.75
2.10

323.00
163.60
112.75
2.10

601.36

601.36

242.60
180.64
108,474.90

59.27

108,967.21

22,798.84
152.20
77.52

4.40
.90
.12

23,028.56
Stand, ozs.
37,186.766
156.61

243.23
192.93
108,621.05

108,897.94

Stand, ozs.
1,835.890

.73
12.39
46.15

5.42

•

22,803.24
153.10
77.64
23,033.98

$34,156.09

412.41

Troy ozs.

. Troy ozs.

$691,846.81
194.85

7,067.19
8.59




$317.97

4.53

Stand, ozs.
.260

Troy ozs.

$4.84

.16

Stand, ozs.
130,575.726
606,736.72
496.96

Stand, ozs.
57,375.630
2,922.72

Stand, ozs.
187,951.355
509,659.44
496.96

Troy ozs.
332,796.00
223,769.00

Troy ozs.
168.00
66.76

Troy ozs.
332,963.00
223,824.76

$2,429,315.81
630,465.59

$1,067,453.58
3,636,35

$3,496,769.39
634 101 94

618.30
102,737.36
22,197.32

Troy ozs.

Stand, ozs.
17.091

5L87
6.29

618 30
102,789.23
22,203.61

17,879.69
44,321.68

10,170.92
76.40
41.08

16.95
6,160.58
831.24

7.40

.87

28,050.61
44,397.08
41 08
16.95
6,167.98
831 24

.87

324

BEPORT ON T H E FINANCES.

No. 6.—Assets and liabilities of the United
ASSETS.
Gold buUion.

Silver bullion.

Institutions.
Quantity.

Coinage m i n t s :
Philadelphia
S a n Francisco
Bullion for P h i l i p p i n e coinage.
Denver
Assay offices:
New York
N e w Orleans
Carson
Boise
\ Helena
Charlotte
©eadwood
Seattle
.
Salt L a k e City

Value.

Quantity.

Value (cost).

$1,123,226.57
270,454.52
414.93
239,342.33

$19,616,498.39
84,180,211.59

2,703,343.846

50,294, 769.22

Stand, ozs.
1,677,988.34
503,856.86
470.21
482,714.55

2,289,878.808
6,690.593
5,628.160
1,993.739
4,815.147
257. 247
12,621.416
14,077. 287
3,009.834

42,602,396. 42
124,477.17
104,710.08
37,09L79
89,583.'91
4,785.99
234,818. 41
261,903.00
55,997.36

1,333,605.33
3,272.53
2,611. 93
828.59
2,201. 69
18. 68
5,484.88
1,862.23
309.30

675,434.49
1,774. 64
1,414.31
446.81
1,192.02
10.14
2,979.33
1,012.70
167.02

10,621,389.375

Total.

Stand, ozs.
1,054,386.824
4,524,686.374

197,607,243.33

4,015,225.12

2,317,869.81

LIABILITIES.

Institutions.

Coiuago m i n t s :
Philadelphia
San Francisco
©enver.
Assjty offices:
New York
N e w Orleans
Carson
Boise
Helena
Charlotte
Deadwood
Seattle
Salt L a k e Citv
Total




Bullion fund.

Undeposited
earnings.

$438,772,560.24
186,214,684.15
458,423,530.20

$4,040.96
17,475.34

45,826,513.51
22,713,214.17
234,816.30
98,006.09
181,880.11
13,060.35
409,184.49
817,441.06
203,684.55

Seigniorage
on silver.

503. 44'
396.75

1,153,908,575.22

$139,728.00
76,998.83

Unpaid
depositors.

$39,514.85
613.10
597,543.86
745.52
73.79

31.25
519.17
22,966.91

216,726.83

638,491.12

325

DIRKCTOE OF T H E M I N T .
States mints and assay offices, June 30, 1912.
ASSEtS.

Gold coin.

Silver coin.

$308,484,185.00
35,422,665.00

$109,210,539.27
62,624,667.41

404,874,885.00

3,412,580.46

14,150.00

22,475,000.00
146.32

140,000.00
748,935,885. 00

197, 722,933.46

Credit w i t h
assistant
treasurer a n d
depository
banks.

Minor coin.

$521,394.82
3,734,889.86

$1,314,346.73
28,513.90

'276,495.88

275,407.58

Minor
coinage
metal.

Total.

$143,451.49
5,535.50
333.75
16,496.28

$440,413,642.27
186,266,937.78
748.68
459,389,976.75
45,827, 762.47
22,713,684.71
234.816.30
98,006.09
181,880. IL
13,091.60
409,184.49
817,960.23
203,684.55

2,549,931.56
112,432.90
114,395.59
60,467. 49
91,104.18
8,295.47
171,386.75
415,044.53
147,520.17
8,203,359.20

1,618,268. 21

165,817.02 1,156,571,376.03

LIABILITIES.

Minor coinage
profits.-

$3,175.97
160.11
46,823.01

Minor coin metal
fund.

$142,189.00
20,555.9923,411.70

U n p a i d c e n t dep 0 s i 10 r s a n d
s u b t r e a s u r y minor coin t r a n s fers.

Goverriment
of
the Philippine
Islands.

$1,312,433.25
13,333.30
221,669.15

$864. 47

. ..
186,156.69




1,547,435. 70

$440,413,642.27
186,267,686.46
459,389,976.75
45,827,762.47
22,713,684. 71
234,816.30
98,006.09
181,880.11
13,091.60
409,184.49
817,960.23
203,684.55

^

50,159.09

* Total.

864. 47

1,156,671,376.03

326

REPORT ON T H E FINANCES.

No. 7*—Earnings and expenditures ofthe United
EARNINGS AND GAINS.
Mints.
Items.
Philadelphia.
Charges for parting and refining
*
Fine bar charge
Melting charge
.;
Charges for alloy.
Charges for assaying and stamping
Seigniorage on subsidiary coinage
Seigniorage on minor coinage
Seigniorage oh recoinage.of minor coin
Profits on medals and proof coins
Charges for majiufacture of medals
Deposit melting-room grains and sweeps
Surplus buUion recovered by operative officers
Gain on bullion shipped to mint for coinage
Proceeds sale of old material
Receipts for special assays bf bullion and ore
Receipts for manufacturing appliances for Government
and other institutions
Charges received for'coinage for:
Philippine Government
Salvador
Charges on account of ore analyses for Department of
Justice
Gain on lightweight and mutilated United States gold
coin for recoinage
Receipts for sale of by-products
Total.

San Francisco.

Denver.

$8,802.72
2,545.14
4,402.00
146. 48

$35,902.13
2,866.08
8,587.00
5,702.55

$87,831.38
14.61
4,445.14
4,030. 41

1,678,921.00
1,511,790.25
1,466. 83
2,364. 94
5,587. 79
4,241. 75
15,912. 60

1,238, 242. 61
31,566. 75

1, a50, 660. 35
337,234.03

2.391.95
12; 439.77

645.04
394.00

5,033.98
20.00

3,642. 70
588. 84
884.24
8.00

10,630.36
5, 263.}

29,713. 22

131. 07
72,124.59
3,325,370.36

4. 283.73
1,372, 466. 04

?, 093, 623. 43

EXPENDITURES AND LOSSES.
Salaries of officers and clerks
Wages of workmen
Contingent expenses, less amount to reimburse wastage
and loss on sweeps sold
Parting and reflning expenses, less amount to reimburse
wastage and loss on sweeps sold
Wastage of operative departments
Wastage of tne operative departments, minor coinage
operations
.Loss on sweeps sold during the year
,
Expenses of distributing minor coins
•
Loss on buUion shipped to mint for coinage
Freight on buUion and coin between mints and assay
offices
TotaL..




$74,851.12
293,073.35

$50,374.91
102,703. 49

$46,326.11
65,973.08

65,300.97

27,194.89

24,881. 02

23,511. 03
372.78

44,281.33
383.37

33,541.30
2,412.77

907.68
1,361.06
27,937.22

20.49
455.05
84.50

277.51
869.06
1,923.90

487,315.21

225,498.03

176,204.75

327

DIEECTOE OF T H E M I N T .
States mints and assay offices for thefiscal year 1912.
EARNINGS AND GAINS.
Assay offices.

Total.
New
York.

New
Orleans.

Carson.

$514.00

$891.00

2,121.58

$57,517.96
20,564. 45
15,092.00
5,296.05

.

1,678.93

9,222.6i
189.62

451.47

206.58

.i67. i3

301.55
186.00
130.00

116.42
625.00
200.00

2,021.00

Helena.

Boise.

Charlotte.

Deadwood.

Seattle.

$736.00 $1,724.00

$842.00 $1,124.00

$210.00

2,914.17

1,851.91

258.50

9,639. 76

7,909.88

241.10

2,386.93

192.66

198.15

470.12

2.00
191.00 .

344.04

436.20
7.20
134.00

456.32
40.00

198.30

•

Salt L a k e
City.
$190,054.19
25,990.28.
38,961.14
15,175.49
27,955.94
1,581.21
4,567,823.96
1,880,591.03
1,466.83
2,364.94
5,587.79
187.32
23,832.74
29,130.83
86.88
1,397.37
7,490.59
3,680.34
$394.00

10,630.36
29,713.22
5,263.80
245.94

245.94
131. 07
76,408.32

110,256.16

3,704.60

3,717.93

4,037.27

6,017. 46

854.16 10,917.95 10,681.40

2,249.41 6,943,896.17

EXPENDITURES AND LOSSES.
$46,013.89 $7,900.00 $6,350.00 $8,800.00 $8,050.00 $1 500.00 $6,271.12 $13,050.00 $7,100.00 .$276,587.15
25,674.00 6,943.00 5,409.50 5,198.00 ,3,540.00
895. 00 2,300.00 16,913.57 3,883.50 532,506.49
19,471.25

1,717.15

127,853.97
800.62

1,113.92

1,997.12

2,328.58

1,966.03

477. 26

1,368.18

•4,572.99

2, 710. 20

230,301.55
3,969.54
1,205.68
5,614.03
29,945.62
353 36

r 2,928.86

- 144. 97
4,612.53

2,295.53.

153,985.64

1,528.05

1,886.50

25.04
985.11

88.70

183.35
3,973.75 10,108.17

1,099.40

26,677.74

1227,355.12 19,969.60 15,284.67 18,358.05, 14,541.14 2,986.00 14,096.40 44,644.73 14,793.10 1,261,046.80




328

REPORT ON THE FINANCES.

No. 13.—Summary of imports and exports, gold and silver, year erided June 30, 1912
Gold.

Silver.

Exports.

Exports.

Imports.

Imports.
Domestic. Foreign.

Domestic. Foreign.

Total.

Total.

I n ore a n d base bullion
$447,943 $26,644,801 $114,609
$114,609
$10,656,317 $447,943
Bullion, refined
26,148,669 27,370,158
27,370,158 16,827,172 58,242,771 $5,712,088 63,954,859
Coin:
164,988
25,677,378 2,268,136
164,988
U n i t e d S t a t e s . . 6,283,968 25,677,378
Foreign
. . . . 5,847,546
$3,832,869 3,832,869 1,310,110
656,209
656,209
Total

48,936,500 53,495,479 3,832,869 57,328,348 47,050,219 58,522,368 6,368,297 64,890,665

No. 1 4 . — Transit and transshipment, of gold and silver in the customs districts of New
York and Arizona ^ during the year ended June 30, 1912..
Gold.
Countries from w h i c h
received
and
to
w h i c h shipped.

I n ore.

BulUon, Coin,
refined. foreign.

Silver.
Total
gold.

i n ore.

Bullion
refined.

Coin,;
foreign.

.- T o t a l
silver.

Total
gold a h d
silver.

COUNTRIES
FROM
WHICH R E C E I V E D .

Mexico
W e s t Indies:
British
Cuba
Colombia
Total

$9,800 $54,816 $12,440,823

$9,800
$72,998
$13,090 247/484
13,090 257,284

$3,660 $12,499,299 $12,509,099

72,998
260,574

2,260

38,800
38,511

72,998 343,372 .57,076 12,518,134

38,800
40,771

72,998
38,800
301,345

3,660 12,578,870 12,922,242

COUNTRIES TO WHICH
SHIPPED.

France
Germany
United
Kingdom—
England.
Canada
Mexico
Total

3,525

75,907
5,825

79,432
5,825

9,565 175,552
"72,'998
13,090 257,284




421,816
664,301

185,117 10,610 11,432,017
72,998
46,466

72,998 343,372 57,076 12,518,134

421,816
664,301

3,660

501,248
670,126

11,442,627 11,627,744
72,998
50,126
50,126

3,660 12,578,870 12,922,242

» No transactions occurred in other customs districts.

329^

DIEECTOE OF THE MINT.

No. 15.—Seigniorage on the coinage of subsidiary silver and minor coin and its distribution during thefiscal year 1912.
Deposited in the Treasury.

Balances and seigniorage.
Silver seigniorage balance onhand July
1,1911: Denver
'..
Seigniorage on subsidiary silver:
Philadelphia
$1,678,921.00
San Francisco
1,238,242.61
Denver
1,650,660.35

$67,095.27

Total......
,..
4,567,823.96
Minor coin seigniorage balance on hand
. July 1,1911:
Philadelphia
$638,369.26
San Francisco
22,984.60
Denver
14,460.49
Total
..!
Seigniorage ori minor coin:
Philadelphia
$1,513,257.08
San Francisco
31,566.75
Denver
337,234.03
Total.

675,814.35

1,882,057.86

SUver coin seigniorage deposited in
Treasury:
Philadelphia....... $1,539,193.00
San Francisco
1,238,242.61
Denver
1,640,756.79
Total
$4,418,192.40
Minor coin seigniorage deposited in
Treasury:
Philadelphia
$2,119,605.47
San Francisco
54,286.25
Denver
302,670.10
Total.
2,476,561.82
Expense of distributing minor coin:
Philadelphia
$27,937.22
San Francisco
84.50
Denver...
1,923.90
Total
Minor coin wastage:
Philadelphia
San Francisco
Denver

29,945.62
$907.68
20.49
277.51

Total
Balance sUver seigniorage on hand
July 1,1912:
Philadelphia..
$139,728.00
Denver
76,998.83

1,205.68

Total
Balance minor coin seigniorage on
hand July 1,1912:
Philadelphia
$3,175.97
San Francisco
160.11
Denver
46,823.01

216,726.83

Total
Total




7,192,79L 44

Total....

50,159.09
7,192,791.44

330

REPORT ON THE FINANCES.

No. 16. -Average price of an ounce of gold in London and equivalent value in United
States since 1870.
• Equivalent
v a l u e in
U n i t e d States
Average Longold coin of
d o n price.
a n ounce of
gold, B r i t i s h
standard
(0.916§).

Calendar year.

1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880.
1881
1882
1883
1884
1885
1886
1887
1888
1889
:
1890
1891
1892
1893
1894
1895
1896
1897
1898. . . . . .
1899."
1900
1901 . .
1902
1903
1904
1905
1906
1'907
1908
1909
1910
1911

-

:

.-

'

.-.

M i n t price
B a n k price.

d.
9.01
9.01
9.24
9.28
9.00
9.23
9.30
9.42
9.41
9.11
9.15
9.35
9.43
9.18
9.32
9.17
9.10
9.01
9.21
9.04
9.44
10.29
10.17
10.57
9.33
9.03
10'. 16
11.23
10.46
9.27
9.91
9.83
9.55
10.06
9.94
9.42
9.82
9.95
10.19
9.18
9.03
9.00

$18.9187
18.9187
18.9233
18.9241
18.9185
18.9231
18.9246
18.9270
18.9268
18.9207
18.9215
18.9256
18.9272
•
18.9221
18.9250
18.9219
18.9205
18.9187
18.9227
18.9193
18.9274
18.9446
18.9422
18.9503
18.9256
18.9191
18.9420
18.9637
18.9481
18.9240
18.9371
18.9356
18.9300
18.9404
18.9380
18.9272
18,9355
18.9381
18.9429
18.9224
18.9192
18.9188

s.
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17

18.9491
18.9185

P e r cent
premium
above B a n k
of E n g l a n d ' s minim u m rate.

$20,638
20.638
20.643
20.644
20.638
20.643
20.645
20.647
20.647
20.640
20.641
20.646
20.647
20.642
20.645
20.642
20.640
20.638
20.642
20.639
20.648
20.666
20.664
20.673
20.646
20.639
20.664
20.688
20.670
20.644
20.658
20.657
20.650
20.662
20.659
20.648
20.657
20.660
20.665
20.642
20.639
20.638

3 17 10.50
3 17 9.00

. .

£
3
3
3
3
3
3
3
3
3
3
3
• 3
3
3
3
....
3
3
3
,•3
3
3
3
3
3
3
3
3
. . . .
3
3
3
3
3
3
3
3
^ . 3
3
3
3
3
3
3

V a l u e in
U n i t e d States
gold coin of
a n ounce
1,000 fine.

20.671
20.638

0.-00106
.00106
.02571
.03000
.02431
.03215
.04501
.04394
.01178
.01607
,.03751
.04607
• .01920
.03429
.01821
.01071
.00106
.01804
.00428
.04715
.13826
.12542
16826
.03747
.00324
.12433
.23901
.15648
.02936
.09870
.09078
.05951
.11570
.10337
.04639
.09008
.10359
.12935
.02062
.00408
.00182
.16208

"No.'17•—Bullion value of the silver dollar [371i grains of pure silver] at the annual
average price of silver each year from 1837.
Calendar year.
1837..^.
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847..-.
1848
1849.
1850
1851
1852
1853
1864
1866

Value.
$1,009
1.008
1.023
1.023
1.018
1.007
1.003
1.008
1.004
1.005
1.011
1.008
1.013
1.018
1.034
1.025
1.042
1.042
1.039




Calendar year.
1856
1867.
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874

Value.
$1,039
1.046
1.039
1.052
1.045
1.031
1.041
1.040
1.040
1.035
1.036
1.027
1.025
1.024
1.027
1.025
1.022
1.00368
.98909

Calendar year.
1875
1876
1877
1878.
1879
1880
1881
1882
1883
1884
1885
1886
1887.
1888......
1889
1890
1891
1892
1893

Value.
$0.96086
.90039
.92958
.89222
.86928
.88564
.87575
.87833
.85754
.85904
.82379
.76931
.75755
.72683
.72325
.80927
.76416
.67401
.60351

Calendar year.

Value.

1894,.
1895
1896
1897
1898.
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911

$0.49097
.60687
.62257'
• .46745
.45640
.46525
.47958
. 46093
.40835
.41960
.44763
.47200
.52353
.51164
.41371
.i0231
.41825
.41709

331

DIRECTOR OF T H E M I N T .

No. 18.—Coinage of nations.
1909

1910

1911

Countries.
Gold.

SUver.

Gold.

United States
$88,776,910 $8,087,853 $104,723,736
3,981,610
Philippine Islands.
Abyssinia'
Austria-Hungary
11,286,186 9,784,691
8,742,094
Lichtenstein,
Belgium
2,191,796
389,000
Bohvia
Brazil
54,179
247,581
British Empire:
47,330,786
Australasia
86,927,097
79,194
673,044
Canada
136,320
16,2221
British East Africa.
Ceylon
64,887
100,000
Newfoundland
Great Britain
69,104,300 6,851,265 121,134,7991
Guiana (British)....
2,920
Honduras
Hongkong
5,058,025
India
9,258,002
1,720,792
Straits Settlements.
Sarawak
Bulgaria
.'
ChUe
208,471
201,611
China
11,103,9951
Colombia
CostaRica
Denmark
1,652,960
1,483,452
Egypt
39,372
Fmland
• 77,686
France
38,740,321 3,449,748| 26,766,033
French colonies:
9,797,871
Indo-China
Tunis
249
3491
249
Germany
29,272,420 12,667,479 47,980,960
Colony of German East
97,330
Africa
Greece
Honduras
Italy
670,636
Italian SomalUand
Japan
16; 393,119 7,371,450 21,638,100
199,200
Chosen (Korea)
,..
249,000
249,000
Mexico
1,686,628
2,494,980
Montenegro
,.
162,132
411,355
Morocco..-.
Netherlands
311,000 1,407,000 .
962,2901
Dutch East Indies
,
804,000
Norway
139,360 "i," 408,'608
Persia
,
23,250 5,000,000
Peru.
4,093
256,085
267,238|
Portugal
3,774,416
Russia
6,034,625 'i,'029," 271
Roumania
Sab Salvador
693,170
Siam
397,225
Spain
Sweden
107,997
Switzerland
1,544,000
601,800
1,447,600
Travancore
781,397 26,667,731
Turkey
'8,'169," 766
Venezuela
154,9101
Total

SUver.

Gold.

SUver
(coining
value).

Fine
ounces
consumed.

$3,740,468 $66,176,823 $6,467,302
1,626,805
463,270
100,360
401,440
5,810,727 9,647,469
9,547,071
20,306
1,628,920
2,446,889

4,272,761
• 336,118
301,460
6,302,006

93," 2661 3,645,727

1,716,370

1,923,558

1,701,049

1,703,275 48,347,716
1,979,571 1,250,428
16,223
162,217

1,707,105 1,179,830
985,679
683,814
75,000
22,500
60,000
200,000
100,000
69,375
12,663,147 161,062,4631 11,021,247 7,076,676
2,433
1,261
6,353
9,600
6,666
31,446,858 24,628,549
4,141,339
6,638,830 6,816,142
7,317,423
40,007
1,891,872
20,964
15,000
10,000
12,539
772,000
136,464
73,625
809,288
124,368
11,325,064
36,349,759 34,169,879
454,173
847,600
27,921
150,634
87,4851
986,390
104,868
401,601
1,630,709 1,310,707
18,9141
621,460
69,444
37,866
3,872,857 24,846,092 1,197,903
833,109
1,073,084
249
349
10,234,266 25,485,309

699,054
386,349
9,672,003

506,689
268,696
6,632,666

973,300
882,041
642
193,000
1,343,668
194,660
6,941,977 14,820,480
672,300
'2,184,228
121,562

:528,805
942,191
461
650,336

560,290
656,268
33
455,426

4,446,668

4,650,409

1,384,890
1,206,000
120,600
10,455,000
41,852
1,228,503
2,302,691
2,123,000
136,932
381,403
610,138
386,000

3,113,667

266,340
"6i5,"685

1,544,000

1,693,737 22,724,870
386,236
424,090

1,712,000

1,276,918

3,078,667
1,126,600
662,800
111,220
. 474,641
45,253

2,186,384
840,665
683,793
78,375
773,160
49,831

2,685,311
979,162
1,622,101

1,625,795
813,165
1,001,061

55,361
16,683
^386,000
40,665
862,276
1,798,541^

38,602
11,987
268,463
42,969
628,824
1,308,602

313,242,714113,427,331 454,951,834 108,934,641 372,143,556 148,166,282 117,237,838

N O T E . — T h e foregoiujg t a b l e includes all coinage. Tables 23 a n d 24 give a m o u n t of foreign coins m e l t e d
a n d a m o u n t of domestic coins b y countries r e p o r t i n g .




332

REPORT ON T H E FINANCES.
No. 19.—Deposits of gold at United States mints and assay offices since 1873.
Character of gold deposited:

Fiscal
year
ended
J u n e 30—

1873
1874
1875
1876
1877
1878
1879
1880
1881..
1882
1883
1884
1885.
1886
1887...<...
1888
1889
,
1890
1891
1892..
1893
1894
1895
1896
1897
1898
1899
,
1900......
1901
1902
1903
1904
1905.'.....
1906
1907
1908.......
1909
1910
1911
1912:

Domestic
bullion.

Domestic
coin.

Foreign
bullion.

Foreign coin.

S u r p l u s bullion, grains,
jewelers'
b a r s , old
plate, etc.

$618,542:14
$774 218.25
$426 107.44
$28,868, 569. 78 $27,116,948.27
29,736, 387.82
664; 353: 56
6,275,367! 29 3,162, 519. 92 9,313,882.47
439. 66 1,111,792.26
34,266, 124. 52
724 625.96
1,714,311. 60
,739
37,590, 529. 39
1,141,905. 76 2,111,083.80
417, 947.16
681; 819. 32
43,478,, 103. 93
1,931, 163.12
447, 339.68
2,093,260.73
837 911. 25
48,076,,123.76
301,021. 79 2,068, 679.05
1,316,461.09
907,932.20
796.89
083.17
38,549,,705.89
1,069,
1,498,819.71
198,
937 751.14
35,821,,705.40
209, 328.82 21,200,997.23 40,426,569. 63 1,176; 505.77
776. 97 37,771, 472.26 55,462,385.74 1,343, 430. 93
35,815,,036.55
440,
31,298,,511.97
599, 356.80 12,783,807. 04 20,304,810.78 1,770, 166.36
32.481, 642.38
374, 129. 23 4,727, 143.22
6,906,083.80 1,858, 107: 42
29,079,, 596.33
6,023,734. 45 9,095,461.45 1,864, 769. 26
263, 117.17
31,584,, 436. 64
325, 210.97 11,221,846. 45 7,893,217.77 1,""" 363.26
32,456,,493. 64
4,317, 068 27 . 5,673,565.04 2,069, 077.00
393, 545.28
.32,973;,027.41
516, 984.63 22,571,328.70
9,896,512.28 2,265, 219.85
32,406,,306. 59
492, 512. 60 21,741, 042. 44 14,596) 885. 03 2 — 750.90
31,440,,778.93
2,136, 516. 66 4,447,475. 99 3;526; 597. 31
585, 066.87
30,474,,900.26
2,691, 932.29
5,298.773.93 3,542 013.83
655, 474.96
31,555,,116.85
4,054,822.86
583, 847.16
8,266; 303.80 4,035: 710.15
,546.11
967.86 10,935, 154. 69 14,040,187. 70 3,636: 603. 68
657,
31,961;
792, 470. 43 2,247,730. 78 6,293,296.33 3,830, 176.02
33,286,,167.94
2,093, 615. 46 15,614,118.19 12,386.406.81 3,118. 421.45
38,696,,951.40
44,371;,949.83
1,188, 258.21 14,108, 435. 74 2,278,614.07 3,213; 809. 43
63,910,,9.57.02
1,670, 005.5i3
6,572, 390: i 4 3,227,409. 06 3,388, 622. 06
60,618,,239.77
9,371, 521.03 13,188,013.86 2,810, 248. 66
1,015, 314.39
, 120.57
682.99 26,477, 370. 06 47,210,077.84 2,936; 943. 37
69,881,
1,187,
559.47
76,252,,487.23
1,168, 307. 57 30,336; 150. 22 32,785,152. 48 2,964,683.90
87,458,,836.23
1,389, 096.68 22,720, 659.12 18,834,495.53 3,517,540.93
179.86
92,929;,695.86
1,116, 448.16 27,189, 416. 90 27,906,489.13 3,959, 656.64
94,622;,078.39
1,488, 907 95 18,189, 058.92 13,996,162.21 4,284, 724. 22
96,514;,298.12
960, 818. 67 16,331; 224. 39 8,950,695.28 4,247,582.64
, 626.63
87,745,
2,159, 966.63 36,802, 526.82 46,162,783.87 4,892,930.88
101,618 ,316.38
3,404, 291.19 17,645, 864. 38 16;141,678. 08 6,668, 482.96
103.838 ,268.01
1,514, 283.29 36,317; 545.85
6,648,511.63 4,790, 558. 31
114;217 ,462. 44
2,754, 772.90. 36,656,350.81 17,221,251.40 5,731, 111.55
111,735;,'877. 77
3,989, 288.62 71,774, 621. 02 13,684,426. 46 6,231, 547.01
119,727 , 439.13
3,432, 139. 90 16,021,852.42
1,034,377.62 '5,341 603.82
5,626, 330.84
104,974,,558.73
15,761,
3,603,
405,225.65
li20,910 ,246.77- 2,949, 198:68 35,673 116.23 10,066,643.02 6,783, 885. 74
227. 09
769:41
6,025; 501.79
119,338 ,150.33
20,914;
3,496,
2,165,232.63

T o t a l 2,412,562,371.69




Total.

.$57,704 386.88
49,142; 511.06
38,556, 293.90
41,943, 285.42
48,787,778.71
62,669,217.89
42,264, 166.80
98,835, 096.85
130,833,102. 46
66,756, 652.95
46,347, 106. 05
46,326,678.66
62,894,075.09
44,909; 749.23
68,223,072.87
72,225, 497. 66
42,136, 435. 76
42,663,095. 26
48,485,800.82
61,131, 460.04
46,449,841. 50
71,909, 513. 31
65,161, 067.28
68,769, 383.81
87,003, 337. 71
147,693, 194.83
143,497, 190.65
133,920, 119.59
153,101, 680.61
132,580,829.88
127,004,442.91
177,753,384. 34
143,378,969.86
153,109,493. 52
176,580, 654.53
207,415, 974. 95
146,657,230.21
130,371, 107. 44
175,383,090. 44
161,929, 881.15

83,833,164,69 649,442,117,98 519,828,907.90 126,729,289.61 3,791,396,841.77

333

DIEECTOE OF T H B M I N T .
No. 20.—Deposits of silver at United States mints and assay offices since 1885.
Character of silver deposited.
Fiscal year e n d e d
J u n e 30—

1885
1886
1887
1888 .
1889...
1890
1891
1892
1893
1894
1895
1896
1897 .
1898
1899 .
1900
1901
1902
1903
1904
1905
1906.
1907
1908
1909
1910 .
1911
1912
Total

...

..'

- .

. .

Domestic
buUion.

Domestic
coin.

Foreign
buUion.

Foreign coin.

Surplus bullion, grains,
jewelers'
bars, old
plate, etc.

F i n e ounces.
24,943,394
25,101,639
29,293,372
.28,-921,649
29,606,387
29,187,135
50,667,116
56,817,548
56,976,082
15,296,815
6,809,626'
4,42.^770
3,914,985
2,116,690
5,584,912
4,977,978
2,466,749
1,425,060
12,523,630
9,991,187
4,923,655
2,398,871
20,388,163
16,114,553
5,375,389
1,547,145
3,220,236
5,635,513

F i n e ounces.
678,741
216,015
5,848,585
1,202,177
394,346
466,302
637,652
6,036,246
5,346,912
5,012,060
3,015,905
3,170,768
2,208,953
1,243,050
6,060,986
3,587,992
2,613,570
2,275,090
12,511,911
2 2,072,397
U , 337,242
6 960,801
770,269
786,085
659,935
548,821
393,906
12 459,141

F i n e ounces!
1,627,619
1,145,017
1,127,213
1,290, .390
1,063,900
1,852,155
1,767,908
1,556,618
1,738,711
.
994,901
1,362,141
680,757
626,085
209,987
716,077
1,088,019
1,306,149
1,152,023
1,110,463
1,361,701
1,906,410
3,165,170
2,552,003
2,963,399
2,326,847
1,172,240
799,105
957,233

F i n e ounces.
867,856
628,545
271,166
67, .549
328,276
951,162
1,970,912
349,652
505,171
422,725
15,291
150,942
101,157
6,808
19,382
44,704
4,250,196
29,265
21,869
3 4,039,100
6 7,796,761
'1,348,991
8 4,963,403
9 9,005,007
10 7,342,229
1,404,882
"627,840
13 235,229

F i n e ounces. F i n e ounces.
336,981
28,454,591
361,316
27,452,532
396; 656
36,936,992
485,190
31,966,955
502,223
31,895,132
526,270
32,983,024
633,073
55,676,661
572,661
64,332,725
582,728
(i5,149,604
467,958
22,194,459
680,125
11,783,088
604,386
9,027,623
473,755
7,324,935
249,468
3,826,003
484,751
12,866,108
557,831
10,256,524
567,647
11,204,311
575,430
5,456,868
627,108
16,794,981
652,015
18,116,400
739,310
16,703,378
632,544
8,506,377
"
636,722
29,310,560
648,007
29,517,051
620,715
16,225,115
460,935
6,134,023
498,614^
5,539,701
540,117
7,827,233

460,646,249

59,515,858

39y620,241

47,766,070

14,914,536

. Total.

622,462,954

1 Includes 461,686 fine ounces Hawaiian coin.
2 Includes 148,788 fine ounces Hawaiian coin.
^ Includes 6,901 fine ounces Philippine special assay coins.
* Includes 3,647 fine ounces Hawauan coin.
^ Includes 3,456 fine ounces Philippine special assay coins.
6 Includes 3,895 fine ounces Hawauan coin.
' Includes 2,663 fine ounces Philippine special assay coins.
8 Includes 4,680,791 fine ounces Pnilippine coins.
«Includes 3,411 fine ounces Philippine assay coins and 8,866,622 fine ounces PhUippine'coins for recoinage.
1 Includes5,739 fine ounces Philippine assay coins and 7,314,573 fine ounces PhUippine coins for recoinage.
0
1 Includes 836 fine ounces Philippine assay coins and 620,964 fine ounces Philippine coins for. recoinage.
1
1 Includes 447 fine ounces Hawaiian coin
2
1* Includes 168 fine ounces Philippine assay coins and 227,127 fine ounces Philippine coins for recoinage.




334

REPORT ON THE FINANCES.

No. 21.—Coinage of gold and silver of the United-States since 1873, by fiscal years.
Silver.

Gold.
Fiscal years.
F i n e ounces.

Value.

F i n e ounces
consumed.

1,705,187
2,440,165
1,623,173
1,846,907
2,132,283
2,554,151
1,982,742
2,716,630
3,808,751
4,325,375.
1,738,449
1,351', 250
1,202,657
1,648,493
1,083,275
1,372,117
1,235,687
1,065,302
1,169,330
1,717,650
1,453,095
4,812,099
2,125,282
2,848,247
3,465,909
3,126,712
6,233,071
5,221,458
4,792,304
2,998,313
2,211,791
10,091,929
3,869,211
2,563,976
4,279,701
9,541,406
5,2.33,212
2,301,628
6,753,022
616,737

1873..
.1874..
1875..
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1883..
1884..
1885..
1886..
1887..
1888..
1889..
1890-,
1891.,
1892..
1893.,
1894.,
1895.,
1896.,
1897.,
1898..
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
Total




$36,249,337.00
60,442, 690.00
33,553, 965.00
38,178, 963.00
44,078, 199.00
62,798, 980.00
40,986,912.00
56,157, 735.00
78,733, 864.00
89,413, 447.00
35,936,928.00
27,932, 824.00
24,861, 123.00
34,077, 380.00
22,393, 279.00
28,364, 171.00
25,543, 910.00
22,021, 748.00
24,172, 203.00
35,606, 987.00
30,038, 140.00
99,474, 913.00
43,933, 475.00
68,878, 490.00
71,646, 705.00
64,634, 865.00
180.00
108,177, 110.00
107,937, 715.00
99,065, 572.00
61,980, 773.00
45,721, 642.00
208,618, 692.00
79,983, 097.50
53,002, 337.50
79,622, 377.50
197,238, 092.50
108,180, 875.00
47,578, 512. 50
118,925, 090.00
12,749,

2,179,833
4,558,526
7,650,005
14,228,851
21,239,880
21,623,702
21,059,046
21,611,294
21,383,920
21,488,148
22,266,171
22,220,702
22,296,827
23,211,226
26,525,276
26,331,176
26,659,493
28,430,092
29,498,927
11,259,863
9,363,787
4,358,299
6,810,196
8,651,384
18,659,623
12,426,024
20,966,979
23,464,817
26,726,641
22,756,781
19,705,162
13,396,894
6,600,068
2,905,340
9,385,454
11,957,734
8,024,984
3,108,753
2,311,709
6,984,479

121,258,677

2,497,792,299.50

634,278,066

Dollars coined.

$977,150
3,588,900
5,697,500
6,132,050
9,162,900
19,951,510
27,227,500
27,933,750
27,637,955
27,772,075
28,111,119.
28,099,930
28,628,552
29,838,905
33,266,831
32,718,673
33,793,860
35,923,816
36,232,802
8,329,467
6,343,715
758
3,956,011
7,500,822
21,203,701
10,002,780
18,254,709
18,294,984
24,298,850
19,402,800
17,972,785
10,101,650
310

607,259,120

Subsidiary
coined.
$1,968, 645.50
2,394,701.39
4,372, 868.00
12,994, 452.50
19,387, 035.00
8,339,316.60
382.50
687.50
12, 011.75
313.75
11,
724, 351.15
673,457.80
320, 407.65
183, 442.96
1,099,652.75
1,417, 422.25
721, 686.40
892, 020.70
2,039, 218.35
6,659,811.60
7,217, 220.90
6,024, 140.30
5,113, 469.60
3,939, 819.20
3,124,085.65.
6,482, 804.00
9,466, 877.65
12,876, 849.15
10,966, 648.50
,569.45
10,713, 751.25
8,023;231.00
7,719, 660.60
9,123,368.10
4,016,534.25
12,974, 477.25
16,530, 810.00
11,093, 567.25
4,297, 72