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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

1917

With Appendices

WASHINGTON
GOVERNMENT PRINTING OFHCE




1918

IS




T R E A S U R Y DEPARTMENT,

Document No. 2804.
Secretary.

A 5-0

CONTENTS.
Page.

First Liberty loan of 1917
:
Second Liberty loan of 1917
Treasury certificates of indebtedness
Loans to foreign governments
^
War-savings certificates
,
Federal Reserve System
Amendments to Federal reserve act
Stock of gold
Conversion of 3^ per cent bonds of t h e First Liberty loan.
Deposits of public funds
Exports of coin, bullion, and currency, and trading with t h e enemy
War insurance
Division of Military and Naval Insurance
Division of Marine and Seamen's Insurance
Payment for t h e Danish West Indian Islands!
Auditing of Government accounts abroad
Federal Farm Loan System
International High Commission
Internal Revenue
'.
Customs
Public H e a l t h . . . . .
Public buildings
Standardization
Interior Department building
New Patent Office building
National archives building
Additional legislation
Coast Guard.
Ice patrol to promote safety at sea
:
New ships
Coastal communication
Aviation
,
Patrol of t h e St. Marys River, Mich
Clerical force
Retirement of civil-service employees
Government coal yard
General Supply Committee
'.
Panama Canal
,
Contingent fund
Condition of the Treasury
Estimated disbursements for war purposes
Finances
Receipts and disbursements
Fiscal year 1917
General fund
Summary of general fund transactions
Postal Service
United States notes (greenbacks)
Gold reserve fund
Trust funds
Sinking fund
Condition of t h e Treasury J u n e 30, 1917
:
•" Cash in t h e Treasury June 30, 1917
Comparison of receipts, fiscal years 1916 and 1917
Comparison of disbursements, fiscal years 1916 and 1917.




q\3>

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IV

CONTENTS.

Estimates
:
Estimated receipts, fiscal year 1918
,
Estimated disbursements, fiscal year 1918
Postal Service, 1918
Estimated receipts and disbursements, fiscal year 1919
1
Summary of estimated results to close of fiscal year 1919, beginning with balance
in general fund of Treasury June 30, 1917
Estimates fiscal year 1919 as submitted by executive departments
Postal Service 1919
Statement of estimates of appropriations for 1919 increased over appropriations for 1918
Exhibit of appropriations for 1918

Page.
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78
79
80

Exhibits accompanying the report on the finances..
Exhibit A: Act of April 24, 1917, authorizing an issue of bonds
Exhibit B : Department Circular No. 78, Liberty loan
Exhibit C: Act of September 24,1917, authorizing an additional issue of bonds..
Exhibit D : Department Circular No. 90, convertible gold bonds
Exhibit E : Department Circular No. 94, war-savings certificates
Exhibit F : Department Circular No. 93, conversion of bonds
Exhibit G: Department Circular No. 81, deposits of Government funds in connection with the Liberty loan
Exhibit H : Department Circular No. 92, special deposits of Governemnt funds.
Exiiibit I : Regulations governing t h e exportation of coin, bullion, and currency
Exhibit J: Act of October 6,1917, amending act establishing War Risk Bureau.
Exhibit K: Bulletin No. 1, War Risk Bureau
Exhibit L: Bulletin No. 2, War Risk Bureau

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137
141
156
163

Abstracts of reports of bureaus and divisions.
Treasurer of the United States
District of Columbia
Comptroller of the Currency
National banks reporting on call, June 20, 1917, with aggregate capital
National banks organized, insolvent, in voluntary liquidation, and in operation
Comparative statement of principal items of resources, etc., State savings
and private banks and loan and trust companies
Mint service
Operations of t h e mints
Stock of coin and bullion in the United States
Production of gold and silver
Industrial arts
.Export of gold c o i n . . . ' .
Appropriation, expenses, and income
Deposits, income, expenses, and employees, by institutions
Internal Revenue
Receipts, fiscal year 1917
Receipts from internal revenue, 1916 and 1917.
Distilled spirits
Fortified wines
Tax on wines, cordials, etc
Fermented liquors
Dealers in leaf tobacco
Income tax
Munitions manufacturers' tax
Excess-profits tax
Estate tax
Work of revenue agents
Legislation
Bureau of Engraving and Printing
'.
Customs
,...




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CONTENTS.

V

Page.
Ofiice of the Supervising Architect
206
Buildings
206
Summary of acts carrying appropriations, fiscal year 1917
207
Summary of acts carrying appropriations, fiscal year 1918
208
Statement of appropriations for public buildings, July 1, 1916, to June 30,
1917
209
Contract liabilities existing at the close of business June 30, 1917
209
Unencumbered balances, July 1, 1917
209
Balances of appropriations sent to surplus fund, June 30, 1917
210
Public Health Service
211
Division of Scientific Research
:
211
Hygienic Laboratory
216
Division of Foreign and Insular Quarantine and Immigration
217
Division of Domestic (Interstate) Quarantiue
219
Division of Sanitary Reports and Statistics
221
Division of Mariae Hospitals and Relief
:..222
Division of Personnel and Accounts
222
Miscellaneous Division
224
Recommendations
224
Coast Guard
227
Administrative measures
231
Recommendations
^
234
Loans and Currency
'.
. 237
Interest-bearing debt, changes during year
237
Interest on registered.bonds
237
Insular and District of Columbia loans, changes during year
238
Circulation
:
, 238
Comparative statement showing changes in circulation
239
Paper custody
240
Redemption of currency and destruction of United States securities.
240
Custody of Federal reserve notes, series 1914
241
Conversion of United States 2 per cent bonds.'
241
Division of Public Moneys
. 242
Division of Bookkeeping and Warrants
243
General fund
:
244
State bonds and stocks owned by the United States.
244
Secret-Service Division
245
Division of Printing and Stationery
245
Printing and binding
245 .
Stationery
247
Postage
248
Materials for bookbinder
,
248
Department advertising
248
Office of the disbursing clerk
249
Tables accompanying the report on the finances.
Table A.—Statement of the outstanding principal of the public debt of the
United States, J u n e 30, 1917
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 1917,
inclusive
Table C.—Analysis of the principal of the interest-bearing public debt of the
United States from July 1,1856, t9 July 1, 1917
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, 1917
Table E.—Sinking-fund account for fiscal year 1917
Table F.—Population, ordinary receipts, and disbursements of the Government
from 1840 to 1917, exclusive of postal, and per capita on receipts
and per capita on disbursements
Table G.—Statement showing t h e ordinary receipts and disbursements of the
'^"-^-^,,
Government by months; t h e legal-tender notes, net gold, and
' --. available cash in t h e Treasury a t t h e end of each month; t h e
monthly redemption of legal-tender notes in gold and the imports
and exports of gold, from July, 1896, to June, 1917, inclusive




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280

VI

CONTENTS.
Page.

Table H.—Statement of the balance iii the general fund of the Treasury,
including the gold reserve, by calendar years from 1791 to 1842
and b y fiscal years from 1843 to 1917
Table I.—Receipts and disbursements of the United States
Table J.—Internal and customs receipts and expenses of collecting from 1858
to 1917
Table K.—Statement of United States bonds and other obligations received and
issued b y the Office of the Secretary of the Treasury from July 1,
1915, to June 30, 1917
Table L.—Statement of the coin and paper circulation of the United States
from 1860 to 1917, inclusive, with amount of circulation per
capita
Table M.—Statement showing, the aggregate receipts, expenses, average number
of persons employed, and cost to collect internal revenue, fiscal
year 1917
Table N.—Statement of business of the customs districts and ports for the
fiscal year ended June 30, 1917
Table 0.—Statement, by districts and ports, showing total entries of merchandise, receipts, and expenses for the fiscal year ended June
30, 1917

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305
344

R E P O R T OF THE T R E A S U R E R :

Receipts and disbursements for 1916 and 1917
353
Panama Canal
•
354
Receipts and disbursements on account of the Post Office Department
355
Transactions in the public debt
355
Currency issued and redeemed
356
Public debt 1916 and 1917
357
Payment of interest on registered bonds of the United States.
357
Reserve and trust funds
358
Redemption of notes in gold
358
State of the Treasury, general fund—cash in the vaults
358
Net available cash balance, 1910 to 1917
360
Gold in Treasury from 1910
360
Bonds held as security for national-bank circulation and deposits
360
Bonds held as security for postal savings funds
361
Postal savings bonds and investments therein
364
Withdrawal of bonds to secure circulation
365
.: National banks designated as depositaries
366
. . P u b l i c moneys in depositary banks
366
... General account of Treasurer of the United States
367
Gold settlement fund
3^8
Monetary stock, 1916 and 1917
369
Ratio of gold to total stock of money
!
370
Money in circulation
370
Circulation and population
.^
371
Condition of the United States paper currency
371
United States notes
371
Treasury notes of 1890
372
Gold certificates
373
Silver certificates
373
Changes in denominations during fiscal year 1917
,
i.
374
Increase in small denominations of United States paper currency
375
Pieces of United States paper currency outstanding
375
Denominations outstanding June 30, 1917
376
Ratio of small denominations to all paper
:
376
Cost of paper currency
• 377
Average life of paper currency
378
Paper currency prepared for issue and amount issued
378
Paper currency held in the reserve vault.
379
Paper currency redeemed
380
Standard silver dollars
380
Subsidiary silver coin
381
Minor coin
^38-pTransfers for deposits in New York—money for moving tbe crops, etc . . . . . ' 381
Telegraphic transfers for foreign coin.,
S§2
Deposits of gold bullion at mints and assay oflices, 1916 and 1917
383




CONTENTS.
REPORT OP THE TREASURER—Continued.

Shipments of currency from Washington, 1916 and 1917
Recoinage, 1916 and 1917
Redemption of Federal reserve and national currency
Spurious issues detected in the fiscal year
Special trust funds and changes therein during the fiscal y e a r — •
District of Columbia sinking fund

VII
Page.

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384
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Tables accompanying the report of the Treasurer.
No. 1.—Receipts and disbursements for the fiscal year 1917
No. 2.—Receipts and disbursements on account of the Post Office Department
for the fiscal year 1917
No. 3.—Distribution of the General Treasury balance, June 30, 1917
No. 4.—Assets and liabilities of the Treasury offices, June 30, 1917
No. 5.—Assets of the Treasury in t h e custody of mints and assay offices, June
30, 1917.
,
No. 6.—General distribution of t h e assets and liabilities of the Treasury
No. 7.—^Available assets and net liabilities of the Treasury at the close of June,
1916 and 1917
No. 8.—^Assets and liabilities of t h e Treasury in excess of certificates and
Treasury notes at t h e close of June, 1916 and 1917
No. 9.—Estimated stock of gold coin and bullion, the amount in the Treasury,
and the amount i n circulation at the end of each month, from January, 1912
No. 10.—^Estimated stock of silver coin, the amount in the Treasury, and the
amount in circulation at the end of each month, from January, 1912.
Also silver, other t h a n stock, held in the Treasury
No. 11.—^United States notes. Treasury notes, Federal reserve notes, and
national bank notes outstanding in the Treasury, and in circulation
at t h e end of each month, from January, 1912
No. 12.—Gold certificates and silver certificates outstanding, in the Treasury,
and in circulation at the end of each month, from January, 1912..
No. 13.—^Estimated stock of all kinds of money at the end of each month, from
January, 1911
No. 14.—Estimated amount of all kinds of money in circulation at the end of
each month, from January, 1911
No. 15.—Assets of the Treasuiy other than gold, silver, notes, and certificates at
the end of each month, from January, 1911
No. 16.—Assets of the Treasury at the end of each month, from January, 1911..
No. 17.—^Liabilities of the Treasury at the end of each month, from January,
1911
.----.--•:
.•
No. 18.—^United States notes of each denomination issued, redeemed j and outstanding at t h e close of each fiscal year, from^ 1910
No. 19.—Treasury notes of 1890 of each denomination issued, redeemed, and
outstanding at t h e close of each fiscal year, from 1911
No. 20.—Gold certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1912
No. 21.—Silver certificates of each denomination issued, redeemed, and outstanding at t h e close of each fiscal year, from 1912
No. 22.—^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 1910
No. 23.—Amount of paper currency of each denomination outstanding at the
close of each fiscal year, from 1910.
No. 24.—Old demand notes of each denomination issued, redeemed, and outstanding June 30, 1917
No. 25.—Fractional currency of each denomination issued, redeemed, and outstanding J u n e 30, 1917
No. 26.—Compound-interest notes of each denomination issued, redeemed,
and outstanding J u n e 30, 1917
'.
No. 27.—One and two year notes of each denomination issued, redeemed, and
outstanding June 30, 1917
No. 28.—^United States paper currency of each class, together with one and two
year notes and compound-interest notes issued, redeemed, and outstanding June 30, 1917
.^
No. 29.—^United States notes and Treasury notes redeemed in gold, from 1879,
and imports and exports of gold during each fiscal year, from 1901.




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VIII

CONTENTS.

Page.
No. 30.—Treasury notes of 1890 retired by redemption in silver dollars and
outstanding, together with the silver in the Treasury purchased
b y such notes, for each month, from January, 1911
425
No. 31.—Transactions between the Subtreasury and clearing house in New
York during each month, from January, 1911
426
No. 32.—Amount of each kind of money used in settlement of clearing-house
balances against t h e Subtreasury in New York during each month,
from January, 1911
427
No. 33.—Balance in the Treasury, amount in Treasmy offices, ,and amount in
depositary banks,.from 1789'to 1917..
428
No. 34.—Federal reserve and national banks designated depositaries of public
moneys, with t h e balance held June 30, 1917
430
No. 35.—Number of national banks with semiannual duty levied, b y fiscal
years, and number of depositaries with bonds as security, b y fiscal
years
:
439
No. 36.—United Statesbonds retired, from May, 1869, to June 30, 1917
440
No. 37.—Seven-thnty notes issued, redeemed, and outstanding June 30, 1917..
440
No. 38.—Refunding certificates, act of February 26, 1879, issued, redeemed,
and outstanding
440
No. 39.—Checks issued b y t h e Treasurer for interest on registered bonds during
the fiscal year 1917
441
No. 40.—Interest on 3.65 per cent bonds of the District of Columbia paid
during the fiscal year 1917
441
No. 41.—Coupons fi'om United States bonds and iriterest notes paid during
the fiscal year 1917, classified b y loans
441
No. 42.—Bonds and other securities rethed for the sinking fund during the
fiscal year 1917, and total from May, 1869
442
No. 43.—Public debt at the close of June, 1916 and 1917, and changes dm'ing
the year
442
No. 44.—Public debt, exclusive of certificates and Treasury notes, at the end
of each month, from January, 1911
444
No. 45.—Checks drawn b y the Secretary and paid b y the Treasurer for interest
on registered bonds of the United States during the fiscal year 1917..
445
No. 46.—Money deposited in t h e Treasury each month of the fiscal year 1917
for t h e redemption of national-bank notes
445
No. 47.—Disbursements fi'om redemption accounts of national banks each
month of the fiscal year 1917
446
No. 48.—Result of the count of currency received for redemption b y the National Bank Redemption Agency, by fiscal years, from 1900
446
No. 49.—Amount of currency counted into the cash of the National Bank
Redemption Agency and redeemed notes delivered, b y fiscal years,
from 1900
448
No. 50.—Currency received for redemption b y the National Bank Redemption
Agency from the principal cities and other places, b y fiscal years,
from 1900, in thousands of dollars
450
No. 51.—^Mode of payment of currency redeemed at the National Bank Redemption Agency, b y fiscal years, fi^om 1900
450
No. 52.—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
451
No. 53.—Deposits, redemptions, and transfers and repayments on account of .
the retirement of circulation, b y fiscal years, from 1900
452
No. 54.—Expenses incurred in the redemption of national and Federal reserve
cmTency, b y fiscal years, from 1900
453
No. 55.—General cash account of the National Bank Redemption Agency for
the fiscal year 1917 and from July 1, 1874
454
No. 56.—Average amount of national-bank notes redeemable and amount
redeemed, by fiscal years, fi'om 1900
454
No. 57.—Average amount of national-bank notes outstanding and the redemption, b y fiscal years, from 1875 (the first year of t h e agency).,
455
No. 58.—Changes during the fiscal year 1917 in the force employed in the
Treasurer's office
: . .i. 455
No. 59.—Appropriations made for the force employed in the Treasurer's office
and salaries paid during the fiscal year 1917
.,
455




CONTENTS.
R E P O R T OF THE DIRECTOR OF THE M I N T :

Operations of the mints and assay offices
=„
Stock of coin and bullion in the United States
Production of gold and silver, 1916.
Industrial artsl
Export of gold coin
Estimates for t h e fiscal year 1919
:
Appropriations, expenditures, and income
Deposits, income, expenses, and employees, b y institutions
Coinage during t h e fiscal year
Domestic coinage in detail
Coinage a t Philadelphia
Coinage a t San Francisco
Modification of t h e new-design silver quarter dollar
:..
Deposits of foreign gold bullion and coin
Deposits of foreign silver bullion and coin
Issue of fine gold bars for gold coin and gold bullion
Exchanged for gold coin
Exchanged for gold bullion
Purchase of minor coinage metal for use in domestic coinage
Distribution of minor coins
:
Minor coins outstanding
Operations of the melting and refining and of the coining departments,
fiscal year 1917
Gold bullion
,
Silver bullion
Nickel coinage metal
Bronze coinage metal
,
Refinery operations
By-products of Government refineries
Wastage and loss on sale of sweeps
Bullion gains and losses
Balances, receipts, and disbursements of gold bullion
. Detailed receipts
Detailed disbursements.
Standard silver dollars used in subsidiary silver coinage
Recoinage of uncurrent silver coins
Laboratory of t h e Bureau of t n e Mint
Proceedings of the Assay Commission, 1917
Mint of the United States at Philadelphia
,
Assay department
".
Melting and refining department
Coining department
Proof coins and metals
Engraving department
Machine shop
Employees
•
:
Visitors
Progress of the numismatic collection
Mint of the United States at San Francisco
,
Bai's manufactured and issued during the fiscal year
Assay department
Mint of the United States a t Denver, Colo
Assay department
:
Assay office at New York
Cashier's office
Assay department:
Officers and employees
Mints at New Orleans and Carson, and Assay Offices at Boise, Helena,
Deadwood, Seattle, and Salt Lake City
Deposits and pm'chases of gold during the fiscal year ended June 30, 1917..
Deposits and purchases of silver dming t h e fiscal year ended June 30,1917..
Deposits of gold at United States mints and assay offices since 1873
~ --^Deposits of silver at United States mints and assay offices since 1885
Miitii^ted and uncurrent domestic coins, including assay pieces received
for recoinage, melted during the fiscal year ended June 30, 1917
Statement of gold coin and gold bullion exported from t h e port of New
York to Europe during t h e fiscal year ended J u n e 30, 1917



IX
Page.

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X

CONTENTS.

R E P O R T OF THE DIRECTOR OF THE MINT—Contiriued.

Coinage of t h e mints of t h e United States; authority for coinage, etc.,
from 1792 to June 30, 1917
Coinage of gold and silver of t h e United States since 1873, b y fiscal years..
Coinage of mints of t h e United States, from t h e i r organization by calendar
years
Stock of money in t h e United States, J u n e 30, 1917
Location of moneys of t h e United States, June 30, 1917
Ownership of gold and silver in t h e United States, June 30, 1917
Estimated stock of gold and silver in t h e United States, and amount
per capita at t h e close of each fiscal year since 1873
Net exports. United States gold coin
Stock of money in the United States, December 31, 1916
United States gold in Canada
Average commercial ratio of silver to gold, each calendar year since 1687.'.
Bullion value of t h e silver dollar
Value of foreign coins
Changes in the value of foreign coins during 1917
World production of gold and silver
Coinage of nations

Page.

503
505
506
520
520
521
521
522
522
523
524
524
525
527
528
530

R E P O R T OF T H E COMPTROLLER OF T H E CURRENCY :

Comparative growth of National and State banks since beginning of Federal
Reserve System
" 533
Comparison of National and State bank failures for 20 years
534
Banking power of the United States compared with banking power of whole
world
;
534
Financial and business conditions in 1917
535
Depression in railway securities owned by banks
' 538
Maintenance of efficiency and credit of public utilities essential
539
Banks should not take advantage of war conditions to exact heavy interest.
541
United States a great creditor nation
:
542
Vast increase in national bank resources
543
Ratio of loans to deposits in national banks
545
Ratio of deposits to capital of national banks
545
New charters and liquidations
545
Earnings of national banks in 1917 greatest in their history
545
Number of depositors in national banks
546
National bank failures in 1917
546
Great reduction in proportion of losses to depositors through bank failures.
546
National bank and Federal reserve notes issued
547
Government loans and the national banks
547
National banks and the Second Liberty Loan
549
Legislation recommended—
To prohibit officers of banks from borrowing from their own banks
550
To limit direct or indii'ect loans to one individual firm or corporation.
550
To provide suitable penalty for making of excessive loans
550
To authorize t h e Comptroller to bring proceedings against directors for
losses sustained by bank through violation of the national-bank a c t . .
550
Authority for removal of directors guilty of persistent violations of the
national-bank act
551
Prevent delays i n taking director's oath
551
Establishment of appropriate penalties for violations of laws and regulations
551
Amendment to provide that suits against usurers be brought by Departr
ment of Justice
551
To authorize special interest charges for small loans
551
To prevent or limit overdrafts
^
:
552
To limit interest paid on deposits
552
Limitation of deposits to eight or ten times capital and surplus
...
552
Amendment to District laws to prevent " w i l d c a t " banking
552
To require officers and employees to give surety bonds
552
To require certificates of deposit to be signed by two officers
552
To prevent erasures on t h e books of a bank
:
553 .
Standardization of by-laws
^-553
Rechartered banks should be allowed to use bank-note plates of original
bank
-.
.'
553
Engraved signatures for national-bank notes
.* 553




CONTENTS.

XI

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

Legislation recommerided—Continued.
Page.
To authorize national banks to establish branches in the United States.
553
To permit branch banks i n Alaska and insular possessions
553
Provision for consolidation of national banks
554
To provide a i)enalty for making false financial statements for the purpose of obtaining credit from national banks
554
To provide punishment for breaking and entering a national bank for
the ^m-pose of theft or robbery
554
To limit investment in bank building
554
To authorize United States Ti'easurer to sell bonds securing circulation
30 days after a bank goes into liquidation
.'
554
Guaranty of national-bank deposits
."
556
To exempt from State taxation shares of national bank whose capital is
invested in United States bonds.
556
To authorize national banks to subscribe to Red Cross. .•
557
Deposit of dormant balances with Government
558
Restriction on use of "charge tickets " or' 'debit slips" recommended..
559
Cooperation between Federal and State banking authorities
559
National-bank examinations
560
List of national-bank examiners
560
National bank officers convicted of criminal violation of law
562
Federal Reserve System—three years' growth
565
Condition of national banks at date of each call during the report year
566
Resources
568
Loans and discounts
568
Classification of loans and discounts
569
Amount and classification of loans by national banks in the central
reserve cities
569
Comparative statement relative to loans by national banks in reserve
cities....
:.
569
Loans by national banks in New York in June, 1913 to 1917
570
Overdrafts
570
United States bonds
:
570
Other bonds, securities, etc
571
Stocks.
<
9
571
Investment securities of national banks classified
571
Domestic and foreign securities held by national banks
572
Bank premises and othef real estate owned
572
Due from banks
572
National bank deposits with Federal reserve banks
573
Specie and other lawful money
573
Exchanges for clearing house
574
Liabilities oLnational banks
574
Capital, surplus, and undivided profits
574
Circulation outstanding
574
Due to banks.
575
Individual deposits
575
Bonds and money borrowed
575
Acceptances
575
Changes in loans, bonds, cash, and deposits in national banks
575
Relation of capital to deposits, etc., of national banks
577
Percentage of principal items of assets and liabilities of national banks
577
Reserve—
Reserve required and held by national banks.
578
Percentages of reserve required
579
Development i n national banking
580
Productivity of loans and bond investments of national banks
583
Organization of national banks
583
National banks organized and closed, 1863 to October 31, 1917
584
Na.tional banks organized during the past year and since 1900
585
State banks converted into national banks
585
National banks organized since March 14, 1900
586
Changes of title and location of national banks
587
Change of charter number of national bank
588
Increase in number of reserve cities
-.
588
Foreign branches of national .banks
588
Condition of foreign branches of national banks on J u n e 20, 1917
589




XII

CONTENTS.

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

Organization of national banks—Continued.
Page.
Voluntary liquidation of national banks
'
590 '
National banks organized, failed, and reported in voluntary liquidation
during year ended October 31, 1917
591
Failures and suspensions of national banks
592
Condition of closed and active receiverships
594
Receiverships closed during the year
594
Causes of failures
^
595
National bank failures, 1881 to 1917, grouped by reserve cities and
country banks
596
National bank failures, 1881 to 1917, by fiscal years
598
National bank failures, 1881 to 1917, grouped according to capital stock.
600
National bank failures, 1881 to 1917, grouped according to States
602
State and private bank failures, 1864 to 1917
604
Interest-bearing debt of the United States, national bank circulation, e t c . . .
606
Bonds available as security for circulation. —
607
Price and interest realized on investments in United States b o n d s . . .
608
National bank investments in United States bonds
608
Federal reserve bank investments in United States bonds
609
All bank investments in United States bonds
609
Monthly statement relating to national bank circulation
,..'
609.
Redemption of national bank currency
,
610
Increase or decrease of national bank circulation
611
Vault account of national bank circulation
611
Denominations of national bank circulation
612
Shipments of national bank circulation
613
Profit on national bank circulation
613
Taxes on national bank circulation, redemption charges, examiner's salaries
and expenses of the currency bureau
613
National and Federal reserve bank circulation issued, redeemed, and outstanding
614
Rates for money in New York
615
Sterling exchange
•
616
. Discount rates. Federal reserve banks
616
Transactions of clearing-house associations -t>
617
New York Clearing House
618
Clearings of associations in the Federal reserve bank cities, etc
619
Compilations of State bank returns since 1832
:
619
Legislation relating to returns from banks other than natiorial
619
State, savings, private banks, and loan and trust companies
• 620
Summary of reports of condition of reporting banks, other than national
621
Resources and liabilities of each class of banks other than national
622
State banks
:
623
Mutual savings banks
'.
624
Mutual savings bank depositors and deposits
626
Stock savings banks
626
Stock savings bank depositors and deposits
628
Savings bank depositors and deposits, 1820 to 1917
:.....
629
Loan and trust companies.
630
Private banks
631
Reports of condition of all banks in the United States
632
National, Federal reserve, and State banks
633
Loans, deposits, and aggregate resources of national, State, and private
banks
634
Banking power of the United States
,
634
Banking power of each class of banks in the United States
635
Summary of the combined returns from national and all other banks in June,
1917
:
635
Summary of reports of condition of all reporting banks in the United States .
. and island possessions
636
Banking resources and liabilities in each State
.*
637
Comparative statement relating to all banks in 1912 and 1917
642
Growth of banking in the United States since 1863
643




CONTENTS.
R E P O R T OF THE COMPTROLLER OF THE CURRENCY—Continued.

Cash in all reporting banks
Classification of cash in banks in June, 1917. .
Distribution of the general stock of money in the United States
-...
Stock of money in the United States, in the Treasury, in banks, and in
circulation
,
. Individual deposits in all reporting banks
District of Columbia
Banks and banking in the District of Columbia
Building and loan associations
Building and loan assocaitions in the United States
Receipts and disbursements for 1916
United States postal savings system
Savings banks in the principal countries of the world
Federal reserve banks
Earnings and dividends,.
Comparative statement of principal items of resources and liabilities of
Federal reserve banks from November, 1914, to November, 1917.. .
Federal reserve notes
,... ^
Federal reserve note issues and redemptions
.. iFederal reserve bank notes
Federal farm loan banks
Statement of condition of Federal land banks on October 31, 1 9 1 7 . . . .
Conclusion
.
^

XIII
Page.

646
646
646
647
648
649
649
649
649
651
652
654
656
656
657
662
666
667
668
671
672

Exhibits accompanying Volume 1, Report of the Comptroller ofthe Currency.
Exhibit A.—List of national banks which subscribed to First Liberty Loan for
5 per cent or more of their total resources
Exhibit B.—List of national banks which sent in no subscriptions either for
themselves or customers to the First Liberty Loan
E x h i b i t C.—List of national banks which sent in no subscriptions either for
themselves or customers to the Second Liberty Loan
E x h i b i t D.—Form for computation of lawful reserve of national banks
E x h i b i t E.—Gold coin, gold certificates, and total cash on hand in all banks
E x h i b i t F.-^Demand and time loans upon which interest was charged in excess
of 6 per cent per a n n u m
E x h i b i t G.—Number of women and other shareholders in national banks
Number and amount of deposit balances dorniant since 1912
E x h i b i t H.—Legislation enacted affecting or relating to national banks.
Exhibit.!.—Treasury regulations governing deposits with banks of proceeds of
war bonds
E x h i b i t J.—Subscriptions to the First Liberty bonds b y national banks located
in cities with population of over 100,000
,
iExhibit K.—Subscriptions and payments on account of subscriptions for First
Liberty bonds by natiorial banks
E x h i b i t L.—First Liberty* bond subscriptions, allotments, sales, and percentages to total resources of national banks.
Exhibit M.—Subscriptions for* and allotments of the Second Liberty bonds
and percentages of subscriptions to total resources
Exhibit N.—Liberty bonds on which loans have been made or agreed to be
made, and loans made on t h e security of the First and Second Liberty
bonds by national banks
E x h i b i t O.—Classification of loans made b y national banks in all reserve andother cities having a population of over 75,000
E x h i b i t P.—Loans made b y national banks in all reserve and other cities
having a population of over 75,000, arranged according tb location of borrowers in each geographical division
E x h i b i t Q.—Deposits held by national banks in all reserve and other cities
with a population of over 75,000, for the credit of other banks, State and
national, and trust "companies
Exhibit R.—Loans secured b y warehouse or terminal receipts
Exhibit S.—Acceptances executed for customers.
. Exhibit T.—Letter from Comptroller of the Currency to the Interstate Commerce CommissJQn relative to railroad freight rates




677
684
686
687
690
692
695
695
696
705
709
710
713
718
724
727
731
734
737
740
743

XIV

CONTENTS.

R E P O R T OF COMMISSIONER OP INTERNAL R E V E N U E :

Page.

Accounts and statistics
Sources of internal revenue
Receipts in large tax-paying States and collection districts
Production in States and collection districts
Cost of collecting internal revenue taxes
Estimated expenses for next fiscal year
Salaries
Scale of salaries of collectors
Field force
Objects of taxation
Distilled spirits
Denatured alcohol
Distilleries
Industrial (farm) distilleries
Brandy used in fortifying wines
Tax on wines, cordials, etc
Fermented liquors
Tobacco
Oleomargarine
Adulterated butter
Narcotic law
:
Opium
Laboratory work
''.
Corporation income tax
Individual income tax
Excess-profits tax
Estates tax
Munitions manufacturers' tax
Production of stamps
Restamping
Stamps returned
'
Claims
:.....
Litigation and legislation
Court decisions
Legislation
Porto Rico
War-revenue act
Illicit distilling and work of revenue agents
Recommendations

-

:

751
752
752
753
754
-755
756
757
- - - - 759
760
760
760
761
761
761
762
762
762
763
765
765
767
767
768
775
776
776
777
779
780
780
780
780
781
785
785
785
786
787

INCOME TAX:

Total number of returns by class distribution
Chart, number of personal returns
Returns from income t a x b y districts




filed

788
789
790

ANNUAL

REPORT ON THE FINANCES.
TREASURY DEPARTMENT,

Washington^ December 8., 1917.
SIR : I have the honor to make the following report:
America's entry into the European war, April 6, 1917, brought
the country face to face with unparalleled and unusual financial problems, both in their variety and magnitude. To these were added the
inevitable accompaniment of many other problems arising out of
essential economic readjustments necessitated by the war and the
transformation of an unarmed and peaceful nation into a formidable
armed combatant. Many of the familiar phenomena, inseparable
from such a transformation, have appeared and will continue to
appear until these readjustments have been completed. They have
caused unavoidable losses and hardships. Such things can no more
be avoided in time of war than sacrifices of blood if the rights of the
Nation are to be vindicated and made safe for the future and a just
peace is to be secured for the world. We must face .these trials with
philosophy, resolution, and calmness. We must see in them not alone
the inspiration but the call to supreme effort.
When these readjustments have been completed, it will be found
that all the brains and energy of the Nation which have been released from occupations nonessential to the war will be required
in enterprises and activities which are essential to the war, and
that ihe welfare and prosperity of the country as a whole will not
be impaired.
" Business as usual" can not, of course, be adopted as the guiding
principle in time of war. I t is a wholly wrong theory and should
find no advocacy or acceptance by the sensible and patriotic people
of America. Business must be readjusted to the war-making function
of the Nation.
'
What is of superlative importance in the readjustment that must
take place is that our people shall be impressed with the necessity of
economizing in the consumption of articles of clothing, food and fuel,
and of every other thing which constitutes a drain upon the available
supplies, materials, and resources of the country. Everything wasted
now is nothing short of criminal. So far as I have been able to observe,
the American people are not sufficiently aroused to the necessity of
economy and of saving in this really serious time, not only in the
13034°—FI 1917

1




1

2

REPORT ON THE. FINANCES.

life of America but of the nations of the world. Up to the present
there has been a relatively small denial of pleasures, comforts, and
conveniences on the part of the average citizen. He is drawing upon
the general store of supplies in the country with almost the same
freedom as before America came into the war. This can not continue without serious hurt to the Nation and to the world. The great
financial operations of the Government can not be carried forward .
• successfully unless the people of the United States economize in every
possible direction, save their money and lend it to the Government.
By saving money they give up some of their needless pleasures; they
reduce their demand upon the general supply of food, clothing, and
other materials in the country, releasing thereby that much more for
the use of our own armies and the armies and civilian populations of
the nations which are fighting the common danger with us. They are
at the same time increasing their own material prosperity by their
savings, and they are directly helping their Government by lending it
the money with which it can bu}^ the necessary supplies and command the necessarj^ services to make our fighting forces stronger
and more effective in the field; and this means an earlier victory for
American arms.
The great difficulty is to impress this lesson of economy upon the
American people. I t will require widespread propaganda and constant effort. With this in view, it was my privilege to suggest to
the Congress the raising of $2,000,000,000 by the sale of war-savings stamps and thrift stamps, so that the American people would
have the opportunity, as welLas the direct encouragement, to economize and save money by putting within their reach the opportunity
of lending their savings, in such small amounts even as 25 cents, to
their own Government.
We have therefore organized a war-savings campaign upon a
wide scale and shall bring to the attention of every man, woman,
and child in the country the privilege now offered to them of serving
themselves* and serving their country by depositing their savings
with the Government of the United States upon the safest security
in the world. The Government will accept these savings and issue
its direct obligations for them in the form of war-savings stamps and
thrift stamps.
These stamps are not issued by the Government as an investment
for the rich. They are intended for people of small means primarily. They are intended to bring within the reach of everyone in
the United States the opportunity of investing in the obligations of
the United States Government upon terms unusually advantageous
to the investor and to encourage everyone to save his money and lend
it to the Government.




SECRETARY OF THE TREASURY.

3

The plan offers the most direct incentive to economize and save
ever offered to the people of the country. When the Government
makes it possible for everyone to know that by saving 25 cents, which
otherwise would have been wasted, he can invest that 25 cents in a
Government obligation, it is a definite objective to which each one's
economy may be directed. I n other words, it is possible to transmute one's economies into a specific obligation of the G;overnment,
and each one who saves is able to know that his economy ]S producing a concrete result advantageous to himself, of benefit to his
Government, and a direct contribution to the .winning of the war.
I look upon the war-saving campaign which the department has
now inaugurated as promising the riiost. wholesome benefits to the.
American people, and producing fundamental conditions that will
be of immense help in financing, as well as in successfully prosecuting, the war.
Interlocked with the question of " small savings " which can be invested in war-savings stamps at interest is the question of " large
savings" which can be invested in Liberty bonds at interest. The
men and women of large and moderate means owe a greater duty,
because they have a larger margin of income, to cut off self-indulgences, to deny themselves useless and needless luxuries, to make sacrifices of comforts, pleasures, and conveniences that will effect genuine economies and set an example to the Nation. Every dollar saved
represents actual supplies saved and made available for heroic soldiers and suffering civilians in Europe and America.
I t is easy to visualize the course of a dollar saved from waste and
invested in Government bonds: First, it goes to the Government as a
loan for the war; second, it is expended by the Government for food,
clothing, and ammunition which go directly to a gallant soldier or
sailor, whose fighting strength is kept up by the food, whose body is
kept warm by the clothing, and whose enemy is hit by the ammunition.
I t has not been expended in the purchase of needless food and clothing for the man at home, and is, therefore, released for the use of the
soldier; it is saved wealth to the man at home and can be loaned to
his Government at interest, with resulting benefit to himself and to
his Government.
The man who subscribes for a Government bond, and is advertised
as a patriot for doing so, is not a patriot if he immediately sells that
bond on the market when he does not imperatively need the money.
I t is not mere subscription to a bond that helps the Government; it
is the actual purchase of the bond and the keeping of the bond that
really helps. The people must sa^oe and invest in Government bonds.
I t is by actually lending money to the Government and not by merely
promising it and shifting the load to some one else that the citizen
really helps in this great time. If loans are made to the Government




4

REPORT ON THE FINANCES.

and bonds are taken therefor, the lender is supposed to deny himself
something which releases, in turn, a demand on the vital supplies or
stores of the country and puts the Government in position to buy the
supplies thus released and to furnish them to our armies and navies.
But if the lender immediately sells his bonds, relieves himself of the
obligation to save vital supplies, and goes on wasting them, he does
his country a grievous injury and hurts himself as well.
I want to make it clear that there is no desire on the part of the
Government to prevent or to interfere with freedom of legitimate
trading in Governinent bonds—that is, trading in good faith.
We must realize that the Government's credit is vital to the success of the war; that it underlies every, activity. I t is a sacred duty
of every citizen, and it should obe regarded as a glorious privilege by
every patriot to uphold the Government's credit with the same kind
of self-sacrifice and nobility of soul that our gallant sons exhibit
when they die for us on the battle fields of Europe. I t is as imperative to sustain the Government's credit as it is to sustain our armies,
because our armies can not be sustained unless the Government's
credit is always above reproach.
I have indulged the hope that additional bonds could be sold on
such reasonable terms that the remainder of the funds required to
meet the estimated expenditures for the fiscal year 1918 might be
raised by that means and thus escape additional revenue legislation
at this session of the Congress. I t is my earnest conviction that the
general economy of the country should be permitted to readjust
itself to the new revenue laws before consideration should be given
to the imposition of additional tax burdens. If a situatiori should
develop where the Government could not sell convertible and partly
tax-exempt bonds upon a 4 per cent basis, it would, I believe, become necessary to seriously consider further revenue legislation. I n
my judgment an increase in the rate of interest on such bonds would
be extremely unwise and hurtful. The higher the rate on Government bonds, the greater the cost to the American people of carrying
on the war and the greater will be the depreciation in all other
forms of investment securities. We can not regard without concern
serious declines in the general value of fixed investments. I t should
be the earnest endeavor of everyone to prevent this, and I earnestly
hope that the processes of education and of unselfish consideration
of the problem from the standpoint of the general interest will provide the necessary remedy.
The Government must, if necessary, absorb the supply of new
capital available for investment in the United States during the period
of the war. This, in turn, makes it essential that unnecessary capital
expenditures should be avoided in public and private enterprises.
Some form of regulation of new capital expenditures should be pro-




SECRETARY OF T H E TREASURY.

5

vided. The subject is having deep study, and I hope to be able to submit some suggestions during the session of the Congress which will
be of a constructive, as well as of a regulatory, nature. I t may also
become necessary to concert some constructive measures through
which essential credits may be provided for those industries and enterprises in the country essential to the efficient and successful conduct
of the war. The subject requires the best thought and study. I t is
receiving the most earnest consideration.
The courage and resources of the Nation are so abundant that
America's success in the war is beyond question if they are properly
organized and intelligently used. The economic and financial condition of the country was never so strong and America's spirit was
never more aroused to the importance and necessity of going forward,
resolutely and regardless of sacrifices, to the accomplishment of the
great task to which God has called us.
THE FIRST LIBERTY LOAN OF 1 9 1 7 .

By the act approved April 24, 1917 (18 days after the declaration
of a state of war between the United States and the German Government), the Secretary of the Treasury was authorized, with the
approval of the President, to issue bonds of the United States to
the extent of $5,000,000,000 at a rate of interest not to exceed 3i per
cent, convertible into bonds bearing a higher rate of interest than
3J per cent if any subsequent series of bonds should be issued at a
higher rate of interest before the termination of the war (copy of
the act of Apr. 24,1917, attached as Exhibit A ) .
Acting on this authority the Secretary of the Treasury on May
14, 1917, through Treasury Department Circular 78 (Exhibit B ) ,
formally offered the first issue of bonds for public subscription in
the sum of $2,000,000,000. I t was decided to call this issue the First
Liberty Loan of 1917. This name was selected because the proceeds
of the loan were to be used for the purpose of waging war against
autocracy.
These bonds, were dated June 15, 1917, and bear interest at the
rate of 3^ per cent per annum from that date, payable semiannually
on December 15 and June 15. They will mature June 15, 1947, but
the issue may be redeemed on or after June 15, 1932, in whole or in
part, at par and accrued interest, after three months published notice,
on any interest day. The bonds are exempt, both as to principal
and interest, from all taxation, except estate or inheritance taxes
imposed by authority of the United States or its possessions or by
any State or local taxable authorities. Under the terms of the issue
the holders of these bonds are given the right of conversion in accordance with the authority granted by the act.
Because of the size of this financial undertaking there was no
precedent to guide the Government as to the amount of bonds which



6

^

REPORT ON THE FINANCES.

the country would readily absorb at one time and there was much confusion of counsel as to the amount of the initial offering. Many students of finance and men experienced in large bond operations believed that the first issue should not exceed $1,000,000,000, and some
thought that the amount of the first loan should not exceed $500,000,000. After receiving views and suggestions from bankers, investment houses, business men, and investors in all parts of the country,
I finally determined to make the amount of the loan $2,000,000,000.
This decision was controlled by the essential requirements of our
own part in the war and the necessities of the foreign Governments
to which the Congress had authorized the extension of credits.
I t was determined to make the appeal direct to the people, and
every effort was made to give every man, woman, and child an equal
and ample opportunity to subscribe. The 12 Federal reserve banks,
which are fiscal agents of the Government, were used as the central
agency in each of the 12 Federal reserve districts for receiving sub^
scriptions, for taking care of the details for the allotment of subscriptions, the handling of payments after allotment, and the delivery
of the bonds. Each of the Federal reserve banks created Liberty loan
commtittees in cities and towns throughout its district, and in this
manner 12 great organizations were constructed for the expeditious
handling of the unprecedented operation. Bankers, business men,
bond houses, newspapers, press associations, and citizens generally
Cooperated in a great movement that vibrated with energy and
patriotism and swept the country from coast to coast in the greatest
bond-selling campaign ever launched by any nation.
In an effort to arouse as much interest as possible and to leave no
stone'Unturned to place the issue fully before the people, I made a
trip through the country, visiting 23 cities, making public addresses
in each, and keeping in close touch with the department at Washington by mail and telegraph. This was a part of a campaign of education for the purpose of explaining more fully the causes of the
war and placing the necessities of the Government and the advantages of the bonds before the people of the country. I t was especially
necessary, because it was estimated by bankers that there were only
about 350,000 bond investors in the United States; the people generally were, therefore, unacquainted with Government bonds. The
following cities were visited: New York, Boston, Detroit, Chicago,
Milwaukee, Minneapolis, St. Paul, Des Moines, Omaha, St. Joseph,
Denver, Kansas City, Kans., Kansas City, Mo., Topeka, Kans., St.
Louis, New Orleans, Birmingham, Chattaiiooga, Louisville, Cincinnati, Columbus, Pittsburgh, and Baltimore.
The total subscriptions to the first Liberty loan amounted to $3,035,226,850—an oversubscription of $1,035,226,850, or nearly 52 per cent
more than the amount offered.



SECRETARY OF THE TREASUKY.

7

More than 4,000,000 men and women subscribed for the bonds. Of
this number, it is estimated that 3,960,000 people, or 99 per cent, subscribed in amounts ranging from $50 to $10,000, while the number
of individual subscribers to $5,000,000 and over was 21, their subscriptions aggregating $188,789,900.
One of the chief purposes of the campaign was to distribute the
Liberty bonds widely throughout the country and place them, as
far as possible, in the hands of the people. This was important because the strength of Government finance, like the strength of Government policies, rests upon the support.of the people. The large
number of subscribers, especially the large number of small subscribers, was most gratifying and indicated that the interest of the
people had been aroused as never before in an issue of bonds.
The subscriptions were closed on Jime 15, and on June 22 the allotments were announced. The following table shows iri detail the
subscriptions and allotments by Federal reserve districts:
FIRST LIBERTY LOAN.

Subscriptions and allotments of subscriptions by Federal reserve districts.
$50 to S10,000, inclusive.

$10,050 to $100,000, inclusive.

Federal reserve district.
Subscriptions.

Allotment.

Subscriptions.

Allotment.

Boston
New .York
Philadelphia..
Cleveland
Richmond
Atlanta
,
Chicago
St. Louis
Minneapolis..
Kansas City..,
Dallas
San Francisco

$203,265,400
274,019,550
112,412,100
128,720,400
68,506,150
37,741,100
195,210,700
40,960,400
39,747,600
40,732,350
25,954,500
129,405,600

$203,265,400
274,019,550
112,412,100
128,729,400
68,506,150
37,741,100
195,210,700
40,960,400
39,747,600
40,732,350
25,954,500
129,405,600

$65,504,850
172,693,700
46,506,300
76,365,950
21,218,950
7,080,850
82,645,650
31,472,700
15,177,150
17,173,950
11,878,850
12,384,150

$39,302,900
103,016,200
27,9^3,800
45,819,550
12,731,350
4,248,500
49,587,400
18,883,650
9,106,300
10,304,400
7,127,300
7,430,500

Total...,

1,296,684,850

1,296,684,850

560,103,050

336,061,850

$100,050 to $250,000,
inclusive.

Over $250,000.

Total.

Federal reserve district.
Subscriptions.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
...,
San Francisco.
.Total...

Allotment.

SubscripAllotment.
tions.

Subscriptions.

Allotment.

$22,875,350 $10,293,900 $40,802,000 $12,155,700 $332,447,600 $265,017,900
79,173,300 35,628,000 660,901,850 180,723, 250 1,186,788,400
593,987,000
16,355,750 7,360,100 57,035,100 17,08a, 750 232,309,250 164,759,750
23,239,300 10,457,700 57,814,050 16,970,200
286,148,700
201,976,850
8,025,000 3,611,250 11,987,000 3,744,900
109,737,100
88,593,650
3,400,000 1,557,000 9,596,600 2,736,550 • 57,878,550
46,283,150
33,533,050 15,089,850 45,806,550 12,814,150 357,195,950 272,702,100
2,172,350
6,695,700 3,013,050 7,005,900
86,134,700
65,029,450
2,820,750 1,269,350 12,510,000 3.636,000
70,255,500
53,759,250 .
7,558,250 3,401,200 26,294,300 7,744,950
91,758,850
62,182,900
2,225,000
3,015,000 1,356,750 8,100,000
48,948,350
36,663,550
13,704,150 6,166,850 20,130,000 6,041,500 175,623,900 149,044,450
220,455,600. 99,205,000 957,983,350 268,048,300 3,035,226,850 2,000,000,000




8

REPORT ON THE FINANCES.

^ Allotment plan.:
Subscriptions.
Up to an.d including $10,000
Over $10,000 up to and
$100,000.
Over $100,000 up to and
$250,000.
Over $250,000 up to and
$2,000,000. '
Over $2,000,000 up to and
$6,000,000.
Over $6,000,000 up tb and
$10,000,000.
$25,000,000
$25,250,000
Total subscriptions

Allotment.

including

$1,296,684,850
560,103,050

including

220,455,600

including

601,514,900

including

234,544,300

including

46,674,150

,
,

50,000,000
25,250,000

,

3,035,226,850

100 per cent
60 per cent but'
$10,000 bonds.
45 per cent but
$60,000 bonds.
30 per cent but
$112,500 bonds.
25 per cent but
$600,000 bonds.
21 per cent

not less than

$1,296,684,850
336,061,850

not less than

• 99,205,000

not less than

184,381,800

not less than

58,661,250

20.22 per cent
20.17 per cent
Total allotment

9,801,600
,..

10,110,000
5,093,650
2,000,000,000

I n order to facilitate the necessary transfers of credit with the
least possible disturbance to the money market and ,to accommodate
subscribers by extending their pa3^ments over as great a period as
possible, payments were permitted in five installments, as follows:
TAVO per cent on subscription; 18 per cent on June 28, 1917; 20 per
cent on July 30, 1917; 30 per cent on August 15, 1917; 30 per cent
on August 30, 1917.
The number of subscribers was so great that the facilities of the
Bureau of Engraving and Printing were utterly inadequate to turn
out the bonds promptly. Therefore interim certificates were furnished to the Federal reserve banks for delivery to subscribers as
payments upon subscriptions were made. The number of these certificates issued aggregated 7,672,560—2,145,885 part-paid certificates
and 5,526,675 full-paid certificates.
These interim certificates were receipts by the Secretary of the
Treasury for payments on allotted subscriptions, but were not valid
until executed h j a Federal reserve bank as fiscal agent of the
United States.
THE SECOND LIBERTY LOAN OF 1917.

Because cf the increased demands occasioned by the war and the
financial needs of the countries with which we are making common
cause, the Congress by the act approved September 24, 1917 (Exhibit
C), authorized the Secretary of the Treasury to issue, in addition to
the $2,000,000,000 of bonds sold under the act approved April 24,
1917, bonds in the total sum of $7,538,945,460, bearing interest at a
rate not to exceed 4 per cent per annum, convertible into bonds bearing interest at a higher rate than 4 per cent per annum if any subsequent series of bonds bearing a higher rate should be issued by the
United States before the termination of the war between this country
and the ImperiaVGerman Government. This act also repealed the
authority to issue further bonds under the act approved April 24,
1917.



SECRETARY OF THE TREASURY.

9

I n granting this new authority, the Congress also materially modified the tax-exemption feature of the bonds. The bonds issued under
the act approved April 24, 1917, are exempt both as to principal and
interest from all taxation, except estate or inheritance taxes imposed
by authority of the United States or its possessions or by any
State or local taxing authorities. The bonds issued under the
act approved September 24, 1917, are exempt, both as to principal
and interest, from all taxation now or /hereafter imposed by the
United States, any State, or any possession of the United States, or
by any local taxing authority, except (a) estate or inheritance taxes,
and (&) graduated additional income taxes, commonly known as surtaxes, and excess profits and war profits, now or hereafter imposed by
the United States upon the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of
bonds and certificates authorized by the act approved September 24,
1917, the principal of which does not exceed in the aggregate $5,000,
owned by any individual, partnership, association, or corporation,
are exempt from the taxation provided for in clause (5) above.
This change in the tax-exemption feature was deemed essential in
order that the bonds might be of the same value, as far as taxation
is concerned, in the hands of all investors, and in order that they
might make the widest possible appeal. With the levying of increased taxes to meet the war needs of the country, it was felt that
to continue the issuance of tax-free bonds in large amounts would
give to the very rich a means of escaping a large measure of taxation
with no compensating advantage to the man of moderate or small
means who invested in Government bonds. For this reason the new
bonds were made subject to the super income taxes and excess profits
taxes and the rate of interest was increased to 4 per cent. The result
is that all investors in the bonds issued under this act will be placed
on an equality of advantage.
The second Liberty loan was formally offered to the public on October 1, 1917, through Treasury Department Circular No. 90 (Exhibit
D ) . The amount of the loan was $3,000,000,000, and the Secretary
of the.Treasury reserved the right to allot additional bonds up to onehalf the amount of any oversubscription. The bonds were dated
November 15, 1917, and bear interest at the rate of 4 per cent per
annum from that date, payable semiannually on May 15 and November 15. They will mature November 15, 1942, but the issue may be
redeemed at the option of the United States on or after November
15, 1927, in whole or in part, at par and accrued interest, on any interest day on six months' notice given in such manner as the Secretary of the Treasury shall prescribe.
I n accordance with the terms of the act it was provided that if a
subsequent series of bonds bearing interest at a higher rate "than 4
per cent per annum shall be issued by the United States before the



10

.

REPORT ON THE FINANCES.

termination of the war between the United States and the Imperial
German Government, the holders of the bonds of the second Liberty
loan shall have the privilege at their option of converting their bonds
at par into bonds bearing such higher rate of interest. If the privilege of, conversion so conferred, however, shall once arise and shall
not be exercised within the period prescribed by the Secretary of the
Treasury, then the privilege of conversion shall terminate and shall
not arise again, though thereafter bonds may be issued bearing interest at a higher rate than 4 per cent per annum.
I n offering the second Liberty loan to the public the same form of
organization was utilized; that is, the 12 Federal reserve banks, as
fiscal agents of the Government, were the central agencies in their
respective districts operating through the Liberty loan committees
a n d i n cooperation with patriotic organizations and citizens generally.
The size of the issue, controlled as in the case of the first Liberty
loan by the necessities of the situation, presented a colossal task, and
it was necessary to arouse the interest of the people of the entire
country in the largest possible degree to the needs of the Government.
The patriotic assistance and cooperation of every available agency
that performed such splendid service in the first campaign were
placed at the disposal of the Government. I can not express in adequite terms the great credit that is due them for the great service they
rendered.
I made a trip across the country and back again in an effort to
take the message of the Government's needs to every section. I visited the following cities and made public addresses in each: Cleveland, Toledo, Indianapolis, Chicago, Madison, Sioux City, Sioux
Falls, Aberdeen, Butte, Spokane, Tacoma, Seattle, Portland, San
Francisco, San Diego, Los Angeles, Salt Lake City, Denver, Colorado
Springs, Dallas, Fort Worth, Little Eock, Memphis, Nashville, Atlanta, and Charlotte. I also had the privilege of speaking in many
smaller cities and towns along the way and also at a number of the
camps where our soldiers are being trained.
The subscriptions to the second Liberty loan closed on October
27, 1917, and the, issue was a phenomenal success. The total subscriptions amounted to $4,617,532,300—an oversubscription of $1,617,532,300, or approximately an oversubscription of 54 per cent of the
amount offered. This was a more gratifying result even than the
first Liberty loan.
I t is an immensely gratifying fact that the second loan was subscribed for by approximately 9,400,000 men and women of the country. Of this number, it is estimated that 9,306,000, or 99 per cent,
subscribed in amounts ranging from $50 to $50,000, the aggregate of
such subscriptions being $2,488,469,350. The fact that such a vast
number purchased bonds is significant of the widespread interest
of the people in the purposes of the war and of their determined



11

SECRETARY OF T H E TREASURY.

support of the Government in all measures required for its vigorous
prosecution.
In conformity with the original announcement, I accepted 50 per
cent of the oversubscription, making the total issue $3,80^,766,150.
The following table shows the subscriptions and allotments by
Federal reserve districts:
Second Liberty loan subscriptions and allotments of subscriptions by Federal
reserve districts.
$50 to $10,000, inclusive.
Federal reserve
district.

Subscriptions.

Allotment.

Boston
New York
Philadelphia I.
Cleveland
Richmond....
Atlanta
,
Chicago
,
St. Louis....-,
Minneapolis..,
Kansas City..
Dallas
,
San Francisco

$186,136,050
441,101,150
135,278,500
186,121,600
97,792,000
51,635,500
322,122,900
79,417,550
89,171,600
80,042,250
53,556,500
144,550,500

$186,136,050
441,101,150
135,278,600
186,121,600
97,792,000
51,635,500
322,122,900
79,417,550
89,171,600
80,042,250
63,556,500
144,650,500

Total...

1,866,926,100

1,866,926,100

Federal reserve
district.
Boston
New Y o r k . . .
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas........
San Francisco,
Total..,

$100,050 to $200,000,
inclusive.

$10,050 to $50,000, inelusive.
Subscriptions.

$50,050 to $100,000, inclusive.

Allotnient.

Subscriptions.

Allotment.

$73', 681,100 $73,681,100 $60,363,360 $45,327,050
168,326,200 168,326,200 100,722,650 90,650,400
41,180,450 41,180,460 27,681,100 24,913,000
79,646,600 79,645,600 48,352,850 43,617,600
17,299,600
38,442,860 38,442,850 19,221,750
12,848,600
12,848,600
6,916,800
6,574,200
82,080,700 82,080,700 ' 41,718,300 37,546,600
24,916,250 24,916,250 . 11,026,800
9,924,150
18,537,050
18,537,050 10,284,460
9,266,050
27,389,400 27,389,400 11,132,700 10,019,450
11,292,300
11,292,300
4,304,950
4,783,260
43,402,760 43,402,760 .28,004,600
26,204,060
621,543,250

621,643,250

1,866,900 323,879,600

Over $200,000.

Total.

Allotment.

Subscriptions. Allotment.

Subscriptions. Allotment.

$31,734,450 $23,800,850
68,166,700 61,125,050
•.17,892,450
13,419,350
35,487,950 26,616,000
10,981,350
8,236,050
6,730,800
5,048,100
26,978,050 20,233,550
7,117,300
6,338,000
9,530,450
7,147,850
8,463,500
6,347,650
3,917,800
2,938,350
15,220,000 .11,415,000

$135,135,100 $78,868,650
772,136,750 399,982,100
158,317,750 80,335,700
136^598,800 73,986,400
34,774,550 20,811,200
12,906,650
7,494,050
112,953,400 63,971,950
61,802,850 30,626,250
13,409,100
7,859,900
23,097,900 12,750,760
4,350,000
2,475,000
61,493,400 36,689,450

181,665,800

1,526.976,250 814,751,400

Subscriptions.

242,220,800

$476,950,050 $407,713,700
1,550,453,450 1,151,184,900
380,350,250
295,127,000
486,106,800
409,787,200
201,212,600
182,581,700
82,943,050
90,695,750
525,955,600
585,853,350
150,122,200
184,280,750
131,972,450
140,932,650
136,549,500
160,125,750
74,667,100
77,899,850
260,261,750
292,671,150
4,617,532,300

3,808,766,150

Allotment plan:
Subscriptions.
Up to and including $50,000
Over $50,000 up to and
$100,000.
Over $100,000 up to and
$200,000.
Over $200,000 up to and
$1,000,000.
Over $1,000,000 up to and
$8,000,000.
Over $8,000,000 up to and
$30,000,000.
860.000.000. . .

^

Allotment.

including

$2,488,469,350
359,865,900

including

242,220,800

including

756,586,700

including

470,425,600

including

249,963,950

Total subscriptions




50,000,000
$4,617,532,300

100 per cent
90 per cent but not
$50,000 bonds.
75 per cent but not
$90,000 bonds.
60 per cent but not
$150,000 bonds.
50 per cent but not
$600,000 bonds.
41.20 per cent but not
$4,000,000 bonds.
$40.8152 per cent
Total allotment

less than

$2,488,469,350
323,879,600

less than

181,665,800

less than

455,690,300

less than

235,582,300

less than

103,071,200

'

20,407,600
3,808,766,150

12

REPORT ON THE FINANCES.

The percentage of oversubscription, by Federal reserve districts,
was as follows:
Per cent
of oversubscription.

Total subscriptions
received.

Quota.

Boston
New Y o r k . . . .
Philadelphia..
Cleveland.....
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
SanFrancisco

$476,950,050
1,550,453,450
380,350,250
486,106,800
201,212,500
90,695,750
585,853,350
184,280,750
140,932,650
150,125,750
77,899,850
292,671,150

$300,000,000
900,000,000
250,000,000
300,000,000
120,000,000
80,000,000
420,000,000
120,000,000
105,000,000
120,000,000
75,000,000
210,000,000

59
72
52
62
68
13
39
54
34
25
4
39

Total...

4,617,632,300

3,000,000,000

64

Federal reserve districts.

I t is to the credit of the country that every Federal reserve district exceeded its quota of the $3,000,000,000 of bonds offered. The
success of the second loan, like that of the first, was a distinct
triumph for the people of the United States. I t not only demonstrated their ability, patriotism, and resources, but augurs the certain success of any future loans that may be offered by the Government.
This great loan would have been impossibla without the loyal
support and cooperation of the people of the country, but even that
support could not have been secured except for the. indefatigable,
unselfish, and earnest work of hundreds of thousands of splendid
men and women throughout the United States, who threw themselves into the task without reservation. ^ I wish to record thanks
to all these splendid volunteers and patriots, and particularly to the
bankers of America; the Liberty loan organizations which were,
formed in every State, city, town, and community in the United
States; the women of the country, who made a distinctive fight for
the Liberty loan through their own organizations; the Boy Scouts
arid Girl Scouts; the newspapers and periodicals which gave, as in
the first Liberty loan, the most effective, unselfish, and generous
support, through their columns and otherwise; the press associations,
the business, houses, the various patriotic organizations, cooperative
and fraternal societies, and other organizations throughout the
length and breadth of the land which so generously and earnestly
gave their services to the great cause. Thanks are due also to those
employers who, in such large numbers, gave the fullest opportunity
to their employees to subscribe to the loan upon terms commensurate
with their ability to make the required payments.
I should like to make special mention of the soldiers and sailors
of America, who came forward with subscriptions amounting to



SECRETARY OF THE TREASURY.

13

more per capita than those received from the civil population. These
gallant men are not only giving their services and their lives to
their country but are lending their money as well to strengthen the
Government in this great war for America's rights and world
democracy.
As in the case of the first loan, every effort was made to facilitate
the payment for subscriptions to the second loan, and subscribers
were permitted to pay in the following installments: Two per cent
with application; 18 per cent on November 15, 1917; 40 per cent on
December 15, 1917; 40 per cent on January 15, 1918.
For the second loan the Federal reserve banks, as fiscal agents,
issued their own receipts for payments received on bond subscriptions allotted, and the definitive bonds on full-paid subscriptions will
be delivered at the time payment is completed, or very shortly thereafter, thus obviating the issue of interim certificates in the name of
the Secretary of the Treasury.
During the second Liberty loan campaign it was possible to place
on sale for over-the-counter deliveries, on full-paid subscriptions
not exceeding $1,000 each, a large amount of coupon bonds of the $50,
$100, $500, and $1,000 denomination. Prior to the close of the campaign the following bonds had been furnished Federal reserve banks
for this purpose:
Denominations.
$50
$100..
$500
$1,000

Number of
bonds.

Value.

'

827,814
961,863
99,097
, 304,-752

$41,390,700
96,186,300
49,548,500
304,752,000

Total....

2,193,526

491,8775500

TREASURY CERTIFICATES OF I N D E B T E D N E S S .

The Secretary of the Treasury was authorized, under the act approved April 24, 1917, to issue Treasury certificates of indebtedness
to the extent of $2,000,000,000 outstanding at any one time and at a
rate of interest not to exceed 3^ per cent per annum. The authorized
amount outstanding at any one time was increased to $4,000,000,000,
and the rate of interest was left to the discretion of the Secretary of
the Treasury by the act approved September 24, 1917. The maturity
of these certificates is limited to not exceeding one year.
The issuance of short-time certificates of this character has greatly
simplified the large financial operations of the Government and
facilitated the enormous transfers of credit involved in the bond issues of the Liberty loans. Most of the certificates have been issued
with a maturity of from one to three months. The proceeds from




14

REPORT ON THE FINANCES.

these issues have been used, in anticipation of receipts from longterm bonds, to meet the immediate needs of the Government and to
extend credit to the foreign nations engaged in the war with Germany. The certificates have been sold quickly through the Federal
reserve banks, the fiscal agents of the Government, and have been a
means of providing for the requirements of the Treasury during the
intervals between the sales of Liberty bonds.
In connection with both the first and second Liberty loans, the
policy was adopted of issuing large amounts of certificates in advance
of the bond issues and authorizing their acceptance as payments on
bonds allotted. By this means a large part of each issue was absorbed in advance of its date, with the result that the same proportion
of transfers of credit involved in the loan had been adjusted before
the dates of payments on subscriptions. This method of temporary
financing has proved wise and beneficial and has prevented disturbance in the money market which might have resulted if the operation
had not been eased over a long period in this manner.
The total amourit of certificates of indebtedness issued to November
1 was $3,388,698,000. Of this amount $50,000,000 were issued on
March 31,1917, before the war under the act approved March 3,1917,
in anticipation of internal-revenue taxes payable in June, 1917. Consequently the total amount of certificates issued on account of the war
under the acts approved April 24,1917, and September 24, 1917, was
$3,338,698,000. A large part of these certificates have matured and
been canceled.
The following table shows in detail the issuance of certificates
through Federal reserve banks, the date of issue, the date of maturity,
and the rate of interest:




Treasury certificates of indebtedness.
Issued through Federal Reserve Bank of—

Mar. 3, 1917
Apr. 24, 1917
Do...
Do
Do
Do
Do
Do

Total
amount.

Date of
issue.

-

.
........

• Date of
maturity.

Rate.

Mar. 31,1917

Authorizing act.

June. 29,1917

Per cent.
2

Apr.
May
May
June
Aug.
Aug.
Sept.

25,1917
10,1917
25,1917
8,1917
9,1917
28,1917
17,1917

June 30,1917
July 17,1917
July 30,1917
do
Nov. 15,1917
Nov. 30,1917
Dec. 15,1917

. 3
3
3i
3i
3i
3i

Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

26', 1917
11,1917
16,1917
17,1917
18,1917
24,1917
29,1917

Dec. 15,1917
Oct. 18,1917
do
.....do
Nov. 22,1917
Dec. 15,1917
Oct. 31,1917

4
4
4
4
4
4
2

New York.

Philadelphia.

Cleveland.

Richmond. Atlanta.

$50,000,000

$3,000,000

$20,000,000

$3,600,000

$3,500,000

$2,000,000

$1,600,000

268,205,000
200,000,000
200,000,000
200,000,000
300,000,000
250,000,000
300,000,000

16,800,000
12,167,000
11,200,000
18,200,000
19,400,000
16,140,000
12,171,000

136,150,000
98,512,000
125,300,000
100,500,000
175,000,000
152,938,000
204,347^000

14,000,000
10,000,000
9,000,000
10,400,000

14,000,000
15,000,000
10,800,000
19,100,000
33,700,000
i2,soo;'0oo 24,157,000
9,882,000 25,113,000
8,850,000

5,350,000
2,753,000
2,000,000
3,600,0002,800,000
7,235,000
3,180,000

8,000,000
2,605,000
1,700,000
1,000,000
4,300,000
4,848,000
2,280,000

400,000,000 22,174,000
100,000,000
10,000,000
20,000,000
385, m , 000 30,149,.000
685,296,000 33,010,000
20,000,000

212,100,000
100,000,000
10,000,-000
20,000,000
179,475,000
543,683,000
20,000,000

20,000,000

34,209,000

7,004,000

8,289,000

24,000,000
13,600,000

38,863,000
26,471,000

8,323,000
11,472,000

6,535,665
5,883,000

Ul

.. .

Total.

1,620,493,000

Grand total under acts of Apr. 24
and Sept. 24, 1917.

3,338,698,000




a
w
H

O

.1,718,205,000

Total
Sept. 24,1917
Do
Do
Do
Do
Do
Do

Boston.

H
Ul

.

d

Ol

Treasury certificates of indebtedness—Continued.

05

I s s u e d t h r o u g h F e d e r a l R e s e r v e B a n k of—
D a t e of
issue.

Authorizing act.

D a t e of
maturity.

Rate.
Chicago.

Mar

.-^j 1917

A p r . 24, 1917
Do .
Do
Do
Do
Do
Do
Sept 24 1917
Do/.
Do .
Do
Do
Do
Do

__

. . . .
;

:...:
. .
. .
.....




..
.

Mar.
Apr.
May
May
June
Aug.
Aug.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

31,1917
25,1917
10,1917
25,1917
8,1917
9,1917
28,1917
17,1917
26,1917
11,1917
16,1917
17,1917
18,1917'
24,1917
29,1917

J u n e 29,1917
J i m e 30,1917
J u l y 17,1917
J u l y 30,1917
do
N o v . 15,1917
N o v . 30,1917
Dec. 15,1917
Dec. 15,1917
Oct. 18,1917
do
do
N o v . 22,1917
Dec. 15,1917
Oct. 31,1917

P e r cent.
2
3
3

II
35
3§
3^
4
4
4
4
4
4
2

St. Louis.

Mirmeapolis.

Kansas
City.

DaUas.

San Francisco.

$2,500,000.
8,000,000
9,500,000
7,200,000
5,600,000
7,100,000
4,542,000
4,619,000
9,000,-000

$2,000,000
7,000,000
5,525,000
2,400,000
3,300,000
4,700,000
2,430,000
2,367,000
10,595,000

$2,500,000
20,000,000
7,500,000
4,200,000
5,200,000
13,000,000
7,520,000
9,030,000
23,000,000

10,600,0002,178,000 12,038,000
7,217,000

20,000,000
13,408,000

$5,000,000
16,400,000
24,893,000
16,600,000
19,800,000
15,800,000
15,095,000
21,169,000
35,629,000

$2,500,000
10,400,000
7,045,000
7,200,000^
8,100,000
7,900,000
4,188,000
4,874,000
11,000,000

$2,000,000
2,500,000
4,500,000
2,400,000
5,200,000
3,700,000
2,025,000
2,000,000
7,000,000

32,963,000
18,141,000

12,710,000
5,028,000

9,541,000
5,205,000

Treasury.

$10,605,000

o
o

"A
a
Ul

SECRETARY OP THE TREASURY.
LOANS TO FOREIGN

17

GOVERNMENTS.

By the acts of Congress of April 24,1917, and September 24, 1917,
authority was vested in the Secretary of the Treasury, on behalf of
the United States, with the approval of the President, to establish
credits in favor of foreign Governments engaged in war with the
enemies of the United States, and, to the extent of the credits so
established, from time to time, to purchase at par from such foreign
Governments, respectively, their several obligations, such obligations
under the authority of the act of April 24 to bear the same rate of
interest and to contain in their essentials the same terms and conditions as those of the United States issued under authority of the
act, and under the terms of' the act of September 24, to bear such
rate or rates of interest, not less than the bonds of the United States,
to mature at such date or dates, not later than the bonds of the United
States then last issued under authority of either act, and to contain
such terms and .conditions as might from time to time be determined
by the Secretary of the Treasury.
A total appropriation of $7,000,000,000 was provided for these
purposes, $3,000,000,000 by the earlier act and $4,000,000,000 by the
later. Under these authorizations credits have been established in
favor of the Governments of Great Britain, France, Italy, Russia,
Belgium, and Serbia^ and advances have been made to those Governments as indicated in the following tabulation, which includes all
such credits and advances up to November 1, 1917:
Loans and
credits agreed
upon.

Country.

Great Britain. .•
France
.
Italy
Russia 1
Belgium
Serbia

\

. . . . .

Total

Loans made.

$1,425,000,000 $1,425,000,000
820,000,000
820,000,000.
500,000,000.
255,000,000
325,000,000
159,700,000
58,400,000
54,500,000
3,000,000
3,000,000
3,131,400,000

2,717,200,000

Balances under
established
credits.

$245,000,000
165,300,000
3,900,OCO
414,200,000

^ Of the credits and loans in favor of the Russian Government, $5,00,0,000 represents
a loan to the Roumanian Government, the advance being made in this manner through
the Russian Government in the absence of a Roumanian representative in the United
s t a t e s who could negotiate a direct loan to his Government.

The established credits indicated in the above table cover the
period from the date of the passage of the earlier act, April 24, 1917,
up to November 1, 1917, or a little more than six months. On the
basis of the requests being made on the Treasury it was estimated
that credits aggregating approximately $500,000,000 per month
would be required to meet the urgent war needs of the foreign Governments receiving advances from the United States. With a balance
of about $4,000,000,000 remaining available for the period beginning
November 1, 1917, and with these credits averaging about $500,000,000
13034°—n 1917



2

18

REPORT ON TI-IE FINANCES.

monthly, it is anticipated that the appropriation will be ample to
meet the requirements to the close of the fiscal year.
I n negotiating these loans the judgment of the Secretary has been
determined ver}'^ largely by what was represented^ to him as the
actual necessities for the purchase of supplies and materials arid
other requirements in carrying on the war. After obtaining all light
possible as to the reasons for such necessities, if it was determined
that a loan should be made it was then submitted to the President,
and, if he approved, a credit of the sum indicated was established and
drawn against from time to time as the cash was needed to meet
those requirements.
I n conducting these financial relations with the allied Governments every possible effort has been made to obtain the maximum
results from the credits established. I n August, 1917, formal arrangements were entered into by the Secretary of the Treasury, with the
approval of the President, on behalf of the United States, and by representatives of the allied Governments for the creation of a commission, with headquarters at Washington, through which all purchases made by those Governments in the United States shall proceed.
The commission is composed of Bernard M. Baruch, Robert S.
Lovett, and Robert S. Brookings. These gentlemen are also members of the War Industries Board of the Council of National Defense,
and by reason of this relation are able to coordinate the purchases of
the United States Government with the purchases of' the allied
powers.
The obligations which have been purchased under the terms of
the acts referred to are in the form of short-term or demand certificates of indebtedness signed by the duly authorized representatives of
the respective Governments receiving advances of funds. These obligations under their terms shortly will be converted, at par, with an
adjustment of accrued interest, into an equal par amount of gold
bonds of the Governments concerned. Interest on these demand
obligations was first placed at 3 per cent per annum, and shortly
thereafter increased to 3^ per cent per annum, these rates being established to conform to the rates paid by the Government. of the
United States on its short-term certificates of indebtedness issued
under authority of the act of April 24, 1917, in anticipation of
receipts from the sale of the bonds of the first Liberty loan. Subsequently, and coincident with the sale of these bonds, the rate was
raised to 3^ per cent per annum, thus conforming with the rate
carried by the bonds. For obligations purchased since the approval
of the. act of September 24, 1917, the rate was placed at 4 | per cent
per annum.
By the terms of this act the normal rate of interest to be borne by
the obligations of tiiQ United States issued thereunder could not
exceed 4 per cent per annum. At the same time it rendered the



SECRETARY OF THE TREASURY.

19

bonds thus issuable exempt from certain classifications of taxes,
thereby substantially increasing the cost to the Government of the
money received from the sale of its obligations by diminishing the
amount which it might in turn take from its citizens in taxes. The
rate of interest to be charged on the loans to foreign Governments
under the terms of the act was not definitely fixed, but was left in
the discretion of the Secretary, though a minimum was fixed. I n the
exercise of that discretion it was determined to fix the rate at 4^ per
cent per annum, the additional one-quarter per cent being added to
compensate in part at least the loss to the Government due to the taxexemption features on its own obligations above referred to and the
cost incurred by the United States of issuing its own bonds. This
rate in turn will be further increased in case there should be higher
rates of interest paid by the United States during the continuance of
the war for the moneys that it may invest in the purchase of foreign
obligations.
WAR-SAVINGS CERTIFICATES.

I n order that every man, woman, and child in the country, however
small their means, may be given an opportunity to assist the Government in the financing of the war, I have determined upon an extensive campaign for the sale of war-savings certificates. The issuance
of these securities was authorized by the act approved September 24,
1917, in an amount not to exceed $2,000,000,000.
I n addition to assisting the Government in the prosecution of the
war it is confidently expected that these certificates will greatly encourage thrift and economy among the people of the country. Liberty bonds are offered in denominations of $50 and upward. They
do not present a convenient form of investment to those who wish to
accumulate savings in small amounts and put their funds in obligations of the Governmerit. There are many mechanical and practical difficulties in the way of issuing bonds in large amounts of denominations below $50. The demand for such securities will be'met
by war-savings certificates.
The simplest possible plan has been evolved for the issuance of the
certificates to the public. Under it any person may invest amourits
as small as 25 cents at a time at post ofiices, banks, or trust companies,
and at many places where accredited persons will act as selling
agents. The campaign will be inaugurated on Monday, December 3,
1917. The certificates will be dated January 2, 1918, and will mature
January 1, 1923—that is, five years after date.
These obligations of the United States will be evidenced by a warsavings stamp costing from $4.12 to $4.23, according to the month in
which purchased and having a maturity value of $5, and thrift
stamps costing 25 cents may be accumulated towards paying for a
war-savings stamp.




20

REPORT ON TPIE FINANCES.

During December, 1917, and January, 1918, war-savings certificate stamps will be sold at $4.12 each. At the beginning of each of
the succeeding months of 1918, starting February 1, the cost of a
stamp will increase 1 cent per month. The difference between the
purchase price paid at any time during 1918- and $5 represents the
interest the Government will pay the holder. This interest is at the
rate of 4 per cent per annum, compounded quarterly on the average
price of the stamps during 1918.
With the first war-savings stamp bought, the purchaser will obtain a war-savings certificate, containing blank spaces for 20 such
stamps. If the 20 spaces are filled during December, 1917, or January, 1918, the cost to the purchaser will be $4.12 for each stamp or
$82.40 for the filled certificate, and on January 1, 1923, the Government will redeem the certificate at $100, giving the holder $17.60 for
the use of his money.
Thrift stamps, costing 25 cents each, are from time to time as purchased to be affixed to thrift cards, which will be supplied without
cost. Thrift stamps will not bear interest, but a thrift card, when
filled at a cost of $4, may be exchanged for a war-savings stamp bearing interest at 4 per cent, compounded quarterly, merely by turning
the card into the post office, bank, or other sales agency and paying
the difference between $4 and the current price of a war-saviugs
stamp.
The privilege of surrendering a certificate to the Government and
receiving the cost thereof, plus interest at the rate of about 3 per
cent, has been provided for the convenience of those who may have
bought certificates and later find themselves in need of their money.
Upon 10 days' written notice after January 2 next, postmasters will
pay all certificates at their cost to purchasers, plus an increase of 1
cent a month on each war-savings stamp on the certificate surrendered.
The Treasury Department is receiving the cordial cooperation of
the Post Office Department in the sale of these certificates. The
Postmaster General, at the request of the Secretary of the Treasury,
has prescribed regulations requiring employees of the Post Office
Department and the Postal Service to give effective assistance and
cooperation to carry out the plan.
The details of the offering of war-savings certificates are set forth
in Treasury Department Circular No. 94 (Exhibit E ) .
THE FEDERAL RESERVE SYSTEM.

America's entrance into the war was accompanied by no shock or
financial panic, nor was there the slightest flurry in financial circles
when the decision was announced. Happily fpr America, the Federal Reserve System was established in 1914. I t has been" subjected
to supreme tests, both preceding and following the declaration of



SECRETARY OF TPIE TREASURY.

21

hostilities, and has measured up to every expectation and to every
requirement. Without this system it would be impossible to finance
our "enormous domestic and foreign trade, to raise the tremendous
credits required to assist the foreign governments makirig conimon
cause with us against Germany, and to take care of the extraordinary
expenditures entailed by our part in the war.
The Federal Reserve System during the past year has grown
enormously, while widening materially the general scope of its activities and usefulness. The system was inaugurated on November
16, 1914. The total assets of the 12 Federal reserve banks on
November 17, 1916, amounted to $943,419,000. On November 16,
1917, after the expiration of three years, the assets of these banks
amounted to $3,012,406,000. The gold held by the Federal reserve banks and the Federal reserve agents, which a year ago
amounted to $674,103,000, on November 16, 1917, had reached the
enormous sum of $1,584,328,000.
During the past year the Federal reserve banks, through the Federal Reserve Bank of New York, arranged for the establishment of
reciprocal accounts in various foreign countries; in England with
the Bank of England; in France with the Bank of France; and in
Italy with the Bank of Italy, though it is not expected that transactions between the reserve banks and the banks of belligerent
countries will assume large proportions before the conclusion of the
war. Arrangements have also been made for the opening of reciprocal accounts with the Philippine National Bank of Manila
through the Federal Reserve Banks of San Francisco and New
York.
The facilities and advantages of the system have been enlarged
and increased during the year by the opening of branch banks at
important centers in different Federal reserve districts, including
Portland, Oreg., Seattle and Spokane, Wash., and Omaha, Nebr.,
and authority has also been given for the establishment of additional
branches at Denver, Cincinnati, Louisville, Pittsburgh, and Baltimore.
The Federal reserve banks have assumed new and extremely important duties since the outbreak of the war in connection with
Government finances. The Secretary of the Treasury on March 31,
i9l7, placed the first temporary Government loan through the Federal reserve banks by selling to the 12 reserve banks $50,000,000 of
Treasury 90-day certificates of indebtedness, which were taken by
the several banks at a 2 per cent interest rate. These certificates
were issued before the war in anticipation of internal-revenue taxes
payable in June. Since the outbreak of the war the Treasury
has placed through the 12 reserve banks, which have in turn distributed them largely among their member banks and other cus


22

REPORT ON T H E FINANCES.

tomers, short-term Treasury certificates of indebtedness to the extent
of $3,338,698,000 at rates varying from 3 to 4 per cent.
These certificates of indebtedness, as hereinbef(3re stated, are being
issued from time to time, usually with maturities of 60 to 90 days,
to provide temporarily for war-time requirements ptoding the receipt
of income and other taxes and the proceeds of the sales of Liberty
bonds, and are, redeemed as these funds are paid into the Treasury.
When the first Liberty loan of $2,000,000,000 was subscribed for
in June last the subscriptions, collections, and payments were also
handled through the 12 reserve banks, and the settlements were made
in such a way that no stringency, in the money market was occasioned. The first Liberty loan was sold and paid for between
June 15 and August 31, 1917, and it is interesting to note that
the reports of the national banks show that between the calls
of May 1, 1917, and September 11, 1917, embracing the period in
which the first Liberty loan of $2,000,000,000 was taken up and
paid for, the national banks of the country, instead of being drained
of their resources through these vast collections by the Government,
actually showed an increase of $154,000,000 in the sum total of their
deposits for that period.
The payments for the second Liberty loan were made with the
same ease that marked the settlements for the first loan.
The Federal Reserve System has been of incalculable value during
this period of war financing on the most extensive scale ever undertaken by any nation in the history of the world. It would have been
impossible to carry through these unprecedented financial operations
under our old banking system. The effective machinery afforded by
the Federal reserve banks has permitted the Government to execute
its plans without a tremor of disturbance. Great credit is due the
12 Federal reserve banks for .their broad grasp of the situation and
their intelligent and comprehensive cooperation. The organizations
which they perfected under the direction of the Treasury Department contributed greatly' to the phencfmenal success of the Liberty
loans.
Amendments to the Federal reserve act.
As a result of the experience gained during the first two years of
the operation of the system it was found desirable, during th6
past year,, to amend certain sections of the Federal reserve act, and
this was done by acts of Congress approved September 7, 1916, and
June 21, 1917.
By these amendments the powers and authority of the Federal
Reserve Board are strengthened and enlarged. The board is given
power to authorize or require the establishment by the reserve banks
of branches or agencies in this and in foreign countries. Provision
is made for perfecting the collection of checks and drafts at par



SECREa:ARY OF THE TREASURY.

23

throughout the country. The authority of the bdard to confer power
upon member banks to accept, up to 100 per cent of the capital and
surplus of the accepting bank, foreign and domestic drafts and bills
of exchange, properly safeguarded, is restored. The amendments
provide for a -more comprehensive mobilization of gold in the reserve banks and additional elasticity is secured to note issues without diminishing the security of Federal reserve notes. The issuance ^
of Federal reserve notes, on the security of 15-day promissory notes
of member banks, secured either by eligible commercial paper or
bonds and notes of this Government, is also authorized.
One of the most important amendments directs that the reserve of
all member banks shall be carried solely in the Federal reserve banks,
and the percentage of reserve required is materially reduced, leaving
optional with the banks the amount of additional cash which they
shall carry in their own vaults for local currency requirements. Another amendment allows State banks entering the system to retain,
their full charter or statutory rights as State banks or trust companies without undue restriction, and authorizes the directors of the
Federal reserve banks in their discretion to accept examinations
made by the State authorities in lieu of examinations by examiners
selected or approved by the Federal Reserve Board. Furthermore,
State banks are now authorized to withdraw from the system on six
months' written notice. There were also other minor amendments
which related mainly to matters of detail or local management.
By some of the foregoing amendments the obstacles which have
heretofore prevented State institutions from entering the system
have been removed; and the numerous applications for membership
which have already been received indicate that a broad general movement is now under way which it is hoped will before long result in
securing for our country a more solid and unified system, embracing
in its membership not only a great majority, but virtually all of the
important bariks and banking institutions of the country.
Intelligent men all over the country are beginning to realize that
t ] 0 Gn.2Liici2il power of the United States should be strengthened to
the utmost limit if we are to meet successfully the tremendous strain
upon our resources occasioned by our own part in the war arid by
the credits which it is essential that we should extend to vthe foreign
governments cooperating with us in the war and if we are to be equal
to the demands, in a large measure, at least, of world leadership which
will inevitably be thrust upon us as a result of the war. Financial
strength can come alone from a consolidation of the financial power
of the country under one homogeneous system. I t can not be had
under the present arrangement, involving as it does 49 separate
banking systems or banking controls in the United States. I n the
Federal system, we have the one cohesive and powerful financial
organization in the country. I n addition to the Federal system we



24

REPORT ON T H E FINANCES.
o

have 48 different systems, authorized by and administered under the
laws of each of the States of the Union. This is a serious element
of wealmess and will be proven so when the test of greatest responsibility and need comes. We must be prepared for a larger measure
of international demand upon our resources in the future than ever
before in the past. Self-interest alone should impel every eligible
State bank in the country to take membership in the Federal Reserve
• System; but, in addition to that, in this grave time of national peril,
patriotism should combine with self-interest to make them take that
course. I t is my earnest hope that the State banks of the United
States will see this question in its proper light.- They have been
joining the Federal Reserve System recently in greater numbers than
ever before, but progress should be even more rapid. The Federal
reserve law is now so liberal to State banks that they get nothing but
advantages by joining the system, while they are bound to suffer
serious disadvantages, especially in time of test and trial, if they
remain outside.
T H E STOCK OF GOLD.

The gold monetary stock (coin and bullion used as money) in the
United States on November 1, 1917, is estimated at $3,041,500,000.
The increase in the past 10 months has been $174,500,000; in the past
three years $1,236,500,000; while in the past five years it has been
$1,161,333,000. I n five years the portion of the world's gold monetary stock held by the United States has increased from approximately
one-fifth to more than one-third.
CONVERSION OF 3 ^ PER C E N T BONDS OF T H E F I R S T LIBERTY L O A N .

I n consequence of the issue of the second Liberty loan at 4 per cent
the right to convert the .3^ per cent bonds of the first Liberty loan into
4 per cent bonds arose on November 15, the date borne by the bonds
of the second Liberty loan. At the time of this writing it is not known
whether the conversion privilege will be exercised in large measure
or not. As conversion operations must be handled coincident with
the issue of the bonds of the second Liberty loan, and just before
the first interest payment date for the bonds of the first Liberty I ' ^ p ,
the facilities of the Treasury Department and of the Federal reg\|rve
banks will be strained to the utmost to care for the situation, particularly if any great number of holders of the bonds of the first issue
iminediately present their bonds for conversion. To care for the
situation, in a measure, coupon interest payments on bonds converted
will be made through adjustment coupons attached to the 4 per cent
bonds issued upon conversion. These special coupons will care for
interest at 3^ per cent from June 15 to November 15 and at 4 per cent
from November 15 to December 15, or at ^ per cent from June 15 t o
December 15.
The conversion provisions are covered in Treasury Department
Circular No. 93. (Exhibit F.)



SECRETARY OP THE TREASURY.

25

DEPOSITS o r PUBLIC FUNDS.

Under the provisions of the acts approved April 24 and September 24, 1917, authorizing the issuance of certificates of indebtedness
and bonds to meet expenditures incident to the war, authority was
given to deposit with incorporated banks and trust companies subscribing to the various issues of bonds and certificates the proceeds
arising from their subscription payments thereto.
While such deposits were necessarily of a temporary character,
they nevertheless served to prevent any unusual disturbance of the
money market or business conditions throughout the country.
In connection with the issues of certificates of indebtedness prior
to the first Liberty loan, 134 national and 100 State banks and trust
companies in six Federal reserve districts made application and
were accordingly designated as depositaries for these funds.
Subsequently, 1,251 national and 780 'State banks and trust companies in the 12 Federal reserve districts made application and were
designated as depositaries of public moneys to enable them to make
payment by credit for bonds of the first Liberty loan and to receive
cash deposits of funds realized from the sale of said bonds. A total
of $860,117,491.91 of Liberty loan funds was deposited with these
banks, every dollar of which has since been gradually withdrawn
through the Federal reserve banks and credited in the Treasurer's
general account.
Prior to the second Liberty loan, the number of special depositaries was further increased by 83 national and 72 State banks and
trust-companies which subscribed for certificates, of August 9.
The above deposits were made under Department Circular No. 81
(Exhibit G).
All designations made subsequent.to August 9 and prior to October 6 covered deposits to be made on account of the sale of both
certificates of indebtedness and Liberty loan bonds, and were made
under Department Circular No. 81. Designations made after October 6 likewise covered the issue of both certificates and bonds, and
were made under the provisions of Department Circular No. 92 (Exhibit H ) .
At the close of business on November 13, 1917, the Secretary had
designated 1,903 national and 1,343 State banks and trust companies
with authority to receive deposits on account of their subscriptions to
any one or all of the various issues of bonds and certificates of indebtedness without the necessity of making application and being designated each time they subscribe to certificates and bonds and desire to
pay for them by credit.




26

REPORT ON THE FINANCES.

Summarizing the foregoing by Federal reserve districts:
Number of national banks and State banks and trust companies in each Federal
reserve district designated as special depositaries.
Number of
Number of State banks Total number of denational
and trust positaries
banks.
companies. creatiBd.

District.

Boston
New York..
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco

'
-

..

.

:

^

:
•.

.

Total

173
280
206
205
204
125
250
119
172
162
137
195

92
210
115
120
180
87
226
97
186
• 73
.41
163

265
490
321
325
384
212
476
216
358
235
178
358

2,228

'.

1,590

3,818

Interest at the rate of 2 per cent per annum is charged for these
deposits, and at the close of business October 31,. 1917, the Federal
reserve banks had reported that there had been collected through
them $1,443,956.42.
The following table shows the amounts of interest collected upon
all public deposits during each of the past five fiscal years:
Year ending June 30—
1913
1914
1915
1916
1917

J

-

»_
__

$122, 218. 89
^_ 1, 409, 426. 07
1, 222, 706. 93
791, 671. 45
1, 061, 992. 07

EXPORTS OF COIN, BtJLLION, AND CURRENCY AND TRADING WITH THE
ENEMY."

The act of June 15, 1917, vested in the President the power to
prohibit by proclamation the export from this country of any article
mentioned in such proclamation except at such time and under such
regulations as the President might prescribe. Accordingly the President an September 7,1917, issued a proclamation to the effect that—
except at such time or times, and under such regulations and orders, and subject
to such limitations and exceptions as the President shall prescribe, until otherwise ordered by the President or by Congress, the following articles, namely:
Coin, bullion, and currency shall not, on and after the 10th day of September, in
the year one thousand nine hundred and seventeen, be exported from or shipped
from er taken out of the United States or its Territorial possessions * * *^

By Executive order of the same date the President directed that
the regulations, orders, limitations, and exceptions prescribed in relation to the exportation of coin, bullion, and currency be administered
by and under the authority of the Secretary of the Treasury, and
upon the recommendation of the Secretary of the Treasury prescribed
regulations providing that application for permission to export coin,
bullion, or currency must be filed with a Federal reserve bank, which
would transmit the application to the Federal Reserve Board* The



SECRETARY OF T H E TREASURY.

„

27

board, subject to the approval of the Secretary of the Treasury, was
authorized to permit or refuse the exportation.
I n pursuance of the Executive order the Federal Reserve Board,
with the approval of the Secretary of the Treasury, issued regulations governirig the administrative procedure with regard to the exportation of coin, bullion, and currency. (Exhibit I.)
At the time of issue of the above proclamation the United States
was practically the only large country freely parting with the precious metals, and as a result there was a tendency to transfer to New
York by means of exchange operations balances due by foreign
countries and to export gold from the United States in payment of
such balances. I n these circumstances it became necessary for the
protection of the gold reserve of the United States to place restrictions on the export of gold.
I n the exercise of these powers no obstacle has been placed in the
way of the free exportation of silver bullion or silver coin of foreign
mintage, nor upon the export of United States notes, national-bank
notes, or Federal reserve notes, nor upon Canadian silver coin or currency; but the exportation of gold has not been permitted except in
those cases in which unusual circumstances have seemed to justify the
issue of licenses for its export. The department has not, however,
rested content with a negative policy of prohibition, but has initiated
a series of negotiations having for their purpose the substitution of
arrangements which, while avoiding the necessity fpr large exports
of gold, would yet stabilize the exchanges between the LTnited States
and neutral countries. Progress in these negotiations has been made
in various directions, although none of the negotiations has yet been
carried to a final conclusion. By stabilizing the exchanges between
the United States and any neutral country it will be possible to
maintain with such country a course of trade much more nearly normal than if exchange. rates continued subject to violent and erratic
fluctuations.
I t is a pleasure to record that neutral countries have
entered on these negotiations in a cordial spirit of cooperation, and
it is hoped that arrangements may shortly be concluded with various
countries.
Under the act approved October 6, 1917, commonly known as the
trading-with-the-enemy act, wide powers were vested in the President, which, under Executive order of October 12, 1917, the President allocated to various departments of the Government.
By said Executive order a War Trade Board was established, consisting of representatives, respectively, of the Secretary of State,
of the Secretary of the Treasury, of the Secretary of Agriculture,
of the Secretary of Commerce, of the Food Administrator, and of
the United States Shipping Board. The following extract from the
Executive order deals with the functions confided to the Secretary of
the Treasury:



28

REPORT ON THE FINANCES.
SECRETAEY OF T H E

TREASUKY.

X. I hereby vest in the Secretary of the Treasury the executive administration
of any investigation, regulation, or prohibition of any transaction in foreign
exchange, export or earmarking, of gold or silver coin, or bullion or currency,
transfers of credit in any form (other than credits relating solely to transactions
to be executed wholly within the United States), and transfers of evidences of
indebtedness or of the ownership of property between the United States and any
foreign country, or between residents of one or more foreign countries, by any
person within the United States; and I hereby vest in the Secretary of the
Treasury the authority and power to require any person engaged in any such
transaction to furnish under oath complete information relative thereto, including the production of any books of account, contracts, letters or other
papers in connection therewith in the custody or control of such person, either
before or after such transaction is completed.
XI. I further hereby vest in the Secretary of the Treasury the executive administration of the provisions of subsection (c) of section 3 of the trading with
the enemy act relative to sending, or taking out of, or bringing into, or attempting to send, take out of, or bring into, the tJnited States, any letter, writing or
tangible form of communication, except in the regular course of the mail; and
of the sending, taking, or transmitting, or attempting to send, take, or transmit,.
out of the United States, any letter, or other writing, book, map, plan or other
paper, picture, or any telegram, cablegram, or wireless message, or other form
of communication intended for or to be delivered, directly or indirectly, to an
enemy or ally of enemy. And said Secretary of the Treasury is hereby authorized and empowered to issue licenses to send, take or transmit out of the United
States anything otherwise forbidden by said subsection (c) and give such consent or grant such exemption in respect thereto, as is not inconsistent with law,
or to withhold or refuse the same.
XII. I further authorize the Secretary of the Treasury to grant a license
uhder such terms and conditions as are not inconsistent with law or to withhold
or refuse the same to any " enemy " or " ally of enemy " insurance or reinsurance company doing business within the United States through an agency or
branch office or otherwise, which shall make application within 30 days of
October 6,. 1917.
XIII. I hereby authorize and direct the Secretary of the Treasury, for the
purpose of such executive administration, to take such measures, adopt such
administrative procedure, and use such agency or agencies as he may from
time to time deem necessary and proper for that purpose. The proclamation
of the President, dated September 7, 1917, made under authority vested in
him by Title VII of said act of Congress, approved June 15, 1917, shall remain
in full force and effect. The Executive order, dated September 7, 1917, made
under the authority of said title shall remain in full force and effect until
new regulations shall have been established by the President, or by the Secretary of the Treasury, with the approval of the President, and thereupon shall
be. superseded.

I n connection with the power delegated to the Secretary of the
Treasury to grant or withhold licenses to enemy or ally of enemy
insurance companies, the Bureau of War Risk Insurance, through
which the Secretary will administer this provision of the Executive
order, has sent State superintendents of insurance forms prescribing
the information required in making applications, with the request
that they be transmitted to all companies concerned.



SECRETARY OF TPIE TREASURY.

29

The information asked for is such as will enable the Secretary to
arrive at an accurate conclusion as to the importance to the insuring
public of the continuance of the.busiriess by these companies. A
hearing was held at the Treasury Department on November 15, at
which the representatives of " enemy and ally of enemy " insurance
companies, as well as representatives of American companies reinsuring with such enemy or ally of enemy companies, were heard. Those
opposed to the granting of licenses were also given ample opportunity
to present arguments and submit briefs.
By means of this hearing and the information asked for, the Secretary will be able to arrive at a determination as to the advisability
and necessity for issuing such licenses, and, if issued, what restrictions
are required by the national interest.
WAR I N S U R A N C E .

The Bureau of War Risk Insurance was created immediately after
the outbreak of the European war to assist the commerce of this country by granting war-risk (but not marine) insurance on the hulls of
or cargoes in Airierican vessels.
The original act provided for a two-years' life of the bureau. On
August 11, 1916, the.act was amended, extending same for one year,
and on March 3, 1917, the act was again amended, extending the
operations of the bureau for a period of another year—making a
total of four years, or to September-2, 1918.
The act Avas further amended June 12,1917, to provide for the issuance of insurance against war risks on masters, ofiicers, and crews on
American merchant vessels, and on June 19 the Secretary of the
Treasury announced that the law would be effective for sailings
through the war zone from the United States beginning June 26 and
sailings from abroad beginning July 10.
A still more far-reaching and important amendment to the act
became a law October 6, 1917 (Exhibit J ) , and established in the
bureau a division of marine and seamen's insurance and a division of
military and naval insurance in charge of a commissioner of marine
and seamen's insurance and a commissioner of military and naval
insurance, respectively.
(a) Division of Military and Naval Insurance.
The Director of the Bureau and the Commissioner of Military and
Naval Insurance are charged with the administration of and are
given full power and authority, with the approval of the Secretary of
the Treasury, to make rules and regulations to carry out the most
comprehensive and constructive plan adopted by any Government to
relieve its soldiers and sailors from unnecessary worry concerning the
welfare of their families and dependents or the extraordinary hazards of the service they are called upon to render their country.



30

REPORT ON THE FINANCES.

I n this just, generous, and epoch-making legislation Congress provides really for three great governmental undertakings, with the
administration of which the Bureau of War Risk Insurance, through
the Division of Military and Naval Insurance, is charged. (1) Proyision is made for allotments and family allowances. This
means that the soldier and sailor are expected and required to make
the provision hereinafter stated to the extent of his ability for the
support of his wife and children. He must make a truthful statement, under severe penalty for any misstatement, concerning the
existence and status of such dependents. He must ajlot not less than
$15 per month, and may be required to allot not more* than half his
pay each month for their support.
The Government has provided a schedule of allowances which it
will make to these dependents to supplement the allotment made by
the man. I n addition to the compulsory allotment, the enlisted man
may make voluntary allotments for the benefit of certain relatives
other than a wife or child. Conditioned upon such voluntary allotment being made, the bureau is authorized to make allowances to
these other relatives in accordance with a prescribed schedule,
provided the total payment to such relatives, including what the
enlisted man has voluntarily allotted and what the Government
gives, does not exceed the amount which the enlisted man has habitually contributed to the support of such other relatives, and that they
are dependent upon him for such contribution. The maximum to be
allowed by the Government for any man's family is $50 over and
above his allotment. This is a liberal and fair provision, recognizing
the legal and moral. responsibility of the man to do what he can to
meet the normal burden which rests on him of supporting his family,
and at the same time recognizing his inability, T\?hile he is absent
from home and on military duty, to maintain the usual standard of
comfort and support. 'The Government therefore contributes its
share to help out, and its share may amount to a contribution of
more than three times the sum which the enlisted man is required
to contribute to the Support of his family, and leaves him half his
pay to meet his own needs for spending money and to buy insurance
as additional protection for himself and family.
The tremendously difficult task of ascertaining the exact conditions
. concerning the families of the hundreds of thousands of enlisted men
and the arrangements necessary to take from their pay the compulsory allotments as well as to make provision for the deduction of
voluntary allotments and the certification of claims and awards by
the commissioner under this provision of the law, together with the
payment of the sum total of these allotments and allowances monthly
to the families of all men in the service may well test the skill and
executive capacity of those intrusted with the administration of




SECRETARY OF THE TREASURY.

31

this act. I t is, however, a humane work to which the officers of this
department are devoting themselves with zeal and enthusiasm.
(2) Compensation for death or disability is provided for at the
sole expense of the Government and on a liberal scale provided the
injury is incurred or disease contracted in the line of duty. This
applies to any commissioned officer or enlisted man or any member
of the Army Nurse Corps (female), or of the Navy Nurse Corps
(female), when employed in the active service under the War Department or Navy Department. Only in case of willful misconduct is
no compensation made for injury or disease.
I n addition to the compensation an injured person is furnished by
the Government with reasonable medical, surgical, and hospital
service and supplies. Provision is also made whereby injured persons shall follow courses of rehabilitation, reeducation, and vocational training in the United States, to be provided by the Government, and for this purpose a form of enlistment may be required
which shall bring the injured person into the military or naval service in what is virtually a new department of such service, entitling
such person to full pay as during the last month of his active service
and to family allowances and allotments in lieu of all other compensation for the tiirie being.
(3) After the enlisted man has been required to do his full duty to
protect his family, and after the Government has provided such
supplementary protection as the circumstances require for his family
through family allowances, and has also provided through compensation for the risks and hazards of his military or naval service, an
opportunity is offered to officers and enlisted men alike to insure themselves at low cost, purposely brought within the means of all, and thus
give themselves and their families all the added protection that human
foresight and a generous people can provide. Government insurance furnished at cost, which does not include any charge for administrative expenses nor many of the usual overhead charges nor the
extra war risk which ordinary business insurance companies would
have to include, is provided liberally. The cost of such insurance at
the usual commercial rates would be prohibitive for enlisted men, and
even for most officers. The Government has created the risk and has
in a certain sense deprived the men in its military and naval forces
of their insurability, and therefore it pays the extra cost. The officer and the enlisted man, however, must exhibit those economic virtues of foresight and thrift and elect for themselves to take this insurance and pay the small cost required.
This insurance privilege is limited to a maximum of $10,000 and
must be availed of within 120 days from the date of enlistment or
prior to February 12, 1918, for those in the service on October 15,
1917,.when the rules and regulations putting this feature of the act
into effect were published. The maximum of $10,000 can be had for



32

REPORT ON THE FINANCES.

a m_onthly payment of $6.60 for a person 25 years of age. The benefits are not paid in lump sums upon death or injury, but are paid in
monthly installments to the insured during his life in case of total
and permanent disability, or in case of death to his beneficiary for
240 months, or 20 years, less the number of monthly payments, if
any, made to the insured on account of disability. Insurance is
granted without medical examination and may, within five years after
the close of the war, be converted into one pr more of the usuaV forms
of insurance, as the insured may elect.
Neither the compensation nor the insurance received under the
act are assignable. Compensation is exempt from attachment and
execution and the insurance is not subject to the claims of creditors
either of the insured or the beneficiary.
The War Risk Bureau has already distributed 110,000 copies of
the soldiers' and sailors' insurance act and has ordered a special
edition of 500,000 copies. Bulletin No. 1 (Exhibit K ) , setting
forth the terms, and conditions of soldiers' and sailors' insurance,
was issued on October 15. This date of publication, in accordance
with section 401 of the act of October 6, determines the time from
which, within 120 days, application may be made for insurance by
the officers and enlisted men in the active service at that time. Five
million copies of this bulletin have been ordered and 1,207,000 copies
have already been distributed. Bulletin No. 2 (Exhibit L ) of the
War Risk Bureau gives a digest of the act; 108,000 copies of this
bulletin have been distributed and 1,000,000 copies ordered. Six .
million copies of the insurance application blank and 8,000,000
copies of.the allotment and allowance blank have been ordered and
are being distributed to cantonments, training camps, naval stations, and other places in this country where soldiers and sailors are
stationed, and to the expeditionary forces in France as rapidly as
the Government Printing Office can furnish them. Up to November
1 over 2,000,000 copies of-the insurance application blank had been
sent out and a million and a half copies of the allowance and allotment blank.
At the time this report goes to press it is too early to present the
returns that are beginning to come in from the cantonments and training camps. Through the cooperation of the War Department, the
provisions of the act are being carefully explained to every enlisted
man. As soon as the information blanks have been distributed, filled
out, and assembled they will be forwarded to the Bureau of War
Risk Insurance and early publication of the returns will be made.
'^t is interesting to know, however, that on November 1, 19,000
applications for insurance had been filed, representing a total of
$161,500,000. This means that the average amount of insurance taken
by the first 19,000 applicants was $8,500.



33

SECRETARY OF THE TREASURY.

Under the terms of the act every officer and enlisted man enjoys
automatic insurance, without cost, until February 12, 1918, when the
120 days from the date of the.publication of the contract of insurance
will expire. This insurance yields in case of disability a monthly
installment of $25 for the entire period of the man's life, and in case
of death a monthly payment of $25 to his widow^ (until remarriage)
or children or widowed mother, for a period not exceeding 240
. months.
(h) Division of Marine and Seamen^s Insurance.
The amount of insurance written during the fiscal year 1917 on the
hulls and cargoes of American vessels was $472,579,383, the premiums
for the same totaling $26,151,291.71. The losses amounted to $10,512,620, and the expenses were $31,219.09.
From the commencement of its business, on September 2, 1914, to
October 31, 1917, the bureau has written 11,728 policies, covering a
total insurance of $856,270,337 on the hulls and cargoes of American
vessels. Premiums for this period were $33,393,476.53, and the total
expenses of organizing, printing, stationery, and the salaries of the
force were but $94,296.38.
The original act carried an appropriation of $100,000 for expenses
and $5,000,000 for the payment of losses. The March 3,1917, amendment increased the appropriation for the payment of losses from
$5,000,000 to $15,000,000, and the June 12,1917, amendment increased
the appropriation for expenses from $100,000 to $250,000 and the
appropriation for the payment of losses from $15,000,000 to
$50,000,000.
Comparison of bureau's operations for the fiscal years ending June 30, 1916
and 1917.
1916
Amount insured
Premiums
Amount at risk June 30
Losses paid and estimated, less salvage.
Expenses
•-.
Number of policies written

$53,655,010.00
906,418.16
13,647,962.00
218,368.34
25,337.50

$472,579,383.00
26,151,291.71
164,320,368.00
10,512,620.00
31,219.09
5,065

Operation of the bureau for period September 2, 1914, the date of
its creation, to October 31, 1917, shows:
Amount insured
^________
$856, 270, 337.00
Premiums
.
--.
——
$33, 393, 476. 53
Total losses paid and estimated, less salvage
$20, 008, 505. 00
Expenses to Oct. 31, 1917.
—^—_
.__——
$94, 296. 38
Number of policies written
^_
11, 728

The lives of seamen sailing on American vessels to the war zone
are in jeopardy because of the ruthless use of the mine and submarine,
and it is manifestly just that these men be protected by insurance.
13034°—FI 1917



3

34

REPORT ON T H E FINANCES.

Up to and including October 31, 1917, 317 policies*^ were written,
271 on the crews of steam vessels, and 46 on those of sailing craft and
auxiliaries. These policies provided protection for 20,757 men in the
sum of $34,988,067.
As the life of the Marine and Seamen^s Division of the bureau will
expire on September 2, 1918, I respectfuUy recommend that its functions be extended to continue during the period of the war with the
further authority for a period of two years within which to settle outstanding claims.'
PAYMENT FOR THE DANISH WEST INDIAN ISLANDS.

On March 31, 1917, the Secretary of the Treasury paid to the
envoy extraordinary and minister plenipotentiary of Denmark the
sum of $25,000,000 gold, in full payment of the obligation of the
Government of the United States to the Government of Denmark
for the cession of the Danish West Indian Islands to the United
States. This payment was authorized by the act approved March 3,
1917, and was made in pursuance of article 5 of the convention between the United States and Denmark signed at the city of New
York on August 4, 1916, and ratified by the Senate of the United
States on September 7, 1916.
The following is a copy of the receipt given this Government by
the minister of Denmark for the payment:
Received from the Secretary of the Treasury of the United States of America
the sum of $25,000,000 gold, in warrant on the Treasury of the United States,
numbered 13223, and dated March 31,1917, the same being in full payment.of the
obligation of the Government of the United States to the Government of Denmark as set forth in article V of the convention between the United States and
Denmark for the cession of the Danish West Indian Islands to the United
States, signed at the city of New York on August 4, 1916, the ratifications of
which were exchanged at Washington on January 17, 1917; the payment being
provided by an act of Congress approved March 3, 1917, entitled "An act to provide a temporary government for the West Indian Islands acquired by the
United States from Denmark by the convention entered into between said countries on the fourth day of August, nineteen hundred and sixteen, and ratified by
the Senate of the United States on the seventh day of September, nineteen hundred and sixteen, and for other purposes."
(Signed)

C. BRUN,

Envoy Extraordinary and Minister Plenipotentiary of Denmark.
WASHINGTON, D . C , March 31, 1917.
AUDITING OF GOVERNMENT ACCOUNTS ABROAD.

The audit of disbursements made abroad by the Military Establishment presented a serious problem, involving the necessity for a
prompt audit and the safety of original vouchers. After careful
consideration I recommended to the Congress that legislation be
enacted authorizing the proper accounting officers of the Treasury
to perform their duties away from the seat of government. By the




SECRETARY OF THE TREASURY.

35

act approved September 24, 1917, the Secretary of the Treasury
is authorized during the war to direct the Comptroller of the Treasury and the Auditor for the War Department to exercise either
in person or through others the powers and perform the duties of
their offices at any place or places away from the seat of government
in the manner that is or may be required at the seat of government.
Under this authority a force has been organized and sent to France
for the purpose of auditing the accounts of disbursing officers of the
Military Establishment abroad. These accounts will be audited in
the same manner as accounts are audited in these offices in Washington, but all vouchers will remain in the custody of the assistant
comptroller and the assistant auditor in France until after the war
is over.
T H E FEDERAL F A R M LOAN SYSTEM.

The history of the Federal Farm Loan System for the past year
has been one of constant and accelerating development. For the
first six months after the establishment of the bureau the work of
the Farm Loan Board was necessarily confined to the great task of
investigation and organization. This work was done with great
care, the board always having in mind the fact that a financial system
which must for all time serve the financial needs of the farmers of
the greatest agricultural nation in the world must be built safely,
soundly, and with all possible regard for the permanent welfare of
that industry which it is declared in the title of the Federal farm loan
act it was the intention of the Congress to develop.
In as short a time as was possible the board divided the continental
United States, excluding Alaska, into 12 land-bank districts and
located the 12 land banks within their boundaries. It is believed
that this division will stand the test of time, and that every bank
will be able to do an adequate volume of business.
In selecting the directors and registrars of the banks the board
has been guided by the principle of fitness, and has placed in every
bank men who know the farm-loan business in their respective districts, who understand the needs of the farmers, and who know the
science of applying to agriculture the stimulus of money.
At the time the banks were organized, during the months of
February and March, 1917, they found a great volume of accumulated
business awaiting their attention. A great many national farmloan associations had been formed, nearly all of which had to be
reorganized in conformity with the provisions of the law. The banks.
themselves confronted this great task with no experience iri the
working of the new law, without forms, without a system, with
nothing except a willingness to work and authority to proceed.
The foundation stone of any farm-loan system is. appraisement.
The banks were obliged to attack this vast mass of accumulated and



36

REPORT ON THE FINANCES.

constantly increasing business with a force of appraisers with whom
the bank directors were no more acquainted than they were with
each other. These appraisers themselves had to be appraised by the
banks, to be educated in the system, to^be trained, broken in, and
their work checked up. Safety required that these things be done
slowly, and such delays have resulted that the patience of borrowers
has in many instances been severely tried. I am convinced, however,
that the Farm Loan System has been built solidly, soundly, and on
broad lines, and that the constructive work of these long months will
bless the farmers of the United States through all future generations.
The day that the Federal Farm Loan Board established a flat rate
of 5 per cent on Federal farm-loan mortgages all over the United
States was a great day for the American farmer, for this action not
only took from the shoulders of borrowers from the Federal land
banks a burden of excessive interest which they had carried too long,
but it established a rate which can not be very much exceeded by
other lenders. All statistics as to interest rates on farm loans in the
United States became obsolete on that day. Interest rates on farm
loans are now lower than ever before, except in certain favored
regions, at a time when general interest rates show a tendency to
advance. No one doubts that this, decrease is a result of the operations of the Federal farm-loan act.
The speed with which the system is operating in taking care of
loans is constantly accelerating, and it is expected that it will before
long overtake the demands upon it. At this time over 1,700 national
farm-loan associations hiave been chartered, and the organization
movement shows no signs of slackening. This proves that there was
an urgent demand for the inauguration of the Federal Farm Loan
System, and the progress reported in the report of the bureau to the
Speaker of the House of Representatives shows the gratifying extent
to which the present system is meeting the demand.
The Farm Loan Board, when it came to marketing the Federal
farm-loan bonds, faced an unusual financial situation with a new
low-rate security of undoubted soundness, but one with which the
investing public was not acquainted. Moreover, the situation was
such as to render the capital of some of the banks entirely too small
for the volume of business. Not only must the bonds be sold, but
they must be sold almost on the very day of issue, or the banks are
obliged to stop loaning until bond sales can be made. Under these conditions an arrangement was made with a group of bond houses scattered all over the United States to assist in placing the bonds on the
market. This arrangement has been perfectly successful. It is
clear, however, that if the system is ever to be self-reliant in the
marketing of its securities some provision must be made for the
absorption of bonds when first issued. The St. Paul bank during



"=^

SECRETARY OF THE TREASURY.

<>

37

November, which is a month in which many farm mortgages fall
due in that district, faced ori November 7, 1917, cash demands for
$1,117,000 before November 14, and a total of $2,838,000 for actual
disbursements in the month. This obviously can not be done without help by a bank having less than $800,000 in capital. Other
land banks are similarly embarrassed by the volume of business,
and all of them will be similarly and constantly so affected. The
market for Federal farm-loan bonds has been found, but a reservoir
of capital should in some way be provided to carry the bonds while
in process of marketing.
Activities of the Federal Farm Loan Bureau for the year may be
briefly classified as follows:
First. Division of the Continent of the United States, exclusive
of Alaska, into 12 Federal land bank districts, according to their
farm-loan needs. This task involved a great deal of research and
study, the holding of 53 hearings in 44 States, and the traveling
by the board of over 20,000 miles. At those hearings the farmers
were given the first chance to be heard, after which the meetings
were open to all persons with pertinent matters to lay before the
board. Oral presentations of the act by members of the board and
others were made to over 30,000 persons, many of these attending
the hearings in a representative capacity.
Second. Location of the 12 Federal land banks, as follows:
First Federal land. bank district, consisting of the States of Maine,
New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island,
New York, and New Jersey, with the bank located at Springfield, Mass.
Second Federal land bank district, consisting of the States of Pennsylvania, Virginia, West Virginia, and Delaware, with the bank located at
Baltimore, Md.
Third Federal land bank district, consisting of the States of North
Carolina, South Carolina, Georgia, and Florida, with the bank located at
Columbia, S. C.
Fourth Federal land bank district, consisting of the States of Tennessee Kentucky, Indiana, and Ohio, with the bank located at Louisville, Ky.
Fifth Federal land bank district, consisting of the States of Louisiana,
Mississippi, and Alabama, with the bank located at New Orleans, La.
Sixth Federal land bank district, consisting of the States of Illinois,
Missouri, and Arkansas, with the bank located at St. Louis, Mo.
Seventh Federal land bank district, consisting of the States of North
Dakota, Minnesota, Wisconsin, and Michigan, with the bank located at
St. Paul, Minn.
Eighth Federar land bank district, consisting of the States of South
Dakota, Wyoming, Nebraska, and Iowa, with the bank located at Omaha,
Nebr.
Ninth Federal land bank district, consisting of the States of Colorado,
New Mexico, Kansas, and Oklahoma, with the bank located at Wichita,
Kans.
Tenth Federal land bank district, consisting of the State of-Texas,
with the bank located at Houston, Tex.




38

o

REPORT ON THE FINANCES.

Eleventh Federal land bank district, consisting of the States of California, Nevada, Utah, and Arizona, with the bank located at Berkeley,
Cal.
Twelfth Federal land bank district, consisting of the States of Washington, Montana, Oregon, and Idaho, with the bank located at Spokane,
Wash.

Third. Disposal of the capital stock of the 12 Federal land banks.
I n accordance with the terms of the law the Government subscribed
for all stock not taken by private individuals. Out of the $750,000
of the capital stock of each bank the United States subscribed for the
following amounts: Springfield, $739,925; Baltimore, $741,485; Columbia, $750,000; Louisville, $742,265; New Orleans, $745,730; St.
Louis, $742,075; St. Paul, $744,740; Omaha, $710,670; Wichita,
$744,165; Houston, $741,235; Berkeley, $744,010; Spokane, $744,970.
Fourth. Appointment of directors and registrars of the 12 Federal
land banks.
Fifth. Appointment of about 220 Federal farm-loan appraisers.
Sixth. The fixing of standards of safety as to land titles.
Seventh. The establishment of a uniform interest rate of 5 per
cent throughout the United States.
Eighth. The adoption of a uniform system of records and accounting for the 12 Federal land banks and for the national farm loan
associations.
^
Ninth. Securing legislation in many States permitting the investment of trust funds, savings funds, and similar funds in Federal
farm loan, bonds.
Tenth. Creation of a Division of Charters and Reports for
national farm loan associations and Federal land banks.
Eleventh. Creation of a Bond Division in the bureau for the. handling of the securities of the system.
Twelfth. Establishment of a Division of Examination of Securities for the purpose of eliminating from the schedules of mortgages
offered as security for bonds any mortgages of doubtful safety.
Thirteenth. The establishment of relations with leading bond
houses for the purpose of insuring a market for Federal farm loan
bonds and their proper distribution throughout the United States
during the first six months of lending.
Fourteenth. The creation of a Division of Statistics and Economics
for the purpose of accumulating data with reference to the activities
of the system itself and with the farm loan business generally.
Fifteenth. The carrying out of a continuous campaign of education
in an attempt to make the provisions of the Federal farm loan act a
matter of common knowledge among farmers.
Except as to the iriatters of organization these activities are permanent activities and must have a growth commensurate with the
growth of the system.



SECRETARY OF THE TREASURY.

39

The Federal farm loan act reposes in the Federal F a r m Loan
Board a broad discretion on many important matters. I t has exercised this discretion in making a series of rulings as to the application of the law to questions covering the eligibility of borrowers, the
objects for which loans may be made, standards of appraisal, methods
of organizing joint-stock land banks, the qualifications for officers iQ
joint-stock land banks, Federal land banks, and appraisers, the territorial rights and limitations of national farm loan associations, and
many other questions of a most important agricultural and social
character.
These are times of great national and international stress, and
things of tremendous importance are done every day; but it is doubtful if any body of men connected with the Government has been
called upon to decide more questions of essentially permanent import
tance to the Nation than the questions passed upon by the Federal
F a r m Loan Board in the first 15 months of its existence. I t has
•already established a vast system of business enterprise on a sound
basis, and its work is only begun.
The passage of the Federal farm loan act was a great piece of constructive legislation, and it has been a constant source of surprise to
the board that the Congress in drawing this act foresaw and provided for so many.of the unexpected as well as obvious exigencies of
the development of the system. I t would be strange, however, if
some amendments to the act were not desirable.
The board is making a study of the question of titles, and may
present to the Congress some measure for the purpose of relieving
the farmers of such expenses of examination and determination of
titles as are shown to be needless. I t may also present to the Congress some measure for the expediting of the marketing of the bonds,
to the need of which I have already alluded.
I am strongly convinced, as a result of the operations of the
land banks thus far, that the limit of $10,000 imposed by law upon
loans to any one individual should be increased to $25,000. There
are a few other amendments to the act which I am also convinced
should be enacted by the Congress to enlarge the usefulness and to
facilitate the more effective administration of the Federal F a r m Loan
System. These will be dealt with fully in the report of the F a r m
Loan Board, which will be submitted to the Congress at the appropriate time.
INTERNATIONAL H I G H

COMMISSION.

During the past year the office of the secretary general of the
International High Commission has brought the more important subjects upon its program to an advanced stage and is now in a position
to complete its activities in several fields. I t will be recalled that the
authorization and maintenance of this office were provided for in an



40

REPORT ON T H E FINANCES.

act approved February 7, 1916, entitled "An act to provide for the
maintenance of the United States section of the International High
Commission." A report of the section's work for the calendar year
1916 is contained in House Document 1788, Sixty-fourth Congress,
second session; a translation and digest of the official proceedings
of the first general meeting of the commission, Buenos Aires, April
3 to 12, 1916, has been prepared by the office and will be found in
Senate Document 739, Sixty-fourth Congress, second session.
This office carries on its work in a double capacity. I t is, first,
the office of the United States section of the International High
Coinmission, under the chairmanship of the Secretary of the Treasury, established and maintained in accordance with the act of February 7,1916, and as a result of the_First P a n American Financial Conference held in Washington in May, 1915. I n this capacity the office
attends more particularly to the problems which concern the United
States alone and attempts to carry into effect, so far as the United
States is concerned, the decisions of the central.executive council.
But even more important than its service to the United States
section, the office of the secretary general has to perform the particular services for all the sections of the International High Commission. At the first general meeting of the commission at Buenos
Aires it was decided to establish a central executive council, to consist of the executive officers of the section representing the country
whose capital should be chosen as the headquarters of the commission. For the interval between the first and second meetings of the
commission Washington was selected as the headquarters for the
work, and consequently the officers of the United States section
constitute the directing and coordinating body of the commission.
The council consists of the Secretairy of the Treasury, president;
John Bassett Moore, vice president; L. S. Rowe, secretary general.
The work of the council consists in assembling and analyzing material, preparing and distributing texts, carrying on correspondence
with the several sections, and supervising the exchange of views between the sections. I n this way it will be seen that the office of the
secretary general has imposed upon, it the privilege and responsibility of carrying into effect the significant program adopted by the
commission at Buenos Aires, and, thus, indirectly is charged with
the duty of carrying into effect the resolutions of the First P a n
American Financial Conference held at Washington.
During the last year the council has concentrated its attention
upon the following topics:
(1) An international gold clearance fund treaty draft.
(2) An international treaty draft concerning commercial travelers
and their samples.
.
^
(3) Negotiable-instruments legislation, including bills of exchange,
checks, bills of lading, and warehouse receipts.



SECRETARY OF T H E TREASURY.

41

(4) The procedure for the arbitration of commercial disputes.
(5) The further ratification of the trade-mark, copyright, and
patent conventions of 1910, especially with a view to the early inauguration of the trade-mark registration bureaus at Habana and Rio
de Janeiro, in accordance with the trade-mark convention.
I n addition, the council has a number pf other topics contained in
the program of the meeting at Buenos Aires, upon which it proposes
to work as soon as decisive progress with reference to the foregoing
subjects can be recorded. Foremost among these matters, to be taken
up a little later and already under technical study, is the group of
customs topics known as classification of merchandise for statistical
purposes, customs regulations, consular documentation, and port
charges. Uniformity, so far as reasonably and practically attainable,
simplification as a leading principle, and more economical administration are the criteria which guide the council in its work with these
complicated fiscal questions.
I n regard to the topics now under discussion between the council
and the several sections, it should be especially noted that the two
treaty drafts proposed for consideration have met with a most encouraging response, and it is to be hoped that in the course of the
present fiscal year these treaties may be turned over to the diplomatic representatives of the American Republics for negotiation
through the usual channels. The first of these treaties will go far
to stabilize the exchange markets of the American Republics and
will contribute extensively to the use of dollar exchange; it may be
confidently expected to have as one of its consequences the practical
use of a uniform American moiiey of account. The second of these
treaties will do much to simplify and standardize the treatment of
commercial travelers and their samples and will assure these advance
agents of comriiercial expansion uriiform treatment in each of the
countries which they have occasion to visit.
I n the field of negotiable instruments the chief task confronting
the council, and consequently the United States section, was the preparation of adequate and authoritative texts of all the model legislation proposed for consideration to the Latin-American sections. The
employment of competent translators and juristic experts was made
necessary, and it is now possible to report the existence of Spanish
translations, with adequate commentary, of the negotiable instruments act of the United States; the English bills of exchange act.
The Hague uniform rules on bills of exchange, and other bills of
exchange legislation; the United States Federal bills of lading act and
uniform State bills of lading act and the uniform State warehouse
receipts act. Portuguese translations of several of these documents
also have been circulated. Additions to this series of texts are contemplated during the present calendar year, and the material thus




42

REPORT ON THE FINANCES.

submitted for study to the Latin-American jurists, who form so
distinguished a part of the commission, will have then been completed. No intelligent exchange of views could have been brought
about without placing in the hands of every member of the commission printed texts of the laws intended to be discussed in every
case in the language of the country addressed. The one exception
to this rule has been material presented to Haiti, the means of the
commission not permitting the employment of other than Spanish
and Portuguese translators.
With regard to the arbitration of commercial disputes, the council
has endeavored vigorously to promote t h e further adoption by
chambers of commerce in Latin America of the agreement between
the Bolsa de Comercio of Buenos Aires and the Chamber of Commerce of the United States. I t is to be hoped that this direct, inexpensive, and expeditious method of settling commercial disputes will
be approved and given effect iri all the American Republics.
The ratification of the technical conventions on patents, trademarks, and copyrights adopted at the fourth international conference of American States in Buenos Aires, in 1910, constitutes, one of
the most important tasks confronting the council. The ratification
by Costa Rica of the trade-mark convention was noted in the annual
report of last year, and a sustained effort has been made ever since
to have set on foot the registration bureau for the northern group
of Republics, to be established at Habana in accordance with article
16 of the trade-mark convention. Proposals have been made for the
ratification of the copyright convention, and particularly for a
further development of the apparatus for the protection of literary
property in the form of registration of moving-picture scenarios and
music for mechanical instruments.
The work of the council in the matters above recited, as well as in
other subjects to which reference has not been made in the foregoing,
can be examined in. the reports of the United States section previously mentioned and in ihe printed collection of letters exchanged
between the council and the ministers of finance who presided over
the respective sections.
The Sixty-fourth Congress appropriated $40,000 at its first session
for the siipport of the United States section of the commission. Approximately $9,000 remain unexpended. The expenses of the delegation to the first general meeting of the commission-in Buenos Aires
amounted to, approximately, $14,000. Tlie printing expenses of the
office have been considerable, because of the large amourit of work
in Spanish and Portuguese. Needless to say, all the printing of this"
office is done at the Government Printing Office. I n order to assure
the completion of the important technical and general problems now
so satisfactorily on the road to solution, it is recommended that an
appropriation by the Congress in the sum of $25,000 be made.



SECEETARY OF THE TREASURY.

43

During the past year Judge E. H. Gary and Archibald Kains, Esq.,
have resigned from the United States section, and Peter W. Goebel,
of Kansas City, Kans., formerly president of the American Bankers'
Association, and Prof. John H. Wigmore, dean of the Northwestern
University Law School and member, of many associations for the advancement of juristic science, have been appointed by the President.
The United States section is fortunate in its closer association
through these gentlemen with important financial and legal organizations of national extent.
INTERNAL REVENUE.

The immensity of the task imposed upon the Internal Revenue
Service by the war-revenue act of October 3, 1917, is best illustrated by a comparison of the total collections for the fiscal year
ending June 30, 1917, which amounted to $809,366,207, with the sum
of $3,400,000,000, the estimated revenue to be collected during the
fiscal year 1918. For the year 1917, 780,000 income-tax returns were
made to the bureau. I n 1918, it is estimated that there will be more
than 6,000,000 income-tax returns and almost as many more of other
kinds of returns under the? various provisions of the war-revenue act.
The problems of administering the new act are most difficult and
are receiving earnest consideration. I t is essential that each taxpayer shall be able to obtain accurate information as to how to comNpute the amount of tax due by him and the time, place, and method
provided for its payment. This is indispensable because the law
puts upon the taxpayer the burden of making the returns upon which
his tax is measured. I t is the duty of the department to collect from
every citizen the full amount which Congress has determined to be
his just contribution to the Nation's need with the least possible
inconvenience to the citizen and to business.
To attain these ends is a task of organization and administration.
A new alignment of the forces of the Internal Revenue Service has
been projected, additional divisions have been created, responsibility
and authority rearranged and defined, and preparation made for
the necessarily large increase of personnel.
The new law presents many problems of construction and interpretation that are fraught with grave consequences to the public
revenue and to business. With an earnest desire to solve these problems in the light of the most constructive business and legal knowledge and experience available, the Secretary has accepted the tender
of services from representative meri in the field of business and law.
These men will assist the Commissioner of Internal Revenue to a
thorough and intimate understanding of business conditions as
affected by the new law.




44

REPORT ON THE FINANCES.

Steps have been taken to bring the tax-gathering machinery of the
Government into closer relationship with the taxpaying public.
An office known as the Division of Taxpayers' Cooperation has been
created for the purpose of keeping the bureau constantly in touch
with the public. Under the direction of this office a nation-wide
organization of cooperation is being developed. By this means it
is purposed to convey essential information in the most direct manner
to each taxpayer.
Through the cooperative effort of these agencies and such further
expansion of the machinery already at hand as may be necessary a
uniform and universal enforcement of the law is assured. ^
CUSTOMS.

Despite the fact that approximately $12,500,000 were collected as
duties and tonnage taxes during the past fiscal year in excess of the
amount collected in the preceding fiscal year, the work incidental to
collecting the customs revenue was performed with a decrease in expenses of about $40,000. And this decrease in operating costs has
beeri made also notwithstanding the manifold extra duties imposed
upon the Customs Service by the war. For instance, guards had to
be placed on board the German and Austrian ships when they were
taken into custody in April, 1917, in order to protect them from further injury and deterioration; customs officers are charged with preventing the shipment of unlicensed cargoes;. passports of returning
American citizens are taken up or canceled by customs officers, and
these officers examine all passports of persons going abroad; examiners, by reason of their technical knowledge, render great service
to the W a r Department in examining articles purchased for that department to determine whether they meet with the contract specifications.
This decrease in expenses does not wholly show the saving made
to the Government, for, follbwing the practice of the past few years,
the installation of improved methods arid systems has been continued.
The original cost of these improvements was, of course, paid for from
the appropriation for the past fiscal year and necessarily would not
permit the true saving to be shown. Plowever, later years will show
the benefits of lower operating costs.
The past year has found a great demand for space in Federal
buildings, due to the many additional officers who must be accommodated. This, together with" the desire to reorganize and redistribute the working forces of the Customs Service to enable the
public to transact business, so far as possible, on the main floor of a
building, and also to enable each office to handle its work with the
least effort and delay, has caused a reorganization of the forces.




SECRETARY OF THE TREASURY.

45

principally at Boston and New York. By this readjustment of space
and employees six floors of the customhouse at Boston have been
turned over to other Government agencies, and now 90 per cent of
the public may transact its customs business on the main floor. This
saving to the Government and the public is obvious, but, of course,
can not be well stated in dollars and cents.
A like readjustment is being made at the customhouse at New
York, arid already considerable floor space has been placed at the disposal of other branches of the service, but a complete reorganization
is delayed pending an appropriation of $35,000 which the Congress
has been reqiiested to make tb coniplete the various changes. Upon
the completion of these changes the force will be so placed as to permit the transaction of business with fewer employees, more accuracy,
and greater convenience to the public.
It is the intention of the department to apply the same businesslike
organization to all other ports which are not organized along these
lines.
While it has been the endeavor to reduce operating expenses by
simpler and more businesslike methods, with the result that the
number of employees has been decreased from 6,881 in 1916 to 6,727
in 1917, the policy has been followed of increasing the salaries of
efficient employees. Under this head are two classes in particular,
first, those employees possessing unusual knowledge or training, and,
second, those employees who receive salaries relatively smaller than
those paid for similar duties outside of the Government service.
By reason of the savings which have been made it has been possible to make a number of deserved promotions in both classes. These
promotions, while deserved, have served the greater purpose of causing renewed effort to win recognition not only by those promoted
but by the force in general. In other words, a healthy rivalry for
better service has been created.
Since 1913, when the cost of conducting the service, exclusive of
enforcing navigation laws and compiling statistics for the Department of Commerce and Labor, was $10,285,613.95, a reduction in
annual expenses of $1,245,600.78 has been made. As this saving was
due in great measure to cooperation on the part of officers and employees of the service, it is suggested that the annual appropriation
be not further reduced, but that any subsequent saving be diverted
in part to paying higher salaries. This is necessary in order to retain
the services of technically trained men who are frequently offered
higher salaries outside the service.
This opportunity is taken to invite attention to the fact that the
Customs Service is operating under many laws which were passed in
the eighteenth century. It was suggested in the reports of last year
and the previous year that certain of these laws be repealed as



46

REPORT ON THE FINANCES.

obsolete and that others be amended. I t is now suggested that a
complete revision be riiade of the customs administrative laws. This
is essential to further the purpose of making the service a real
businesslike organization. As an illustration of the inadequacy of
these old laws, which may have served a useful purpose Avhen they
were passed, but which now tend to block efficient administration,
may be mentioned those laws which require three and sometimes
four independent officers at some ports. Obviously, no matter how
harmoniously these officers may work together, maximum efficiency
can not be obtained until one officer is made supreme and the others
subordinate.
^
During the past year the efficiency board of the service has visited
a number of districts, with the view of securing the best practices at
each and installing them at the others. This practice, of course, tends
to not only improve the service, but also makes the practice at all
ports uniform. Too much credit can not be giveii the members of
this board for the increased efficiency which has been attained.
The C. V. R. (classification and valuation reports) bureau, which ^
was established seyeral years ago for the purpose of standardizing
the manner of classifying and placing the same market value on
similar importations, has been brought to a high plane of efficiency.
As a result of the labors of this bureau uniformity in the classification and valuation of merchandise at all ports has been attained.
PUBLIC HEALTH.

As soon as the entry of the Unite'd States into the war became
imminent the Surgeon General of the Public Health Service submitted a plan for the sanitation of the zones in immediate contiguity
to those occupied by the military forces. This is rendered necessary
not only for the prevention of the interstate,spread of disease but
also for the protection of the health of the military forces against
the disease of the civilian community. I n addition it was realized
that by the concentration of large bodies of armed men an additional burden would be thrown upon the civilian sanitary institutions. Since this burden was created by an act of the General Government, it was but logical that the General Government should
assist the State and local health organizations in meeting the uriusual
situation.
When the War Department made available the list of places which
would be occupied by military forces for the training of troops sanitary survey parties were ordered by the Surgeon General of the
Public Health Service to make inspections of surrounding zones for
the purposee of determining t he existing sanitary situations, the sanitary problems which would arise upon the arrival of the troops, and




SECRETARY OF THE TREASURY.

47

the State and local health machinery and funds which would be
available for the purpose of controlling the spread of disease. Upon
the request of the State and local health authorities, the Public
Health Service assumed administrative control of the sanitation of
the extra cantonment areas. Usually this was a zone about 10 miles
in diameter, including not only rural districts, but municipalities and
smaller centers of population as well. The State, county, and municipality delegated to the Public Health Service their police power for
the better accomplishment of the work in hand. I n those instances
in which the local health authorities were willing and able to per«
form these functions a copy of the report of the survey was filed
with them for their assistance. The Public Health Service has
assumed, administrative control in the areas surrounding the following places: Newport News, Va.; Camp Lee, Va.; Camp Jackson,
S. C.; Camp Gordon, Ga.; Camp Pike, Ark.; Camp Sherman, Ohio;
Camp Zachary Taylor, Ky.; Camp Dodge, Iowa; Camp Funston,
Kkns.; Camp Lewis, Wash.; Camp Greene, N. C.; Camp Wadsworth,
S. C.; Camp McClellan, Ala.; Camp Sevier, S. C.; Camp Wheeler,
Ga.; Camp Sheridan, Ala.; Camp Shelby, Miss.;oCaiiip MacArthur,
Tex.; Camp Bowie, Tex.; Camp Beauregard, La.; Camp Logan,
Tex. I n addition sanitary operations are being carried on at Fort
Leavenworth, Kans., and Fort Oglethorpe, Ga.
The aim at each of these places is to establish an adequate system
of health control. This includes special measures for the collection
of morbidity and mortality data; intense rural sanitation operations ; the installation of sanitary devices for excrement and garbage
disposal; the maintenance of the purity of water, milk, and food
supplies; the medical inspection of schools; the cbnduct of special
operations for the prevention of the spread of venereal disease;
recognition, isolation, disinfection, and other necessary measures to
prevent the spread of communicable disease; in fact, the employment
of every means for the maintenance of the health of the civilian
population. I n this way the unusual sanitary situation caused by
the sudden infiux of a large population has been met. Malaria,
typhoid fever, smallpox, and many other diseases which threaten the
civilian and the military population alike have been prevented. The
spread of disease to extra State points has been controlled, the efficiency of communities upon which military forces must rely for food
has been increased, and local health organizations built up which
will continue to functionate long after the Federal forces have
been withdrawn. This is without doubt the largest health demonstration which our country has ever witnessed. That good results
will follow in its train can not be doubted.




48

REPORT ON THE FINANCES.
PUBLIC

BUILDINGS.

During the period covered by this report considerable difficulty has
been experienced in placing public buildings under contract and in
getting buildiugs already under contract completed with ordinary expedition. At the beginning of the fiscal year 1917 the market for
material and labor was already abnormally high, and throughout the
entire period covered by this report there was a constant upward
tendency in the market. Freight embargoes in various sections and
car shortages were of annoying frequency. Congestion of orders at
points of production of certain classes of materials was encountered,
and contractors reported great difficulty in placing orders which
involved definite dates for deliveries. Notwithstanding these and
other conditions, the progress made by the Supervising Architect's
Office in its building program was very satisfactory. The output of
that office for the period covered by this report was:
Buildings completed
Extensions and remodeling projects completed

< 63
5
68

o

Buildings placed under contract
Extension and remodeling projects placed under contract

;

76
7
83

The foregoing shows that buildings were completed at the average
rate of one every five and one-third calendar days, approximately,
and that buildings were placed under contract at the average rate,
approximately, of one every four and one-third days.
At the time the omnibus public-building act of March 4, 1913, became a law the accumulated authorizations of buildings under previous acts had not been disposed of, and months elapsed before they
could be given attention. Meanwhile, in a number of cases, changed
local conditions made further legislative action necessary, while the
market on which limits of cost had been based had become abnormally
high.
Except for a rigid adherence to the classification of public buildings promulgated under date of June 29, 1915, and the practice
of a degree of economy in designing buildings not previously observed in general, it would not have been possible to meet the rising market and get under contract many of the buildings on which
operations were begun.
Stam^dardization.
I n the report for the fiscal year ended June 30, 1916, reference
was made to the fact that a type of building for a post office had been
designed which, with modifications to meet local conditions, could
be utilized in over 30 communities in which the general conditions
and space requirements were substantially similar.



SECRETARY OF T H E TREASURY.

49

During the period covered by this report proposals were solicited
for the construction of the buildings referred to in the preceding
paragraph, with the result that 27 were placed .under contract.
Other types have also been designed to provide for different conditions and space requirements, and are being utilized likewise, from
time to time, when appropriate.
The feasibility has thus been demonstrated, where conditions are
similar, of adopting standardized plans within certain limitations.
It does not follow, however, because a particular type of building
may meet the requirements of a number of communities that the cost
of constructing such type of building will be the same in each of those
communities. Costs of construction vary considerably according to
location, and are affected by many considerations, even in times
when there is a normal material and labor market. The range in
the cost of construction of the 27 buildings above referred to was
from $38,000 to $57,00Q. This variation in cost was due, in part, to
abnormal market conditions and in part to the widely separated sections in which the buildings were constructed, and affords no criterion by which to determine comparative costs of construction under
normal conditions.
Interior Depalrtment building.
The Interior Department office building on the square bounded
by Eighteenth, Nineteenth, F, and G Streets was so nearly completed during the year as to permit of its occupancy. This building
has a floor area of approximately 18 acres, and was constructed
with creditable rapidity.
New Patent Office huilding.
In the report for the fiscal year ended June 30, 1916, it was stated
that no action had been taken to prepare plans authorized by the
act of March 4, 1913, for a new Patent Office building, the amount
appropriated for such work being insufficient. The status of this
matter is unchanged. The department will proceed with the preparation of these plans as soon as the riecessary appropriation of
$10,000 is provided.
National archives bwilding.
No change has taken place with respect to the status of the proposed National archives building since the date of the last report.
Whenever the necessary additional legislation is enacted, and the
plans submitted to the commission created by law are approved, this
department will proceed with this very necessary project.
13034°—FI 1917




4

50

REPORT ON THE FINANCES.

Additional legislation.
I desire to invite especial attention to a recommendation contained
in my report for the fiscal year ended June 30, 1915, as follows:
Much delay and embarrassment are caused by indefinite and incomplete
legislation with reference to the character of buildings authorized by Congress.
It frequently occurs that a building will be described merely as a "post office"
in localities where there are other Federal departments requiring office space.
Under the present statutes and decisions of the Attorney General, the Secretary
of the Treasury has no authority to provide space in any new building for
branches other than the Postal Service where the legislation directs the construction of a post office only. This situation frequently leads to the erection of
buildings which might at the outset and within the limit of cost be constructed
so as to provide ample room for all Government offices in that locality, but
which, because of the phraseology of the legislation, are constructed merely for
a post office and soon have to be remodeled and enlarged at considerable unnecessary cost to the Government. I strongly urge that the Secretary of the
Treasury be given authority in such cases and within the limit of cost to construct buildings of a size and character' to accommodate all Federal departments
which, upon careful investigation, may be found to require space in the town
where the building is to be erected.
^
.
COAST GUARD.

Coincident with the declaration by the President, April 6, 1917,
that a state of war existed with the German Empire, the Coast Guard
passed from the jurisdiction of this department tb the Navy Department, to be operated thereunder as a part of the Naval Establishment
in the national defense. This transfer was provided for in terms by
the act of January 28,1915, which created the Coast Guard and made
it a part of the military forces of the United States. The expeditious
manner in which the Coast Guard, with its force of trained officers
arid men and its various units heretofore employed for humanitarian
purposes, was merged into the activities of the Navy, unquestionably
proves the wisdom of Congress in the enactment of this legislation.
I am confident that this humanitarian branch of the Government will
prove its effectiveness in war as it has proved its great usefulness in.
peace.
Ice patrol to promote safety at sea.
Preparations were begun to resume the international ice-observation and ice-patrol service in the north Atlantic in accordance with
the terms of the international convention for safety at sea, and the
Seneca was fitted out for this duty. Before the time set for her departure, however, the international situation was becoming acute
and her orders were rescinded and all ..further preparations for th(i
patrol indefinitely postponed.




SECRETARY OF THE TREASURY.

51

New ships.
I t is gratifying to note that the Congress has made provision for
the additional vessels for the Coast Guard which were recommended
in my last annual report. Although designs were prepared for these
vessels and bids for their construction invited, none was received
within the limits of authorized cost. I t is expected that satisfactory
arrangements for their construction will be made at a later date when
the shipyards of the country are not so congested with work.
Coastal communication.Rapid progress has been made in improving and extending the
coastal-communication service of the Coast Guard, as recommended
by the interdepartmental board created by Executive order to consider, the subject. This is a most important governmental activity
both for the national defense and for the saving of life and property
along our coasts.
Aviation.
The .development of aviation facilities for the Coast Guard to be
used both for humanitarian purposes and the national defense has
been delayed because funds have not been provided for the physical
equipment. Progress is being made in the training of the authorized
personnel, and it is hoped that after the war the necessary funds
. will be provided for stations and equipment.
Patrol of the St. Marys River, Mich.
Attention is invited to the report of the captain commandant setting forth the urgent need of a site on the water front at Sault Ste.
Marie, Mich., for use as a base for the operations of the vessels of the
Coast Guard engaged in regulating the enormous water-borne traffic
that passes through the system of locks and waterways of the St.
Marys River. This system is about 60 miles Ibng and includes approximately 45 miles of dredged channels. There are three locks on
the American side, one on the Canadian side at Sault Ste. Marie, and
the fourth American lock is under construction. This patrol is maintained to prevent congestion, reduce danger of collision and bther
marine casualty, and protect the dredged channels from blockades
and unnecessary erosion, and it is highly essential that all necessary
facilities be provided for. maintaining an efficient patrol. I fully
concur in the commandant's request for the moderate sum required
and earnestly recommend that legislation be enacted at the forthcoming session which will permit a suitable water-front site to be purchased and properly equipped for the use of the Coa^t Guard.




52

REPORT ON THE FINANCES.

Clerical force.
The clerical force authorized for the administrative office of the
Coast Guard has been barely sufficient at any time in recent years to
transact the business with due dispatch. At the present time the
force is wholly inadequate. I earnestly concur iri the recommendation of the captain commandant that additional clerical assistance
be provided in the ensuing appropriations.
RETIREMENT OF CIVIL-SERVICE EMPLOYEES.

I n my last annual report I submitted recommendation for the enactment of an equitable retirement law which would enable the departments of the Government to retire their aged civil-service employees.
I desire to renew that recommendation.
GOVERNMENT COAL YARD.

During the early part of the present calendar year I addressed a
letter to the Speaker of the House of Representatives, inviting attention to the situation in the District of Columbia concerning the
purchase and distribution of coal for the use of the executive -departments and independent establishments of the Government. I n that
connection I set forth the fact that the Government does not own
or control a coal yard in the District of Columbia; that it is dependent upon contractors for furnishing coal to all departments and
branches of the Government, and the difficulties the Governmenthad experienced in obtaining an adequate supply of coal for its
purposes. I stated that the establishment of a coal yard with ample
storage facilities would enable the Secretary of the Treasury, through
the General Supply Committee, to purchase coal at the time of the
year when it is cheapest.
Since that time the Congress has- passed a law placing within the
hands of the President the establishment of prices of fuel. This
legislation, wise as it is, does not meet our needs so far as storing and
delivering coal is concerned.
I am still of the opinion that the building and operating of a Government coal yard is a good business proposition, and believe that it
will result in a large annual saving. I present this for the serious
consideration of the Congress, with the request that the matter receive its favorable consideration.
GENERAL SUPPLY COMMITTEE.

The price of all articles and supplies used by the Government has
materially increased. Notwithstanding this fact, the contracts which
I have negotiated through the medium of the General Supply Com-




SECRETARY OF T H E TREASURY.

53

mittee show substantial decreases over the prices obtaining in the
wholesale and retail markets. The demands of the Government have
been extremely heavy, and, in many instances, the contractors have
been unable to meet our needs because the requirements have been
much more than the estimated quantities on which the contractors
were invited to bid. This has been particularly true in all kinds of
office equipment, such as desks, typewriters, chairs, etc. As a consequence the departments and Government establishments have been
forced to make frequent purchases in the open market at the best
prices obtainable. This is a situation which could not be foreseen
or avoided, because of the abnormal conditions incident to the war.
Purchases made under contracts for the fiscal year 1917, so far as
tabulated, aggregate $2,972,539.92. The entire purchases for the year
will exceed $3,000,000.
The members of the General Supply ^ Committee have rendered
commendable service, both in the negotiation of contracts and in the
assistance they have given me in the enforcement of contracts.
I am more than ever persuaded that the scope of the General Supply Committee should be broadened, so that it will not only assist the
Secretary of the Treasury in making contracts, but its duties should
be enlarged so as to embrace supervision of the contracting, purchasing, and distribution of all supplies and equipment required for
Government use in the District of Columbia. In order to accomplish
this it wiir be necessary to establish and maintain a warehouse along
the same lines as those maintained by the larger industrial concerns
of the country. I recommend early action looking toward the necessary legislation to accomplish this object.
PANAMA CANAL.

The general fund of the Treasury was charged during the fiscal
year 1917 with $19,262,798.32 for Panama Canal account. Of this
sum $5,949,175.26 was for construction work, and the difference,
$13,313,623.06, for fortifications and miscellaneous accounts. The
total expended for the canal from the general fund to June 30, 1917,
reimbursable from sale of bonds not yet sold, was $236,560,375.43,
and by the act of September 24, 1917, Congress authorized an issue
of $225,000,000 in lieu of such unissued bonds, postal-savings bonds
having been issued in lieu of Panama Canal bonds in'the amount of
$10,758,560.
CONTINGENT FUND.

I request that the Congress appropriate for the fiscal year 1919
the sum of $15,000 as a contingent fund for the Secretary of the
Treasury.




54

REPORT ON THE FINANCES.
CONDITION OF THE TREASURY.

The following is a summary of the estimated condition bf the
Treasury for the fiscal years 1918 and 1919:
Fiscal year 1918.
Balance in the Treasury June 30,1917, free of current obligations. $1,066, 983, 361. 07
Estimated receipts:
Ordinary-. .•
$3, 886, 800, 000. 00
Panama Canal tolls, etc
7,000,000.00
Public debt (including $663,200,000 estimated receipts from war savings certificates and $3,666,-233,850 from bonds
already aruthorized but not yet issued).. 8, 686, 932, 800. 00
Total estimated receipts

12, 580, 732, 800. 00
13, 647, 716,161. 07

Estimated disbursements
Ordinary
112,316,295,223.00
Special (purchase of obligations of foreign
governments)
2 6,115,000,000.00
PanamaCanal
,.
23,593,000.00
Publicdebt
:...
321,031,732.00
Total estimated disbursements

18, 775, 919, 955. 00

Estimated deficit in general fund. June 30, 1918, under existing
laws
5,128,203,793.93
From the above figures, which are based upon the Treasury
Department's estimates of receipts under existing laws and the
estimates of the various departments of the Government of their
expenditures for the fiscal year ending June 30, 1918, it is estimated that, allowing for a balance in the general fund of about
$500,000,000, it wiU be necessary for the Congress to authorize
additional funds for the Treasury amounting to approximately
$5,640,000,000.
If these funds should be raised by bond issues, the following represents the estimated amount of bonds to be issued during the remainder
of the current fiscalyear and the estimated receipts from war-savings
certificates:
Bonds under the act of Sept. 24,1917 (exclusive of $63,945,460 for the
redemption of the loan of 1908-1918)
$3,666,233, 850
War savings certificates (estimated)
663,200,000
Additional bonds that may be authorized, including the cost of issue 5, 640, 000,000
Total

9, 969,433, 850

1 These figures do not include the cost of issuing any loans that may hereafter be authorized.
2 $885,000,000 was purchased in 1917.




SECRETARY OF THE TREASURY.

. 55

. Fiscal year 1919.
Estimated receipts:
Ordinary
$4,090,015,000
Panama Canal, tolls, etc
7, 700,000
Public debt (including $1,009,200,000 estimated receipts from
war savings certificates and $63,945,460 bonds authorized but
yet to be issued)
1,078, 345,460
Total estimated receipts
Estimated disbursements:
Ordinary
Panama Canal
Public debt

5,176,060,460.
.
:

^$12,701,838,980
23,000,000
79,195,460

Total estimated disbursements.
Estimated excess of disbursements over receipts,fiscalyear 1919..

.12, 804,034,440
-7, 627, 973, 980

If loans to foreign governments making common cause with the
United States in the war against Germany are to be continued during the fiscal year 1919 at the rate at which such loans are being
made at the present time, of approximately $500,000,000 per
month, the excess of disbursements over receipts would be further
increased by $6,000,000,000.
As the above estimated disbursements for 1919 do not include the
interest charge bn any additional loans that may be authorized by
the Congress for either the fiscal year 1918 or the fiscal year 1919, or
the cost of such additional bond issues, it should be pointed out that
if the deficit is to be met by additional bond issues the foUowing is
the estimated ariaount necessary in addition to the estimated receipts
from war saviags certificates and $63,945,460 from bonds to redeem
the loan of 1908-18:
Estimated excess of disbursements over receipts, fiscal year 1919.... $7, 627,973,980
Loans to foreign governments.
6,000,000,000
Estimated cost of bond issues that may be authorized for 1919
28,000,000
Estimated interest on bonds that may be authorized for 1918 and 1919,
exclusive of interest on loans negotiated to purchase obligations of
foreign governments
„
385,000,000
Estimated total

:

^4,040, 973, 980

The estimates of disbursements are not made by the Secretary of
the Treasury, but by the various departments concerned. The figures
presented in this report represent the latest information I have received from each of the departments. It is difficult for the depart^
ments in normal times to forecast expenditures with accuracy, and
this difficulty is greatly accentuated by the conditions of war. While
these figures represent the situation as it appears to-day, it should
be borne in mind that the exigencies of the future may cause changes,
particularly with regard to the estimates for the War and Navy
Departments.
1 These figures do not include the cost of issuing any loans that may be hereafter authorized or of .the
interest charge on such issues.




56 '

HEPORT ON THE FINANCES.
ESTIMATED DISBURSEMENTS FOR WAR PURPOSES.

Of the total estimated ordinary expenditures for the fiscal year
ending Jmie 30, 1918, amounting to $12,316,295,223, it is estimated
t h a t $11,527,709,023 will be for war purposes. This is, of course,
exclusive of loans to foreign governments.
Of the $12,701,838,980 estimated ordinary expenditures for the
fiscal year ending June 30, 1919, it is estimated t h a t $11,605,889,500
will be for war purposeSo
FINANCES.

The following statements showing receipts, disbursements, estimates, and the condition of the Treasury are submitted:
R E C E I P T S AND DISBURSEMENTS.

Fiscalyear 1917.
The receipts and disbursements of the Government during the fiscal
year ended June 30, 1917, were as foUows:
(See details on pp. 63 to 70.)
GENERAL FUND.

Receipts into the general fund, including various trust-fund receipts, but excluding postal revenues:
Customs
Internal revenue—
Ordinary.
,
$354, 387,425. 89
Emergency revenue
95,297, 553. 88
Corporation income tax
179, 572,887. 86
Individual income tax
180,108,340.10

809,366,207.73
1,892,893. 23
80,952,632.09

Sales of public lands
Miscellaneous
Total ordinary receipts
Disbursements from the general fund for current expenses and capital outlays, including
various trust-fund disbursements, but excluding postal service paid from postal reve-*
nues and Panama Canal disbursements:
For civil establishment—
Legislative establishment
Executive proper
State Department.....
Treasury Department proper
Public buildings, construction and
sites
War Department proper
Department of Justice..




$225, 962, 393. 38

1,118,174,126.43

15,174,101.43
1,387,797.91
6,130,081.82
72, 785,185.29
12,116,721.40
2, 698,441.16
10,576,309.48

57

SECBETAEY OP THE TEEASUKY.
Disbursements, etc.—Continued.
For civil establishment—Continued.
Post Office Department proper
Navy Department proper
Interior Department proper
Department of Agriculture
Department of Commerce
Department of Labor.
United States Shipping Board
Other independent offices
District of Columbia.'

$1,920, 717.41
981,649.66
29, 249, 699.03
29, 587,148. 95
11, 700,529.04
3, 847, 305.10
14, 958,468. 98
7, 731, 898.23
13, 803,193. 93
$234, 649, 248.82

For War Department—
For Military Establishment, $401,418,331.54, as follows:
Support of the Army, $359,527,787.10»
Military
Academy,
$1,094,300.36, National Guard,
$11,014,027.74;
fortifications,
$15,582,630.11;
arsenals,
$2,159,996.64, civilian military
training camps, $4,040,302.25;
registration and selection for
military
service, $473,500;
military posts and miscellaneous, $7,525,789.34
For rivers and harbors
For war miscellaneous, civil, including national homes, $5,021,525.98;
soldiers' deposit fund, $774,457.04;
cemeteries, parks, claims, etc.,
$949,312.94

401, 418, 331. 54
30,487,559. 82

8,370, 989. 01
440, 276, 880. 37

For Naval Establishment, including construction of new vessels, machinery,
armament, equipment, improvement at
at navy yards, and miscellaneous
For Indian Service
For pensions
For interest on the public debt

•

257,166,437. 44
30,598,093.55
160,318,405. 66
24, 742,129. 42'
1,147,751,195. 26

Add difference arising in adjustment of miscellaneous accounts
Total ordinary disbursements
Excess of ordinary disbursements
Special disbursements:
Purchase of obligations of foreign governments
Payment for Danish West Indian Islands.
Subscription to stock. Federal land banks.
Total special disbursements




147, 795. 90
:

1,147, 898, 991.16

:

29, 724, 864. 73

885,000,000.00
25,000,000. 00
8,880,315. 00
918,880, 315.00

58

REPORT ON THE FINANCES.

Panama Canal:
Receipts from tolls, etc.
Disbursements for canal

.*...

$6,150, 668. 59
19,262, 798. 32

Excess of canal disbursements

. $13,112,129. 73
961, 717, 309. 46

PubUc debt—tissues and deposits:
First Liberty loan of 1917
1,466,335,094. 61
Certificates of indebtedness
918, 205, 000. 00
One-year Treasury notes
4,390,000.00
Deposits to retire Federal reserve bank
notes and national bank notes
37, 293,045. 00
Deposits for postal savings bonds
1, 794, 660. 00
Total public-debt receipts

2, 428,017, 799. 61

Public debt—redemptions:
Certificates of indebtedness
One-year Treasury notes
Federal reserve bank notes and national
bank notes retired
Miscellaneous redemptions, public debt..Total public-debt disbursements

632, 572, 268. 00
4, 390, 000. 00
40, 564,115. 50
18, 398. 75
677, 544, 782. 25

Excess of public-debt receipts over public-debt disbursements..

1,750,473,017.36

NOTE.—During the year exchanges of bonds amounting to $45,965,900 were
made under the provisions of section 18 of the Federal reserve act of Dec.
23, 1913, Avithout affecting the cash in the Treasury, as follows: S19,047,500
of 2 per cent consols of 1930, 12,063,800 of 2 per cent Panama Canal bonds,
series of 1906, and Sl,882,600 of 2 per cent Panama Canal bonds, series of
1908, were exchanged for 3 per cent conversion bonds, and $17,488,000 of 2
per cent consols of 1930, $3,439,000 of 2 per cent Panama Canal bonds, series
of 1906, and $2,045,000 of 2 per cent Panama Canal bonds, series of 1908, were
exchanged for 3 per cent one-year Treasury notes.

Total excess of receipts over disbursements

788, 755, 707.90

General-fund balances:
Balance in general fund June 30,1916 (exclusive of disbursing
officers' credits)
:...
Excess of general-fund receipts for year

178,491,415.58
788, 755,707.90

Balance in general fund June 30,1917 (exclusive of disbursing officers' credits)
Disbursing officers' credits, June 30, 1917

967, 247,123.48
100, 664, 023. 24

Deduct interest checks and coupons outstanding
Balance in general fund, June 30,1917, free of current obligations . . . . . .




1,067,911,146.72
927, 785. 65
1,066,983,361.07

SECRETARY OF T H E TREASURY.

59

SUMMARY OF G E N E R A L F U N D TRANSACTIONS.

Fiscal year ended June 30, 1917.
Ordinary receipts, including various trust-fund
Receipts.
Disbursements.
receipts, b u t excluding postal revenues
$1,118,174,126.43
Disbursements for current expenses and capi, tal outlays, including various trust-fund disbursements, b u t excluding postal service
paid from postal revenues and Panama
Canal disbursements.
$1,147, 898, 991.16
Special disbursements.
918, 880, 315. 00
Panama Canal receipts, tolls, etc
6,150, 668. 59
Panama Canal disbursements.
19, 262, 798. 32
Public debt—issues and deposits:
First Liberty loan of 1917
1,466, 335, 094. 61
Certificates of indebtedness.
_...
918,205,000.00
One-year Treasury notes
°.
4, 390,000.00
Deppsits to retire Federal reserve bank
notes and national bank notes
37, 293, 045. 00
Deposits for postal-savings bonds
1, 794, 660.00
Public debt—^redemptions:
Certificates of indebtedness.
632,572,268.00
One-year Treasury n o t e s . .
4,390,000.00
Federal reserve bank notes and national
bank notes retired
40,564,115.50
Miscellaneous redemptions of the public
debt
*.
.-..
18, 398. 75
Total disbursements from the general
fund..
Excess of receipts over disbursements
Grand totals

2,763,586.886.73
788, 755, 707. 90
3, 552, 342, 594. 63 3, 552, 342, 594. 63

POSTAL SERVICE.

Exclusive of Post Office Department proper, which is included in "civil
establishment.'*
Postal-revenue receipts
Postal service paid from postal revenues
Excess of receipts

$329,726,116. 36
319,889,904.46
9,836,211.90

U N I T E D STATES N O T E S ( G R E E N B A C K S ) .

Issues to replace worn and mutilated notes.
. Worn and mutilated notes retired

196,860,000.00
196,860,000.00

The redemptions during the year of the notes unfit for circulation necessitated t h e
is&ue of a like amount thereof to maintain the outstanding aggregate of the notes as
required by law.




60

REPORT ON THE FINANCES.
GOLD R E S E R V E

FUND.

Balance in reserve fund June 30, 1916.
$152, 979,025. 63
Balance in reserve fund June 30, 1917
152, 979, 025. 63
The redemptions of notes for gold from the reserve fimd during the year were:
United States notes, $38,559,910.
As the redeemed notes, were exchanged each day for gold in the general fund, the
reserve was maintained at the fixed sum required b y law, including $2,979,025.63
tax on additional circulation received under act of May 30, 1908.
TRUST FUNDS.

(Held for the redemption of the notes and certificates for which they are respectively
pledged.)
^
Gold coin and bullion . . $1, 584, 235, 909
Silver dollars.
477,184, 842
Silver dollars 1890
1,970,078

Gold certificates
outstanding
$2, 094, 336, 669
Less amount in t h e
Treasury
510,100, 760
Net

1,584,235,909

Silver certificates outstanding
Less amount in the
Treasury
Net

-.

492, 860, 000
15, 675,158
• 477,184,842

Treasury notes (1890)
outstanding
Less amount in t h e
Treasury

1, 976, 000
5,922

Net.

1, 970, 078
2, 063, 390, 829

2, 063, 390, 829
GOLD SETTLEMENT FUND, FEDERAL RESERVE BOARD. .

Gold coin

$526, 295,000
SINKING FUND.

The securities redeemed on account of the sinking fund, included
in general-fund disbursements, were as follows:
Fractional currency
One-year notes of 1863
Funded loan of 1891.
Refunding certificates
Funded loan of 1907
Compound-interest notes
Total




'.

$1, 928. 75
50. 00
2,000. 00
500. 00
13,550. 00
170. 00

'...
oo

o

.„..„.....

18,198.75

SECRETARY OF T H E TREASURY.
CONDITION OF THE TREASURY J U N E 30,

61
1917.

The pubhc debt of the United States at the close of the fiscal year .
1917 is set forth in detail, as foUows:
Interest-bearing debt:
Loan of 1925, 4 per cent
Loan of 1908-1918, 3 per cent
Consolsof 1930, 2 p e r c e n t . . . . .
Panama Canal loan, 2 per cent
Panama Canal loan, 3 per cent
Postal savings bonds, 2 i per cent.
Conversion bonds, 3 per cent
One-year Treasury notes, 3 per cent
Certificates of indebtedness, 3 per cent
Certificates of indebtedness, 3 i per cent...
First Liberty loan of 1917, 3^ per cent K . . .
Debt on which interest has ceased:
Funded loan of 1891..'
Loanofl904
^
Funded loan of 1907,
Refunding certificates
Old debt
Certificates' of indebtedness, 3 per cent,
• matured June 30, 1917
Debt bearing no interest: •
United States notes (greenbacks)
Bank notes, redemption account
Old demand notes
Fractional currency

$118,489,900.00
63, 945, 460.00
599,724,050.00
74, 901, 580.00
50, 000, 000.00
10, 039, 760.00
28, 894, 500.00
27, 362, 000.00
61, 306,032.00
211, 551,100.00
1,466, 335,094.61 .
•
•
$2, 712, 549, 476. 61
'24,950.00
13,050.00
506,100.00
11, 560.00
900, 970.26

^

12,775,600.00
•

14,232,230.26

346, 681, 016.00
48,235,167.00
53,152.50
6, 846, 568.15
,

Total interest and noninterest bearing debt, exclusive of
certificates and notes offset by coin and silver bullion

401, 815, 903. 65
3,128, 597, 610.52

CASH IN THE TREASURY J U N E 30,1917.

[From revised statements.]
Reserve fund:
Gold coin and b u l l i o n . . .

$152, 979,025. 63

Trustfunds:
Gold coin and bullion
Silver dollars
Silver dollars of 1890

1, 584, 235, 909.00
477,184, 842.00
1, 970,078.00
2,063, 390, 829.00

General fund:
I n Treasury offices—
Goldcoin
Standard silver dollars.
United States notes
Federal reserve n o t e s . . „, o
Federal reserve bank notes

$61,962, IOL 24
17,289,218.00
10,719,778.00
- 2,995,185.00
96,455.00

1 The balance of the First Liberty loan of 1917 was paid in the fiscal year 1918.




62

REPORT ON THE FINANCES.

General fund—Continued.
I n Treasury offices—Continued.
National-bank notes.
Certified checks on banks
Subsidiary silver c o i n . . . .=.
Minor coin.
Silver bullion (at cost)
Unclassified (unassorted currency,
etc.)
Interest on public debt paid
,

$1,977,740.00
11,143.43
4,422,621. 83
1,274,091. 54
5,797,879.49
1,095, 744.13
20, 994. 41
$107, 662, 952. 07

I n Federal reserve banks.
Intransit
.^.-..

299,871,632. 42
800,000.00
300, 671, 632. 42

I n special depositaries—
Account of sales of certificates of indebtedness
Liberty loan deposits

152, 763,000. 00
631,159, 759. 51
783,922,759.51

I n national-bank depositaries—
To credit of Treasurer of the United
States
'.
To credit of other Government officers.
In transit

30,873,789.79
8,521,860.45
10, 286,088. 67
. 49,681,738.91

. In treasury of Philippine Islands—
To credit of Treasurer of the United
States
To credit of other Government officers.

170,018.86
1, 911, 390. 90
2,081,409. 76
1,244,020,°492. 67

Deduct current liabilities—
National-bank note 5
per cent fund
$26, 787,263. 22
Less notes in process
' of redemption
15, 993, 718. 97
Treasurer's checks outstanding...
Post Office Department balance
Board of trustees. Postal Savings
System balance
Balance to credit of postmasters,
clerks of court, etc.
Undistributed assets of insolvent national banks
Deposits for—
Redemption of, Federal reserve
notes (5 per cent fund)
Redemption of Federal reserve
bank notes (5 per cent f u n d ) . .
Retirement of additional circulating notes, act of May 30,1908.
Miscellaneous redemption accounts




10,793,544.25
2.082,567. 92
21,552,570. 29
5,743,856.70
20,484,304. 31
2,165, 902. 90

32,928,566.29
500,000.00
2,359,585. 00
25,645,063. 33
124, 255, 960. \

63

SECRETARY OF, THE TREASURY.
General fund—Continued.
Balance in the Treasury, June 30, 1917, as
per Financial StatemeD.t of the United
States Government.
Settlement warrants, coupons, and checks
outstanding—
Treasury warrants
Matured coupons
Interest checks
.'
Disbursing officers' checks

-

$1,119,764,531.68

$4,137,066. 55
570,330.79
357,454. 86
47, 716,318. 41
. 52, 781,170. 61

Balance in the Treasury, June 30, 1917, free of
-current obligations

U , 066,983,36L 07

Comparison of receipts, fiscal years 1916 and 1917.
Increase, 1917.

1917
Customs
Internal revenue:
Ordinary
Emergency revenue
Corporation i n c o m e t a x
I n d i v i d u a l income t a x
Sales of p u b l i c l a n d s
Con sular fees
Chines e i n d e m n i t y
Profit s o n coinage, b u l h o n deposits,
etc
P a y m e n t of i n t e r e s t b y Pacific railways
T a x on circulation of n a t i o n a l b a n k s
I n t e r e s t on p u b h c deposits
P r e m i u m o n war-risk i n s u r a n c e
N i g h t services, c u s t o m s service
C u s t o m s fees, fines, p e n a l t i e s , e t c . . .
Proceeds of m i h t i a p r o p e r t y lost or
destroyed
Sales of n a v a l vessels
N a v y h o s p i t a l a n d c l o t h i n g funds,
fines a n d forfeitures, e t c
Sales of o r d n a n c e m a t e r i a l , e t c
L a n d fees
Fees o n l e t t e r s p a t e n t
Depredations on pubhc lands
Deposits for s u r v e y i n g p u b h c l a n d s .
Proceeds of t o w n s i t e s . R e c l a m a t i o n
Service
F o r e s t reserve fund
Immigrant fund....'
N a t u r a l i z a t i o n fees
Proceeds of seal a n d fox skins
..
Alaska fund
:
Judicial fees, fines, p e n a l t i e s , e t c . . .
Surplus postal revenues
Sales of' G o v e r n m e n t p r o p e r t y
R e n t of p u b l i c buildings, g r o u n d s ,
etc
Sales of l a n d s a n d b u i l d i n g s
District of Columbia, general receipts
F u n d s c o n t r i b u t e d for river a n d
harbor improvements
R e i m b u r s e m e n t s o n account of exp e n d i t u r e s m a d e for I n d i a n t r i b e s .
Assessments o n F e d e r a l reserve
b a n k s , for salarieSj etc
Assessments o n n a t i o n a l b a n k s for
expenses of e x a m i n e r s
Miscellaneous

1916

$225,962,393.38

$213,185,845.63

$12,776,547.75

354,387,425.89
95,297,553.88
179,572,887.86
180,108,340.10
1,892,893.23
1,507,177.09
535,070.09

303,486,474.04
84,278,302.13
56,993,657.98
67,943,594.63
1,887,661.80
. 1,466,572.72
533,238.47

50,900,951.85
11,019,251.75
122,579,229.88
112,164,745. 47
5,231. 43
40,604.37
1,83L62

10,957,181.73

4,354,613.12

6,602,568.61

3,897.06
3,611,802.43
702,537.69
11,526,557.22
296,294.99
,872,758.28

9,148.07
3,838,034.25
928,106.35
862,556.56
312,691.17
957,125.25

10,970.53
48,604.24

127,167.48
324,677.34

1,166,244.59
217,473.87
1,654,131.19
2,315,646.51
84,786.57
110,077.69

761,457.92
159,808.26
1,723}.657.45
2,329,510.36
148,554.80
73,255.34

404,786.67
57,665.61

31,250.15
3,515,140.54
854,395.58
456,946.42
183,931.31
210,272.70
846,432.74
5,200,000.00
1,874,886.53

21,189.28
2,883,783.73
803,419.25
391,503. 00
56,396.83
266,081.04
, 938,046.01

10,060.87
631,356.81
50,976.33
65,443. 42
127,534.48

1,473,621.74

6,200,000.00
401,264.79

228,853.79
797,694.52

190,134.99
145,962.30

38,718.80
651,732.22

9,175,67L77

9,132,976.52

42,695.25

698,450.00

591,150.00

107,300.00
156,665.19

Decrease,1917.

$5,251.01
226,231.82
225,568.66
10,664,030.66
16,396.18
84,366.97
116,196.95
276,073.10

69,526.26
13,863.85
63,768.23
36,822.35

55,808.34
91,613.27

157,216.99

551.80

913,110.10

802,315.68

110,794.42

891,552.79
2,448,100.79

150,000.00
2,508,755.52

741,552.79
0,654.73

1 T h e b a l a n c e i n t h e T r e a s u r y of $1,066,983,361.07 i n c l u d e s $100,664,023.24 d i s b u r s i n g officers' c r e d i t s
after d e d u c t i n g o u t s t a n d i n g c h e c k s , a n d is free of c u r r e n t o b h g a t i o n s , t h e e n t i r e a m o u n t b e i n g a v a i l a b l e
for t h e f u t u r e e x p e n d i t u r e s of t h e G o v e r n m e n t .




64

REPORT ON THE FINANCES.
Comparison of receipts,,fiscalyears 1916 and 1917—Continued.

•

1917

1916

Increase, 1917.

Decrease,1917.

TRUST F U N D S .

Department of State:
Miscellaneous trust funds
War Departnient:
Army deposit funds
Soldiers' Home permanent fund.
Miscellaneous trust funds
Navy Department:
Navy deposit fund
'.
Marine Corps deposit fund
Interior Department:
Proceeds of Indian lantis
Indian moneys, proceeds of
labor
Miscellaneous trust funds
Personal funds of patients, St.
Elizabeths Hospital
Pension m o n e y , St. Elizabeths Hospital
District of Columbia: .
Miscellaneous trust-fund deposits
Washington redemption fund..
Police and firemen's rehef funds
Other trust funds
Total
Deduct—
Moneys covered by warrant in year subsequent
to the deposit thereof
AddMoneys received tu fiscal
year but not covered by
warrant
Ordinary receipts
Panama Canal:
Receipts from tolls, etc
Pubhc debt:
First Liberty loan of 1917
Certificates of indebtedness
One-year Treasury notes
Postal savings bonds
Bank-note fund
Exchanged for consols of 1930 and
Panama Canal bonds without
affecting the cash in 1917:
Conversion bonds, $22,993,900.
One-year T r e a s u r y n o t e s ,
$22,972,000.
Public debt receipts

$143,536.32

$842,596.46

1,486,106.28
432,802.97
1,020.00

1,633,261.49
541,596.03

177,311.27
239,283.88

154,283.00
173,825.06

$699,060.14
$1,020.00

147,155.21
108,793.06

23,028.27
65,458.82

2,995,668.11

2,696,719.73

298,948.38

10,323,313.27
212,779.99

5,486,446.57
348,645.82

4,836,866.70

39,877.50

29,244.79

10,632.71

83,966.53

94,736.00

413,988.31
164,573:37
135,895.16
6,212.39

426,711.68
148,204.14
134,522.56
35,672.93

16,369.23
1,372.60

1,118,182,978.18

779,788,065.07

340,844,060.10

2,449,146.99

340,844,060.10

2,325,634.41

2,334,486.16

272,881.18

779,391,671.31

10 769 47
12,723.37
29,460.54

396,393.76

1,117,910,097.00

135,865.83

123,512.58

264,029.43

272,881.18

1,118,174,126.43

779,664,552.49

340,844,060.10

6,150,668.59

2,869,995.28

3,280,673.31

1,466,335,094.61
918,205,000.00
4,390,000.00
1,794,660.00
37,293,045.00

1,803,500.00
56,648,902.50

8,851.75

1,466,335,094.61
918,205,000.00
4,390,000.00

8,840.00
19,355,867.50

2,428,017,799.61

58,452,402.50

2,388,930,094.61

19,364,697.50

Total receipt's, exclusive of
postal
Postal revenues

3,552,342,594.63
329,726,116.36

840,986,950.27
312,057,688.83

2,733,054,828.02
17,668,427.53

21,699,183.66

Total receipts, iacludiag postal

3,882,068,710.99

1,153,044,639.10 2,750,723,255.55

21,699,1S3.66




65

SECRETARY OF T H E TREASURY.
Comparison of disbursements, fiscal years 1916 and 1917.
1917

1916

Increase, 1917. Decrease,1917.
•

aVIL ESTABLISHMENT.

Legislative:
Senate
House of Representatives
Legislative, miscellaneous
Public Printer
Library of Congress
Botanic Garden

$1,905,816.82
5,400,249.72
914,011.68
6,238,825.27
677,107.16
38,090.88

$1,807,450.84
4,916,880.61
1,106,908.5^
5,356,903.00'
627,306.02
32,558.16

$98,365.98
483,369.11

Total legislative
Executive proper:
Salariesetc.^ expenses citizens
Relief, and American
in Europe.
United States Tariff Commission
Temporary government for
West Indian Islands
National security and defense,
executive
Bureau of EflBciency
Civil Service Commission

16,174,101.43

13,848,007.16

1,518,99L22

53,376.85
49,000.85
357,266.35

12,637.28
347,180.66

53,376.85
36,463.57
10,086.69

Total executive proper
Department of State:
Sj^laries and expenses
Foreign tatercourse—
Diplomatic salaries...
Consular salaries
Contiagent expenses of foreign missions
Contingencies of consulates.
Emergencies arising in the
Diplomatic and Consular
Service
Legation and consular
premises
Relief of American citizens
ia Mexico
Representation of iaterests
of foreign governments...
Payment to Panama
Payment to Republic of.
Nicaragua
National security and defense. Department of State
Miscellaneous Items
Trustfunds

1,387,797.91

396,940.11

991,857.80

471,371.44

379,719.15

91,652.29.

799,260.49
1,662,811.52

934,709.66
1,501,379.15

161,432.37

486,637.67
487,400.60

320,480.55
419,645.86

. 166,157.12
67,754.75

255,640.19

86,685.29

66,000.00
620,520.10
296,484.74

631,020.69
1,295,818.58

Total Department of State...
Treasury Department:
Salaries Secretary's office and
divisions thereof
Contingent fund for Secretary..
International High Commission
Contingent expenses of department
Customs ServiceCollecting customs revenues
National security and defense^ Customs Service...
Detection and prevention of
frauds
Refunding excess of deposits
Debentures or drawbacks..
Compensation in lieu of
moieties
Miscellaneous refunds
Internal-Revenue ServiceExpenses of collecting
Refunds and rehefs...
Miscellaneous
Suppressing counterfeiting and
other crimes
Accounting offices
Miscellaneous offices
Pubhc Health Service
TRpidemic diseases
War-risk insuranceExpenses
Losses

6,130,081.82

6,444,594.11

1,500,257.03

636,985.36
14,700.84
11,864.31

640,812.67
13,539.63
16,060.02

1,16L21

263,995.62

216,797.43

47,198.19

9,850,189.63

9,625,219.84

224,969.79

228,375.33

205,128.62
1168,906.45




192,896,95

23,246.71

567,753.03

726,659.48

42,026.50

42,026.50

100,000.00

•100,000.00

.

135,449.17

168,954.90
392,867.75

392,867,75
55,092.00

38,136.93

16,955.07

78,253:93
309,741.39

646,739.75
190,258.61

119,482.78

568,485.82

. 250,000.00,

250,000.00

.65,000.00
110,500.49
1,000,333.84
1,814,769.32
3,827.21
4,185.71

-

90,866.23

90,856.23
686:37
2,915,797.09
16,984,021.34

166,077.61
2,816,121.40
15,992,963.88

99,675.69
991,067.46

20,028.42
25,482.36

27,347.75
21,410.66

4,07L80

6,974,140.11
4,352,676.26
674,918.64

6,900,805.74
3,116,596.54

73,334.37
1,235,980.71
674,918.64

171,845.97
• 1,647,095.49
1,045,472.69
2,654,566.15
391,032.76

145,839.43
1,637,307.26
• 1,079,252.02
2,368,213.27
470,804.20

26,006.64
• 9,788.24.

30,171.01
3,296,622.63

18,652.64
62,226.57

1 Excess of repayments.
13034°—FI 1917-

$192,896.95

881,922.27
49, SOL 14
6,632.72

286,362.88
11,618.37
3,233,295.96

165,391.24

7,319.33

33,779.38
79,771.46

66

REPORT ON THE FINANCES.
Comparison of disbursements, fiscal years 1916 and 1917—Continued.
1916

1917

Decrease,1917.

"

CIVIL ESTABLISHMENT—contiaued.
Treasury Department—Continued.
Federal Farm Loan B o a r d Salaries and expenses
Engraving and printing
Paper, etc., for United States
securities
Preparation and'issue of Federal reserve notes
Expenses of loans
Coast Guard
Revenue vessels
Independent Treasury
Mints and assay offices
Pubhc buildingsSites, construction, and
equipment
Current maintenance.
Expositions
Salaries and expenses, nationalbank examinersMiscellaneous items
Special funds—
Phihppine special funds....
Night services, Customs
Service

Increase, 1917.

$138,509.50
4,210,169.04

$3,660,659.13

$138,609.50
549,509.91

466,06L11

401,583.20

63,477.91

341,377.35
300,773.22
5,790,021.68
13,836.24
597,182.64
1,395,759.74

1127,934.68
5,129,666.50
198,652.37
561,404.91
1,011,296.38

469,312.03
300,773.22
660,355.18

12,116,721.40
5,761,302.59
15,369.32

11,048,164.57
6,673,402.52
202,113.46

1,068,556.83
187,900.07

861.475.57
250,917.69

50,000.00
129,643.59

801,475.57
121,274.10

295,979.42

273,769.92

22,209.50

305,501.02

288,659.58

16,941.44

Total Treasury Department.. ^ 84,901,906.69

73,737,017.80

11,830,723.43

1,809,174.45
408,801.11

478,077.48
2,388.12

$184,816.13

35,777.73
384,464.36

War Department:
Salaries and expenses
Public buildhags and grounds...

2,287,251.93
411,189.23

Total War Department

2,698,441.16

2,217,975.66
853,768.88

127,880.78

770,947.11
650,094.31
2,530,826.61
313,4n.l6
1,600,425.93
1,515,147.84
316,536.23

767,132.34
654,503.41
2,487,893.14
315,168.15
1,582,780.86
,1,471,563.79
300,930.30

43,584.05
14,605.93

2,600,000.00
1,342,279.94
815,156.50

2,600,000.00
1,378,64L48
681,68L22

133,475.28

518,318.78
471,141.61
102,669.59
700,474.67

609,938.76
271, OOL 65
28,94L85
690,332.31

200,139.96
73,727.74
110,142.36

9,407,844.70
19,797.83
162,709.22

4,148,790.90
313,205.71
122,973.80

4,993,732.25

5,891,614.71

66,099.70

100,342.78

164,675.62

141,932.26

22,743.26

173,393.67
69,777.92

18,652.39

155,238.04

154,741.18
78,080.26
6,733.52
187,273.22

29,249,699.03

24,786,197.60

5,962,608.43

1,730,568.49
190,158.92

1,770,347.82
6,500,000.00
362.22

189,796.70

1,920,717.41

7,270,710.04

189,796.70

665,834.54

480,465.60

981,649.66

186,744.14

Navy Department:
Salaries and expenses
'.
Interior Department:
Salaries and expenses, office of
" Secretarv
Gfiiiftral LBDCI OfflcG
Pubhc lands service
Indian.Office
Pension Office
Patent Office
Bureau of Education
Colleges for agriculture and the
mechanic arts
Geological Survey
Bureau of Mines Officeof Superintendent of Capi-tol Building and Grounds....
National parks
Territorial governments
;.
Beneficiaries..
Construction, etc., of railroads
in Alaska . .
Enlarging the Capitol grounds.
Miscellaneous items
Special funds—
Five, three, and two per
cent funds, sales of lands..
Revenues of national parks
and Hot Springs, Ark
Deposits for surveying public lands
Pnhlio<?phoo1<? Ala-skftfimd

Miscellaneous special funds.
. Total Interior Departraent...
Post Office Department:
- Deficiencv in Dostal revenues...
Total Post Office Department




.

I Excess of repayments.

3,814.77
4,409.10

42,933.47

5,259,053.80
39,735.42

1,756.99
82,354.93

36,36L54
91,619.98

.

293,407.88
897,882.46
34,243.08

18,302.34
6,733.52
32 035 18
1,499,107.00
39,789.33
6,500,000.00
6,539,789.33

67

SECRETARY OF THE TREASURY.
Comparison of disbursem.ents, fiscal years 1916 and 1917—Continued.
1917

1916

Increase, 1917.

Decrease,19i7.

CIVIL ESTABLISHMENT—continued.
D e p a r t m e n t of Agriculture:
Salaries a n d miscellaneous
Animal Industry, expenses
M e a t inspection. A n i m a l I n d u s try
F o o t - a n d - m o u t i i disease
I n v e s t i g a t i a g hog cholera a n d
dourine
Plant Industry, expenses
P u r c h a s e of seeds
Biological S u r v e y , e x p e n s e s
P u b h c Roads, expenses
F o r e s t Service
A c q u i s i t i o n of l a n d s for p r o t e c tion of w a t e r s h e d s , n a v i g a b l e
streams
•...•.
B u r e a u of C h e m i s t r y
S t a t e s R e l a t i o n Service, e x penses
Cooperative e x t e n s i o n w o r k —
Weather Bureau, expenses......
•Special funds—
P a y m e n t s t o States a n d
Territories from N a t i o n a l
Forests fund
R o a d s a n d trails for S t a t e s . .
Miscellaneous special f u n d s .

$7,956,739.43
2,202,897.63
3,300,513.50
48,830.57

3,373,533.08
921,654.46

45,366.78
1,969,378.57
243,460.81
566,364.18
564,78L16
3,088,921.09

1-33,426.77
1,609,806.26
260,189. 20
411,160.73
662,784.60
3,455,446.79

1,992,066.77
768,246.84

1,480,076.33
774,447.88

.511,990.44

2,793,712.18
1,577,923.73
1,407,779.00

2,606,892.11
1,074,934.73
1,324,627.79

186,820.07
502,989.00
83,15L21

695,541.40
211,669.91
152,955.40

610,788.49
286,052.10
77,427. 29

84,752.91

29,587,148.95

28,031,540.33

3,151,352.84

1,000,672.70
784,693.17
1,061,994.67
1,229,288.05
5,861,5n. 86
1,077,415.83
56,902.09
620,973.00
7,077.67

916,494.64
790,169.80
1,179,292.58
1,178,860.18
5,722,146.22
982,829.90
89,456.23
639,380.71
5,09L91

84,178.06
50,427.87
139,365.64
94,585.93

11,700,529.04

Total D e p a r t m e n t of Agriculture

$7,220,515.06
1,747,776.66

11,403,722.17

452,135.55

170,018.72
274,292.76
351,722.91
104,478.03
2,401,114.96
363,342.81
179,845.04
2,489.87'

161,418.82
283,069.85
359,848.14
80,021.70
2,437,436.61
60,000.00
149,349.35

8,599.90

3,847,305.10

3,531,144.47

369,384.60

1,580,035.69

1,609,581.50

70,454.19

1,660,119.70
67,014.92

1,669,291.98 . . . . .
65,473.84

18,000.00
1,705,682.67
983,150.16

1,602,149.79
1,052,479.94

616,932.71
1,038,944.73
242,484.62
136,691.20
667,333.03
236,437.99

622,907.82
1,104,144.55
206,30L83
150,781.93
796,942.78
267,309.19

476,651.77
1,148,830.39

437,189.38
1,177,908.75

38,462.39

10,576,309.48

10j662,463.28

268,173.23

D e p a r t m e n t of C o m m e r c e :
Salaries a n d expenses
B u r e a u of S t a n d a r d s
Census Office
Coast a n d Geodetic S u r v e y
Lighthouse Establishment
B u r e a u of Fisheries
F i s h hatcheries
S t e a m b o a t - I n s p e c t i o n Service
Miscellaneous i t e m s
T o t a l D e p a r t m e n t of Commerce
D e p a r t m e n t of L a b o r :
Salaries a n d expenses
B u r e a u of L a b o r Statistics
B u r e a u of N a t u r a l i z a t i o n
B u r e a u of I m m i g r a t i o n
Regulatiag immigration
Immigration stations..
Children's B u r e a u
Miscellaneous
,

'
.
^.
.-..
....

T o t a l D e p a r t m e n t of L a b o r . . .
D e p a r t m e n t of Justice:
Salaries a n d expenses
Salaries of justices, assistant
a t t o r n e y s , etc
Court of Claims
N a t i o n a l security a n d defense.
D e p a r t m e n t of J u s t i c e
Salaries, fees, e t c . , of m a r s h a l s . .
Fees of witnesses
Salaries a n d fees, district attorneys
Fees of j u r o r s
F e e s of clerks
Fees of commissioners
S u p p o r t of prisoners
P a y of baihffs'
Miscellaneous expenses, U n i t e d
States c o u r t s .
Misciellaneous i t e m s
' T o t a l D e p a r t m e n t of J u s t i c e .




$736,224.37
455,120.97
$73,019.58
872,823.89
88,059.99
359,572.31
16,728.39
,155,203.45
98,003. 44
366,525. 70

6,20L04
•

74,382.19
75,528.11
1,595,744.22

5,476.63
117,297.91

32,554.14
81,592.29
1,985.76
155,328.68

8,777.09
8,125.23
24,456.33
36,32L65
303,342.81
30,495.69
2,489.87

J-g^j-Qg.

53,223.97

9,172.28

18,000.00
103,532.78
69,329.78
6,975.11
65,199.82
36,182.79
15,090.73
129,609.76
30,871.20
29,078.36
354,327.03

68

REPORT ON THE FINANCES.
Comparison of disbursements, fiscalyears 1916 and 1917—Continued.
1917

1916

Increase, 1917. Decrease,1917.

CIVIL ESTABLISHMENT—contiaued.
Independent bureaus and offices:
liiterstate Commerce Commission
Smithsonian Institution.
National Museum
Zoological Park
Territorial governments
Salaries, etc.. Federal Reserve
Board
Council of National Defense
Advisory Committee for Aeronautics
. ...^.
United States Employees'
Compensation Commission...
UnitedStates Shipptag B o a r d Salaries and expenses..:...
Permanent fund "
National security and defense
Federal Trade Commission
State, War, and Navy Department Building
Commissions
Total independent bureaus
and offices
District of Columbia:
• Salaries and expenses
Special f u n d s Water department.. ^
Washington Aqueduct
Miscellaneous special funds.
Trust fundsMiscellaneous
trust-fund
deposits
Washiagton
redemption
fund
Police and firemen's relief
funds
Other trust funds

^
$5,175,150.12
159,141.87
383,253.69
104,126. 41
25,642.16

$5,016,135.74
148,235.41
387,147. 75
, 98,186.94
22,426.21

594,906.82
102,024.20

821,763.30

$159,014.38
10,906.46
5,939.47
3,215.95

'"'•'"$3,"894"06

226,856.48

102,024.20

15,152.00

15,152.00

228,395.70

228,395.70

64,442.28
6,000,000.00

64,442.28
6, ooo; 000.00

8,894,026.70
458,573.01

369,950.37

8,894,026.70
88,622.64

189,33L43
296,200.82

203,988.13
153,969.39

142,231.43

22,690,367.21

7,221,803.24

15,713,971.21

12,226,924.52

12,274,319.37

671,564.03
136,578.85
8,400.82

591,187.13

439,179.63

462,477.13

168,028.04

143,914.09

24,113.95

135,067.62
17,450.42

132,789.44
24,697.85

2,278.18

4,468.16

14,656.70

245,407.24
47,394.85

80,376.90
136,57&85
3,932.67
23,297.50

7,247.43

Total District of Columbia

13,803,193.93

13,633,853.16

247,280.55

77,939.78

Total civil establishment.

234,649,248.02

204,038,737.91

42,804,878.97

12,194,368.06

Quartermaster Corps
Pay, etc^ of the Army
Medical Department
Ordnance Department
Engineer Department
Signal Service
Military Academy
Military posts
National Guard
Civilian inilitary training c a m p s . . .
Registration and selection for military service.
Support of dependent families of
enlisted men
..
Miscellaneous items
Special funds; ordnance material,
powder, etc

216,732,787.96
110,798,645.84
6,540,335.98
26,817,469.89
8,103,938.07
7,557,971.29
1,094,300.36
1,854,388.79
11,014,027.74
4,040,302.25

49,885,842.05
61,740,587.56
822,010.09
5,644,799.36
2,829,907.25
1,2.52,498.76
1,034,819.19
279,538.06
8,636,669.59

166,846,945.91
59,058,058.28
5,718,325.89
21,172,670.53
6,274,030.82
6,305,472.53
59,481.17
1,574,850.74
2,477,358.15
1
4,040,302.25

473,600.00

473,500.00

5,498,912.33
855,546.65

293,146.61

5,498,912.33
562,400.04

36,204.39

72,544.47

Total Military Establishment.

401,418,331.54

122,392,362.98.

279,062,308.64

297,857.46
399,674.88
4,139,039.84
1,256,302.97

37,558.73

WAR DEPARTMENT.'

Military Establishment.

.. ..f.....

36,340.08
36,340.08

War miscellaneous, civil.
National cemeteries
National parks
National homes for disabled soldiers.
State homes for disabled soldiers...
Sufferers from floods and
fire
1
Soldiers' Home interest account
Monuments.:
1




335,416.18
397,481.60
3,969,788.89
l.O.'il. 7.^7.09
' 529', 467. i2
102,127.66
9,999.01 1

i62,i86.3^
46,476.00

2,193.38
169,250.95
204,565.88

529,467. i2
1

68.66
35,475.99

SECRETA.BY OF THE M E A S U R Y .

69

Comparison of disbursements, fiscal years 1916 and 1917—Continued.
1917
WAR DEPARTMENT—continued.

1916

Increase, 1917.

Decrease,1917.

'

War miscellaneous, ciueZ—Contd.
War claims and relief acts
Expenses interned Mexican soldiers
and refugees . . . . .
MiscellaTiftouR items,
Special furids:
Wagon roads, etc., Alaska fund.
, Miscellaneous special funds
Trust funds:
Pay of the Army, deposit fund..
Soldiers' Home permanent
fund
.
.
Miscellaneous trust funds
. Total War
civil

$216,415.26

$1,179,285.19

12,582.05
368,245.93

82,113.21
223,275.70

50,117.39
22,686.67
774,457.04

164,487.57
26,500.00

544,611.32
1,020.00

miscellaneous

8,370,989.01

$962,869.93
$144,970.23

114,370.18
3,813.33

1,411,826.38
.464,887.63
9,792,912.14 |

84,695.26

637,369.34^
79,723.69
1,020.00
792,739.77 | 2,214,662. 90

Rivers and harbors.
25,104,702.35
4,688,741.55
694,115.92

Improving harbors
Improving rivers
.
Special fuiids, for rivers and harbors

*28,640,705.38
3,196,426.52
613,169.65

Total rivers and harbors

,30,487,559.82

32,450,30L55

i,492,3i5.03
80,946.27
1,573,26L30

Total War Department

440,276,880.37

164,635,576.67

281,428,309.71

{14,926,947.73
7,767,553.92

37,079,260.95
5,358,755.41
75,290.37
3,211,057.30
9,647,235.08
11,667,366.39
8,299,371.11
14,888,904.03
770,047.13
6,046,686.17
464,702.68
43,162,518.91

17,847,686.78
2,398,798.61

3,536,003.03
3,536,003.03
5,787,006.01

NAVY DEPARTMENT.

Naval Establishment.
Increase of the Navy
Bureau of Yards and Docks
Bureau of Equipment
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
Aviation ....'
Judgments, Court of Claims
General account of advances
Miscellaneous items
National security and defense, Navy
Department.
Special funds:
Naval hospital fund
Ordnance material (proceeds of
sales)
Fines and forfeitures
Clothing fund
Miscellaneous snecial fund
Trust funds:
Pay, Marine Corps, deposit fund
Pay of the Navy, deposit fimd..
Prize monev

6,667,419.96
14,168,307.84
21,003,234.29
14,329,555.19
25,918,834.27
1,083,932.94
M, 700,241.32
648,680.68
49,225,370.46
989,845.38
71,503.30
< ) 653,655.95
M,
744,329.04 1

97,640.98
12,901,224.83
664,816.63

2,456,362.66
4,521,072.76
9,336,867.90
6,030,184.08
11,029,930.24
313,885.81
8,653,555.15
183,878.00
6,062,85L55
989,845.38
27,752,431.12
179,512.41

26,037.68

34,501.65

34,601.65
446,815.06

1218,823.08

665,638.14

156,899.58
712,093.44
3,494,048.55
1,242.17

69,014.19
670,931.42
47,046.89

188,958.88
242,379.00
186.84

147,136.76
179,317.09
24.54

87,885.39
' 141,162.02
8,447, OOL 66
1,242.17
41,822.12
63,061.91
162.30

257,166,437.44

Total Naval Estabhshment..

75,290.37

155,029,425.78

102,238,339.71

101,328.05

INDIAN SERVICE,

1,156,026.11
600,872.26
790,426.77

Current and contingent expenses...
Fulfilhng treaty stipulations
Interest on Indian trust-fund accounts
Sunnort of Indian schools
Trust funds
Total Indian Service




1

1,281,469.58
572,577.51
653,570.75 1

28,294.75
136,866.02

1,560,479.34
4,226,146.07
4,221,007.41
18,043,135.59

1,655,661.27
4,035,589.30
3,748,821.42
5,622,593.98 1

190,556.77
472,186.99
12,420,541.61

30,598,093.55 1

17,570,283.81

13,248,435.14

I Excess of repayments.

125,443.47
95,181.93

220,625.40

70

UEPOBT? OJ^ OTHE ^FINANCES.
Comparison of disbursements, fiscal years 1916 and 1917—Continued.
1917
$160,318,405.66
24,742,129.42

Pensions
TrjtP.rest O thft public df'-bt
U
Deduct, repayments received ia.
fiscal year but not covered by
warrant

1916
$159,302,351.20
22,900,313.03

1,147,761,195.26

723,476,688.40

Add repayments covered by warrant in year subsequent to the
deposit thereof.

Special disbursements:
Purchase of obligations of
foreign governments
Payment for Danish West
Indies
Subscriptions to stock. Federal
land banks •.
Total special disbursements..
....

$1,016,054.46
1,841,816.39
442,577,834.38 $18,303, .327.62

279,856.81
723,196,831.59

279,856.81

724,492.998.90

147,795.90
442,577,834.38

18,155,531.62

442,577,834.38

19,171,842.12

1,016,310.-50

1,296,167.31

1,147,898,99L 16

Ordinary disbursements i

Panama Canal disbursements

132,060.91
1,147,619,134.35

Increase, 1917. . Decrease,1917.

885,000,000.00

885,000,000.00

25,000,-000.00

25,000,000.00

8,880,315.00

8,880,315.00

918,880^315.00

918,880,315.00

19,262,798.32

17,503,728.07

1,759,070.25

40,564,115.50
13,550.00

24,633,010.50
32,700.00

15,931,105.00

Public debt:
Bank-note fund
Funded loan of 1907
Certificates of indebtedness—
2 per cent
3 per cent
3^ per cent. . . . ; .
1-year Treasury notes, 3 per cent
Miscellaneous redemptions.....
Exchanged for conversion
bonds and 1-year Treasury
notes—Consols of 1930, $36,535,500, Panama Canal bonds, se. ries of 1906 and 1908, $9,430,400.

50,000,000.00
394,123,368.00
188,448,900.00
4,390,000.00
4,848.75

3,203.00

50,000,000.00
394,123,368.00
188,448,900.00
4,390,000; 00
1,645.75

Pubhc debt disbursements...

677,544,782.25

24,668,913.50

652,895,018.75

19,150.00

Total disbursements, exclu2,763,586,886.73
sive of postal
Postal Service, payable from postal
revenues^ . . . . . . . . . . . . . . . . . . .
319,889,904.46

766,665,640.47

2,016,112,238.38

19,190,992.12

306,228,452.76

13,661,45L70

Total disbursements, iacluding postal

19,150. C
O

3,083,476,791.19 1,072,894,093.23 2,029,773,690.08

19,190,992.12

1 Exclusive of Panama Canal, public debt, special disbursements, and Postal Service.
2 Exclusive of grants from the Treasury for deflciencies in postal revenues included in expenses of civil
estabhshment, p. 66.




SECRETARY OF THE TREASURY.

71

Detailed estimates for the fiscal years 1918 and 1919 follow:
Fiscal year 1918.
The receipts and disbursements of the Government for the current
fiscal year are estimated upon the basis of existing laws, as foUoWs:
RECEIPTS.

Ordinary receipts:.
From customs...
From internal revenue—
Miscellaneous
Excess-profitstax
Income tax—
Corporations
Individuals

.:

$220,000,000
$973,000,000
1,226,000,000

1

535,000,000
666,000,000

—
From sales of public lands.
From miscellaneous sources (including $40,000,000
increased postage)

3,400,000,000
1,800,000
265,000,000

Total estimated ordinary receipts
3,886, 800,000
Panama Canal:
Estimated receipts from tolls, etc
7,000,000
Publicdebt:
First Liberty loan of 1917 (less amount thereof
received in 1917)
:..
533,665,000
Second Liberty loan of 1917
3,808, 766,150
One-year Treasury notes.
"
9,849,000
Deposits to retire Federal reserve bank notes
and national bank notes
4,000, 000
War savings certificates (estimated)
663,200,000
Deposits for postal savings bonds
1, 218, 800
Additional bonds authorized by law to be
issued during the year
13, 666,233,850
Total estimated public debt receipts

8,686, 932, 800

Grand total estimated receipts

12,580, 732,800

DISBURSEMKNTS.

For civil establishment:
Legislative establishment....
"
Executive proper, including Tariff Commission
State Departnient..
.".
Treasury Department proper
Public buildings, constmction and sites
War-risk insurance
War Department proper
Department of Justice
Post Office Department proper
Navy Department proper
Interior Department proper
Department of Agriculture

:

15,164, 000
11,450, 000
7, 568, 000
77,112, 000
12,025,000
145, 300, 000
10,417, 000
11, 777, 000
1, 852.000
1, 834,000
36,483, 000
51, 354,000

1 Amount of bonds authorized by the act of Sept. 24, 1917, $7,538,946,460, of which $3,808,766,150 have
been issued, and $63,946,460 are to be applied to the redemption in the fiscal year 1919 of the loan of 19081918.




72

REPORT OK THE FINANCES.
DISBURSEMENTS—Continued.
Department of Commerce
Department of Labor.
Shipping Board
Food and Fuel Administration
Council of National Defense
.'
Interstate Commerce Cominission
Other independent offices
National security and defense
Expenses of loans^
Increase of compensation
District of Columbia.

.\,.
,

$16,275,000
5, 617,000
901,129,150
152, 500,000
500,000
5, 616,000
4,138, 950
^73,141, 800
22, 316, 000
15, 000,000
15,000,000

Total civil establishment
1, 593, 569, 900
For War Department:
Military Establishment (including $8,668,000,000
for war purposes).
$8,790,798,000
Rivers and harbors.
35,080,000
Miscellaneous War, Civil
7, 972,000
8,833,850,000
For Navy Department (including $1,300,000,000 for
war purposes):
Naval Establishment, exclusive of building
programs
966,150,000
Navy building program, new
295,000,000
Navy building program, prior years.
205,000,000
—
1,466,150,000
For Indian Service
'20,930,000
Forpensions...
..^
160,000,000
For interest on the public debt ^
241, 795,323
Total estimated ordinary disbursements
12,316, 295, 223
Special disbursements:
Purchase of obligations of foreign governments
* 6,115, 000,000
Panama Canal:
Disbursements for the canal
23, 593, 000
Public debt:
Certificates of indebtedness
285,632,732
One-year Treasury notes
9,849,000
Retirements of bank notes
25,000,000
Miscellaneous redemptions of the debt
50,000
Amount of redemption of bonds necessary to offset
estimated issue of postal savings bonds Jan. 1,
1918
500.000
Total estimated public debt disbursements
Grand total estimated disbursements

321, 031, 732
18, 775, 919, 955

Estimated excess of ordinary disbursements over ordinary receipts,
fiscal year 1918
8,429,495,223
Estimated excess of total disbursements over total receipts, fiscal
year 1918..
,
6,195,187,155
»Unallotted balance on Nov. 3,1917.
2 E xclusive of cost of any loans that may be hereafter authorized.
»Exclusive of iaterest on any loans that may hereafter be authorized.
«Total authorized purchases of obligations of foreign governments, $7,000,000,000, of which $885,000,000
were purchased in the fiscal year 1917.




SECEETARY OF THE TREASURY.

73

POSTAL SERVICE.

The Post Office Department estimates that under existing laws the
postal revenues for the fiscal year 1918 will probably be $339,600,000,
exclusive of increased postage to be deposited in the Treasury under
the law, with expenditures for the Postal Service for the same period
of approximately $333,200,000.
Fiscalyear 1919.
It is estimated that upon the basis of existing laws the receipts and
disbursements for the fiscal year 1919 will be:
RECEIPTS.

Ordinary receipts:
From customs
From internal revenue—
Miscellaneous.
Excess-profits tax
Income tax—
Corporations
Individuals

$230,000,000
$998,000,000
1,226,000,000

:

535, 000, 000
666,000,000

3,425,000,000
From sales of public lands.
1,800,000
From miscellaneous sources (including $60,000,000 increased
postage)
433,215,000
Total estimated ordinary receipts
4,090,015,000
Panama Canal:
Estimated receipts from tolls, etc
7,700 000
Publicdebt:
Bonds authorized for redemption of loan of
1908-1918
$63,945,460
War-savings certificates (estimated)
1,009,200,000'
Deposits to retire Federal reserve bank notes and
national bank notes.
4,000,000
Deposits for issue of postal savings bonds
1,200,000
Total estimated public-debt receipts
Grand total estimated receipts

1,078, 345,460
,

5,176, 060,460

DISBURSEMENTS.

For civil establishment:
Legislative establishment
Executive proper, including Tariff Commission
State Department
Treasury Department proper
Public buildings, construction and sites
War-risk insurance.
War Department proper
:
Department of Justice
Post Office Department proper
Navy Department proper
Interior Department proper
,.
Department of Agriculture



-

15,000,000
1,200,000
7,082,000
81,260,000
15,000,000
81,000,000
14,899,600
12,000,000
1,800,000
2,000,000
34,500,000
47,520,000

74

EEPOET ON-THE FINANCES.
DISBURSEMENTS—COUtiuued.

For civil establishment—Continued.
Department of Commerce
Department of Labor
Shipping Board..
Food and Fuel Adminstration
Council of National Defense
Interstate Coinmerce Commission
Other independent offices.
District of Columbia
:
Expenses of loans^

$17,500,000
6, 989, 000
899,517, 500
7, 500, 000
900,000
5, 645,000
6,400, 000
17, Oil, 000
6,400, 000

Total civil establishment.
1,281,124,100
For War Department:
Military Establishment, including $9,512,272,000
for war purposes
$9,912, 272, 000
Rivers and harbors
24,000,000
Miscellaneous, War, Civil
12,360,000
•
'
9,948,632,000
For Navy Department, including $613,000,000 for
war purposes:
Naval Establishment, exclusive of building program
610,230,000
Navy building program
206,140, 000
816,370,000
For Indian Service
19,500,000
For pensions.
157, 000, 000
For interest on the public debt^
479, 212, 880
Total estimated ordinary disbursements
Panama Canal:
Disbursements for the canal.
Public debt:
Redemption of loan of 1908-1918
Retirements of Federal reserve bank notes and
national bank notes.
Miscellaneous redemptions of the debt
Amount of redemption of bonds necessary to
offset estimated issue of postal savings bonds..

12,701,838,980
23,000,000
63,945,460
14,000,000
50,000
1,200,000
79,195,460

Grand total estimated disbursements

12,804,034,440

Estimated excess of ordinary disbursements over ordinary receipts,
fiscalyear 1919
8,611,823,980
Estimated excess of total disbursements over total receipts, fiscal
year 1919
7,627,973,980.
1 Exclusive of cost of any loans that may hereafter be authorized.
2 Exclusive of interest on any loans that may hereafter be authorized.




SECRETARY OF THE TREASURY.

75

SUMMARY.

Estimated results to the close of thefiscal year 1919, beginriing unth the balance in the gen'
eral fund of the Treasury June SO, 1917.

Fiscal year 1918.
Balance in the Treasury June 30, 1917, as per
financial statement of the United States
Government
Settlement warrants, coupons, and checks outstanding:
Treasury warrants...........
Matured coupons
Interest checks
Disbursing officers' checks
—
Balance in the Treasury June 30, 1917, free
tions
Add—
Estimated ordinary receipts
Estimated Panama Canal receipts, tolls,
etc........
Estimated public debt receipts, including
$663,200,000 from war savings certificates and $3,666,233,850 from bonds already authorized but yet to be issued..

. $1,119, 764, 531.68
$4,137,066.55
570,330.79
357,454.86
47, 716,318.41
—

52, 781,170. 61

of current obliga,
11,066,983,361.07
$3,886, 800,000.00
.

7,000,000.00
-

. 8, 686,932,800. 00
12, 580, 732,800. 00

Deduct—
. Estimated
Estimated
Estimated
Estunated

13,647,716,16L 07
ordinary disbursements
^ 312,316,295,223.00
special disbursements
6,115,000,000.00
Panama Canal disbursements.
23,593,000.00
public debt disbursements
321,031,732. 00
'
•
18,775,919, 955. 00

Estimated deficit in general fund June 30,1918.

5,128,203, 793. 93

Estimated, additional amount of money to be provided, including $500,000,000
working balance, $5, 640,000,000.

Fiscal year 1919.
. Estimated ordinary' receipts
Estimated Panama Canal receipts, tolls,
etc
Estimated public debt receipts, including
$1,009,200,000 war savings certificates
and $63,945,460 bonds authorized but
yet to be issued
".,

4,090,015,000
7,700,000

1, 078, 345,460
5,176,060,460

1 The balance ia the Treasury of $1,066,983,361.07 includes $100,664,023.24 disbursiag officers' credits,
after deducttag outstanding checks, and is free of all current obhgations, the entire amount being available
for the future expenditures of the Government.
2 Exclusive of cost of any loans that may hereafter be authorized.
8 Exclusive of interest on any loans that may hereafter be authorized.




76

REPORT ON THE FINANCES.
-

^

•

•

-

Deduct—
Estimated ordinary disbursements
* 2 |i2,701,838,980
Estimated. Panama Canal disbursements.
23,000,000
Estimated public debt disbursements
79,195,460
—:

:

$12,804,034,440

Estimated excess of disbursements, fiscal year 1919.

7,627,973,980

Estimates^ fiscal year 1919.
The estimates of appropriations for the fiscal year 1919, as submitted by the executive departments and offices, are as follows:
Legislative establishment
Executive establishment:
Executive proper
Department of State.
Treasury Department
War Department proper
State, War, and Navy Department Building, expenses
Navy Department proper
Department of Interior
Post Office Department
Department of Agriculture
Department of Commerce
Department of Labor.
Department of Justice
Judicial establishment
Foreign intercourse
Military Establishment:
Support of the Army
Military Academy
National Guard

$8, 026, 325. 09
$904,960.00
708, 260. 00
31,506,853. 50
14, 254, 255. 50
234, 900.00
2, 237, 780.00
6,023, 595.00
1, 825, 340.00
26,458, 551.00
5,400, 575.00
1, 596, 620.00
636, 230.00
^

91,787,920. 00
1, 396,190. 00
6, 535,071. 66

6,609,856,799.15
5,713,254.57
366, 500. 00

6, 615, 936, 553. 72
Naval Establishment, including' increase of the
Navy, $212,488,000
1, 014,077, 502. 84
Indian affairs
12, 255,210.00
Pensions
1^7,060,000.00
Public works:
Legislative
.32,060.51
Treasury Department, public buildings and
' works.
8,264,209.00
War Department—
MilitaryFortifications .. $3,332,445,122.57,
Arsenals
78,070,100.00
Mihtary posts..
17,198,275.17 .
Rivers and harbors..
29,515,697.96
Other civil pubhc
works
948,430.00
:
3,458,177,625.70
PanamaCanaL..
23,171,624.00
Navy Department
25,783,000.00
1 Exclusive of cost of any loans that may hereafter be authorized.
.»Exclusive of interest on any loans that may hereafter be authorized.




SECRETARY OF THE TREASURY.
Public works—Continued.
Department of Interior, including reclamationfund..
Department of Commerce
Department of Labor
Department of Justice

77

$9,834,160.00
1,831,000.00
738, 500.00
257,500.00

:
$3,528,089,679.21
Postal Service, payable from postal revenues
331,818,345.00
Miscellaneous:
Legislative
7,161,442.40
Executive
337,000.00
TreasuryDepartment
34,941,030.00
War Department..;
7,758,115. 00
Department of Interior
15,914,657. 35
Department of Commerce
• 10,499,490. 00
Department of Labor
4,950,431. 25
Department of Justice
9,934,834. 70
District of Columbia
^
17,502,324. 99
United States Shipping Board
899,517,500. 00
United States Food Administration
5,000,000. 00
United States Fuel Adininistration
.2,500,000. 00
United States Employees' .Compensation
Cominission.
497,810.00
Council of National Defense
970,000. 00
National Advisory Comcaittee for Aeronautics
,
260,000.00
Smithsonian Institution a;nd National Museum
814,441.43
Interstate Commerce Comndssion
5,645,000.00
Board of Mediation and Conciliation
50,000.00
Federal Trade Commission.
1,429,240.00
Arhngton Memorial Bridge Commission
25,000.00
Rock Creek and Potomac Parkway Commission
500,000.00
1,026,208,317.12
Permanent annual appropriations:
Interest on the public debt
479,212,880.00
•
Refunds—
Customs and internal revenue
21,343,000. 00
. Other refunds
11,208,300.00
SinHng fund
:
153,814,000.00
Miscellaneous
45, 588, 645. 00
711,166,825.00
Total estimated appropriations for 1919
.
13,504,357,939. 64
Deduct:
Postal Service payable from postal revenues,
$331,818,345; sinking fund requirement,
$153,814,000; Panama Canal, $23,171,624;
an aggregate of
508,803,969.00
Total estimates for ordinary appropriations ioi 1919




.0.12,995,553,970.64

78

REPORT ON THE FINANCES.

Add estimates for Panama Canal appropriations
for 1919

$23,171,624.00

Total estimated appropnations for 1919,
to become a charge upon the general
fund

13,018,725,594.64

Estimated ordinary receipts for 1919
Estimated ordinary disbursements for the year
Estimated excess of ordinary disbursements over ordinary receipts
Estimated total receipts for 1919.....'
Estimated total disbiu'sements for the year
Estimated excess of total disbursements over total receipts.

4,090,015,000. 00
12, 701,838, 980. 00
8,611, 823,980. 00
5,176,060, 460. 00
12, 804,034,440. 00
7,627,973,980. 00

POSTAL SERVICE.

The Post Office Department estimates that the postal revenues for
the fiscal year 1919 will probably amount to $349,800,000, exclusive
of increased postage to be deposited in the Treasury under the law.
with expenditures for the Postal Service for the same period, under
existing laws, of $353,200,000.
E S T I M A T E S FOR 1 9 1 9 A N D APPROPRIATIONS FOR 1 9 1 8 .

Comparison of the estimates for 1919 with the appropriations for
1918 shows an increase in the 1919 estimates of $1,622,364,327.05, including the Panama Canal, as exhibited in the tables following:




SECRETARY OF THE TREASURY,

79

Statement of estimates of appropriations for 1919 increased over appropriations
for 1918.
[Excluding sinkiag-fund requirements, postal service payable from the postal revenues, and pubhc debt.]

Departments, etc.

1919 estimates, 1918 appropriaincluding perma- tions, mcluding
permanent
nent annual.
annual.

Increase, 1919
estimates over
1918 appropriations (+); decrease (—).

Legislative
,
$15,220,628.00
$15,753,378.57
$532,750.57
Executive:
861,780.00
358,280,00
Executive proper
,
503,500.00
100,000,000.00
National security and defense
100,000,000.00
10,000,000.00
Purchase and sale of nitrates
10,000,000. oa
. 300,000.00
300,000.00
Tariff Commission
360,910.00
583,680.00
Civil Service Commission
222,770.00
Department of State:
593,820.00
708,260.00
Department of State proper
114,440.00
5,974,886.66
Foreim intercourse
6,641,07L66
666,185.00
Treasury Department:
Treasury Department, exclusive of pubhc
buildings
74,850,878.55
84,930,883.50
10,080,004.95
14,717,731.18
8,264,209.00
Pubhc buildings
6,453,522.18
221,400,000.00
4,000,000.00
War risk insurance
i
217,400,000.00
War Department:
8,765,312.00
War Department proper
14,254,255.50
5,488,943.50
Mihtary Estabhshment—
(Estimates for Mihtary Establishment for
1919, $10,043,725,051.46; appropriations for
1918, $7,466,622,554.46.)
Army
6,609,931,799.15 6,235,142,298.49 +1,374,789,500.60
1,374,646.18 +
Mihtary Academy
5,713,254.57
4,338,608.36
13,512,000.00 - - 13,145,500.09
366,500.00
National Guard.
3,332,445,122.57 2,177,542,148.00 +1,154,902,974.50
Fortifications
33,472,200.00 +
78,070,100.00
" Arsenals
44,597,900.07
5,579,261.79
17,198,275.17
Military posts and miscellaneous.
11,619,013.38
38,295,850.00
33,080,297.96
Rivers and harbors
5,215,552.04
12,654,000.00
11,539,545.00
Miscellaneous war, civil items
1,114,455.00
Navy Department:
1,834,278.00
Navy Department proper
2,237,780.00
403,502.00
Naval Establishment—
(Estimates for Naval. Estabhshment for
1919, $1,045,676,247.84; appropriations for
1918, $1,595,102,177.45.)
Naval Establishment, excmsive of building program
833,188,247.84 1,177,339,854.45
344,151,606.61
Navy building program
417,762,323.00 - 205,274,323.00
212,488,000.00
Department of the Interior:
Department ot the Interior, exclusive of In38,692,852.57 dians and pensions
35,014,912.35
3,677,940.22
Pensions. ^
160,060,000.00 157,060,000.00
3,000,000.00
Indians
18,821,631.97 +
19,455,210,00
633,578.03
Post Oflice Department:
Post Oflice Department, exclusive of Postal
1,943,260.00
Service
1,825,340.00
117,920.00
56,889,546.60
49,193,551.00
Department of Agriculture
7,695,995.60
13,605,935.00
17,734,065.00
Department of Commerce
4,128,130.00
5,452,836.75
7,285,551.25
Department of Labor
,
1,832,714.50
11,349,716.00
12,400,254.70
Department of Justice
1,050,538.70
Independent oflices:
642,752.
874,441.43
Smithsonian Institution and National Museum
231,689.11
5,466,666.
5,645,000.00
Interstate Commerce Commission
178,333.34
772,920.
1,429,240.00
Federal Trade Commission
656,320.00
50,000.
50,000.00
Board of Mediation and Conciliation
25,000.00
Arhngton Memorial Bridge Commission
25,000.00
899,517,500.00 1,040,517,500.
United States Shippiag Board
141,000,000.00
152,500,000.
7,500,000.00
Food and Fuel Administration
145,000,000.00
500,000.
970,000.00
Council of National Defense.
^
470,000.00
1,860,000.
2,512,000.00
Federal Board for Vocational Education
652,000.00
107,000.
260,000.00
National Advisory Committee for Aeronautics
153,000.00
100,000.
100,000.00
Waterways Commission
550,000.
497,810.00
52,190.00
Employees Compensation Commission
100,000.
500,000.00
400,000.00
Rock Creek and Potomac Parkway Commission
243,040.
234,900.00
8,140.00
State, War, and Navy Department Buildiag.
25,000.
25,000.00
Indigent in Alaska rehef fund
15,318,430.
18,411,124.99
3,092,694.14
District of Columbia
241,795,323.
479,212,880.00
237,417,557.00
Interest on the pubhc debt
22,316,000.
6,400,000.00
15,916,000.00
Expenses of loans
15,000,000.
15,000,000.00
Increase of compensation
Ordinary '.
Panama Canal

12,995,553,970.64 11,372,767,968.59 +1,622,786,002.05
23,593,299.00 23,171,624.00
421,675.00

Total.

13,018,725,594.64 11,396,361,267.59 +1,622,364,327.05




80

REPORT. ON THE FINANCES.
Exhibit of appropriations for 1918.

Appropriations made for the fiscal year 1918 and
for prior years during the second session of the
Sixty-fourth Congress and first session of the
Sixty-fifth Congress, including revised estimated permanent and indefinite appropriations, and appropriations for the Postal Service
payable from postal revenues
$18,881,940, 243.79
Deduct:
Postal Service for 1918 payable from the
postal revenues
$331,851,170.00
Postal deficiencies of prior years payable
from postal revenues
*
3,845,175.12
Deficiencies and supplementals for prior
years
89,134,631.08
Sinking fund
60, 748,000.00
Purchase of obligations of foreign governments
7,000,000,000.00
7,485,578,976.20
Total appropriations for 1918, exclusive
of sinking fund req^iirements, deficiencies, and Postal Service payable from
postal revenues
11,396,361, 267.59
Agreeing. with the appropriations for 1918 shown in the preceding table,
against which the estimates of appropriations submitted for 1919 show an
increase of $1,622,786,002.05 in the ordinary and $1,622,364,327.05, including the
Panama Canal.

Attention is respectfully called to 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.
W. G. MCADOO,

Secretary.
To the SPEAKER OF THE HOUSE OF REPRESENTATIVES.




EXHIBITS ACCOMPANYMGf THE REPORT ON THE P I M N C E S .

13034°—FI 1917




6

,

81




EXHIBITS.
E X H I B I T A.
[PUBLIC—No. 3—65TH CONGRESS.]
[H.R. 2762.]
An Act To authorize an issue of bonds to meet expenditures for the
national security and defense, "and, for the purpose of assisting in the prosecution of
the war, to extend credit to foreign governments, and for other purposes.

Be it enacted hy the Senate and House of Representatives ofthe United
States of America in Congress assembled. That the Secretary of the
Treasury, with the approval of the President, is hereby authorized to
borrow, from time to time, on the credit of the United States for the
purposes of this Act, and to meet expenditures authorized for the
national security and defense and other public purposes authorized
by law not exceeding in the aggregate $5,000,000,000, exclusive of
the sums authorized by section four of this Act, and to issue therefor
bonds of the United States.
The bonds herein authorized shall be in such form and subject to
such terms and conditions of issue, conversion, redemption, maturities,
payment, and rate and time of payment of interest, not exceeding
three and one-half per centum per annum, as the Secretary of the
Treasury may prescribe. The principal and interest thereof shaU be
payable in United States.gold coin of the present standard of value
and shaU be exempt, both as to principal and interest, from all
taxation, except estate or inheritance taxes, imposed by authority of
the United States, or its possessions, or by dmj State or local taxing
authority; but such bonds shall not bear the circulation privilege.
The bonds herein authorized shall first be offered at not less than
par as a popular loan, under such regulations prescribed by the Secretary of the Treasury as wiU give all citizens of the United States an
equal opportunity to participate therein; and any portion of the
bonds so offered and not subscribed for may be otherwise disposed of
at not less than par by the Secretary of the Treasury; but no commissions shall be allowed or paid on any bonds issued under authority
of this Act.
SEC. 2. That for the purpose of more effectually providing for
the national is ecurity and defense and prosecuting the war by estabhshing credits in the United States for foreign governments, the
Secretary of the Treasury, with the approval of the President, is
hereby authorized, on behalf of the United States, to purchase, at
par, from such foreign governments then engaged in war with the
enemies of the United States, their obligations hereafter issued,
bearing the same rate of interest and containing in their essentials
the same terms and conditions as those of the United States issued
under authority of this Act; to enter into such arrangements as may
be necessary or desirable for establishing such credits and for purchasing such obligations of foreign governments and for the subsequent payment thereof before maturity, but such arrangements
shall provide that if any of the bonds of the United States issued and
used ior the purchase of such foreign obligations shall thereafter be
converted into other bonds of the United States bearing a higher rate
of interest than three and one-half per centum per annum under the




83

84

REPORT ON THE FINANCES.

provisions of section five of this Act, then and in that event the obhgations of such foreign governments held by the United J States
shall be, by such foreign governments, converted in Hke maimer and
extent into obligations bearing the same rate of interest as the
bonds of the United States issued under the provisions of section
five of this Act. .-For the purposes of this section there is appropriated, out of any money in the Treasury not otherwise appro- .
priated, the sum of $3,000,000,000, or so much thereof as may be
necessary: Provided, That the authority granted by this section to
the Secretary of the Treasury to purchase bonds from foreign governments, as aforesaid, shall cease upon the termination of the war
between the United States and the Imperial German Government.
SEC. 3. That the Secretary of the Treasury, under such terms and
conditions as he may prescribe, is hereby authorized to receive on
or before maturity payment for any obligations of such foreign
governments purchased on behalf of the United States, and to sell
at not less than the purchase price any of such obhgations and to
apply the proceeds thereof, and any payments made by foreign
governments on account of their said obhgations to the redemption
or purchase at not more than par and accrued interest of any bonds
of the United States issued under authority of this Act; and if such
bonds are not available for this purpose the Secretary of the Treasury
shall redeem or purchase any other outstanding interest-bearing
obligations of the United States which may at sucn time be subject
to call or which may be purchased at not more than par and accrued
interest.
SEC. 4. That the Secretary of the Treasury/in his discretion, is ^
hereby authorized to issue the bonds not aheady ..issued heretofore'
authorized by section thirty-nine of the Act approved August fifth,!
nineteen hundred and nine, entitled ^^An Act to*'provide revenue,!
equalize duties, and encourage the industries of^^the.United States,'
and for other purposes''; section one hundred'and twenty-four of
the Act approved June third, nineteen hundred and sixteen, entitled
^^An Act for making further and more effectual provision for the
national defense, and for other purposes/'; section thirteen of the
Act of September seventh, nineteen hundred and sixteen, entitled
^ An Act to establish a United States shipping board for the purpose
^
of encouraging, developing, and creating a naval auxiliary and a
naval reserve and a merchant marine to meet the requirements of
the commerce of the United States with its Territories and possessions
and with foreign countries, to regulate carriers by water engaged in
the foreign and interstate commerce of the United States, and for
other purposes"; section four hundred of the Act approved March
third, nineteen hundred and seventeen, entitled ^^An Act to provide
increased revenue to defray the expenses of the increased appropriations for the Army and Navy and the extensions of fortifications,
and for other purposes"; and the public resolution approved March
fourth, nineteen hundred and seventeen, entitled ^ Joint resolution
^
to expedite the delivery of materials, equipment, and munitions and
to secure more expeditious construction of ships," in the manner
and under the terms and conditions prescribed in section one of this
Act.
That the Secretary of the Treasury is hereby authorized to borrow
on the credit of the United States from time to time, in addition to



SECRETARY OF THE

TBEASUEY.

85

the sum authorized in section one of this Act, such additiona,l amount,
not exceeding $63,945,460 as may be necessary to redeem the three
per cent loan of nineteen hundred and eight to nineteen hundred and
eighteen, maturing August first, nineteen hundred and eighteen, and
to issue therefor bonds of the United States in the manner and under
the terms and conditions prescribed in section one of this Act.
SEC. 5. That any series of bonds issued under authority of sections
one and four of this Act may, under such terms and conditions as the
Secretary of the Treasury may prescribe^' be convertible into bonds
:bearing a higher rate of interest than the rate at which the same were
issued if any subsequent series of bonds shall be issued at a higher
rate of interest before the termination of the war between the United
States and the Imperial German Government, the date of such termination to be fixed by a proclamation of the President of the United
States.
^ ^
SEC. 6. That in addition to the bonds authorized by sections one
and four of this Act, the Secretary of the Treasury is authorized to
borrow from time to time, on the credit of the United States, for the
purposes of this Act and to meet pubhc expenditures authorized by
law, such sum or sums as, in his judgment, may be necessary, and to
issue therefor certificates of indebtedness at not less than par in such
form and subject to such terms and conditions and at such rate of
interest, not exceeding three and one-half per centum per annum,
as he may prescribe; and each certificate so issued shall be payable,
with the interest accrued thereon, at such time, not exceeding one
year from the date of its issue, as the Secretary of the Treasury may
prescribe. Certificates of indebtedness herein authorized shall not
bear the circulation privilege, and the sum of such certificates outstanding shall at no time exceed in the aggregate $2,000,000,000, and
such certificates shall be exempt, both as to principal and interest,
from all taxation, except estate or inheritance taxes, imposed by
authority of the United States, or its possessions, or by any State or
local taxing authority.
SEC. 7. That the Secretary of the Treasury, in his discretion, is
hereby authorized to deposit in such banks and trust companies as
he may designate the proceeds, or any part thereof, arising from the
sale of the bonds and certificates of indebtedness authorized by this
Act, or the bonds previously authorized as described in section four
of this Act, and such deposits may bear such rate of interest and be
subject to such terms and conditions as the Secretary of the Treasury
may prescribe: Provided, That the amount so deposited shall not in
any case exceed the amount withdrawn from any such bank or trust
company and invested in such bonds or certificates of indebtedness
plus the amount so invested by such bank or trust company, and
such deposits shall be secured in the manner required for other
deposits by section fifty-one hundred and fifty-three, Revised
Statutes, and amendments thereto: Provided further, That the provisions of section fifty-one hundred and ninety-one of the Revised
Statutes, as amended by the Federal Reserve Act and the amendments thereof, with reference to the reserves required to be kept by
national banking associations and other memberbanks of the Federal
Reserve System, shall not apply to deposits of pubhc moneys by the
United States in designated depositaries.




86

BEPORT ON THE FINANCES.

SEC.-8.. That in order to pay all necessary expenses,^including
rent, connected with any operations under this Act, a.sum not exceeding one-tenth of one per centum of the amount of bonds and onetenth of one per centum of the amount of certificates of indebtedness
herein authorized is hereby appropriated, or as much thereof as may
be necessary, out of any money in the Treasury not otherwise appropriated, to be expended as the Secretary of the Treasury may direct:
Provided, That, in addition to the reports now required by law, the
Secretary of the Treasury shall, on the first Monday in December,
nineteen hundred and seventeen, and annually thereafter, transmit
to the Congress a detailed statement of all expenditures under this
Act.
Approved, April 24, 1917.




E X H I B I T B.
LIBERTY LOAN.
1917.
Department Circular No. 78.

TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,

.

Loans and Currency.
Washington^ May IJ^^ 1917.
The Secretary of the Treasury invites subscriptions at par and
accrued interest from the people of the United States of America
for $2,000,000,000 of the 15/30-year 3^ per cent gold bonds oi an
issue authorized by act of Congress approved April 24, 1917.
DESCRIPTION OF BONDS.

Bearer bonds, with interest coupons attached, will be issued in
denominations of $50, $100, $500, and $1,000. Bonds registered as to
principal and interest will be issued in denominations of $100, $500,
$1,000, $5,000, $10,000, $50,000, and $100,000. Provision will be
made for the interchange of bonds of different denominations and of
coupon and registered bonds, upon payment, if the Secretary of th.e
Treasury shall require, of a charge not exceeding $1 for each new
bond issued upon such exchange. Transfers of registered bonds
and exchanges of registered and coupon bonds and of bonds of different denominations will not be made until October 1, 1917^ or such
later date as may be designated by the Secretary of the Treasury.
The bonds will be dated J u n e 15,1917, and will bear interest at thei
rate of 3^ per cent per annum from that date, payable semiannually
on December 15 and June 15. The bonds will mature June 15, 1947,
but the issue may be redeemed on or after June 15, 1932, in whole or
in part, at par and accrued interest, on three months' published notice,
on any interest day; in case of partial redemption the bonds to be redeemed to be determined by lot by such method as may be prescribed
by the Secretary of the Treasury. The principal and intere'st: of the
bonds will be payable in United States gold coin of the present standard of value, and the bonds will be exempt, both as to principal and
interest, from all taxation, except estate or inheritance taxes, imposed
by authority of the United States or its possessions, or by any State
or local taxing authorities. The bonds will not bear the circulation
privilege, but will be receivable as security for deposits of public
money.
If any subsequent series of bonds (not including Treasury certificates of indebtedness and other short-term obligations) shall be issued
by the United States at a higher rate of interest than 3J per cent
per annum before the termination of the war between the United
States of America and the Imperial German Government (the date
of such termination to be fixed by a proclamation of the President of
the United States), the holders of any of the bonds of the present
issue shall have the privilege of converting the same, within such




•

87

88

REPORT ON T H E FINANCES.

period and upon such further terms and conditions covering matters
of detail as the Secretary of the Treasury may prescribe, into an
equal par amount of bonds bearing such higher rate of interest and
substantially identical with the bonds of such new series, except that
the bonds issued upon such conversion are to be identical with the
bonds of the present series as to maturity of principal and interest
and terms of redemption. <
APPLICATIONS.

The agencies designated by the Secretary of the Treasury to receive applications for the bonds now offered are the Treasury Department in Washington, D. C , and the Federal Reserve Banks
ill Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta
(with branch at New Orleans), Chicago, St. Louis, Minneapolis,
Kansas City, Dallas, and San Francisco. Said banks have been designated also, as fiscal agents of the United States, to collate applications and to give notices of the allotments which the Secretary
of the Treasury will eventually make to subscribers and to issue interim certificates for payments made on allotted subscriptions.
Large numbers of National banks. State banks and trust companies, private bankers, express companies, newspapers, department
stores, and other private corporations, firms, and organizations have
patriotically offered to receive and transmit applications for the
Liberty loan without expense to the United States or to the applicants. The Secretary of the Treasury, appreciating the value of
these offers, will have application blanks widely distributed throughout the country to these private institutions and also to the post
offices and subtreasuries. Individual subscribers may use these conA^eniences or may send their applications directly to the Treasury
Department at Washington and to the Federal reserve banks. As
the law prohibits the allowance or payment of commissions on subscriptions all those through whom applications are made render
service as a patriotic duty without compensation.
All applications must be in the form prescribed by the Secretary of
the Treasury and be accompanied by a payment of 2 per cent of
the amount of bonds applied for. Applications must be for $50 or
any multiple thereof, but any application for qne $50 or $100 bond
until further notice may be allotted at once and payment in full accepted against delivery of an interim certificate. Applications must
reach the Treasury Department or a Federal reserve bank not later
than noon, June 15, 1917, the right being reserved by the Secretary
of the Treasury to close the subscription on any earlier date.
ALLOTMENTS.

Allotments will be made as soon after June 15 as possible. The
Secretary of the Treasury reserves the right to reject any subscriptions, or to make allotment of part of the amount subscribed for, and
to allot in full upon applications for smaller amounts of bonds, even
though it may be necessary to reduce allotments on applications for
larger amounts, should any such action be deemed by him to be in the
public interest; and his decision in these respects will be final. I n
any case of the rejection of an application the accompanying pay-




SECRETARY OF TI-IE TREASURY,

89

ment of 2 per cent of the amount applied for will be returned. I n
case of partial allotment the 2 per cent payment will be retained and
any excess applied upon the next installment. Upon allotment of
bonds by the Secretary of the Treasury, the subscriber will receive
notice thereof signed by or on behalf of the Federal reserve bank of
his district. Unless and until payment in full has been made, further
payments must be made when and as below provided under penalty
of forfeiture of any and all installments previously paid and of all
right or interest in the bonds allotted.
PAYMENTS.

The dates for payment in installments are as follows: Two per cent
on application; 18 per cent on June 28, 1917; 20 per cent on July 30,
1917; 30 per cent on August 15, 1917; 30 per cent on August 30, 1917.
I t is strongly recommended that subscribers avail themselves of
the assistance of their own banks and trust companies. I n cases
where they do. not do so, subscribers should make payment, either
in cash to the Treasury Department in Washington or one of the
Federal Reserve Banks, or by bank draft, check, post-office money
order, or express company money order, made payable to the order
of the Treasurer of the United States if the application is filed
with the Treasury Department in Washington (thus: "Treasurer
of the United States, LiBerty Loan Account''), or, if the application
is filed elsewhere, made payable to the order of the Federal reserve
bank of the district in which the application is filed (thus: " Federal Reserve Bank of
—, Liberty Loan Account"). All
checks must be certified. United States certificates of indebtedness
issued under the act of April 24, 1917, will be received at par and
accrued interest to date of settlement in making payment in full or
in installments.
>
Interim certificates for installment payments due on or after June
28 will be issued by or on behalf of the Federal reserve banks as
fiscal agents of the United States, and delivered as far as practicable in accordance with written instructions given by subscribers.
Upon payment of the installment due June 28, the notice of allotment must be surrendered, and upon payment of each subsequent
installment the interim certificate must be presented to the Federal
reserve bank which issued the certificate for notation thereon of
the fact of such payment, or for exchange for a new certificate.
After full payment such certificates must be surrendered in exchange for the bonds when prepared.
Payments of installments must be made upon the dates above
stated until full payment has been made. Payment in full may be
made on and after allotment and before August 30,19i7, if two weeks
prior notice in writing of the intention to make such payment, stating
the date upon which such payment will be made, shall have been filed
with the Federal reserve bank of the district in which the subscriber
will make payment; but such notice shall not be required in.case of
any allotment of not exceeding $10,000 bonds or when payment is to
be made in Treasury certificates of indebtedness.
As the bonds will carry six months interest payable December 15,
1917, interest accruing on the bonds allotted, from June 15, 1917, to
the date of full and final payment, must be added to the last payment.



90

REPOET ON THE FINANCES.

credit-being given for interest at the like rate upon the several installment payments as follows:. As to 2 per cent of the amount of
bonds allotted upon application, from June 15, 1917, and, as to subsequent installments duly paid, from the respective dates upon which
payment thereof is required to be made as above provided. Tables
showing the amount of accrued interest payable on' August 30 in
case payment is made in installments, and the amount of accrued
interest payable upon various dates in case payment is made in full
prior to August 30 as herein permitted, will be prepared and furnished through the Treasury Department in Washington and the
Federal reserve banks.
Within the United States and its Territories and insular possessions, bonds when prepared will be delivered so far as practicable
in accordance with the written instructions of the holders of the
interim certificates upon surrender to the Treasury Department in
Washington, or the Federal reserve bank which issued the certificate, of interim certificates full-paid or accompanied by payment of
the final installment. The expense of delivery will be borne by the
United States. Delivery of definite bonds to holders of full-paid
interim certificates will commence as soon as practicable after June 28.
Further details may be announced by the Secretary of the Treasury from time to time, information as to which as well as forms for
applications may be obtained from the Treasury Department and
any Subtreasury or Federal reserve bank.




W. G. MCADOO,

Secretary of the Treasury.

E X H I B I T C.
[PUBLIC—No. 43—65TH CONGRESS.]
[H. R. 5901.]
An Act To authorize an additional issue of bonds to meet expenditures for the national security and defense, and, for the purpose of assisting in the
prosecution of the war, to extend additional credit to foreign Governments, and for
other purposes.

Be it enacted ly the Senate and House of Representatives of the
United States of America in Congress assembled, That the Secretary
of the Treasury, with the approval of the President, is hereby
authorized to borrow, from time to time, on the credit pf the United
States for the purposes of this Act, and to meet expenditures
authorized for the national security and defense and other public
purposes authorized by law, not exceeding in the aggregate
$7,538,945,460, and to issue therefor bonds of the United States,
in addition to the $2,000,000,000 bonds already issued or offered
for subscription under authority of the Act approved April twentyfourth, nineteen hundred and seventeen, entitled ^An Act to
authorize an issue of bonds to meet expenditures for the national
security and defense, and, for the purpose of assisting in the prosecution of the war, to extend credit to foreign governments, and for
other purposes": Provided, That of this sum $3,063,945,460 shall
be in lieu of that amount of the unissued bonds authorized by sections one and four of the Act-approved April twenty-fourth, nineteen hundred and seventeen, $225,000,000 shall be in lieu of that
amount of the unissued bonds authorized by section thirty-nine of
the Act approved August fifth, nineteen hundred and nine,
$150,000,000 shall be in lieu of the unissued bonds authorized by
the joint resolution approved March fourth, nineteen hundred and
seventeen, and $100,000,000 shall be in lieu of the unissued bonds
authorized by section four hundred of the Act approved March
third, nineteen hundred and seventeen.
The bonds herein authorized shall be in such form or forms and
denomination or denominations and subject to such terms and
conditions of issue, conversion, redemption, maturities, payinent,
and rate or rates of interest, not exceeding four per centum per
annum, and time or times of pajmient of interest, as the Secretary
of the Treasury from time to time at or before the issue thereof
may prescribe: The principal and interest thereof shall be payable
in United States gold coin of the present standard of value.
The bonds herein authorized shall from time to time first be
offered at not less than par as a popular loan, under such regulations, prescribed by the Secretary of the Treasury from time to
time, as will in his opinion give the people of the United States as
nearly as may be an equal opportunity to participate therein, but
he may make allotment in fuU upon applications for smaUer
amounts of bonds in advance of any date which he may set for the
closing of subscriptions and may reject or reduce allotments upon
later applications and applications for larger amounts, and may
reject or reduce allotments upon apphcations from incorporated




91

92

EEPOET ON THE FINANCE^.

banks and trust companies for their own account and make allotment in full or larger allotments to others, and may establish a
graduated scale of allotments, and may from time to time adopt
any or all of said raethods, should any such action be deemed by
him to be in the public interest: Provided, That such reduction or
increase of allotments of such bonds shall be made under general
rules to be prescribed by said Secretary and shall apply to all subscribers similarly situated. And any portion of the bonds so offered
and not taken may be otherwise disposed of by the Secretary of
the Treasury in such manner and at such price or prices, not less
than par, as he may determine.
SEC. 2. That for the purpose of more effectually providing for the
national security and defense and prosecuting the war, the Secretary of the Treasury, with the approval of the President, is hereby
authorized, on behalf of the United States, to establish credits with
the United States for any foreign governments then engaged in war
with the enemies of the United States; and, to the extent of the
credits so established from time to time, the Secretary of the Treasury is hereby authorized to purchase, at par, from such foreign
governments respectively their several obligations hereafter issued,
bearing such rate or rates of interest, maturing at such date or
dates, not later than the bonds of the United States then last
issued under the authority of this Act, or of such Act approved
April twenty-fourth, nineteen hundred and seventeen, and containing such terms and conditions as the Secretary of .the Treasury
may from time to time determine, or to make advances to or for
the account of any such foreign governments and to receive such
obligations at par for the amount of any such advances; but the r a t e ,
or rates of interest borne by any such obligations shall not be less
than the highest rate borne by any bonds of the United States
which, at the time of the acquisition thereof, shall have been issued
under authority of said Act approved April twenty-fourth, nineteen hundred and seventeen, or of this Act, and any such obligations shall contain such provisions as the Secretary of the Treasury
may from time to time determine for the conversion of a proportionate part of such obligations into obligations bearing a higher
rate of interest if bonds of the United States issued under authority
of this Act shall be converted into other bonds of the United States
bearing a higher rate of interest, but the rate of interest in such
foreign obligations issued upon such conversion shall not be less
than the highest rate of interest borne by such bonds of the United
States; and the Secretary of the Treasury with the approval of the
President, is hereby authorized to enter into such arrangements
from time to time with any such foreign Governments as may be
necessary or desirable for establishing such credits and for the payment of such obligations of foreign Governments before maturity.
For the purposes of this section there is appropriated, out of any
money in the Treasury not otherwise appropriated, the sum of
$4,000,000,000, and in addition thereto the unexpended balance of
the appropriations made by section two of said Act approved April
twenty-fourth, nineteen hundred and seventeen, or so much thereof
as may be necessary: Provided, That the authority granted by this
section to the Secretary of the Treasury to establish credits for
foreign Governments, as aforesaid, shall cease upon the termination



SECRETARY OF T H E TREASURY.

"

93

of the war between the United States and the Imperial German
Government.
SEC- 3. That the Secretary of the Treasury is hereby authorized,
from time to time, to exercise in respect to any obligations of foreign
governments acquired under authority of tins Act or of said Act
approved April twenty-fourth, nineteen hundred and seventeen,
any privilege of conversion into obligations bearing interest at a
higher rate provided for in or pursuant to this Act or said Act approved April twenty-fourth, nineteen hundred and seventeen, and to
convert any short-time obligations of foreign governments which
may have been purchased under the authority of this Act or of said
Act approved April twenty-fourth, nineteen hundred and seventeen,
into long-time obligations of such foreign governments, respectively,
maturing not later than the bonds of the United States then last
issued under the authority of this Act or of said Act approved April
twenty-fourth, nineteen hundred and seventeen, as the case may be,
and in such form and terms as the Secretary of the Treasury may
prescribe; but the rate or rates of interest borne by any such longtime obligations at the time of their acquisition shall not be less than
the rate borne by the short-time obligations so converted into such
long-time obligations; and, under such terms and conditions as he
may from time to time prescribe, to receive payment, on or before
maturity, of any obligations of such foreign governments acquired
on behalf of the United States under authority of this Act or of said
Act approved April twenty-fourth, nineteen hundred and seventeen,
and, with the approval of the President, to sell any of such obhgations
(but not at less than the purchase price with accrued interest unless
otherwise hereafter provided by law), and to apply the proceeds
thereof, and any payments so received from foreign governments on
account of the principal of their said obligations, to the redemption
or purchase, at not more than par and accrued interest, of any bonds
of the United States issued under authority of this Act or of said
Act approved April twenty-fourth, nineteen hundred and seventeen;
and if such bonds can not be so redeemed or purchased the Secretary
of the Treasury shall redeem or purchase any other outstanding
interest-bearing obligations of the IJnited States which may at such
time be subject to redemption or which can be purchased at not more
than par and accrued iiiterest.
SEC. 4. That in connection with the issue of any series of bonds
under the authority of section one of this Act the Secretary of the
Treasury may determine that the bonds of such series shall be convertible as provided in or pursuant to this section, and, in any such
case, he may make appropriate provision to that end in offering for
subscription the bonds of such series (hereinafter called convertible
bonds). In any case of the issue of a series of convertible bonds, if a
subsequent series of bonds (not including United States certificates
of indebtedness, war savings certificates, and other obhgations
maturing not more than five years from the issue of such obligations,
respectively) bearing interest at a higher rate shall, under the authority of this or any other Act, be issued by the United States before the
termination of the war between the United States and the Imperial
German Government, then the holders of such convertible bonds
shall have the privilege, at the option of the several holders, at anv
time within such period, after the pubhc offering of bonds of such



94

REPORT ON THE FINANCES.

subsequent series, and under such rules and regulations as 'the
Secretary of the Treasury shall have prescribed, of converting their
bonds, at par, into bonds bearing such higher rate of interest at such
price not less than par as the Secretary of the Treasury shall have
prescribed. The bonds to be issued upon such conversion under
this Act shall be substantially the same in form and terms as shall be
prescribed by or pursuant to law with respect to the bonds of such
subsequent series, not only as to interest rate but also as to convertibility (if future bonds be issued at a still higher rate of interest)
or nonconvertibility, and as to exemption from taxation, if any, and
in all other respects, except that the bonds issued upon such conversion shaU have the same dates of maturity, of principal, and of
interest, and be subject to the same terms of redemption before
maturity, as the bonds converted; and such bonds shall be issued
from time to time if and when and to the extent that the privilege
of conversion so conferred shall arise and shaU be exercised. If the
privilege of conversion so conferred under this Act shall once arise,
and shall not be exercised with respect to any convertible bonds within
the period so prescribed by the Secretary of the Treasury, then such
privilege shall terminate as to such bonds and shall not arise again
though again thereafter bonds be issued bearing interest at a higher
rate or rates.
SEC. 5. That in addition to the bonds authorized by section one
of this Act the Secretary of the Treasury is authorized to borrow
from time to time, on the credit of the United States, for the purposes
of this Act and to meet public expenditures authorized by law, such
sum or sums as in his judgment may be necessary, and to issue
therefor certificates of indebtedness of the United States at not
less than par in such form or forms and subject to such terms and
conditions and at such rate or rates of interest as he may prescribe;
and each certificate so issued shaU be payable at such time not
exceeding one year from the date of its issue, and may be redeemable
before maturity upon such terms and conditions, and the interest
accruing thereon shall be payable at such time or times as the Secretary of the Tr'easury may prescribe. The sum of such certificates
outstanding hereunder and under section six of said Act approved
April twenty-fourth, nineteen hundred and seventeen, shall not at
any one time exceed in the aggregate $4,000,000,000.
SEC. 6. That in addition to the bonds authorized by section one of
this Act and the certificates of indebtedness authorized by section five
of this Act, the Secretary of the Treasury is authorized to borrow from
time to time, on the credit of the United States, for the purposes of
this Act and to meet public expenditures authorized by law, such sum
or sums as in his judgment may be necessary, and to issue therefor, at
such price or prices and upon such terms and conditions as he may
determine, war-savings certificates of the United States on which
interest to maturity may be discounted in advance at such rate or
rates and computed in such manner as he may prescribe. Such warsavings certificates shall be in such form or forms and subject to such
terms and conditions, and may have such provisions for payment
thereof before maturity, as the Secretary of the Treasury may prescribe. Each war-saving certificate so issued shall be payable at such
time, not exceeding five years from the date of its issue, and may be
redeemable before maturity, upon such terms and conditions as the




SECRETARY OF T H E TREASURY.

95

Secretary of the Treasury may prescribe. The sum of such warsavings certificates outstanding shall not at any one time exceed in
the aggregate $2,000,000,000. The amoujit of war-savings certificates
sold to any one person at any one time shall not exceed $100, and it
shall not be lawful for any one person at any one time to hold warsavings certificates to an aggregate amount exceeding $1,000. The
Secretary of the Treasury may, under such regulations and upon such
terms and conditions as he may prescribe, issue, or cause to be issued,
stamps to evidence payments for or on account of such certificates.
SEC. 7. That none of the bonds authorized by section one, nor of the
certificates authorized by section five, or by section six, of this Act,
shall bear the circulation privilege. All such bonds and certificates
shall be exempt, both as to principal and interest from all taxation
now or hereafter imposed by the United States, any State, or any of
the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional
income taxes, commonly known as surtaxes, and excess profits and
war-profits taxes, now or hereafter imposed by the United States,
upon the income or profits of individuals, partnerships, associations, or
corporations. The interest on an amount of such bonds and certificates the principal of which does not exceed in the aggregate $5,000,
owned by any individual, partnership, association, or corporation,
shall be exempt from the taxes provided for in subdivision (b) of this
section.
SEC. 8. That the Seci-etary of the Treasury, in his discretion, is
hereby authorized to deposit, in such incorporated banks and trust
companies as he may designate, the proceeds, or any part thereof,
arising from the sale of the bonds and certificates of indebtedness and
war-savings certificates authorized by this Act, and such deposits shall
bear such rate or rates of interest, and shall be secured in such manner,
and shall be made upon and subject to such terms and conditions, as
the Secretary of the Treasury may from time to time prescribe: Provided, That the provisions of section fifty-one hundred and ninety-one
of the Revised Statutes, as amended by the Federal Reserve Act, and
the amendments thereof, with reference to the reserves required to be
kept by national banking associations and other member banks of the
Federal Reserve System, shall not apply to deposits of public moneys
by the United States in designated depositaries. The Secretary of the
IVeasury is hereby authorized to designate depositaries in foreign
countries, with which shall be deposited all public money which it may
be necessary or desirable to have on deposit in such countries to provide for current disbursements to the military and naval forces of the
United States and to the diplomatic and consular and other representatives of the United States in and about such countries until six
months after the, termination of the war between the United States
and the Imperial German Government, and to prescribe the terms and
conditions of such deposits.
SEC. 9. That in connection with the operations of advertising, selling, and deliveriug any bonds, certificates of indebtedness, or warsavings certificates of the United States provided for in this Act, the
Postmaster General, under such regulations as he may prescribe, shall
require, at the request of the Secretary of the Treasury, the employees
pf the Post Office Department and of the Postal Service to perform




96

REPORT ON THE FINANCES.

such services as may be necessary, desirable, or practicable, without
extra compensation.
SEC. 10. That in order to pay all necessary expenses, including rent,
connected with any operations under this Act, except under section
twelve, a sum not exceeding one-fifth of one per centum of the amount
of bonds and war-saving certificates and one-tenth of one per centum
of the amount of certificates of indebtedness herein authorized is
hereby appropriated, or as much thereof as may be necessary, out of
any money in the Treasury not otherwise appropriated, to be expended as the Secretary of the Treasury may direct: Provided, That
m addition to the reports now required by law, the Secretary of the
Treasury shall, on the first Monday in December, nineteen hundred
and eighteen, and annually thereafter, transmit to the Congress a
detailed statement of all expenditures under this Act.
SEC. 11. That bonds shall not be issued under authority of sections
one and four of said Act approved April twenty-fourth, nineteen hundred and seventeen, in addition to the $2,000,000,000 thereof heretofore issued or offered for subscription, but bonds shall be issued from
time to time upon the interchange of such bonds of different denominations and of coupon and registered bonds and upon the transfer of
registered bonds, under such rules and regulations as the Secretary
of the Treasury shall prescribe, and, if and to the extent that the
privilege of conversion provided for in such bonds shall arise and shall
be exercised, in accordance with such provision for such conversion.
No bonds shall be issued under authority of the several sections of
Acts and of the resolution mentioned in said section four of the Act
approved April twenty-fourth, nineteen hundred and seventeen; but
the proceeds of the bonds herein authorized may be used for purposes
mentioned in said section four of the Act of April twenty-fourth,
nineteen hundred and seventeen, and as set forth in the Acts therein
enumerated.
That section two of an Act of Congress approved February fourth,
nineteen hundred and ten, entitled ^' An Act prescribing certain
provisions and conditions under which bonds and certificates of
indebtedness of the United States may be issued, and for other
purposes," is hereby amended to read as follows:
^'SEC. 2. That any certificates of indebtedness hereafter issued
shall be exempt from aU taxes or duties of the United States (but,
in the case of certificates issued after September first, nineteen
hundred and seventeen, only if and to the extent provided in connection with the issue thereof), as well as from taxation in any
form by or under State, municipal, or local authority; and that a
sum not exceeding one-tenth of one per centum of the amount of
any certificates of indebtedness issued is hereby appropriated, out
of any money in the Treasury not otherwise appropriated, to pay
the expenses of preparing, advertising, and issuing the same."
SEC. 12. That the Secretary of the Treasury is authorized during
the war, whenever it shall appear that the public interests require
that any of the accounts of the Military Establishment be audited
at any place other than the seat of Government, to direct the ComptroUer of the Treasury and the Auditor for the War Department
to exercise, either in person or through assistants, the powers and
perform the duties of their offices at any place or places away from




. SECRETARY OF THE TREASURY.

97

the seat of Government in the manner that is or may be required by
law at the seat of Government and in accordance with the provisions
of this section.
(a) That when the Secretary of the Treasury shall exercise the
authority herein referred to, the powers and duties of the said
" comptroUer and auditor, under and pursuant to the provisions of
"
the Act of July thirty-first, eighteen hundred and ninety-four, and
all other laws conferring jurisdiction upon those officers, shall be
exercised and performed in the same manner as nearly as practicable
and with the same effect away from the seat of Government as they;
are now exercised and performed and have effect at the seat of
Government, and decisions authorized by law to be rendered by the
comptroller at the request of disbursing officers may be rendered
with the same effect by such assistants as may be authorized by him
to perform that duty.
(b) That when pursuant to this section the said comptroUer and
auditor shall perform their duties at a place in a foreign country,
the balances arising upon the settlement of accounts and claims
of the Military Estabhshment shaU be certified by the auditor to
the Division of Bookkeeping and Warrants of the Treasury Department as now provided for the certification of balances by said
auditor in Washington, and the balances so found due shaU be final
and conclusive upon all branches of the Government, except that
any person whose account has been settled or the commanding
officer of the Army abroad, or the comptroUer may obtain a revision
of such settlement by the comptroUer upon application therefor
within three months, the decision to be likewise nnal and conclusive
and the differences arising upon such revision to be certified to and
stated by the auditor as now provided by law: Provided, That
certificates of balances due.may be transmitted to and paid by the
proper disbursing officer abroad instead of by warrant: Provided
further. That any person whose account has been settled, or the
Secretary of War, may obtain a reopening and review of any settlement made pursuant to this section upon application to the Comptroller of the Treasury in Washington within one year after the close
of the war, and the action of the comptroller thereon shaU be final
and conclusive in the same manner as herein provided in the case of
a balance found due by the auditor.
(c) That the comptroller and auditor shaU preserve the accounts,
and the vouchers and papers connected therewith, and the files of
their offices in the foreign country and transmit them to Washington
within six months after the close of the war and at such earlier time
as may be directed-by the Secretary of the Treasury as to any or all
accounts, vouchers, papers, and files.
(d) That the Secretary of the Treasury is authorized to appoint
an assistant comptroller and an assistant auditor and to fix their
compensation, and to designate from among the persons to be
employed hereunder one or more to act in the absence or disability
of such assistant comptroller and assistant auditor. He shaU also
prescribe the number and maximum compensation to be paid to
agents, accountants, clerks, translators, interpreters, and other
persons who may be employed in the work under this section by the
comptroller and auditor. The assistant comptroUer and assistant
auditor shaU have full power to perform in a foreign country aU the
13034°—FI 1917



7

98

REPORT ON THE FINANCES.

duties with reference to the settlement there of the accounts of the
Military Estabhshment that the comptroller and a^uditor now have
at the seat of Government and in foreign countries under the provisions of this section, and shall perform such duties in accordance
with the instructions received from and rules and regulations made,
by the comptroller and auditor. Such persons as are residing in a
foreign country when first employed hereunder shaU ndt be required
to take an oath of office or be required to be employed pursuant to
the laws, rules, and regulations relating to the classified civU service,
nor shaU they be reirobursed for subsistence expenses at their post
of duty or for expenses in traveling to or from the United States.»
(e) That it shaU be the duty of aU contracting, purchasing, and
disbursing officers to allow any representative of the comptroUer or
auditor to examine all books, records, and papers.in any way connected with the receipt, disbursement, or disposal of pubhc money,
and to render such accounts and at such times as may be required
by the comptroller. No administrative examination by the War
department shall be required of accounts rendered and settled
abroad, and the time within which these accounts shall be rendered
by disbursing officers shall be prescribed by the comptroller, who
shall have power to waive any delinquency as to time or form in the
rendition of these accounts. All contracts connected with accounts
to be settled by the auditor abroad shall be filed in his office there.
(f) That any person appointed or employed under the provisions
of this section who at the time is in the service of the United States
shall, upon termination of his services hereunder, be restored to the
position held by him at the time of such employment. No provision
of existing law shaU be construed to prevent the payment of money
appropriated for the salary of any Grovernment officer or employee
at the seat of Government who may be detailed to perform duty
imder this section outside the District of Columbia, and such details
are hereby authorized.
(g) That for the payment of the expenses in carrying into effect
this section, including traveling expenses, per diem of $4 in lieu of
subsistence for officers and employees absent from Washington, rent,
cablegrams and telegrams, printing, law books, books of reference,
periodicals, stationery, office equipment and exchange thereof, supphes, and aU other necessary expenses, there is hereby appropriated,
out of any money in the Treasury not otherwise appropriated, for
the fiscal year ending June thirtieth, nineteen hundred and eighteen,
the sum of $300,000, of which not exceeding $25,000 may be expended
at Washington for the purposes of this section, but no officer or
employee snail receive for duty in Washington any compensation
other than his regidar salary,
(h) That the Secretary of the Treasury may designate not more
than two persons employed hereunder to act as special disbursing
agents of the appropriation herein, to serve under the direction of
the comptroller, and their accounts shaU be rendered to and settled
by the accounting officers of the Treasury in Washington. AU persons employed under this section shall perform such additional duties
as the Secretary of the Treasury may direct.
(i) That the comptroller and the auditor, and such persons as may
be authorized in writing by either of them, may administer oaths to
American citizens in respect to any matter witnin the jurisdiction of




SECRETARY OF T H E TREASURY.

99

either of said officers and certify the official character, when known^.
of any foreign officer whose jurat or certificate may be necessary on
any paper to be filed with them.
(j) That persons engaged in work abroad under the provisions of
this section may purchase from Army stores for cash and at cost
price for their own use such articles or stores as may be sold to officers
and enlisted men.
(k) That the authority granted under this section shall terminate
six months after the close of the war or at such earlier date as the
Secretary of the Treasury may direct, and it shall be the duty of
the comptroUer and auditor to make such reports as the Secretary of
the Treasury may require of the expenditures made and work done
pursuant to this section, and such reports shaU be transmitted to
the Congress at such time as he may decide to be compatible with
the public interest.
(1) No officers, employees, or agents appointed or employed under
this section shaU receive more salary or compensation than like
officers, employees, or agents of the Government now receive.
SEC. 13. That for the purposes of this Act the date of the termination of the war between the United States and the Imperial German Government shaU be fixed by proclamation of the rresident of
the United States.
Approved, September 24, 1917.




E X H I B I T D.

$3,000,000,000.
U N I T E D S T A T E S O F AMERICA.
1 0 - 2 5 - Y E A R 4 P E R CENT CONVERTIBLE GOLD BONDS.
SECOND LIBERTY LOAN.

Bearing interest from November 15,1917.

Due November 15,1942.

Redeemable at the option of the United States, at par and accrued
interest, on and after November 15, 1927.
Interest payable May 15 and November 15.
Authorized by an act of Congress approved September 24, 1917.
Offered for subscription in Department Circular No. 90, dated October 1, 1917, to be found on the following pages, to which reference
is made for full information concerning the bonds and this offering,
and from which the statements on this page are summarized.
Denominations.—Coupon and registered bonds, $50, $100, $500,
$1,000, $5,000, $10,000; and registered bonds of $50,000 and $100,000.
Exempt as to principal and interest from all taxation by the
United States, any State, or any of the possessions of the IJnited
States, Or by any local taxing authority, except {a) estate or inheritance taxes, and (&) United States graduated additional income
taxes (commonly known as surtaxes) and excess-profits and warprofits taxes. The interest on an amount of bonds and certificates
authorized by said act, the principal of which does not exceed in the
aggregate $5,000, owned by any individual, partnership, association,
or corporation, shall be exempt from the taxes provided for in clause
(&) above.
Convertible upon the terms and conditions stated in said circular
into higher-rate bonds if and when higher-rate bonds are next issued
during the war.
Applications must reach the Treasury Department, Washington,
D. C., a Federal reserve bank or branch thereof, or some incorporated
bank or trust company within the United States (not including outlying territories and possessions) on or before the close of business
October 27, 1917, the right being reserved by the Secretary of the
Treasury to close the subscription at any earlier date.
Terms of payment.—Two per cent with application; 18 per cent on
November 15.1917; 40 per. cent on December 15,1917; 40 per cent on
January 15, 1918 (with accrued interest on both deferred installments).
Payment in full of any subscription for an amount of bonds not in
excess of $1,000, at face value without interest, may be made with the
100



SECRETARY OF T H E TREASURY.

101

application, if the subscriber prefers, in which case prompt delivery
of a bond*or bonds dated and bearing interest from November 15,1917,
will be made. Except in such cases payment for the amount allotted
can onl}^ be completed on November 15, or, with accrued interest^ on
December 15 or January 15, previous installments having been duly
paid.
Allotment.-—Subscriptions for $3,000,000,000 of these bonds are
invited, the right being reserved to allot additional bonds up to onehalf the amount of any oversubscription. Every subscriber for an
amount of bonds not in excess of $1,000 will receive the full amount
of bonds subscribed for. Other applications are received subject to
allotment.
Delivery.—Bonds as described in the circular will be delivered
promptly upon completion of payments. Price, 100 per cent and
accrued interest.
TREASURY DEPARTMENT,

Washmgton., October 1^ 1917.

Department a'rlular No. 90.
Loans and Currency.
(Liberty Loan Circular No. 6.)

T M I A S U R Y DEPARTMENT,
OFFICE OF THE OECRETARY,
Washington, Octobcr 1, 1917.

The Secretary of the Treasury invites subscriptions, at par and
accrued interest, from the people of the United States, for $3,000,000,000 of United States of American 10-25 year 4 per cent convertible gold bonds, of an issue authorized by act of Congress
approved September 24, 1917; the right being reserved to allot additional bonds up to one-half the amount of any oversubscription.
DESCRIPTION OF BONDS.

Denominations.—Bearer bonds with interest coupons attached will
be issued in denominations of $50, $100, $500, $1,000, $5,000, and
$10,000. Bonds registered as to principal and interest will be issued
in denominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000,
and $100,000. Provision will be made for the interchange of bonds
of different denominations and of coupon and registered bonds and
for the transfer of registered bonds without charge by the United
States'and under rules and regulations prescribed by the Secretary
of the Treasury.
. ^
Rate of interest.) date of bonds., maturity^ and redemption.—The
bonds will be dated November 15, 1917, and will bear interest at the
rate of 4 per cent per annum from that date, payable semiannually
on May 15 and November 15. The bonds will mature November 15,
1942, but the issue may be redeemed at the option of the United
States on or after November 15, 1927, in whole or in part, at par and
accrued interest, on any interest day, on six months' notice given in
such manner as the Secretary of the Treasury shall prescribe. I n
case of partial redemption, the bonds to be redeemed will be determined by such method as may be prescribed by the Secretary of the
Treasury. The principal and interest of the bonds will be payable
in United States gold coin of the present standard of value.




102

REPORT ON THE, FINANCES.

Tax exeTnption.—The bonds shall be exempt, both as to principal
and interest, from all taxation now or hereafter imposed by the
United States, any State, or any of the possessions of the United
States, or by any local taxing authority, except {a) estate or inheritance taxes and {b) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates authorized by said act,
the principal of which does not exceed in the aggregate $5,000, owned
by any individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in clause (5) above.
Conversion privilege.—If a subsequent series oif bonds (not including United States certificates of indebtedness, war s'avings certificates, and other obligations maturing not more than five years from
the issue of such obligations, respectively), bearing interest at a
higher rate than 4 per cent per annum shall, under the authority of
said act approved September 24, 1917, or any other act, be issued by
the United States before the termination of the war between the
United States and the Imperial German Government (the date of
such termination to be fixed by proclamation of the President of the
United States), then the holders of bonds of the present series shall
have the privilege, at the option of the several holders, of converting
their bonds, at par, into bonds bearing such higher rate of interest,
at the issue price of bonds of such subsequent series, not less than
par, with an adjustment of accrued interest. Such conversion privilege must be exercised, if at all, at any time within the period, after
the public offering of bonds of such subsequent series, beginning at
the date of issue of bonds of such subsequent issue, as such date shall
be fixed in such public offering, and terminating six months after
such date of issue, and under such rules and regulations as the Secretary of the Treasury shall have prescribed. The bonds to be issued
upon such conversion of bonds of the present series shall be substantially the same in form and terms as shall be prescribed by or pursuant to law with respect to the bonds of such subsequent series, not
only as to interest rate but also as to convertibility (if future bonds
be issued at a still higher rate of interest) or nonconvertibility, and
as to exemption from-taxation, if any, and in all other respects, except that the bonds issued upon such conversion shall have the same
dates of maturity, of principal, and of interest, and be subject-to the
same terms of redemption before maturity as the bonds converted;
and such bonds shall be issued from time to time if and when and
to the extent that the privilege of conversion so conferred shall arise
and shall be exercised. If the privilege of conversion so conferred
shall once arise and shall not be exercised with respect to any bonds
of the present series within the period above prescribed, then such
privilege shall terminate as to such bonds and shall not arise again
though again thereafter bonds be issued bearing interest at a higher
rate or rates than 4 per cent per annum.
APPLICATIONS.

Official agencies.—The agencies designated by the Secretary of the
Treasury to receive applications for the bonds now offered are the




SECEETARY OP THE TEEASURY.

. 103

Treasury Department in Washington, D. C , and the Federal Reserve
Banks in Boston, New York, Philadelphia, Cleveland, Richmond,
Atlanta (with branch at New Orleans), Chicago, St. Louis (with
branch at Louisville), Minneapolis, Kansas City (with branch at
Omaha), Dallas, and San Francisco (with branches at Seattle and
Spokane). Said banks have been designated also as fiscal agents of
the United States to collate applications, to give notices of the allotments which the Secretary of the Treasury will eventually make to
subscribers, to receive payments, and to make delivery of the bonds
allotted. Subscribers may send their applications direct to any of
these official agencies.
Subscribers'^ agencies.—Large numbers of national banks, State
banks, and trust companies, investment bankers, express companies,
newspapers, department stores, and other corporations, firms, and
organizations have patriotically offered to receive and transmit applications for the second Liberty loan without expense to the applicants. The Secretary of the Treasury appreciates the value of
these offers and will have application blanks widely distributed
through the Federal reserve banks to these institutions throughout
the country, as well as to the post offices. No commissions will be
paid upon subscriptions, and those who receive and transmit applications are therefore rendering the service as a patriotic duty.
Form of application.—A.^^\iQ,2i,t\ons must be iii the form prescribed by the Secretary of the Treasury and be accompanied by
payment of 2 per cent of the amount of bonds applied for. Applications must be for bonds to an amount of $50 oi: some multiple
thereof. Any subscriber making application for an amount of bonds
not in excess of $1,000 may, at the option of such subscriber, accompany such application by payment in full, at face value without
interest, for the bond or bonds applied for, in which case a bond or
bonds bearing interest from November 15, 1917, will be delivered to
the subscriber as soon as possible after the application, accompanied
by such payment in full, is received. No payment other than the 2
per cent required should accompany any application for bonds to an
amount in excess of $1,000.
Time of closing application boohs.—Applications accompanied by
payment as aforesaid must reach the Treasury Department or a
Federal reserve bank or branch thereof, or some incorporated bank
or trust company within the United States (not including outlying
territories and possessions), not later than the close of business on
October 27, 1917, the right being reserved by the Secretary.of the
Treasury to close the subscription on any earlier date. Applications
received by any incorporated bank or trust company on or before
October 27, 1917, must, by such bank or trust company, be transmitted to or covered by its own subscription to the Federal reserve
bank of the district in which it is located, reaching such Federal
reserve bank not later than the close of business on November 1,
1917, accompanied by payment as aforesaid.
AMiOTMENT.

Applications for $1,000 or less bonds from any one subscriber will
be allotted in full. All applications for bonds in excess of $1,000
will be received subject to allotment; and the Secretary of the Treas


104

REPORT ON THE FINANCES.

ury reserves the right to reject any such applications, to make allotment of part of the amount of bonds applied for, to make allotment
in full upon applications for smaller amounts, and to make reduced
allotments upon or to reject applications for larger amounts, and to
make classified allotments and allotments upon a graduated scale,
pursuant to the act of Congress authorizing the bonds, should any
such action be deemed by him to be in the public interest; and his
action in these respects will be final. I n case of applications rejected
the accompanying payment of 2 per cent will be returned without
interest as soon as practicable. I n case of partial allotments the
excess of the 2 per cent payment (without credit for interest) will be
applied on the installment due November 15, 1917. The basis of
allotment will be announced and aUotments will be made on or about
November 5. Allotment notices will be mailed shortly thereafter.
PAYMENTS.

Payment for bonds allotted, in addition to the 2 per cent on application, will be required as follows: 18 per cent on November 15,
1917; 40 per cent on December 15, 1917; 40 per cent on January 15,
1918, with accrued interest on both deferred installments. Receipt
of installment payments made to official agencies prior to payment in
full will be acknowledged by the several Federal reserve banks.
Payments must be made when and as required under penalty of forfeiture of any and all installments previously paid, and of all right
or interest in the bonds allotted. Except in the case of subscriptions
for amounts not in excess of $1,000, as hereinbefore provided, no payments other than the 2 per cent required with the application will
be received until after allotment is made. Payment for bonds allotted
in any amount may be completed after allotment without previous
notice, but only on November 15,1917, and (the previous installments
having been duly paid) on December 15, 1917, or January l 5 , 1918,
with accrued interest.
Payment by United States Treasury certiftcates of indebtedness.—
Payments may be made on November 15 by United States.Treasury
certificates of indebtedness of any maturity, and on December 15 by
certificates: maturing on that date, and on January 15, 1918, by certificates maturing on that date if any such are outstanding. These
payments may be either for the full amount of the allotment, or for
the first installment, or for the installment then due. Such certificates will be received at their face value, and the accrued interest
thereon will be remitted by check to the subscriber. Unmatured certificates thus presented on November 15, 1917, in payment for bonds
must not be of a larger face value than the amount then to be paid on
the subscription, and subscribers should obtain certificates in appropriate denominations in advance.
How to make payments.—It is strongly recommended that subscribers avail themselves of the assistance of their own banks and
trust companies, in which case they will, of course^ make payment
through such institutions. I n cases where they do not do so, subscribers should make payment, either in cash to the Treasury Department in Washington or to one of the Federal reserve banks, or by
bank draft, certSed check, post-office money order, or express com-




SECRETARY OF THE TREASURY.

105

pany money oraer, made payable to the order of the Secretary of the
Treasury if the application is ffied with the Treasury Department in
Washington (thus: " The Secretary of the Treasury, Second Liberty
Loan Account"), or, if the application is filed elsewhere, made payable to the order of the Federal reserve bank of the district in which
the application is filed (thus: " Federal Reserve Bank of
,
Second Liberty Loan Account").
DELIVER-S.

«
Bonds dated November 15,, 1917, and bearing interest from that
date, will be delivered by the several Federal Reserve Banks as fiscal
agents of the United States as far as practicable in accordance with
written instructions given by the subscribers, and, within the United
States, its Territories, and insular possessions, will be delivered at
the expense of the United States. Subscribers for an amount not in
excess of $1,000 who make payment in full at the time of filing their
applications will receive bonds bearing interest from November 15,
1917, as soon as possible after their subscriptions are received. Such
subscribers will receive no interest from date of payment to November
15. All other subscribers will receive bonds promptly after due completion of payment.
INTEREST.

The bonds being dated November 15,1917, no accrued interest will
be due on subscriptions for bonds paid for in full on or before November 15, 1917. No rebate of interest will be allowed, either on account
of full payment in advance of November 15, or on account of the 2
per cent required to be paid with the application. Upon completion
of payment for the bonds on December 15 or January 15 the subscriber will be required to pay accrued interest from November 15
on the deferred installments at the rate of 4 per cent per annum. •
F U R T H E R DETAILS.

The bonds will be receivable as security for deposits of public
' money, but will not bear the circulation privilege.
Coupon bonds will have four interest coupons attached, covering
interest payments' up to and including November 15, 1919. On or
after that date holders of these bonds should surrender the same and
obtain a new bond or bonds having coupons attached thereto covering semiannual payments from May 15, 1920, to November 15, 1942.
Bonds with the limited number of interest coupons attached will'be
thus delivered in order to save the annoyance of the delivery of
interim receipts, and to allow sufficient time for the engraving and
printing of bonds with the full number of coupons attached, without
inconvenience to the subscriber.
Further details may be announced by the Secretary of the Treasury from time to time, information as to which as well as forms for
application may be obtained from the Treasury Department or
through any Federal reserve bank.




W. G. MCADOO,

Secretary of the Treasury.

E X H I B I T E.
UNITED STATES OF AMERICA WAR-SAVINGS CERTIFICATES, SEKIES OF

^ 1918.
r»^r.ow.^^^«„+WZ»io». T T aA
V^
Department Circular No. 94.
(War-Savings Circular Nb. 1.)

TREASURY

DEPARTMENT,

^r^
^
'
O F F I C E OF T H E S E C R E T A R Y ,

Loans and Currency.
Washington, November 15, 1917.
The Secretary of the Treasury offers for sale to the people of the
United States an issue of United States war-savings certificates, series
of 1918, authorized by act of Congress approved September 24, 1917.
Payments for or on account of such war-savings certificates must be
evidenced by United States war-savings certificate stamps, series of
1918, which are to be affixed thereto. The sum of such war-savings
certificates outstanding shall not at any one time exceed in the aggregate $2,000,000,000 (maturity value). The amount of war-savings
certificates sold to any one person at any one time shall not exceed
$100 (maturity value), and it shall not be lawful for any one person
at any one time to hold war-savings certificates to an aggregate
amount exceeding $1,000 (maturity value).
War-savings certificates, war-savings certificate stamps, and
United States thrift stamps (described below) may be purchased at
the prices hereinafter mentioned at post offices and at numerous banks
and other agencies to be appointed by the Secretary of the Treasury.
Advance sales will begin December 3, 1917. All sales of war-savings
certificates and war-savings certificate stamps made in December,
1917, will be at the January, 1918, price, and the date of issue of all
certificates so sold-will be deemed January 2, 1918.
DESCRIPTION OF WAR-SAVINGS

CERTIFICATES.

A United. States war-savings certificate, series of 1918, will be an
obligation of the United States when, and only when, one or more
United States war-savings certificate stamps, series of 1918, shall be^
affixed thereto. Each of such war-savings certificates will have"
spaces for 20 war-savings certificate stamps, series of 1918, and each
of such stamps thereto affixed will have a maturity value of $5 on
January 1, 1923, which will accordingly give each such certificate
when bearing its full complement of such stamps a maturity value of
$100 on said date. No war-savings certificate will be issued unless at
the same time one or more war-savings certificate stamps shall be
purchased and affixed thereto, but no additional charge will be made
for the war-savings certificate itself. The name of the owner of each
war-savings certificate must be written upon such certificate at the
time of the issue thereof.
War-savings certificate stamps, series of 1918, will be issued in
1918 at the following prices:
January
$4.12
February— 4.13
March
- 4.14
106



AprU
May
June

$4.15 I July
$4.18 October____ $4. 21
4.16 August
^ 4.19 November _ 4. 22
4.17 I September _ 4.20 December— 4.23

107

SECRETARY OF THE TREASURY.

The average issue price above fixed for the year 1918owith interest
at 4 per cent per annum compounded quarterly for the average period
to maturity will amount to $5 on J a n u a r y 1, 1923.
• Payment at rriaturity.—Owners of war-savings certificates will be
entitled to receive on January 1, 1923, at the Treasury Department
in Washington, or at a money-order post office, upon surrender of
such certificates and upon'compliance with all other provisions
thereof, $5 in respect of each war-savings certificate stamp, series of
1918, then affixed thereto, but no post office shall be require(i to make
any such payment until 10 days after receiving written demand
therefor.
Payment prior to maturity.-.—Any owner of a war-savings certificate
at his option will be entitled to receive at any time after January 2,
1918, and prior to January 1, 1923, at a money-order post office, upon
surrender of his certificate and upon compliance with all other provisions thereof, in respect of each war-savings certificate stamp, series
of 1918, then affixed to such certificate, the amount indicated in the
following table; but no post office shall make any such payment until
10 days after receiving written demand therefor.
Month.
J a n u a r y '.
February...:
March
April
May
June
July
August
September
October
November
December

1918

:.
:
-

:

,

-.

1919

1920 .

1921

1922

^ S4.12
4.13
4.14
4.15
4.16
4.17
4.18
4.19
4.20
4.21
4.22
4.23

$4.24
4.25
4.26
4.27
4.28
4.29
4.30
4.31
4.32
4.33
4.34
4.35

S4.36
4.37
4.38
4.39
4.40
4.41
4.42
4.43
4.44
4.45
4.46
4.47

S4.48
4.49
4.50
4.51
4.52
4.53
4.54
4.55
4.56
4.57
4.58
4.59

84.60
4.61
4.62
4.63
4.64
4.65
4.66
4.67
4.68
. 4.69
4.70
4.71

J a n u a r y 1, 1923, S5.

Registration.—War-savings certificates may be registered without
cost to the owners at any post office of the first, second, or third
class, subject to such regulations as the Postmaster General may from
time to time prescribe, and payment in respect of any certificate so
registered will be made only at the post office where registered.
Unless registered, the United States will not be liable if payment in
respect to any certificate or certificates be made to a person not the
rightful owner thereof.
War-savings certificates not transferable.—War-savings certificates are not transferable and will be payable only to the respective
owners named thereon, except in the case of the death or disability of
any such owner.
Tax exemption.—^War-savings certificates shall be exempt, both as
to principal and interest, from all taxation now or hereafter imposed
by the United States, any State, or any of the possessions of the
United States, or by any local taxing authority except, {a) estate or
inheritance taxes, and (&) graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes,
now or hereafter imposed by the United States, upon the income or
profits of individuals, partnerships, associations, or corporations.
The interest on an amount of bonds and certificates, authorized by




108

REPORT ON THE FINANCES.

said act of September 24, 1917, the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership,
association, or corporation, shall be exempt from the taxes provided
for in clause (6) above.
T H R I F T CARDS A N D T H R I F T S T A M P S .

Payments on account of war-savings certificates may also be evidenced by United States thrift stamps, having a face value of 25
cerits each but bearing no interest. United States thrift stamps, however, must not be affixed to war-savings certificates but only to thrift
cards, which may be obtained without cost. Thrift stamps, as such,
are not directly redeemable in cash, but each thrift card will have
spaces for 16 such thrift stamps and a thrift card, when bearing its
full complement of such stamps, may be exchanged at a post office
or other authorized agency on or before December 31,1918, for a warsavings certificate- stamp, series of 1918, and upon such exchange the
owner of such thrift card must pay the difference between $4 and the
current issue price pf war-savings certificate stamps during the month
in which such exchange is made, as shown by the following table:
January
February
March
April

-

1—
:

$4.12
4.13
4.14
4.15

May
June
JulyAugust

$4.16
4.17
4.18
4.19

September
October
November—
December

$4.20
4.21
4.22
4.23

METI-IOD OF DISTRIBUTION A N D SALE.

Post offijces and Federal reserve banks^—On or about December 3,
1917, war-savings certificate stamps and United States thrift stamps
(together with thrift cards and war-savings certificates with suitable
pocket envelopes for such certificates) will be furnished (1) to post
offices for sale to the public and to agents of the first class and (2)
to Federal reserve banks, as fiscal agents of the United States, for
distribution to agents of the second class and also for sale to banks
which are agents of the first class, the classification of such agents
being hereinafter provided for. Post offices and Federal reserve
banks will maintain available supplies of stamps, certificates, and
cards in amounts sufficient to meet the requirements for such distribution and sales.
Other agencies.—^2J^}ss, bankers, and trust companies; railroad
and express companies; department and other retail stores; the duly
authorized representatives of labor, fraternal, and other associations;
and other corporations, partnerships, and individuals who patriotically, offer their services without expense, either to the United States
or to purchasers, will be among those whom the Secretary of the
Treasury will in his discretion appoint as agents to sell war-savings
certificate stamps and United States thrift stamps and to issue warsavings certificates and thrift cards.
Blank forms of application for appointment as agent, with necessary information as to execution and filing, may be obtained from any
money-order post office, from agent banks, or from State or local
representatives of the National War-Savings Committee. Appointments will be made only under authorization of the Secretary of the
Treasury.
No agent shall sell any United States thrift stamp at any price
other than 25 cents for each stamp, nor any war-savings certificate



SECRETARY OF THE TREASURY.

109

stamp at any price other than the current issue price of such stamp
during the month in which sold, as hereinabove specified.
Classification of agents.—Two classes of agents will be appointed:
First, agents of the first class who may neither obtain nor hold at any
one time in excess of $1,000 of war-savings certificate stamps (maturity value); second, agents of the second class who may obtain at
any time or times in excess of $1,000 of such stamps (maturity value)
for sale to the public.
Agents of the first class.—Agents of the first class may obtain, for
sale to the public, from post offices, agent banks, or other authorized
agents warrsavings certificate stamps in any amount desired, not,
however, in excess of $1,000 (maturity value), together with an
adequate supply of war-savings certificates, upon payment for such
stamps at the current issue price thereof during the month in which
such stamps are thus obtained. Similarly agents of the first class
may obtain, for sale to the public. United States thrift stamps, together with an adequate supply of thrift cards, in any amount desired
upon payment for such stamps at 25 cents each.
Agents of the second class.—^Agents of the second class will be
required to deposit with the Secretary of the Treasury, or with
such agencies as he may designate. United States bonds of any Liberty loan, or United States certificates of indebtedness, the aggregate
par value of which shall be at least equal to the aggregate amount
of war-savings certificate stamps at the issue price thereof during
December, 1918, as specified above, plus the aggregate face value of
the Unite(i States thrift stamps obtained by such agents, respectively.
A further Treasury Department circular will shortly be issued specifying the terms and conditions for the deposit of such securities or
of such other securities the deposit of which may be permitted by
such circular under the conditions to be therein specified and covering other matters of detail particularly concerning such agents of the
second class.
O T H E R DETAILS.

War-savings certificates will not be receivable as security for deposits of public money and will not bear the circulation privilege.
The Secretary of the Treasury reserves the right at any time to
revoke any or all appointments of agents, to withdraw war-savings
certificates, war-savings certificate stamps, or United States thrift
stamps from sale, to refuse to issue or to permit to be issued any warsavings certificates or thrift cards, and to refuse to sell or to permit
to be sold any war-savings certificates or war-savings certificate
stamps or United States thrift stamps to any person, firm, corporation, or association.
The right is also reserved to make from time to time any supplemental or amendatory regulations which shall not modify or impair
the terms and conditions of war-savings certificates issued or to be
issued in pursuance of said act of September 24, 1917.
Further details may be announced by the Secretary of the Treasury from time to time, information as to which will be promptly
furnished to postmasters at money-order post offices and to other
agents.




W.

G.

MCADOO,

Secretary of the Treasury.

EXHIBIT F .
LIBERTY LOAN.—CONVERSION OF UNITED STATES 15-30 YEAR 3^ P E R
CENT GOLD BONDS OF THE FIRST LIBERTY LOAN.
Department'cir'iular No. 93.
(Liberty Loan Circular No. 8.)

Loans and Currency.

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,

Washington, October 19, 1917.

PRESENT CONVERSION PRIVILEGE.

To holders of 1 5 S 0 year S\ per cent gold bonds of the First Liberty
Loan and Interim Certificates therefor:
I n consequence of the issue on November 15, 1917, of a series of
United States 10-25 year 4 per cent convertible gold bonds (the
second Liberty loan), holders of United States 15-30 year 3^ per
cent gold bonds (the first Liberty loan) and of interim certificates
therefor will be entitled to convert all or ainy of their bonds or interim certificates into an equal face amount or 4 per cent convertible
gold bonds of .1932-47, the terms of which will be identical with
those of the bonds of the second Liberty loan, except that the 4 per
cent convertible gold bonds of 1932-47 will have the same dates for
payment of interest, the same date of maturity of principal and the
same terms of redemption as the bonds of the first Liberty loan.
Such 4 per cent convertible gold bonds of 1932-47 to be issued upon
such conversions are hereinafter more particularly described.
DURATION OF PRESENT CONVERSION PRIVILEGE.

The privilege thus arising must be exercised, if at all, within the
period of six months beginning November 15, 1917, the date of the
issue of bonds of the second Liberty loan, and ending May 15, 1918
(both dates inclusive).
Holders of bonds of the first Liberty loan or of interim certificates therefor, who do not present and surrender the same for conversion, in accordance with the provisions of this circular, on or before May 15, 1918, will lose once for all the conversion privilege arising as a consequence of the issue of the bonds of the second Liberty
loan, now being offered for subscription, or of the issue of any additional bonds of the same series. If, however, any subsequent series
pf bonds (not including United States certificates of indebtedness
and other short-term obligations) shall be issued by the United
States at a higher rate of interest than 3^ per cent per annum before the termination of the war between the United States and
the Imperial German Government (the date of such termination to
be fixed by a proclamation of the President of the United States),
the holders of any bonds of the first Liberty loan, in respect of
which the present conversion privilege shall not have been exercised,
110



SECRETARY OF T H E TREASURY.

I l l

shall have the privilege, at any time within six months after the
issue of bonds of such subsequent series (the date of such issue to
be fixed by prior public announcement by the Secretary of the Treasury), of converting their bonds at par—upon presentation and surrender thereof with all unmatured coupons, at the Treasury Department, Washington, or at such other agencies as the Secretary of
the Treasury may designate for the purpose, and upon adij ustment
of accrued interest to the date of conversion—into an equal par
amount of bonds bearing such higher rate of interest, and substantially identical with the bonds of such subsequent series, except that
the bonds to be issued upon such conversion shall be identical with the
bonds of the first Liberty loan as to maturity of principal and of
interest, and terms of redemption.
METHOD OF EFFECTING CONVERSIONS.

Conversions in the exercise of the present conversion privilege may
be effected by presentation and surrender of bonds of the first Liberty loan, either in coupon or registered form, or interim certificates
therefor, to the respective Federal reserve banks in Boston, New
York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St.
Louis, Minneapolis, Kansas City, Dallas, and San Francisco, or at
the Treasury Department in Washington, but such presentation and
surrender of interim certificates may only be made to the Federal
reserve bank by which such interim certificates have been respectively executed.
Bonds of the first Liberty loan, either in coupon or registered
form, or interim certificates therefor, so presented and surrendered
for conversion, must be accompanied by requests for conversion, duly
filled put and signed by the respective holders, in the forms prescribed by the Secretary of the Treasury (Forms Nos. 1019 and 1020,
Loans and Currency). Form No. 1019 should be used only for coupon bonds or interim certificates and Form No. 1020 only for registered bonds. Copies of such forms appear at the end of this circular,
and additional copies may be obtained at any Federal reserve bank
or at the Treasury Department in Washington.
Such bonds or interim certificates may be so presented and surrendered at any time on or after November 8, 1917, but not after
May 15, 1918. Holders of bonds or interim certificates of the first
Liberty loan who desire to effect conversions thereof, and who also
desire prompt delivery of the 4 per cent convertible gold bonds of
1932-47 to which they will become entitled, should present such
bonds or interim certificates for conversion on November 8, 1917, or
as soon as possible thereafter. Holders of bonds or interim certificates presented and surrendered for conversion on or before November 15,1917, will obtain the full benefit of the higher rate of interest
from the earliest possible date, but no 4 per cent convertible goM
bonds of 1932-^7 will be delivered before November 15, 1917. Subscribers for bonds of the first Liberty loan who, for any reason,
have not yet received either definitive bonds or interim certificates,
and who desire to convert all or any part' of the bonds which they
are entitled to receive, should notify the bank or trust company or
other agency, now holding such bonds or interim certificates for their
account, of their desire to convert.



112

REPORT ON THE FINANCES.

The 4 per cent convertible gold bonds of 1932-47 to be delivered
upon conversions of interim certificates of the first Liberty loan
will either be delivered directly, at the time of surrender of such
interim certificates for conversion, to the parties surrendering the
same, or will be mailed, or otherwise sent, as soon as possible thereafter, addressed to the parties signing the requests for conversion,
at the respective addresses filled in thereon. As holders of interim
certificates have, by retaining such interim certificates, relieved the
Government of the expense of the issue and delivery of definitive
bonds of the first Liberty loan, they will be entitled to delivery of
the 4 per cent convertible gold bonds of 1932-47 without expense
to them.
The 4 per cent convertible gold bonds of 1932-47, to be delivered
upon conversions of coupon and registered bonds of the first Liberty
loan, will either be delivered directly, as in the case of interim certificates surrendered for conversion, or, in the absence of other
written instructions and remittances to cover expenses, such bonds,
if coupon bonds, will be expressed to the owners at their risk and
expense, or, if registered bonds, will be mailed to the registered
owners, at their respective addresses as filled in upon the requests
for conversion.
Holders of interim certificates presented for conversion should
specify in the requests for conversion acc()mpanying such interim
certificates the denomiriations in which delivery of 4 per cent convertible gold bonds of 1932-47 is desired. The 4 per cent convertible
gold bonds of 1932-47 delivered upon conversions of bonds of the
first Liberty Loan will be in like denominations as the bonds surrendered for conversion, unless written request be made, at the time
such bonds are presented for conversion, for delivery of bonds in
other denominations. All deliveries of such bonds will be made in
coupon form, except (1) upon conversions of registered bonds of the
first Liberty loan and (2) upon conversions of interim certificates,
if delivery of registered bonds be requested as provided below in
subdivision E.
A D J U S T M E N T S OF I N T E R E S T U P O N CONVERSIONS,

Inconvenience resulting from awkward adjustments of interest,
both to the United States and to holders of bonds and interim certificates of the first Liberty loan, will be avoided if holders thereof who
desire to convert their holdings effect such conversions either (a) as
of November 15, 1917, by presenting and surrendering their holdings
for conversion, as herein provided, on or after November 8, 1917, but
not after November 15, 1917, or (b) as of December 15, 1917, by presenting and surrendering their holdings for conversion, as herein provided, after November 15, 1917, but on or before December 15, 1917.
All conversions effected after December 15, 1917, will require payments to the United States to adjust iriterest.
As the amounts involved in exact adjustments of interest upon conversions of bonds and interim certificates of the first Liberty loan
presented for conversion after November 15,1917, but prior to December 15, 1917, in many instances will be insufficient to compensate for
the inconvenience connected therewith, such adjustments will not be




SECRETARY OF THE TREASURY.

Il3

made unless requested on the forms provided for that purpose upon
the requests for conversion and upon compliance with the provisions
of this circular in respect of any payments to the United States required to adjust interest.
Holders of coupon bonds or interim certificates of the first Liberty
loan desiring to convert at the earliest possible date should proceed
under subdivision A ; after November 15, 1917, but on or before December 15,1917, should proceed under subdivision B ; after December
15,1917, but on or before May 15,1918, should proceed under subdivision C, and must pay to the United States the amounts required to
adjust interest.
Holders of registered bonds of the first Liberty loan desiring to convert, no matter when conversions are to be effected, should proceed
under subdivision D.
Holders of interim certificates of the first Liberty loan desiring to
convert into registered 4 per cent convertible gold bonds of 1932-47,
no matter when conversions are to be effected, should proceed under
subdivision E.
A. Conversions of coupon bonds and interim certificates as of November 15,1917.—To effect conversions as of November 15,1917, with
automatic and exact adjustments of interest, and without any payments to the United States, coupon bonds or interim certificates of the
first Liberty loan must be presented and surrendered for conversion, as provided above, on or after November 8, 1917, but not after
November 15, 1917.
All coupon bonds so surrendered must have attached thereto all
coupons, including that maturing December 15, 1917. The 4 per cent
convertible gold bonds of 1932-47 delivered upon conversions, both
of coupon bonds and of interim certificates so surrendered, will have
attached thereto (adjustment) coupons maturing December 15, 1917,
covering (1) interest at the rate of 3^ per cent per annum from
June 15,1917^ to November 15,1917, and (2) interest at the rate of 4
per cent per annum from November 15,1917, to December 15,1917.
B. Conversions of coupon bonds and interim certificates after November 15, 1917, and on or before December 15,1917.—^To effect conversions as of December 15,1917, coupon bonds or interim certificates
of the first Liberty loan must be presented and surrendered for
conversion, as provided above, after November 15,1917, but not after
December 15, 1917.
.
. ^
Except in cases where exact adjustments of interest are requested,
as provided below, all coupon bonds and interim certificates so surrendered after November 15, 1917, but prior to December 15, 1917,
will be deemed to have been so surrendered for conversion as oi
December 15, 1917, and no payments to the United States to adjust
interest will be required.
All coupon bonds so surrendered after November 15, 1917, but
prior to December 15, 1917, must have attached thereto all coupons,
including that maturing December 15, 1917, and the 4 per cent convertible gold bonds of 1932-47 delivered upon conversions, both of
coupon bonds and of interim certificates so surrendered (except in
cases where exact adjustments of interest are requested as provided
below), will have attached thereto coupons maturing December 15,
1917, for interest at the rate of 3^ per cent per annum from June 15,
1917, to December 15, 1917.
13034°—FI 1917



8

114

REPORT ON THE FINANCES. -

~ To effect conversions of coupon bonds or interim certificates of the
first Liberty loan, surrendered for conversion after November 15,1917,
but prior to December 15, 1917, with exact adjustments of interest to
the respective dates upon which such coupon bonds or interim certificates may be so surrendered, holders thereof must present and surrender such coupon bonds or interim certificates, as provided above,
and must (1) properly fill in and sign the form of request for exact
adjustment of interest appearing upon the request for conversion
(Form No. 1019), and (2) make payment, in the manner provided
below, of the difference between interest at the rate of 3^ per cent
per annum and interest at the rate of 4 per cent per annum from
November 15, 1917, to the respective dates of conversion, upon the
respective face amounts of such bonds or interim certificates so surrendered for conversion, in accordance with the interest table printed
at the end of this circular. I n cases where exact adjustments of interest are so requested the 4 per cent convertible gold bonds of 1932-47
delivered upon such conversions, both of coupon bonds and of interim
certificates, will have attached thereto (adjustment) coupons maturing December 15, 1917, covering (1) interest at the rate of 3^ per
cent per annum from June 15, 1917, to NPvember 15, 1917, and (2)
interest at the rate of 4 per cent per annum from said last-mentioned
date to December 15,1917.
Exact and automatic adjustments of interest will be made in respect of coupon bonds and interim certificates actually presented for
conversion on December 15, 1917. The holders of coupon bonds of
the first Liberty loan actually presented for conversion on December
15, 1917, should detach the coupons maturing on said date, and the
4 per cent convertible gold bonds of 1932-47 to be delivered upon
conversions thereof will not have attached thereto coupons maturing
on said date, but all such bonds delivered upon conversions of interim
certificates actually presented for conversion on said date will have
attached thereto coupons riiaturing December 15, 1917, for interest at
the rate of 3^ per cent per annum from June 15,1917.
C. Con/versions of coupon bonds and interim certificates after December 15, 1917^ and on or before May 15,1918, with payments to the
United States required to adjust interest.—To effect conversions after
December 15, 1917, and on or before May 15, 1918, coupon bonds or
interim certificates of the first Liberty loan must be presented and
surrendered for conversion, as provided above, and the holders thereof
must pay to the United States, in the manner provided below, the
difference between interest at the rate of 3^ per cent per annum and
interest at the rate of 4 per cent per annum from December 15, 1917,
to the respective dates of conversion, upon the respective face amounts
of such bonds or interim certificates, in accordance with the interest
table printed at the end of this circular.
All coupon bonds so surrendered for conversion after December 15,
1917, and on or before May 15,1918, must have attached thereto coupons maturing on and after June 15,1918* The 4 per cent convertible
gold bonds of 1932-47 delivered upon conversions, both of coupon
bonds and of interim certificates so surrendered, will have attached
thereto coupons maturing June 15, 1918, for interest at the rate of
4 per cent per annum from December 15, 1917, to June 15, 1918, and
such bonds delivered upon such conversions of interim certificates will




SECRETARY OF TPIE TREASURY.

115

in addition have attached thereto coupons due December 15,1917, for
interest at the rate of 3^ per cent per annum from June 15, 1917, to
December 15,1917, upon the face amount of such interim certificates.
D. Conversions of registered bonds.—To effect conversions of registered bonds of the first Liberty loan, the registered holders
thereof must assign such bonds for transfer to the Secretary of the
Treasury by duly executing the form provided for that purpose
appearing on the backs of such registered bonds in accordance with
the detailed instructions thereon set forth and must present and
surrender such bonds as provided above accompanied (unless surrendered on or before December 15, 1917) by payment in the manner
provided below of the amounts required to adjust interest.
The 4 per cent convertible gold bonds of 1932-47 delivered upon
conversions of registered bonds of the first Liberty loan will be
registered in the respective names of the. registered holders of such
registered bonds of the first Liberty loan surrendered for conversion.
The books for the transfer of registered bonds of the first Liberty
loan will be closed at the close of business on November 15,1917, and
will remain closed until the opening of business on December 16,1917.
Registered bonds of the first Liberty loan may, however, be presented
and surrendered for conversion during the period when such books
shall be closed. Transfers of registered 4 per cent convertible gold
bonds of 1932-47 will not be made prior to December 16, 1917. {a) Conversions of registered bonds of the first Liberty loan so
presented and surrendered for conversion on or after November 8,
1917,'but not after NoA^ember 15,1917, will be effected as of November
15, 1917, and the registered 4 per cent convertible gold bonds of
1932-47, delivered upon such conversions, will bear interest at the
rate of 4 per cent per annum from November 15, 1917, payable
December 15, 1917, and the registered holders thereof will also be
entitled to receive on December 15, 1917, interest upon the face
amounts of their respective holdings of such bonds at the rate of 3^
per cent per annum from June 15, 1917, to November 15,1917.
(&) Conversions of registered bonds of the first Liberty loan so
presented and surrendered for conversion after November 15, 1917,
but not after December 15, 1917, except in cases where exact adjustments of interest are requested, as provided below, will be effected
as of December 15, 1917, and the 4 per cent convertible gold bonds
of 1932-47 delivered upon such conversions will bear interest at
the rate of 4 per cent per annum from December 15, 1917, and the
registered holders thereof will be entitled to receive on December 15,
1917, interest at the rate of 3^ per cent per annum upon the face
amounts of their respective bonds from June 15, 1917, to December
15, 1917. To effect conversions of registere(i bonds of the first
Liberty loan, with" exact adjustments of interest to the respective
dates upon which such registered bonds may be surrendered for conversion, the registered holders thereof must present and. surrender
such bonds, as provided above, and must properly fill in and sign the
form of request for exact adjustment of interest appearing upon the
request for conversion (Form No. 1020), and in such cases, but not
otherwise, such registered holders, in addition to receiving on December 15, 1917, interest at the rate of 3^ per cent per annum from




116

REPORT ON T H E FINANCES.

June 15, 1917, to December 15, 1917, will also be entitled to receive
on December 15, 1917, or as soon thereafter as such payments can
conveniently be made, amounts sufficient to cover the difference
between interest at the rate of 3^ per cent per arinum and interest
at the rate of 4 per cent per annum from the respective dates upon
which such registered bonds shall have been surrendered for conversion to December 15, 1917, upon the face amounts of their respective
holdings of such bonds, in accordance with the interest table printed
at the. end of this circular.
(c) Registered bonds of the first Liberty loan so presented and
surrendered for conversion after December 15, 1917, and on or before
May 15, 1918, must be accoriipanied by payments to the United
States, in the manner provided below, of the difference between interest at the rate of 3^ per cent per annum and interest at the rate
of 4 per cent per annum, upon the respective face amounts of such
bonds, from December 15, 1917, to the respective dates of conversion,
in accordance with the interest table printed at the end of this circular, and the 4 per cent convertible gold bonds of 1932-47 delivered
upon such conversions will carry interest at the rate of 4 per cent
per annum from December 15,1917.
E. Conversions of interim certificates into registered 4 P^'^ cent
convertible gold bonds of 1932-117.—To effect conversions of interim
certificates of the first Liberty loan into registered 4 per cent convertible gold bonds of 1932-47, such interim certificates must be presented and surrendered for conversion, as provided above, and the
form of application for registered bonds appearing upon the backs
of such interim certificates must be properly filled out.
I n all cases where delivery of registered bonds is requested upon
conversions of interim certificates, interest will be adjusted in like
manner as provided above in paragraphs ( a ) , (6), and {c) of Subdivision D, in respect of conversions of registered bonds of the first
Liberty loan, except that the registered holders of all 4 per cent
convertible gold bonds of 1932^7 (as registered at the time of delivery thereof) delivered upon conversions of interim certificates
surrendered for conversion after December 15, 1917, arid on or before
May 15, 1918, will be entitled to receive interest, upon the respective
face amounts of such interim certificates so surrendered, as soon thereafter as such payments can conveniently be made, at the rate bf 3^
per cent per annum from June 15,1917, to December 15,1917.
METHOD

OF M A K I N G

P A Y M E N T S TO A D J U S T
REQUIRED.

INTEREST

WHENEVER

All payments to the United States required or provided for in this
circular must be made in cash or by post-office or express money
order, bank draft, of certified check collectible without exchange at
the place where conversion is to be effected, and payable, if conversion
is to be effected at the Treasury Department in Washington, to the
order of " Treasurer of the United States Liberty Loan Conversion
Account," or, if conversion is to be effected at a Federal reserve bank,
payable to " Federal Reserve Bank of
(Here insert name of city in which bank is located.)

Liberty Loan Conversion Account." No other forms of payment will
be accepted. Such payments must be sufficient to cover interest up




SECRETARY OF THE TREASURY.

117

to the date when such payments shall be actually received at the place
where conversion is to be effected.
Payments to be made to the United States, as provided in this cir^
cular, to cover adjustments of interest are necessary to reimburse the
United States, for unearned interest which will be received, either
upon the collection of coupons or registered interest, by holders of
the 4 per cent convertible gold bonds of 1932-47, upon the next interest date after conversion is effected, for the period prior to the
respective dates of conversion of bonds or interim certificates of the
first Liberty loan. For example, if coupon bonds are converted
on January 15, 1918, holders thereof on June 15, 1918, would be
entitled to interest at the rate of only 3^ per cent per annum from
December 15, 1917, to January 15, 1918, though at the rate of 4 per
cent per annum from January 15, 1918, to June 15, 1918. But as
such holders will receive 4 per cent convertible gold bonds of 1932-47,
having attached thereto coupons for interest at the rate of 4 per
cent per annum from December 15, 1917, to June 15, 1918, payment
must be made to the United States of the difference between interest
at the rate of 3^ per cent per annum, which is all such holders are
entitled to for the period from December 15, 1917, to January 15,
1918, and interest at the rate of 4 per cent per annum, which such
holders will receive for that period upon the collection of coupons maturing June 15, 1918. The reason for payments required to adjust
interest upon registered bonds is similar.
DESCRIPTION OF 4 PER C E N T CONVERTIBLE GOLD BONDS OF 1 9 3 2 - 4 7 TO BE
ISSUED U P O N CONVERSIONS.

Bearer bonds, with interest coupons attached, will be issued in
denominations of $50, $100, $500, $1,000, $5,000, and $10,000.^ Bonds
registered as to principal and interest will be issued in denominations
of $50, $100, $500, $1,000, $5,000, $10,000, $50,000, and $100,000. Prc)vision will be made for the interchange of bonds of different denominations and of coupon and registered bonds, and for the transfer of
registered bonds, without charge by the United States, and under
rules and regulations prescribed by the Secretary of the Treasury.
The bonds will be dated November 15, 1917, and will bear interest
at the rate of 4 per cent per annum from that date, payable December 15, 1917, and thereafter semiannually on June 15 and December
15 in each year. The bonds will mature June 15, 1947, but the issue
may be redeemed on or after June 15, .1932, in whole or in part, at
par and accrued interest, on three months' published notice, on any
interest day; in case of partial redemption the bonds to be redeemed
to be determined by lot by such method as may be prescribed by the
Secretary of the Treasury. The principal and interest of the bonds
will be payable in United States gold coin of the present standard of
value. The bonds will be receivable as security for deposits of public
money, but will not bear the circulation privilege.
Coupon bonds will have interest coupons attached, covering interest payments up to and including December 15, 1919. On or after"
that date holders of these bonds should surrender the same and
obtain a new bond or bonds having coupons attached thereto covering semiannual payments from June 15, 1920, to June 15, 1947.



118

REPORT ON THE FINANCES.

Bonds with the limited number of interest coupons attached will be
thus delivered in order to save the'annoyance o f . t h e delivery of
interim receipts and to allow sufficient time for the engraving and
printing of bonds with the full number of coupons attached without
inconvenience to the* holder.
The bonds shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any
State, or any of the possessions of the United States, or by any local
taxing authority, except, (a) estate or inheritance taxes and (b)
graduated additional income taxes, commonly known as surtaxes, and
excess-profits and war-profits taxes, now or hereafter imposed by the
United States upon the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of
bonds and certificates authorized by the act of Congress approved
September 24, 1917, the principal of which does not exceed in the
aggregate $5,000, owned by any individual, partnership, association,
or corporation, shall be exempt from the taxes provided for in clause
(b) above.
If a subsequent series of bonds (not including United States certificates of indebtedness, war-savings certificates, and other obligations maturing not' more than five years from the issue of such obligations, respectively) bearing interest at a higher rate than 4 per
cent per annum, shall, under the authority of said act approved
September 24, 1917, or any other act, be issued by the United States
before the termination of the war between the United States
and the Imperial German Government (the date of such termination
to be fixed by proclamation of the President of the United States),
then the holders of 4 per cent convertible gold bonds of 1932-47
shall have the privilege, at the option of the several holders, of converting their bonds at par into bonds bearing such higher rate of
interest, at the issue price of bonds of such subsequent series, not
less than par, with an adjustment of accrued interest. Such conversion privilege must' be exercised, if at all, at any time within the
period after the public offering of bonds of such subsequent series,
beginning at the date of issue of bonds of such subsequent issue, as
such date shall be fixed in such public offering, and terminating six
months after such date of issue, and under such rules and regulations
as the Secretary of the Treasury shall have prescribed. The bonds
to be issued upon such conversion of 4 per cent convertible gold
bonds of 1932-47 shall be substantially the same in form and terms
as shall be prescribed by or pursuant to law with respect to the
bonds of such subsequent series, not only as to interest rate but also
as to convertibility (if future bonds be issued at a still higher rate
of interest) or nonconvertibility, and as to exemption from taxation,
if any, and in all other respects, except that the bonds issued upon
such conversion shall have the same dates of maturity, of principal,
and of interest, and be subject to the same terms of redemption before
maturity as the bonds converted; and such bonds shall be issued from
time to time if and when and to the extent that the privilege of conversion so conferred shall arise and shall be exercised. If the privilege of conversion so conferred shall once arise an(i shall not be exercised with respect to any 4 per cent converi^ible gold bonds of
1932-47 within the period above prescribed, then such privilege



SECRETARY OF T H E TREASURY.

119

shall terminate as to such bonds and shall not arise again though
again thereafter bonds be issued bearing interest at a higher rate or
rates than 4 per cent per annum.
W.

G. MCADOO,

Secretary of the Treaswry.
Treasury Department.
1917 Liberty L o a n — F o r m No. 1019.
Loans and Currency.
[Copies of t h i s form may be obtained a t a n y Federal reserve bank or a t t h e T r e a s u r y
D e p a r t m e n t in Washington.]
R E Q U E S T FOE CONVERSION o r 15-30 YEAR 3^ P E R CENT CONVERTIBLE GOLD BONDS
OF THE F I R S T L I B E R T Y L O A N .

[To be used only upon conversions of coupon bonds or interim certificates.]
Dated
T O t h e SECRETARY OF T H E T R E A S U R Y :
According to t h e t e r m s of T r e a s u r y D e p a r t m e n t Circular No. 93, d a t e d October 19, 1917, t h e undersigned h e r e w i t h p r e s e n t s and s u r r e n d e r s $
, face
amount, o f { ? ^ [ ^ P ? 2 i S f f i c a t e s } ^ ^ ^ ^ ^ ^""^^ Liberty loan and requests t h a t t h e
same be converted i n t o a n equal face ainount of United S t a t e s 4 per cent convertible gold bonds of 1932-47.
Upon conversion of said i n t e r i m certificates, delivery of such 4 per cent convertible gold bonds of 1932-47 is requested in t h e denomination of $ •

S i g n a t u r e in full
Address, n u m b e r a n d s t r e e t
City or t o w n
County
.
__

;
, State

:

(The execution of t h e above form is all t h a t is required if coupon bonds or interim
certificates a r e surrendered for conversion on or before December 15, 1917, b u t if surrendered after t h a t date payment t o t h e United States of t h e amount required t o adjust
interest must be inclosed and filled In immediaely below.)
T h e s u m of $

is inclosed h e r e w i t h .
R E Q U E S T FOR EXACT A D J U S T M E N T OF INTEREST.

(To be used only upon conversions of coupon bonds or interim certificates after Nov. 15,
1917, a n d prior to Dec. 15, 1917, in case an exact adjustment of interest is desired.)
Dated,
, 1917.
To t h e SECRETARY OF T H E TREASURY :
According t o t h e t e r m s of T r e a s u r y D e p a r t m e n t C i r c u l a r No. 93, d a t e d
October 19, 1917, t h e undersigned hereby requests t h a t an exact a d j u s t m e n t
of i n t e r e s t be m a d e in respect of t h e conversion of $
, face amount, of
{ S ? m ^certfficates } ^ ^ * ^ ^ ^ ^ ^ ^ Liberty loan, and t h e sum of $__.___ is inclosed
h e r e w i t h , being t h e a m o u n t required to be paid to t h e United S t a t e s to a d j u s t
interest, as provided in said circular.
S i g n a t u r e in full
:
_______;
:
^____
(Signature must be t h e same a s signature to request for conversion.)
NOTE 1.—Interim certificaties of t h e first Liberty loan m a y be presented for conversion
only a t t h e Federal reserve bank by which such interim certificates have been respectively executed.
NOTE 2.—All coupon bonds a n d interim certificates presented for conversion after
December 15, 1917, m u s t be accompanied by payment of t h e a m o u n t required t o adjust
interest, a s provided in T r e a s u r y D e p a r t m e n t Circular No. 93, dated October 19, 1917.
NOTE 3.—Payments required t o adjust Interest m u s t be sufficient t o cover such interest
u p t o t h e d a t e when such p a y m e n t s shall be actually received a t t h e place of conversion.
Such p a y m e n t s must be made in cash, or by post-oflice or express money order, bank draft,
or certified check collectible w i t h o u t exchange a t t h e place where conversion is to be
effected, a n d payable, if conversion is to be effected a t t h e Treasury Department in Washington, t o t h p order of " T r e a s u r e r of t h e United S t a t e s Liberty Loan Conversion Ac-




120

REPORT ON T H E FINANCES.

count," or, if conversion is to be effected at a'Federal reserve bank, payable to " Federal
Reserve Bank of —
Liberty Loan
(Here insert name of city in which bank is located.)
Conversion Account." No other forms of payment will be accepted.
NOTE 4.—If it is desired to convert both coupon bonds and interim certificates, two
separate forms of request for conversion must be used.
NOTE 5.—If delivery of registered bonds is desired upon conversion of interim certificates, the form of application for registered bonds appearing upon the backs of such
interim certificates must be filled out.
Treasury Department.
1917 Liberty Loan—Form No. 1020.
Loans and Currency.
[Copies of this form may be obtained at any Federal reserve bank or at the Treasury
Department in Washington.]
R E Q U E S T FOR CONVERSION OF REGISTERED 15-30 YEAR 3 ^ P E R C E N T CONVERTIBLE
GOLD BONDS OF T H E F I R S T LIBERTY LOAN.

[To be used only upon conversions of registered bonds.]
Dated
TO the SECRETARY OF THE TREASURY :

According to the terms of Treasury Department Circular No. 93, dated October
19, 1917, the undersigned herewith presents and surrenders $
, face
amount, of United States 15-30 year 3^ per cent gold bonds of the first Liberty
loan, duly registered in the name of the undersigned, which the undersigned
has caused to be. duly assigned for transfer to the Secretary of the Treasury,
and the undersigned requests that said registered bonds be converted into an
equal face amount of United States 4 per cent convertible gold bonds of 1932-47.
Signature in full.
Address, nuraber and street
City or town
County__
—, State
(The execution of the above form is all that is required if registered bonds are surrendered for conversion on or before December 15, 1917, but if surrendered after that
date payment to the United States of the amount required to adjust interest must be
inclosed and filled in immediately below.)
The sum of $A
is inclosed herewith.
REQUEST F R EXACT ADJUSTMENT OF INTEREST.
O

(To be used only upon conversions of registered bonds after Nov. 15, 1917, and prior to
Dec. 15, 1917, in case an exact adjustment of interest is desired.)
Dated ___:

,1917.

To the SECRETARY OF THE TREASURY :

According to the terms of Treasury Department Circular No. 93, dated October 19, 1917, the undersigned hereby requests that an exact adjustment of
interest be made in respect of the conversion of $
, face amount, of registered bonds of the first Liberty loan.
Signature in full
^
(Signature must be the same as signature to request for conversion.)
NOTE 1.—All registered bonds presented for conversion after December 15, 1917, must
be accompanied by payment of the amount required to adjust interest, as provided in
Treasury Department Circular No. 93, dated October 19, 1917. No payhient is required in
respect of registered bonds presented for conversion on or before December 15, 1917.
NOTE 2.—Payments required to adjust interest must be sufficient to cover such interest
up to the date when such payments shall be actually received at the place of conversion.
Such payments must be made in cash, or by post-offlce or express money order, bank
draft,.or certified check collectible without exchange at the place where conversion is to
be effected, and payable, if conversion is to be effected at the Treasury Department in
Washington, to the order of "Treasurer of the United States Liberty Loan Conversion
Account," or, if conversion is to be effected at a Federal reserve'bank, payable to "Federal Reserve Bank of
:
Liberty Loan
(Here insert name of city in which bank is located.)
Conversion Account."
No other forms of payment will be accepted.
NOTE 3.r—All registered bonds presented for conversion must be duly assigned for transfer to the Secretary of the Treasury on the form provided for that purpose appearing
upon the backs of such registered bonds in accordance with the detailed instructions
thereon set forth.




121

SECKETABY OP T H E TEEASUEY.
INTEREST

TABLE.

Amounts required to adjust interest upon conversions of 15/30-year 3^ per
cent gold bonds and interim certificates therefor into 4 per cent convertible gold
bonds of 1932-47.
[For examples as to use of interest table see note.]
Denominations.
Date.
S50.

Nov.

Dec.

Jan.

1917. .
15
16
17.
18
19..
20
21
22
23
24.
25
26.
27
28
29
30
1
2.
3
4.
5
6
7
8.
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
1918.
1
2
3
4
5
6
7
8
9
10
11
12......
13
14
15
16
17.
18
19
20
21....
22..

$100.

S500.

$1,000.

1 5,000.

$10,000.

$50,000.: $100,000.

.
$0.00
.00
.00
.00
.00
.00
.00
.01
.01
.01
.01
.01
.01
.01
.01
.01
.01
.01
.01
.01
.01
.02
.02
.02
.02
.02
.02
.02
.02

..

: ..
..

..

$0.00
.00
.00
.01
.01
.01
.01
.01
.01
.01
.02
.02
.02
.02
.02
.02
.02
.02
.03
.03
.03
.03
.03
.03
.03
.04
.04
.04
.04

.00
.00
.00
.00
.00
.00
.00
.01
.01
.01
.01
.01
.01
.01
.01
.ai

.00
.00
.00
.01
.01
.01
.01
.01
.01
.01
.02
.02
.02
.02
.02
.02

.01
.01
.01
.01
.01
.02
-.02
.02
.02
.02
.02
.02
.02
.02
.02
.02
.02
.02
.02
.02
.03
.03

.02
.02
.03
.03
.03
.03
.03
.03
.03
.04
.04
.04
.04
.04
.04
.04
.05
.05
.05
.05
, .05
.05




$0.07
$0.01
$0.01
.14
.01
.03
.02
.04
.20
.03
.27
.05
.03
.34
.07
.04
.41
.08 •
.05
.48
.
.10
.
.05
.55
.11
.06
.61
.12
.07
.68
.14
.08
.75
.15
.08
.82
.16
• .09
.89
.18
.10
.96
;
.19 ^
.10
1.02
.20
.11
1.09
.22
.12
1.16
.23
.12
1.23
•
.25
.13
1.30
.26
.14
1.37
.27
.14
1.43
..29
.151.50
:
.30
.16
1.57
.31
.16 . •
1.64
.33
.17 /
1.71
.34
.18 .'
1.78
.36
.18
1.84
'
.37
.19 -;
1.91
.38
.20
1.98
:
.40

.bi

-^
.01 :
'
.02
'
.03
•
.03
.04
.05
.05
.06
.07
.08
.08
.09:10
.10
.11
.12
.12
.13
.14
.14
.15
.16
.16
.17
.18
.19
.19
.20
.21
.21
, .22
. .23
.23
.24
.25
.25
.26

•

.01
.07
.03
. .14
.04 •-:
.21
.05 " . .27
.07
.34
.08
.41
.10
.48
.11
.55
.62
.12
.69
.14
.76
.15
.82
.16
.89
.18
.96
.19
1.03
.21
1.10
.22
.23
.25
.26
.27
.29
.30
.32
.33
.34
.36
.37
.38
.40
.41
.43
.44
.45
.47
.48
.49
.51
.52

1.17
1.24
1.30
1.37
1.44
1.51
1.58
1.65
1.72
1.79
. 1.85
1.92
1.99
2.06
2.13
2.20
2.27
2.34
2.40
- 2.47
2.54
2.61

$0.14
.27
.41
.55
.68
.82
.96
1.09
1.23
1.37
1.50
1.64
1.78
1.91
2.05
2.19
2.32
2.46
2.60
2.73
2.87
3.01
3.14
3.28
3.42
3.55
, . 3.69
3.83
3.96

$0.68
1.37
2.05
2.73
3.42
4.10
4.78
5.46
6.15
6.83
7.51.
8.20
• 8.88
9.56
10.25
10.93
11.61
12.30
12.98
13.66
14.34
15.03
15.71
16.39
17.08
17.76
18.44
19.13
•19.81

$1.37
2.73
4.10
5.46
6.83
8.20
9.56
. 10.93
12.30
13.66
15.03
16.39
17.76
19.13
20.49
21.86
23.22
24.59
25.96
27.32
28.69
30.05
31.42
32.79
34.15
35.52
36.89
38.25
39.62

.14
.27
.41
.55
.69
.82
.96
1.10
1.24
1.37
1.51
1.65
1.79
1.92
2.06
2.20

.69
1.37
2.06
2.75
3.43
4.12
4.81
5.49
6.18
6.87
7.55
8.24
8.93
9.62
10.30
10.99

1.37
2.75
4.12
5.49
6.87
8.24
9.62
10.99
12.36
13.74
15.11
16.48
17.86
19.23
20.60
21.98

2.34
2.47
2.61
2.75
2.88
•3.02
3.16
3.30
3.43
3.57
3.71
3.85
3.98
4.12
4.26
4.40
4.53
4.67
4.81
4.95
5.08
5.22

11.68
12.36
13.05
13.74
14.42
15.11
15.80
16.48
17.17
17.86
18.54
. 19.23
19.92
20.60
21.29
21.98
22.66
23.35
24.04
24.73
25.41
26.10

23.35
24.73
26.10
27.47
28.85
30.22
31.59
32.97
34.34
35.71
37.09
38.46
39.84
41.21
42.58
43.96
45.33
46.70
48.08
49.45
50.82
52.20

122

EEPOET ON THE FINANCES.
Denominations.
$50.
1918.

Jan.

Feb

23
24
25
26
27
28
29
30
31
1
.2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

....

. . .
. . .
:.

....
. .

2
3

Apr

5
6
7
8
9
10
11
12
13
14 .
15
16
17
18
19
20
21.....
22
23
24
25
26
27
28
29
30
31
1
2
3

. .

. . .

. . . .

6. . .
6
7
8
9
10
11
12




«0.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.04
.04
.04
.04
.04
.04
.04
.04
.04
.04
.04
.04
.04
.04
.04
. .05
.05
.05
.05
.05
.05
.05
.05
.05
.05
.05
.05
.05
.05
.05
.06
.06
.06
.06
.06
.06
.06
.06
.06
' .06
.06
.06
.06
.06
.07
.07
.07
.07
.07
.07
.07
.07
.07
.07
.07
.07
.07
.07
.07
.08
.08
.08
.08
.08
.08
.08
.08
.08

$100

$0. 05
05
06
06
06
06
06
06
06
07
07
07
07
07
07
07
08
08
08
08
08
08
08
.09
09
09
09
09
09
09
09
10
10
10
10
10
10
10
11
11
11
11
11
11
11
12
12
12
12
12
12
12
13
13
13
13
13
13
13
.13
14
14
14
14
14
14
.14
.15
.15
.15
.15
.16
.15
.15
.16
.16
.16
.16
.16
.16

$500.

SO. 27
.27
.28
.29
.30
.30
.31
.32
.32
.33
.34
.34
.35
.36
.36
.37
.38
.38
.39
.40
.41
• .41
.42
.43
.43
.44
.45
.45
.46
.47
.47
• .48
.49
.49
.50
.51
.52
.52
.53
.54
.54
.55
.56
.56
.67
.58
.58
:59
.60
.60
.61
.62
.63
.03
.64
.65
.65
.66
.67
.67
.68
.69
.69
.70
.71
.71
.72
.73
.74
.74
.75
.76
.76
.77
.78
.78
.79
.80
.80
.81

$1,000.

$0.54
.55
.56
.58
.59
.60
.62
.63
.65
'
.66
.67
.69
.70
.71
.73
.74
.76
.77
.78
.80
.81
.82
.84
.85
.87
.88
.89
.91
.92
.93
.95
.96
.98
.99
LOO
L02
L03
L04
L06
L07
L09
LIO
Lll
L13
L14
L15
1.17
L18,
L20
L21
L22
L24
L25
. L26
L28
L29
L30
L32
L33
L35
L36
L37
L39
L40
L41
L43
L44
1.46
1.47
L48
L50
L51
L52
L54
L65
1.57
L68
L69
L61
L62

$5,000.

$2.68
2.75
2.82
2.88
2.95
3.02
3.09
3.16
3.23
3.30
3.37
3.43
3.50
3.57
3.64
3.71
3.78
3.85
3.91
3.98
4.05
4.12
. 4.19
4.26
4.33
4.40
4.46
4.53
4.60
4.67
4.74
4.81
4.88
4.95
6.01
5.08
5.15
5.22
5.29
5.36
5.43
5.49
5.56
5.63
5.70
5.77
. 5.84
5.91
5.98
6.04
6.11
6.18
6.25
6.32
6.39
6.46
6.52
6.59
6.66
6.73
6.80
.
6.87
6.94
7.01
7.07
7.14
7.21
7.28
7.35
7.42
7.49
7.55
7.62
7.69
7.76
7.83
7.90
7.97
8.04
8.10

$10,000.

$5.36
5.49
5.63
5.77
5.91
. 6.04
6.18
6.32
6.46
6.59
6.73
6.87
7.01
7.14
7.28
7.42
7.55
7.69
7.83
7.97
8.10
8.24
8.38
8.52
8.65
8.79
8.93
9.07
9.20
9.34
9.48
9.62
9.75
9.89
10.03
10.16
10.30
10.44
10.58
10.71
10.85
10.99
1L13
1L26
I L 40
1L54
1L68
1L81
1L95
12.09
12.23
12.36
12.50
12.64
12.77
12.91
13.05
13.19
13.32
13.46
13.60
13.74
13.87
14.01
14.15
14.29
14.42
14.56
14.70
14.84
14.97
15.11
15.25
15.38
15.52
15.66
15.80
15.93
.16.07
16.21

$50,000.

$26.79
27.47
28.16
28.85
29.53
30.22
30.91
3L59
32.28
32.97
33.65
34.34
35.03
35.71
36.40
37.09
37.77
38.46
39.15
39.84
40.52
4L21
4L90
42.58
43.27
43.96
44.64
45.33
46.02
46.70
47.39
48.08
48.76
49.45
50.14
50.82
51.61
52.20
52.88
53.57
54.26
54.95
55.63
56.32
57.01
67.69
58.38
59.07
59.75
60.44
6L13
6L81
62.50
63.19
63.87
64.56
65.25
65.93
66.62
67.31
67.99
, 68.68
69.37
70.05
70.74
7L43
72.12
72.80
73.49
74.18
74.86
75.55
76.24
76.92
77.61
78.30
78.98
79.67
80.36
8L04

$100,000.

$53.57
54.95
56.32
57.69
59.07
60.44
61.81
63.19
64.56
65.93
67.31
68.68
70.05
7L43
72.80
74.' 18
75.55
76.92
78.30
79.67
8L04
82.42
83.79
85.16
86.54
87.91
89.29
90.66
92.03
93.41
94.78
96.15
97.53
98.90
100.27
101.65
103.02
.104.40
105.77
107.14
108.52
109.89
11L26
112.64
114.01
115. .38
116.76
118.13
119.51
120. 88
122.25
123.63
125.00
126.37
127.76
129.12
130.49
131.87
133.24
134.62
135.99
137.36
138.74
140.11
141.48
142.86
144.23
145.60
146.98
148.35
149.73
151.10
152.47
153.86
155.22
166.59
157.97
169.34
160.71
162.09

123

SECEETAEY OP T H E TBEASUEY.
Denominations.
Date.
$50'.
1918.
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
May 1".
2
3
4
5
6
7
8
9
10
11
• 12
13
14
15

Apr

. . . .

' SO. 08
.08
.08
»
.08
-.08
.09
.09
.09
.09
.09
.09
.09
^
.09
.09
.09
.09
.09
.09
.09
.09
.10
.. .
.10
.10
.10
.10
.10
.10
.10
.10
.10
.10
.10
.10
. .

.

$100.

$50C

$0'. 16
.16
' ' .17
.17
.17
'
.17
.17
.17
.17
.18
.18
.18
..18
.18
.18
.18
-.19
.19
.19
.19
.19
.19
.19
.20
.20
.20
.20
.20
.20
.20
.20
.21
.21

$0 82
82
83
84
84
85
86
87
87
88
89
.
89
90
91
91
92
93
93
94
95
95
.
96
97
98
98
99
00
1 00
1 01
1 02
1 02
1 03
1 04
1

$1,000.

' $L63
L65
L66
L68
1.69
L70
L72
L73
L74
1.76
L77
1.79
1.80
L81
1.83
1.84
1.85
1.87
1.88
L90
1.91
1.92
1.94
1.95
1.96
1.98
1.99
2.01'
2.02
2.03
2.05
2.06
2.07

$5,000.

$8.17
8.24
8.31
8.38
8.45
8.52
8.59
8.65
8.72
8.79
8.86
8.93
9.00
9.07
9.13
9.20
9.27
9.34
9.41
9.48
9.55
9.62
9.68
9.75
9.82
9.89
9.96
10.03
10.10
10.16
10.23
10.30
10.37

$10,000.

$16.35
16.48
16.62
16.76
16.90
17.03
17.17
17.31
17.45
17.58
17.72
17.86
17.99
18.13
18.27
18.41
18.54
18.68
18.82
18.96
19.09
19.23
19.37
19.51
19.64
19.78
19.92
20.05
20.19
20.33
20.47
20.60
20.74

$50,000.

$8L73
82.42
83.10
83.79
84.48
85.16
85.86'
.86.64
87.23
87.91
88.60
89.29
89.97
90.66
91.35
92.03
92.72
93.41
94.09
94.78
95.47
96.15
96.84
97.53
98.21
98,90
99.59
100.27
100.96
101.65
102.34
103.02
103.71

$100,000.

$163.46
164.84
166.21
167.58
168.96
170.33
171.70
173.08
174.46
176.82
177.20
178.57
179 95
181.32
182.69
184.07
185.44
186.81
188.19
189.66
190.93
192.31
193.68
' 195.05
196.43
197.80
199.18
200.56
201.92
203.30
204.67
206.04
207.42

NOTE.—To ascertain the correct amount to adjust interest upon any given date, run down the date column until the date is reached upon which the bonds or interim certificates to be converted will be actually
surrendered at the place of conversion, then run across the page to th'e right until the figure under the
denomination column of the particular denomination of bonds or interim certiflcates to be converted is
reached, and then multiply that figure by the number of bonds or interim certificates of that denomination to be converted. For example, to convert on January 9.1918, $10,000, face amount, of bonds or interim
certificates, of the denomination of $1,000 each^ the amount required as shown by the foregoing interest
table to adjust interest upon a $1,000 bond bemg $0.34, that amount must be multiplied by 10, and the
result shows that a payment of $3.40 must be made to the United States to adjust interest upon conversion
of such bonds upon that date.




E X H I B I T G.
LIBERTY LOAN—DEPOSITS OF GOVERNMENT FUNDS IN
W I T H THE LIBERTY LOAN.
Department Circular No. 81.
(Liberty Loan Circular No. 3.)^

CONNECTION

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,

Division of'p^iic Moneys.
Washington, May 29, 1917.
To Federal reserve banks and other banks and trust companies incorporated under the laws of the United States or of any S t a t e :
lil pursuance of Department Circular No. 79, dated May 16, 1917,
hereto attached, any bank or trust company desiring to qualify as a
depositary for the purpose of making payments by credit, or of
receiving deposits of funds, in connection with the Liberty loan,
under authority of the act approved April 24, 1917, should promptly
file an application through the Federal reserve bank of its district
(on Form A, Liberty loan, hereto attached). As stated in said
circular No. 79, because of the great amount of work involved in
passing upon the qualifications and securities of the banks and trust
companies which will have payments to make, it is deemed necessary,
until after July 1, to limit to those banks and trust companies having
payments to make on subscriptions for $100,000 or more bonds the
provision for making payment by credit—the object in providing for
payment by credit being to avoid any disturbance of the money position which might result from large payments being made between
June 28 and Monday, July 2, a period when there is customarily a
heavy movement of funds due to corporate interest and other payments.
I t is, however, entirely admissible for banks and trust companies
in any region or regions, by voluntary association among themselves,
to pool their subscriptions° and payments and to designate one of
their number through which subscriptions and payments upon subscriptions shall be made, and which shall be, as between itself and the
United States, regarded as the responsible subscriber and depositary.
I n any such case the banks and trust companies so associating themselves would no doubt arrange with the central bank or trust company so designated to represent them to redeposit the moneys
credited and deposited with such central bank or trust company
among the associated banks and trust companies in proportion to
their respective payments in cash and certificates upon subscriptions
to the loan. If banks and trust companies will thus voluntarily
associate themselves together they will relieve the Federal reserve
banks of the several districts of the burden of the work, and, by
arrangement among themselves, obtain participation in the deposits
from the beginning, whether or not their individual subscriptions
1 Supplementing Department Circular No. 79, dated May 16,1917.

124



SECRETARY OF THE TREASURY.

125

amount to $100,000 or more bonds. The banks and trust companies
so associating themselves will deal only with the central bank or
trust company, and the latter will deal with the Federal reserve
bank and make the application and deposit the securities as hereinafter provided.
o
As stated in Department circular No. 79, dated May 16, 1917, the
answer to the question, how long the amounts paid by credit may be
permitted to remain with designated depositaries, will depend in large
measure on the extent to which the privilege of payment in full for
the bonds of the Liberty loan on or before June 28 is availed of. As
soon after July 2 as practicable the qualifications and securities of all
banks and trust companies making application to become depositaries will be passed upon, whether or not their subscriptions be for
less than $100,000 of bonds of the Liberty loan, so that any incorporated bank or trust company in the United States, however small
the amount of its subscriptions and though it should not choose or
find opportunity, by association with others, to participate in the
original privilege of payment by credit, will have an opportunity to
qualify and, when designated as depositary, to participate in deposits,
and the cash proceeds of the Liberty loan from time to time remaining unexpended will be deposited among the subscribing banks and
trust companies designated as depositaries as nearly as may be in
proportion to the payments of each in cash and certificates of indebtedness upon subscriptions to the Liberty loan. The Secretary of
the Treasury requested, in Department circular No. 79, dated May
16, 1917, that at least 50 per cent of the payments to be made by the
several banks and trust companies be made in Treasury certificates
of indebtedness issued under the act approved April 24, 1917. To
the extent, therefore, that any bank or trust company makes more or
less than 50 per cent of its payments in certificates of indebtedness,
the deposits to remain with it out of the unexpended proceeds of the
loan will, as nearly as may be, be proportionately increased or reduced ; and accordingly transfers will be made from banks and trust
companies whose payments in certificates have fallen below 50 per
cent to those whose payments in certificates have exceeded 50 per cent,
provided that the amount deposited with any one bank or trust company will not exceed the amount paid by and through it in cash and
certificates.
I t will be understood that the foregoing outlines only the general
principle governing the deposits, withdrawals, and redeposits to be
made from time to time. On account of the great number of banks
and trust companies which will doubtless participate in the deposits
and the difficulty of compiling returns and of making transfers, it
may not be possible to adhere to it precisely nor immediately. The
Secretary will be governed by this general principle as nearly as practicable, but the announcement of the principle must not be permitted
to qualify the absolute right to call for and "to receive payment of any
or all deposits at any time and from time to time. Needless to say,
it will be his pleasure and his duty to exercise this power, which he
must reserve, in such a way as in his judgment will be most likely to
avoid any financial disturbance, and with due regard for the patriotic
assistance rendered by the banks and trust companies in connection
with the Liberty loan.




126

REPORT ON THE FINANCES.

Collateral security accepted.—Pursuant to the provisions of section 5153, Revised Statutes, as amended, approved securities of the
following classes will be accepted as collateral security for Government deposits made under authority of the act approved April 24,
1917:
{a) Bonds and certificates of indebtedness of the United States
Government of any issue, including bonds of the Liberty loan and
interim certificates for payments therefor, all at par.
(&) Bonds issued under the United States farm-loan act and bonds
of the Philippine Islands, Porto Eico, and the District of Columbia,
all at par.
{c) Bonds of any State of the United States at market value, not
exceeding par.
{d) The 3^ per cent bonds of the Territory of Hawaii at 90 per
cent of par, and other bonds of said Territory at market value, not
exceeding par, and bonds of the Manila Railroad Co. at 90 per cent
of market value, not exceeding 90 per cent of par.
{e) Dollar bonds and obligations of foreign Governments (and of
the dependencies thereof) engaged in war against Germany and
issued since July 30, 1914, at 90 per cent of the market value thereof
in the United States, not exceeding 90 per cent of par.
(/) Bonds of any county or city in the United States which are
direct obligations of the county or city as a whole at 75 per cent of
the market value thereof, not exceeding 75 per cent of par.
(^) Railroad mortgage bonds secured by direct mortgage upon
lines of railroad within the United States at 75 per cent of the
market value thereof, not exceeding par, but not including any such
bonds which at date of this circular are at a market price to yield
more than 5-| per cent per annum, if held to maturity, according to
standard tables of bond values.
{h) Commercial paper which is eligible for rediscount or purchase
by Federal reserve banks and which has been approved by the Federal reserve bank of the district in which the depositary bank is
located, at 75 per cent of par. All such paper must bear the indorsement of the depositary bank.
At least 25 per cent in value, as above determined, of the securities
deposited by any bank or trust company to secure deposits must consist of those mentioned in paragraph {a).
No State, county, or city bond will be accepted if default has been
made in payment of principal or interest during the past 10 years.
The Secretary of the Treasury reserves the right, to call for additional collateral security at any time.
How deposits are to be applied for.—Any bank or trust company
desiring to qualify as a depositary should at the earliest possible
date file an application (Form A, Liberty loan, hereto attached)
with the Federal reserve bank of its district, or where the applying bank or trust company is located in or nearer to a city where a
securities committee has been appointed, as hereinafter provided,
with such securities committee. Such application must state {a) the
amount of bonds of the Liberty loan subscribed for by or through
such bank or trust company; (5) the amount of payments to be made
by such bank or trust company on such subscriptions on or before
June 28; (^) the amount of such payments to be made in cash and
the proportion of such payments to be made in Treasury certificates



SECRETARY OF THE TREASURY.

127

of indebtedness; (d) the security offered by such bank or trust company for deposits. Each such application must be made in
quadruplicate.
The Federal reserve bank of each district will report to the Secretary of the Treasury as to all applications filed with it, directly or
through securities committees, and will transmit one quadruplicate
original of each application to the Secretary of the Treasury with
the recommendation of the Federal reserve bank. Formal designation of banks or trust companies which shall file the applications
above required on Form A, Liberty loan, will be made as promptly
as possible, under the direction of the Secretary of the Treasury,
through the Federal reserve bank of the district.
Any bank or trust company which in its appliciation on Form A
shall have underestimated or overestimated the cash payments which
it will have to make may file a supplemental application and tender
additional security, or ask for the withdrawal of security, as the case
may be. The security tendered in the first instance must be sufiicient
to cover at least the amount payable otherwise than in certificates of
indebtedness on or before June 28, and which the bank or trust company expects to pay by credit. Banks and trust companies may,
however, tender securities to cover also the payments which they are
to make in certificates of indebtedness, and on the basis of which, as
above indicated, they may participate in deposits as transfers and redeposits are made from time to time. Amounts withdrawn by depositors of the applying bank or trust company to pay for Liberty
loan bonds must not be included in its application unless such depositors have arranged to make application and payment through
such bank or trust company.
How deposits are to be made.—If the securities offered are approved the depositary bank or trust company will receive written
notice from the Federal reserve bank of its district that it is authorized to receive for the account of the Treasurer of the United States
a sum stated upon the deposit by it of the securities approved by the
Federal reserve bank with the designated custodian. Each bank and
trust company designated will be required to open and maintain for
the account of the Treasurer of the United States a separate account
to be Imown as the " Liberty loan deposit account." The depositary bank or trust company shall transfer to the Liberty loan deposit account on or before June 28,1917, the amount then payable b.y
it otherwise than in certificates of indebtedness on its own subscription and on the subscriptions of others made through it to Liberty
bonds. Such bank or trust company must then notify the Treasurer
of the United States and the Federal reserve bank of the district by
letter or telegram to reach them on or before June 28 (on Form B,
Liberty loan), and must issue (on Form C, Liberty loan) certificates of advice in duplicate, stating the amount standing to the credit
of the, Treasurer'on its books in the Liberty loan deposit account.
Said forms will be furnished throusfh the Federal reserve banks.
Such certificates of advice shall be forwarded as follows: The original to the Treasurer of the United States in Washington and the
duplicate to the Federal reserve bank of the district. The Federal
reserve bank, acting as fiscal agent of the United States, will thereupon credit the subscriber with the amount as a payment or part




128

REPORT ON THE FINANCES.

payment of the amount due on June 28, and the depositary bank or
trust company will be charged with the amount of such deposit by
the Treasurer of the United States.
Applications must be made as above provided at the earliest possible date in the case of those banks and trust companies desiring
to make payment on subscriptions for $100,000 or more bonds on
or before June 28. Similar applications may be made from time to
time by other banks and trust companies.
All deposits will be made by the Federal reserve banks by direction of the Secretary of the Treasury. All withdrawals will be made
by the Federal reserve banks by direction of the Treasurer of the
United States.
Securities committees.—The Federal reserve bank in each district is authorized to designate a committee or committees in such
city or cities as may be deemed necessary, to be known as the securities committee, each such.committee to consist of not more than three
nor less than two members, who shall serve without compensation.
Where applications are made by a bank or trust company which is
located in one of the cities in which a securities committee has been
appointed, or which is nearer to such city than to the Federal reserve
city of its district, this application should be filed with such securities committee. I t shall be the duty of such securities committee to
examine the list of securities tendered as collateral security for deposits and to recommend to the Federal reserve bank the acceptance or refusal of the securities so tendered and to transmit the
application promptly to the Federal reserve bank of the district
with such recommendation.
Custody of security for deposits.—All securities accepted as collateral security for deposits made under authority of the act of April
24, 1917, must be deposited with the Federal reserve bank of the district in which the depositary bank is located or, by the direction and
subject to the order of the Federal reserve bank of the district, with
a custodian or custodians designated by it. Each Federal reserve
bank may name as many custodians in its district as it may deem desirable. Any bank or trust company may be appointed such custodian. If individuals are appointed, not less than two individuals
shall act as joint custodians. Any custodian so appointed may be
required by the Federal reserve iBank to execute a bond with approved sureties in a penalty of not less than the face value of the
securities deposited, the expense of which bond shall be borne by the
United States. All securities held as collateral security for deposits
either by the Federal reserve bank or by a custodian or custodians
selected as herein provided shall be kept under seal in a safe-deposit
box or safe, separate from all other papers and securities. The safedeposit box or safe used by any custodian or custodians other than
the Federal reserve bank shall be located in a fireproof vault or
building approved by the Federal reserve bank.
Exchange of securities.—Banks and trust companies desiring to
exchange securities must submit to the Federal reserve bank or to
the nearest securities committee a list of offerings at least 10 days before the date it desires to withdraw any of the securities pledged.
The list of securities offered in exchange will be handled in the same
manner as the list of original offerings. The time necessary to trans-




SECRETARY OF THE TREASURY.

^

129

mit such list to the Federal reserve bank should be taken into consideration in submitting all lists of securities, and ample opportunity
should be given to obtain the approval of the Federal reserve bank.
' Collateral maturing in custodian^s possession.—Should any note or
other obligation be about to mature while in the possession of the
Federal reserve bank or custodian, and no other collateral be substituted at least 10 days before maturity, the Federal reserve bank
shaH withdraw from the depositary bank or trust company an amount
at least equal to the value as aboye determined of the note or obligation about to mature.
Withdrawal of deposits.—All deposits will be payable on demand and without previous notice. Upon withdrawal of funds a
proportionate amount of collateral security will be surrendered to
the depositary bank or trust company. I n case of commercial paper,
that having the earliest maturity will be surrendered in such cases,
unless in the opinion of the Secretary of the Treasury a variation of
this rule should be made.
Eligible commercial paper held-by a Federal reserve bank or by a
custodian as security for deposits may be offered for rediscount by
direction of a depositary member bank to the Federal reserve bank in
order to meet demands made for payment of such deposits. Such
paper shall in all cases bear the indorsement of the depositary member bank. Any eligible securities held by a Federal reserve bank or
custodian as collateral security for deposits may also be offered to
the Federal reserve bank, by direction of the member bank or trust
company, as collateral security for loans evidenced by note of the
member bank or trust company maturing in not exceeding 15 days,
provided the proceeds of such loans are to be used to pay deposits
held by the depositary member bank or trust company which secures
the loan from the Federal Reserve Bank. •
Interest on deposits.—The depositary bank or trust company will
be required to pay 2 per cent interest on the average balance maintained during the period of the deposit. Interest payments must be
made when cleposits are finally withdrawn.
W.

G. MCADOO,

Secretary of the Treasury.

[Form A—Liberty loan.]
T o t h e SECEETARY OF THE TREASURY,

Washington, D. G.
SIR : I am directed by the board of directors o.f the

.

(Name of bank or t r u s t company.)

of

, to state that said banli (or trust company) will have payments
(Location.)

to make on subscriptions made by and tlirough it for bonds of the Liberty loan
and to request you to designate it as a (government depositary under authority
of the act approved April 24, 1917, and pursuant to Treasury Department circular No. 79, dated May 16, 1917, and Treasury Department circular No. 81,
dated May 29, 1917.
(a) The amount of bonds of the Liberty loan subscribed for by or through
such bank or trust company will be $
_; (&) the amount of payments
to be made by such bank or trust company on such subscriptions on or- before
June 28 will be $
; (c) the amount of such payments to be made in
cash is $
, and the amount of such payments to be made in Treasury
13034°—FI 1917
9



130

c^

REPORT ON THE FINANCES.

certificates of indebtedness is $
; (d) a list of the securities offered
by such bank or trust company for such deposits is hereto attached.
The board of directors of said bank (or trust company) has authorized the
deposit and pledge of the securities described in the attached list as collateral
security for any deposit made pursuant to this application.
of
By
._-_
_.__
(Title.)
CERTIFICATE OF S E C U R I T I E S C O M M I T T E E .

We, the undersigned, members of the securities committee, appointed for the
purpose of passing upon securities offered as collateral security for Government deposits, to be made in accordance with Department circular No. 81 above
referred -to, do hereby certify that we have examined- the within attached list
of securities which are offered as collateral security for the deposit of
$
of Government funds.
We ha.ve this day approved same and recommend to the Federal Reserve
Bank of that such securities be accepted, it being the
opinion of the committee that they Avill furnish a full and complete security
to the Government for the payment of such deposit.

Securities GommAttee.
CERTIFICATE OF APPROVAL OF F I S C A L AGENT.

The foregoing application is hereby approved. Upon deposit with
:___
;
of the securities listed and described, the applying bank is authorized to transfer to .the Treasurer of the United States, Liberty loan deposit
account, the sum of $
, to be held subject to withdrawal on demand.
FEDERAL RESERVE BANK OF

By

,

Fiscal Agent of the IJnited States.

CERTIFICATE OF CUSTODIAN.

'

'

The securities described in the within attached list have been this day received from
, of
, to be held
as collateral security for the deposit of Government funds in accordance with
Treasury Department circular No. 81, dated May 29, 1917.
Custodian.
Instructions.—Four original copies of this application should be filed with
the Federal reserve bank or with the securities committee nearest the place
of business of the applying bank, together with an additional copy of the list
of securities. If filed with a securities committee, they should be transmitted promptly to the. Federal reserve bank with the recommendation of that
committee. If the securities offered are approved, the Federal reserve bank
should forward one copy to the Secretary of the Treasury and notify the applying bank to deposit them with it or With a designated custodian or custodians.
If deposited with a designated custodian, three copies of this application should
be forwarded by the Federal reserve bank to the custodian, and upon receipt
of the securities described one copy of this application should be delivered to
the applying bank with the custodian's receipt duly executed and one copy
should be retained by the custodian. The Federal reserve bank should in all
cases retain one original in its possession. If securities are deposited with the
Federal reserve bank, it should execute the custodian's receipt and deliver a
copy bearing this receipt to the applying bank.




SECRETARY OF THE TREASURY.

131

LIBERTY LOAN—PURCITASES OF TREASURY CERTIFICATES OF INDEBTEDNESS AND DEPOSITS OF GOVERNMENT FUNDS IN CONNECTION WITTI
TI-IE L I B E R T Y

LOAN.

Department cfirJular No. 79.

TREASURY DEPARTMENT,
O F F I C E O F T H E bECRETARY,

Division Of Public Moneys.
Washington, May 16,1917.
To incorporated banks and trust companies in the United States:
Referring to Treasury circular No. 78, dated May 14,1917, inviting
subscriptions for bonds of the Liberty loan:
I n order to avoid, even temporarily, a derangement of the money
situation the Secretary of the Treasury earnestly requests that all
banks and trust companies which have or expect to have payments
to make for themselves or others on account of ""subscrip tions to the
loan acquire, as and when offered from time to time, Treasury certificates of indebtedness, issued under'the act approved April 24, 1917,
to as large an amount as practicable and at least equal to 50 per cent
of the payments which they will have to make from time to time on
account of subscriptions, and that they, utilize such certificates of
indebtedness in making payment. Inasmuch as such certificates of
indebtedness are payable at any Federal reserve bank, banks and
trust companies in acting upon this request will gradually and without disturbing the money market acquire exchange payable in.the
place where subscriptions are to be paid, and meanwhile will secure
an adequate interest return upon their money and the privilege for
themselves and their customers, to the extent of the certificates of
indebtedness acquired, of making payment in full for bonds allotted
without previous notice, if desired.
As a further precaution, the Secretary of the Treasury has determined that banks and trust companies having payments to make on
account of subscriptions for $100,000 or more bonds, and which shall
have qualified as depositaries, may make payment upon such subscriptions on June 28 (as to any amounts not paicl in Treasury certificates of indebtedness) by credit on their books to the account of
the Treasurer of the United States, of which credit and of the amount
thereof notice shall be given in duplicate to the Treasurer and to the
Federal reserve bank of the district on or before June 28. The
amounts so credited will be withdrawn from time to time when and
as required. How long they may be permitted to remain will depend
in large measure, on the extent to which the privilege of prepayment
for the bonds of the Liberty loan on or before June 28 is availed of.
I t will be necessary that the early installments paid upon subscriptions to the loan be devoted largely to the payment of the short-term
Treasury certificates of indebtedness, which have been and will be
placed throughout the country chiefly for making loans to Governments engaged in making war against Germany^ and in part to meet
unusual war expenditures of our own Government. As, however,
practically all the.proceeds of the Liberty loan, whether advanced
to foreign Governments or expended directly by departments of the
United States, will be spent in this country in payment of indebtedness heretofore or -hereafter incurred, the bank resources of the
United States as a whole will not be diminished, and the operation
involves only a shifting of credits.




132

REPORT ON T H E FINANCES.

Because of the great amount of work involved in passing upon the
qualifications and securities of the banks and trust companies which
will have payments to make, it is deemed necessary until after July 1
to limit to those banks and trust companies having payments to make
on subscriptions for $100,000 or more bonds the provision for making
payment by credit, the object in providing for payment by credit
being to avoid any disturbance in the money position which might
result from large payments being made from June 28 to Monday,
July 2, a period when there is customarily a heavy movement of funds
due to corporate interest and other payments. As soon after July 2
as practicable the (qualifications and securities of other banks and
trust companies desiring to participate in redeposits will be passed
upon, and after provision has been made for the immediate disbursements which the United States will have to make up to and including
July 1, the proceeds of the loan received from time to time, in full
or installment payments, will be redeposited with qualified banks and
trust companies in a proportion yet to be determined based upon the
amounts of bonds of the Liberty loan for which subscriptions are filed
by and through them and upon the amount of Treasury certificates
of indebtedness acquired by them and utilized in payment thereupon
on or before June 28. Such deposits will, of course, be subject to call.
Interest at the rate of 2 per cent per annum is to be allowed by the
banks upon the amounts credited and redeposited from time to time.
A statement as to the formalities of qualification for the purpose of
making payment by credit and of receiving redeposit of funds and
of the securities acceptable for such purposes will be promptly furnished. The furnishing of security for such deposits is required by
section 7 of the act approved April 24,1917, under which the Liberty
loan is issued and section 5153 of the Revised Statutes and amendments thereto.' Each bank or trust company should at the earliest
possible date make report to the Federal reserve bank of its district
of the character and amount of the securities which it will offer as
security. These will be reported to the Secretary of the Treasury,
and, when his approval shall have been obtained, notification thereof
Avill be made to the banks and trust companies, respectively.
The Secretary feels that he can not too strongly urge upon the
banks and trust companies of the country that it is their patriotic
duty to prepare for the payments which they will haye to make on
account of the Liberty loan, first, by the acquisition of certificates of
indebtedness, and, second, by qualifying under the act so as to be in a
position to make payment by credit if the subscriptions by and
through them are likely to amount to $100,000 or more bonds. Bearing in mind the enormous amount of work involved on the part of the
Treasury Department and Federal reserve banks, he particularly
urges that action in these matters be taken as promptly as possible by
the banks and trust companies, inasmuch as it may be physically impossible to pass upon the qualifications of late applicants if many
applications are long delayed, and the object of permitting payment
in certificates of indebtedness—to avoid accumulation of great cash
payments within a few days—will in large measure be defeated if
such purchases are long postponed.




W. G. MCADOO,

Secretary of the Treasury:

E X H I B I T H.
SPECIAL DEPOSITS OF GOVERNMENT F U N D S I N CONNECTION WITH SUB-.
SCRIPTIONS FOR B o N D S A N D C E R T I F I C A T E S OF T H E U N I T E D S T A T E S ,
ISSUED UNDER TIIE A C T OF CONGRESS APPROVED SEPTEMBER 24, 1917.
Department a J ^ ^ i l a r No. 92.
(Liberty Loan Circular No. 7.

TREASURY DEPARTMENT,
O F F I C E , OF TI-IE S E C R E T A R Y ,

Division of Pubhc Moneys.
Washington, October 6,1917.
To Federal reserve banks^and other banlcs and trust companies incorporated under the laws of the United .States or of any State:
Any incorporated bank or trust company in the United States
desiring to participate in deposits of the proceeds of bonds of the
second Liberty loan and of certificates of indebtedness of the United
States issued under the act of Congress approved September 24, 1917,
should make application to the Federal reserve bank of its district,
on Form H hereto attached, and accompany such application by a
certified copy of resolutions duly adopted by its board of directors,
in Form J hereto attached. I n fixing the maximum amount of deposits for which it will apply, the applicant bank or trust company
should be guided by the amount of the payments which it expects to
have to make, for itself and its customers, on account of allotments
of such bonds and certificates, and, as well, by any statutory limitations upon the amount of deposits which the applicant bank or trust
company may receive from any one depositor. Any application
may be rejected or the applicant may be designated for a smaller
maximum amount than that applied for. After receiving the recommendation of the Federal reserve bank, the Secretary of the Treasury will designate approved depositaries.
COLLATERAL SECURITY.

Designated depositaries will be required, before receiving deposits,
to qualify by pledging, as collateral security for such deposits, securities of the following classes, t o an amount, taken at the rates below
provided, at least equal to such deposits:
{a) Bonds and certificates of indebtedness of the United States Government, of any issue, including bonds of the Liberty loans and
interim certificates or receipts for payments therefor; all at par.
{b) Bonds issued under the United States farm-loan act and bonds
of the Philippine Islands, Porto Rico, and the District of Columbia;
all at par.
{c) The 3 i per cent bonds of the Territory of Hawaii at 90 per cent
of market value, and other bonds of said Territory at market value.
(^) Bonds of any State of the United States, at market value; and
approved notes, certificates of indebtedness, and warrants issued by
any State of the United States, at 90 per cent of market value.




133

134

REPORT ON THE FINANCES.

(e) Approved bonds of any county, city, or political subdivision in
the United States, and approved notes, certificates of indebtedness,
and warrants issued by any county or city in the United States which
are direct obligations of the county or city as a whole, all at 90 per
cent of market value; but not including any such bonds which, at the
date of this circular, are at a market price to yield more than 5^ per
eent per annum, nor any such other obligations which at the date of
this circular are at a market price to yield more than 6 per cent per
annum, if held to maturit}^, according to standard tables of bond
values.
(/) Approved dollar bonds and obligations of foreign governments
(and of the dependencies thereof) engaged in war against Germany,
issued since July 30, 1914, at 90 per cent of the market value thereof
in the United States, and approved dollar bonds and obligations of
any province or city within the territory of any such foreign government or dependency, issued since July 30, 1914, at 75 per cent of the
market value thereof in the United States.
{g) Approved bonds, listed on some recognized stock exchange, and
notes of domestic railroad companies within the United States; approved equipment trust obligations of such domestic railroad comIianies, and approved b()nds and notes of domestic electric railway and
traction companies, telephone and telegraph companies, electric light,
power, and gas companies, and industrial companies, secured (directly
or by the pledge of mortgage bonds) by mortgage upon physical properties in the United States and listed on some recognized stock exchange, all at 75 per cent of market value; but not including any such
bonds or obligations which, at the date of this circular, are at a market
price to yield more than 6-| per cent per annum, nor any such notes
which, at the date of this circular, are at a market price to yield more
than 7^ per cent per annum, if held tomaturity, according to standard
tables of bond values.
(A) Commercial paper and bankers' acceptances, having maturity
at the time of pledge of not to exceed six months, exclusive of days of
race, and which are otherwise eligible for rediscount or purchase by
ederai reserve banks; and which have been approved by the Federal reserve bank of the district in which the depositary is located;
at 90 per cent of face value. All such commercial paper and acceptances must bear the indorsement of the depositary bank or trust
company.
No security shall be valued at more than par. No State or municipal bond, obligation, or evidence of indebtedness shall be accepted
if the State or municipality has made default in payment of prin-cipal or interest during the past 10 years.
The right is reserved to call for additional collateral security at
any time.
The approval and valuation^ of securities is committed to the several Federal reserve banks, acting under the direction of the Secretary of the Treasury. The withdrawal of securities, the pledge of
additional securities, and the substitution of securities shall be made
from time to time as required or permitted by the Federal reserve
banks acting,under like directiono

f




SECRETARY OF T H E
SECURITIES

TREASURY.

135

COMMITTEES.

Each Federal reserve bank is authorized to designate a committee
or committees, to be composed of experienced bankers, in such city
or cities in its district as may be deemed necessary, to be known as
the securities committee. Each securities committee shall consist of
not more than three nor less than two members, who shall serve without compensation. I t shall be the duty of such securities committee
to examine the lists of securities tendered as collateral security for
deposits and to transmit them promptly to the Federal reserve bank
of the district with the committee's recommendation.
CUSTODY OF SECURITIES.

All securities accepted as collateral security for deposits hereunder
must be deposited with the Federal reserve bank of the district in
which the depositary is located or, by the direction and subject to
the order of such Federal reserve bank, with a custodian or custodians designated by it, and under rules and regulations prescribed
by it.
.
^
FIOW DEPOSITS ARE TO BE MADE.

Each qualified depositary will be required to open and maintain
for the account of the Federal reserve bank of its district, as fiscal
agent of the United States, a separate account for deposits to be
made hereunder, to be known as the " War-loan deposit account."
Qualified depositaries will be permitted to make payment by credit
when due of amounts payable on subscriptions made by or through
them for Treasury certificates of indebtedness and for Liberty bonds.
I n order to make payment by credit the depositary must notify the
Federal reserve bank of the district by letter or telegram, to reach
it on or before the date when such payment is due, and must on said
date issue a certificate of advice to such Federal reserve bank stating
that a sum specified (in addition to all other amounts standing to
the credit of said fiscal agent with such depositary) has been deposited with such depositary for the account of such Federal reserve
bank, as fiscal agent of the United States, in the war-loan deposit
account.
The unexpended cash proceeds, if any, of the sale of any issue of
certificates or bonds will be deposited among the qualified depositaries as nearly as may be in proportion to the subscriptions made by
and through them for such issue.
All deposits and withdrawals will be made by the Federal reserve
banks by direction of the Secretary of the Treasury.
The amount deposited, with any depositary shall not in the aggregate exceed at any one time (a) the maximum amount for which it
shall have been designated as a depositary, nor (b) the aggregate
amount of the collatieral security pledged by it taken at the rates
hereinbefore provided.
WITTIDRAWAL OF DEPOSITS.

All deposits will be payable on demand without previous notice.




136

REPORT ON TFIE FINANCES.
INTEREST ON DEPOSITS.

Each depositary will be required to pay interest at the rate of 2
per cent per annum on the average daily balance maintained during
the period of the deposit. Interest payments must be made when
deposits are finally withdrawn, but not less frequently than quarterly.
W.

G. MCADOO,

Secretary of the Treasury.
Form H—Liberty Loan.
APPLICxVTION FOR DEPOSITS.

[Act of Sept. 24, 1917.]
To the Federal reserve bank of
, fiscal agent of tho
United States:
The undersigned bank or trust company, in accordance with the provisions of
Treasury Department circular No. 92, dated October 6, 1917, and pursuant to
due action of its board of directors, hereby makes application for the deposit
with it of proceeds of the bonds and certificates of indebtedness issued and tp be
issued from time to time under the act of Congress approved September 24, 1917,
the aggregate amount of such deposits not to exceed at any one time $
;
and assigns and' agrees to pledge, from time to time, to and with the Federal
Reserve Bank of
, as fiscal agent of the United States,
as collateral security for such deposits as may be made from time to time
pursuant to this application, securities of the character and amount required
by said circular.
of
,
By
.
_
,
President (Vice President).
Form J—Liberty Loan.
RESOLUTIONS A U T H O R I Z I N G A P P L I C A T I O N FOR DEPOSITS.
[ A c t Of S e p t . 2 4 , 1 9 1 7 . ]

I hereby certify that the following resolutions were duly adopted at a meeting
of the board of directors of the below-named bank (or trust company), which
meeting was duly called and duly held on the
day of
,
a quorum being present, and that the said resolutions were spread upon the
minutes of said meeting:
Resolved, That in accordance with the provisions of Treasury Department
circular No. 92, dated'October 6, 1917, ^this bank (trust company) make application for the deposit with it of proceeds of the bonds aud certificates of indebtedness issued and to be issued from time to time under the a*ct of Congress
approved September 24, 1917, the aggregate amount- of such deposits not to
exceed at any one time $-^
; and assign and agree to pledge from time
to time to and with the Federal Reserve Bank of
: , as
fiscal agent of the United States, as collateral security for such deposits as may
be made from time to time pursuant to this application, securities of the character and amount required by said circular; and
Resolved, That the president, or any vice president, or cashier, or secretary,
of the undei'signed bank (or trust company) is hereby authorized to make
application, assignment, and agreement as aforesaid and from time to time to
deliver to and pledge with said Federal reserve bank, or any custodian or custodians appointed by it, securities of the undersigned bank (or trust company)
of a character and amount at least sufficient to secure such deposits according
to the terms of said Treasury Department circular, and from time to time to
withdraw securities and to substitute other securities and to pledge and deposit
additional securities.
In witness whereof I have hereunto signed my name and affixed the seal of
the
:
^_ of
_:




Cashier (Secretary).

E X H I B I T I.
REGULATIONS GOVERNING THE EXPORTATION OF COIN, BULLION, AND
^
CURRENCY.
EXECUTIVE ORDER.

By virtue of thB authority vested in me I direct that the regulations, orders, limitations, and exceptions prescribed in relation to the
exportation of coin, bullion, and currency shall be administered by
and under the authority of the Secretary of the Treasury, and upon
the recommendation of the Secretary of the Treasury I hereby prescribe the following regulations in relation thereto:
1. Any individual, firm, or corporation desiring to export from the
United States or any of its Territorial possessions to any foreign
country named in the proclamation dated September seventh, nineteen hundred and seventeen, any coiiij bullion, or currency, shall first
file an application in triplicate with the Federal reserve bank of the
district in which such individual, firm, or corporation is located;
such application to state under oath and in detail the nature of the
transaction, the amount involved, the parties directly and indirectly
interested, and such other information as may be of assistance to the
proper authorities in determing whether the exportation for. which a
license is desired will be compatible with the public interest.
2. Each Federal reserve bank shall keep a record copy of each application filed with it under the provisions of this regulation and
shall forward the original application and a duplicate to the Federal
Reserve Board at Washington, together with such information or
suggestions as it may believe proper in the circumstances, and shall,
in addition, make a formal recommendation as to whether or not in
its opinion the exportation should be permitted.
3. The Federal Reserve Board, subject to the approval of the Secretary of the Treasury, is hereby authorized and empowered, upon
receipt of such application and the recommendation of the Federal
reserve bank, to make such ruling as it may deem proper in the circumstances, and, if in its opinion the exportation in question be compatible with the public interest, to permit said exportation to be
made; otherwise to refuse it.
WOODROW WILSON.
T H E W H I T E HOUSE,

o September 7,1917.

BY T H E P R E S I D E N T OF THE UNITED STATES OF AMERICA—-A PROCLAMATION.

Whereas Congress has enacted, and the President has on the 15th
day of June, 1917, approved a law which contains the following provisions:
. Whenever during the present war the President shall find that the public
safety shall so require, and shall make proclamation thereof, it shall be unlawful
187




138

REPORT ON THE FINANCES.

to export from or ship from or take out of the United States to any country
named in such proclamation any article or articles mentioned in such proclamation, except at such time or times, and under such regulations and orders, and
subject to such limitations and exceptions as the President shall prescribe, until
otherwise ordered by the President or by Congress: Provided,, however. That
no preference shall be given to the ports of one State over those of another.
Any person who shall export, ship, or take out, or deliver or attempt to deliver
for export, shipment, or taking out, any article in violation of this title, or of
any regulation or order made hereunder, shall be fifed not more than $10,000,
or, if a natural person, imprisoned for not more than two years, or both; and
any article so delivered or exported, shipped, or taken out, or attempted to be
so delivered or exported, shipped, or taken out, shall be seized and forfeited to
the United States; and any officer, director, or agent of*a corporation who participates in any such violation shall be liable to like fine or imprisonment, or
both.
Whenever there is reasonable cause to believe that any vessel, domestic or
foreign, is about to carry out of the United States any article or articles in violation of the provisions of this title, the collector of customs for the district in
which such vessel is located is hereby authorized and empowered, subject to
review by the Secretary of Commerce, to refuse clearance to any such vessel,
domestic or foreign, for which clearance is required by law, and by formal
notice served upon the owners, master, or person or persons in command or
charge of any domestic vessel for which clearance is not required by law, to
forbid the departure of such vessel from the port, and it shall thereupon be
unlawful for such vessel to depart. Whoever, in yiolation of any of the provisions of this section shall take, or attempt to take, or authorize the taking of any
such vessel out of port or from the jurisdiction of the United States, shall be
fined not more than $10,000 or imprisoned not more than two years, or both; and
in addition such vessel, her tackle, apparel,. furniture, equipment, and her
forbidden cargo shall be forfeited to the United States.

And whereas the President has heretofore by proclamation, under
date of the 27th day of August, in the year one thousand nine hundred and seventeen, declared certain exports in time of war unlawful,
and the President finds that the public safety requires that such proclamation be amended and supplemented in respect to the a:rticles
hereinafter mentioned:
Now, therefore, I, Woodrow Wilson, President of the United States
of America, do hereby proclaim to all whom it may concern that the
public safety requires that, except at such, time or times, and under
such regulations and orders, and subject to such limitations and exceptions as the President shall prescribe, until otherwise ordered by
the President or by Congress, the following articles, namely, coin,
bullion, and currency, shall not, on and after the 10th day of September, in the year one thousand nine hundred and seventeen, be exported from or shipped from or taken out of the United States or its
Territorial possessions to. Albania, Austria-Hungary, Belgium, Bulgaria, Denmark, her colonies, possessions, or protectorates, Germany,
her colonies, possessions, or protectorates, Greece, Leichtenstein, Luxembourg, the Kingdom of the Netherlands, Norway, Spain, her colonies, possessions, or protectorates, Sweden, Switzerland or Turkey,
Abyssinia, Afghanistan, Argentina, Bolivia, Brazil, China, Chile,
Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Egypt,
France, her colonies, possessions, or protectorates, Guatemala, Haiti,
Honduras, Italy, her colonies, possessions, or protectorates, Great
Britain, her colonies, possessions, or protectorates, Japan, Liberia,
Mexico, Monaco, Montenegro, Morocco, Nepal, Nicaragua, the colonies, possessions, or protectorates of the Netherlands, Oman, Panama, Paraguay, Persia, Peru, Portugal, her colonies, possessions, or




SECRETARY^ OF THE TREASURY.

o

139

protectorates, Roumania, Russia, Salvador, San Marino, Serbia, Siam,
Uruguay, or Venezuela.
The regulations, orders, limitations, and exceptions prescribed will
be administered by and under the authority of the Secretary of the
Treasury, from whom licenses in conformity with said regulations,
orders, limitations, and exceptions will issue.
Except as hereby amended and supplemented, the above-mentioned
proclamation, under date of August 27, 1917, shall continue in full
force and effect.
I n witness whereof I have hereunto set my hand and caused the
seal of the United States of America to be afiixed.
Done at the city of Washington the seventh day of September, in
the year of our Lord one thousand nine hundred and seventeen and^
of the independence of the United States of America the one hundred
and forty-second.
WOODROW WILSON.

By the President:
ROBERT LANSING,

Secretary of State.

ADMINISTRATIVE

PROCEDURE.

Method of making application.—Individuals, firms, and corporations, desiring to obtain licenses for the exportation of coin, bullion,
and currency, must file an application with the Federal reserve bank
of the district in which the applicant resides, or where the transaction
requiring the shipment originates. These applications must be made
on a standard form which has been furnished to all Federal reserve
banks.
Exports of gold.—It will be the general policy of the board not to
authorize the exportation of gold unless the shipment applied for is
shown to be connected in a direct and definite way with a corresponding importation of merchandise,for consumption in the United
States, but in any case authorization will be granted only where the
exportation of gold in payment for such merchandise is found to be
compatible with the public interest. I n reaching its conclusions,
however, the board will consider all attending circumstances in each
particular case.
Shipments of Canadian silver coin and currency.—Until further
notice the board will approve all applications for the exportation of
Canadian silver coin and currency without limitation. The Treasury
Department has instructed collectors of customs to pass such shipments into Canada when approved by the Federal reserve bank of the
district from which the shipments are made. Continuous permits
for shipments of Canadian silver coin and currency, without requiring an application in each case, may be granted by Federal reserve
banks upon condition that each transaction will be reported to it
without delay. The Federal reserve banks will transmit to the board
weekly reports of all applications of every kind passed upon by them,
showing the amount of each shipment.




140

o

REPORT ON THE FINANCES.

Exports of silver bullion and silver coin of foreign mintage.—Applications for the exportation of silver bullion and silver coin of
foreign mintage will in general be approved by the Federal Reserve
Board upon recommendation of the Federal reserve bank with which
the application is filed.
United States notes, nationcd-bamk notes, and FederaL reserve
notes.—Applications for the exportation of United States notes,
national-bank notes, and Federal reserve notes will as a rule be approved by the Federal Reserve Board, but each application must
come before the board for its determination before shipment is made.
Travelers leaving the country.—Instructions have been issued by
the Treasury Department to collectors of customs to permit travelers
leaving the country to carry on their persons or in their baggage
{a) United States notes, national-bank notes, and Federal reserve
notes not to exceed $5,000 for each adult; (&) American silver dollars,
subsidiary silver coins, and silver certificates not to exceed $200 for
each adult; (c?) Gold coin pr gold certificates not to exceed $200 for
each adult.
Collectors of customs have been informed that in dealing with
travelers they may act in accordance with these regulations, without
communicating with the Federal Reserve Board or with the Federal
reserve,bank of their district.
GENERAL.

Shipments of coin or currency which appear to be or are suspected
of being for enemy account or for the benefit of the enemy, will not be
permitted. These regulations are issued subject to change without
notice, and no application granted will be regarded as constituting
a precedent.
FEDERAL RESERVE BOARD,

By W. P . G. HARDING, Governor.

Approved:
W. G. MCADOO,

Secretary of the Treasury.
WASHINGTON, D . C , September 21, 1917.




E X H I B I T J.
[PUBLIC—No. 90—65TH CONGRESS.]
[H. R. 5723.]
An Act To amend an Act entitled "An Act to authorize the establishment of a Bureau of War Risk Insurance in the Treasury Department," approved
September second, nineteen hundred and fourteen, and for other purposes.

Be it enacted by the Senate and House of Representatives ofthe United
States of America in Congress assembled. That the first section of the
Act entitled ''An Act to "authorize the establishment of a Bureau of
War Risk Insurance in the Treasury Department/' approved September second, nineteen hundred and fourteen, as amended, is hereby
amended to read as follows:
"ARTICLE I.
''SECTION 1. That there is established in the Treasury Department
a Bureau to be known as the Bureau of War Risk Insurance, the
director of which shall receive a salary at the rate of $5,000 per annum.
" T h a t there be in such bureau a Division of Marine and Seamen's
Insurance and a Division of Military and Naval Insurance in charge
of a commissioner of Marine and Seamen's Insurance and a commissioner of Military and Naval Insurance, respectively, each of whom
shall receive a salary of $4,000 per annum."
SEC. 2. That such Act of September second, nineteen hundred and
fourteen, as amended, is hereby amended by adding new sections, as
follows:
" S E C . 12. That sections two to seven, inclusive, and section nine,
shall be construed to refer only to the Division of Marine and Seamen's Insurance.
V^SEC. 13. That the director, subject to the general direction of the
Secretary of the Treasury, shall administer, execute, and enforce the
provisions of this Act, and for that purpose have full power and
authority to make rules and regulations, not inconsistent with the
provisions of this Act, necessary or appropriate to carry out its purposes, and shall decide all questions arising under the Act, except as
otherwise provided in sections five and four hundred and five. Whereever under any provision or provisions of the Act regulations are
directed or authorized to be made, such regulations, unless the context otherwise requires, shall or may be made by the director, subject
to the general direction of the Secretary of the Treasury. The director shall adopt reasonable and proper rules to govern the procedure
of the divisions, to regulate the matter of the compensation, if any,
but in no case to exceed ten per centum, to be paid to claim agents
and attorneys for services in connection with any of the matters provided for in articles two, three, and four, and to regulate and provide
for the nature and extent of the proofs and evidence and the method
of taking and furnishing the same in order to establish the right to
benefits of allowance, allotment, compensation, or insurance provided
for in this Act, the forms of application of those claiming to be enti-




141

142

REPORT ON T H E FINANCES.

tied to such benefits, the method of making investigations and medical examinations, and the manner and form of adjudications and
awards.
" S E C . 14. That the bureau and its divisions shaU have such deputies, assistants, actuaries, clerks, and other employees as may be
from time to time provided by Congress. The bureau shall, by arrangement with the Secretary of War and the Secretary of the
Navy, respectively, make use of the services of surgeons in the
Army and Navy. The Secretary of the Treasury is authorized to
establish an advisory board consisting of three members skilled in
the practice of insurance against death or disability for the purpose
of assisting the Division of Military and Naval Insurance in filing
premium rates and in the adjustment of claims for losses under the
contracts of insurance provided for in article four and in adjusting
claims for compensation under article three; compensation for the
persdns so appointed to be determined by the Secretary of the
Treasury, but not to exceed $20 a day each while actually employed.
" S E C . 15. That for the purposes of this Act, the director, commissioners, and deputy commissioners shall have power to issue subpoenas for and compel the attendance of witnesses withm a radius
of one hundred miles, to require the production of books, papers,
documents, and other evidence, to administer oaths and to examine
witnesses upon any matter within the jurisdiction of the bureau.
The director may obtain such information and such reports from
oflBcials and employees of the departments of the Governinent of
the United States and of the States as may be agreed upon by the
heads of the respective departments. In case of disobedience to a
subpoena, the bureau may invoke the aid of any district court of the
United States in requiring the attendance and testimony of witnesses
and the production of documentary evidence, and such court,
withia the jurisdiction of which the inquiry is carried on, may, in
case of contumacy or refusal to obey a subpoena issued to any officer,
agent, or employee of any corporation or other person, issue an
order requning such corporation or other person to appear before
the bureau, or to give evidence touching the matter in question;
and any failure to obey such order of the court may be punished by
such court as a contempt thereof. Any person so required to attend
as a witness shall be allowed and paid the same fees and mileage as
are paid witnesses in the district courts of the United States.
" S E C . 16. That the director shall submit annuaUy to the Secretary
of the Treasury esthnates of the appropriations necessary for the
work of the bureau.
" S E C . 17. That for the purpose of carrying out the provisions of
this Act there is hereby appropriated, out of any moneys in the
Treasury not otherwise appropriated, the sum of $100,000, for the
payment of all expenses incident to the work authorized under this
Act, including salaries of the director and commissioners and of such
deputies, assistants, accountants, experts, clerks, and other employees in the District of Columbia or elsewhere, as the Secretary of
the Treasury may deem necessary, traveling expenses, rent and
equipment of offices, typewriters and exchange of same, purchase of
law books and books of reference, printing and binding to be done
at the Governinent Printing Office, and aU other necessary expenses.




SECRETARY OF T H E TREASURY.

.

143

With the exception of the director, the commissioners, and such
special experts as the Secretary of the Treasury may from time to
time find necessary for the conduct of the work of the bureau, all
employees of the bureau shall be appointed from Usts of eligibles
to be supplied by the Ciyil Service Commission and in accordance
with the civil-service law. Such fees, aUowances, and salaries shall
be the same as are paid for simUar services in other departments of
the Government.
" S E C . 18. That there is hereby appropriated from any money in
the Treasury not otherwise appropriated, the sum of $141,000,000,
to be known as the military and naval family aUowance appropriation, .
for the payment of the family aUowances provided by Article II.
Payments out of this appropriation shall be made upon and in
accordance with awards by the Commissioner of the Division of
Military and Naval Insurance.
" S E C . 19. That there is hereby appropriated, from any money in
the Treasury not otherwise appropriated, the sum of $12,150,000,
• to be known as the military and naval compensation appropriation,
for the payment of the compensation, funeral expenses, services, and
supplies provided by Article I I I . Payments out of this appropriation
shall be made upon and in accordance with awards by the director.
" S E C . 20. That there is hereby appropriated, from any money in
the Treasury not otherwise appropriated, the sum of $23,000,000,
to be known as the mUitary and naval insurance appropriation. All
premiums that may be collected for the insurance provided by the
provisions of Article IV shall be deposited and covered into the
Treasury to the credit of this appropriation.
"Such sum, including all premium payments, is hereby made
available for the payment oi the liabilities of the United States
incurred under contracts of insurance made under the provisions of
Article IV. Payments from this appropriation shall be made upon
and in accordance with awards by the director.
" S E C . 21. That there shaU be set aside as a separate fund in the
Treasury, to be known as the military and naval pay deposit fund,
all sums held out of pay as provided by section two hundred and
three of this Act. Such fund, including all additions, is hereby made
available for the payment of the sums so held and deposited, with
interest, as provided in section two hundred and three, and the
amount necessary to pay interest is hereby appropriated.
" S E C . 22. That for the purpose of this amendatory Act the marriage of the claimant to the person on account of whom the claim is
made shall be shown—
"(1) By a duly verified copy of aj)ublic or church record; or
" (2) By the affidavit of the clergyman or magistrate who officiated; or
" (3) By the testimony of two or more eyewitnesses to the ceremony; or
" (4) By a duly verified copy of the church record of baptism of
the children; or
"(5) By the testimony of two or more witnesses who know that
the parties lived together as husband and wife, and were recognized as
such, and who shalfstate how long, within their knowledge, such relation continued: Provided, That marriages, except such as are mentioned
in section forty-seven hundred and five of the Revised Statutes, shall




144

REPORT ON THE FINANCES.

be proven in compensation or insurance cases to be legal marriages
according to the law of the place where the parties resided at the
time of marriage or at the time when the right to compensation or
insurance accrued; and the open and notorious illicit cohabitation of
a widow who is a claimant shall operate to terminate her right to
compensation or insurance from the commencement of such cohabitation: Provided further, That for the purpose of the administration
of Article I I of this Act marriage shall be conclusively presumed, in
the. absence of proof, that there is a legal spouse living, if the man
and woman have lived together in the openly acknowledged relation
of husband and wife during the two years immediately preceding the
date of the declaration of war, or the date of enlistment or of entrance
into or employment in active service in the military or naval forces
of the United States if subsequent to such declaration."
In Articles II, III, and IV of this Act unless the context otherwise
requires—
"(1) The term 'child' includes— .
" (a) A legitimate child.
"(b) A cnild legaUy adopted more than six months before the
enactment of this amendatory Act or before enlistment or entrance
into or employment in active service in the mUitary or naval forces
of the United States, whichever of these dates is the later.
" (c) A stepchild, if a member of the man's household.
' " (d) An illegitimate child, but, as to the father, only, if. acknowledged by instrument in writing signed by him, or if he has been judicially ordered or decreed to contribute to^ such chUd's support, and
if such child, if born after December thirty-first, nineteen hundred
and seventeen, shall have been born in the United States, or in its
insular possessions.
"(2) The term 'grandchUd' means a chUd as above defined of a
child as above defined.
" (3) Except as used in section four hundred and one and in section
four hundred and two the terms 'child' and 'grandchUd' are limited
to unmarried persons either (a) under eighteen years of age, or (b)
of any age, if insane, idiotic, or otherwise permanently helpless.
"(4) The term 'parent' includes a father, mother, grandfather,
grandmother, stepfather, and stepmother, either of the person ia the
service or of the spouse.
"(5) The terms 'brother' and 'sister' include brothers and sisters
of the half blood as weU as those of the whole blood, stepbrothers
and stepsisters, and brothers and sisters through adoption.
"(6) The term 'commissioned officer' includes a warrant officer,
but includes only an officer in active service in the military or naval
forces of the United States.
" (7) The terms ' m a n ' and 'enlisted man' mean a person, whether
male or female, and whether enlisted, enrolled, or drafted into active
service in the mUitary or naval forces of the United States, and include noncommissioned and petty officers, and members of training
camps authorized by law.
"(8) The term 'enlistment' includes voluntary enlistment, draft,
and enroUment in active service in the military or naval forces of the
United States.
" (9) The term 'commissioner' means the Commissioner of Military
and Naval Insurance,




SECRETARY OF THE TREASURY.

145

"(10) The term 'injury' includes disease. •
"(11) The term ' p a y ' means the pay for service in the United
States according to grade and length of service, excluding all aUowances.
"(12) The term 'military or naval forces' means the Army, the
Navy, the Marine Corps,, the Coast Guard, the Naval Reserves, the
National Naval Volunteers,' and any other branch of the United
States service while serving pursuant to law with the Army or the
Navy.
" S E C . 23. That when, by the terms of this amendatory Act, any
payment is to be made to a minor, other than a person in the mUitary or naval forces of the United States, or to a person mentally
incompetent, such payment shaU be made to the person who is constituted guardian or curator by the laws of the State or residence of
claimant, or is otherwise legally vested with responsibility or care
of the claimant.
" S E C . 24. That the Bureau of War Risk Insurance, so far as practicable, shaU upon request furnish information to and act for persons in
the mUitary or naval service, with respect to any contracts of insurance whether with the Government or otherwise, as may be prescribed by regulations. Said bureau may upon request procure from
and keep a record of the amount and kind of insurance held by every
commissioned and appointive officer and of every enlisted man in
the mUitary or naval service of the United States, including the name
and principal place of business of the company, society, or organization in which such insurarice is held, the date of the policy, amount of
premium, name and relationship of the beneficiary, and such other
data as may be deemed of service in protecting the interests of the
insured and beneficiaries.
" S E C . 25. That whoever in any claim for famUy aUowance, compensation, or insurance, or in any document required by this Act or
by regulation made under this Act, makes any statement of a material
fact knowing it to be false, shall be guUty of perjury and shall be
punished by a fine of not more than $5,000, or by imprisonment for
not more than two years, or Ipoth.
" S E C . 26. That if any person entitled to payment of famUy allowance or compensation urider this Act, whose right to such payment
under this Act ceases upon the happening of any contingency, thereafter, fraudulently accepts any such payment, he shall be punished
by a fine of not more than $2,000, or by imprisonment for not more
than one year, or both."
ARTICLE

II.

ALLOTMENTS AND FAMILY ALLOWANCES.

SEC. 200. That the provisions of this article shaU apply to all
enlisted men in the military or naval forces of the United States.
SEC. 201. That aUotment of pay shaU, subject to the conditions,
limitations, and exceptions hereinafter specified, be compulsory as to
wife, a former wife divorced who has not remarried and to whom
alimony has been decreed, and a child, and voluntary as to any other
person; but on the written consent of the wife or former wife divorced,
supported by evidence satisfactory to the bureau of her ability to
13034°—FI 1917



10

146

REPORT ON THE FINANCES.

support herself and the children in her custody, the allotment for her
and for such children may be waived; and on the enlisted man's
application or otherwise for good cause shown, exemption from the
allotment may be granted upon such conditions as m a y be prescribed
by regulations.
The monthly compulsory aUotment shaU be in an amount equal to
the family allowance hereinafter specified except that it shall not be
more than one-half the pay, or less than $15; but for a wife living
separate and apart under court order or written agreement or for a
former wife divorced, it shall not exceed the amount specified in the
court order, decree, or written agreement to be paid to her. For an
illegitimate child, to whose support the father has been judiciaUy
ordered or decreed to contribute, it shall not exceed the amount
fixed in the order or decree.
If there be an aUotment for a wife or child, a former wife divorced
and who has not remarried shall be entitled to a compulsory allotment only out of the difference, if any, between the aUotment for
the wife or child or both and one-half of the pay.
SEC. 202. That the enlisted man may allot any proportion or
proportions or any fixed amount or amounts of his monthly pay or
of the proportion thereof remaining after the compulsory allotment,
for such purposes and for the benefit of such person or persons as he
may direct, subject, however, to such conditions and limitations as
may be prescribed under regulations to be made by the Secretary
of War and the Secretary of the Navy, respectively.
SEC. 203. That in case one-half of an enlisted man's inonthly pay is
not allotted, regulations to be made by the secretary of War and the
Secretary oi the Navy, respectively, may require, under such circumstances and conditions as may be prescribed in such regulations, that
any proportion of such one-half pay as is not allotted shall bedepos-""
ited to his credit, to be held during such period of his service as may
be prescribed. Such deposits shall bear interest at the rate of four
per centum per annum, with semiannual rests and, when payable,
shall be paid principal and interest to the enlisted man, if living, otherwise to any beneficiary or beneficiaries he may have designated, or
if there be no such beneficiary, then to the person or persons who
would under the laws of the State of his residence be entitled to
his personal property in case of intestacy.
SEC. 204. That a lamUy allowance of not exceeding $50 per month
shall be granted and paid by the United States upon written apphcation to the bureau by such enUsted man or by or on behalf oi any
Srespective beneficiary, in accordance with and subject to the conitions, limitations, and exceptions hereinafter specified.
-The famUy allowance shall oe paid from the time of enlistment to
death in or one month after discharge frpm the service, but not for
more than one month after the termination of the present war
emergency. No familv allowance shall be made for any period
preceding November nrst, nineteen hundred and seventeen. The
payment shall be subject to such regulations as may be prescribed
relative to cases of desertion and imprisonment and of missing men.
Subject to the conditions, limitations, and exceptions hereinabove
and hereinafter specified, the famUy allowance payable per month
shall be as follows:




SECRETARY^ OF THE TREASURY^

147

Class A. In the case of a man, to his wife (including a former wife
divorced) and to his child or children:
(a) If there be a wife but no child, $15.
(b) If there be a wife and one child, $25.
(c) If there.be a wife and two children, $32.50, with $5 per month
additional for each additional chUd.
(d) If there be no wife, but one child, $5.
(e) If there be no wife, but two chUdren, $12.50.
(f) If there be no wife, but three children, $20.
(g) If there be no wife, but four chUdren, $30, with $5 per month
additional for each additional chUd.
Class B. In the case of a riaan or woman, to a grandchild, a parent,
brother, or sister:
(a) If there be one parent, $10.
(b) If there be two parents, $20.
(c) For each grandchild, brother, sister, and additional parent, $5.
In the case of a woman, to a child or children:
(d) If there be one chUd, $5.
(e) If there be two children, $12.50.
(f) If there be three children, $20.
(g) If there be four children, $30, with $5 per month additional for
each additional child.
»
SEC. 205. That family allowances for members of Class A shall be
paid only if and while a compulsory allotment is made to a member
or members of such class. The monthly family allowance to a former
wife divorced shall be payable only out of the difference, if any,
between the monthly family allowance to the other members of Class A
and the sum of $50, and only then if alimony shall have been decreed
to her. For a wife living separate and apart under court order or
^^^ritten agreement or to a former wife divorced the monthly allowance, together with the allotment, if any, shall not exceed the amount
specified in the court order, decree, or written agreement to be paid
to her. For an illegitimate child, to whose support the father has
been judicially ordered or decreed to contribute, it shall not exceed
the amount fixed in the order or decree.
SEC. 206. That family allowances to members of Class B shall bo
granted only if and while the member is dependent in whole or in part
on the enUsted man, and then only if and while the enlisted man
makes a monthly allotment of his pay for such member or members
equal to the amount of the monthly family allowance as hereinabove
specified, except that:—
(a) The maximum monthly allotment so required, to be naadeto
members of Class B shall be one-half of his pay.
(b) If he is making no allotment to a member of Class A, the minimum monthly allotment so designated to be made to members of
Class B shall be $15 per month.
*
(c) If he is making the compulsory allotment to a member of Glass
A, the minimum monthly allotirient so designated to be made to
members of Class B shall be one-seventh of his pay, but not less than
$5 per month.
•On the enUsted man's appUcation, or otherwise for good cause
shown, exemption from this additional allotment under Class B as a
condition to the allowance may be granted, upon such conditions as
may be prescribed by regulations.
,
>



148

REPORT ON THE FINANCES.

SEC. 207. That the amount of the family allowance to members of
Class B shall be subject to each of the following limitations:
,(a) If an allowance is paid to one or more beneficiaries of Class A,
the total allowance to be paid to the beneficiaries of Class B shall not
exceed the difference^ between the allowance paid to the beneficiaries
of Class A and the sum of $50.
(b) The total monthly allowance'to beneficiaries of Class B added
-to the enlisted man's monthly allotment to them shall not exceed the
average sum habituaUy contributed by him to their support monthly
during the period of dependency but not exceeding a year immediately preceding his enlistment or the enactment of this amendatory
Act.
SEC. 208. That as between the members of Class A and as between
the members of Class B, the^ amount of the aUotment and family
aUowance shall be apportioned as may be prescribed by regulations.
SEC. 209. The War and Navy Departments, respectively, shaU
pay over to the Treasury Department monthly the entire amount
of such aUotments for distribution to the beneficiaries, and the
aUotments and family aUowances shaU be paid by the bureau to or
for the beneficiaries.
SEC. 210. That upon receipt of any application for family aUowance
the commissioner shaU make aU proper investigations and shaU
make an award, on the basis of which award the amount of the
aUotments to be made by the man shaU be certified to the War
Department or Navy Department, as may be proper. Whenever
the commissioner shaU have reason to believe that an aUowance
has been improperly made or that the conditions have changed, he
shaU investigate or reinvestigate and may modify the award. The
amount of each monthly aUotment and aUowance shaU be detennined
according to the conditions then existing.
ARTICLE

III.

COMPENSATION FOR DEATH OR DISABILITY.

SEC. 300. That for death or disability resulting from personal
injury suffered or disease contracted in the line of duty, by any
commissioned officer or enlisted man or by any member of the Army
Nurse Corps (female) or of the Navy Nurse Corps (female) when
employed in the active service und'er the War Department or Navy
Department, the United States shaU pay compensation as hereinafter
rovided; but no compensation shall be paid if the injury or disease
as been caused by his own wUlful misconduct.
SEC. 301. That if death results from injury—
If the deceased leaves a widow or child, or if he leaves a widowed
mother dependent upon him for support, the monthly compensation
shaU be the foUowing amounts: (a) For a widow alone, $25.
(b) For a widow and one child, $35.
(c) For a widow and two chUdren, $47.50, with $5 for each additional chUd up to two.
(d) If there be no widow, then for one chUd, $20.
(e) For two children, $30.

E




SECRETARY OF THE TREASURY.

149

(f) For three chUdren, $40, with $5 for each additional chUd up to
two.
(g) For a widowed mother, $20. The amount payable under this
subdivision shaU not be greater than a sum which, when added to
the total amount payable to the widow and chUdren, does not exceed
$75. This compensation shaU be payable for the death of but one
chUd, and no compensation for the death of a chUd shaU be payable
if such widowed mother is in receipt of compensation under the
provisions of this article for the death of her husband. Such compensation shaU be payable whether her widowhood arises before or
after the death of the person and whenever her coridition is such
that if the person were living the widowed mother would have been
dependent upon him for support.
If the death occur before discharge or resignation from service, the
United States shaU pay for burial expenses and the return of body to
his home a sum not to exceed $100, as may be fixed by regulations.
The payment of compensation to a widow or widowed mother shall
continue until her death or remarriage.
The payment of compensation to or for a child shall continue until
such clnld reaches the age of eighteen years or marries, or if such child
be incapable, because of insanity, idiocy, or being otherwise permanently helpless, then during such incapacity.
Whenever the compensation payable to or for the benefit of any
person under the provisions of this section is terminated by the happening of the contingency upon which it is limited, the compensation
thereafter for the remaining beneficiary or beneficiaries, if any, shall
be the amount which would have been payable to them if they had
been the sole original beneficiaries.
As between the widow and the children not in her custody, and as
between children, the amount of the compensation shall be apportioned as may be prescribed by regulations. The word "widow" as
used in this section shaU not include one who shall have married the
deceased later than ten years after the time of injury.
SEC. 302. That if disabiUty results from the injury—
(1) If and whUe the disabiUty is total, the monthly compensation
skaU be the following amounts:
(a) If. he has neither wife nor child living, $30.
(b) If he has a wife but no child living, $45.
(c) If he has a wife and one child hving, $55.
(d) If he has a wife and two children living, $65.
(©) If lie has a wife and three or more children living, $75.
(f) If he has BO wife but one child hving, $40, with $10 for each
additional chUd up to two.
(g) If he has a widowed mother dependent on him for support,
then, m addition to the above amounts, $10.
To ari injured person who is totaUy disabled and in addition so
helpless as to be in constant need of a nurse or attendant, such additional sum shall be paid, but not exceedirig $20 per month, as the
director may deem reasonable: Provided, however. That for the loss
of both feet or both hands or both eyes, or for becoming totaUy
blind or helplessly and permanently bedridden from causes occurring
in the line of duty in the service of the United States, the rate of
compensation shall be $100 per month: Provided further, That no
aUowance shaU be made for nurse or attendant.




150 .

REPORT ON TI-IE FINANCES.

(2) If and while the disability is partial, the monthly compensation shall be a percentage of the compensation that would be payable
for his total disability, equal to the degree of the reduction in earning capacity resulting from the disability,- but no compensation shall
be payable for a reduction in earning capacity rated at less than
ten per centum.
A schedule of ratings of reductions in earning capacity from
specific injuries or combinations of injuries of a permanent nature
shall be adopted and applied by the bureau. Ratings may be as
high as one hundred per centum. The ratings shall be based, as far
as practicable, upon the average impairments of earning capacity
resulting from such injuries in civil occupations and not upon the
impairment in earning capacity in each individual case, so that there
shall be no reduction in the rate of compensation for individual success in overcoming the handicap of a permanent injury. The bureau
shall from time to time readjust this schedule of ratings in accordance with actual experience.
(3) I n addition to the compensation above provided, the injured
person shall be furnished by the United States such reasonable
. governmental medical, surgical, and hospital services and with such
supplies, including artificial limbs, trusses, arid similar apphances, as
the director may determine to be useful and reasonably necessary:
Provided, That nothing in this Act shall be construed to affect the
necessary inilitary control over any member of the military or naval
establishments before he shall have been discharged from the military
or naval service.
(4) The amount of each monthly payment shall be determined
according to the family conditions then existing.
SEC. 303. That every person applying for or in receipt of compensation for disabiUty under the provisions of this article shall, as
frequently and at such times and places as may be reasonably required, submit himself to examination by a medical officer of the
United States or by a duly qualified physician designated or approved by the director. He may have a duly quahfied physician
designated and paid by him present to participate in such examination. For all examinations he shall, in the discretion of the director-,
be paid his reasonable traveling and other expenses and also loss of
wages incurred in order to submit tp such examination. If he refuses
to submit himself for, or in any way obstructs, any examination, his
right to claim compensation under this article shall be suspended
until such refusal or obstruction ceases. No compensation shall be
payable while such refusal or obstruction continues, and no compensation shall be payable for the intervening period.
Every person in receipt of compensation for disabiUty shall submit
to any reasonable medical or surgical treatment furnished by the
bureau whenever requested by the bureau; and the consequences of
unreasonable refusal to submit to any such treatment shall not be
deemed to result from the injury compensated for.
SEC. 304. That in cases of dismemberment, of injuries to sight or
hearing, and of other injuries commonly causing permanent disabihty,
the injured person shall follow such course or courses of rehabilitation,
reeducation, and vocational training as the United States may provide or procure to be provided. Should such course prevent the




SECRETARY OF TFIE TREASURY.

151

injured person from following a substantially gainful occupation
while taking same, a form of enlistment may be required which shall
bring the injured person into the military or naval service. Such
enlistment shall entitle the person to lull pay as during the last month
of his active service, and his family to family allowances and aUotment as hereinbefore provided, in lieu of all other compensation for
the time being.
In case of his wilKul failure properly to follow such course or so to
enlist, payinent of compensation shall be suspended until such willful
failure ceases and no compensation shall be payable for the intervening period.
SEC. 305. That upon its own motion or upon application the bureau
may at any time review an award, and, in accordance with the facts
found upon such review, may end, diminish, or increase the compensation previously awarded, or, if compensation has been refused
or discontinued, may award compensation.
SEC. 306. That no compensation shall be payable for death or
disability which does not occur prior to or within one year after discharge or resignation from the service, except that where, after a
medical examination made pursuant to regulations, at the time of
discharge or resignation from the 'service, or within such reasonable
time thereafter, not exceeding one year, as may be allowed by regulations, a certificate has been obtained from the the director to the
effect that the injured person at the time of his discharge or resignation was suffering from injury likely to result in death or disability,
compensation shall be payable for death or disability, whenever
occurring, proximately resulting from such injury.
SEC. 307. That compensation shaU not be payable for death in the
course of the service until the death be officially recorded in the deartment under which he may be serving. No compensation shaU
e pa;yable for a period during which the man has been reported
"missing" and a family allowance has been paid for him under the
provisions of Article I I .
SEC. 308. That no compensation shall be payable for death inflicted
as a lawful punishment for a crime or military offense except when
infficted by the enemy. A dismissal or dishonorable or bad conduct
discharge from the service shall bar and terminate all right to ariy
compensation under the provisions of this article.
SEC. 309. That no compensation shaU be payable unless a claim
therefor be filed, in case of disability, within five years after discharge
or resignation from the service, or, in case of death during the service,
within five years after such death is officially recorded in the department under which he may be serving: Provided, however, That where
compensation is payable for death or disability occurring after discharge or resignation from the service, claim must be made within
five years after such death or the beginning of such disability.
The time herein provided may be extended by the director not to
exceed one year for good cause shown. If at the time that any right
accrues to any person under the provisions of this article, such person
is a ininor, or is of unsound mind or physically unable to make a
claim, the time herein provided shall not begin to run until such
disability ceases.
SEC. 310. That no compensation shall be payable for any period
inore than two years prior to the date of claim therefor, nor shall

E




152

REPORT ON THE FINANCES.

increased compensation be awarded to revert back more than one
year prior to the date of claim therefor.
SEC. 311. That compensation under this article shall not be assignable, and shall be exempt from attachment and execution and from
all taxation.
SEC. 312. That compensation under this article shall not be paid
while the person is in receipt of service or retirement pay. The Jaws
providing for gratuities or payments in the event of death in the
service and existing pension laws shall not be applicable after the
enactment of this amendment to persons now in or hereafter entering
the military or naval service, or to their widows, children, or their
dependents, except in so far as rights under any such law shall have
heretofore accrued.
Compensation because of disability or death of members of the
Army Nurse Corps (female) or of the Navy Nurse Corps (female)
shall be in lieu of any compensation for such disability or death under
the Act entitled " A n Act to provide compensation ior employees of
the United States suffering injuries while in the performance of their
duties, and for other purposes," approved September seventh, nineteen hundred and sixteen.
SEC. 313. That if an injury or death for which compensation is
payable under this amendatory Act is caused under circumstances
creating a legal liability upon some person other than the United
States or the enemy to pay damages therefor, the director, as a condition to payment of compensation by the United States, shaU
require the beneficiary to assign to the United States any right of
action he may have to enforce such liability of such other person or
any right which he may have to share in any money or other property
received in satisfaction of such liability oi such other person. The
cause of action so assigned to the United States may be prosecuted
or compromised by the director and any money realized thereon shall
be placed to the credit of the compensation fund.
SEC. 314. That from and after the passage of this Act the rate of
pension for a widow of an officer or enlisted man of the Army, Navy,
or Marine Corps of the United States who served in the Civil War,
the War with Spain, or the Philippine Insurrection, now on the pen-,
sion roll or hereafter to be placed on the pension roll, and entitled to
receive a less rate than hereinafter provided, shaU be $25 per month;
and nothing herein shall be construed to affect the additional allowance provided by existing pension laws on account of a helpless child
or child under sixteen years of age: 'Provided, however. That this Act
shaU not be so construed as to reduce any pension under any Act,
public or private: And provided further, That the provisions of this
section shall be administered, executed, and enforced by the Commissioner of Pensions.
ARTICLE

IV.

INSURANCE".

SEC. 400. That in order to give to every cominissioned officer and
enUsted man and to every member of the Arrny Nurse Corps (female)
and of the Navy Nurse Corps (female) when employed in active
service under the War Department or Navy Department greater




SECRETARY OF THE .TREASURY.

,

158

protection for themselves and their dependents than is provided in
Article I I I , the United States, upon application to the bureau and
without medical examination, shall grant insurance against the death
or total permanent disability of any such person in any niultiple of
$500, and not less than $1,000 or more than $10,000, upon the payment of the premiums as hereinafter provided.
SEC-401.. That such insurance must be applied for within one
hundred and twenty days after enlistment or after entrance into or
employment in the active service and before discharge or resignation,
except that those' persons who are in the active war service at the
time of the pubhcation of the terms and conditions of such contract
of insurance may apply at any time within one hundre.d and twenty
days thereafter and while in such service. Any person in the active
service on or after the sixth day of April, nineteen hundred and
seventeen, who, while in such service,and before the expiration of
one hundred and twenty days from and after such publication,
becomes or has become totally and permanently disabled or dies, or
has- died, without having applied for insurance, shall be deemed to
have applied for and to have been granted insurance, payable to such
person during his life in monthly installments of $25 each. If he
shaU die either before he shall have received any of such monthly
installments or before he shall have received two hundred and forty
of such monthly installments, then $25 per month shall be paid to
his wife from the time of his death and during her widowhood, or,to
his child, or widowed mother if and while they survive him: Provided, however. That not more than two hundred and forty of such
monthly installments, including those received by such persori during
his total and permanent disabiUty, shall be so paid; and in that
event the amount of the monthly installments shall be apportioned
between them as may be provided by regulations.
SEC. 402. That the director, subject to the general direction of the
Secretary of the Treasury, shall promptly determine upon and pubhsh the fuU and exact terms and conditions of such contract of
insurance. The insurance shall not be assignable, and shall not be
subject to the claims of creditors of the insured or of the beneficiary.
I t shaU be payable only to a spouse, child, grandchild, parent, brother
or sister, and also during total and-permanent disabUity to the injured
person, or to any or all of them. The insurance shall be payable in
two hundred and fortyequal monthly instaUments. Provisions for
maturity at certain ages, for continuous instaUments during the hfe
of the insured or beneficiaries, or both, for cash, loan, paid-up and
extended values, dividends from gains and savings, and such other
provisions for the protection and advantage of and for alternative
benefits to the insured and the beneficiaries as may be found to be
reasonable and practicable, may be provided for in the contract of
insurance, or from time to time by regulations. All calculations
shall be based upon the American Experience Table of Mortality and
interest at tliree and one-half per centum per annum, except that no
deduction shaU be made for continuous installments during the hfe
of the insured in case his total and permanent disabihty continues
more than two hundred and forty months. Subject to regulations,
the insured shaU at aU times have the right to change the beneficiary
or beneficiaries of such insui^ance without the consent of such bene-




154

REPORT ON THE FINANCES.

ficiary or beneficiaries, but only within the classes herein provided.
If 'no beneficiary .within the permitted class be designated by- the
insured, either in his lifetime or by his last wiU and testament, or if
the designated beneficiarv does not survive the insured, the insurance
shaU be payable to such person or persons, within the permitted
class of beneficiaries as would under the laws of the State of the
residence of the insured, be entitled to his personal property in case
of intestacy. If no such person survive the insured, then tnere shaU
be paid to the estate of tne insured an amount equal to the reserve
value, if any, of the insurance at the time of his death, calculated on
the basis of the American Experience Table of Mortality and three
and one-half per centum interest in fuU of aU obligations under the
contract of insurance.
SEC. 403. That the United States shall bear the expenses of administration and the excess mortality and disability cost resulting from
the hazards of war. The premium rates shall be the net rates based
upon the American Experience Table of Mortality and interest at
three and one-half per centum per annum.
SEC. 404. That during the period of war and thereafter until converted the insurance shall be term insurance for successive terms of
Orie year each. Not later than five years after the date of the termination of the war as declared by proclamation of the President of the
United States, the term irisurance shall be converted, without medical
examination, into such form or forms of insurance as may be prescribed by regulations and as the insured may request. Regulations
shall provide for the right to convert into ordinary life, twenty payment lif e, endowment Iriaturing at age sixty-two and into other usual
forms of insurance and shall prescribe the time and method of payment
of the premiums thereon, but payments of premiums in advance shall
not be required for periods of more than one month each and may be
deducted from the pay or deposit of the insured or be otherwise made
at his election.
SEC. 405. That in the event of disagreement as to a claim under
the contract of insurance between the bureau and any beneficiary or
beneficiaries thereunder, an action on the claim may be brought
against the United States in the district court of the United States in
and for the district in which such-beneficiaries or any one of them
resides. The court, as part of its judgment, shall determine and allow
such reasonable attorney's fees, not to exceed ten per centum of the
amount recovered, to be paid by the clainaarit on behalf of whom
such proceedings are instituted to his attorney; and it shall be unlawful for the attorney or for any other person acting as claim agent or
otherwise to ask for, contract for, or receive any other compensation
because of such action. No other compensation or fee shall be
charged or received by any person except such as may be authorized
by the commissioner in regulations to be promulgated by him. Any
person violating tihe provisions of this section shall be deemed guUty
of a misdemeanor, and upon conviction thereof shall, for each and
every such offense, be fined not exceeding $500, or be imprisoned at
hard labor not exceeding two years, or both, in the discretion of the
court.
SEC. 3.. That section eight of the Act entitled " A n Act to authorize
the President to increase temporarily the MUitary Establishment of
the United States," approved May eighteenth, nineteen hundred



SECRETARY OF T H E TREASURY.

155

and seventeen, shall be held and construed to authorize the President,
in accordance with the provisions of said Act and for the period of
the existing emergency only, to appoint as generals the Chiei of Staff
and the commander of the United States forces in France; and as
lieutenant general each commander oi an army or army corps organized as authorized by existing law: Provided, That the pay of the
grades of general and lieutenant general shall be $10,000 and $9,000
a year, respectively, with allowances appropriate to said grades as
determined by the Secretary of War: And provided. That brigadier
generals of the Army shall hereafter rank relatively with rear
admirals of the lower half of the grade. And, hereafter, the chief of
any existing staff corps, department, or bureau, except as is otherwise provided for the Chief of Staff, shall have the rank, pay,.and
allowances of major general.
Approved, October 6, 1917,
"




EXHIBIT K.
TREASURY

DEPARTMENT.

BULLETIN N O . 1.

BuBEAu OF WAR-RISK INSURANCE,
DIVISION OF MILITARY AND NAVAL INSURANCE.

TERMS AND CONDITIONS OF SOLDIERS' AND SAILORS'
INSURANCE.
I, William C. De Lanoy, Director of the Bureau of War-Risk Insurance in the Treasury Department, pursuant to th^ provisions of
section 402 of an act " t o amend 'An act to authorize the estabhshment of a Bureau of War-Risk Insurance in the Treasury Department,' approved September 2, 1914, and for other purposes," approved October 6, 1917, hereby, on this 15th day of October, 1917,
by direction of the Secretary of the Treasury, determine upon and
pubhsh these full and exact terriis and conditions of the contract
of insurance to be made under and by virtue of the act: .
1. Insurance will be issued for any of the following aggregate
amounts upon any one life:
Amount.

Sl,00n
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500

Converted into
monthly installments of—
$5. 75
8.63
11.50
14.38
17.25
20.13
23.00
25.88
28.75
31.63

Amount.

$6,000.
$6,500.
$7,000.
$7,500.
$8,000.
$8,500.
$9,000.
$9,500.
$10,000

Converted into
monthly installments of—
$34.50
37.38
40.25
43.13
46.00
48.88
51.75
54.63
67.50

Which installments will be payable during the total and permanent disability of the insured, or if death occur without such disability, for 240 months, or if death occur following such disabihty, for
a sufficient number of months to make 240 in all including months
of disability already paid for, in both cases except as otherwise
provided.
2. The insurance is issued at monthly rates for the age (nearest
birthday) of the insured when the insurance goes into effect, increasing annuaUy upon the anniversary of the pohcy to the rate for an age
one year higher, as per the following table of rates:
156




Age.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
S7.
SS.
S9.
40.
41.
42.
43.
44.
4546.
AT..
48.
49..
60.,
61.
62.,
63-,
64-,
65.,
66..
67.,
68.,
69.,
60.,
61.,
62..
63-.
64-.
65.,




$1,000.1$1,500. |S2,000.1$2,500.1$3,000.1$3,500.1$4,000.1 $4,500.1$5,000. [$5,500.1$6,000,
$0.63
.63
.63
.64
.64
.64
.65
.65
.65
.66
.66
.67
.67
.68
.69
.69
.70
.71
.72
.73
.74
.75
.76
.77
.79
.81
.82
.84
.87
.89
.92
.95
.99
1.03
1.08
1.14
1.20
1.27
1.35
1.44
1.53
1.64
1.76
1.90
2.05
2.21
2.40
2.60
2.82
3.07
3.35

$0.95
.95
.95
.96

.99
.99
1.01
1.01
1.02
1.04
1.04
1.05
1.07
1.08
1.10
1.11
1.13
1.14
1.16
1.19
1.22
1.23
1.26
1.31
1.34
1.38
1.43
1.49
1.55
1.62
1.71
1.80
1.91
2.03
2.16
2.30
2.46
2.64
2.85
3.08
3.32
3.60
3.90
4.23
4.61
5.03

$1.26
1.26
1.26
1.28
1.28
1.28
1.30
1.30
1.30
. 1.32
1.32
1.34
1.34
1.36
1.38
1.38
1.40
1.42
1.44
1.46
1.48
1.50
1.52
1.54
1.58
1.62
1.64
1.68
1.74
1.78
1.84
1.90
1.98
2o06
2.16
2.28
2.40
2.54
2.70
2.88
3.06
3.28
3.52
3.80
4.10
4.42
4.80
6.20
5.64
6.14
6.70

$1.58
1.58
1.58
1.60
1.60
1.60
1.63
1.63
1.63
1.65
1.65
1.68
1.68
1.70
1.73
1.73
1.75
1.78
1.80
1.83
1.85
1.88
1.90
1.93
1.98
2.03
2.05
2.10
2.18
2.23
2.30
2.38
2.48
2.58
2.70
2.85
3.00
3.18
3.38
3.60
3.83
4.10
4.40
4.75
6.13
5.53
6.00
6.50
7.05
7.68
8.38

$1.89
1.89
1.89
1.92
1.92
1.92
1.95
1.95
1.95
1.98
1.98
2.01
2.01
2.04
2.07
2.07
2.10
2.13
2.16
2.19
2.22
2.25
2.28
2.31
2.37
2.43
2.46
2.52
2.61
2.67
2.76
2.85
2.97
3.09
3.24
3.42
3.60
3.81
4.05
4.32
4.59
4.92
6.28
6.70
6.15
6.63
7.20
7.80
8.46
9.21
10.05

$2.21
2.21
2.21
2.24
2.24
2.24
2.28
2.28
2.28
2.31
2.31
2.35
2.35
2.38
2.42
2.42
2.45
2.49
2.52
2.56
2.59
2..63
2..66
2.70
2.77
2.84
2.87
2.94
3.05
3.12
3.22
3.33
3.47
3.61
3.78
3.99
4.20
4.45
4.73
6.04
6.36
6.74
6.16
6.65
7.18
7.74
8.40
9.10
9.87
10.75
11.73

$2.52 $2.84 S3.15
3.15
2.52
2.84
3.15
2.52
2.84
3.20
2.56
2.88
3.20
2.56
2.88
3.20
2.56
2.88
3.25
2.60
2.93
3.25
2.60
2.93
3.25
2.60
2.93
3.30
2.64
2.97
3.30
2.64
2.97
3.35
2.68
3.02
3.35
2.68
3.02
3.40
2.72
3.06
3.45
2.76
3.11
3.45
2.76
3.11
3.50
2.80
3.15
3.55
2.84
3.20
3.60
2.88
3.24
3.65
2.92
3.29
3.70
2.96
3.33
3.75
3.00
3.38
3.80
3.04
3.42
3.85
3.,08
3.47
3.95
3.16
3.56
4.05
3.24
3.65
4.10
3.28
3.69
4.20
3.36
3.78
4.35
3.48
3.92
4.45
3.56
4.01
4.60
3.68
4.14
4.75
3.80
4.28
4.95
3! 96
4.46
5.15
4.12
4.64
6.40
4.32
4.86
5.70
4.56
5.13
6.00
4.80
6.40
6.35
5.08
5.72
6.75
5.40
6.08
7.20
5.76
6.48
7.65
6.12
6.89
8.20
6.56 . 7.38
8.80
7.04
7.92
9.50
7.60
8.55
8.20
9.23 10.25
8.84
9.95 11.05
9.60 10.80 12.00
10.40 11.70 13.00
11.28 12.69 14.10
12.28 13.82 15.35
13.40 15.08 16.75

$3.47
3.47
>3.47
3.52
3.52
3.52
3.58
3.58
3.58
3.63
3.63
3.69
3.69
3.74
3.80
3.80
3.85
3.91
3.96
4.02
4.07
'4.13
4.18
4.24
4.35"^
4.46
4.51
4.62
4.79
4.90
5.06
6.23
5.45
5.67
6.94
6.27
6.60
6.99
7.43
7.92
8.42
9.02
9.68
10.45
11.28
12.16
13.20
14.30
15.51
16.89
18.43

500.1 $7,000.1 $7,500. ($8,000.1 $8,500.

$3.78 $4.10
4.10
3.78
4.10
3.78
4.16
3.84
4.16
3.84
4.16
3.84
4.23
3.90
4.23
3.90
4.23
3.90
4.29
3.96
4.29
3.96
4.36
4.02
4.36
4.02
4.42
4.08
4.49
4.14
4.49
4.14
4.55
4.20
4.62
4.26
4.68
4.32
4.38- 4.75
4.81
4.44
4.88
4.50
4.94
4.56
5.01
4.62
5.14
4.74
6.27
4.86
6.33
4.92
6.46
6.04
6.66
6.22
6.79
•5.34
5.98
6.52
6.18
6.70
6.44
5.94
6.70
6.18
7.02
6.48
7.41
6.84
7.80
7.20
8.26
7.62
8.78
8.10
9.36
8.64
9.95
9.18
9.84 10.66
10.56 11.44
11.40 12.35
12.30 13.33
13.26 14.37
14.40 15.60
15.60 16.90
16.92 18.33
18.42 19:96
20.10 21.78

$4.41.
4.41
4.41
4.48
4.48
4.48
4.55
4.554.55
4.62
4.62
4.69
4.69
4.76
4.83
4.83
4.90
4.97
5.04
5.11
5.18
5.25
6.32
5.39
5.53
5.67
5.74
6.88
6.09
6.23
6.44
6.65
6.93
7.21
7.56
7.98
8.40
•8.89
9.45
10.08
10.71
11.48
12.32
13.30
14.35
15.47
16.80
18.20
19.74
21.49
23.45

$4.73
4.73
4.73
4.80
4.80
4.80
4.88
4.88
4.88
4.95
4.95
5.03
5.03
6.10
6.18
6.18
6.25
6.33
6.40
5.48
6.55
6.63
6.70
5.78
6.93
6.08
6.15
6.30
6.53
6.68
6.90
7.13
7.43
7.73
8.10
8.55
9.00
9.53
10.13
10.80
11.48
12.30
13.20
14.25
15.38
16.58
18.00
19.50
21.15
23.03
25.13

$5.04
5.04
5 04
5.12
5.12
5.12
5.20
5.20
5.20
6.28
5.28
5.36
5.36
5.44
5.52
6.52
5.60
5.68
6.76
5.84
5.92
6.00
6.08
6.16
6.32
6.48
6.56
6.72
6.96
7.12
7.36
7.60
7.92
8.24
8.64
9.12
9.60
10.16
10.80
11.52
12.24
13.12
14.08
15.20
16.40
17.68
19.20
20.80
22.56
24.56
26.80

$5.36
5.36
5.36
5.44
5.44
5.44
5.53
5.53
5.53
5.61
5.61
5.70
5.70
5.78
5.87
5.87
5.95
6.04
6.12
6.21
6.29
6.38
6.46
6.55
6.72
6.89
6.97
7.14
7.40
7.57
7.82
8.08
8.42
8.76
9.18
9.69
10.20
10.80
11.48
12.24
13.01
13.94
14.96
16.15
17.43
18.79
20.40
22.10
23.97
26.10
28.48

1,000.1 $9,500. |.$^10,000.
$5.67
5.67
5.67
5.76
5.78
5.76
5.85
5.85
5.85
5.94
5.94
6.03
6.03
6.12
6.21
6.21
6.30
6.39
6.48
6.57.
6.66
6.75
6.84
6.93
7.11
7.29
7.38
7.56
7.83
8.01
8.28
8.55
8.91
9.27
9.72
10.26
10.80
11.43
12.15
12.96
13.77
14.76
15.84
17.10
18.45
19.89
21.60
23.40
25.38
27.63
30.15

$5.99
5.99
5.93
6.0.
6.C8
6.03
6.18
6.18
6.18
6.27
6.27
6.37
6.37
6.46
6.56
6.56
6.65
6.75
6.84
6.94
7.03
7.13
7.22
7.32
7.51
7.70
7.79
7.98
8.27
8.46
8.74
9.03
9.41
9.79
10.26
10.83
11.40
12.07
12.83
13.68
14.54
15.58
16.72
18.05
19.48
21.00
22.80
24.70
26.79
29.17
31.83

$6.30
6.30
6.30
6.40
6.40
6.40
6.50
6.50
6.50
6.60
6.60
6.70
6.70
6.80
6.90
6.90
7.00
7.10
7.20
7.30
7.40
7.50
7.60
7.70
7.90
8.10
8.20
8.40
8.70
8.90
9.20
9.50
9.90
10.30
10.80
11.40
12.00
12.70
13.50
14.40
15.30^
16.40
17.60
19.00
20.50
22.10
24.00
26.00
28.20
30.70
33.50

iQ

W

%
o
H

W

H

d

158

REPORT ON TFIE FUSTANCES.

Rates at ages higher or lower wiU be given on request.
The insurance may be continued at these increasing term rates
during the war and for not longer than five years after the termination
of the war, and may be continued thereafter without medical examination if the policy be converted into a form selected before the
expiration of such five years by the insured from the forms of insurance which wiU be provided by the bureau, provided that premiums are paid therefor at net rates computed by the bureau according
to th(B American Experience Table of Mortality and interest at 3^ per
cent per annum.
3. That the insurance has been granted wiU be evidenced by a
policy or policies issued by the bureau, which shall be in the following
general form (which form may be changed by the bureau from time
to time, provided that full and exact terms and conditions thereof
_ shaU not be altered thereby):
[Form of policy for $5,000.1
MILITARY AND. NAVAL INSURANCE POLICY.

No. 1.
Amount, $5,000.
Monthly installments, $28.75.

Age, 25.

THE UNITED STATES OF AMERICA
TREASURY DEPARTMENT
BUREAU OF WAR-RISK INSURANCE

Under the authority granted by Congress in an act amending
"An act entitled 'An act to authorize the establishment of a Bureau
of War-Risk Insurance in the Treasury Department,' approved
September 2, 1914, and for other purposes," approved October 6,
1917, and subject in all respects to the provisions of such act, of any
amendinents thereto, and of all regulations thereunder, now in force
or hereafter adopted, aU of which, together with this pohcy, the
application therefor, and the terms and conditions pubhshed under
authority of the act, shaU constitute the contract:
Hereby insures from and after the --„-^_ day of
„ . . , 19_-y
John Doe, of Ilhnois, private, Company A, Third Infantry, condi(Name, State of residence, and designation of the insured.)

tioned upon the payment of premiums as herein provided, for the
principal amount of $5,000, converted into monthly instaUments of
$28.75 (the equivalent, when paid for 240 months, of the sum
insured, on the basis of interest at the rate of 3^ per cent per annum)
payable
To the insured, if he/she, while this insurance is in force, shall
become totaUy and permanently disabled, commencing with such
disability as established by the award of the director of the bureau
and continuing during such disability; and




SECRETARY.OF THE TREASURY.

159

To the beneficiary or beneficiaries hereinafter designated, commencing upon the death of the insured, while the insurance is in
force, and (except as otherwise provided) continuing for 240 months
if no instaUments have been paid for total and permanent disability
or, if any such installments have been paid, then for a number of
months sufficient to make 240 in aU:
To Sarah Doe, wife of the insured;
If no beneficiary within the permitted class be designated by the
insured, either in the insured's hfetime or by his last wiU and testament, or if any above designated beneficiary is or becomes disqualified oi* does not survive the insured, the insurance (or if any
above designated beneficiary shaU survive the insured, but shaU
not receive aU the instaUments, then the remaining instaUments)
shall be payable to such person or persons within the permitted
class of beneficiaries as would under the laws of the insured's place
of residence be entitled to his personal property in case of intestacy.
If the insured became totally and permanently disabled before
this policy was applied for, it shall nevertheless be effective as life
insurance, but not as insurance against such disability.
This policy is not assignable, and payments thereunder to the
insured or a beneficiary are not subject to claiins of creditors of the
insured or beneficiary.
The insured may at any time, subject to the regulations of the
bureau, change the beneficiary or beneficiaries to any person or
persons within the classes permitted by the act,, without the consent
of the beneficiary or beneficiaries.
Upon the written request of the insured, accompanied by this
policy for indorsement, or after his/her death, upon request of a
beneficiary at the time of making claim, the insurance payable to
any beneficiary may be converted into installments of reduced
amounts payable for 240 months certain and for as much longer
as such beneficiary shall survive, such instaUments to be computed
in accordance with the American Experience Table of Mortahty
and 3^ per cent interest.
Premiums shall be paid monthly on or before the last day of each
calendar month and wiU, unless the insured otherwise elects in writing,
be deducted from any pay diie him/her from the United States or
deposit by him/her with the United States, and, if so to be deducted,
a premium when due wUl be treated as paid, whether or not such
deduction is in fact made, if upon the due date the United States
owe him/her on account of pay or deposit an amoimt sufficient to
provide the premium, provided that the premium may be paid
within 31 days after the expiration of the month, during which period
of grace the insurance shall remain in fuU force. If any premium
be not paid, either in cash or by deduction as herein provided, when




160

REPORT ON TFIE FINANCES.

due or within the days of grace, this insurance shaU immediately
terminate, but may be reinstated within six months upon compliance
with the terms and conditions specified in the regulations of the
bureau.
If the age of the insured has been misstated, the amount of insurance shall be adjusted at the amount not in excess of $10,000 which
the premium actually paid would purchase at the insured's attained
During the present war and for not more than five years thereafter,
or untU the earlier conversion of this policy as hereinafter provided,
the monthly premium shaU be in accordance m t h the foUowing table
of rates, increasing at each anniversary of the pohcy to the rate for
his/her then attained age:
Table of premiums for .^5,000.
[Ages 15 to 65.!
Monthly
rate.

A t t a i n e d age.

15
16
17

-.
•

] 8

19
20 . . - .
21
22
23
«
24
25
26
27
:
28
otg
30
31
32 . . .
33
34
35
36
37
3S
39
40
. .

•-

:
-

-.
.
.

-

:

:

.-.

$3.15
3.15
3.15
3.20
3.20
3.20
3.25
3.25
3.25
3.30
3.30
3.35
3.35
3.40
3.45
3.45
3.50
3.55
3.60
3.65
3.70
3.75
3.80
3.85
3.95
4.05

Monthly
rate.

A t t a i n e d age.

41
42
43
44
45
^6
47......
48.- . - . . .
49............
50
51
52..
53
54
55
56
57
58
59
60
61. . .
62
63
64
65

.

..
. . . .

S4.10
4.20
4 35
4.45
4.60
4.75
4.95
5 15
5.40
5 70
6.00
6.35
6.75
7.20
7 65
8.20
8.80
9.50
10.25
11.05
12.00
13.00
14.10
15.35
16.75

Not later, than five years after the war this policy, if written request
be made to the bureau therefor, accompanied by this policy, will be
converted without medical examination into any form of insurance
selected from among those that may "be prescribed by regulations of
the bureau. Such converted insurance wiU be at net premiums,
computed in accordance with the American Experience Table ot*
Mortality and 3^ per cent interest per annum and wiU provide for
cash, loan, paid-up, and extended insurance values.
Wherefore the United States of America has caused this policy to
be signed by the Secretary of the Treasury and by WiUiam C. De




SECRETARY OF THE TREASURY.

161

Lanoy, the Director of the Bureau of War-Risk Insurance, and countersigned by the registrar or an assistant registrar of the bureau.
W. G. MCADOO,

'

Secretary of the Treasury.

WILLIAM C. D E LANOY,

Director of the Bureau of War-Rislc Insurance.
Countersigned at Washington, D. C., this ~
day of
19
.

•

,

Registrar.
4. Persons entitled to apply for this insurance are—
(1) A commissioned officer (iacluding a warrant officer) in active
service in the inilitary or naval forces of the IJnited States.
(2) Any person, male or female, enlisted, enrolled, or drafted into
active service in the military or naval forces of the United States,
including noncommissioned and petty officers and members of training camps authorized by law.
The term "military or nava,l forces" means the Army, the Navy,
the Marine Corps, the Coast Guard, the Naval Reserves, the National
Naval Volunteers, and any other branch of the United States service
while serving pursuant to law with the Army or the Navy.
(3) Any member of the Army Nurse Corps (female) or of the
Navy Nurse Corps (female) while employed, in active service under
the War Department or Nayy Department, respectively.
5. Insurance may be apphed for in favor of one or more of the
following persons with sum of $500 or a multiple thereof for each
beneficiary, the aggregate not exceeding the limit of $10,000 and
not less than $1,000 upon any one life:
Husband or wife.
ChUd, including legitimate child; chUd legaUy adopted before
April 6, 1917, or more than six montlis before enhstment or entrance
into or employment in active service, whichever date is the later;
stepchild, if a member of the insured's household; Ulegitimate child,
but, if the insured is his father, only if acknowledged by instrument
in writing signed by him, or if he has been judicially ordered or dcT
creed to contribute to such chUd's support, and if such chUd, if born
after December 31, 1917, shaU have been born in the United States
or in its insular possessions.
GrandchUd, meaning a child, as above defined, of a child as above
defined.
Parent, including father, mother, grandfather, grandmother,
stepfather, and stepmother, either of the insured or of his/her spouse,
13034°—n 1917




11

162

REPORT ON THE FINANCES.

Brother or sister, including of the half blood as weU as of the
whole blood, stepbrothers and stepsisters and brothers and sisters
through adoption.
Unless other designation is made by the insured, such person or
persons, within thie permitted class of beneficiaries, as would under
the laws of the place of residence of the insured be entitled to his
personal property in case of intestacy shall be deemed designated as
the beneficiary or beneficiaries to whom shaU be paid any installments
remaining unpaid upon the death, or dis quahfication under the provisions of the act, of any named beneficiary.
In case the applicant does not desire the premium to be deducted
from his/her pay (or his/her deposit) he/she should so elect in writing
at the time of making application; but if no election is made it shall
have the effect to provide for such deduction from his/her pay, or
if such pay be insufficient, any balance from his/her deposit.
7. Apphcations for insurance are to be made upon the blanks provided by the bureau, but any writing sufficiently identifying the
apphcant and specifying the amount of insurance shall be deemed
sufficient. Upon request of the bureau, however, the apphcant shall
fill out and sign the proper blank as of the original date.
8. If a signed writing requesting uisurance for less than $4,500 is
mailed or delivered before the 12th day of February, 1918, to the
Bureau of War-Risk Insurance, Washiagton, D. C , or to any branch
thereof or to any officer of the United States authorized to receive
the same, such insurance, in the absence of other specification in
such writing, shaU be and be deemed apphed for and the contract
made on such 12th day of February, 1918, the provisions of section
401 as to automatic iasurance meanwhile continuing in fuU force;
if so mailed or dehvered on or after such day, or if for $4,500 or more,
though maUed or dehvered before such day, the iasurance shall, in the
absence of other specification ia such writing, be and be deemed
apphed for and the contract made on the day of maUing or delivery.
9. These terms and conditions are subject in aU respects to the
provisions of such act and of any amendments thereto and of all
regulations thereunder now in force or hereafter adopted.
WILLIAM C. D E LANOY,

Director ofthe Bureau af War-Bisk Insurance.
WASHINGTON, D . CO,

Octoher 15, 1917.




E X H I B I T L.
TREASURY

DEPARTMENT,

BuEEAU OF W A R - R I S K INSUEANCB,
D I V I S I O N OF M I L I T A E T AND NAVAL INSURANCE.

BULLETIN N O . 2.

B R I E F OUTLINE OF FAMILY ALLOWANCES, ALLOTMENTS,
COMPENSATION, AND INSURANCE FOR T H E MILITARY
AND NAVAL FORCES OF T H E UNITED STATES PROV I D E D UNDER ACT OF CONGRESS A P P R O V E D OCTOBER
6, 1917.^
By act of Congress approved October 6, 1917, the United States
makes certain provisions for the families and dependents of the
inembers of its military and naval forces.
The full title of the law, which is sometimes referred to as the soldiers and sailors insurance law, is "An act to amend an act entitled
'An act to authorize the establishment of a Bureau of War-Risk
Insurance in the Treasury Department.'"
The law provides-, in brief, the following:
1. For the support, during the war, of the families and dependents
of enlisted men.
(a) Allotments of pay.—Certain proportions of pay are to be withheld from the man and paid directly to the families or dependents,
or for insurance, or for other purposes. Allotment or deposit of
one-half of pay may be required in all cases.
(b) Family allowances.—In addition to all allotments of pay by
the man, the United States will pay monthly allowances to the wife,
children, and certain dependents.
2. For the protection of officers and enlisted men and their dependents from the hazards of injury, disease, and death.
(a) Compensation.—Monthly payments, for disability and death
due to injury and disease incurred in the line of duty.
(b) Insurance.—Provided by the United States upon application
and payment of premium, without medical examination, against
total permanent disability and death. The premium will be at normal peace rates without loading, and the United States will bear the
extra cost due to war service. Provision is made for the continuation
of the insurance after leaving the service.
M I L I T A R Y A N D NAVAL P A Y DEPOSIT F U N D

(SEC.

21).^

A separate fund created in the Treasury, for deposit of allotments
of pay for the benefit of the men themselves.
These deposits to receive 4 per cent interest, compounded semiannually.
The Secretary of War and the Secretary of the Navy may require
every enlisted man to deposit in this fund such proportion of his
1 Prepared for the conference of Army and Navy officers and representatives, Oct. 16-lH,
1917, Washington, D. C
•
? Section references cite the sections of the law which are here summarized.




163

164

REPORT ON THE FINANCES.

pay, not otherwise allotted, as will, added to the compulsory allotment, equal one-half pay.
D E F I N I T I O N S FOR T H E PURPOSES OF T H E ACT (SEC. 2 2 ) .

" Military or naval forces " means the Army, the Navy, the Marine
Corps, the Coast Guard, the Naval Reserves, the National Naval
Volunteers, and any other branch of the United States service while
serving pursuant to law with the Army or the Navy.
" Commissioned officer" includes a warrant officer, but includes
only an officer in active service.
" Man " or " enlisted man " means person, male or female, in active
service in the military or naval forces of the United States, and
includes noncommissioned and petty officers and members of training camps.
" Injury " includes disease.
" Pay " means the pay for service in the United States according
to grade and length of service, excluding all allowances.
" Child " is limited to an unmarried person either under 18 years
of age, or incompetent, and includes, under certain conditions, a
stepchild, adopted child, and illegitimate child.
" P a r e n t " includes a parent, grandparent, and step-parent, either
of the person in the service or of the spouse.
" B r o t h e r " and " s i s t e r " include brothers and sisters of the half
blood as well as those of the whole blood, stepbrothers and stepsisters,
and brothers and sisters through adoption.
The bureau on request shall furnish information to and act for
persons in service with respect to insurance as may be prescribed by
regulation, and may on request keep records of policies, companies,
etc. (Sec. 24.)
Punishment provided for perjury or fraud. (Sees. 25-26.)
A L L O T M E N T S A N D F A M I L Y ALLOWANCES.

(Applies to enlisted men, not to officers.)
A L L O T M E N T OF P A Y (SEC. 2 0 1 ) .

Allotment of pay, compulsory as to wife (divorced wife in certain
cases), compulsory ds to child, voluntary as to other persons.
Monthly compulsory allotment shall be in an amount equal to
family allowances hereinafter specified but not more than one-half
pay, or less than $15.
The enlisted man may allot any proportion or amount of his pay
in addition to the compulsory allotment for such purposes and persons as he may direct, subject to regulations. (Sec. 202.)
The Secretary of War and the Secretary of Navy may require that
any proportion of one-half pay which is not allotted shall be deposited in the military and naval pay deposit fund for the benefit of
the man. (Sec. 203.)




SECMO^AEY OF T H E TREASURY.

165

Compulsory allotment may be waived on written consent of wife,
supported by evidence of her ability to support herself and children.
(Sec. 201.)
Compulsory allotment may be excused for good cause shown, subject to regulations. (Sec. 201.)
FAMILY A L L O W A N C E (SEC.

204).

A family allowance not to exceed $50, in addition to pay allotted
by the man,' shall be paid by the United States.
Family allowance shall be paid upon application, which may be
made by the man, or made by or in behalf of the beneficiary.
No family allowance shall be made for any period preceding November 1, 1917.
Family allowance will be paid from the time of enlistment, but
ceases one month after the termination of the war, or at death in, or
one month after discharge from the service.
BENEFICIARIES ENTITLED TO FAMILY ALLOWANCE, AND SCHEDULES.

/ / the enlisted person is a m a n :
Class A. Wife, child, or children:
{a) If there be a wife but no child, $15.
(&) If there be a wife and one child, $25.
{c) If there be a wife and two. children, $32.50, with $5 per
month additional for each additional child.
{d) If there be no wife, but one child, $5.
{e) If there be no wife, but two children, $12.50.
(/) If there be no wife, but three children, $20.
{g) If there be no wife, but four children, $30, with $5 per
month additional for each additional child.
Class B. Grandchild, parent, brother or sister:
(a) If there be one parent, $10.
(&) If there be two parents, $20.
((?) Fbr each grandchild, brother, sister, and additional
^ parent, $5,
'
If the enlisted person is a woman:
Class A. (None.)
Class B. Child, grandchild, parent, brother or sister;
(«) If there be one parent, $10.
(&) If there be two parents, $20.
(c?) For each grandchild, brother, sister, and additional
parent, $5.
{d) If there be one child, $5.
\e) If there be two chUdren, $12.50.
(/) If there be three children, $20.
{g) If there be four children, $30, with $5 per month additional for each additional child.



166

REPORT OK T H E FINANCES.

Family allowances for class A shall be paid only if and while a
compulsory allotment is made to a member or members of such class.
(Sec. 205.)
Family allowances to members of class B shall be paid only if and
while the member is dependent in whole or in part on the enlisted
man, and only if and while an allotment of pay is made to a member
or members of such class. (Sec. 206.)
The total monthly allowance to beneficiaries of Class B added
to the enlisted man's monthly allotment to them shall not exceed the
average sum habitually contributed by him to their support monthly.
The commissioner after investigation shall make an award, on
which the amount of allotments shall be determined.
The commissioner shall have continuing jurisdiction over his
awards.
The amount of each monthly allotment an(i allowance shall be determined according to the conditions then existing. (Sec. 210.)
COMPENSATION FOR DEATH OR DISABILITY (SEC.

300).

Compensation is payable to officers and enlisted men and to members of the Army Nurse Corps or of the Navy Nurse Corps when
employed in active service under the War or Navy Department.
Compensation shall be payable for death or disability resulting
from personal injury suffered or disease contracted in line of duty,
unless caused by the person's own willful misconduct.
The cost of compensation shall be paid by the United States without contributions from the persons protected.
COMPENSATION IN CASE OF DEATH (SEC. 3 0 1 ) .
TO FAMILY.

The only persons entitled to receive compensation in case of death
are the widow, children, and dependent widowed mother of the
deceased.
The monthly sums payable in each case are stated and are not based
upon the pay of the deceased.
(a) For a widow alone, $25.
(b) For a widow and one child, $35.
(c) For a widow and two children, $47.50, with $5 for each additional child up to two.
(d) If there be no widow, then for one child, $20.
(e) For two children, $30.
(/) For three children, $40, with $5 for each additional child
up to two.
(g) For a widowed mother, $20. The amount payable under this
subdivision shall not be greater than a sum which, when
added to the total amount payable to the widow and children, does not exceed $75.



SECRETARY OF THE TREASURY.

167

Compensation to a widow or widowed mother shall continue until
death or remarriage.
Compensation to a child shall cease at the age of 18, or at marriage, unless the child is incompetent.
FUNERAL ALLOWANCE.

The United States shall pay burial expenses not to exceed $100.
COMPENSATION I N CASE OF TOTAL DISABILITY ( S E C . 3 0 2 ) . .

During the continuance of total disability, monthly compensation
shall be paid to the injured person.
The amounts payable monthly are stated in this section; they are
not based upon the pay of the injured person.
^ (a) If he has neither wife nor child living, $30.
(b) If he has a wife but no child liying, $45.
(c) If he has a wife and one child living, $55.
(d) If he has a wife and two children living, $65.
(e) If he has a wife and three or more children living, $75.
(/) If he has no wife but one child living, $40, with $10 for each
additional child up to two.
(g) If he has a widowed mother dependent upon him for support,
then, in addition to the above amounts, $10.
To an injured person who is totally disabled and in addition so
helpless as to be in constant need of a nurse or attendant, such additional sum shall be paid, but not exceeding $20 per month, as the
director may deem reasonable.
For certain specified conditions, or if the injured person is permanently bedridden, $100 monthly compensation is provided. (But
no allowance for a nurse shall be made.)
COMPENSATION I N CASE OF PARTIAL DISABILITY.

The amount of compensation in case of partial disability is a percentage of the compensation provided in case of total disability.
The percentage is equal to the reduction in earning capacity resulting from the injury:
A schedule of disability ratings shall be adopted, based upon
average impairments of earning capacity in civil occupations resulting from specific injiiiries of a permanent nature.
PROVISIONS RELATING TO DISABILITY.

I n addition to compensation the United States shall furnish medical, surgical, and hospital services, and supplies.
Provision is made for frequent examinations of the disabled.
Every person in receipt of compensation shall submit to reasonable treatment. (Sec. 303.)



168

"

REPORT ON THE FINANCES.

Courses of rehabilitation and reeducation may be provided by the
United States. If the following of such a course prevents the injured person from earning a living he must (under penalty of suspension of compensation during refusal) enlist in the service, in
which case he receives full pay and his family receives allowances
and allotments as above provided, in lieu of compensation while
the course continues. (Sec. 304.)
The bureau has (continuing jurisdiction over compensation cases.
(Sec. 305.)
CONDITIONS GOVERNING COMPENSATION.

Death or disability, to be compensable, must occur while in the
service or within one year after discharge or resignation.
Except that, if the injured person, within one year after leaving
the service, shall undergo a medical examination and obtain a certificate that he is suffering from an injury likely to cause death or disability, compensation shall be payable whenever death or disability
resulting from such injury occurs. (Sec. 306.)
Compensation shall not be payable for death in the course of the
service until the death be officially recorded in the department under
which the person may be serving.
No compensation shall be payable for a period in which the man
has been reported missing and a family allowance has been paid
for him. (Sec. 307.)
Death inflicted as a punishment for a crime or military offense is
not compensable unless it is inflicted by the enemy.
Dishonorable discharge is a bar to any compensation. (Sec. 308.)
Compensation is not assignable and is exempt from attachment,
execution, and from all taxation. (Sec. 311.)
Compensation shall not be paid while the person is in receipt of
service or retirement pay.
Except as rights have heretofore accrued, existing laws providing
payments in the event of death in the service and existing pension
laws shall not be applicable to persons now or hereafter in the
service.
Compensation to members of the Army Nurse Corps or of the
Navy Nurse Corps is in lieu of compensation under the act of September 7,1916. (Sec. 312.)
WHEN CLAIM MUST BE FILED.

I n case of disability, claim must be filed within five years after
discharge or resignation from the service; or, if the disability occur
after leaving the service, within five years after the beginning of
disability.
In case of death during the service, the claim must be filed within
five years after the death is officially recorded in the department in
which the person is serving.



SECRETARY OF THE TREASURY.

169

I n case of death after discharge or resignation from the service,
the claim must be filed within five years after death. (Sec. 309.)
No compensation shall be payable for any period more than two
years prior to the date of claim. (Sec. 310.)
INSURANCE.

Insurance against death or total permanent disability is provided
by the United States and made available to every officer and enlisted man and to members of the Army Nurse Corps and Navy
Nurse.Corps when employed in active service under the War and
Navy Departments.
Insurance must be in multiples of $500 and not less than $1,000
or more than $10,000.
Insurance must be granted upon application to, and payment of
premium to, the bureau.
Insurance must be granted without medical examination. (Sec.
400.)
Insurance must be applied for within 120 days after enlistment
and before discharge or resignation from the service.
Persons who are in active service at the time of the publication of
terms and conditions may apply at any time within 120 days thereafter, while in service. (This period expires February 12, 1918.)
AUTOMATIC

INSURANCE.

Any person in active service on or after the 6th of April, 1917,
is insured automatically until February 12, 1918, unless he has
applied for insurance to take effect at an earlier date.
The protection thus given is against death and against total permanent disability occurring, while in active service, from April 6,
1917, to February 12, 1918, inclusive.
If the insured person die, without having become so disabled, during the period stated, monthly installments, of $25 each will be paid
his wife, child, or widowed mother. These installments are payable
to the wife during her widowhood or to the child or widowed mother
while they survive him, but not more than 240 installments shall be
SO paid.
If the insured person becomes totally and permanently disabled
during the period stated he will receive an income payable in monthly
installments of $25 each during disability. If he die, like installments
are payable to the wife during her widowhood or to the child or
widowed mother while they survive him, but not more than 240
installments less the number of installments that may have been
paid to the insured while disabled shall be so paid. (Sec. 401.)
I N S U R A N C E DETAILS.

Insurance shall not be assignable or subject to claims of creditors
of the insured or of the beneficiaries.



170

REPORT ON THE FINANCES.

Insurance shall be payable only to a wife or husband, child, grandchild, parent, brother, or sister of the Injured or to himself. (Automatic insurance is payable only to a wife, child, or widowed mother.)
Insurance shall be payable in 240 monthly installments, except
that in the case of total permanent disability monthly installments
will be continued throughout the duration of disability.
Provisions for endowment, continuous installments, surrender
values, dividends, etc., as may be reasonable, may be provided by
regulation.
The insured has the right to change the beneficiary without consent, but only within the permitted class.
If no beneficiary within the permitted class be designated by the
insured, either in his lifetime or by his last will and testament, or if
the designated beneficiary does not survive the insured, the insurance
(or if any beneficiary survives the insured but does not receive all
the installments, then the remaining installments) shall be payable
to such person or persons, within the permitted class of beneficiaries,
as would under the laws of the State of the residence of the insured
be entitled to his personal property in case of intestacy. If no such
person survive the insured, then there shall be paid to the estate of
the insured an amount equal to the reserve value, if any, of the insurance at the time of his death. (Sec. 402.)
The United States shall bear the expense of administration, and
the excess mortality and disability cost resulting from hazards of
war.
Premium rates shall be net rates, based upon the American Experience Table of Mortality, and 3^ per cent interest. Such rates do
not include any provision for expenses. (Sec. 403.)
During the period of the war and for five years thereafter, unless
sooner converted, the insurance shall be term insurance for successive
terms of one year each.
For five years after the termination of the war the insured shall
have the right to convert this term insurance into any of the usual
forms of insurance at the net premium rate for such forms of
insurance.
No medical examination can be required as a condition of converting the insurance.
Unless the privilege of conversion is exercised the insurance can
not be continued after the expiration of the five-year period.
To carry out the privilege of conversion, ordinary life insurance,
20-payment life insurance, endowment maturing at age 62, and other
usual forms of insurance shall be provided.
Premiums shall not be required for more than one month in advance and may be deducted from the pay or deposit of the insured.




ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS.




171




ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS.
The following is a summary of the reports of bureaus and divisions
of the Treasury Department for the fiscal year ended June 30, 1917,
with the exception that the figures in relation to public moneys are
brought down to.November 1, 1917.
TREASURER OF T H E U N I T E D STATES.

The ordinary receipts in 1917 were $1,118,174,126.43, an increase of
$338,509,573.94 as compared with those of 1916. The ordinary disbursements were $1,147,898,991.16, an increase of $423,405,992.26 by
like comparison. The net result for the year on ordinary account was
a deficit of $29,724,864.73.
The disbursements made on Panama Canal account during the fiscal
year were $19,262,798.32, while the receipts from tolls, etc., were
$6,150,668.59. The net excess of disbursements over receipts was
$13,112,129.73, which was paid out of the general fund of the Treasury.
During .the fiscal year 1917 extraordinary expenditures of public
moneys were made under provisions,of law as follows: Purchase
of Danish West Indian Islands, act of March 3, 1917, $25,000,000;
subscriptions to stock of Federal land banks, act of July 17, 1916,
$8,880,315; and purchase of obligations of foreign governments engaged in war with the enemies of the United States, $885,000,000;
making a total of $918,880,315.
The transactions in the public debt during the fiscal year 1917
were as follows: Receipts for Postal Savings bonds, act of June 25,
1910, $1,794,660; for retirement of national-bank notes, act of July
14, 1890, $37,293,045; for one-year Treasury notes, act of December
23, 1913, $4,390,000; for certificates of indebtedness, acts of March 3
and April 24,1917, $918,205,000; and for Liberty bonds, act of April
24, 1917, $1,466,335,094.61; making a total of $2,428,017,799.61 received, while the disbursements on account of principal of matured
loans and fractional currency were $18,398.75; for national-bank
notes canceled and retired, $40,564,115.50; for certificates of indebted-




173

1-74

REPORT ON TI-IE FINANCES.

ness, $632,572,268; and for one-year Treasury notes, $4,390,000; making a total disbursement for the debt of $677,544,782.25. The net
result was an excess of receipts of $1,750,473,017.36.
The balance in the Treasury of the United States on June 30, 1917
(exclusive of credits to disbursing officers), was $967,247,123.48, as
against a balance (excluding credits to disbursing officers) on June
30, 1916, of $178,491,415.58, showing an increase for the year of
$788,755,707.90.
During the fiscal year 1917 the redemptions from the reserve fund
were, in United States notes, $38,555,910. The redeemed notes were,
under the provisions of the act of March 14, 1900, immediately .exchanged for gold, and thereby the reserve was maintained in volume
and character..
During the fiscal year 1917 the gold ui the Treasury attained a
maximum at $2,445,875,313.94 on April 11, 1917, and at the close of
the year it amounted to $2,325,472,035.87, an increase of $521,978,103.04 as compared with that of 1916. Set apart for the respective
uses, it was held on the following accounts: Reserve fund, $152,979,025.63; trust funds (for redemption of gold certificates in actual
circulation), $1,584,235,909; gold settlement fund of Federal Reserve
Board, $526,295,0.00; and in general fund (belonging to the Treasu r y ) , $61,962,101.24.
The imports of gold during the year were $977,176,026, the exports
$291,921,225, and the net excess of imports $685,254,801.
During the fiscal year 1917 the currency distributed from the
Treasury in Washington to the subtreasuries and to the banks
amounted to $1,353,485,620, an increase of $259,737,595 as compared
with that of 12 months earlier.
The balance of public moneys on deposit in designated depositaries
at the close of the fiscal year 1917 was, in Federal reserve banks,
$299,871,632.42; in national banks, $39,395,650.24; and in special
depositaries, $783,922,759.51; making a total of $1,123,190,042.17.
The general stock of money in the United States at the close of
the fiscal year 1917 amounted to $5,407,990,026, an increase of
$925,130,893 as compared with that of the preceding year. The
growth in gold was $569,440,358; in silver, $9,415,430; in Federal
reserve notes, $371,239,510; and in Federal reserve bank notes,
$3,790,245, while the national-bank notes decreased $28,754,650.
There was no change in the volume of United States notes. The
money in circulation increased in volume by $739,477,870, and
amounted to $4,763,575,632 on June 30, 1917. The circulation per
capita was $45.74, and the share of gold to whole circulation 50.97
per cent.
The notes and certificates of United States^paper currency issued
during the fiscal year numbered 390,016,642 pieces, of the total value




SECRETARY OF THE TREASURY.

.

175

of $2,068,356,000. The redemptions were 354,926,184 pieces, of the
total value of $1,711,773,000. The pieces outstanding number 417,938,931, of the total value of $2,935,273,685. The average cost of
each piece of United States paper currency issued and redeemed ia
about 1.526 cents, and the annual cost of maintenance of the currency
issued by the National Government averages slightly less than onefifth of 1 per cent of the amount outstanding.
National-bank notes amounting to $406,462,419 were presented for
redemption during the fiscal year 1917. This sum was 56 per cent of
the average circulation outstanding. Of the notes received at the
Treasury, $50,655,650 were fit for use and were returned to the banks
of issue for further circulation.
Fiederal reserve notes amounting to $54,061,530 were presented for
redemption during the year, of which $12,430,300 were fit for use and
were returned to banks arid agents for further circulation.
Federal reserve bank nbtes amounting to $1,307j770 were presented
for redemption, of which $27,550 were fit for use and were returned
to banks of issue for further circulation.
The expenses of redemption, amounting to $420,160.42, have been
assessed upon the national and Federal reserve banks, as follows:
Rates per

National banks:
$1,000.
Notes redeemed on 5 per cent fund account (not including notes
of District of Columbia banks)
$0, 98350465
Notes redeemed on 5 per cent fund account, District of Columbia banks only___
-.
. 80183925
Notes redeemed on retirement accounts (all banks)
. 75066067
Federal reserve banks:
Federal reserve bank notiBS—
Redeemed on 5 per cent fund account
:
. 98350465
Redeemed on retirement account
'^ . 75066067
Federal reserve notes—
'
Redeemed out of gold redemption fund—
Fit for use
=
.26587773
Unfit for use
:
^^______
.34754844
Received direct from banks of issue
. 21470070

This departure from the method of making previous assessments
is to effect a more equitable apportionment of the expense and,
while it has not been practicable in this assessment to adjust all
items of expense to an exactly equitable basis, it will be feasible for
1918.
Experience in recent years makes clear that the supply" of small
notes is not equal to the demand. No rule can be set up by theory of
the proper ratio of the several denominations to each other. The
needs of business clamor for small bills as instruments of local trade.
The growth in the volume of the $1, $2, $5, and $10 denominations
of United States paper currency for the past two years measures




176

REPORT ON THE FINANCES.

the efforts of the Treasury to respond to the demands for small
notes. The additions to the denominations named are shown in the
statement following:
Amoimt outstanding.
Denomiaations.
July 1,1915.
One dollar
Two dollars,.
Five dollars '.•
Ten dollars

.•..

Total ($10 and under)
Per cent of increase

. .
^

July 1,1916.

July 1, 1917.

$177,012,037
61,337,813
385,536,012
348,239,657

$205,529,482
67,522,853
426,003,857
413,477,757

$227,157,001
74,036,909
404,255,292
615,277,637

972,125,519

1,112,533,949
14.4

1,220,726,839
9.7

The United States bonds in the custody of the Treasurer pledged
to secure bank circulation amounted to $681,333,060 on June 30, 1917,
a decrease of $20,488,170 as compared with those of 12 months
earlier. United States bonds and other securities amounting to
$43,054,350 were held to secure public deposits in national banks.
The securities held for the safe-keeping of deposits in postal savings
depositaries amounted to $169,987,745.12.
The stock of standard silver dollars in the United States at the
close of the fiscal year 1917 was $568,269,513, of which $71,825,375
were in circulation and $496,444,138 were held in the Treasury,
against which Treasury notes and silver certificates to the amount of
$479,154,920 were outstanding. Silver dollars were shipped to depositors therefor at the expense of the consignee for transportation
as usual duririg the fiscal year. The stock of subsidiary coin in the
country is $198,274,719, of which $4,422,622 was held in the Treasury
and the balance, $193,852,097, was in circulation on June 30, 1917.
At the close of the fiscal year 1917 the trust funds, gold, and silver
held to"" redeem outstanding notes and certificates amounted to
$2,063,390,829, an increase of $5,981,438 as compared with like holdings 12 months earlier. The increase in gold was $18,835,620, while
the silver decreased $12,854,182.
The balance in the gold settlement fund July 1, 1916, was $155,510,000. The deposits therein during the fiscal year 1917 were $567,925,000, while the withdrawals' were $197,140,000, leaving a balance
in said fund of $526,295,000 on June 30, 1917.
The act approved June 21, 1917, amending the Federal reserve act,
contains provisions for simplifying the manner of keeping this
account, viz: Deposits of gold coin or gold certificates are received
by the Treasurer or any Assistant Treasurer of the.United States
when tendered by any Federal reserve bank or Federal reserve agent
for credit to its or his account with the Federal Reserve Board. Deposits so made are held subject to the order of the Federal Reserve




SECRETARY OF THE TREASURY.

177

Board and are payable in gold coin or gold certificates on the order
of the Federal Reserve Board to any Federal reserve bank or Federal reserve agent at the Treasury or at the subtreasury of the United
States nearest the place of business of such Federal reserve bank or
such Federal reserve agent. All expenses incident to the handliag
of such deposits shall be paid by the Federal Reserve Board and
included in its assessments against the several Federal reserve banks.
The balance to the credit of the gold settlement fund is shown
on the daily statement of the United States Treasury.
District of Columbia,
The transactions of the Treasurer of the United States, ex officio
commissioner of the sinking fund of the District of Columbia, are
fully set forth in a separate statement.
During the fiscal year 1917 the funded debt retired amounted to
$130,600, and there was purchased for this fund $631,000 of United
States bonds and $6,000 was deposited with the Federal Reserve
Bank of Richmond, Va., on account of a subscription to the first
Liberty loan of 1917. This reduces the bonded debt of the District
of Columbia to $6,049,350, while as an offset agairist this there is
held in trust by the Treasurer $1,326,()00 of United States bonds.
With the beginning of the fiscal year 1917 the Treasurer held for
the District of Columbia contractors $254,652.69. The law providing
for this 10 per cent guaranty fund was eliminated by Congress during the present fiscal year, with provision for the repayment of all
such amounts on authorization by the Commissioners bf the District
of Columbia, with the result that the Treasurer now holds but $132.51
as a balance due District of Columbia contractors, this amount beiug
unclaimed. The old securities of the District of Columbia held in
the care and custody of the Treasurer are: Chesapeake & Ohio
Canal bonds, $84^285; board of audit certificates, $20,134.72; total,
$104,419.72.
COMPTROLLER OF THE CURRENCY.

The fiscal year ending June 30, 1917, has witnessed the greatest
growth in the resources of the national banks of the United States
that has been shown in any year since the inauguration of the
national-banking system. "
The total resources of the national banks at the call of June 20,
1917, were $16,290,406,000, the increase during.the year being $2,363,538,000. This was an increase of $5,253,487,000 as compared with
the call of June 4, 1913, toward the close of the last fiscal year preceding the passage of the Federal reserA^e act, the resources in June,
1913, having amounted to $11,036,919,000.
13034°—FI 1917




12

178

REPORT ON T H E FINANCES.

On June 30, 1917, there were 7,635 national banks in operation or
authorized to begin business, being the greatest number of banks
reported at any time since the beginning of the system.
On June 20, 1917, the date of the last call for the fiscal year, the
total deposits of the national banks aggregated $12,771,833,000, an
increase during the fiscal year of $1,894,746,000.
I n the same period loans and discounts grew from $7,685,335,000
on June 30, 1916, to $8,967,297,000 on June 20, 1917, an increase of
$1,281,962,000.
^United States bonds arid certificates of indebtedness held by national banks June 20, 1917, plus partial payments made on Liberty
bonds, amounted to $1,076,256,000, ari increase as compared with
June 30, 1916, of $345,051,000.
Specie and legal tenders on hand, including $90,878,000 of national
bank, Federal reserve bank, and Federal reserve notes, plus balances
with Federal reserve banks, amounted, June 20, 1917, to $1,573,295,000, an increase as compared with June 30, 1916, of $277,589,000.
Bonds and securities other than United States Government bonds
on hand June 20, 1917, amounted to $1,843,047,000, an increase since
June 30, 1916, of $315,215,000.
Amounts due from banks other than Federal reserve banks were
$1,637,176,000, an inci-ease of $98,860,000 as compared with June 30,
1916, while the amounts due to other banks and bankers were reported at $3,025,566,000, an increase of $312,674,000 as compared
with June 30, 1916.
As the amounts due t o national banks from other banks were
only $1,637,000,000 and the amounts due from national banks to other
banks and bankers were $3,025,000,000, it 'is easy to see the large
extent to which national banks are used as the depositaries of the
State banks and trust companies throughout the country.
Bills payable and rediscounts of all national banks on June 20,
1917, amounted to $370,949,000, an increase as compared with June
30, 1916, of $302,331,000, this increase being mainly due to the temporary financing incident to the negotiation of the first issue of
Liberty loan bonds.
The total reserves held by national banks on June 20, 1917,
amounted to $2,310,360,000, an increase as compared with June 30,
1916, of $233,864,000. The surplus reserve carried over and above the
amount required by law on June 20, 1917, was $841,931,000, an increase as compared with June 30, 1916, of $40,688,000.
The reserve requirements of national banks have been radically
changed by the passage of an amendment to the Federal reserve act,
approved June 21,1917, under which the banks in the central reserve
cities of New York, Chicago, and St. Louis, instead of being called




SECRETARY O F . T H E TREASURY.

^179

on to carry total reserves of 18 per cent, of which a certain proportion had to be carried in the Federal reserve banks and the balance
in their own vaults, are now required to carry only 13 per cent reserve,
all of which must be carried in the Federal reserve banks; the national banks in other reserve cities, which formerly had to carry a.
total reserve of 15 per cent, partly in their own vaults, partly with
the Federal reserve banks, and partly with reserve agents in the
central reserve cities, are now required to carry only 10 per cent,
all of which must be carried in the Federal reserve banks; and country banks, which were formerly carrying an aggregate reserve of
12 per cent in their vaults in the reserve banks and with reserve agents
in reserve and central reserve cities, are now required to carry only
7 per cent, all of which must be carried in the Federal reserve banks.
Since the passage of the Federal reserve act, December 23, 1913,
to June 30, 1917, the total number of national banks chartered was
563, with an aggregate capital of $41,014,500. Of these banks, 372
were chartered with a capital of less than $50,000 each, their aggregate capital being $9,724,500, and 191 had a capital of $50,000
or more, aggregating $31,290,000. Of the banks chartered during
the fiscal year 1917, 110 had a capital of less than $50,000, the aggregate capital being $2,825,000, the average capital being $25,681.
Fifty-three banks, with an aggregate capital of $6,645,000, were
organized with a capital of $50,000 or more, the average capital being
$125,377. One hundred and twenty-seven of the 163 banks organized during the year did not take out circulation at the time of their
organization.
Of the 163 national banks which were chartered during the past
year 31 represented the conversions of State banks and 19 reorganizations of State and private banks, and 113 were primary organizations. The total capital of the banks chartered. during the year
aggregated $9,470,000.
•
Since the inauguration of the national-banking system in 1863
there have been issued a total of 11,032 national-bank charters. Qf
this number 548 failed and were placed in the hands of receivers and
2,849 went into yoluntary liquidation.
During the last fiscal year 6 banks failed and were placed in charge
of receivers and 110 went into voluntary liquidation. Of the 110
voluntarily liquidating, 23, with an aggregate capital of $6,225,000,
were consolidated with other national banks; 2, with an aggregate
capital of $50,000, went out of business; and 85, with an aggregate
capital of $8,852,500, were absorbed by or reorganized as State banks.
The capital of the six banks for which receivers were appointed
during the fiscal year aggregated $1,180,000, and the liabilities to




180

REPORT ON THE FINANCES.

depositors and other creditors at the date of suspension amounted
to $5,087,915. Four of the six banks placed in charge of receivers
paid dividends during the year as follows: One 100 per cent, one 65
per cent, one 25 per cent, and one 20 per cent, and further dividends
are being paid from time to time as assets are being realized upon.
I t is estimated that the total losses to depositors of the six national
banks which failed during the year, with liabilities as above stated
of over $5,000,000, will be only $370,000. As the aggregate deposits
of all national banks in operation during the year exceeded $12,000,000,000, it is gratifying to realize that the total*loss to depositors
from national-bank failures during the year will amount, as estimated, to only about three one-thousandths of 1 per cent of the total
deposits o f t h e national banks in operation.
During the fiscal year ending June 30, 1914, immediately prior to
the inauguration of the Federal Reserve System, there were 19 national-bank failures, the estimated loss to the depositors of these 19
failed banks being $1,505,000, or eighteen one-thousandths of 1 per
cent of the total deposits of all national banks at the autumn call in
1914. Largely as a result of the improved system of national-bank
examinations, greater thoroughness in these examinations, and because of the policy insisted upon by the Comptroller of the Currency
that national banks shall observe the provisions of the national-bank
act, intended for their protection and the protection of their depositors and shareholders, there has already been effected a marked
reduction in bank failures and in losses to depositors, the total failures for the year ending June 30, 1917, having been reduced to six,
with estimated losses to depositors, as above stated, of only $370,000,
or, say, three one-thousandths of 1 per cent of the total deposits of the
national banks in operation.
During this same period the deposits of national banks increased
from $8,185,000,000 in June, 1914, to $12,771,833,000 at the close of
the past fiscal year. Although the deposits in the national banks at
this time are approximately twice as great as they were just 10 years
ago, the sum total of the estimated losses-to depositors from failed
banks for the past 12 inonths was scarcely one-sixth of what they
were for the year ending June 30,1906.
The following table shows the number of national banks in each
State reporting to the comptroller's office on the call of June 20, 1917,
and the aggregate capital of the national banks of each State:




181

SECEETAE.Y OF THE TEEASUEY.
N a t i o n a l b a n k s rep o r t i n g on J u n e
20,1917.
States, etc.

National banks.rep o r t i n g on J u n e
20,1917.
states, etc.

Capital
N u m - ^ paid in
(m thouber.
sands).
NEW ENGLAND STATES.

Number.

Capital
paid in
(in thousands).

MIDDLE WESTERN STATES—con.
64
55
48
150
17
69

Total

403

106
140
• 287
352
131
2,111

300,079

158
126
191
228
93
36
121
39
336

5,825
5,345
15,225
13,498
6,583
2,040
10,540
2,485
15,818

1,328

$7,065 Michigan
5,235 Wisconsin
• 4,985 Minnesota
52,993 1 Iowa:
5,570 1 Missouri.
19,849
Total
95,697
WESTERN STATES.

$17,965
18,591
31,389
24,500
37,085

77,359

77
81
268
60
24
10
' 14
3

11,760
10,041
59,472
3,661
3,405
1,435
1,187
125

537

91,086

2

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island

550

EASTERN STATES.
NewYork
N e w J ersey
PATiTi.«?yivaT>ila- Delaware
Maryland
District of Columbia
• Total

476
203
833
22
95
14

172,308
22,342
118,002
1,589
15,955
7,177

North Dakota
South Dakota
Nebraska
Kansas..
Montana
Wyoming.
Colorado

1,643

337,373

Oklahoma

146
115
80
77
100
54
92
34
33
537
67
133
112

19,593
10,087
8,810
9,280
13,000
6,381
10,657
3,825
7,835
54,590
5,536
16,741
14,300

Total

SOUTHERN STATES.
Virginia
West Virgtma
North Carohna
S o u t h Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Kentucky
Tftnnpssep

-

PACIFIC STATES.
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska

.

Total
. ISLAND POSSESSIONS.

Total

1,580

180,635

MIDDLE WESTERN STATES.
Ohio
Indiana
Illinois

P o r t o Rico
371
255
469

64,587
28,412
77,550

Total
G r a n d total

2

550

7,604

1,082,779

The annexed table shows the total number of national banks organized up to June 30, 1917, by States and geographical divisions, also
the number of national banks which have become insolvent, the number of voluntary liquidations, and the number of banks in operation
or authorized to begin business in each State on the date mentioned.




182

REPORT ON THE FINANCES.

Number of national banks organized, insolvent, in voluntary liquidation, and
in operation on June 30, 1917.
states.

Organ- Insol- In liqui- In operized. vent. dation. ation.

Maine
New Hampshire..
Vermont
Massachusetts
Rhode Island
Connecticut

71
75
316
65
111

4
7
15
1
5

47
12
20
150
47
37

64
55
48
151
17
69

Wisconsin
Minnesota
Iowa
Missouri

749

32

313

404

733
241

50
10
44

206
28
141
6
27

477
203
833
22
95
14

North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico...Oklahoma

•Ill

Total New England s t a t e s . . .
New York
New Jersey
Pennsylvania
Delaware".
Maryland
District of Columbia...

States.

1,018

28
123

i

Total Middle
States

Organ- Insol- In liqui- In operized. vent. dation ation.
207
358
471
231

199
165
333
374
135
44
173
61
521

27
26
120
108
23
6
39
15
173

158
127
101
229
101
36
121
41
.340

2,005

537

1,344

3

9

Tbtal Eastern
states
-.

2; 169

108

417

1,644 1

Virginia
West Virgmia
North Carolina...
South Carolina - . .
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
•..
Kentucky
Tennessee

184
145
108
•0
9
149
77
134
'8
5
68
802
84
211
170

6
4
6
1
10
13
9
2
7
34
6
6
8

30
26
22
12
38
10
33
22
28
227
12
72
50

Total Southern States..

2,280

112

582

595
376
624
227

31
15
22
16

193
105
134
105

148 Washington
153
Oregon
110
115 1
California
326
80 1
75
77 Idaho
32
101 Utah
15
54 Nevada
20
92 Arizona
3
34 Alaska
33
Total Pacific
541
734
States..
66
133
Hawaii
112 1
Porto Rico..
1,586
Total island
possessions..
371
Total United
256
States
11,032
468
106

Ohio
Indiana
Illinois...
Michigan

140
352
131

3,089

26

Total Western
States

61
61
103

77
82
272
61
24
10
14

146

543
~~2

7,635

Through the cooperation of the State banking departments of the
different States the Comptroller of the Currency is enabled to compile
each year a statement showing the resources and liabilities of all
the banks of the country, both national and State, including savings
banks and trust companies, based upon the returns nearest to June 30.
The table following states the aggregate amount of loans, cash on
hand, deposits, and total resources of all banks in the United States,
including national banks. State banks, savings banks, trust companies, etc., for or nearest to June 30 for the years 1916 and 1917.




SECEETAEY OP THE TEEASUEY.

183

Comparative statement of the principal items of resources, and the total deposits of all National, State, savings, and private banks, and loan and trust
companies in the United States, as shown by their reports nearest to June 30,
for the years 1916 and 1917.
STATE, SAVINGS, AND PRIVATE BANKS AND LOAN AND TRUST COMPANIES.

Year.

Number
of banks.

Loans.

Cash in vault
and due from
Federalreserve
banks.

All deposits.

Aggregate
resources.

0

1917 .
1916
Increase .
Per cent increase

20,319
19,934

$11,674,130,264
10,164,480,700

$749,791,076
666,515,321

$17,671,243,936
15,499,471,406

$20,836,357,138
18,344,369,696

385
1.93

1,509,649,564
14.85

83,275,755
12.49

2,171,772,530
14.01

2,491,987,442
13.58

$1,573,295,000 $12,771,833,000
1,295,706,000 10,877,087,000

$16,290,406,000
13,926,868,000

NATIONAL BANKS.
1917 ..
1916
Increase
Per cent increase

7,604
7,579

$8,967,297,000
7,685,335,000

25
.33

1,281,962,000
16.68

277,589,000
. 21.42

1,894,746,000
17.42

2,363,538,000
16.97

TOTAL NATIONAL, STATE, SAVINGS, AND PRIVATE BANKS AND LOAN AND TRUST
COMPANIES.
1917
1916
Tnnrp,3.sft
Per cent increase

27,923 $20,641,427,264
27,513 17,849,815,700
410
1.49

2.791,611,564
15.64

$2,323,086,076 $30,443,076,-936
1,962,221,321 26,376,558,406
360,864,755
18.39

4,066,518,530
15.42

$37,126,763,138
32,271,237,696
4,855,525,442
15.05

The figures in the foregoing table show that during the past year
the deposits in the national banks increased 17.42 per cent, while the
deposits in the State banks, savings banks, and trust companies increased only 14.01 per cent, the percentage of increase in the deposits of the national banks being approximately one-fourth greater
than the percentage of increase in the State banks.
Cash holdings of the State banking institutions during the year
increased $83,000,000, or 12.49 per cent. I n the same period the national banks showed an increase in cash in vault and balances with
Federal reserve banks of $278,000,000, or 21.42 per cent.
Against total deposits of $17,671,243,000 the State banks, savings
banks, and trust companies, etc., held June 20, 1917, cash to the
amount of $749,791,076.
On the same date the national banks of the country, against total
deposits of $12,771,833,000 had cash in vaults and balances due from
Federal reserve banks amounting to $1,573,295,000.
Although the total deposits reported by the State banks, savings
banks, trust companies, etc., were $4,899,411,000 more than the total
deposits reported by the national banks, the figures show that the




184

REPORT ON THE FINANCES.

cash in vaults and balances which the national banks carry with
their Federal reserve banks exceeded by $823,504,000, or more than
100 per cent, the total cash carried by all the State banks, savings
banks, trust companies, etc., as of June, 1917.
M I N T SERVICE.

Operations of the mints.
The following Mint Service institutions were operated during the
fiscal year 1917: Coinage mints at Philadelphia, San Francisco, and
Denver; assay office at New York, which has a large trade in bars of
fine gold and silver; mints at New Orleans and Carson City conducted as assay offices; and assay offices at Seattle, Boise, Helena,
Salt Lake City, and Deadwood, these being bullion-purchasing
agencies for the large institutions. Refineries were operated at the
New York, Denver, and San Francisco institutions.
The value of the gold acquired by the Government at the mints and
assay offices during the fiscal year 1917 was $907,962,397.15, the large
increase over last year being due principally to the heavy importations of foreign coin. United States gold coin received for recoinage
was of the value of $1,906,125.44, transfers of gold between Mint
Service offices totaled $13,832,622.21, making an aggregate of gold
handled by the Mint Service during the fiscal year 1917 of $923,701,144.80.
Silver purchased during the fiscal year 1917 totaled 6,161,680.34
fine ounces, costing $4,513,215.19, at an average price of 73^ cents
per fine ounce; the silver received and repaid to the depositors thereof
in bars bearing the Government stamp totaled 4,610,396.06 fine.
ounces; the silver deposited by foreign governments to be worked
into coin totaled 811,754.81 fine ounces; the United States silver coin
received for recoinage totaled 6,241,055.78 fine ounces, with recoinage
value of $8,627,946.34; the Philippine silver coins received for recoinage totaled 149,129.07 fine ounces; the transfers of silver between
Mint Service offices totaled 1,231,661.15 fine ounces, making an aggregate quantity of silver handled by the Mint Service during the
fiscal year 1917 of 19^205,677.21 fine ounces. The large increase over
last year of silver handled was due principally to the extraordinary
demand for subsidiary silver coin and to the placing in circulation
of the new design subsidiary silver coins.
The United States coinage for the fiscal year 1917 amounted to
$25,445,148.68, of which $1,230,040 was gold, $18,263,600 was silver,
$3,816,496.70 was nickel, and $2,135,011.98 was bronze. This amount
includes $30,040 in $1 gold pieces struck at the Philadelphia mint
for the McKinley Memorial Association, and respresents a total of
406,500,972 pieces. .



SECEETARY OF THE TREASURY,

185

There were also coined at the Philadelphia mint 5,000 gold pieces
for Costa Rica; 589,661 silver pieces for Colombia; 2,000,000 silver
and 2,800,000 nickel pieces for Ecuador; 2,500,000 nickel pieces for
Salvador; 100,000 silver and 800,000 nickel pieces for Panama;
1,170,000 bronze pieces for Nicaragua; 510,000 gold planchets and
600,449 silver- planchets for Peru. The mint at San Francisco coined
for the Philippine Islands 1,594,203 silver, 1,600,000 nickel, and
4,500,000 bronze pieces, a total of 18,769,313 pieces.
The seigniorage on United States coinage executed totaled $10,478,643.24, of which $5,406,158.51 was on subsidiary silver coins and
$5,072,484.73 was on minor coins.
Stock of coin and bullion in the; United States.
On June 30, 1917, the estimated stock of domestic coin in the
United States was $2,308,584,535, of which $1,541,481,585 was gold,
$568,270,061 was silver dollars, and $198,832,889 was subsidiary silver coin.
The stock of gold bullion in the mints and assay offices on the same
date was valued at $1,550,357,982.76, an increase over last year of
$745,891,805.06, and the stock of silver bullion was 10,054,416.81 fine
ounces, a decrease oyer last year of 780,757.07 fine ounces.
Production of gold dnd silver.
The production of the precious metals in the United States during
the calendar year 1916 was as follows: Gold, $92,590,300; and silver,
74,414,802 fine ounces.
Industrial arts.
The amount of gold consumed in the industrial arts during the
calendar year 1916 was $51,061,187, of which $41,120,149 was new
material. Silver consumed amounted to 32,103,507 fine ounces, of
which 22,204,261 fine ounces was new material.
Export of gold coin.
The net export of United States gold coin for the fiscal year ended
June 30, 1917, was $124,413,527.
Appropriations, expenses, and income.
The appropriated amounts available for Mint Service use during the fiscal year 1917 totaled $1,514,586.88, reimbursements to
appropriations for services rendered amounted to $82,054.39, making
an available total of $1,596,641.27.




186

REPORT ON THE FINANCES.

The expenses chargeable to appropriations were $1,547,344.85,
those chargeable to income $29,802.65; total, $1,577,147.50.
The income realized by the Treasury from the Mint Service totaled
$11,439,873.37, of which $10,478,643.24 was seigniorage.
Income and expenses are itemized as follows:
Earnings:
Credited to appropriations—
Charges on foreign coinage executed
Charges for manufacture
of special medals
Charges for work done for
other institutions, etc
Total earnings credited
to appropriations
Credited to revenues—
Mint charges on bullion
Proceeds of medals and
proof coins sold
Receipts from special as. says of bullion and ores-

$69, 897.96
2, 722.28
9, 447. 65

$82,067.89
504, 417.98
2,854.81
3, 332. 75

Total earnings credited
to revenues

510, 605. 54

Total earnings
Profits:
Gain on bullion shipments to refineries— $458.15.
Less contra losses
174. 79
Surplus bullion recovered
Proceeds of sale of by-products
(platinum, etc.)
Proceeds of sale of old materialsCommission on telephone calls-

$592, 673. 43

283.36
112, 814. 21
251,721.08
3, 736. 78
1. 27

Total profits other than seigniorage
Seigniorage on subsidiary silver coinage
5, 406,158. 51
Seigniorage on minor coinage—
Nickel
—
3, 414, 426. 30
Bronze
—L 1, 658,058. 43
Total seigniorage
Total profits
Total income




368^556. 70

10, 478, 643. 24
^

10, 847,199. 94
11, 439,873. 37

SECRETARY OF THE TREASURY.

187

EXPENSES.

Chargeable to appropriations:
Compensation of employees, Mint .
Bureau, salaries appropriation. $22, 841.64
Mints and assay offices, salaries
appropriation
241,008.27
Mints and assay offices, wages
appropriations
847, 611. 84

"
"

Total compensation of
employees
$1,111,461.75
Equipment, stores, and other expenses—
, Mint Bureau contingent appropriation ___.
;
5, 055. 48 '
Mints and assay offices, contingent and permanent appropriations (including $3,533.10 wastage of gold and
silver in operative departments and $6,036.64 loss
on assay value of operative sweeps sold)
419,169.50.
Transportation of bullionand
coin between mints and assay offices, freight appropriation
11,658.12
Total miscellaneous expenses chargeable to
appropriations

435,883.10

Total expenses chargeable to appro. priations
Chargeable to revenue:
Seigniorage on minor coinage—
Expenses of distributing minor coin to
Treasury ofiices
Wastage of minor metals in operative
departments
Total chargeable to revenue

'.

;___

$1, 547, 344. 85

23j 381.14 . .
6,421. 51
29,802. 65

Total expenses
1,577,147. 50
Net income of the Government from the Mint Service. 9,862,725.87
11,439,873.37

The number and value of deposits, the income (including seigniorage), the expenses of the fiscal year 1917, and the number of employees on June 30,1917, at each institution, follow:




188

REPORT ON THE FINANCES.
Deposits, income, expenses, and employees by institutions.

«
•

Number of—

Institution.

United States
coining value
of gold and
silverreceived
DeRedeat each
posits. posits. institution.

Expenses
from
appropriations.!

Incoine.

TransEmportation of ployeesJune
bullion
and coin. 30,1917.

Total

962 $224,327,184.31 $6,643,049.63 $684,171.60 $1,763.76
33 108,786,936.96 1,669,310.72 254,564.20 4,320.86
419.30
1,269 34,273,718.61 2,564,247.09
209,146.38
546,766.37 288,950.31
2.20
621 568,830,100.11
1,799.29
1
268.48
477,251.60
13,387.03
204,242.11
1,387.26
34.88
7,221.16
762,594.24
2,636.69
292.84
7,402.10
1,060,496.41
2,499.04
496.39
6
8,396.90
248,036.67
2,473.34
161.64
7,222.64
72 11,249,066.46
35,309.30 3,888.61
5,114.61
10.17
41,824.42
3,677.10
774.42

342
138
90
137
12
6
6
5
5
17
2

61,757 . 2,964 950,261,449.79 11,440,048.16 1,519,447.72 11,668.12

Philadelphia
San Francisco
Denver
NewYork
New Orleans
Carson
Boise
Helena
Deadwood
Seattle
Salt Lake City

769

10,061
13,701
3,990
19,278
481
419
661
518 •
62
2,476
110

1 Includes transportation of bullion and coin between mints and assay offices.
INTERNAL REVENUE.

The receipts from internal-revenue taxes for the fiscal year 1917,
as shown by collectors' reports, were as follows:
Ordinary receipts (including the emergency
and other revenues, except the income
tax)
'$449, 712, 412. 48
Corporation income tax
„ 179, 572,887. 86
Individual income tax
180,108,340.10
$809, 393, 640. 44
FISCAL YEAB 1916.

Ordinary receipts (including the emergency
revenue)
387, 786, 035.16
Corporation income tax
56,993,657.98
Individual income tax
67, 943, 594. 63 512,723,287.77
Net increase over 1916

-

296, 670, 352. 67

The ordinary receipts for the fiscal year 1917 (exclusive of income"
tax and emergency and other revenue provided for in the act of
October 22,1914, and subsequent acts) were as follows:
DistiUed spirits, including special t a x e s — —
$186, 563, 054.89
Manufactured tobacco, snufC, cigars, and cigarettes
102,230,205. 36
Fermented liquors (less additional tax of 50 cents per barrel,
but including special taxes) ^
—
61, 532, 025. 08
Miscellaneous, including receipts from oleomargarine, opium
manufacturers, etc., playing cards, offers in compromise, etc_
4,089, 573. 27
Total




—

-

— 354,414, 858.60

SECRETARY OF THE TREASURY.

189

These collections, as compared with similar collections for the
fiscal year 1916, show the following substantial increases:
DistiUed spirits
•^
—
Manufactured tobacco, snuff, cigars, and cigarettes
Fermented liquors.Miscellaneous
.-__•
Total

$31,003, 348. 25
16, 906,110. 90
2, 072,085. 59
925,580.83

-

50, 907,125. 57

The emergency and other revenue, exclusive of the ordinary and
income taxes collected during the fiscal year 1917, was as follows:
Wines, champagne, liqueurs, cordials, etc
:
.
Grape brandy used in fortification of sweet wines
Fermented liquors (additional 50 cents per barrel)
Special taxes relating to manufacture and sale of tobacco, cigars,
and cigarettes
Special taxes, including corporations, bankers, brokers, proprietors of theaters, bowling alleys, etc—
Schedule A (documentary stamps, etc.)
_
Schedule B (perfumery, cosmetics, etc.)
Excess-profits tax
Estate tax_^
Munition manufacturers' tax
Total

^

.

$5,164,075.03
384,188. 89
30,365,168.73
971, 386. 80
15, 708, 732. 87
8, 254, 341. 88
671,968.42
37,176. 37
6, 076, 575. 26
27, 663, 939. 63
95, 297, 553. 88

The income-tax receipts from corporations aggregated $179,539,631.03, as compared with $56,972,720.88 collected during the fiscal
year 191^. There was also collected $33,256.83 on account of income
tax on railroads iii Alaska, as compared with $20,937.10 collected
in 1916.
During the month of July, 1917, $4,997,780.20 was collected from
corporations; nearly all of which was upon assessments made during
the fiscal year just closed.
The income-tax receipts from individuals aggregated $180,108,340.10, or $112,164,745.47 m excess of the amount collected during
the preceding year. There was collected $4,828,951.52 during the
month of July, 1917, practically all of which is included in assessments made during the fiscal year ended June 30, 1917.
The total expenditure of the Internal-Revenue Service during the
fiscal year 1917 amounted to $7,699,031.08. This does not include
expenditures amounting to $108,493.61 made from the appropriation
-" Refunding internal-revenue collections," as such payments were in
no sense an expense incident to the cost of collection.
The cost of collecting $1 of internal revenue was $0.0095, which is
the lowest so far attained in the history of the bureau.




190

REPORT ON THE FINANCES.
Receipts from internal reverme, 1916 and 1917.
Fiscal year ended—
Increase.

Sources.
June 80,1916.

Decrease.

June 30,1917.

Distilled spirits, including wines, etc.. . $163,457,996.76 i $187,288,082.49 $33,830,085.73
Manufactured tobaccb, including cigars, cigarettes, and snufl
85,324,094.46 2 102,230,205.36 16,906,110.90
3,219,005.48
87,875,672.22 • 91,094,677.70
Fermenteci liquors
Oleomargarine
278,181.87
924,699.911,202,881.78
Playing cards .
. . .
820,897.26
1,243.06
819,654.20
23,371,310.39
6,790,830.01
All special taxes
16,580,480.38
Schedule A (documentaiy stamps,
$29,855,940.61
38,110,282.49
etc.)
8,254,341.88
Schedule B (perfumery, cosmetics,
3,414,192.57
671,968.42
4,086,160.99
etc.)
6,076,575.26
Estate tax
6,076,575.26
Excess profits tax
37,176.37
37,176.37
27,663,939.63
Munition manufacturers' tax.
27,663,939.63
Offers in compromise, unassessed pen871,606.22
412,833.45
alties, etc
458,772.77
8 128,749.72
19,471.26
148,220.98
Miscellaneous
Total ordinary (including emergency and other revenue, exCP.pt t h e incoTTift t a x )

Alaska railroads income tax
Corporation income tax.
Individual income t a x . . , . . ,
Total income tax

,.

387,786,035.16

Net increase

:

359,681,227.96

234,743,975.35^

809,393,640.44

329,959,957.11

33,289,604.44

12,319.73
122,566,910.15
112,164,745.47

124,937,252.61

Affsregate receints

95,215,981.76

33,256.83
179,539,631.03
180,108,340.10

512,723,287.77

. /.

•.

449,712,412.48

20,937.10
56,972,720.88
67,943,594.63

33,289,604.44

296,670,352.67

..

1 Includes $122,893.87 from sale of internal-revenue stamps afiixed to Porto Rican bay rum; $5,164,075.03
from*wines, champagne, liqueurs, cordials, etc.; and $384,188.89 from grape brandy used in fortification of
sweet wines.
2 Includes $638,324.16 from saie of iaternal-revenue stamps alfixed to Porto Rican products and $507,533.16
from sale of internal-revenue, stamps affixed to Philippiue products.
8 Includes collections from adulterated and process or renovated butter, mixed flour, smoking opium,
opium order blanks, etc.

Distilled spirits.
During the past fiscal year there were produced from material
other than fruit 277,834,366.6 taxable gallons of distilled spirits, an
iiicrease of 28,710,444.8 gallons over the number of gallons produced
during the fiscal year 1916. This increase consisted mainly of alcohol
and other high-proof spirits to meet the larger demand for export
and for denaturation.
The quantity of distilled spirits removed in bond, free of tax, for
export and for denaturation during the last two fiscal years was as
follows;
. 1916

For export
For denaturation
Total increase over 1916

.....

1917

. Increase.

Proof gallons. Proof gallons. Proofgallons.
39,011,143.3 41,529,044.2
2 517 900.9
84,532,253.1 93,762,422. 7
9,230,169.6
11,748,070.5

The production of fruit brandies during the fiscal year 1917 was
8,251,097.3 gallons, as against 4,159,351.6 gallons in 1916, an increase




SECRETARY OF THE. TREASURY.

191

of 4,091,745.7. During the fiscal year 1917, 507 distilleries of all
kinds were operated, a decrease of 98 as compared with the preceding
year.
Fortified wines.
There were fortified during the fiscal .year 1917, 21,019,358.92
gallons of wine, and the records of this office show that the quantity
of brandy used for this purpose amounted to 5,039,786.5 taxable
gallons. The quantity of wines so fortified during that year was
far above the quantity (6,284,003.5 gallons) of like wines fortified
during the preceding year and also far above the average quantity
(16,000,000 gallons) of wines fortified annually from June 7, 1906,
to October 22, 1914.
By the act of October 22, 1914, a tax of 55 cents per gallon was
assessed on brandy used in fortifying wines, which tax was reduced
by the act of September 8, 1916, to 10 cents per gallon. The large
increase in the quantity of wines fortified during the past fiscal year
was doubtless due to the comparatively low rates imposed by the act
of September 8, 1916, on the brandy used.
Tax on wines, cordials, etc.
Under the provisions of the act of October 22, 1914, all still wines
were taxable at 8 cents per gallon; all cordials, at the rate of 24 cents
per gallon; and champagne and artificially carbonated^ wines, at the
rate of 20 cents per quart. These rates were changed under the act
of September 8, 1916, as follows:
Still wines not over 14 per cent alcohol, 4 cents per gallon; still
wines over 14 per cent but not over 21 per cent alcohol, 10 cents per
gallon; still wines over 21 per cent but not over 24 per cent alcohol,
25 cents per gallon; still wines over 24 per cent alcohol, $1.10 per
gallon.
Liqueurs, cordials, etc. (if containing wine fortified under that
act), 1 | cents per one-half pint, or 6 cents per quart.
Champagne and sparkling wine, 3 cents per one-half pint, or 12
cents per quart.
Artificially carbonated wine, 1^ cents per one-half pint, or 6 cents
per quart.
There was very little still wine over 21 per cent alcohol tax paid
under the act of September 8, 1916, so that the tax receipts from still
wines were, for the most part,'at 4 cents and 10 cents per gallon, or an
average of 7 cents per gallon, or 1 cent less than the tax imposed by
the previous act of October 22, 1914. Attention is also called to the
fact that no tax was imposed by the act of September 8, .1916, on imported cordials, and as the quantity of domestic cordials produced
which contained wine fortified under that act was very small, there




192

REPORT ON THE FINANCES.

was very little tax derived from this class of goods. I t will also be
noted that the tax on champagne was reduced from 20 cents per quart
to 3 cents per one-half pint or 12 cents per quart, and on artificially
carbonated wines to 1^ cents per one-half pint or 6 cents per quart.
Notwithstanding the reductions in tax mentioned above, the tax on
wines, cordials, etc., collected under the act of September 8, 1916, for
the 12 months from September 1, 1916, to August 31, 1917, was
$5,688,816.92, as against $2,688,368.30 collected on like articles under
the act of October 22, 1914, from September 1, 1915, to August 81,
1916.
Fermented liquors.
The production of fermented liquors during the fiscal year 1917
was 60,817,379 barrels, as against 58,633,624 barrels for 1916, an increase oif 2,183,755 barrels. I n 1917, 60,729,509 barrels of fermented
liquors were withdrawn tax paid for consumption, and 87,870 barrels
exported free of tax, while in 1916, 58,564,508 barrels were tax paid
and 69,116 barrels exported.
Dealers in leaf tobacco.
The recommendation which has been made each year for a number
of years past is again urged, namely, that every dealer in leaf
tobacco should be required to give a bond in such penal sum as the
collector may determine, based upon the quantum of business done,
the sum of such bond to be increased from time to time in the discretion of t h a collector or under instructions of the Commissioner of
Internal Revenue; and that every dealer in leaf tobacco should make
a true inventory of stock on the 1st day of January of each year and
should render monthly reports of his transactions to the collector of
the district.. The law should also be revised so that assessments may
be made against dealers in leaf tobacco for tax on tobacco disposed of
otherwise than as authorized by statute.
Inconie tax.
For the fiscal year ended June 30, 1917, the total receipts from .the
personal-income tax were $180,108,340.10, an increase of $112,164,745.47 over the preceding year. Of this increase, $7,541,956.80 represents the amount assessed upon reports of revenue agents, as compared with $1,878,777.84 from, that source during the preceding
year. The increase in the total tax collected from persons was more
than 165 per cent over the collections of the previous year. The rate
of normal tax for 1916 was, however, 2 per cent as compared with
1 per cent for 1915 and previous years.
The total receipts from the corporation-income tax for the fiscal
year ended June 30, 1917, excluding $33,256.83 collected under the
act of July 18, 1914, as income tax on railroads in Alaska (38 Stat.,




SECRETARY OF THE TREASURY.

193

517) were $179,539,631.03, an increase of $122,566,910.15. The amount
of additional taxes assessed against corporations on the basis of
revenue agents' reports was $6,311,453.28, as compared with $5,808,393.65 from this source during the preceding year. The total collections represent an increase of more than 215 per cent over the
previous year, but upon a 2 per cent rate instead of the 1 per cent for
previous years.
The total receipts of income tax for the fiscal year ended June 30,
1917, exclusive of the income tax on railroads in Alaska, were $359,647,971.13. This total will indicate without comment the great
source of revenue which the income tax has been and will be as the
needs of the Government require.
The increase in the amount of collections by reason of the examinations of revenue agents is particularly pointed out, as the figures
are a fulfillment of the estimates made as to what the result would be
if this force were largely augmented.
An increase in the appropriations for the revenue agents' force
became available July 1, 1917, and since that date the Commissioner
of Internal Revenue has, as rapidly as he was able to choose proper
men, added to the force already in the field, so that additional
results may be expected for the fiscal year ending June 30,1918.
The increase in the amount of tax recovered referred to above i^
largely due to the increased efficiency of the field force. Whether
the increase in the revenue agents' force now being made can take
care of the volume of work required to be performed by that force is
problematical.
The commissioner's report indicates that the audit of returns in
his office is more than one year in arrears. The cards which are the
guides for the revenue agents' work are made up from the returns
of corporations and individuals which are selected during the audit
of the returns. The cards now in the hands of the revenue agents
are sufficient to keep that force employed for a period of several
years without adding new work. When the audit of returns has
been brought up to date the number of corporations and individuals
requiring investigation will be vastly increased. The failure to have
the audit up to date grows out of the condition to which attention
was called in the report for the year ended June 30, 1916, in which
it was stated:
The immediate need of the Internal-Revenue Service is an increase in the
clerical force in the bureau to enable it to cope with the constantly increasing
amount of work. In the Corporation Division the work of auditing is much
in arrears, and unless relief is afforded in an adequate measure the situation
can not but become more complicated from year to year.

There has been an increase in the number of persons and corporations filing income-tax returns, and this increase adds con13034°—FI 1917



13

194

REPORT ON THE FINANCES.

stantly to the work of the bureau regardless of the abnormal times
in which we are living and because of which an extraordinary burden
will be thrown upon the Bureau of Internal Revenue.
It is due to the taxpayers that an adequate clerical force to keep
the work current should at all times be provided, and while Congress has from time to time increased the appropriations for this purpose, yet the growth of the work both as to quantity and the increase
in the effort made to get correct returns, giving in detail the information required for the assessment of the proper amount of tax, has
been greater than the relief afforded.
Comment was made in the report for the fiscal year ended June 30,
1916, on the effect the delay in auditing returns and making examinations had upon the tax and the taxpayers. With regard to corporations the situation has not changed; with regard to individuals
the results of this delay are becoming more apparent, because in
numerous cases of inquiry for additional information the reply is
made that the taxpayer has been long since deceased.
As stated in the report for the fiscal year ended June 30, 1916,
until an adequate force is provided which" will enable the Commissioner of Internal Revenue to audit and investigate each return of
annual net income within a reasonable time after such return has
been rendered to the Government it will not be considered that this
phase of the collection of the income tax will be based upon a proper
basis.
It is anticipated that the increase in the volume of administrative
work in connection with the new revenue bill will be very great.
These needs have been considered and estimates made with the view
of collecting the new tax with the least amount of friction consistent
with the searching canvass for taxpayers, which of necessity must
be made. The needs of the war are understood by the taxpayer, and
the patriotism of the citizen is expected to make the work of the
collection of the tax one of cooperation between official and taxpayer,
and it is trusted that the results will be equally satisfactory to both.
In this connection it is a pleasure to report that in response to a
notice to taxpayers that an early payment of income taxes due June
1,1917, would be appreciated many millions of taxes were paid prior
to the due date of such taxes. In many instances the taxes paid
amounted to hundreds of thousands of dollars, the interest on which
if held by the corporations until payment was required by law would
have amounted to considerable sums. These payments were made
voluntarily and without any deductions for interest. The response to
the request for .such payments was splendid and was appreciated
by the officials charged with the duty of providing revenues to meet
the early expenses of the war.




SECRETARY OF THE TREASURY.

195

Congress provided in the act of September 8, 1916, " that the
preparation and publication of statistics reasonably available with
respect to the operation of the income-tax law and containing classifications of taxpayers and of income, the amounts allowed as deductions and exemptions, and any other facts deemed pertinent and
valuable shall be made annually by the Commissioner of Internal
Revenue, with the approval of the Secretary of the Treasury." This
work is well under way, and the statistics provided for will be
published in a separate volume.
Munitions m^anufacturers^ tax.
Title I I I of the revenue act of September 8, 1916, provided that
every person (including corporations, etc.), in addition to the income
tax imposed by Title I of said act, shall pay for each taxable year
an excise tax of 12J per cent per annum upon the entire net profits
actually received or accrued for said year from the sale or disposition of the articles named in section 301 of said Title I I I , and which
are briefly described by the general term " munitions."
The results of this tax were practically in accord with the estimates, $26,552,402.49 being assessed from the returns and nearly
$12,000,000 being assessed after an adjustment of the returns had
been made. The Commissioner of Internal Revenue immediately
after the returns were made organized a special corps of revenue
agents to make examination of all munition manufacturers' returns
for the purpose of making the adjustment referred to above. One
million two hundred and seventy-nine thousand seven hundred and
seventy-three dollars and sixty-seven cents was added to the tax
from adjustments of returns during the fiscal year ended June 30,
1917, and the balance of the $12,000,000 has been added since that
date.
This law provided among the deductions which could be made from
gross income " a reasonable allowance, according to thie conditions
peculiar to each concern, for amortization of the values of buildings
and "machinery, account being taken of the exceptional depreciation
of special plants." This provision of the law gave rise to exceptional deductions, which, upon examination, appeared excessive, and
the excess deductions were disallowed, resulting- in many ^cases in
large increases in the tax found due.
The munitions tax law also provides that after examination of
the return the person making the same ma}?- make a written request
for a hearing with the commissioner for the purpose of establishing
to his satisfaction that the amount of income reported by the revenue
agent or asserted by the commissioner was incorrect.
This provision of the law gave rise to requests for hearings in
numerous cases, which hearings delayed the collection of the added
taxes found due. These hearings are being held daily and it is ex


196

REPORT ON THE FINANCES.

-»

pected that all requests in this respect will have been complied with
before the close of the calendar year 1917; $6,784,120.31 have been
assessed from the revenue agents' reports referred to between July 1,
1917, and September 15,1917.
Excess-profits tax.
Title I I , act of March 3, 1917, in addition to the taxes imposed
by then existing laws, levied a tax of 8 per cent on so much of the
net income of corporations, joint-stock companies, etc., as is in excess
of $5,000, plus 8 per cent of the actual capital invested in the property or business.
This act was made effective as of January 1, 1917, and for the
current year applies only to those corporations which make returns
on the basis of a properly established fiscal year ending with the last
day of some month in 1917 prior to December 31. Because of the
short time intervening between the date of the approval of this act
(Marches, 1917), and the close of the fiscal year (June 30, 1917),
covered by this report, and because of the delay in preparing, printing, and distributing return forms, the amount of tax assessed under
thiis act prior to the close of the last fiscal year was negligible,
the entire amount being but $2,953.42, and that amount was assessed
against corporations making final returns and going out of business.
More recently, however, returns are being received from all corporations whose 1917 fiscal year closes with a date other than December 31 and assessments of excess-profits tax are being made on
lists now current in considerable sums, the amount of which will
necessarily appear in the receipts for the fiscal year ending June
30, 1918.
Estate tax.
The principal duties under Title I I of the revenue act of September 8, 1916, during the fiscal year ended June 30, 1917, consisted
in interpretation of the law and organization of the work in the
bureau and in the field. While the total estate tax paid during
the fiscal year was $6,076,575.26, the returns that had been voluntarily filed during the year indicated tax considerably in excess of
this amount, many returns having been filed where tax could not be
paid so far in advance of the due date.
The policy of the bureau is that as soon as a reasonable period of
administration has elapsed each return shall be sent to a field examining officer for investigation. This work was well under way at
the end of the fiscal year, and the results of the investigations theretofore completed indicated that in an overwhelming majority of
cases the returns as filed would not show the total tax due the Government. I t is already established that the additional tax to be
collected through prompt investigation of all estates making returns




^ SECRETARY OF THE TREASURY.

197

will amply justify the cost to the Government of such an exhaustive
system of investigation.
In spite of the limited experience in the administration of the
estate taxing act, there have been demonstrated clearly certain weaknesses in the law which seem to demand correction. Particularly is
the statute ineffective in providing means for the collection of the
tax from the estates of nonresident decedents. There should be a
specific requirement vin the law that no property of a nonresident
decedent situate within the United States may be transferred to a
succeeding owner prior to the time return has been filed and the
tax due paid. Furthermore, the law should be made clearer with
regard to the status of bonds of American corporations owned by
nonresident decedents, since the situs of such property is a mooted
question and there seems to be little likelihood of a uniform interpretation of this question in the courts. Furthermore, the law should
. be amended so as to allow the commissioner to designate the internalrevenue district in which return for any given nonresident estate
should be filed. The present law will often require the filing of return
with the collector at Baltimore in cases where the major part of the
property to be investigated will be located in another collection
district.
I t has been made clear also that the requirements that notice of
the existence of a taxable estate be given to the collector within 30
days after the issuance of letters or the taking of possession of property works a serious hardship. I n hiany cases it is practically impossible for this requirement to be complied with. I t has been the
uniform experience thus far that it is impossible for the majority
of executors to make a reasonable estimate of the value of the
decedent's property within such a period. ilSTo objection is seen to the
extension of this period to 60 or even 90 days, and it is recommended
that the law be amended in this particular.
Work of revenue agents.
The number of illicit distilleries reported for seizure during the
year ended June 30, 1917, was 2,232, which shows a decrease of 1,144
when compared with the number reported duriiig the previous year.
This marked difference, amounting to nearly 34 per cent, should
not be attributed to a decrease in illicit distilling. I t is rather due
to the fact that information leading to the capture of illicit distilleries is no longer paid for by the Government, the result being that
information, voluntarily given, is now received from reliable sources
and from citizens who are interested in the suppression of illicit
distilling. I t was found that the rewards paid to informers led often
to very expensive raids upon abandoned distilleries. There has been
a great saving to the Government by the discontinuance of this prac-




198

REPORT ON THE FINANCES.

tice, and local authorities are now showing a greater determination
to suppress violations of law in prohibition States.
Revenue agents in charge of divisions and their subordinate officers
have been active in the prosecution of investigations of violations of
the Harrison antinarcotic law. As a result of their activities and
the work of collectors of internal revenue over 20,000 violations of
the law were discovered, and approximately $25,000 has been offered
as compromise of liabilities, in addition to fines and prison sentences
imposed upon violators of the law, who were placed on trial in the
United States courts.
The following is a brief summary of work accomplished by revenue
agents and their subordinate officers during the year ended June 30,
1917:
Unpaid taxes reported for assessment:
Corporation taxes and individual income taxes
Munitions taxes
—
Estate taxesDistilled spirits, tobacco, and miscellaneous taxes
Offers in compromise accepted
.
Collections on account of oleomargarine frauds
Total

'.

$30, 391,164. 22
12, 346, 334. 51
8,183. 53
3,491, 678. 48
774,683.30
242, 214. 50
47, 254, 258. 54

NOTE.—The above receipts from oleomargarine include approximately
$175,000 tax payments made on account o l assessments on oleomargarine
withdrawn at one-fourth cent during various periods prior to July 1, 1914, and
subsequently found on the market artificially colored and assessed at 9f cents
per pound, or the difference between the one-fourth cent and the 10-cent rate.

Legislation.
The following is a statement of recent legislation affecting internal
revenue:
The act of March 3, 1917 (39 Stat, 1000), entitled "An act to provide increased revenue to defray the expenses of the increased appropriations for the Army and Navy and the extensions of fortifications,
and for other purposeSj" provided an excess-profits tax and increased
the estate tax 50 per cent.
The excess-profits tax was repealed by the war-revenue act of
October 3,1917, and a new excess-profits tax enacted.
Porto Rico.—An act to provide a civil government for Porto Rico,
and for other purposes, approved March 2, 1917:
SEC 9. That the statutory laws of the United States not locally inapplicable,
except as hereinbefore or hereinafter otherwise provided, shall have the same
force and effect in Porto Rico as in the United States, except the internalrevenue laws: Provided, however. That hereafter all taxes collected under the
internal-revenue laws of the United States on articles produced in Porto Rico
and transported to the United States or consumed in the island shall be covered
into the treasury of Porto Rico.




SECRETARY OF THE TREASURY,

199

War-revenue act.—^The "Act to provide revenue to defray war
expenses, and for other purposes" (H. R. 4280), passed Congress
and was approved at close of business October 3,1917, and took effect
October 4, except as otherwise provided.
The following is a general statement of the taxes imposed:
The law provides an increase in the income tax and excess-profits
tax. The rate of tax on distilled spirits is increased to $2.20 and ifwithdrawn for beverage purposes $3.20 per proof gallon. A tax is
imposed on rectified spirits, and there is also a floor tax on distilled
spirits held for sale in any quantity by others than retail dealers and
by retail dealers in excess of 50 gallons. The tax on wines is increased, and taxes are imposed on sirups, soft drinks, carbonated
beverages, etc. The new rate of tax on fermented liquors is double
the rate under the old law.
The act imposes additional taxes on cigars, tobacco, and manufactures thereof.
A war tax is imposed on facilities furnished by public utilities,
taking effect November 1, 1917, as follows: On amount paid for
freight transportation, on express charges, on amount paid for transportation of persons, on seats, berths, and staterooms in parlor cars,
sleeping cars, or on vessels, and on the transportation of oil by pipe
lines and on telephone messages and telegrams for which the charge
of 15 cents or more is made. Taxes are also imposed on life, fire,
marine, and casualty insurance.
War excise taxes are imposed on the sale of automobiles, motorcycles, piano players, graphophones, phonographs and records, liioving-picture films, jewelry (real or imitation), yachts, pleasure boats,
power boats, etc., sporting goods, cameras, perfumery and cosmetics
and other similar articles, proprietary medicines, and chewing gum.
There is a tax imposed on admissions to entertainments, also on
club dues, to take effect November 1, 1917.
There is also an increase in the estate tax.
Stamp taxes, taking effect December 1, 1917, are imposed on bonds
of indebtedness, issues of capital stock, sales or transfers of capital
stock, sales cof produce on exchange, drafts or checks payable otherwise than at sight or on demand, promissory notes (except bank
notes), conveyances and other documents, parcel-post packages, passage tickets, and an additional tax on playing cards.
The act is estimated to raise approximately an additional
$2,510,000,000 during a 12-months' period.
B U R E A U OF ENGRAVING A N D

PRINTING.

There were engraved, printed, and delivered by the Bureau of
Engraving and Printing 343,345,005 sheets of securities, postage
stamps, etc., for the use of this and other departments, an increase
of 42,633,205 sheets as compared with the preceding year.



200

REPORT ON T H E FINANCES.

The deliveries were 98,097,651 sheets of United States notes and
certificates. Treasury notes, and certificates of indebtedness; 351,100
sheets of United States bonds; 7,828,045 sheets of natioiial-bank
notes; 354,000 sheets of Federal reserve bank currency; 22,490,000
sheets of Federal reserve notes; 92,485,940 sheets of internal-revenue
stamps; 240,500 sheets of customs stamps; 115,898,332 sheets of
United States postage stamps; 6,513 sheets of United States parcelpost stamps; 274,336 sheets of Philippine postage stamps; 1,475,020
sheets of silver certificates, bank notes, national-bank circulatingnotes, registered bonds, interim certificates for iPhilippine bonds,
checks, documentary and internal-revenue stamps, and postal cards
for Philippine Islands; and 3,843,568 sheets of checks, drafts, and
miscellaneous. I n addition to these sheets deliyered, miscellaneous
work was executed to the value of $123,643.30. The face value of all
classes of securities, internal-revenue stamps, postage stamps, etc.,
furnished by this bureau amounted to $10,145,813,379.28.
Compared by classes with the work executed in the previous fiscal
year, there was an increase of 9.33 per cent in United States notes,
certificates, and bonds; 5.69 per cent in United States postage stamps;
135.87 per cent in national-bank and Federal reserve notes; 10.4 per
cent in internal-revenue stamps; 4.79 per cent in customs stamps;
and 72.56 per cent in checks, drafts, and miscellaneous.
Appropriations made by Congress for the operation of the Bureau
amounted to $4,634,160, and the Bureau was reimbursed for services
and materials furnished the several executive departments and
bureaus to the amount of $1,923,187.28, the aggregate available for
the work during.the year having been $6,557,347.28. The expenditures were $229,853.02 for salaries; $8,400 for custody of dies, rolls,
and plates; $2,113,437.73 for compensation of employees, of which
$2,500 was for one employee detailed to another branch of the department and not reimbursed; $2,205,177.90 for wages of plate printers
and assistants; and $1,767,250.05 for materials and miscellaneous expenses; making a total expenditure of $6,324,118.70,. and leaving unexpended $233,228.58.
CUSTOMS.

The following tabulation of the business transactions at the various
customhouses for the fiscal year 1917 shows a slight increase in
nearly all customs activities over those of the fiscal year 1916:
1917.
Vessels e n t e r e d from foreign ports
Vessels cleared for foreign p o r t s . . .
Vessels d o c u m e n t e d
T o t a l e n t r i e s of m e r c h a n d i s e
Value of i m p o r t s
Value of e x p o r t s
Drawbacks paid
Aggregate receipts




1916.

46,515
46,044
26,742
1,051,896
82,659,355,185.00
6,293,806,090.00
17,840,045.17
228,147,659.38

45,517
44,221
25,922
1,041,896
$2,197,833,610.00
4,333,658,865.00
15,375,945.00
215,346,746.79

SECRETARY OF THE TREASURY.

201

Notwithstanding these slight increases in business and the increased activities due to the war, the total number of persons employed was decreased from 6,881 in 1916 to 6,727 in 1917, and the
total operating expenses were decreased from $9,813,085.13 in 1916
to $9,774,054.66 in 1917. The cost to collect $1 was decreased from
$0.0456 in 1916 to $0.0428 in 1917.
While the cost to collect $1 at each port of entry and for the
service as a whole, as stated in each annual report, is sometimes
quoted as indicating the relative efficiency of the various ports, this
does not constitute a fair basis of comparison of the relative efficiency
of the various ports of entry or of the Customs Service as a whole.
-The Customs Service does many things besides collect revenue. In
normal times collectors of customs and their subordinates admeasure
every vessel and boat built in the United States to ascertain its
tonnage and issue a document to each vessel or.bbat of over 5 tons,
authorizing it to engage in the coastwise trade or in the foreign and
coastwise trade, as the case may be. They record all changes of
masters and of bills of sale and mortgages and other papers affecting
the title to vessels. They frequently act as shipping commissioners
in the assigning and discharge of the crews of vessels and muster
the crews of all American vessels returning from foreign ports to see
that they are accounted for. They enforce the provisions of the
seamen's act and other Federal laws relating to the operation and
navigation of vessels and collect and account for fines imposed by
them for violations of such laws. They enter and clear all vessels
plying between American ports and foreign ports. They compile
and furnish the Department of Commerce statistics of imports and
exports, and, jointly with the Steamboat-Inspection Service, it is
their duty to prevent the overloading of passenger boats. They are
charged with the duty of excluding from the United States smoking
opium and habit-forming drugs and the numerous other articles
prohibited by law from importation. They assist the Department of
Agriculture in securing compliance with the pure-food laws, so far
as they relate to imports, and in enforcing the laws relating to the
inspection, quarantine, and exclusion of animals and hides and of
impure seeds, nursery stock, and similar articles. They carry out the
regulations of the Public Health Service regulating the importation
of viruses and serums and generally assist that service in the enforcement of the laws for the protection of health, so far as they relate
to the arrival of persons and merchandise from foreign ports. They
act as custodians of public buildings and as disbursing officers for the
Custodian Service and the Coast Guard Service, and both collect
and disburse funds of the Public iHealth Service. They collect and




202

REPORT ON TI-IE FINANCES.

account for the head tax paid by immigrants. They supervise the
exportation of merchandise subject to internal-revenue tax, and also
supervise the operations of bonded warehouses manufacturing articles for exportation from materials subject to internal-revenue tax.
I t is therefore obvious that even if all tariff laws were repealed and
all merchandise were admitted entry into the United States free of
duty it would, nevertheless, be necessary to maintain an extensive
organization at our seaports to carry out these various activities, and
it is probable that the cost of maintaining a service for the carrying
on of the various activities of the Customs Service other than the
collection of revenue would be nearly, if not quite, one-half of the
present operating cost of that service.
These various activities of the Customs Service were added to very
greatly upon the outbreak of the European war. While the United
States was a neutral her customs officers, in addition.to their duties
performed in normal times, were primarily charged with the duty
of the enforcement of the neutrality laws in our various ports and
harbors. This required the exercise of great vigilance to prevent the
fitting out of hostile expeditions in American waters and the.using
of American ports as bases for the supplying of belligerent warships
at sea. This included the sealing of the wireless apparatus of vessels
while in our ports, the inspection of suspected cargoes to insure that
they agreed with the vessels' manifests, and inquiries to determine
whether such vessels actually intended to'carry these cargoes to destination. I t required investigation of numerous attempts to damage
and destroy vessels or their cargoes and the institution of many inquiries as to the truth of numerous reports and rumors of intentions
to violate our neutrality. While most of these reports and rumors
were found upon investigation to be without foundation, a number of
conspiracies to export cargoes under false manifests and otherwise
to violate the laws of the United States were discovered and evidence
furnished to the district attorneys which resulted in the prosecution
and conviction of the guilty persons.
These activities have been largely increased since the declaration
of war by the United States.. On April 6, 1917, the customs officers,
under directions issued by the Treasury Department upon instructions from the President, took into custody 65 German ships lying in
17 different ports of the United States, placed guards on board such
vessels to protect them from further injury or deterioration, took an
inventory of their contents, made a preliminary survey of the damage
done to them, employed the necessary mechanics to care for their
machinery, and maintained such guards on such vessels for an average
period of approximately 3 months, pending their being repaired




SECRETARY OF THE TREASURY.

203

and made ready for sea. In a similar manner, on April 9, 1917,
guards were placed on. board 14 Austrian vessels, lying in 8 different
ports, and the same procedure was employed to prevent their further .
injury or deterioration, until they were purchased by the Shipping
Board or by other American owners. The total cost to the Customs
Service.of these operations was $188,595.20, which has been reimbursed to the appropriation and is not included in the figures herewith submitted. A great part of the work was, however, performed
by persons regularly employed in the Customs Service, and all overhead expenses were borne by that service, the cost above given being
only that necessary for the employment of persons not available in
the regular force of the Customs Service.
In addition to its usual and ordinary duties, the Customs Service
is now charged with the duty of preventing the shipment of unlicensed cargoes which require a license under the act of June 15,
1917, and the proclamation of the President, dated July 9 last.
Customs officers take up or cancel the passports of all American
citizens returning from abroad, and they examine the passports of
all persons departing from the United States to prevent persons
leaving without a passport or under a false passport. They act as
local agents of the War Risk Insurance Bureau and are generally
employed in the enforcement of those regulations governing the movement of vessels, which have been adopted as war measures and for the
enforcement of which no other service is available.
By reason of the fact that there are in the service a number of
examiners of merchandise who are experts on questions relating to
the values of various classes of merchandise, the service is also rendering great assistance to the Medical Supply Department of the
Army in the purchase of supplies, preparing the specifications, examining and valuing samples, and seeing that the goods delivered
comply with the specifications. Collectors of customs have been acting in numerous instances as disbursing agents of the Shipping
Board, and the department is now, by means of the special-agency
service, investigating and reporting on the bills submitted to that
board for the repairs to vessels.
These increased activities have all been efficiently performed
within the limits of the appropriations made by Congress for the
ordinary activities of the Customs Service. Indeed, the expenditures for the fiscal year 1917 were $38,203.56 less than those for the
fiscal year 1916. This was made possible by a continuation of the
instaillation of improvements in the customs organization and the
routine processes employed in the various customhouses. The most
extensive betterment of this kind was the reorganization of the work




204

REPORT ON TI-IE FINANCES.

in the New York customhouse, made in pursuance of an investigation
and report by a committee of the efficiency board. The principal
features of this reorganization were the transfer of the warehouse,
accounts, and disbursing divisions to the main floor of the customhouse and a better coordination of the work of those divisions with
that of the entry division; the installation of a new system of receiving and handling entry papers; and the adoption of a new set of
blank forms of entries, bonds, and related papers, .which result in
great convenience to the importers and a saving of time and unnecessary work in the routine processes of the customhouse. To
carry out to its fullest extent the plan of reorganization, it will be
necessary to make some alterations in the rotunda on the main floor
of the customhouse and to install a mechanical system, either by the
use of pneumatic tubes or overhead carriers, for the transmission of
papers. The estimated cost of these various changes is $35,000, and
it is urged that the money be secured and the changes carried into
effect as soon as possible, since the completion of the plans adopted
will make the New York customhouse a model upon which it is
proposed to base the organization of the work in the other large
customhouses, a similar reorganization having already been made
in the Boston customhouse with good results. ^Vhen it is considered
that the changes already effected have reduced the floor space necessary by more than 15,000 square feet and will permit the same work
to be more quickly and efficiently performed with a reduction of
10 per cent in the cost thereof, the advisability of completing the
reorganization is obvious.
While there has been a steady decrease in the operating expenses
of the Customs Service for the past four years, due to the adoption
of improved methods, it is not believed to be advisable to endeavor
permanently to decrease the operating expenses of that service below
$10,000,000 per annum. While there is no question but what there
is still room for improvement in the methods employed, and further
economies may be made, any savings resulting from such economies
should be devoted to an increased efficiency in the service. The operations of the Customs Service come immediately in contact with
commercial activities, and business interests are directly affected by
an increased or decreased efficiency of the Customs Service. The
dutiable value and classification of merchandise are frequently predicated upon an examination made by one man. A dishonest importer,
by collusion with one or two customs employees, may evade for a considerable period of time the payment of duties legally accruing upon
his merchandise, thus not only defrauding the Government of its
revenue but giving him an unfair advantage that will enable him to




SECRETARY OF THE TREASURY.

205

ruin the business of his competitors. A few hours' delay in the passing of merchandise or in the clearance of a vessel may cause a loss
of many thousands of dollars. I t is therefore important, both to the
revenue and to the business interests of the country, that the Customs
Service be both honest and efficient. The compensations now paid to
many of those employed in that service are wholly inadequate to the
technical knowledge required and responsibilities imposed upon those
receiving them. I t is therefore recommended that the savings resulting from any economies effected in the Customs Service in the future
be applied to an upward standardization of the salaries paid, in order
that the service may secure and retain men of the requisite technical
skill and of the highest integrity.
There should be a complete revision of all the customs administrative laws. These laws have never been completely revised since
1799, and consist of enactments passed at various times from that
date to the present time. The Customs Service is, therefore, now
operating under laws many of which are over 100 years old and are
entirely inappropriate to modem business conditions. While the
payment of compensations upon a fee system has been abolished and
all customs officers are paid a fixed compensation from the Federal
Treasury, some of the features of the organization provided for and
adapted to the old fee system still remain. I n some customs districts
there are three independent principal officers and a fourth who, while
subject by law to direction by the collector, yet has statutory duties
to perform. This is not calculated to bring about efficient service.
There should be one principal officer in each customs collection district and one only, directly subordinate to the Treasury Department,
and all other officers in such district should be subordinate to this
one, except that an auditing and inspection service should be maintained, directly subordinate to the Treasury Department and independent of this organization. A proper revision of the customs laws,
carrying with-it a inodern up-to-date business organization of the
Customs Service, would result in a greatly increased efficiency and a
decrease in expenditures of at least'$500,000 per annum.
By an Executive order dated March 3, 1913, which was made in
pursuance of an authorization by Congress carried in the act of
August 24, 1912, the service was partially reorganized. This reorganization has resulted in an increased efficiency and a reduction in
the operating expenses of approximately $1,000,000 per annum. At
the time of its adoption a much more extensive reorganization was
considered, and it is recommended that the necessary authority to
carry this into effect be granted by the Congress.




206

REPORT ON THE FINANCES.
O F F I C E OF T H E SUPERVISING A R C H I T E C T .

The following statements show in general the projects authorized
by Congress and in detail the financial operations of the Office of the
Supervising Architect for the fiscal year ended June 30, 1917:
BUILDINGS.

New buildings completed (occupied or ready for occupancy) at the close
of the^fiscal year ended June 30, 1916
-1,008
Purchased completed (Galveston, Tex., appraisers' stores)
*
1
Number of marine hospitals and quarantine stations
54
New buildings completed during the fiscal year ending June 30, 1917
63
Net total number of buildings (completed) under the control of the^
Treasury Department June 30, 1917
1,126
Buildings placed under contract during the fiscal year ending June 30,
1917
.
___.
Buildings placed under contract prior to the commencement of the fiscal
year 1917 and not completed June 30, 1917
^
Contracts for new buildings in force July 1, 1917

76
45
121 ,

Total number of buildings completed and in course of erection
June 30, 1917.
_1
.
1, 247
Buildings authorized prior to the act of Mar. 4, 1913, not under contract
June 30, 1917
.
Buildings authorized in acts of Mar. 4 and June 23, 1913; July 26,
1916; and Mar. 4, 1917, not under contract June 30, 1917___
Total

...

18
177
195

Total buildings completed, in course of erection, or authorized
(not including extensions)

1,442

EXTENSIONS.

Extensions completed (occupied or ready for occupancy) during the
fiscal year ending June 30, 1917
1
Extensions placed under contract during the fiscal year ending June 30,
1917
!:_Extensions placed under- contract prior to July 1, 1916, not completed
June 30, 1917
;
Contracts for extensions in force July 1, 1917

:

Extensions authorize'd prior to act of Mar. 4, 1913, not under contract
June 30, 1917
_—
Extensions authorized in acts of Mar. 4, 1913, and Mar. 4, 1917, not
under contract June 30, 1917
•
.
Extensions not under contract




_

.,-,,^,

5
7
3
10
2
12
14

SECRETARY OF THE TREASURY.

207

RECAPITULATION.

Contracts completed during the fiscal year ending June 30, 1917:
New . buildings
:
Extensions
Total
_

63
5
68

Contracts awarded during the flscal year ending June 30, 1917:
New buildings
'.
Extensions
Total

76
7
83

Contracts awarded prior to July 1, 1916, not completed June 30, 1917:
New buildings
.
Extensions
.,
Total
__^^

45
3
48

Contracts In force July 1,1917, regardless of date of a\^ard:
New buildings
^_
Extensions
.^

Total
1
.
The above statement does not include the following:

121
10

131

Major miscellaneous contracts awarded from July 1, 1916, to June 30,
1917
_1
.
,
15
Miscellaneous projects placed under contract during the fiscal year 1917, .
all of which required the preparation of specifications and in many
instances drawings and wliich involved in some instances contract
liabilities exceeding $20,000, approximately
:
_
1,132

Summary of acts carrying appropriations for the fiscal year 1917.
The sundry civil act approved July 1, 1916, carried appropriations
as follows—
For sites only__^
$570,900. 00
For sites and buildings
1, 059, 750. 00
For buildings only
4, 978, 000. 00
For extensions
.
^
299, 000.00
For rent of buildings35, 200. 00
For special projects, including lookouts and mailhandling apparatus
320, 900. 00
Total
$7, 263, 750. 00
Reappropriated on account of Hygienic Laboratory—
3, 090.24
Bridge, Nogales, Ariz., 1917
^i
^
7,500.00
For repairs and preservation
800, 000. 00
For mechanical equipment—
450j 000. 00
For vaults and safes
_—
110, 000. 00
For general expenses
—_
563, 560.00
For operating force
'3,025,000.00 For furniture and repairs of same
.
775, 000. 00
For operating supplies
1,700,000.00
For Salamanca, N. Y., ground rent
7. 50
For lands and other property of the United
States
300. 00
Total
7,423,867.50
Reappropriated on account of architectural competitions
60,994.01
Total this act14,759,201.75
* $25,000 18 deficiency for 1916.



208

REPORT ON THE FINANCES.

A special act apprbved July 26, 1916, authorized the sale of the
old marine hospital reservation at Cleveland, Ohio, and appropriated
$1,000 for expenses incident to the appraisal.
The deficiency act approved September 8, 1916, carried appropriations for sites only, $750; for special projects, $30,954; a total
of $31,704.
The deficiency act approved April 17, 1917, carried appropriations
as follows:
Buildings
Sites and buildings
Special repairs to buildings
Operating supplies
Total

^

:

g

^
.
_i

.

___—__^_—

$200, 000
5, 000
416
50, 000
255,416

The total of the foregoing acts for special and annual appropriations for the fiscal year 1917.is $15,047,321.75.
Summiary of acts carrying appropriations for the fiscal year 1918.
The legislative act approved March 3, 1917, carried an appropriation for " Salaries, Office of Supervising Architect," in amount
$221,020.
The sundry civil act approved June 12, 1917, carried appropriations for the fiscal year 1918 as follows:For
For
For
For
For
For

sites only,
:
^
—
sites and buildings—
buildings only
extensions
i
special repairs, etc
rent of buildings

j _ —
^____
_:

$44, 557.18
6,664,340.00
4,511,104.00
525,000.00.
248, 300. 00
3, 000. 00

Total
—
— — $11,996, 301.18
For repairs and preservation
850, 000. 00
For mechanical equipment
460, 000. 00
For vaults and safes
—
110, 000. 00
For general expenses
^—
580, 660.00
For operating force
^—
3, 250, 000. 00
For furniture and repairs of same
775, 000. 00
For operating supplies^
1,800,000.00
For Salamanca, N. Y., ground rent
—
7. 50
For lands and other property of the United
States
300. 00
Total
Reappropriated on account of architectural competitions
Total sundry civU act

7, 825, 967. 50
55, 971. 78
19, 878, 240. 46

The total of the foregoing acts for special and annual appropriations for the fiscal year 1918 is $20,099,260.46.




SECRETARY OF TFIE TREASURY.

209

Statement of appropriatioiis for public buildings July 1, 1916, to June 30, 1917.
E X P E N D I T U R E S DURING T H E F I S C A L YEAR.

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

statutory roU
sites and additional landconstruction of new buildings
extensions to buildings
special repairs to buildings.
rent of buildings
repairs and preservation
mechanical equipment
vaults and safes
operating supplies.
general expenses
furniture and repairs of same
operating force
,
architectural competitions
Total

-

:

—
'.

—
_____:
.
:
.

:__

-

$213, 910. 40
1, 483, 257. 53
7, 473,843. 72
609,202.17
222, 405. 28
53, 570. 74
- 839, 226. 77
463, 556. 78
96,179.15
1,760, 030. 66
536, 882. 54
755,917.15
2, 912, 557. 62
6, 377.30
17, 426, 917. 81

CONTRACT L I A B I L I T I E S E X I S T I N G A T CLOSE OF B U S I N E S S J U N E 3 0 , 1 9 1 7 .

On
On
On
On
On
On
On
On
On
On
On
On
On

account
account
account
account
account
account
account
account
account
account
account
account
account

of sites- and additional land
of construction of new buildings
of extensions to buildings
of special repairs to buildings
of rent of buildings
of repairs and preservation
of mechanical equipment
of vaults and safes
of operating supplies
of general expenses
of furniture and repairs of same
of operating force
of architectural competitions —

$559, 065.18
10, 896, 856. 96
1, 538, 481. 65
.
205, 930. 35
20, 952. 50
239, 982. 70
174, 077. 23
55, 393. 73
178, 345. 53
29, 721. 93
345, 685.18
254, 568. 93
32, 067. 61

_—_

Total
!
— 14, 531,129. 48
Less authorized contract liabilities in excess of amounts appropriated under the special appropriations
63, 794. 70
Total—

-

—

U N E N C U M B E R E D BALANCES J U L Y 1 ,

For statutory roll:
1916
1917 —1
'1918
^
For sites and additional land only
For construction of new buildings
For extensions to buildings
For special repairs to buildings
For rent of buildings
13034°—FI 1917




14

14, 467, 334. 78
1917.

_i_
:

$6, 893. 01
7,109. 60
_
221, 020. 00
2,108, 248. 42
13, 010, 282. 49
1, 258,158. 08
587, 937. 47
86, 895. 03

210

REPORT ON THE FINANCES,

For repairs and preservation:
1916
.____—
1917
^
1918
For mechanical equipment:
.
1916
1917
1918
For vaults and safes:
1916
—
——
1917
——
—
1918
1
For operating supplies:
1918
_.
_
For general expenses:
1916 ..
-:
1917
—
_______
1918 —
^
For furniture and repairs of same:
1916 —
1917
—_
1918 —
—
_
For lands and other property:
1916
——
1917
1918
For operating force:
1916 —
1917
1918
For architectural competitions:
1917
—Total —
BALANCES OF A P P R O P R I A T I O N S

$4, 389.41
3, 055. 54
824,161. 74
.
3, 523. 42
4, 249.19
437, 890. 94
95. 96
553. 02
109,160. 00
^ 537, 984. 26
9, 229. 92
37, 780.13
578, 031. 53
2, 632.15
51, 785. 51
773, 452. 21
283. 80
300. 00
300. 00
459. 35
3, 852.12
3,250, 000. 00
23, 904.17
—

S E N T TO S U R P L U S F U N D J U N E

On account of special appropriations
'.
'—
On account of annual appropriations, to wit:
Furniture and repairs of same for public buildings, 1915_—
General expenses of public buildings, 1915
Mechanical equipment for public buildings, 1915
Repairs and preservation of public buildings, 1915
Vaults and safes for public buildings, 1915—.
Operating force for public buildings, 1915
Operating supplies for public buildings, 1915
—Lands and other property of the United States, 1915
Total




23, 943,618. 47
30,

1917.

$350,439.09
2,938. 62
1, 063. 21
3, 658.14
5,321.04
181. 39
26,344. 71
. 33,286. 67
300. 00
423,532. 87

SECRETARY OF THE TREASURY.

211

P U B L I C H E A L T H SERVICE.

The operations of the Public Health Service during the fiscal year,
conducted through its several administrative divisions, are summarized by the Surgeon General as follows:
Division of Scientific Research.
'

As heretofore, the service has conducted through this division
scientific field and laboratory studies which would be of use in publichealth work generally. These studies may be classed under the following headings: Diseases of man, sanitation of extra-cantonment
areas, rural sanitation, public-health administration, industrial sanitation, school hygiene, pollution of navigable streams and coastal
waters, disposal of sewage, treatment of industrial wastes, and supervision of the manufacture and sale of biological products. In addition, special studies have been made of such matters as disinfection,
drugs, diet, and ventilation.
Diseases of man.—Included in the diseases studied during the year
are hookworm disease, leprosy, malaria, miner's consumption, pellagra, plague, poliomyelitis, pyorrhea alveolaris, rabies. Rocky
Mountain spotted fever, trachoma, trichinosis, tuberculosis, typhoid
fever, and typhus fever. The studies made regarding certain of
these diseases deserve further mention.
Malaria.—Malaria investigations have included the following
avenues of activity: Epidemiologic studies, investigations as to the
relative efficacy of control measures, laboratory studies of the
bionomics of the various species of anopheles mosquitoes with reference to malaria, investigations as to the influence of malaria upon
economics under various conditions, studies of impounded waters
in relation to malaria, and surveys of malaria-infected areas, including localities in the vicinity of military barracks and camp sites.
On the basis of these studies the service has been able to advise
local authorities in the localities surveyed with regard to the eradication and prevention of malaria and suppression of mosquito breeding places.
In accordance with requests received from State and local health
authorities and other agencies, field surveys were made to determine
the nature and extent of the factors influencing the prevalence of
malaria and to ascertain the measures most applicable for their
control by the localities concerned. Such surveys were conducted at
points in Alabama, Arkansas, Georgia, Illinois, Louisiana, Mississippi, Missouri, North Carolina, Ohio, Rhode Island, South Carolina, Tennessee, Texas, and Virginia.




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REPORT ON THE FINANCES.

In cooperation with the International Health Board demonstration studies were conducted at Crossett and in the vicinity of Lake
Village, Ark. At the former place, by means of mosquito-preventing measures, malaria was reduced about 75 per cent at a per
capita cost of $1.25. At Lake Village, in one group malaria was
reduced 70 per cent by ineans of screening at a cost per house of
$14.77, such screening being expected to last two years at least. In
another group malaria was reduced 65 per cent by means of quinine,
at a cost of 57 cents per person. The economic loss suffered by a
near-by group where preventive measures were not employed was
$2.52 per capita, whereas in the controlled groups the loss was
6 cents per capita.
Pellagra.—Studies of pellagra conducted during the year have
reinforced the theory that pellagra is due to a faulty diet. Additional proof that it is not communicable was also obtained.
The field study undertaken during the previous fiscal year in
7 cotton-mill villages in South Carolina has been extended to include
17 additional villages, so that an aggregate population of 25,000 is
now being intensively studied in regard to pellagra prevalence, sanitation, economic status, food availability, and seasonal variation in
food availability.
The study of the prevention of pellagra by proper diet at the
Georgia Asylum for the insane was continued during the year. No
cases of pellagra developed, and there were no recurrences. Previous to the service operations pellagra was very prevalent at this
asylum.
.
At the service pellagra hospital at Spartanburg, S. C, where 169
hospital patients and 45 outpatients have been treated during
the year, several diets have been tried out in order to determine the
comparative therapeutic values of various articles of food in the
treatment of pellagra. Laboratory studies at this hospital have consisted of analyses of foods, animal feeding experiments, and certain
metabolic studies.
Poliomyelitis,—Scientific studies relating to the poliomyelitis epidemic in New York and elsewhere last summer related to (1) an
epidemiological survey of the entire epidemic area in the northeastern United States; (2) intensive studies of cases in the Borough
of Richmond and in the States of New Jersey, Connecticut, and
Rhode Island; (3) brief entomologic and rodent surveys; (4) studies
of paralytic disorders among domestic animals and their alleged
relation to poliomyelitis in human beings; (5) attempts to produce the
disease in animals other than the monkey; and (6) attempts to cultivate the specific organism. Part of this work has been conducted
in the field and part at the Hygienic Laboratory. Material and data




SECRETARY OF THE TREASURY.

213

in regard to poliomyelitis were also collected during an epidemic
which occurred last winter in West Virginia.
Trachoma.—Six small trachoma hospitals have been in operation
during the past year in the States of Kentucky^ Virginia, West Virginia, and Tennessee, the work being done in cooperation with State
and local authorities. A total of about 7,500 cases were treated during
the year, of which nearly 2,000 were admitted to hospitals. About 700
were reported as cured of trachoma. A campaign of education has
been carried out, with the hospitals as centers, field clinics having been
found to be of special service in this connection. Individual instruction as to the prevention of the disease and as to public health
generally is given where possible.
Sanitation of extra-cantonment areas.—Owing to the entrance of
the United States into the war, the division's activities during the last
part of the fiscal year were devoted chiefly to cooperating with the
State and local health authorities in public-health studies having a
bearing on the military situation. Other work has been curtailed to
"make these studies effective. A large part of the personnel previously
engaged in studies of rural sanitation, malaria, sanitary organization
and administration, and pollution of navigable streams and coastal
waters has lately been engaged in making sanitary surveys of areas
surrounding Army cantonments. Reports of such surveys are being
furnished to the State, local, and military authorities.
Rural sanitation.—During the year more than 31,000 rural homes
were inspected in 9 counties in as many States, and more than 13,000
homes were reinspected. At these places sanitary data were collected
for analysis and publication, and advice was given as to improvement
of sanitary defects noted. I n addition, many churches, railroad stations, and schools were surveyed, and 400 lectures were given. Work
was carried on in Floyd County, Ga., Greenville County, S. C , Obion
County, Tenn., Tuscaloosa County, Ala., Clay County, Mo., Cumberland County, 111., Hill County, Tex., Okmulgee County, Okla., and
Mason County, Ky. Marked progress in sanitary matters was made
,in each of these counties.
Besides these intensive surveys the following special studies are
being conducted: (1) Survey of a group of rural towns in Wyoming;.
(2) laboratory and field studies in regard to the chemical treatment
of excreta, so as to make the matter safe from a sanitary point of
view without decreasing its fertilizer value; and (3) a practical study
of county health work in Edgecombe County, N. C , an officer of
the service acting as full-time county health officer.
At the end of the fiscal year the rural sanitation force was principally engaged in sanitation studies of areas surrounding military
cantonments in cooperation with State and local health authorities.




214

REPORT ON THE FINANCES.

PubUc health organization and administration.—Surveys of public
health organization and administration have been made in the cities
of Charlotte, N. C , Kansas City, Mo., Piqua, Ohio, Quincy, 111.,
Richmond, Va., South Bend, Ind., and Springfield, Ohio. I n the
course of the surveys recommendations were made to local authorities
and reports of the surveys were either published or submitted to
these authorities.
Industrial sanitation.—Industrial sanitation studies in regard to
the following matters were engaged in during the past year: Health
conditions surrounding the employment of women in Wisconsin,
in cooperation with the Wisconsin Industrial Commission; health
hazards of the chemical industry and the health of chemical workers;
health hazards in connection with the manufacture and distribution
of illuminating gas; health hazards of the textile industry, in cooperation with the Pennsylvania State Department of Labor and Industry and the occupational disease clinic of the University of
Pennsylvania; visual condition of workers engaged in occupations
likely to cause eye strain; hygienic conditions of shop lighting, in*
cooperation with the Wisconsin Industrial Commission; prevalence
of'miners' consumption among the miners in the Butte (Mont.)
district, in cooperation with the Bureau of Mines; and public-health
problems in relation to child labor, in cooperation with the Massachusetts State Board of Labor and Industries.
From these studies conclusions are being drawn of great importance to the health of workers in this country. Mention of only a
few can be made here. As a result of the studies of the employment
of women in industry in Wisconsin, it was concluded that, in view
of the fact that it seems p'racticable to accomplish by proper management as much work in an 8-hour day as in a 10-hour day under
conditions existing in Wisconsin, the shorter working day must be
regarded as advantageous -both to the woman worker and to the
manufacturer.
The study of the textile industry indicated that the processes
themselves present but few health hazards, but that many of t h e .
shops present problems of poor illumination, poor ventilation, undue
exposure to organic dusts, and conditions favoring the spread of
communicable diseases.
Because of the involvement of the United States in the war, studies
of the sanitation of munition plants and similar establishments have
already been undertaken and will be extended in the future.
School and mental hygiene.—Studies of mental status were conducted (1) among school children in Nassau County, N. Y., and New
Castle and Sussex Counties, Del.; (2) in four Colorado State institutions; (3) in certain almshouses in Delaware; (4) in the National




SECRETARY OF THE TREASURY.

215

Junior Republic; and (5) among the children of the pellagrous communities in Spartanburg County, S. C. I n the studies of school
children so far conducted, of 38,058 examined, 365, or 0.96 per cent,
have been found to be feeble-minded. Studies conducted in cooperation with the Children's Bureau showed that the percentage of
feeble-minded in the schools examined was approximately double the
percentage of feeble-minded in the general population. Studies of
the physical status of school children and of the sanitation of school
buildings were also conducted during the year.
Pollution of streams.—Studies of stream pollution, centered in
Cincinnati, were continued during the year. The first section of this
work, a survey of the Ohio River watershed, has been completed, and
field studies have now been extended to include a general survey o f
the conditions and effects of stream pollution in the Northeastern
States, while laboratory studies have been directed toward the further
evolution of problems developed in the preliminary work on the Ohio
River. During the last month of the year practically the whole force
assigned to stream-pollution studies was engaged in sanitary surveys
in the environment of National Army cantonments in Southern
States.
Pollution of coastal waters.—Field investigations of the pollution
of coastal waters have been continued during the year at Jamaica
Bay, N. Y., and in the coastal waters of Connecticut, especially the
shellfish areas and bathing beaches in New Haven Harbor and outside the harbors of Bridgeport and South Norwalk, These studies
consisted in the examination of large numbers of samples of shellfish
and water, float and current studies, and sanitary surveys of adjacent areas. The practicability on a commercial scale of the purification of oysters through the use of hypochlorite of lime or chlorine
gas when it is not practicable to remove them to nonpolluted areas
for purification was demonstrated in Jamaica Bay and in New Haven
Harbor. This fact, the result of scientific studies by the service, is
believed to be of far-reaching importance to the shellfish industry.
Sewage disposal.—Experiments in regard to residential and small
community sewage disposal have been carried out at two experimental plants. These show the extent to which various sewagedisposal processes are applicable to the problem of small communities.
I t is believed that a sewage-disposal device applicable to almost all
conditions and capable of operating with a minimum of attention and
expense has been developed. Sterilization of steamboat wastes has
also been studied.
Industrial wastes.—Studies of tannery, strawboard, creamery, and
canning wastes have been continued. A special research has been




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REPORT ON THE FINANCES.

carried out upon the difficult problem of determining and expressing
the biological oxygen demand of industrial wastes.
Viruses, serums, etc.—In connection with the enforcement of the
law governing the sale of biological products, frequent inspections of
establishments have been made, and an increased number of samples
of products examined. A special appropriation made by Congress
for this purpose has permitted the service to exercise greater control
over the manufacture of this important class of preparations.
Hygienic Laboratory.—^Techmc2il studies of importance to public
health and supplementary to the field studies have been conducted
during the year at the Hygienic Laboratory. They have related to
hookworm, pellagra, plague, poliomyelitis, pyorrhea alveolaris. Rocky
Mountain spotted fever, trichinosis, typhus fever, physiological significance of vitamines in nutrition, dietary studies in pellagrous and
nonpellagrous families, isolation of two hitherto unknown milk constituents, choice of disinfectants and their use, disinfecting possibilities of various commercial products, toxicity of pine-oil disinfectant, disinfection of human excreta, theory of disinfection, fly
poisons, apparajbus for making multiple inoculations of culture media,
oxygen diffusion in relation to self-purification of streams, the fauna
of sludge, physical factors involved in heat interchange between the
atmosphere and the human body, detection of small quantities of
poisoning gases in the atmosphere, standardization of typhoid vaccine and certain serums, preservatives used in certain serums, medicinal value of domestic digitalis, toxicity of commercial preparations of emetine, cocaine, and cocaine substitutes, standardization
of cannabis indica, action of drugs on the ureter, action of distilled
water on the isolated uterus preparation, toxicity of salvarsan and
analogous compounds. Some of these studies have already been of
assistance in carrying on the field investigations.
Cooperation with other branches of the Government has been continuous, and other routine work of a chemical and bacteriological
nature has been conducted as in the past. Apart froin those examined for research purposes, 3,425 specimens of all kinds have been
examined.
In connection with the licensing of biological-product manufacturers, 5,506 products have been examined. The laboratory has sent
to State health authorities and other beneficiaries 1,680 complete
treatments for rabies. Over 300 persons were given antityphoid
prophylactic at the laboratory and 98,989 c. c. of the vaccine, sufficient
for 33,000 persons, were distributed.
Leprosy investigation station.—^As in the past, research problems
in regard to leprosy have been conducted at the leprosy investigation
station, Honolulu, Hawaii.




SECRETARY OF THE TREASUBY.

217

Publications.—Scientific bulletins reporting the laboratory and
field investigations have been published, and a number of popular
bulletins printed for use in the field.
Educational lectures.—On request of sanitary and civic associations, hundreds of educational lectures have been delivered in practically all sections of the country.
Division of Foreign and Insular Quarantine and Immigration.
During the fiscal year the administration of national quarantine
stations by officers of the Public Health Service and the enforcement
of the United States quarantine laws and regulations were conducted
in the same general line as in former years. The National Government operates 61 quarantine stations on the mainland of the United
States, and in the insular possessions officers of the Public Health
Service administer 26 stations. At 36 ports the quarantine station
includes reservation, buildings, or floating equipment. At 51 stations
there are only inspection facilities.
In addition to the officers at the quarantine stations there are 15
officers attached to American consulates in foreign ports for the purpose of supervising precautionary measures that are applicable to
vessels sailing to American ports. These officers also perform examination of intending immigrants and thereby often prevent the
loss of time and money, both to the prospective passenger and to the
steamship company, in many instances where the person has a physical or mental defect that operates to his mandatory exclusion from
this country.
Additional quarantine administrative function was imposed upon
the service through the acquisition of the Virgin Islands. A. service
officer was* assigned to duty in those newly acquired possessions as
chief quarantine officer of the islands.
At several points along the Mexican border, on account of the increased prevalence of typhus and smallpox in Mexico, national quarantine facilities were materially enlarged, and at the present time
the equipment at all ports where required is adequate and satisfactory for the purpose. During the year service officers inspected 16,076 vessels, not including vessels entering ports of the Philippine
Islands, and 1,005,132 passengers and crews, exclusive of overland
travelers. For the destruction of rats, mosquitoes, and disease-carrying vermin in general there were fumigated 4,039 vessels.
The prevalence of epidemic diseases in various countries having
extensive trade relations with the United States constituted a serious
menace to the health of this country. An unusually severe epidemic
of typhus fever prevailed in Mexico, occurring in a widespread area
and having a high mortality rate. The measures carried out for the




218

REPORT ON THE FINANCES.

prevention of the introduction of typhus from Mexico were very
comprehensive. As evidence of the magnitude of this work, there
were 110,000 persons vaccinated and 154,000 disinfected for the destruction of vermin.
On account of the prevalence of an epidemic of cholera in Japan,
bacteriological examination of all incoming steerage passengers from
the Orient was instituted, both at the quarantine stations on the
Pacific coast and at Manila, and several cholera carriers were discovered. The measures carried out were successful in preventing
the entry of the disease into the United States.
YeUow fever was reported from various ports of South America
and from Mexico. I t is believed that the Yucatan Peninsula especially is an endemic center of this disease. Appropriate measures
were enforced against travel from yellow-fever infected countries
and two cases of yellow fever were apprehended at the New Orleans
quarantine station. ^ Effective measures were applied against the
personnel and infected vessel.
Plague continued to be reported from practically every country
in the world, and as precautionary measures against the introduction of this infection into ports of the United States, extensive fumigation of incoming vessels was practiced. As a result of this system
of fumigation, plague infection was discovered on one vessel entering
New Orleans and on one vessel leaving Hongkong.
During the year assistance was rendered to the War Department,
Navy Department, and Department of Labor in affording to them
facilities at quarantine stations at certain ports to such extent as
would not seriously interfere with- the effectiveness of quarantine
administration. P a r t of the barracks at the Boston quarantine station were utilized by the Immigration Service for the internment
of a number of German seamen. Quarters and transportation only
were furnished, the Immigration Service attending to the maintenance and general supervision of these interned aliens. The Fishermans Island reservation was temporarily turned over to the Army.
The quarantine reservation at Port Royal was also temporarily
loaned to the Navy Department for use as a training camp. At
Reedy Island quarantine station assistance was extended to the
customs, immigration, and naval authorities in boarding vessels at
that place, quarters being provided for the representatives of the
Customs and Immigration Services. Facilities of the San Diego
quarantine station were extended to the forces of the United States
iNaval Reserve, and similar provisions were made at the Tampa Bay
quarantine station for assisting the patrol forces in that neighborhood. Medical supervision of the interned alien enemies under
charge of the Bureau of Immigration was exercisied by officers of




SECRETARY OF THE TREASURY.

219

the Public Health Service, who also rendered aid in making sanitary
surveys of the proposed detention camps for the internment of aliens.
Medical inspection of immigrants.—During the fiscal year ended
June 30, 1917, medical officers of the service examined 521,611 immigrants for the purpose of detecting such physical or mental defect
as might render them deportable under the provisions of the immigration law. Of this number 20,231 were certified to as having a
mental or physical defect. The number of officers assigned to the
medical inspection varied during the year, but on an average 81
were exclusively engaged in this duty. On account of the lessened,
amount of immigration during the past two or three years, service
officers have been able to institute more intensive examination of
arriving aliens, and have engaged in studies of various subjects
pertaining to the physical and mental examination. The results of
these studies made possible the preparation of a manual for the
" mental examination of aliens," and a treatise on the normal mentality of the various immigrant races.
The provisions of the immigration law of February 5, 1917, made
necessary a revision of the regulations governing the medical examination of aliens. The new medical regulations have been thoroughly
prepared and fully cover all points involved in such examination.
The requirement in the new immigration law that all alien seamen
on arriving vessels shall, be given medical examination regardless
of whether they intend to land or not has increased the work of the
medical inspection of aliens to a very considerable degree. I t not
only increases the examinations numerically but necessitates the
procedure being performed (on board ship) at widely separated
points, oftentimes inconvenient of access and without adequate provision for an effective examination. I t is estimated that some forty
additional officers will be required to carry out effectively the provision of the medical examination of alien seamen. At some of the
quarantine stations, however, it has been found practical for the
quarantine officer to perform not only the quarantine inspection but
also the medical examination of alien crew for immigration purposes.
Division of Domestic {interstate) Quarantine.
During the summer of 1916 an epidemic of poliomyelitis (infantile
paralysis), which began.in the congested districts of the city of New
York, swept over a large area of the United States, the total number
of reported cases being more than 27,000. I n order to limit as far as
possible the dissemination of the disease in interstate traffic a notification system was established at New York City on July 18 and
maintained until October 2 for the certification of outgoing travel of




220

REPORT ON THE FINANCES.

all children under 16 years of age. Through the adoption of this
system unnecessary and dangerous travel was curtailed and health
officers throughout the United States were promptly notified of the
destination address of all children departing from the infected city.
The total number of children certified during the period the system
was in operation was 85,242, destined to 3^870 different localities in
this and foreign countries. I n addition, 22,647 adults were certified
upon their own request.
The plague suppressive measures at New Orleans have been continued for the third consecutive year with encouraging results. No
case of the disease in man has developed during the fiscal year, and
rodent infection has shown a material decrease, the last infected rat
having been discovered on April 24, 1917. The total number of
rodents killed was 387,732, of which 77,071 were examined for plague
infection. Rat-proofing operations on 75,335 buildings were instituted during the year, 39,715 of which were completed to the satisfaction of the inspecting officer, the remaining operations still being
under way.
Measures for the prevention ^ of plague in California, resulting
from the possible introduction of the disease into communities by
infected ground squirrels, have been continued as heretofore. I t is
worthy of note, as illustrative of the dangers which may arise from
this source, that on May 21, 1917, a plague-infected ground squirrel
was shot within 1 mile of the city limits of San Francisco. Antiplague operations at Seattle and its immediate vicinity, consisting
of the enforcement of rat-proofing ordinances, the inspection of shipping, and the examination of rodents, have been carried on as in
previous years.
The control of Rocky Mountain spotted fever in the Bitter Root
Valley was transferred at the termination of the present season to
the State Board of Health of Montana, there having been a steady
decrease in the number of cases since preventive measures were instituted.,
The enforcement of the interstate quarantine regulations has been
continued, several amendments to the existing regulations for the
better protection'of the health and lives of the traveling public having been promulgated.
The number of sources from which common carriers derive water
in the United States has been reduced to 4,156, thus evidencing the
greater care exercised in the securing of water for the use of interstate passengers. Through the cooperation of State and local health
authorities 3,713 of these sources have been surveyed and the water
examined during the year, 211 of the supplies being condemned and
the use of the water in question prohibited on interstate carriers.
Additional laboratory facilities have been provided for this work.



SECRETARY OF THE TREASURY.

221

The usual sanitary inspection of Government buildings in the
District of Columbia has been carried out as heretofore, and special
investigations of the sanitary condition of other Government buildings have been made from time to time as required.
Division of Sanitary Reports and Statistics.
Sanitary legislation.—During the fiscal year ended June 30, 1917,
the compilation and study of court decisions and State and city laws,
ordinances, and regulations relating to public health was continued.
The current publication of this material in the Public Health Reports
was, however, temporarily discontinued in January, 1917, owing to.
the scarcity of print paper and the need for econom}^ in its use.
Laws or regulations intended to secure more prompt and complete
reporting of cases of communicable diseases were adopted during the
calendar year 1916 in the States of California, Colorado, Delaware,
Illinois, Kansas, Maine, Maryland, Massachusetts, Mississippi, Minnesota, Montana, New Hampshire, New York, Rhode Island, Virginia, and West Virginia.
I n the following-named States laws or regulations designed to provide for the control of one or more communicable diseases were
adopted during the same period: California, Colorado, the District
of Columbia, Illinois, Iowa, Kansas, Maine, Massachusetts, Mississippi, New Jersey, New York, Virginia, and West Virginia. These
laws and regulations provide rules for quarantining cases of disease
and prescribe means to be adopted to prevent the spread of the diseases and the occurrence of outbreaiks and epidemics:
Prevalence of disease in the United States.-—The most disturbing
epidemic which has occurred during the year was one of poliomyelitis
(infantile paralysis), which developed during the summer of 1916.
About the first of July, 1916, reports from New York City indicated
that an unusual number of cases were developing in that locality.
Within a few days increasing numbers of cases were reported in
Newark and Jersey City, N. J., and neighboring communities. By
July 15 the disease was on the increase in Philadelphia, Pa., Bridgeport, Conn., Camden, N. J., and even extending to Toledo, Ohio. By
the 1st of August cases were being reported in Baltimore, Boston,
Chicago, St. Paul, Minneapolis, Providence, Syracuse, and other
cities. The disease was at its height in July, August, and September.
I n Deceniber, after the disease had subsided elsewhere, an outbreak
developed in West Virginia, with foci at Elkins, Grafton, and Fairmont. There has been no important epidemic of the disease since
January 1,1917, although small outbreaks have occurred in Washington County, Vt., Haverhill, Mass., New Castle, Pa., Allegany, Md.,




222

^ REPORT ON THE FINANCES.

Braxton and Marion Counties, W. Va., Rockingham County, Va.,
Belmont County, Ohio, and Pope County, Minn.
The mild type of smallpox has continued to prevail throughout the
country. Its prevalence, however, does not seem to be on the increase.
The virulent type of smallpox was present mainly in States along
the Mexican border.
During the spring of 1917 cerebrospinal meningitis was unusually
prevalent in a number of localities. Of the cities in which there
were outbreaks the most important were Philadelphia, Cleveland,
St. Louis, Hartford, and Minneapolis. The largest outbreak in
the country was in Philadelphia. However, less iniformation is
available of the disease in this locality than of an outbreak which
occurred in Minnesota. I n the latter outbreak special attention was
given to the reporting of cases and their subsequent observation and
control. The prevalence of this disease threatened to offer particular difficulty in the mobilization of troops, as it is prone to spread
in army camps.
Aside from tuberculosis and pneumonia, malaria and typhoid
fever are the communicable diseases which have occurred in the
greatest numbers and been most prevalent.
Division of Marine Hospitals and Relief.
D.uring the fiscal year 1917, 64,022 patients received treatment as
beneficiaries of the service. Of this number, 17,991 were treated in
hospitals and 46,031 were treated as dispensary or out-patients.
The hospital patients received a total of 500,578 days' treatment.
During the year the service operated 2(3 marine hospitals, all of
which are owned by the Government, and maintained 118 other relief
stations where medical relief was furnished patients.
At the tuberculosis sanatorium of the service at F o r t Stanton, N.
Mex., 327 patients were cared for during the year. Of these, Q^
were discharged, 43 died at the sanatorium, and 218 remained under
treatment at the close of the year.
Aid was extended to other branches of the Government in the
physical examination of 8,183^ persons, of whom 2,020 were rejected.
I n addition, 17,362 merchant seamen were physically examined to
determine their fitness for service on American vessels, of whom 1,350
were rejected, and 2,805 foreign seamen were examined, of whom
239 were rejected.
Division of Personnel and Accounts.
Under authority of the act of Congress approved July 1, 1902, and
Executive order dated April 3,1917,13 commissioned medical officers
were detailed to the Navy for duty, upon the request of the Secre-




SECRETARY OF THE TREASURY.

223

tary of the Navy, and 1 commissioned medical officer to the Army,
upon request of the Secretary of War.
These trained medical officers are acting as sanitary advisers at
military cantonments and shore stations.
In accordance with the act of June 27, 1914, 16 cominissioned
medical officers are serving upon Coast Guard cutters in the Navy on
outside patrol duty, and 1 officer, under the approval of the iPresident, was detailed to the hospital relief ship Surf.
The joint resolution of July 9, 1917, while it gave pensions to these
officers serving with the military forces on shore or at distant stations
in case of death or disability, failed to give them the equal status
and protection given other officers in the military service. This
subject should receive serious consideration, because commissioned
medical officers are liable to military service should the necessity
arise.
Commissioned and other officers.^-Tlao, commissioned ruedical officers at the close of the fiscal year numbered 212, as follows: The
Surgeon General, 1 assistant surgeon general at large, 14 senior surgeons, 70 surgeons, 44 passed assistant surgeons, and 82 assistant
surgeons. The acting assistant surgeons numbered 258, and physicians are also employed for the medical relief of superintendents,
keepers, and surfmen near life-saving stations and at places where
the services of medical officers of the service are not available, to the
number of 76, making all told 546 medical officers. The total personnel of the service, including 50 pharmacists, 1,259 attendants, and
189 other employees, numbered 2,044.
Expenditures.—The appropriations for the ordinary maintenance
of the Public Health Service were $2,154,156. The receipts from
all sources, repayments for care of foreign seamen, etc., were $33,596.46. The expenditures, including outstanding liabilities, were
$2,059,457.90, leaving an estimated balance of $128,294.56.
The appropriation for prevention of the introduction and spread
of epidemic diseases was $400,000. The expenditures, including
outstanding liabilities, were $384,376.39, leaving an estimated balance
of$15,623.6L
The appropriation for the maintenance of the quarantine service
was $185,000. The amount of repayments was $2,841.86. The expenditures were $187,837.35, including outstanding liabilities, leaving an estimated balance of $4.51.
The appropriation for field investigations of" public health was
$250,000. The repayments were $117.09.' The expenditures, including estimated outstanding liabilities, were $238,513.45, leaving an
estimated balance of $11,603.64.




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REPORT ON THE FINANCES.

The appropriation for interstate quarantine service was $100,000.
The expenditures were $85,763.86, including outstanding liabilities,
leaving an estimated balance of $14,236.14.
The appropriation for speciar studies of pellagra was $40,000.
The expenditures were $27,789.66, including outstanding liabilities,
leaving an estimated balance of $12,210.34.
The appropriation for studies of rural sanitation was $25,000.
The expenditures were $24,984.80, including outstanding liabilities,
leaving an estimated balance of $15.20.
The appropriation for control of biologic products was $10,000.
The expenditures were $9,929.86, including outstanding liabilities,
leaving an estimated balance of $70.14.
MisceUaneous Divisiori.
Publications.—During the fiscal year 1917- the service issued
2,891,050 copies of documents dealing with various phases of public
health and sanitation. These figures represent an increase of 649,825
copies over that reported last year. During the latter part of the
fiscal year just ended the bureau was compelled to cease all printing
on account of a shortage in the printing appropriation, so that the
above figures do not fairly indicate the demand made on the bureau
for literature, but rather the best results possible to obtain with a
limited appropriation.
Because of this limitation of funds for printing the bureau was
forced to refer many requests for literature to the Public Printer,
from whom copies could be purchased.
Library.—The library of the bureau continued to expand during
the past fiscal year by the purchase and donation of many new and
valuable works on medicine, public health, and kindred subjects. In
addition to the acquisition of these volumes the bureau kept acquainted with the progress of the medical sciences by subscribing to
49 journals.
Recommendations.
National quarantime.—As in previous years, a recommendation is
renewed as to the importance of making the national quarantine
system complete by the acquisition of the few remaining quarantine
stations under State or local control. During the past year the State
Legislature of New York indicated its desire by legislative enactment that the National Government should take over the quarantine
station at the port of New York, stipulating, however, that reasonable reimbursement should be made therefor to the State. The city
authorities of Baltimore likewise passed an ordinance expressive of




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225

their desire to transfer the Baltimore quarantine station to the Federal Government at a reasonable rate of reimbursement to the city.
The inclusion of these two quarantine stations, the sole remaining
stations not under Federal control, therefore awaits congressional
action in appropriating the sums of money necessary for reimbursement for the stations, as provided for in the act of 1893, namely,
" that whenever the proper authorities of the State shall surrender
to the United States the use of buildings and disinfecting apparatus
at a State quarantine station the Secretary of the Treasury shall be
authorized to receive them and to pay a reasonable compensation to
the State for their use * * *." It is believed that a very substantial interest to the National Government will have been served by
these transfers.
Quarantine procedure at ports of entry is closely interwoven with
other Federal activities, such as customs and immigration, and uniformity of quarantine procedure is essential in the interest of commerce, for the protection of the country as a whole, and for the adjustment of international questions involving quarantine methods.
During the past three years more serious epidemics of typhus
fever, smallpox, and cholera have occurred in continental Europe
than have been recorded in the history of modern sanitation in those
countries. The disturbance of established trade channels has been
one of the factors in causing a very considerable prevalence of rodent
plague in Great Britain. Four or five of the largest English ports
reported rodent plague at varying periods throughout the year.
The condition of our commercial relations after the war, through
resumption of traffic with continental Europe, may well constitute
a serious menace to the health of this country, furnishing an additional reason why local quarantines should be taken over by the
National Government.
Additional comm^issioned oficers.—Estimates have been submitted
to Congress for increases in appropriations which will permit of additions to the force of commissioned medical officers of the Public
Health Service in the entrance grade of assistant surgeon. The need of
additional trained officers has been one that has been felt at all times
in the development and expansion of the Public Health Service during
the past few years. It is to the cdmmissioned officers who enter the
service under permanent appointment as a life work that the service
must look for its most thoroughly trained sanitarians and publichealth experts. The experience gained by officers who are subject to
change of station, and who can therefore be assigned to duty on
sanitary and health problems of varying character, is cumulative,
and their value to the Government is increased with their years of
service. Recent legislation has largely increased the amount of work
13034°—FI 1917




15

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REPORT ON THE FINANCES.

which the Public Health Service has to perform. Aside from increased appropriations for extending the work which was already its
function, the new immigration law, the Government employees' compensation law, the seamen's law, and other acts of Congress have
imposed additional duties, necessitating additional medical officers.
Under the immigration act, examination of arriving aliens by two
medical officers is specifically required at many immigration stations
where the work has heretofore been performed by a single officer.
This act also requires the examination of all alien sailors on vessels
arriving at American ports. The hospitals and relief stations of the
service have also been opened to employees of the Government suffering injuries in the course of their employment. All sailors who apply
for rating as able seamen are now required to pass a physical examination by Public Health Service officers. It.is believed to be distinctly in the public interest that the enlargement of the permanent
corps of the service should keep pace with its increasing duties, and
favorable consideration of this matter is earnestly recommended to
Congress.
Proposed sanitary reserve corps.—^Legislation is pending in Congress for the establishment of a sanitary reserve corps in the Public
Health Service. The purpose of this proposed corps is to provide an
organization of experienced health officers and sanitary experts to
which the service can turn for assistance in times of emergency.
The need of such a body has been acutely felt in the work of studying and remedying sanitary conditions in the areas surrounding
military camps and cantonments—work of vital importance which
was suddenly thrust upon the service with the entrance of this country
into the war. The pending bill provides for appointment by the
President of State and local health officers and others skilled in
sanitary science in a reserve corps, which could be called into service
Avhenever outbreaks of epidemic disease or other emergency situations affecting the public health make such action necessary. Such
appointees would have grades and rates of pay corresponding to
those of the regular medical officers of the service, but would receive
compensation only when and for such periods as they might be
called upon for active duty. The legislation has the approval of the
Council of National Defense and the Conference of State and Territorial Health Officers, and it is sincerely hoped that it will receive
favorable consideration by Congress.
Information of disease prevalence.—In public-health work and the
control of disease there is nothing of such fundamental importance
as having dependable information of the localities where preventable
diseases are present, their relative presence in such localities, and




SECRETARY O F THE TREASURY.
'

227

the conditions under whish cases are occurring. Knowledge of the
distribution of diseases is a matter of paramount importance in connecticsn with its control. In carrying on its public-health functions
the Public Health Service must at all times have information of
the prevalence of communicable diseases throughout the country.
The need at present is especially acute because the more complete
the information at hand of the occurrence of communicable diseases
in the civil population the more effectively can the spread of these
diseases to the troops be prevented. To secure better and more complete information of disease prevalence an appropriation of $25,000
is being asked for in the annual estimates.
Publications.—The advance of the service into new fields of public
health and sanitation has stimulated the demand for its publications.
It is believed that in no other way does the service so directly benefit
the public at large as by the distribution of literature giving the
results of its work and disseminating practical information on health
subjects. Although showing a considerable increase over the preceding year, the number of publications distributed during the fiscal
year just closed was of necessity very much curtailed, owing to
limited appropriations for printing. It is respectfully urged that
additional funds for the widespread circulation of service publications be provided.
Burecm personnel.—The clerical force of the bureau has not been
enlarged in proportion to the .activities of the service. New and
varied activities in the field, with steady growth in the volume of
its operations along established lines,- have greatly increased the
administrative work of the bureau. In the estimates which have
been submitted for the fiscal year 1919 several increases in the bureau
personnel have been requested, and an earnest endeavor has been
made to hold these estimates to a minimum consistent with efficient
administration. It is hoped that provision for additional assistance
will be made.
COAST GUARD.

The Captain Commandant summarizes the operations of the service
as follows:
The act of January 28,1915, provides that the Coast Guard—
Shall operate under the Treasury Department in time of peace, and operate
as a part of the Navy, subject to the orders of the Secretary of the Navy, in
time of war or when the President shall so direct.

Upon the declaration of war on April 6, 1917, the Coast Guard
accordingly passed from the Treasury to the Navy Department, and
for obvious reasons the following summary does not include those




228

^

REPORT ON THE FINANCES.

activities of the Coast Guard in any way connected with naval operations subsequent to that date:
Lives saved or persons rescued from peril
.
2,153
Persons on board vessels assisted
13,796
Persons in distress cared for—^
,
841
Vessels boarded and papers examined
—
20,317
Vessels seized or reported for violation of law
^
.
857
Fines and penalties incurred by vessels reported
$205,429.00
Regattas and marine parades patrolled in accordance with law^
30
Instances of lives saved and vessels assisted
:_
1, 584
Instances of miscellaneous assistance
1, 572
Derelicts and obstructions to navigation removed or destroyed
11
Value of vessels assisted (including cargoes)
$14,960,910.00
Value of derelicts recovered and delivered to owners.:
$50, 000. 00
Appropriation for 1917, repairs to cutters
Net expenditure
'^
Estimated unexpended balance
Appropriation for repairing and rebuilding Coast Guard stations. Gulf of Mexico, 1916 and 1917:
Balance on hand July 1, 1916
Net expenditure
Estimated unexpended balance
Appropriation for 1917 for maintenance of Coast Guard
Net expenditure
^
Deficiency supplied from appropriations for Naval Establishment
—

$200,000. 00
194,325.65
5,674.35
67, 077.97
40,483.61
26, 594. 36
5, 367,600.00
6,074,470.32
706, 870. 32

During the fiscal year ended June 30,1917, the Coast Guard cutters
and stations were instrumental in actually saving from death, either
by drowning or otherwise, the lives of 2,153 persons, a marked increase over the number saved in the previous fiscal year. Altogether
there were 1,584 instances of rescue work involving either the saving
of life or imperiled property, or both. On board all the vessels
assisted there was a total of 13,796 persons, who were in more or less
danger, dependent upon, circumstances in each particular case, of
rescue. Other than the 2,153 actually rescued, the persons to Avhom
assistance was given were saved from predicaments which might
have proven disastrous were it not for the timely aid of Coast Guard
agencies. During the year 11 derelicts, constituting menaces to navigation, were destroyed or otherwise removed from the paths of commerce by the cutters, and this number includes all that were reported.
The appraised value of the property saved from the perils of the
sea was $15,010,910. As the cost for the maintenance of the entire
service was $6,309,279.58, this appraisable portion of the work of the
Coast Guard represents a return of $2.38 for each dollar invested by
the Government in this particular branch of the public service.
The summary above given represents the activities of the Coast
Guard in such lines which permit of tabulation or appraisal, and it




SECEETARY OF THE TREASURY.

229

is interesting to note that the principal activities—^those involving
the saving of life and property—show a marked increase over similar
activities for the previous year. This does not imply less efficiency during the previous year, for in all statements involving periodical returns of operations dependent upon emergencies or accidents
fluctuations showing radical increases or decreases may reasonably
be expected.
There was not a day throughout the entire fiscal year when the
Coast Guard cutters or stations were not engaged in some kind of
definite assistance to the public. The daily average of instances involving rescue, salvage, and other humanitarian work was 9; the
maximum number of such cases for any one day was 31. These results were accomplished by the entire equipment of the service, consisting of 22 cruising cutters, 26 harbors cutters, and 270 stations
located at various ports and outposts along the seacoast and Great
Lakes.
The promptness of response to calls for assistance and the efficiency
of the personnel are best attested by the results recorded herein. As
noted in previous reports, the training and discipline necessary to fit
the Coast Guard personnel for work of this nature in times of peace
are of such character as to be of decided value for purposes of national defense. On April 6,1917, when the President's proclamation
declared a state of war to exist with the German Empire, the entire
Coast Guard was without confusion immediately mobilized with the
various divisions and districts of the Navy, in accordance with the
act of January 28,1915, which created the Coast Guard and declared
it to be a part of the military forces of the United States.
Pursuant to law, the usual orders were issued to the cutters on the
Atlantic seaboard to cruise actively during the season of severe
weather between December 1 and'April 1 to assist vessels in distress.
The Androscoggin has been again detailed to cruise in the vicinity
of the Grand Banks to afford medical and surgical aid to the crews
of American fishermen engaged in deep-sea fishing. The cruises of
the Androscoggin were, however, discontinued in January, 1917,
owing to the complications of the international situation. In addition, the Unalga was assigned to the same duty in the vicinity of
the fishing banks in the Bay of Alaska from January to March, 1917.
All units and agencies of the Coast Guard have been required to
enforce customs laws at all times, and, in addition, the usual 12
harbor cutters have been continued at the principal ports to aid the
customs authorities in boarding incoming foreign vessels and performing other customs duty.
The Coast Guard has continued to enforce the rules and regulations promulgated by the Secretary of War in the matter of anchor-




280

REPORT ON THE FINANCES.

age and movements of vessels at New York, Chicago, the St. Marys
River, Mich., and certain other navigable waters.- At the port of
New York one cutter was detailed for a considerable, portion of the
year to supervise the loading of high explosives and to enforce the
regulations of the W a r iDepartment for the safe handling of munitions, in the interests of the public safety.
While the United States remained neutral during the world war
conditions several vessels of the Coast Guard were assigned to duty
for the enforcement of neutrality laws at such ports where the proper
authorities deemed such action necessary or advisable.
As customary, units of the Coast Guard were assigned to patrol
regatta courses in the interests of public safety at such places where
facilities were available. During the year 30 regattas were patrolled.
I n enforcing the laws of navigation, motor boats^ and customs
there were boarded and examined during the year 20,130 vessels.
Derelictions in these respects were found in 857 cases, involving
penalties in the total sum of $205,429. Although the regulation of
maritime traffic by means of periodical inspections is one of^importance in ordinary times, in time of war other duties of the cutters
and stations are of much greater moment, hence the boarding lists
for the past fiscal year are not so large as in the previous year.
The Coast Guard continued to assist the Steamboat Inspection
Service of the Department of Commerce in the examination of steamship employees to determine their qualifications as "certificated
lifeboat m e n " as contemplated by the so-called seamen's act. Six
thousand two hundred and seventy-nine of these men were examined
by the Coast Guard during the year, of whom 4,082 passed and the
remainder, 2,197, were rejected.
The patrol of the Bering Sea and North Pacific Ocean to enforce
the provisions of law for the protection of the fur seal and sea otter
has been continued so far as practicable. Three cutters were assigned to this duty during the season of 1916, but for the season of
1917 only one vessel, the Unalga, could be spared for the work. The
Bear left Sari Francisco May 2,1916, and returned December 4, 1916,
having completed a cruise of 15,500 miles through the Bering Sea
and Arctic Ocean for the purpose of affording protection to shipping and to the Government interests generally in distant parts of
Alaska.
Preparations were begun to resume the international ice observation and ice patrol service in February, 1917, and the Seneca was
fitted out for that duty. Before the time set for her departure, however, the international situation was becoming acute, so her orders
were rescinded, and all further preparations for the patrol indefinitely postponed.




SECRETARY OF THE TREASURY.

231

On March 4, 1917, 10 men of the crew of the Tmnacraw, as follows, lost their lives in an attempt to rescue the crew from the
stranded steamer Louisiana: Gunner Ross Harris, Master-at-Arms
R. J. Grady, Quartermaster M. L. Kambarn, Seaman G. V. Jarvis^
Ordinary Seaman M. L. Austin, Ordinary Seaman D. Fulcher, Ordinard Seaman R. L. Garrish, Ordinary Seaman R. E. Simmons, Ordinary Seaman T. L. Midgett, and Boy First Class J. A. Dugger. The
board of officers convened to investigate the circumstances attending
this disaster found that the loss of life was entirely unavoidable and
that no blame attached to any person in the Coast Guard on account
thereof. On the contrary, the evidence showed that the personnel of
both cutter and stations did everything iii their power to render assistance and save life throughout the entire incident. A life-saving
medal, second class, was awarded to Steerage Cook J. J. Kennedy,
of the Tamacraw,-ior his heroic attempt to save one of his shipmates on this occasion, and a special order was published by the department in commendation of certain members of the crew of the
Yamacraw.
Administrative measures.
In the interest of economy and improved administration, nine
stations situated on the Atlantic seaboard were discontinued during the year as active units of the Coast Guard, namely: Stations
Nos. 99 (Sea Bright), 104 (Spring Lake Beach), 106 (Bayhead),
111 (Cedar Creek), 114 (Loveladies Island), 118 (Bonds), 124 (Absecon), and 127 (Pecks Beach), all on the coast of New Jersey, and
station No. 85 (Gilgo) on the coast of Long Island. The practicability of so discontinuing these stations receiyed mature consideration. Life-saving stations were established in considerable numbers
in the seventies and the subsequent years on certain sections of
the coast and were placed comparatively close to one another in
particular localities to meet the needs of the commerce of that time^—
needs that have diminished and changed with the improvements in
ship construction, greater accuracy in chart making, and improved
methods of navigation. Moreover, the coincident improvements and
betterment in life-saving methods and appliances have made it possible for some stations to afford protection to a larger stretch of
coast line than formerly and with equal effectiveness. After a careful investigation and study of the records of the service for many
years past, it was concluded that stations adjacent upon either side
could amply protect the localities formerly covered by the stations it
was proposed to discontinue and that the efficiency of the service
would in no wise suffer through the contemplated action. It is
gratifying to note that the elimination of the stations enumerated
did not necessitate the discharge of any member of the personnel, the




232

REPORT ON THE FINANCES.

crews being transferred to other stations of the service to fill vacancies.
The coastal telephone system of the Coast Guard is being improved
and extended. This work includes changing of important grounded
lines to metallic circuits, replacing iron wire with copper conductors,
installing special types of telephone switches and other instruments,
and connecting the lines with commercial telephone systems so as to
obtain flexible as well as long-distance service. In addition, new lines
are under construction for connecting Coast Guard stations not previously supplied with rapid means of communication with the commercial telephone or telegraph system in the vicinity, and also for
furnishing similar service to a number of important light stations
along the coast. Before the present construction program was begun
during the past fiscal year, the Coast Guard maintained and operated approximately 1,435 miles of overhead line and 65 miles of
submarine cable, a total of approximately 1,500 miles of telephone
lines along our coast. Upon the completion of the work now under
way the system will consist of approximately 2,160 miles of overhead line and 365 miles of submarine cable, a total of 2,525 miles.
This work has been carried out in accordance with the recommendation of the Interdepartmental Board on Coastal Communications, as
approved by the President.
Up to the date of mobilization, April 6, 1917, 108 general Coast
Guard courts and 102 minor courts were convened. The probation
system for offenders inaugurated in 1910 has been continued with results satisfactory, as in the past.
During the year there have been 21 cadets and cadet engineers
under instruction at the Coast Guard Academy, New London, Conn.
One cadet and two cadet engineers completed the prescribed course
and were commissioned in August, 1916, and during the same month
9 cadets and 1 cadet engineer were appointed. iFour cadets have resigned. The annual competitive examination for appointment as
cadet and cadet engineer was held in June, 1917. It was desired to
secure a total of 34 eligibles, but for various reasons many of the
candidates failed to appear, and only 11 cadets and 1 cadet engineer
qualified for appointment.
Development of the project for utilizing aviation in the work of
saving life and property by the Coast Guard has been suspended
during the past fiscal year, except in the matter of training the personnel. The authority of Congress was obtained for the establishment, equipment, and maintenance of 10 aviation stations for the
Coast Guard, and a school for special instruction in aeronautics was
also authorized. Unfortunately, the funds for carrying the above authorizations into effect were not appropriated when requested at a
later date, and that portion of the development was in consequence




SECRETARY OF THE TREASURY.

233

arrested. The policy of assigning Coast Guard officers and enlisted
men to the aeronautic school of the Navy has been continued. At
the present time the personnel of the Coast Guard includes 3 commissioned officers who were qualified as "naval aviators," 7 enlisted men were qualified as " airmen," and 1 commissioned and 2
warrant officers were qualified and are serving as "naval inspectors" for the construction of aircraft. In addition to these, 3 commissioned officers are under instruction as " student naval aviators "
and 5 enlisted men as airmen. It is hoped when the Coast Guard
resumes its peace status at the close of the war that sufficient appropriations will be provided for the complete and effective establishment of an air service in connection with rescue and salvage operations.
Improvements have been made at the Coast Guard depot, Arundel
Cove, Md., to increase the efficiency of the repair plant. A small
railway capable of hauling out boats 60 feet long has been installed.
The introduction of electricity for all power and lighting purposes
has been completed and has effected a considerable saving in the cost
of operation. New and much needed tools have been added to the
machine-shop equipment. The building for the construction of boats
has been enlarged and new machinery installed, but already the
facilities of this new boat shop have been utilized to the maximum,
and it will be necessary to further enlarge the boat-building plant
so as to construct all service boats at the depot. New types of 36foot power lifeboats and 26-foot motor surfboats were completed at
the depot, and both are undergoing tests to determine their adaptability for all conditions of the service.
A new harbor cutter was commenced and completed during the
year and assigned to patrol and anchorage duty in New York Harbor.
A new vessel to replace the old Manhattan is now under construction
at Balboa, Canal Zone, by the mechanical division of the Panama
Canal organization.
While engaged in patrol duty on the morning of June 13, 1917,
the McCulloch, as a result of a collision with the steamship Governor off the coast of California, sank in water too deep to permit
of salvage operations. One of the crew was asleep in his berth
near the place where the cutter was struck by the bow of the
steamer and was so badly crushed by the impact that he died of
the effects of the injury after being placed in the hospital on shore.
All the other members of the ship's company made their escape in
good order. The loss of a cutter at this time was most unfortunate,
as she had been but recently thoroughly overhauled, and despite the
fact that she had seen service for over 18 years was a very efficient
craft for her size and type. The board of inquiry appointed to in-




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REPORT ON THE FINANCES.

vestigate the circumstances of the collision has not yet made its
report.
The new station at Siuslaw River, Oreg., is nearing completion;
and the new station at Bolinas Bay, CaL, near Duxbury Reef, is
well under way. A suitable site has been obtained for a new station
at Barrataria Bay, La., and plans for its construction are now
nearing completion. The dwellings at stations Nos. 157 (Smith
Island, Va.), 186 (Hatteras Inlet, N. C ) , and 190 (Cape Lookout,
N . C . ) have been rebuilt. The buildings at stations Nos. 218 and
219 (San Luis and Velasco, Tex.) to replace those destroyed in a
hurricane have been rebuilt on steel piling and sufficiently elevated
to be clear of high water during the hurricane season. A new dwelling has been erected at station No. 276 (Point Betsie, Mich.). A
storehouse for spare boats has been constructed at Ediz Hook, Wash.
Contracts have been awarded or work begun in connection with the
following projects: New dwellings at stations Nos. 1 (Quoddy Head,
Me.), 184 (Creeds Hill,,N. C.)., 324 (Golden Gate, Cal.); new wharf
and boathouse at No. 212 (Santa Rosa, F l a . ) ; improvement in
launching facilities at No. 54 (Narragansett Pier, R. I . ) , 233 (Charlotte, N. Y . ) , 287 (St. Joseph, Mich.), 274 (South Manitou Island,.
Mich.), and 300 (Baileys Harbor, W i s . ) ; repairs to wharves at the
Coast Guard Academy, New London, Conn., and Woods Hole, Mass.
Recom/mendations.
Wharf and storehouse at Sault Ste. Marie, Mich.—All of the waterborne traffic between Lake Superior and the other Great Lakes must
pass through the system of locks and waterways of the St. Marys
River. The river is about 60 miles long and contains approximately
45 miles of dredged channels. There are three locks on the American
side and one on the Canadian side at Sault Ste. Marie, and a fourth
American lock is under construction.
Owing to ice conditions navigation is closed on this river from
about December 10 to April 10 each year, leaving only eight months
of open navigation for an average season. During the season of
1916 a total of 91,888,219 tons of freight passed through the locks.
This was a record season, the total tonnage exceeding that of 1915 by
about 20,000,000 tons, and that of the previous record season (1913)
by some 12,000,000 tons. I n transporting 91,888,219 tons of freight a
total of 19,864 vessels and 1,252 barges passed through the locks. The
heaviest traffic occurred during the month of July, when a total of
3,264 vessels and barges passed through this waterway—an average
of 105 for each day.
I n order to regulate this traffic, prevent congestion, reduce danger
of collisions and other marine casualties, and protect the dredged




SECRETARY OF THE TREASURY.

235

channels from blockades and unnecessary erosion, special rules have
been promulgated for the movement and anchorage of vessels in
St. Marys River, and the Coast Guard is intrusted by law with the
duty of enforcing those special rules. The present equipment for
this duty consists of a steam tug (the Mackinac), four power
launches, and six lookout stations. The personnel comprises 4 commissioned officers, 1 warrant officer, and 52 petty officers and other
enlisted men.
Provision must necessarily be made for wharfage to accommodate
the tug and launches during the active season and for placing them
in winter quarters during the closed season; also for housing necessary supplies throughout the year. U p to the present wharfage has
been rented for the tug, and the launches have dropped into any convenient vacant berth. For winter quarters the larger launches are
usually placed in one of the locks and are blocked up and covered
over when tij:ie locks are emptied. The smaller ones are hauled out
into sheds. No regular provision has been made for housing stores.
The wharf now rented for the Mackinac is in bad condition, having
l^een partially wrecked last July by the explosion of fireworks condemned and dumped in that vicinity. The property is for sale and
there is little likelihood of permanent repairs being made at an early
date. The whole situation as to wharfage and storage is unsatisfactory and inefficient.
To remedy these conditions two courses are open—either improve a
site now under the control of the Army engineers or purchase a site
especially for Coast Guard purposes.
The site controlled by the Army is at the east end o f t h e north
pier, Sault Ste. Marie locks. I t is built up of rock and earth excavated from the third and fourth locks and is a naked and unimproved
rock dump. To utilize this site will involve grading, walling, and
construction aggregating about $30,000, and when finished it can be
reached only by boat or by crossing three locks. When the fourth
lock is completed it will be necessary to cross that also. During the
running of heavy ice boating is out of the question, and trucking is
impossible at all times. The site is not, therefore, a desirable one,
and future developments in the way of lock construction might make
it necessary to relinquish the place altogether.
The proposition to acquire a site for Coast Guard purposes appears
to be the practical solution of the problem. A suitable piece of
water-front property at Sault Ste. Marie is for sale at a reasonable
figure (about $10,000). I t already has a small wharf,,which can be
extended to meet the needs of the patrol, and there is ample space for
necessary storage warehouse, boathouse, and office. I t is conveniently located, abutting on the principal water-front street and




236

REPORT ON THE FINANCES.

readily accessible by land or water. I t is sufficiently removed from
the locks to be out of the way of heavy traffic. This site can be
acquired and all necessary improvements made at a total cost not
greater than that required for improvements alone at the north-pier
site, and in addition there would be no question of forced removal in
the future.
. The necessity for a wharf and buildings is constantly increasing.
The patrol of the river has been performed by the Coast Guard since
1896, and the personnel and equipment necessary for the efficient
performance of the duty has gradually increased to meet the demands
of the service. Traffic will undoubtedly continue to increase, so that
there is every reason to expect the importance of the patrol to be
augmented from year to year.
In view,of the facts and conditions above set forth, I earnestly
recommend that authority be obtained to purchase a site and equip
a station that will meet the requirements of the patrol and be commensurate with its dignity and importance.
Clerical force.-^The Coast Guard act provides longevity pay and
retirement for the entire warrant and enlisted personnel. Longevity
pay and retirement for 30 years' service depend upon length of service
not only in the Coast Guard, but also in the Army, Navy, and Marine
Corps; retirement for disability depends upon whether such disability is incident to service. Both these features of the law necessitate keeping an accurate record of the service and medical history
of 5,167 officers and men. This requires a very considerable amount
of clerical work in the personnel section which was not necessary in
either the former Revenue-Cutter Service or Life-Saving Service.
I n the former Life-Saving Service there were 6 rates of pay among
the superintendents, keepers, and surfmen; under the Coast Guard
act these men were transferred from the Life-Saving Service to the
Coast Guard with upward of 59 rates of pay. There was but one
appropriation for the maintenance of the former Revenue-Cutter
Service and three appropriations for the maintenance of the former
Life-Saving Service. The appropriation for the maintenance of the
Coast Guard is in one sum, but this sum includes 12 subheads, and
for administrative purposes the accounts of the Coast Guard are kept
in accordance with these subheads. The great increase in the number of rates of pay and in the number of accounts involves a considerable increase in the work of the accounting section. This increased
labor, falling chiefly upon the sections of personnel and accounts, has
been relieved by the detail of a clerk from another office and a. number
of enlisted men (ship's writers) of the Coast Guard.
Four clerks are needed to replace those persons now on duty in
these two sections by detail. The extension of the system of coastal
communication, its maintenance, and the handling of.the adminis-




237

SECRETARY OF THE TREASURY.

trative business in connection therewith requires the services of two
clerks, which should be provided to replace the two enlisted men
(ship's writers) who have thus far performed this duty, so they may
be returned to their regular duties on board ship. A clerk for each
of the divisions of engineering and inspection should also be provided for, as the clerical work in these two divisions has up to this
time been performed by enlisted men. The above indicated increases
are necessary to keep the administrative affairs of the Coast Guard
current.
LOANS AND CURRENCY.

The following is the report of the Division of Loans and Currency
for the fiscal year ended June 30, 1917:
Interest-bearing debt of the United States—Changes during year.
Outstanding
Rate. June 30,1916.

Title of loan.

Consols of 1930
Loan of 190&-18
Loan of 1925
Panama Canal loan:
Series of 1916-36
Series of 1918-38
Series of 1961.
Conversion bonds
Oiie-vear Treasurv notes.....
Certificates of indebtedness
Do
Do
.
Liberty loan of 1917
Postal savings bonds

Issues..

Perct.
2 $636,259,550
3
63,945,460
4
118,489,900

•

2
2
3
3
3
2
3
3i
3^
2h

Outstanding
June 30,1917.

$36,535,500

$599,724,050.00
63,945,460.00
118,489,900.00

5,502,800
3,927,600

54,456,980
29,875,000
50,000,000
5^900,600
4,390,000

48,954,180.00
25,947,400.00
50,000,000.00
28,894,500.00
27,362,000.00

$22,993,900.00
27,362,000.00
4,390,000
50,000,000.00 50,000,000
468,205,000.00 406,898,968
61,306,032.00
400,000,000.00 188,448,900"
211,551,100.00
11,466,335,094.61
1,466,335,094.61
1,794,660 00
8,245,100
10,039,760.00

971,562,590

Total.

Retirements.

2,436,690,654 61 695,703,768 2,712,549,476.61

^This amount represents receipts on account of principal of Liberty loan bonds to
June 30.

Interest on registered bonds.
Checks issued.
Title of loan.
Niunber.
Consols of 1930
Loan of 1908-1918
Loan of 1925
Panama Canal loan:
Series of 1916-36
Series of 1918-38
Series of 1961
Conversion bonds.'.
One year Treasury notes
Postal Savings bonds
...
Total

131 duplicate checks were issued.




Amount.

37,203 $12,395,565.25
43,509
1,424,661.16
16,668
4,064,737.50
..i

, .

. .

3,987
2,162
7,739
170
12
22,594

1,040,325.13
563,631.29
1,247,143.50
84,859.50
40,312.50
196,137.25

133,944

21,047,373.07

238

REPORT ON THE FINANCES.
Insular and District of Columbia loans—Changes during year.
Title of loan.

Rate.

Philippine:
Land purchase loan of 1914-1934
Pubhc-improvement l o a n s First series, 1915-1935
Second series, 1916-1936
Third series, 1919-1939
Philippine loan of 1916 (1926-1946)
City oflklanila sewer and water b o n d s First series, 1915-1935
Second series, 1917-1937
Third series, 1918-1938
City of Cebu loan of 1921-1941

Outstanding June
30,1916.

Outstanding June
30,1917.

Retirements.

Perct.
4.00 $7,000,000

$7,000,000

4.00
4.00
4.00
4.00

2,500,000
1,000,000
1,500,000

2,500,000
1,000,000
1,500,000
4,000,000

4.00
4.00
4.00
4.00

1,000,000
2,000,000
1,000,000
125,000

Total Philippme

16,125,000

Porto Rico:
Road loan, 1910-1920-1927..
San Juan Harbor improvement l o a n s Series 1912-1922-1937
Series 1914-1924-1939
Series 1915-1925-1940
Irrigation l o a n s Series 1913-1933-1943
Series 1913-1933
Series 1914-1951
Series 1915-1955-1958
Public-improvement l o a n s Series of 1914-1925-1939 .
Series of 1916
Refundmg l o a n s Series 1914-1923, etc
Series 1915-1919-1935
Municipal, third series

Issues.

$4,000,000

1,000,000
2,000,000
1,000,000
125,000
20,125,000

4,000,000

4.00

425,000

4.00
4.00
4.00

100,000
200,000
200,000

100,000
200,000
200,000

4.00
4.00
4.00
4.00

1,000,000
700,000
400,000
400,000

1,000,000
700,000
400,000
400,000

4.00
4.00

1,000,000

4.00
4.00
4.00

....

425,000

655,000
300,000
5,380,000

Total Porto Rico
District of Columbia:
60-vear funded loan of 1924

3.65

6,179,900

500,000

1,000,000
600,000

300,000

655,000
300,000
300,000

800,000

6,180,000
$130,600

6,049,300

Interest on the registered portion of the above loans became due
and was certified to the Treasurer for payment, as follows:
Philippine
Porto Rico
District of Columbia.
Total

->-—

—
-

-

$726,000
203, 200
— 212, 722
1,141,922

Circulation.
The amounts of the several kinds of money in circulation in the
United States on the 1st day of each month during the year are
shown in the following table, in millions of dollars:




239

SECEETARy OF THE TREASTJRY.

Money in ch'culation, 1916-17.
[In millions of dollars.]

''

1916, on 1st d a y of—
u

Kind.

1
<
Goldcoin
Gold certificates.
S t a n d a r d silver dollars
Silver certificates
T r e a s u r y n o t e s 1890
Subsidiarv silver
U n i t e d S t a t e s notes
F e d e r a l reserve n o t e s
Federal reserve b a n k notes
National b a n k n o t e s

1917, on 1st d a y of—

B

11

>>

i

B

o
O

1

i

637 632 629 644 650 669 679 650 652 667 678 701 690
1,413 1,409 1,466 1,520 1,562 1,573 1,660 1,793 1,810 1,865 1,812 1,736 1,737
72
71
. 66
66
69
71
71
71
71
71
67
70
71
489 483 482 483 479 478 476 465 475 476 480 482 477
1
2
2
2
2
2
2
2
1
1
2
2
1
171 170 172 178 180 185 190 187 189 191 191 193 193
341 341 342 342 341 340 341 337 333 335 338 339 335
173 170 182 212 236 264 298 286 337 380 449 493 544
12
10
8
8
9
9
10
11
11
11
11
11
11
719 714 712 714 707 707 708 690 700 700 701 700 697
4,024 4,000 4,066 4,178 4,241 4,303 4,440 4,498 4,583 4,702 4,736 4,731 4,763

P e r capita (in dollars)

39.2

39 39.5 40.6 4 L 1 41.7

43 43.5 44.2 45.3 45.5 45.4 45.7

•

1

Revi£ >edfi§ jures.

The increases and decreases in the amounts of the several kinds of
money in circulation between July 1, 1916, and July 1, 1917, are
shown in the following table:
Gomparative statement showing the changes in circulation.
In circulationDecrease.

Increase.

J u l y 1,1916.
Gold c o i n . . . . . . .
S t a n d a r d silver dollars
Subsidiary silver
Gold certificates
"
Silver certificates
T r e a s u r y notes, a c t J u l y 14,1890
U n i t e d S t a t e s notes
Federal reserve notes
F e d e r a l reserve b a n k n o t e s .
N a t i o n a l b a n k notes
Total
N e t increase




:

J u l y 1,1917.

$637,250,272
66,414,932
171,449,851
1,413,823,289
489,910,937
2,098,165
341,719,547
173,100,785
8,961,995
719,400,794

$690,574,527
$53,324,255
71,825,375
5,410,443
193,852,097
22,402,246
1,737,652,359
323,829,070
477,184,842 $12,726,095
1,970,078
128,087
335,961,238
5,758,309
544,412,775
371,311,990
3,731,795
12,693,790
. 697,448,551 "2i,'952,'243'

4,024,130,567

4,763,575,632

40,564,734

780,009,799
739,445,065

240

REPORT ON THE FINANCES.
P a p e r custody.
Received
from contractors.

On hand
July 1,1916.
Distinctive paper for United States securities. Federal
reserve notes. Federal reserve and national-bank
currency
Internal-revenue paper
Postage-stamp paper.
Check paper
United States bond paper
Parchment, artificial parchment, and parchment deed
paper.
Postal savings cards
Customs stamp paper
Miscellaneous papers

Sheets.
15,643,475
11,965,000
2,234,900
207,304
954,773

Onhand
June 30,
1917.

Issued to
bureau.

Sheets.
Sheets.
121,307,204 128,426,318
102,804,000 93,216,000
30,368,000 130,839,998
1,238,982
1,055,047
12,471,648
11,079,866

Sheets.
8,524,361
21,553,000
1,762,902
391,239
2,346,555

182,861156,126
724,401
347,052

363,919

385,007

1,000
320,415

2 428,067
335,521

161,773
156,126
297,334
331,946

858,013
142,049
118,508

1,027,104

1,420,950
1121,551
3 66,197

464,187
20,498
62,311

: . . . . 33,534,462

269,902,272

267,374,522

36,062,212

164
280

1,158
326

1,240
84

82
522

PHILIPPINE ISLAND PAPER.

Distinctive paper for silver certiflcates and nationalbanknotes
Postage-stamp paper
Internal-revenue and check paper
Total
Rolls postage-stamp paper
Rolls internal-revenue paper

:
,..

1 Includes 208,000 sheets and 67,958 sheets, obsolete, sold.
2 Includes 201,000 sheets issued to Division of Printing and Stationei-^y.
3 Includes 10,887 sheets, obsolete, sold.

Redemption of currency and destruction of United States securities.
Statement of redeemed securities and imperfect work handled, accounted for, and destroyed during fiscal year 1917.
Description.

Sheets.

Redemptions:
United States currency
Compound-tuterest notes.
Refunding certificates
Federal reserve notes (redeemed by Federal reserve
agents)
". - Federal reserve notes (redeemed by Treasurer United
Federal reserve currency *
National-bank currency (5 per cent redemption fund)*
National-bank currency (retired)*
National-bank currency (unissued)*
Internal-revenue stamps*

352,202,715
17
40
1,294;450
12,491,544
146,175
33,494,979'^
4,396,668^
1,178,352

(0

Total..

Value.

$904,183,928.75
230.00
400.00
8,890,000.00
93,326,640.00
1,209,675.00
314,141,260.00
43,218,490.50
12,226,820.00
126,729,749.59

405,204,941

1,503,927,193.84

760
3,758,076
92,786
668,072
6,518
267,041
8,336
21,783
1,697,963
1,162,844
26,692
156,000

2,280
16,032,304
463,930
2,272,288
22,072
1,068,164
15,487
326,760
564,682,984
93,421,904
308,054

22,800,000.00
54,690,200.00
2,310,227.50
21,217,380.00
170,880.00
10,206,698.00
73,570,640.00
5,047,346.00

7,765,771

677,516,217

190,013,370.60

Total.
Imperfect work from Bureau of Engraving and Printing:
Order gold certificates, 1900
.,.
United States currency
Philippine currency
Federal reserve notes, series 1914
Federal reserve bank currency
National-bank currency
Registered and coupon bonds
Postal savings certincates
Postage stamps
Internal-revenue stamps
Customs and miscellaneous stamps
Money paper (mutilated)

Subjects.

1 Not available.
Items marked (*) not counted by Division of Loans and Currency; all other items counted by Division
of Loans and Currency.




241

SECRETARY OF T H E TREASURY.

Custody of Federal reserve notes, series 191 Jp.
Transactions in Federal reserve notes, series 1914, during the fiscal
year have been as follows:
On hand
July 1, 1916.

Received.

Issued.

Boston
New York —
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Mirmeapolis..,
Kansas City...
Dallas
San Francisco.

$24,620,000
219,460,000
34,520,000
34,840,000
17,000,000
13,200,000
50,620,000
20,400,000
11,000,000
16,780,000
7,980,000
22,060,000

$53,680,000
416,280,000
58,800,000
53,160,000
30,580,000
31,580,000
98,820,000
44,680,000
38,340,000
71,080,000
41,360,000
30,460,000

$45,300,000
334,200,000
60,860,000
42,840,000
14,720,000
23,380,000
101,760,000
32,820,000
27,640,000
38,480,000
23,380,000
31,180,000

$33,000,000
301,540,000
. 32,460,000
45,160,000
32,860,000
21,400,000
47,680,000
32,260,000
21,700,000
49,380,000
25,960,000
21,340,000

Total...

472,480,000

968,820,000

776,560,000

664,740,000

Federal reserve bank.

On hand
June 30,1917.

Conversion of United States 2 per cent bonds.
2 PER CENT BONDS RETIRED BY C0N\rERSI0N.
Consols
of 1930.

Federal reserve bank.

Boston
NewYork
Philadelphia-.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
,
San Francisco.

$3,809,000
5,250,400
3,797,400
3,256,900
2,065,600
2,053,600
6,113,000
2,130,700
1,930,900
1,893,400
2,234,600
3,000,000

Total....

36,535,500

Panama
Canal
1916-36.

Panama
Canal
1918-38.

$485,000
231,000
1,783,300
817,500
227,500
780,000

$80,000
1,228,000
145,200
1,105,000
145,000
3,000
864,400

60,000
618,500
610,000

338,000
19,000

5,502,800

3,927,600

Total.

$3,889,000
6,963,400
4,173,600
6,145,200
3,028,100
2,284,100 .
6,757,400
2,130,700
1,980,900
2,749,900
2,863,600
3,000,000
46,965,900

3 PER CENT BONDS AND NOTES ISSUED.
Conversion bonds.
Federalreserve bank.
Coupon.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis .
Minneapolis . . \ .
Kansas City.
Dallas
SanFrancisco...
Total...

$1,945,000
3,482,400
2,087,600
3,074,200
1,515,100
1,143,100
3,379,400
1,066,700
990,900
1,169,500
600,000
20,353,900

13034°—FI 1917-




Registered.

Total.

1-year Treasury notes.
Coupon.

-16

Total.

•

$1,945,000 $1,944,000
3,482,400 3,481,000
2,087,600 2,086,000
3,074,200. 3,071,000
1,515,100 1,513,000
1,143,100 1,141,000
3,379,400 3,378,000
1,066,700 1,064,000
990,900
990,000
$206,400 1,375,900 1,168,000
1,433,600 1,433,600
901,000
1,000,000 1,500,000 1,000,000
2,640,000 22,993,900

Registered.

Total
bonds
and
notes.

21,737,000

$206,000
529,000
500,030

$1,944,000 $3,889,000
3,481,000 6,963,400
2,.086,000 4,173,600
3,071,000 6,145,200
1,513,000 3,028,100
1,141,000 2,284,100
3,378,000 6,757,400
1,064,000 2,130,700
990,000 1,980,000
1,374,000 2,749,900
1,430,000 2,863,600
1,500,000 3,000,000

1,235,000 22,972,000

45,965,900

242
STATEMENT

REPORT ON T H E FINANCES.
QF 1-YEAR TREASURY

NOTES REDEEMED AND R E I S S U E D FROM

1 9 1 6 , TO J U N E 3 0 ,

JULY

1,

1917.

Redeemed.

^Reissued.

Federal reserve bank.
Registered.
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
•
Minneapolis
Kansas City
Dallas
San Francisco
Total

$410,000

410,000

Total.

$250,000
1,532,000
462,000
200,000
456,000
350,000

,

Coupon.

Coupon.

Total.

$250,000
1,532,000
462,000
200,000
456,000
350,000

$250,000
1,532,000
462,000
200,000
456,000
350,000

$250,000
1, 532,000
462,000
200,000
456,000
350,000

380,000
350,000

380,000
350,000
410,000

380,000
350,000
410,000

380,000
850,000
410,000

3,980,000

4,390,000

Registered.

4,390,000 .

4,390,000

DIVISION OF PUBLIC MONEYS.

The monetary operations of the Government have been conducted
through the Treasurer of the United States, 9 Assistant Treasurers of
the United States, 12 Federal reserve banks, 1 branch Federal reserve
bank, the Philippine Islands, the American Colonial Bank of Porto
Rico, and 1,368 national-bank depositaries.
To prevent disturbing financial conditions on account of payments
made for purchase of Treasury certificates of indebtedness, the Secretary specially designated 231 banks and trust companies as depositaries of public moneys, with which was deposited a portion of tho
receipts of the sale of said certificates of indebtedness. H e also
specially designated 1,639 banks and trust companies for the purpose
of permitting them to deposit by credit a portion of the proceeds
arising from the subscription to the Liberty loan bonds.
The amount of public moneys held June 30, 1917, by special depositary banks and trust companies on account of the sale of certificates
of indebtedness was $154,179,000, and that held by banks and trust
companies specially designated to receive funds on account of Liberty
loan deposits was $560,662,218.16, while the deposit in the Federal
reserve banks was $305,743,526.71, and that in national-bank depositaries to the credit of the Treasurer of the United States, including
money to the credit of the United States disbursing officers, was
.$52,598,057.51.
On June 30, 1917, there were 764 regular national-bank depositaries, 12 Federal reserve banks, and 1 branch Federal reserve bank,
591 temporary depositaries, and 1,639 special depositaries for Liberty
loan funds; 16 regular depositaries were designated during the year
and 29 were discontinued. Qn November 1, 1917, the total number




243

SECRETARY OF THE TREASURY,

of depositaries, not including those holding Liberty loan funds, was
1,373, and the amount held by them $172,821,535.98.
DIVISION OF B O O K K E E P I N G A N D W A R R A N T S .

The fiscal transactions recorded upon the books of this division
during the fiscal year ended June 30, 1917, were as follows:
Eeceipt accounts—customs, internal revenue, public lands_, miscellaneous, Panama Canal receipts from tolls, etc., and public debt
receipts—to the number of 900, and appropriation accounts for all
executive departments, other Government establishments, and the
District of Columbia to the number of 6,700, have been credited and
charged, respectively, with all warrant entries affecting the receipts
and disbursements and the results exhibited in the annual reports
of the department.
Seven thousand six hundred and thirty active accounts of collecting and disbursing officers of the Government were carried in the
fiscal officers' ledgers of the division, recording their transactions as
to collections and deposits of public moneys, and of expenditures
made from moneys advanced to them.
Warrants issued during the fiscal year 1917.

General classes.

Receipt warrants.
Repay warrants..
Pay warrants
Total

Number of
warrants
issued.

Gross amount
involved.

15,667 $3,552,342,694.63
18,399
537,300,676.72
94,994 3,300,887,463.46
129,050

7,390,530,634.80

Appropriation warrants have also been issued to the number of
681, crediting detailed appropriation accounts with amounts provided by law for disbursement.
Warrants in the amount of $6,315,929,481.36, representing receipts
of $3,552,342,594.63 and net disbursements of $2,763,586,886.73, including Panama Canal and public-debt transactions, less bond exchanges of $45,965,900 not affecting the general-fund balance, were
credited and charged, respectively, to the general fund of the Treasury. WJarrants representing $803,514,160.50 were issued for adjustment of appropriation accounts, largely for the detailed naval accounts against " general account of advances," without affecting the
general fund.
The following table exhibits the. totals of the receipts and disbursements of the year for the general fund:




244

REPORT ON THE FINANCES.
Excess of receipts
(-H) or of disbursements (—).

Receipts.

Ordinarv
Special:
Purchase of obligations of foreign
governments.
Pavment for Danish West I n d i a n
islands
Subscription to stock. Federal land
banks
Panama Canal
Public debt
.•

Disbupements.

$1,118,174,126.43

$1,147,898,99L16

~

$29,724,864.73

885,000,000.00

-

885,000,000.00

25,000,000.00

-

25,000,000.00

8,880,315.00
19,262,798.32
677,544,782.25
2,763,586,886.73

6,150,668.59
2,428,017,799.61
3,552,342,594.63

Total

8,880,315.00
13,112,129.73
+ 1,750,473,017.36
+

788,755,707.90

This shows an excess of ordinary disbursements over • ordinary
receipts of $29,724,864.73, and an excess of all receipts over all disbursements of $788,755,707.90, taking into account speci-al accounts
as enumerated above, public debt transactions, and payments from
the general fund of the Treasury during the year of $19,262,798.32
for the Panama Canal without sales of bonds, offset in part by
receipts from Panama Canal tolls, etc., of $6,150,668.59.
The general furid.
General-fund balance subject to warrant June 30,1916, exclusive of disbursing oflacers' credits of $55,129,185.82, revised— $178, 491, 415. 58
Add receipts:
Ordinary
$1,118,174,126. 43
Panama Canal
6,150, 668. 59
Publicdebt
1
2,428,017,799.61
Total receipts

'

3, 552,342,594. 63
3,730,834,010.21

Deduct disbursements:
Ordinary.Special, as above
Panama Canal
Public debt
:.________

1,147, 898,991.16
918,880,315.00
19,262, 798. 32
677,544,782.25

Total disbursements
General-fund balance subject to warrant June 30, 1917, exclusive of disbursing officers' credits of $148,380,341.65, revised-

2, 763, 586, 886. 73
967,247,123.48

State bonds arid 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:




SECRETARY OF THE TREASURY.

Principal.

245
Interest
coupons due
and unpaid.

..,..,

Total

$37,000.00
58,000.00
335,666.66|

$17,220.00
88,140.00
157,830.51

430,666.661

Louisiana
North Carolina..
Tfinne.«:.<?eft-,

263,190.51

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

There were 342 arrests made by the agents of the Secret Service
Division or under their direction during the year. Sixteen new
counterfeit note issues were found in circulation, but there was a
marked decrease in the amount of counterfeit money captured and
seized. The total of counterfeit notes taken out of circulation was
$23,469.75. Counterfeit coins amounting to $18,558.42 were captured
or confiscated. One hundred and fifty-one plates, S^ sets of dies, 127^
molds, and a great quantity of miscellaneous tools, materials, and
other contraband property were seized.
DIVISION OF P R I N T I N G AND STATIONERY.

Printing and binding.

<
,

I t will be seen from the appended table that the total expenditure
for printing and binding for the fiscal year 1917 was $453,472.01,
which was an increase of $68,422.13 over the previous fiscal year.
There was an unexpended balance of $32,481.16. Eeimbursements
for expenditures amounted to $80,953.17, leaving $372,518.84 as a net
expenditure from an appropriation of $405,000.
The principal items of increase were: Internal revenue, $7,521.54;
customs, $6,935.34; Public Health Service, $3,864.50; Supervising
Architect, $2,248.65.
The principal items of decrease were: For miscellaneous printing,
$6,678.12; the Office of the Comptroller of the Currency, $3,407.60;
and the Division of Bookkeeping and Warrants, $2^,305.81.
The expenditures by the Treasury Departme^^f or printing at the
Government Printing Office on account of the issue of Liberty bonds,
chargeable to the appropriation "Expenses of loans, act April 24,
1917," was $50,032.94. For the issue of these bonds millions of
envelopes, circulars, forms, and posters were printed by the Department. All of these forms and most of the circulars were distributed
by the Division of Printing and Stationery.




246

REPORT ON T H E FINANCES.

The following table shows in detail the expenditures from the
Treasury allotment for printing and binding for the fiscal year
ended June 30, 1917, together with increases and decreases over the
previous fiscal year:
Appropriations, expenditures, and reimbursements for printing and binding.
Fiscal year
1916.

Balance.

Increase.

$390,000.00
19,867.72

$405,000.00
80,953.17

$15,000.00
61,085.45

409,867.72
385,049.88

485,953.17
453,472.01

76,085.45
68,422.13

24,817.84

Appropriation
Reimbursements..
Total c r e d i t . . . : . . . .
Total expenditure.

Fiscal year
1917.

32,481.16

7,663.32

7,615.36
540.22
296.89

8,185.56
367.95
284.51

570.20

769.07
23,710.11
5,942.63
616.65
406.83
2,041.89
221.85
31.89
144.95
277.56

246.62
21,404.30
9,746.81
422. 40
505.65
935.68
534.62
94.48
188.17
368.67
110.01
4,048.10
29,545.18.

Expenditures by bureaus, offices, and divisions.
Secretary and Assistant Secretaries
Chief Clerk and SuperintendentDisbursiag Clerk
Division of—
Appointments
Bookkeeping and Warrants
Customs
Public Moneys
Printing and Stationery
•...
Loans and Currency
Secret Service
'.
Mail and Files
Government Actuary
Section of Surety Bonds
Federal Farm Loan Bureau
Comptroller of the Treasury
Comptroller of the Currency
Auditor for—
Treasury Department.
War Department.
:
Interior Department
Navy Department
State and other Departments
Post Ofiice Department
Treasurer United States
Register of the Treasury
.Commissioner of Internal Revenue
Bureau of Engraving and Printing
Supervising Architect
Director of the Mint
Surgeon General, Pubhc Health Service
Coast Guard Headquarters.
Miscellaneous
Customs Service
Independent Treasury Service
National Bank depositaries
Public Health Service
Coast Guard
Internal-Revenue Service
Mints and Assay ofl&ces
Custodians, etc., of public buildings
Transportation companies
General Supply Committee

3,987.98
32,952.78

3,804.18
98.'82"
312.77
62.59
43.22
91.11
110.01
60.12

715.45
1,302.38
1,437.42
2,043.49
305.75
4,388.61
6,713.30
351.79
10,598.68
4,636.02
40,041.73
2,887.73
70,912.09
10,825.69
22,524.90
26,809.63
3,779.98
2,012.38
3,441.64
6,115.58
61,015.94
2,862.82
1,717.31

365,182.16

Total.

792.22
867.31
738.38
2,421.61
455.11
.6,292.78
6,101.61
287.65
9,082.88
4,502.42
37,793.08
2,608.94
67,503.60
9,424.72
29,203.02
23,678.47
2,869.71
1,393.62
2,985.53
7,167.06
45,010.20
2,808.00
2,238.15
78.00
19,3?1.43

372,618.84

7,336.68

3,093.83
1,978.47
358.57
1,624.67

3,093.83

460.54
1,812.92
16.38
50,032.94
12,246.22
9,328.63

384.42
291.94
60,032.94
1,246.03
9,328.63

19,867.72

80,953.17

61,085.45

385,049.88

453,472.01

68,422.13

435.07
699.04

611.69
64.14
1,515.80
133.60
2,248.65
278.79
3,408.49
1,400.97
3,131.16
910.27
618.76
456.01
6,005.74
64.82

18,089.92

Reimbursed expenditures.
Salaries and expenses, national-bank examiners.
National-bank redemption agency
Bureau of Engraving and Printing
Bureau of War-Risk Insurance
Panama-Pacific E xposition
:
Public Health Service:
Interstate quarantine
Rural sanitation
Field investigations....
Expenses of loans, act of Apr. 24,1917
Customs blank forms
Federal Farm Loan Bureau.
Total

.'

Total expenditures.,




6,273.15
469.82
216.62
47.91
76.12
1,520.98
262.93
11,000.19

1,408.05

Decrease.

^

SECRETARY OF THE TREASURY.

247

Stationery.
. Statement of the appropriation for stationery for the fiscal year
1917 and statements of the cost of the stock on hand and issues to
various offices and services of the department brought down to
November 1, 1917, follow:
Appropriation
Reimbursements

•

Total

$174,000.00
11, 584. 58

:

185, 584. ,58

Purchase orders

183, 811. 59

Balance

1, 772. 99
Stationery stock.
.

On hand July 1, 1916

._

$42,114.11

Purchase orders

183, 811. 59

Total

225, 925. 70:

Issues for the year

177, 392. 52
Inventory as of July 1,1917.
-—

1917 value
1918 value

_.

i
.

$48, 533.18
45,284.11

Issues on account of appropriation.
Office of the Secretary:
Secretary and Assistant Secretaries:
Chief Clerk and Superintendent
^^
Division of Appointments
'.
'.
'.
Division of Bookkeeping and Warrants
Division of Customs
!
L__
Division of Public Moneys
.
Division of Printing and Stationery_____:
•
Division of Loans and Currency
—..•
Division of Mail and Files
.
Government Actuary
:
Disbursing Clerk__
j
^
Section of Surety Bonds
.___
Office of Auditor for Treasury Department
Office of Auditor for War Department — \
Office of Auditor for Interior Department
Office of Auditor for Navy Department
;
Office of Auditor for State and other Departments
I
Office of Auditor for Post Office Department
^
Office of. Comptroller of the Treasury
Office of ComptroUer of the Currency———
.
Office of Treasurer of the United States.l
^
_•
Office of Register of the Treasury
Office of the Supervising Architect
Office of the Commissioner of Internal Revenue
:
Office of Surgeon General, Public Health Service
'__
Office of Captain Commandant, United States Coast Guard
—



$1, 293.03
914.19
314.37
410. 51
3,872. 6Q
276.95
2, 956. 99
1,892.86
26.20
5. 02
385.32
57.23
443. 58
1,246.05
460.29
727.51
355. 39
4, Oil. 4T
352. 24
8, 547. 42
12, 400. 85
83.45
4,375. 78
18, 041. 81
2, 709. 50
1,187.86

248

REPORT ON THE FINANCES.

Office of Director of the Mint
—
—.
Secret Service Division -,
___^
Office of Director of the Bureau of Engraving and Printing
General Supply Committee
Independent Treasury Service
:
Mints and assay offices—
^
Coast Guard
—
Public Health Service
Custodians of public buildings
^.^
-.
Superintendents of construction of public buildings
Customs Service
1
Internal-Revenue Service
^
.

.—
.

Total

$149.99
412. 78
4,531.48
549.98
4, 468. 38
1,087. 72
S, 716. 31
2, 883. 69
1, 542. 37
575.10
36, 255. 66
42, 286. 01
165,807. 94

Issues for reimbursement.
Treasurer of the United States (N. B. R. A.)
Federal Reserve Board
^
Bureau of War-Risk Insurance
Poliomyelitis Investigation (P. H. S.)
National-bank examiners
International High Commission
Federal Farm Loan Board
United States Shipping Board
..
First Liberty loan of 1917
United States Tariff Commission
Employees* Compensation Commission
War Department
:
War-Risk Insurance (seainen's)
Total
Total issues, 1917
Total issues, 1916

,.'
:
-..
.

,

$2,498.89
1, 213. 70
402.39
41. 62
1,464. 61
25. 20
1,799.03
774. 03
3,004.29
56. 72
89. 60
172. 32
42.18
11, 584. 58
177,392. 52
133,307. 99

Postage.
The appropriation for the fiscal year 1917 for postage to prepay
matter addressed to Postal Union countries and for postage for the
Treasury Department was $1,000, of which $995.81 was expended,
leaving a balance of $4.19.
Materials for bookbinder.
The appropriation for the fiscal year 1917 for materials for the
Treasury Pepartment bookbinder was $250. Of this amount $248.53
was expended, leaving a balance of $1.47.
Department advertising.
There was expended for Treasury Department advertising during
the fiscal year 1917, $8,593, against $10,455 for the fiscal year 1916,
a decrease of $1,862. During the year 1,700 authorizations were
issued, a decrease of 982 over the previous year. This reduction was
caused by the Office of the Supervising Architect advertising for



SECRETARY OF THE TREASURY.

249

supplies for public buildings by means of notices posted in lobbies of
the public buildings, excluding newspaper advertising in these instances.
OFFICE OF THE DISBURSING CLERK.

In the report of this office for last year it was stated that there
had been for several years an average yearly increase of 10 per
cent in the work as compared with the preceding year. For the
year just closed the increase was much greater than 10 per cent,
for not only was there the usual aimual addition of about 10,000
vouchers paid, due to the fact that about 100 new public buildings are
completed and occupied each year, but there was also an important
increase due to the enlarged activities of the Public Health Service,
the Goast Guard, the Internal-Revenue Service, and the Bureau of
War-Eisk Insurance. There were further large increases due to the
fact that the salaries and expenses of national-bank examiners and of
the Federal Farm Loan Board are now paid through this office, the
former since June, .1916, and the latter since the organization of the
Farm Loan Board in August, 1916. Payment of the expenses of the
Liberty loan also began in.the latter part of the year.
In addition to the increase of the regular work the office began during the year to pay claims for redemption of internalrevenue stamps under the act of September 8, 1916. Formerly such
claims, after examination and approval in the office of the Commissioner of Internal Revenue, were sent to the Auditor for the
Treasury Department for settlement. After settlement the auditor
would certify his findings on each claim to the Division of Bookkeeping and Warrants and a Treasury warrant would be issued,
which was signed and recorded in the offices of the Secretary of the
Treasury, the Comptroller of the Treasury, and the Treasurer of
the United States before it was sent to the payee. This method of
paying public creditors is long, tedious, and expensive. So many
claims for redemption of stamps were filed that it was found impracticable to pay them in the ordinary way, and a more expeditious
method was devised. The claims are now examined, scheduled, and
certified in the office of the Commissioner of Internal Revenue, after
which they are sent to this office, where a check is issued and mailed
to each claimant. This work was begun on December 13, 1916, and
during the remainder of the fiscal year 41,832 checks were issued in
payment of 42,000 claims, amounting to $1,903,619.56. The enormous saving of work effected in the Division of Bookkeeping and
Warrants and in the offices of the Auditor for the Treasury Department, the Comptroller of the Treasury, and the Treasurer of the
United States may be realized when it is considered th^t during the
entire fiscal year 1917 only 70,075 Treasury settlement warrants of
all classes were issued.



250

. REPOKT ON THE FINANCES.

During the year under a separate designation and in a separate
account the disbursing clerk continued to make disbursements under
the appropriation " Relief, protection, and transportation of American citizens in Europe."
I n April, 1917, the United States Tariff Commission was organized.
A t that time the coinmission requested that the disbursing clerk of
this department disburse for them until a permanent disbursing clerk
could be selected. This additional work is being performed by the
disbursing clerk without compensation other than his regular salary
in the Treasury Department, and he has been required to pay from his
personal funds the premium on his official bond as disbursing clerk,
United States Tariff Commission.
On December 11, 1916, the disbursing clerk renewed his bond.
The accounts under his former bonds have been examined and settled
by the Auditor for the Treasury Department, and all moneys coining
into his hands during his six years' service as disbursing clerk,
amounting to $140,147,440.45, have been properly accounted for without loss to the United States. On June 30, 1917, his accounts under
his current bond had been settled by the Auditor to March 31,1917.
The following is a detailed statement of the amount of work performed in connection with each account of the disbursing clerk, a
summary of the four accounts, and a comparison with the fiscal year
1911 (the first year of the present organization):
.

•

Regular account.

Amount disbursed by check
:__
Amount disbursed in cash (salaries)
Total disbursed

:

^-_

Number of checks issued
^-__
Number of salary payments made in cash

$22,913,145.55
4,247,154.74
27,160,300.29

.

Total number of payments

227,317
86, 732
.,

Number of vouchers paid
.
Number of collections made on account of rents, sales, etc., and
deposited in the Treasury as revenues or as repayments to
appropriations
Amount of said collections.
Number of appropriations under which disbursements were
made
._
__-.
.

314,049
196, 557
3,964
$580,644.87
795

Relief, projection, and transportation of American citizens in Europe.
Amount disbursed
Number of checks issued
Number of vouchers paid




:
.

$3, 615.18
86
33

251

SECEETARY OF T H E THEASURY.
Moneys withheld on account of income tax.
Amount
Amount
Number
Number

withheld from individuals
refunded to individuals
of individuals from whom withheld_
of checks drawn

$864.04
$12.83
63
3

^
1

United States Tariff Commission (Apr. 11 to June 30, 1917).
Amount disbursed
Number of checks issued
Number of vouchers paid

:

$33, 691.26
831
87

:

Summary and comparison with the fiscal year 1911.
1917
Amount disbursed
ArnoiTntcollected..T , - , -..

.--- -r

-

.

r

r

Total disbursed or collected
Number of cliecks issued
Number of Davments made in cash
Total number of payments
.......
.. T ,
Number of vouchers paid.
Number of collections made
Number of appropriations under wliich disbursements were made

1911

827,197,619.56
681,508.91

814,334,888.37
21,366.47

27,779,128.47

14,356,244.84

227,737
86,732

117,926
83,762

314,469
196,677
^ 4,027
798

201,678
97,610
304
610

The present organization of the office was effected on July 1,1910.
For the first year a force of 11 clerks was provided, but for the fiscal
year beginning July 1,1914, the force was reduced to 10 and has remained at that number ever since. The increase in the volume of
work from year to year has until recently been offset by improvements in office methods and by the elimination of useless work. No
important saving in work has been found possible recently, however,
so that for the past two years the regular force has been unable to
handle all of the work, necessitating details from time to time. During practically all of the past year two clerks were detailed to the
office.







TABLES ACCOMPANYING THE REPORT ON THE FINANCES.




253




TABLE A.—Statement ofthe outstanding principal ofthe public debt ofthe United States June SO, 1917.
Length of
loan.
OLD DEBT.
For detailed information in regard to the 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 (6 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 December 23,1857 (11 Statutes, 257)
BOUNTY-LAND SCRIP.
Actof February 11, 1847 (9 Statutes, 125)
:..,
LOAN OF 1847.
. .
<
Actof January 28, 1847 (9 Statutes, 118)
TEXAN INDEMNITY STOCK.
Act of September 9, 1850 (9 Statutes, 447)
'.
LOAN OF 1858.
Actof June 14,1858 (11 Statutes, 365)..
,...
LOAN OF FEBRUARY, 1861 (1881s).
Actof 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)
I Included in old "debt."




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

On.demand.., 5 and 6 per
cent.
l a n d 2 years 1 and 2 years V&of 1 to 6
per cent.
from date.

1 year

Amountissued.

Amount outstanding.

$151,610.26

Indeflnite .
Par.

$51,000,000.00 $47,002,900.00

0)

1 year from ^ of 1 to 5 | P a r .
per cent.
date.

10,000,000.00

7,687,800.00

(')

5 per cent... P a r .

320,000.00

303,573.92

0)

5 y e a r s . . i . . . 5 years from
date.

n

o

1 and 2 years 1 and 2 years 5 | and 6 per
cent.
from date.

Par.

1 year from 3 to 6 per
year
cent.
date.

Par.

1 year

Amount
authorized.

23,000,000.00 s 26,122,100.00

0)

52,778,900.00

0)

233,075.00

(0

Indefinite

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

Indefinite....

Jan. 1,1874.... 5 p e r c e n t . . . Av. pre.
of 3 ^ .

Hi

23,000,000.00 3 28,230,350.00

950.00

10,000,000.00

5,000,000.00

20,000.00

20,000,000.00

20,000,000.00

2,000.00

10 or 20 years Dec. 31,1880... 6 p e r c e n t . . . (Av.)89.03| 25,000,000.00

18,415,000.00

5,000.00

15 years

35,364,450.00
60 days or 2 6 p e r c e n t . . . Par to Indefinite
IfV'iyPer
years after
ct. pre.
date.
July 1,1881 . . . 6 per c e n t . . . Par
1,090,850.00 1
2,800,000.00
20 years
s Including reissaes.
8 Including conversion of Treasury notes.
60 days or 2
years.

2,300.00
2,250.00

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

to
Ol

Length of
loan.

When redeemable.

Rate of in- atPrice
which
terest.
sold.

After June 30,
1881.

6 per cent..

Amount
authorized.

Amountissued.

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 6,1861
(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 AUGIJST, 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, 259)
;
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).
LEGAI^TENDER NOTES.
The act of February 25,1862 (12 Statutes, 345), authorized the issue of
$150,000,000 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, public 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
an 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 t h a n five dollars; these notes to
b© a legal tender as before authorized. The act of March ^, 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

1,600.00

Indefinite .. At the pleas- ^3i per cent.. P a r .
ure of the
Government.
Indefinite .. On d e m a n d . . . N o n e .

Par.

$15,050.00

60,000,000.00

^ 60,030,000.00

hj
O

53,152.50

o

n
H

3 years.

Aug. 19 and
Oct. 1,1864.

7 ^ per cent, Av. pre. Indefinite .
of ^xk-

139,999,750.00

5 or 20 years

M a y l , 1867..

6 per cent... Av. pre.
of^V

515,000,000.00

514,771,600.00

Indefinite .

On demand..

None .

450,000,000.00

w
105,450.00
346,681,016.00

3
§
Ul

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
lieii 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 hot 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 standaird 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 t h e Secretary of the Treasury may, i n his discretion, use said
notes in exchange for gold, or to purchase or redeem any bonds of
the Uhited 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 an act 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 pubUc debt, and




Q
W
H

\>

W

O

1 Including reissues.

to

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

•

.

•

Length of
loan.

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

Amount
authorized.

fcO

Ol
00
Amountissued. Amount outstanding.

LEGAL-TENDER NOTES—Continued.
for other purposes," approved March fourteenth, nineteen hundred,
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,
a n d five dollars, and upon 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 notes 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 ow provided by
law.
TEMPORARY LOAN.
Acts of February 25, 1862 (12 Statutes, 346); March 17,1«62 (12 Statutes, 370); July 11,1862 (12 Statutes, 532), and June 30, 1864 (13 Statutes; 218).

hd

o
o
Indefinite .. After 10 days'
. notice.

5, and 6
per cent.

Par

$150,000,000.00 1 $716,099,247.16

$2,850.00

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 . . . P a r . . . . No limit
date.

561,753,24L65

3,000.00

50,000,000.00 1368,720,079.51

6,846,568.15

FRACTIONAL CURRENCY.
Acts of July 17,1862 (12 Statutes, 692); March 3,1863 (12 Statutes, 711), Indefinite.. On presentaand June 30, 1864 (13 Statutes, 220).
tion.

None

P a r . . ..

LOAN OF 1863.
The act of March 3,1863 (12 Statutes, 709), authorized a loan of $900,000,000, 17 years
July 1,1881... 6 per c e n t . . . Av. pre.
and the issue of bonds, with interest not exceeding 6 per centum per
annum, and redeemable in not less than ten nor more t h a n forty.
years, principal and interest payable in coin. The act of June 30,1864
(13 Statutes, 219), repeals the above authority, except as to 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 per cent.. Par
at the pleasure of the Government.
ure of the
Government.




75,000,000.00

75,000,000.00

3,100.00

100.00

ONE-YEAR NOTES OF 1863.
Act of March 8, 1863 (12 Statutes 710)....

400,000,000.00

44,520,000.00

30,200.00

5per c e n t . . . P a r .

400,000,000.00

166,480,000.00

26,800.00

6 per cent P a r . . .
compound.

400,000,000.00

266,695,440.00

168,410.00

10 or 40 years Mar. 1,1874... 5 per c e n t . . . Par to 7 ,200,000,000.00
perct.
prem.

196,118,300.00

18,550.00.

5 or 20 years. Nov. 1.1869... 6 per c e n t . . . Av. pre. 400,000,000.00

126,661,300.00

14,000.00

lyear.

1 year
.
date.

2 years

2 years after
date.

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

3 years

3 years from
date.

Act of March 3,1864 (13 Statutes, 13)

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

^

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

after 6 per c e n t . . .

>

SEVEN-THIRTIES OF 1864 AND 1865.
3 years

w
H

Of2xWTT

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

i
o

[Aug. 15, 1867
June 15,1868 •7^ per cent. Av. pre. 800,000,000.00 1829,992,600.00
[July 15,1868
of2x|§,y.

W

120,100.00

Kj

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hrj

FIVE-TWENTIES OP 1866.

W
Acts of March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5 or 20 years. N o v . l , 1870..

203,327,260.00

19,850.00

6 p e r c e n t . . . Av. pre. Indefinite
ofl^%V

332,998,950.00

67,150.00

Actsof March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. &or20 years. July 1,1872... 6 per c e n t . . . Av. pre. Indefinite
ofTtSa.
CONSOLS OF 1868.

379,618,000.00

93,750.00

42,539,930.00

9,900.00

185,165,000.00

6,000.00

6 per c e n t . . . Av. pre. Indefinite
Of Zr%%V

^
H

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

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

6 per c e n t . . . Av. pre. Indefinite . . . .
ofy^.

m

d

THREE-PER-CENT CERTIFICATES.
Actsof March 2,1867 (14 Statutes, 558), and July 26,1868 (15 Statutes, 183).. Indefinite.. On demand.
1 Includmg reissues.




3 percent... Par.

76,000,000.00

fcO
Ol
CD

TABLE A.—Statement of the outstanding principal ofthe publie debt, «tc.^—Continued.
Length of
loan.
•

•

Rate of in- at Price
which
terest.
sold.

Amount
authorized.

Amountissued,

Amount outstanding.

FUNDED LOAN OP 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 of fractional currency in
silver coins of the denominations of ten, twenty-five, and fifty cents
of standard value.
The act of March 3,1875 (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 provided for the payment of the same by the necessary
appropriation of money.
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of [-10 years
$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 t h a n par in coiu, and
t h e proceeds to be applied to the redemption of outstanding 5-20'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 a n d numbers, beginning with 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 t h e amount of 5 per
cents to $500,000,000, provided 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 may, on or before February 1,1874, elect to exchange for the
bonds of this loan.




When redeemable.

to
O

O

o
May 1, 1881... 5 p e r c e n t .

Par.

$517,994,150.00

$22,400.00
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H-l

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>
a

$1,500,000,000

FUNDED LOAN OF 1891. (REFUNDING.)
The act of July 14,1870 (16 Statutes, 272), authorizes the issue of
$300,000,000 at 4^ per centum, payable, in coin of the present standard value, at the pleasure of the United States Goverhment, after
fifteen 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 5-20's or to be exchanged
for said 6-20's, par for par. Paymerit of these bonds, when due, to
be made in ord!er of dates and numbers, beginning with each class
last dated and numbered. Interest to cease at the end of three
months from notice of intention to redeem.

15 years.

Sept. 1,1891.

4iper cent.. P a r .

185,000,000.00

20.960 00

o

FUNDED LOAN OF 1891. (RESUMPTION.)
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of theTreasury to use any surplus revenues from time to time in the
Treasury not othermse 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.
FUNDED LOAN OF 1907.

15 years-

Sept. 1,1891.

4i per cent.. P a r t o
l i per
ct.pre.

Indefinite .

u

65,000,000.00

O
hrj

(REFUNDING.)

The act of July 14,1870 (16 Statutes, 272), authorizes the issue of
$1,000,000,000 at 4 per centum, payable in coin of the present standard
value, at the pleasure of the United States Government, after thirty
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 UnitedStates. This act not to authorize an increase of the bonded debt of the United States. Bonds
to be sold at not less t h a n par in coin, and the proceeds to be applied
to the redemption of outstanding 5-20'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 with each class last dated and
numbered. Interest to cease at the end of three months from notice
of intention to redeem. See Refunding Certificates, page 264.

30 years.

July 1,1907... 4 per c e n t . . . P a r t o
h per
ct. pre.

710,430,950.00

>
Ul
d
506,100.00

FUNDED LOAN OP 1907. (RESUMPTION.)
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary 30 yearsof the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of.




July 1,1907... 4 per c e n t . .

Indefinite... . 30,600,000.00

to

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

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

Amount
authorized.

Amount issued. Amount outstanding.

to
to

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, a t t h e 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 .
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 t h a n 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 certificates 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, 165), 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 in 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 t h e 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.




On demand .. N o n e .

Par.

Indefinite.

§2,094,336,669.00

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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 provides 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, certifyT
ing 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.

i
O

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 paynient 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 an 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




w

On demand... None .

Par.

No limit.

492,860,000.00

tei

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o
hd

H

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teJ
H
teJ

to
CO

TABLE A.—Statement of the outstanding principle of the public debt^ etc.—Continued.

to
G:>

Length of
loan.
SILVER CERTIFICATES—Continued.

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

Amount
authorized.

Amount issued. Amount outstanding.

„

like volume of United States notes of less denomination than ten
doUars 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 thie 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.
FUNDED LOAN OP 1881, CONTINUED AT THREE AND ONEHALF 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 OP 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 OP 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 Treasury 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 t h e 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




Indefinite .. C o n v e r t i b l e
into 4 per
cent bonds.

4 p e r c e n t . . . Par

No limit

$40,012,750.00

$11,560.00
O

o

teJ

Indefinite .. At pleasure of
the Government.

3iper cent.. P a r . . . . .

Indefinite .. At pleasure of
the Government.

2per c e n t . . . Par

Indefinite .. At pleasure of
the Government.

3per c e n t . . . Par

F e b . l , 1904... 5 p e r c e n t . . . fll7.223
1117.077

10 years
•

-

50.00

...

>
o
25,364,500.00

4,000.00

200.00

I
1

hcJ
H-l

100,000,000.00

13,050.00

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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 bf 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 i n 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.

) years .

Feb. 1,1925..., 4 p e r c e n t . . . fl04. 4946
166

162,315,400.00

ini.

118,489,900.00

O
LOAN OP 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 pjroceeds 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 denominations 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 OP 1930.
The act of March 14,1900, section 11, authorizes the Secretary of the 30years . . .
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 a n 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.oearing 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
than par and numbered consecutively in the order of their issue;
and when payment is made the last numbers issued shall be first




w
After Aug. 1,
1908.

3 percent... Par.

$400,000,000.00

198,792,660.00

63,945,460.00

\
o
W
H
W
teJ

>

After Apr. 1,
1930.

2 per cent.

Par.

839,146,340.00

646,250,150.00

599,724,050.00

Ki

to

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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 Governnient to
redeem.
TREASURY NOTES OF 1890.
The act of July 14,1890 (26 Statutes, 289), directs the Secretary of the
Treasury to purcnase, 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 a n d 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 b y t h e 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 t h e standard silver dollars coined therefrom then
held in the Treasury, purchased by such notes; and such Treasury
Jiotes shall be a legal tender in payment of all debts, public and pri. vate, except where other-wise 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, itbeing 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.

to
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Amount
authorized.

Amount issued. Amount outstanding.

$1,976,000.00

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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, and 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. I t 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 J u n e 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 years,
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 dollars or some multiple of that sum,
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 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 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; and the
actof December 21,1905 (34 Stat., 5, sec. 1), provides that the two per
cent bonds of the United States authorizedby 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 J u n e
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




Average
After Aug. 1, 2 p e r c e n t . . . $103,513
1916.
After Nov. 1, 2 per c e n t . . . .102.436
1918.
June 1,1961... 3 per c e n t . . . 102.582

[$54,631,980.00
5375,200,980.00

i

30,000,000.00 124,901,580.00
[50,000,000.00

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

to
00

Length of
loan.

When redeemable.

Rate of in- atPrice
which
teriest.
sold.

Amount
authorized.

Amountissued.

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 5, 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 thousand 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 h e 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 m a y b e 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 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 20
a postal savings depository may surrender Ms 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 ta United States coupon or registered bonds of the denominations of twenty dollars, forty dollars, sixty
dollars, eighty dollars, one hundred dollars, and five hundred dollars,
which bonds shall bear interest at the rate of two and one-half per centum
per annum, payable semiannually, and be redeemable at the pleasure of
the United States iafter one year from the date of their issue and payable
twenty years from such date, and both priacipal and interest shall be
payable in United States gold coin of the present standard of value: Provided, That the bonds hereia authorized shall be issued only (fiirst) when
there are outstanding bonds ofthe United States subject to call, in which
case the proceeds of the bonds shall be appUed to the redemption at par
of outstanding bonds ofthe United States subject to call; 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 authority of law other than that contained in this Act: Provided further,
That the bonds authorized by this Act shall 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
investment of postal savings fimds in United States bonds shall 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 all taxes or duties of the United
States as well as from taxation in any form by or under State, municipal,
or local authority: .4 wd 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.

CONVERSION BONDS.

Each series

1 year
date.

after 2i per cent.. Par.

Indefinite.

$10,039,760.00

$10,039,760.00

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d
Each series 30 3 p e r c e n t . . . 2 s e x - Indefinite.
changed
years from
at par.
d a t e of issue.

28,894,500.00

28,894,500.00

2 s e x - Indefinite.
changed
at par.

27,362,000.00.

27,362,000.00

ONE-YEAR TREASURY NOTES.
Sec. 18 of the act of Dec. 23,1913 (38 Stat., 251), provides that upon applica- Each series
1 year.
tion of any Federal reserve bank, approved by the Federal Reserve
Board, theSecretary of the Treasury may issue, in exchange for United
States two per centum gold bonds bearing the circulation privilege, but




Each series 1 3 per cent.
y e a r from
d a t e of issue.

to
CD

to

TABLE A.—Statement ofthe outstanding principal ofthe public debt, ete.—rContinued.
Length of
loan.

When redeemable.

Rates of in- at Price
which
terest.
sold.

Amount
authorized;

-a
o
Amoimt Issued. Amomit outstanding.

CONVERSION BONDSAND ONE-YEAR TREASURY NOTES—
Continued.
against which no circulation is outstanding, one-year gold notes of the
United States without the circulation privilege, to an amount not to exceed one-half of the two per centum bonds so tendered for exchange, and
thirty-year three per centum gold bonds without the circulation privilege for the remainder of the two per centum bonds so tendered: Provided, That at the time of such exchange the Federalreserve bank obtainiag such one-year gold notes shall enter iato an obligation with the Secretary of the Treasury binding itself to purchase from the United States
for gold at the matunty of such one-year notes an amount equal to those
delivered in exchange for such bonds, if so requested by the Secretary,
and at each maturity of one-year notes so purchased by such Federal
reserve bank, to purcnase from the United States such an amount of oneyear notes as the Secretary may tender to such bank, not to exceed the
amount issued to such bank in the first instance, in exchange for the two
per centum United States gold bonds; said obligation to purchase at
maturity such notes shall continue in force for a period not to exceed
thirty years.
For the purpose of making the exchange hereinprovided for, the Secretary
of the Treasury is authorized to issue at par Treasury notes in coupon or
registered form as he may prescribe ia denominations of one hundred
dollars, or any multiple thereof, bearing iaterest at the rate of three per
centum per annum, payable quarterly, such Treasury notes to be pay^
able not more than one year from the date of their issue in gold coin of the
present staadard value, and to be exempt as to principal and interest
from the payment of all taxes and duties ofthe United States except as
provided b y this act, as well as from taxes in any form by or under State,
municipal, or local authorities. And for the same purpose, the Secretary
is authorized and empowered to issue United States gold bonds at par,
bearing three per centum iaterest, payable thirty years from the date of
issue, such bonds to be of the same general tenor and effect and to be
issued under the same general terms and conditions as the United States
three per centum bonds without the circulation privilege now issued
and outstandiag.
Upon application of any Federal reserve bank, approved by the Federal
Reserve Board, the Secretary may issue at par such three per centum
bonds in exchange for the one-year gold notes hereia proviaed for.




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CERTIFICATES OF INDEBTEDNESS, 2 P E R CENT.
BEC. 401. That section thirty-two of an act entitled " A n act providing
ways and means to meet war expenditures, and for other purixises,"
approved June thirteenth, eighteen hundred and ninety-eight, as
amended by section forty oi an act entitled " A n 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,
be, and the same is hereby, amended to read as follows:
' " S E C . 32. That the Secretary of the Treasury is authorized to borrow,
from time to time, at a rate of interest not exceeding three per centum
per annum, such sum or sums as, in his judgment, may be necessary to
meet public expenditures, and to issue therefor certificates of indebtedness in such form and in such denominations as he may prescribe; and
each certificate so issued shall be payable, with the interest accrued
thereon, at such time, not exceeding one year from the date of its
issue, as the Secretary of the Treasury may prescribe: Provided,
That the sum of such certificates outstanding shall at no time
exceed $300,000,000, and the provisions of existing law respecting counterfeiting and other fraudulent practices are hereby extended to the
bonds and certificates of indebtedness authorized by this act." (Act of
Mar. 3,1917.)
CERTIFICATES OF INDEBTEDNESS, 3 P E R CENT.
CERTIFICATES OF INDEBTEDNESS, 3J P E R CENT,

90 days..

June 29,1917.. 2 per c e n t . . . Par.

$300,000,000.00

$50,000,000.00

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[$468,205,000.00

/June 30, 1917.,, j s p e r c e n t . . .
Par....!
\Julyl7,1917...

$12,775,600.00
61,306,032.00

[400,000,000.00

211,551,100.00

BEC. 6. That in addition to the bonds authorized by sections one and four
July 30,1917... 3J per cent.. Par.
of this act, the Secretary of the Treasury is authorized to borrow from
time to time, on the credit of the United States, for the purposes of this
act and to meet public expenditures authorized by law, such sum or
sums as, in his judgment, may be necessary, and to issue therefor certifijates of indebtedness at not less than par in suchIlform and subject to
.
such terms and conditions and at such rate of interest, not exceeding
three and one-half per centum per annum, as he may prescribe; and each
certificate so issuea shall be payable, witn the interest accrued thereon,
at such time, not exceeding one year from the date of its issue, as the
Secretary of the Treasury may prescribe. Certificates of indebtedness
herein authorized shall not b tarthe circulation privilege, and the smm of
such certificates outstanding shall at no time exceea in the aggregate
$2,000,000,000, and such certificates shall be exempt, both as to prmcipal
and interest, from all taxation, except estate or iiiheritance taxes, imosed by authority of the United States, or its possessions, or by any
tate or local taxing authority. (Act of Apr. 24,1917.)
iThe certificates issued under this act, amounting to $60,000,000, were redeemed on June 29 ,1917.

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TABLE A.—Statement ofthe outstanding principal of the publie debt—Continued.
Length of
loan.
L I B E R T Y LOAN OF 1917, FIRST ISSUE.
That the Secretary of the Treasury, with the approval of the President, is
hereby authorized to borrow, from time to time, on the credit of the
United States for the purposes of this act, and to meet expenditures
authorized for the national security and defense and other public purposes authorized by law not exceeding in the aggregate $5,000,000,000,
exclusive of the sums authorized by section four of this act, and to issue
therefor bonds ofthe United States.
The bonds herein authorized shall be in such form and subject to such
terms and conditions of issue, conversion, redemption, maturities, payment, and rate and time of payment of interest, not exceeding three and
one-half per centum per annum, as the Secretary of the Treasury may
prescribe. The principal and interest thereof shall be payable in United
States gold coin of the present standard of value and shall be exempt,
both as to principal and interest, from all taxation, except estate or mheritance taxes, imposed by authority ofthe Unitea States, or its possessions, or by any State or local taxing authority; but such bonds shall not
bear the circulation privilege.
The bonds herein authorized shaU first be offered at not less than par as a
popular loan, under such regulations prescribed by the Secretary of the
Treasury as will give all citizens of the United States an equal opportunity to participate therein; and any portion of the bonds so offered and
not subscribed for may be otherwise disposed of at not less than par by
the Secretary of the Treasury; but no commissions shall be allowed or
paid on any bonds issued under authority of this act. (Act Apr.24,1917.)

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

R e d e e m a b l e 3 | per cent.. Par
June 15,1932.
Payable
June 15,1947.

Amount
authorized.

Amount issued. Amount outstanding.

$5,000,000,000.00 $1,466,335,094.61 i$l,466,335,094.61

'

NATIONAL-BANK NOTES (REDEMPTION ACCOUNT).
The act of July 14,1890 (26 Stat., 289), provides that balances standing with
the Treasurer of the United 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 ofthe 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 publicdebt statement as debt of the United States bearmg no interest.
T o t a l bond.*!. nertifinatAQ a n d notfts OutstandfUP ^ . . . . . . . . . . . . . . . . . . .




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1 This amount represents receipts on account of principal of Liberty loan bonds to June 30.
a Including $525,781,840 gold and silver certificates and Treasury notes of 1890 in the Treasury on June 30, 1917.

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48,235,167.00

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5,717,770,279.52

T A B L E 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 1917, inclusive.
Year.

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185&-Julyl...
1867
1858
1859
1860
1861
1862
1863
1864
1865
1865—Aug. 3 1 .
1866—Julyl...
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 debt.
$31,762, 761.77
28,460, 958.93
I.ll
44,700,
58,290, 738.11
64,640, 838.11
90,380, 873.95
365,304, 826.92
707,531, 634.47
359,930, 763.50
221,311, 918.29
381,530, 294.96
332,331, 207.60
248,067, 387.66
202,088, 727.69
162,060, 522.39
046,455, 722.39
934,696, 750.00
814,794, 100.00
710,483, 950.00
738,930, 750.00
722,676, 300.00
710,685, 450.00
711,888, 500.00
794,735, 650.00
797,643; 700.00
723,993 100.00
639,567; 750.00
463,810, 400.00
338,229, 150.00
226,563, 850.00
196,150, 950.00
146,014, 100.00
021,692, 350.00
960,522, 500.00
829,853, 990.00
725,313, 110.00
610,529, 120.00
585,029, 330.00
585,037, 100.00
635,041, 890.00
716,202, 060.00
847,363, 890.00

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
1,245,771.20
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
2,785,875.26
2,094,060.26
1,851,240.26
1,721,590.26
1,636,890.26

Debt bearing no
interest.*

$158,591,390.
411,767,456.
455,437,271.
458,090,180.
461,616,311.
439,969,874.
428,218, IOL
408,401,782.
421,131,510.
430,508,064.
416,565,680.
430,530,43L
472,069,332.
509,543,128.
498,182,41L
465,807,196.
476,764,031.
455,875,682.
410,835,741.
388,800,815:
422,721,954.
438,241,788.
538, 111, 162.
584,308,868.
663,712,927,
619,344,468,
629,795,077.
739,840,389.
787,287,446.
825,011,289.
933,852,766.
1,000,648,939.
958,854,525.
995,360,506.
958,197,332.
920,839,543.

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

O

Cash t a t h e Treasu r y J u l y l.»

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
44,911,88L03
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
2,680,647,869.74
2,844,649,626.56
2,773,236,173.69
2,678,126,103.87
2,611,687,85L19
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
2,232,284,53L 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
1,884,171,728.07
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
1,619,052,922.23
1,552,140,204.73
1,545,996,59L 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
8,421,401.22
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
746,937,68L03
707,016,210.38
732,940,256.13
774,448,016.51
814,543,069.70

$10,965,953.01
9,998,62L76
37,900,19L72
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
2,756,431,57L 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
2,019,275,43L 37
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
851,912,75L78
841,526,463.60
838,969,475.75
899,313,380.55
901,672,966.74
955,297,253.70

J C o n t a i n i n g legal-tender notes, gold a n d silver certificates, e t c .
> I n c l u d i n g gold reserve a n d coin set a p a r t for r e d e i n p t i o n of certificates a n d T r e a s u r y n o t e s a n d exclusive of n a t i o n a l b a n k 5 p e r c e n t fund.




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TABLE B.—Statement ofthe outstanding principal ofthe public debt of the United States on the 1st of July of each year from 1856 to 1917, inclusiveContinued.
Year.

1897.
1898.
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913.
1914.
1915,
1916.
1917,




Total interestbearing debt.
$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
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
963,776,770.00
965,706,610.00
967,953,310.00
969,759,090.00
971,562,590.00
2,712,549,476.61

D e b t o n w h i c h interest h a s ceased.
$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
1,970,920.26
1,370,245.26
1,128,135.26
1,086,815.26
4,130,015.26
2,883,855.26
2,124,895.26
1,879,830.26
1,760,450.26
1,659,550.26
1,552,560.26
1,507,260.26
1,473,100.26
14,232,230,26

Debt bearing no
interest.
$968,960,655.64
947,901,845.64
944,660,256.66
1,112,305, o n . 41
1,154,770,273.63
1,226,259,245.63
1,286,718,28L 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
1,948,838,753.40
1,942,993,398.90
2,086,870,522.90
2,636,208,571.90
2,990,988,572.65

Outstanding principaL
$1,817,672,665.90
1,796,531,995.90
1,991,927,306.92
2,136,961,09L 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
2,457,188,06L 54
2,626,806,27L 54
2,639,546,24L 04
2,652,665,838.04
2,765,600,606.69
2,868,373,874.16
2,916,204,913.66
2,912,499,269.16
3,058,136,873.16
3,609,244,262.16
5,717,770,279.52

to

Cash i a t h e T r e a s - T o t a l d e b t less c a s h
in Treasury.
u r y J u l y 1..
$831, 016,579.76
769, 446,503.76
836, 607; 071.73
1,029, 249,833.78
1 , " - 587,813.92
1,189; 153,204.85
1,277, 453,144.58
1,296, 7 7 1 , 8 n . 3 9
1,284, 748,29L87
1,372, 726,152.25
1,578, 591,306.51
1 " - 673,862.16
1,615, 684,710.25
1,606, 216,652.79
1,749, 816,268.23
1,840, 799,176.88
1,887, 640,858.52
1,885, 242,259.60
1,967, 988,867.16
12,602, 962,690.06
13,809, 135,055.70
•

$986,656,086.14
1,027,085,492.14
1,155,320,235.19
1,107,711,257.89
1,044,739,119.97
969,457,24L04
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
1,028,564,055.14
1,027,257,009.56
1,090,148,006.00
1,006,281,572.10
1,908,635,223.82

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' I n c l u d i n g d i s b u r s i n g officers' c r e d i t s o n J u n e 30.

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TABLE C.—Analysis of the principal ofthe interest-bearing public debt ofthe United States from July 1,1856, to July 1, 1917.
Year.

2 percents.

1856—July 1..
1857
1858
1859
;...
I860
1861...
1862
1863
1864
1865
1865—Aug. 31..
1866—July i . .
1867
1868
1869f.
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....:




•

3 percents.

3i percents.

4 percents.

4J percents.

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
$57,926,116.57
30,483,000.00
105,629,385.30
300,213,480.00
77,547,696.07
245,709,420.63
90,496,930.74
269,175,727.65
618,127.98
201,982,665.01
121,341,879.62
198,533,435.01
17,737,025.68
221,586,185.01
801,36L23
$64,000,000.00
221,588,300.00
66^125,000.00
221,588,300.00
59,550,000.00
274,236,450.00
45,885,000.00
678,000.00
24,665,000.00
678,000.00
414,567,300.00
14,000,000.00
678,000.00
414,567,300.00
14,000,000.00
678,000.00
510,628,050.00
14,000,000.00
678,000.00
607,132,750.00
14,000,000.00
711,685,800.00
14,000,000.00
$140,000,000.00 703,266,650.00
14,000,000.00
98,856,666.66 240,000,000.00 703,266,650:00
14,000,000.00
741,522,000.00 250,000,000.00 508,440,350.00
14,000,000.00
739,347,800.00 250,000,00^.00 484,864,900.00
14,000,000.00
739,347,800.00 250,000,000.00 439,841,350.00
14,000,000.00 $460,461,050.00 739,349,350.00 250,000,000.00
318,204,350.00 32,082,600.00 737,942,200.00 250,000,000.00
238,612,150.00
737,951,700.00 250,000,000.00
208,190,500.00
737,960,450.00 250,000,000.00
158,046,600.00
737,967,500.00 250,000,000.00
33,716,500.00
737,975,850.00 250,000,000.00
14,000,000.00
714,315,450.00 222,207,050.00
14,000,000.00
676,214,990.00 139,639,000.00
14,000,000.00
602,297,360.00 109,015,750.00
559,659,920.00 50,869,200.00
559,664,830.00 125,364,500.00
- 559,672,600.00 125,364,500.00
559,677,390.00 125,364,500.00 50,000,000.00
590,837,560.00 125,364,500.00 100,000,000.00
721,999,390.00 125,364,500.00 100,000,000.00
722,000,630.00 125,364,500.00 100,000,000.00
1 Continued at 2 per cent.

6 percents.
$28,130,76L77
24,971,958.93
21,162,838.11
21,162,938.11
21,164,538.11
57,358,673.95
154,313,225.01
431,444,813.83
842,882,652.09
1,213,495,169.90
1,281,736,439.33
1,195,546,041.02
1,543,452,080.02
1,878,303,984.50
1,874,347,222.39
1,765,317,422.39
1,613,897,300.00
1,374,883,800.00
1,281,238,650.00
1,213,624,700.00
1,100,865,550.00
984,999,650.00
854,621,850.00
738,619,000.00
. 283,681,350.00
235,780,400.00
196,378,600.00

'

7 ^ percents.

$122,582,485.34
139,974,435.34
139,286,935.34
671,610,397.02
830.000,000.00
813,460,621.95
488,344,846.95
37,397,196.95

.

Total interest- Annual Inbearing debt.. terest charge.
$31,762,761.77 $1,869,445.70
28,460,958.93 1,672,767.53
44,700,838.11 2,446,670.28
58,290,738.11 3,126,166.28
64,640,838.11 3,443,687.29
90,380,873.95 5,092,630.43
365,304,826.92 22,048,509.59
707,531,634.47 41,854,148.01
1,359,930,763.50 78,853,487.24
2,221,311,918.29 137,742,617.43
2,381,530,294.96 150,977,697.87
2,332,331,207.60 146,068,196.29
2,248,067,387.66 138,892,451.39
2,202.088,727.69 128,459,598.14
2,162; 060,522.39 125,523,998.34
2,046,455,722.39 118,784,960.34
1,934,696,750.00 111,949,330.50
1,814,794,100.00 103,988,463.00
1,710,483,950.00 98,049,804.00
1,738,930,750.00 98,796,004.50
1,722,676,300.00 96,855,690.50
1,710,685,450.00 95,104,269.00
1,711,888,500.00 93,160,643.50
1,794,735,650.00 94,654,472.50
1,797,643,700.00 83,773,778.50
1,723,993,100.00 79,633,981.00
1,639,567,750.00 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 41,780,529.00
950,522,600.00 38,991,935.25
829,853,990.00 33,752,354.60
725,313,110.00 29,417,603.15
610,529,120.00 24,675,510.80
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
847,363,890.00 34,387,265.60
847,365,130.00 34,387,315.20

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TABLE C.—Analysis ofthe principal ofthe interest-bearing debt ofthe United States from July 1, 1856, to July 1, 1917—Continued.
2 percents.

Year.
1^8
1809
1900
1901
1902
1903 . .
1904...
1905
1906
1907
1908
1909
1910.
1911
1912
1913
1914...
1916
1916
1917

.

3 percents.

3i percents.

4 percents.

$198,678,720.00
$307,125,350.00 128,843,240.00
445,940,750.00 99,621,420.00
445,940,750.00 97,515,660.00
620,143,150.00 83,107,060.00
642,909,950.00 77,135,360.00
642,909,950.00 77,135,360.00
695,942,350.00 63,945,460.00
676,250,150.00 63,945,460.00
700,882,130.00 78,131,960.00
730,882,130.00 63,945,460.00
730,882,130.00 63,945,460.00
730,882,130.00 65,981,160.00
/ 730,882,130.00
t
M59,280.00 } 113,945,460.00
1730,882,130.00
\ «2,389,120.00 1113,945,460.00
/ 730,882,130.00
\ 24,635,820.00 1113,945,460.00
/ 730,882,130.00 1 113,945,460.00
\ 26,441,600.00
/ 720,591,530.00 1 124,236,060.00
\ 28 245,100.00
i 674,625,630.00 231,507,992.00 }$1,466,335,094.61
\ 210,039,760.00 8211,551,100.00
' Continued at 2 per cent.

4^ percents.

5 percents.

$722,002,970.00 1 $25,364,500.00 $100,000,000.00
722,005,630.00 125,364,500.00 100,000,000.00
617,.879,220.00 121,979,850.00 47,651,200.00
419,724,770.00
21,854,100.00
368,203,580.00
19,410,350.00
291,906,150.00
19,385,050.00
275,112,130.00
275,113,030.00
235,271,330.00
154,638,670.00
118,489,900.00
118,489,900.00
118,489,900.00
118,489,900.00

6 percents.

1-^ percents.

•

Total interest- Annual inbearmg debt. terest charge.
$847,367,470.00 $34,387,408.80
1,046,048,750.00 40,347,872.80
1,023,478,860.00 33,545,130.00
987,141,040.00 29,789,153.40
931,070,340.00 27,542,945.50
914,541,410.00 25,541,573.30
895,157,440.00 24,176,745.00
895,158,340.00 24,176,781.00
895,159,140.00 23,248,064.00
894,834,280.00 21,628,913.60
897,503,990.00 21,101,197.40
913,317,490.00 21,275,602.40
913,317,490.00 21,275,602.40
915,353,190.00 21,336,673.40

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118,489,900.00

963,776,770.00 22,787,084.40

O

118,489,900.00

965,706,610.00 22,835,330.40

fei

118,489,900.00

967,953,310.00 22,891,497.90

118,489,900.00

969,759,090.00 •22,936,642.40

3

118,489,900.00

971,562,590.00 23,084,635.90

118,489,900.00

2,712,549,476.61 83,625,481.42

» Postal savings bonds, 2§ per cent.

>
O

8 Certificates of indebtedness, 3i per cent.

NOTE 1.—Annual interest charge is computed on amount of outstanding principal at close of fiscal year and is exclusive of interest charge on Pacific Railway bonds.
NOTE 2.—The figures for July 1,1879, were made up assuming pending funding 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, inclusive, with the exception of the amount outstanding Aug. 31, 1865,
this being the date at which the public debt reached its highest point. This loan bore interest 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 amoimt outstanding as bearing 4 per cent interest on an average for the year.




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SECRETARY OP THE TREASURY.

277

TABLE D.—Statement of the issue and redemption of loans and Treasury notes and
of deposits and redemptions in national-banh note account for the fiscal year ended
June SO, 1917.
Issues and deposits.

Redemptions.

Excess of
Issues and deposits.

Excess of
redemptions.

Legal-tender notes, acts of Feb. 25
and July 11,1862, Jan. 7 and Mar.
$196,860,000.00 $196,860,000.00
3,1863, and Mar. 14,1900
Fractional currency, acts of July 17,
1,928.75
1862, Mar. 3,1863, and June 30,1864
$1,928.76
Compound-interest notes, acts of
170.00
Mar. 3,1863, and June 30,1864
170.00
Gold certificates, acts of Mar. 3,1863,
July 12,1882, aad Mar. 14,1900..,. 1,420,690,000.00 1,055,919,000.00 $364,771,000.00
One-year notes of 1863, act of Mar. 3,
50.00
1863
50.00
Funded loan of 1891, acts of July 14,
2,000.00
1870, Jan. 21.1871, and Jan. 14,1«75
2,000.00
Silver certificates, acts of Feb. 28,
452,276,000.00
458,867,000.00
1878, and Mar. 14,1900
6,591,000.00
Refunding certificates, act of Feb.
600.00
26.1879
600.00
National-bank note account, act of
37,293,045.00
40,664,115.50
July 14,1890
3,271,070.50
Treasury notes of 1890, acts of July
127,000.00
14,1890, and Mar. 14,1900
127,000.00
Funded loan of 1907, acts of July 14,
1870, Jan. 20, 1871, Jan. 14, 1876,
13,650.00
and Mar. 14,1900
13,650.00
136,536,600.00
Consols of 1930, act of Mar. 14,1900...
36,535,500.00
Paaama Canal loan, acts of June 28,
1902, and Dec. 21, 1905, series of
«5,602,800..00
5,502,800.00
1906
:....
Panama Canal loan, acts of June 28,
1902, and Dec. 21, 1905, series of
8 3,927,600.00
3,927,600.00
1908
Postal savings bonds, act of June 25,
1,794,660.00
1,794,660.00
1910
22,993,900.00
Conversionbonds, act of Dec. 23,1913. * 22,993,900.00
One-year Treasury notes, act of
22,972,000.00
6 27,362,000.00
4,390,000.00
Dec. 23,1913
Certificates of iadebtedness, act of
50,000,000.00
50,000,000.00
Mar. 3,1917
Certificates of indebtedness, act of
285,632,732.00
868,205,000.00
582,572,268.00
April 24,1917
Liberty Loaa of 1917, first issue, act
1,466,335,094.61
1,466,335,094.61
of April 24,1917
Total.
4,543,809,699.61 2,435,283,482.25 2,164,499,386.61 55,973,169.25
Excessof issues
Excess of redemptions..
Net excess of issues..

2,164,499,386.61
55,973,169i25
2,108,526,217.36

1 Of this amount $19,047,500 were exchanged for 3 per cent conversion bonds and $17,488,000 were exchanged for 3 per cent one-year Treasury notes.
s Exchanged for $2,063,800 3 per cent conversion bonds and $3,439,000 3 per cent one-year Treasury notes.
8 Exchanged for $1,882,600 3 per cent conversion bonds and $2,045,000 3 per cent one-year Treasury notes.
* Issued in exchange for $19,047,500 consols of 1930 and $3,946,400 Panama Canal bonds.
6 Of this amount $17,488,000 were issued in exchange for consols of 1930, and $5,484,000 for Panama Canal
bonds.




278

REPORT ON THE FINANCES.
DB.

TABLE E.—Sinking fund account for fiscalyear 1917.

To balance from $1,051,745,791.32
last year.
July 1,1916 T o l per cent on the
19,601,362.94
principal of the
public debt on
June 30,1916, less
coin certificates.
Treasury notes,
national-bank
note redemption
,
account, and cash
available for reduction of the
debt, viz, $1,960,136,294.41.
June 30,1917 To interest on re48,968,413.70
demptions prior
to fiscal year 1917.
To interest on
476.41
$18,198.75 amount
of debt paid during fiscal yiear
1917.
1,120,316,044.37




CR.

June 30,1917 By principal of
$15,650,000
bonded debt redeemed in 1917.
By accrued interest
1,104.74
thereon.
By fractional cur2,648.75
rency and notes
redeemed in 1917.
By accrued interest
600.48
thereon.
By balance
1,120,298,140.40

1,120,316,044.37

279

SECRETARY OF THE TREASURY.

TABLE F.—Population, ordinary receipts and disbursements of the Government from
1840 to 1917, exclusive of postal, and per capita on receipts and per capita on
disbursements.
Year.
1840
1841
1842
1843 (six months).
1844
:.
1845
1846
1847..:
1848.....
1849
1850....
1861
1852
1853
1854
1855
1856........
1867
1868
1859..
1860
,
1861
1862....
1663
1864....
1865
1866
..:...
1867....
1868
1879
1870.....
1871.......
1872....:
1873
1874
1875
1876
1877....1878
1889.
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
1913........
1914
1915
1916...
1917....

Population.
17, 069,453
17, 691,000
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, 763,000
30, 596,000
31, 443,321
32, 064,000
32, 704,000
33, 365,000
34, 046,000
34, 748,000
35, 469,000
36, 211.000
86, 973,000
37, 756,000
38, 558,371
39, 655,000
40, 596,000
41, 677,000
42, 796,000
43, 951,000
45, 137, 000
46, 353,000
47, 698,000
48, 866,00050, 165,783
61, 316,000
52, 496,000
53, 693,000
64, 911,000
66, 148,000
57, 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
190, 363,000
93, 983,000
95, 656,000
97, 337,000
99, 027,000
100, 725,000
102, 431,000
104, 146,000

Ordinary
receipts.

Per capita on
receipts.

Ordinary disbursements.

Per capita
on
disburse-ments.
$1.42
L61
L39
.63
L17
L16
L33
2.60
2.18
L93
L77
L99
L79
L86
2.08
2.16
2.45
2.33
2.49
2.26
2.01
2.14
14.36
21.64
26.40
37.27
14.63
9.68
10.01
8.61
7.61
7.16
6.66
6.84
7:04
6.26
.6.87
5.21
4.98
5.46
'6.2i8
6.06
4.92
4.94
4.46
4.63
4.22
4.66
4.32.
4.60
4.76
6.56
-5.29
.5.77
6.43
5.16
5.01
5.10
6.07
8.14
6.39
6:56
6.96
6.26
6.60
6.77
6.43
6.41
7.10
7.45
7.30
6.96
6.84
7.01
7.t)7
7.28
7.07
11.02

$L14
$19,480,115.00
$24,314,518.19
16,860,160.00
.96
26,481,817.84
25,134,886.44
19,976,197.00
LIO
11,780,092.51
8,231,001.26
.44
22,483,560.14
29,320,707.78
,1.52
22,935,827.79
29,970,105.80
L61
27,261,182.86
29,699,967.74
L45
54,920,784.09
26,467,403.16
L25
47,618,220.65
85,698,699.21
L64
43,499,078.39
30,721,077.60
L37
40,948,383.12
43,592,888.88
L88
47,751,478.41
2.19
62,555,039.33
44,390,262.36
2.01
49,846,815.80
47,743,989.09
2.40
61,587,031.68
65,038,465.11
2.79
73,800,34L40
.68,630,662.71
2.40
65,350,674.68
68,726,350.01
2.64
74,066,699.24
67,634,408.93
2.38
68,965,312.67
73,982.492.84
L67
46,656,365.96
68,993.599.77
L72
52,777,107.92
63,200,875.65
1.78
56,064,699; 83
66,650,213.08
L30
41,476,299.49
469,570,241.65
1.58
51,919,26L09
718,734,276.18
3.36
112,094,945.51
864;969,100.83
7.14
243,412,971.20
9.26 1,295,099,289.58
322,031,158.19
619,022,356.34
14.66
519,949,564.38
346,729,825.78
12.78
462,846,679.92
370,339,133.82
376,434,453.82
10.18
321,190,597.75
357,188,256.09
9.46
293,657,005.15
395,959,833.87
10.26
283,160,893.51
374,431,104.94
9.47
270,559,696.91
• 364,694,229.91
8.98
285,239,326.34
322,177,673.78
7.73
301,238,800.21
299,941,090.84
7.01
274,623,392:84
284,020,771.41
6.46
265,101,084.59
6.43
290,066,584.70
241,334,474.86
6.06
281,000,642; 00
236,964,326.80
6.41
257,446,776.40
266,947,883.63,
6.67
272,322,136.83
264,847,637.36
6.65
333,526,500.98
269,661,638.81
7.00
360,782,293.00
257,981,439.57
7.68
403,525,260.00
265,408,137.54
7.41
398,287,582.00
244,126,244.83
6.36
848,519,870.00
260,226,935.11
5.76
323,690,706.00
242,483,138.50
6.86
336,439,727.00
267,932,179.97
6.33
371;403,277.00
259,653.958.67
6.32
379,266,076.00
281,996,615.60
6.31
387,050,059.00
297,736,486.60
6.43
403,080,982.00
355,372,684.74
6.14
392,612,447.31
345,023,330.58
6.44
354,937,784.24
383,477,954.49
5.81
385,819,628.78
367,625,279.83
4.40
297,722,019.25
356,195,298.29
4.54
313,390,075.11
352,179,446.08
4.65
326,976,200.38
365,774,169.57
4.85
347,721,705.16
443,368,582.80
5.55
405,321,335.20
605,072,179.85
6.93
615,960,620.18
487,713,79L71
7.43
567,240,851.89
509,967,353.15
7.56
587,686,337.53
47i;i90,857.64
7.11
662,478,233.21
506,089,022.04
6.93
560,396,674.40
532,237,82L31
6.59
539,716,913.86
663,360,093.62
6.54
544,606,758.62
549,406,425.35
7.02
594,717,942.32
551,705,129.04
7.70
663,125,659.92
621,102,390.64
6.87
601,060,723'. 27
662,324,444.77
6.79
603,'589,489.84
659,705,391.08
7.48
675,511,715.02
654,137,997.89
7.46
701,372,374.99
654,553,963.47
7.23
691,778,465.37
682,770,705.51
7.44
724,111,229.84
700,254,489.71
7.42
734,673,166.71
731,399,759.11
6.93
697,910,827.58
724,492,998.90
7.61
779,664,552.49
1,-147,898,991.16
10.74
1,118,174,126.43
1 Estimated July 1.
N O T E . - T h e ordinary receipts and disbursements and per capita on receipts for 1891 were erroneously stated by the Register of the Treasury in his reports for 1891,1892, and 1893, (S ee Finance
Reports for those years, pp. 845,767, and 906.)




TABLE G.^-Statement showing the ordinary receipts and disbursements of the Government by months; the net gold and available cash in the Treasury at
theendof eax;h month; and the imports and expoHs of gold, from July, 1896, to Jurie, 1917, iri^^

Month.

1896—July...
^A ugust
September
October
November... ^
December
1897—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.
1898—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
1899—January
February
. March




Ordinary
disburseOrdinary
m e n t s , exclureceipts,
s i v e of postal,
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.

Surplus
receipts.

$29,029,209
25,562,097
24,684,245
26,282,830
25,210,696
25,857,114
24,316,994
24,400,997
36,217,662
37,812,135
29,797,391
36,584,708

$42,088,468
35,701,677
26,579,535
33,978,277
33,260,720
23,812,665
30,269,389
28,796,057
27,212,998
32,072,097
29,109,259
22,934,695

i$lS,059,259
. 110,139,580
11,995,290
17,695,447
18,050,024
2,044,449
15,952,395
14,395,060
9,004,664
5,740,038
688,132
13,650,013

347,721,705

365,774,160
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
19,310,097
6,552,766
32,012,606
636,917
1,973,102
1,076,307
111,301,119
117,775,091
114,342,969

405,321,335

443,368,583

43,847,109
41,782,708
39,778,070
39,630,051
38,900,915
41,404,794
41,774,930
37,979,333
57,030,240

$256,158,473
243,346,401
241,154,457
233,572,762
225,357,098
228,320,380
215,362,421
212,837,256
222,045,606
228,090,517
230,113,813
244,466,202

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

233,016,457
218,561,207
215,192,787
207,756,100
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
228,652,341
231,124,638
245,413,707

254,844,215
294,487,085
307,557,504
300,238,275
292,376,790
294,764,695
274,584,676
269,103,513
284,043,164

o

E x p o r t s of
gold.

$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
951,516
1,092,188

$11,931,436
1,972,544
93,555
368,007
468,010
431,826
442,355
353,147
576,205
6,631,216
9,468,471
7,625,808
40,361,580

938,951
4,720,569
4,723,181
11,775,483
3,054,089
2,582,405
6,493,414
6,162,681
30,708,320
32,579,858
13,322,111
3,330,612

5,462,869
1,983,588
142,922
313,311
699,513
577,996
2,658,663
1,030,412
728,707
1,323,724
109,157
375,629

120,391,674

$110,718,746
100,957,561
124,034,672
117,126,524
131,610,353
137,316,644
144,800,493
148,661,209
151,786,464
153,340,890
144,319,563
140,790,738

138,047,248
130,416,366
114,478,010
114,445,851
114,352,226
110,190,066
1 460,014
19,347,841
15,939,596
14,051,669

I m p o r t s of
gold. •

85,014,780

118,052,455

39,027,364
19,023,615
21,933,098
24,391,415
43,363,605
69,646,698
37,333,628
28,572,358
32,958,751
33,012,943
30,074,818
33,509,313

Balance in
Net gold
g e n e r a l fund,
in Treasury. including
n e t gold.

to

00

15,406,391

2,641,668
15,296,811
16,808,341
16,738,353
5,324,601
8,757,182
6,392,344
5,148,906
3,187,575

1,497,013
1,955,908
3,102,810
1,279,926
913,467
1,219,638
1,755,451
567,962
1,109,845

O

O

fe|
tei
fe^
l>
fei
Q
tei
Ul

April
May
June:

41,611,587
44,786,014
47,126,915

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
1901—January
February
March
April
May
June

,

Total for 12 months,
July
August
September
October...
November
December
1902—January
February
March
April
May
June

•.

•...

Total for 12 months




65,949,106
40,513,005
31,382,762

124,337,519
4,273,009
15,744,153

615,960,620

605,072,180

189,111,560

48,054,258 . 56,561,090
45,522,312
49,978,173
37,579,372
45,334,145
47,533,589 • 44,174,027
46,945,672
40,769,848
46,759,104
39,145,560
48,012,165
39,189,097
45,631,265
37,738,472
48,726,837
32,188,271
45,039,327
40,903,928
45,166,053
40,351,525
51,435,832
33,540,673

18,506,832
4,455,861
7,754,773
3,359,662
6,175,724
7,613,544
8,823,068
7,892,793
16,538,566
4,135,399
4,814,528
17,895,159

567,240,852

487,713,792
63,-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
42,136,561
33,045,147

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

587,685,338

509,967,-353

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

471,190,878

91,287,376

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

77,717,985

52,367,591
39,351,498
32,310,736
40,645,936
40,198,917
37,318,998
38,548,278
39,099,291
38,102,437
40,799,263
38,746,798
33,837,859

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

52,320,340
45,394,125
44,434,423
49,831,953
45,716,777
47,061,965
46,582,144
41,159,739
46,501,414
45,215,390.
49,509,449
49,677,469
662,478,233

1 Excess of disbursements.

327,368,877
249,955,831
329,97i;356
•258,455,786
319,919,880
251,635,354
325,655,697
259,346.494
317,010,665
257,539.887
262,800,534 321,603,279
324,796,646
239,040,401
325,361,866
238,821,209
244,858,050 • 327,856,289
242,945,286
334,739,983
246,554,393
345, 350,229
253,801,291 ' 362,187,361

37,522,086

2,895,469
6,391,411
2,593,894
8,542,254
2,904,043
^ 6,620,246
1,992,692
1,911,116
1,921,036
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
48,266,759

11,263,332
4,238,358
7,861,553
10,731,375
12,641,988
3,386,6ll
4,265,626
1,859,274
2,520,455
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

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

1,162,484
2,049,256
20,908,327

44,573,184

245,254,534
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
218,857,545
220,557,185

79,527,060

49,955,161
49,688,756
45,304,326
51,626,067
48,344,515
46,846,508
47,520,287
45,844,123
49,891,125
47, 767,851
52,629,440
50,333,908

263,127,533
267,584,094
284,488,516

2,482,871
3,070,265
3,105,686
88,954,603

246,140,226
228,415,238
240,737,212

53,185,177

4,076,113
3,490,528
11,905,431
9,138,638
7,431,678
2,791,522
1,405,787
1,696,967
2,636,313
1,864,767
1,497,053
4,086,457

2,875,120
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

o
w
tei

o
tei
H

W

teJ
tei

>

n

to
00

to

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

Month.

1902—July
August
September
October
November . . :
December
1903—January
February
March
April
•
May
June

:...

:
.

Total for 12 months
July
August
September
October
November
December.
1905—January
Februaiy
March




to

Surplus
receipts.

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

,

Exports of
gold.

1 $7,507,877 $248,005,005
264,657,694
5,492,202
286,124,771
11,025,583
263,542,933
4,486,297
264,967,774
562,728
270,777,264
10,617,556
247,783,746
3,364,094
259,651,782
5,277,430
276,815,803
447,848
262,539,660
1,562,287
256,208,626
3,626,973
254,162,230
13,790,316

560,396,674

506,089,022

. 54,307,652

56,388,189
43,024,545
38,427,964
51,910,479
47,427,788
•32,255,805
48,372,554
42,653,772
41,689,398
46,010,265
47,352,973
36,922,015

17,776,613
6,828,133
6,545,855
14,947,266
12,735,193
10,491,787
16,784,184
3,242,635
3,072,101
14,480,843
15,664,913
11,293,399

539,716,914

632,237,821

7,479,0

46,786,387
44,903,392
46,344,683
48,990,608
45,576,877
45,047,905
'43,410,285
44,608,073
46,267,756

64,019,115
51,131,604
40,391,358
52,500,873
49,434,318
41,315,731
49,488,299
41,151,234
44,985,127

117,232,728
16,228,212
5,953,325
13,510,265
13,857,441
3,732,174
16,078,014
3,456,839
1,282,629

$353,974,699
359,491,501
371,253,394
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
267,011,715
265,571,972
229,362,090
236,241,028
248,529,691
231,877,090
217,592,391
216,183,723

378,291,444
383,450,710
389,417,184
378,637,402
369,237,430
379,374,895
378,745,084
373,068i605
374,699,996
370,919,188
813,287,516
322,051,568

197,445,631
199,512,294
223,098,966
231,060,229
233,812,615
229,664,318
201,244,581
202,857,181
221,231,681

304,081,579
297,975,365
301,414,163
296,352,797
293,344,658
296,592,689
290,625,796
290,681,839
291,821,624

$7,884,339
2,305,714
530,029
1,460,829
720,331
2,853,112
86,951
.1,506,370
1,042,598
1,705,466
14,488,268
12,507,588
47,090,595

4,631,207
7,848,553
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
352,177
993,150
1,464,656
591,567
732,614
3,063,458
19,470,157
43,069,053
1,522,544

99,055,368

$56,813,568
43,113,611
37,554,798
46,904,965
43,036,273
36,533,744
42,632,244
37,750,750
44,987,587
41,763,814
40,586,997
34,583,738

$1,594,421
5,143,597
4,981,130
11,118,446
5,981,743
2,186,636
2,010,851
1,817,456
4,567,728
1,349,621
1,462,845
2,767,553
44,982,027

$49,305,691
48,605,813
48,580,381
51,391,262
43,599,001
47,151,300
45,996,338
43,028,180
45,435,436
43,326,101
44,113,970
48,354,054

48,611,576
49,852,678
44,969,819
46,963,213
44,692,595
42,747,592
41,588,370
45,895,407
44,761,499
41,529,422
41,688,060
48,215,414

;

Total for 12 months
July
August...'
September
October.
November
December
1904—January
February
March
April
May
June

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

00

81,459,986

8,926,418
7,764,491
4,241,035
8,045,275
4,727,105
3,336,184
1,895,691
2,192,919
6,133,592

1,083,249
10,762,818
2,744,448
3,855,649
20,813,443
13,502,828
16,828,167
14,794,312
2,392,784

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39,778,182
43,758,933
47,950,777

April.
May..
June.

651,705,129
60,864,924
52,995,047
44,646,469
45,588,297
4l, 624,554
62,824,750
53,690,291
54,173,201
49,156,796
56,648,191
61,485,228
47,956,647

4,958,459
5,431,235
6,792,014
13,439,949
. 3,904,972
1 5,540,922
14,255,008
1 5,848,301
14,539,831
112,728,870
18,787,175
5,531,966

224,372,884
235,465,627
263,331,814
273,076,079
285,582,811
284,836,080
259,856,877
276,418,068
284,378,284
260,229,777
269,690,707
290,489,841

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
330,689,355

290,313,464
311,358,446
313,714,775
302,973,9.51
317,952,371
313,999,622
285,011,577
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
400,154,655
402,868,003
401,388,342
407,629,665
422,061,445

293,670,624
284,300,724
280,808,512
237,987,850
245,500,558
249,344,971
217,475,100
210,382,518
204,492,080
193,772,017
213,684,683
221,924,733

388,574,188
386,660,408
389,551,314
387,227,019
400,551,014
419,519,991
416,417,301
418,845,804
412,608,191
401,596,987*
390,933,256
395,171,348

601,060,723

621,102,390

120,041,667

2,581,057
2,657,143
2,149,061

1,303,870
: 481,574
4.030.882

63,648,961

111,420,630

906,465
226,282
438,483
028,246
529,326
283,828
435,283
324,900
616,966
919,321
698,053
488,613
-.---.--.-

111,184,710
10,010,095
12,342,390
4,563,526
8,959,618
11,215,524
9,&&4,983
9,942,348
14,071,020
7,935,760
11,647,167
24,236,442

284,318,681
281,141,378
295,477,492

45,312,517

63,483,563
45,997,502
39,154,801
62,678,473
46,642,880
44,497,456
45,732,517
48,983,148
40,150,934
45,324,832
45,940,845
38,476,021

663,125,659

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

549,405;425

298,863
007,597
497,191
241,999
602,498
812,980
237,600
925,496
221,954
260,592
488,012
711,463

July
August
September.
October.....
Noveihber.
D e c e m b e r ..
1808—January
February..
March
April
,
May
June

112,318,347
1 3,109,895
9,740,537
14,097,144
2,789,325
7,620,152
6,018,743
6,785,633
6,966,846
148,928
4,855,378
21,366,225

212,331,729
218,172,921
221,381,660

118,753,335

61,591,481
50,600,827
40,510,622
54,589,836
46,211,544
42,830,311
46,671,363
41,409,095
43,665,323
46,141,796
43,124,646
34,001,856

594,717,942

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

563,360,093

273,134
490,432
251,159
'492,692
000,869
350,463
790,096
194,728
631,169
092,868
980,024
367,081

July
August
September.
October
November.
Deciember .
1907—January . . .
February..
March
April
May
June




18,561,283
12,289,211
13,263,254

644,606,758

T o t a l for 12 m o n t h s .
July
August
September.
October—
November.
December .
1906—January . . .
February..
March
.
April
May i
June

Total f o r i ? months^...

48,339,466
46,048,144
34,687,523.

92,694,024

4,973,241
3,213,216
6,643,692
10,722,132
5,202,790
4.028,881
2,606,709
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
5,741,665
8,486,330
6,918;627
2,486,552
6,722,148
3,256,392

96,221,730

1,302,248
598,078
2,278,922
7,074,544
1,963,757
1,880,895
2,450,072
1,127,059
2,126,173
2,219,844
4,505,444
23,872,140

114,510,249

51,399,176

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

o

7,478,366
.4,596,879
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

148,337,321

tei

38,573,591

9,834,333
7,972,868
31,431,038
27,250,852
8,935,274
7,617,237
3,270,505
3,329,867
5,046,243
4,974,527
2,682,163
2,165,342

CO

72,432,924

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

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

to
00

Month.

190&-July...
August
September
October
November
December
1909—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
1910—January
February
March
April
May
June
T o t a l for 12 m o n t h s
July
August
September.
October
N o v e m b e r .1
December
1911—January
February
March
April




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.

$230,238,004 $353,628,173
339,890,139
214,915,576
329,052,573
222,058,604
316,882,253
232,051,793
228,201,751. 301,387,362
319,501,417
232,703,467
299,701,585
204,776,864
291,263,813
234,094,571
283,934,071
240,173,188
277,433,835
235,590,916
269,901,309
224,263,038
276,375,428
227,698,852

$49,189,846
44,680,639
48,224,558
48,304,, 825
49,908,715
51,197,210
46,259,139
47,675,568
53,554,602
51,278,212
54,416,058
58,900,118

$71,390,958
48,114,783
62,209,676
56,858,544
58,302,928
56,384,477
58,653,229
51,693,985
63,857,118
52,044,182
54,905,437
47,909,128

1 $^2,201,112
1 3,434,144
13,985,118
18,553,719
18,394,213
1 5,187,267
112,394,090
14,018,417
1 302,516
1 765,970
1 489,379
10,990,990

603,589,490

662,324,445
70,681,030
58,490,754
52,968,845
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
17,408,977
1 621,186
11,923,895
14,591,107
3,729,202
11,724,746
1,039,906
8,554,441
1653,513
3,428,713
29,081,435

675,511,715

659,705,391
68,411,709
58,538,788
52,627,006
58,560,323
54,231,830
52,798,711
52,271,910
60,051,017
51,649,855
52,558,029

19,593,756
13,569,534
3,466,572
13,293,881
4,239,345
4,890,747
1266,717
339,612
6,815,504
11,466,067

235,720,3?3
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

228,421,383
229,628,447
244,362,011
261,024,062
256,832,205
254,003,671
220,261,901
227,178,354
231,726,269
220,749,280

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

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

$4,846,272
6,699,742
3,974,391
1,952,574
2,967,795
7,357,707
7,865,356
8,860,81421,252,462
6,337,994
11,171,265
8,346,446
91,531,818

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
4,576,917

16 661,782
9,230,273
7,546,442
9,379,402
15,649,281
10,579,304
6,163,132
2,937,134
1,815,815
36,283,625
718,678
1,598,347

43,339,905

15,806,324

58,817,953
64,969,254
55,983,578
55,266,442
58,471,175
57,689,458
52,005,193
50,390,629
58,465,359
51,091,962

E x p o r t s of
gold.

44,003,989

1 58,734,955

57,577,081
61,081,777
62,347,659
57,176,765
61,727,571
66,968,269
50^322,176
60,278,783
60,151,772
63,153,520
61,608,384
83,117,958

Imports of
gold.

118,563,215

10,282,649
12,818,606
3,192,341
4,250,259
4,313,500
4,976,632
9,540,830
6,805,844
4,119,063
4.524,835

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

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May
June

5,324,090
40,358,462

61,232,444
86,988,928
701,372,375

,
.

.

T o t a l for 12 m o n t h s
July
A u g u s t I.,
September
October
November
December
1913—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
1914—January
February
March
April
May
June

-.

.
...
.
::::.:::::::..::..:::::::.::.:..::..::::::::::::
. . .

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




:

654,553,963
60,279,518
63,315,651
58,446,255
60,606,534
54,241,148
59,417,161
53,605,790
52,839,445
51,478,553
57,106,215
67,957,870
53,476,566

1743,184
13,110,649
12,763,699
3,862,970
4,828,246
13,595,622
6,936,573
1,963,974
5,241,531
13,653,658
12,587,506
34,961,548

682,770,706

60,231,524
61,600,197
56,473,397
64,196,633
55,515,133
63,152,436
54,477,847
43,633,857
54,803,891
50,488,807
55,389,212
124,710,233

70,208,747
62,163,712
56,066,553
60,095,057
58,228,865
57,761,643
58,990,149
52,844,140
64,976,656
67,585,688
59,242,971
52,090,309

19,977,223
1 563,515
406,844
•4,101,576
12,713,732
14,609,207
14,512,302
19,210,283
1172,765
17,096,881
13,853,759
72,619,924

700,254,490

34,418,677

268,747,666 ~ 3 n , 6 4 8 , 7 8 7
304,641,784
271,733,772
299,846,615
285,229,839
298,724,219
302,675,520
299,946,420
304,384,340
293,576,381
299,730,929
295,846,020
255,750,031
297,036,683
262,745,118
298,496,280
267,930,180
291,333,044
265,188,309
283,977,282
253,778,072
315,960,985
258,363,327

266,417,431
269,854,052
254,875,056
269,971,436
268,080,256
262,442,831
216,069,924
213,874,463
226,993,774
209,366,825
210,156,910
252,962,971

282,263,619
277,211,119
273,416,613
274,923,503
269,466,111
261,854,318
254,761,268
242,866,548
240,915,421
230,237,516
224,151,013
311,612,616
•

1 Excess of disbursements.

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

3,747,869
5,576,900
4,200,682
11,887,492
4,474,480
11,397,007
6,210,360
5,356,471
4,380,993
4,013,537
4,561,260
3,386,974

7,264,664
2,498,472
568,302
330,270
2,709,594
656,704
17,237,648
12,373,409
18,076,684
3,010,168
12,467,492
569,315
77,762,622

7,859,512
5,803,753
4,626,748
5,391,085
7,040,782
5,073,357
10,442,373
3,208,853
7,842,249
3,460,424
1,972,411
3,817,112

8,653,969
1,194,657
496,037
483,780
6,662,958
10,572,593
6,914,056
9,078,778
2,632,049
407,386
16,835,202
48,107,064

66,538,659

41,340,524

59,536,334
60,205,002
55,682,556
64,469,504
59,069,394
55,821,539
60,542,363
54,803,419,
56,720,084
53,452,557
55,370,364
88,438,114

22,509,653

2,594,653
4,105,331
4,704,096
4,102,427
3,458,321
4,707,330
6,141,243
2,937,274
4,335,678
3,892,599
3,346,491
5,611,057

69,194,025

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

6,817,149
3,074,755

48,936,500

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

5,014,740
4,767,714
73,607,013

236,477,947
290,176,926

37,224,502

734,673,167

. . .

....

116,093,440
15,483,814
5,529,816
1 4,133,125
1460,493
1756,297
1960,345
1,787,775
10,637,875
12,648,484
6,118,299
43,686,735

206,383,234
233,533,255

47,234,377

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

724,1.11,230

..

654,137,998

52,085,062
54,803,683
56,335,353
56,054,411
56,588,832
53,749,606
52,461,712
53,932,609
59,296,027
53,305,712
58,369,952
84,795,506
691,778,465

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

55,908,354
46,630,466

112,038,529

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T A B L E G.—Statement showing the ordinary receipts and disbursements ofthe Government by months, etc.—Continued.

Month.

1914—July
August
September
,
October
November.
December
,
1915—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
1916—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
1917—January
February
March
April
May
:.....
June
T o t a l for 12 m o n t h s . .

Ordmary
disburseOrdinary
m e n t s , exclureceipts, . sive of postal,
exclusive of p r i n c i p a l of.
postal.
debt, and
premium.

to
Surplus
receipts.

Balance i n
N e t gold
general fund,
in Treasury.
including
n e t gold.

$70,704,496
$2,519,677 $280,551,354 $293,776,801
$73, 224,173
69,046,272
117,973,374
51, 072,898
271,500,400
273,875,755
59,602,779
51, 971,395
262,372,102
1 7,631,384
272,503,812
62,771,226
44, 563,946
242,296,082
118,207,280
256,214,220
60,706,247
44, 825,384
224,826,733
115,880,863
251,062,728
56,994,982
51, 429,362
218,759,495
263,650,971
^5,565,620
58,829,053
50, 712,626
209,474,752
242,248,709
18,116,427
-56,-137,624- -1-12,501,352- _257,-525,_963^ JL95,_358,799
-437 6367272
61,308,792
188,621,178
1 4,909,833 275,337,786
56, 398,959
61,992,174
173,741,660
113,950,097
256,586,196
48, 042,077
57,925,408
167,958,342
236,536,259
13,686,507
54, 238,901
55,380,706
257,147,142
247,746,370
127, 794,835
72,414,129
731,399,759 133,488,931
697,910,828
73,271,470 116,568,479
702,991
257,006,051 241,004,010
63,571,573 113,261,480
310,093
241,846,744. 228,978,562
60,190,680 110,585,656
605,024
244,265,706 216,978,070
61,839,811
343,113
216,809,613 214,523,162
16,496,698
60,965,057
325,362
221,663,793 211,957,352
14,639,695
59,971,998
425,654
216,382,509 204,410,685
1 4,546,344
57,102,599
194,131
185,491,144 208,671,683
12,908,468
54,824,240
432,814
204,075,899 214,083,903
608,574
61,667,509
461,993
215,303,167 217,415,793
1 2,205,516
56,293,213
222,566,597 220,367,158
55,301,239
1 991,974
62,091,934
219,304,536 222, 183,711
64,077,393
1,985,459
52,702,915
238,093,644 2 331,
470,441
167,484,745
114,781,830
779,664,552 724,492,999
55,171,553
61, 540,546
65,366,441
57,591,264
60, 143,268
55,673,562
62, 190,227
61,063,398
52,323,745
66,360,066
93,257,554
197,632,968
285,031,088
1,118,174,127 1,147,898,991 129,724,864

I m p o r t s of
gold.

$3,391,715
3,045,219
2,761,590
9,945,003
7,391,729
4,109,063
6,896,398
12,726,492
257620; 467
16,203,028
31,136,311
52,341,740^
171,568,755
17,262,938
61,641,191
42,062,449
79,669,359
60,981,540
45,412,677
15,008,232
6,016,006
9,776,439
6,121,788
. 27,321,943
122,734, 739
494,009,301
62,107,665
41,238,716
92,562,247
97,508,875
46,972,903
158,620,681
58,926,258
103,766,495
139,498,590
32,372,455
52,262,090
91,339,051
977,176,026

E x p o r t s of
gold.

$33,669,424
18,125,617
21,887,202
50,301,972
14,526,482
130,924
691, 509
1,053,879
923,891
813,706
1,277,554
2,821,988
146,224,148
2,191,735
1,128,428
2,033,990
2,938,800
3,661,153
11,889,285
10,213,517
13,684,667
10, 774,354
11,502,999
11,918,597
8,312,023
90,249,548
9,395,035
11,780,129
6,849,141
7,053,684
26,335,062
-27,973,719
20,719,898
22,068,059
17,919,601
16,965,210
57,697,419
67,164,268
291,921,225

1 E x c e s s of d i s b u r s e m e n t s .
2 E x c l u s i v e of d i s b u r s i n g ojBBcers' c r e d i t s a n d o u t s t a n d i n g w a r r a n t s a n d c h e c k s .
N O T E . — T h e receipts a n d d i s b u r s e m e n t s , b y m o n t h s , were m a d e u p from t h e 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 subject 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
FRASER , d i d n o t agree w i t h t h e t o t a l s b y y e a r s . T h e l a t t e r are t h e a c t u a l r e s u l t s , as s h o w n b y c o m p l e t e r e t u r n s .
accoimts

Digitized for


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SECRETARY OF THE

TREASUEY.

287

T A B L E 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 1917}
Balance In .
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—December 31
1799—December 31
1800—December 31
1801—December 31
1802—December 31
1803—December 31
1804—December 31
1805—December 31
1806—December 3 1 . :
1807—December 31.
1808—December 31
1809—December 3 1 . .
1810—December 31
1811—December 31
1812—December 31
1813—December 31
1814—Deceniber 31
1815—December 31
1816—December 31
1817—December 31
1818—December 31
1819—December 31
1820—December 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—December 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 3 0 . . . . :
1846—June 30
1847—June 30
1848—June 30
1849—June 30
1850—June 30
1851—June 30
•
1852—June 30.
1853—June 30
:
1854—June 30

•.

.-

Date.

$973,905.75 1855—June 30
783,444.51 1856—June 30
753,661.69 1857—June 30..
1,151,924.17 1858—June 30
516,442.61 1859—June 30
888,995.42 1860—June 30
1,021,899.04 1861—June 30
617,451.43 1862—June 30
2,161,867.77 1863—June 30..
2,623,311.99 1864—June 30
3,295,391.00 1865—June 30
5,020,697.64 i 1866—June 30
4,825,811.60 1867—June 30
4,037,005.26 1868—June 30
3,999,388.99 1869—June 30
4,538,123.80 1870—June 30
9,643,850.07 1871—June 30
^ 9,941,809.96 1872—June 30
3,848,056.78 1873—June 30
2,672,276.57 1874—June 30
3,502,305.80 1875—June 30
3,862,217.41 1876—June 30
5,196,542.00 1877—June 30
1,727,848.63 1878—June 30
13,106,692.88 1879—June 30
22,033,519.19 1 1880—June 3 0 . . . :
14,989,465.48! 1881—June30
1,478,526.74 1882—June 30
2,079,992.38 1883—June 30
1,198,461.21 1 1884—June'30
1,681,592.24 1885—June 30
4,193,690.68 1 1886—June 30
9,431,353.20 1 1887—June 30
1,887,799.80 i 1888—June 30
5,296,306.74 1889—June 30
6,342,289.48 1890—June 30
6,649,604.31 1891—June 30
5,965,974.27 1892—June 30
2 4,362,770.76 1893—June 30
4,761,409.34 1894—June 30.
3,053,513.24 1895—June 30
911,863.16 1896—June 30
10,658,283.61 1897—June 30
7,861,093.60 1898—June 30
25,729,315.72 1899—June 30
45,756,833.54 1900—June 30
8 6,804,953.64 1901—June 30
.
6,633,715.23 1902—June 30
4,683,416.48 1903—June 30
1,704,56L80 1904—June 30
375,692.47 1905—June 30
2,079,908.13 1906—June 30.
11,195,156.21 1 1907—June 30
8,612,850.23 1908—June 30
8,110,649.86 1909—June 30
9,683,869.83 1910—June 30
5,446,382.16 1911—June 30
758,332.15 1912—June 30
3,208,822.43 1913—June 30
7,431,022.72 1914—June 30
12,142,193.97 1915—June 30
15,097,880.36 1916—June 30.. 22,286,462.49 1917—June 30
20,300,636.61

Balance In
general fund,
including
' gold reserve
since 1876.
$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
112,476,770.68
161,175,174.31
115,133,629.82
126,642,842.77
113,485,981.01
91,739,739.00
74,437,358.64
59,762,346.64
72,159,597.17
63,274,721.71
68,947,608.99
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
232,099,178.06
207,600,698.44
".
244,094,169.01
210,737,083.78
190,841,184.72
156,847,826.49
•
129,178,792.53
124,824,804.94
118,885,988.18
196,348,193.17
269,637,307.07
244,466,201.96
209,282.643.13
284,488,516.20
,
. . . . 306,827,605.37
328,406,798.13
362,187,361.18
388,686,114.23
:
322,051,568.02
295,477,491.89
330,689,354.83
422,061,445.47
395,171,347.73
276,375,428.10
256,894,675.67
290,176,926.13
317,152,478.99
315,960,984.79
311,612,615.63
257,147,142.41
331,470,441.21
1,120,226,149.00'

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, and is exclusive of disbursing officers' credits and outstanding
warrants and checks.
3 The unavailable funds are notlncluded from and after this date.
8 The amount deposited with the States under act of June 23,1836, havhig been taken out ofthe control
of the Treasury Department by the act of Oct. 2,1837, Is notlncludedlrom and after this date.




TABLE I.—Receipts and disbursements of the UnitedStates.

to

RECAPITULATION OF RECEIPTS BY FISCAL YEARS.

00
00

Ordiaary receipts.
Miscellaneous.

Year.

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
1827
1828
1829
1830




$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
778.93
• 10,750,
12,438,235.74
10,479,417.61
11,098,565.33
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
19,712,283.29
23,205,523.64
22,681,965.91
21,922,391.39

Internal
revenue.

$208,942.81
JL37,705/70 I
274,089.62''
337,755.36
475,289.60
575,491.45
644,357.95
779,136.44
809,396.55
1,048,033.43
621,898.89
215,179.69
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
19,885.68
17,451.54
14,502.74
12,160.62

Sales of public
lands.

-nim/^f fo^
i^ireci tax.

$4,836.13
83,540.60
11,963.11
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
1,495,845.26
1,018,308.75
1,517,175.13
2,329,356.14

$734, 223.97
534, 343.38
206, 666.44
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
201.96
330.85
638.76
626.90
218.81
335.05

Other miscellaneous items.i
laneous items.'
$10,478.10
17,946.65
59,910.88
-356^-749r97-|
19J,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
1,735,722.83
520,126.49
602,648.55
563,227.77

Total ordinary
receipts.
$4,409,951.19
3,669,960.31
4,652,923.14
-5,431,904.876,119,334.59
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
15,559,931.07
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
22,966,363.96
24,763,629.23
24,827,627.38
24,844,116.51

Postal
revenue.

$71,295.93
92,988.40
103,883.19
129,185.87163,794.54
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
587,256.73
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
1,524,601.79
1,660,276.46
1,778,471.83
1,919.313.70

Surplus (-I-) or
Total ordinary deficit ( - ) on
receipts and ordinary receipts,
postal revenue. includiag postal
deficiencies.
$4,481,247.12
3,762,948.71
4,756,806.33
-090.74
-.5,561,
6,283,129.13
8,615,373.09
8,902,773.73
8,212,315.63
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
11,912 664.08
16,75i;480.30
48,707 368.86
34,369;842.14
22,715,786.65
25,808,111.76
18,952,430.27
15,63i; 681.82
21,349,983.30
21,670;880.61
20,578,511.72
23,147,111.61
26,708,094.25
24,490,965.75
26,423 905.16
26,606 099.29
26,763,430.21

+$1,312, 1 6
.4
- 4,599, 1.44
+
805,993.24
-r-_865, 91_7.17
- 1,190,266.19
+ 2,629,678.82
+ 2,680, 153.74
+ 371,584.48
- 1,749,004.82
+
34,778.09
+ 3,551,955.99
+ 7,019,541.88
- - 3,111,811.03
t
+ 3,188,399.73
+ 4,546,344.36
+ 6,110,753.45
+ 8,043,867.89
+ 7,999,248.85
- 2,507,273.92
+
909,460.91
+ 6,244,593.66
-10,479,638.51
-17,341, 142.19
-23,549,214.47
-17,235,202.68
+16,549,294.90
o+13,375,976.41
+ 1,566,955.85
+ 3,091,370.37
444,865.34
- 1,276,173.14
+ 5,231,995.64
+ 5,834,036.27
892,489.85
+ 5,983,640.68
+ 8,232,674.99
+ 6,827,196.80
+ 8,368,787.18
+ 9,643,573.75
+ 9,702,008.25

O

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2,105,721.94
28,526,820.82
+ 13,289,004.18
10,506.01 I 1,074,124.05
3,210,815. 48
30,632,542.76
2,258,570.17
+ 14,578,500.39
2,623,381. O ;
6,791.1;
760,410.61 31,867,450.66
34,126,020.83
J
2,617,011.88 36,565,438.13
+ 10,930,874.27
394.12
3,967,682. 55
945,081.67 33,948,426.25
2,823,749.34 24,615,648.89
+ 3,164,365.32
4,857,600. 69
715,161.82 21,791,935.55
19.80
2,993,556.66 38,423,643.76
+ 17,857,273.74
14,757,600. 75
4,263.33
1,266,452.95 35,430,087.10
3,408,323.59 54,235,119.67
+ 19,958,632.04
24,877,179. 8 )
2,638,576.90 50,826,796.08
728.7{
1
4,945,668.21 29,899,821.25
6,776,236. 52
- 12,289,061.20
1,687.70
7,001,444.59 24,954,153.04
4,238,733.46
3,730,945.
- 7,562,152.82
6,410,348.45 26,302,561.74
30,541,295.20
4,484,656.70 35,967,406.31 + 4,585,966.99
7,361,576. m
' 755.22
979,939.86 31,482,749.61
40
4,543,521.92 24,023,637.25
3,411,818. 6 ;
- 4,834,402.86
2,567,112.28 19,480,115.33
'
4,407,726.27
1,365,627. 4?
- 9,621,657.57
1,004,054.75 16,860,160.27
21,267,886.54
4,546,849.65 24,523,046.90
1,335,797. 52
- 5,158,689.19
451,995.97 19,976,197.25
4,296,225.43
8,231,001.26
285; 895.92
898,158. 18 .:::..::::::::'.
- 3,549,091.25
12,527,226.69
4,237,287.83 33,557,995.61
1,075,419.70 29,320,707.78
2,059,939. 80
+ 6,837,147.64
4,289,841.80 34,259,947.60
2,077,022. 30
+ 7,034,278.01
361,453.68 29,970,105.80
3,487,199.35 33,187,167.09
2,694,452. 48
+ 2,438,784.88
289,950.13 29,699,967.74
3,880,309.23 30,347,712.39
2,498,355. ?0
220,808.30 26,467,403.16
- 28,453,380.93
4,555,211.10
3,328,642. 56
- 11,919,521.44
40,253,910.31
612,610.69 35,698,699.21
4,705,176.28 35,426,253.78 - 12,778,000.89
1,688,959. 55
685,379.13 30,721,077.50
5,499,984.86 49,092,873.74
1,859,894. ?5
2,064,308.21 43,592,888.88
+ 2,644,505.76
6,410,604.33 58,965,643.66
2,352,305. 30
1,185,166.11 , 52,555,039.33
+ 4,803,560.92
5,184,526.84 55,031,342.44
2,043,239. 58
+ 5,456,563.24
464,249.40 49,846,815.60
5,240,724.70 66,827,756.38
61,587,031.68
1,667,084. 99
+ 13,843,042.59
988,081.17
6,255,586.22 80,055,927.62
8,470,798. 39
+ 18,761,886.29
1,105,352.74 73,800,341.40
6,642,136.13 71,992,710.81
11,497,049. 07
+ 6,719,911.97
827,731.40 65,350,574.68
6,920,821.66 80,977,520.90
8,917,644. 93
+ 6,330,349.23
1,116,190.81 74,056,699.24
7,353,951.76 76,319,264.33
3,829,486. 64
+ 1,330,903.64
1,259,920.88 68,965,312.67
7,486,792.86 54,142,168.82 - 27,327,126.88
3,613,715. 87
1,352,029.13 46,655,365.96
7,968,484.07 60,745,591.99
1,756,687. 30
1,454,596.24 62,777,107.92
- 16,216,491.85
8,518,067.40 64,572,667.23
1,778,557. 71
1,088,530.25 56,054,599.83
- 7,146,275.82
8,349,296.40 49,825,595.89
41,476,299.49
1,023,515.31 51,919,261.09
870,658. 54
- 25,173,913.59
8,299,820.90
915,327.97 112,094,945.51 11,163,789.59 60,219,081.99
1,795,331.73
152,203. 77
-417,650,980.56
123,258,735.10
3,741,794.38 262,711,865.33
167,617. 17
37,640,787.95
1,485,103.61
12,438,253.78 275,150,119.11 -606,639,330.67
49,590,595.99 327,283,518.68
109,741,134.10
588,333. 29
-602,257,235.50
475,648.96
14,556,158.70 341,839,677.38 -967,815,770.90
30,693,916.49 557,817,230.34
209,464,215.25
1,200,573.03
996,553. 31
14,436,986.21
309,226,813.42
66,903,980.19 477,001,523.47
+ 38,794,874.00
665,031. 03
1,974,754.12
15,297,026.87 572,254,216.55
266,027,637.43
29,192,365.70 398,369,440.36
+ 130,272,197.69
1,163,575. 76
4,200,233.70
16,292,600.80 492,298,550.34
191,087,589.41
39,680,390.13 369,564,545.47
+ 28,030,306.54
1,348,715. 41
414,662,041.16
1,788,145.85
18,344,510.72 387,909,056.19
158,356,460.86
+ 48,373,947.72
26,373,628.03 411,253,971.24
4,020,344. 34
765,685.6
19,772,220.65 431,026,191.89
184,899,756.49
+117,596,966.09
3,350,481. 76
28,236,255.67 383,323,944.89 20,037,045.42
229,102.88
143,098,153.63
2,388,646. 68
30,986,381.16 374,106,867.56
580,355.37
403,360,990.31
21,915,426.37 396,022,293.93 +100,163,551.38
130,642,177.72
+103,547,171.65
2,575,714.
24,518,688.88 333,738,204.67
m
113,729,314.14
+ 48,498,879.33
2,882,312. 38
28,721,800.94 304,978,756.06 22,996,741.57 356,734,946.24
3i5,254.5i
26,471,071.82
102,409,784.90
1,852,428.
37,612,708.54 288,000,051.10
331,449,827.88 + 3,739,955.85
110,007,493.58
+ 13,376,658.26
1,413,640. ^'^
19,411,195.00 293,790,130.50 26,791,360.59 314,791,411.69
17
28,644,197.50
116,700,732.03
+ 28,689,045.91
1,129,466. 95
27,794,148.11 281,250,222.78 27,531,585.26 322,434,328.00
.93,798.80
118,630,407.83
+ 39,915,747.92
30,687,068.20 257,763,878.70
308,781,808.04
976,253. 6S
29,277,516.95
110,581,624.74
+ 20,799,551.90
15,931,830.39 272,330,241.21 30,041,982.86 287,041,395.65
1,079,743, 37
113,561,610.58
+ 5,382,357.68
20,593,801.87 333,526,500.98 33,315,479.34 302,372,224.07
f
924,781. O i
124,009,373.92
+ 68,678,863.62
366,841,980.32
1,016,506. 1
.60
36.85 1 21,978,525.01
1 Including profits on coinage, payments by Pacific railways, tax on national-bank circulation, forest reserve fund, head tax on immigrants, fees, flnes, and penalties, rent and sale
of Government property, District of Columbia receipts, etc.

1831
1832
1833
1834
1835..
1836
1837
1838
1839
1840
1841
1842
1843 (6 m o n t h s )
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
1870.
1871
1872
1873
1874...
1875
1876.
1877
1878...
1879
1880




1 24,224,441.77
28,465,237.24
29,032,508.91
16,214,957.15
19,391,310.59
23,^)9,940.53
11,169,290.39
16,158,800.36
23,137,924.81
13,499,502.17
14,487,216.74
18,187,908.76
7,046,843.91
26,183,570.94
27,528,112.70
26,712,667.87
23,747,864.66
31,757,070.96
28,346,738.82
39,668,686.42
49,017,567.92
47,339,326.62
58,931,865.52
64,224,190.27
53,025,794.21
64,022,863.50
63,875,905.05
41,789,620.96
49,565,824.38
53,187,511.87
39,682,125.64
49,056,397.62
:
..... 69,059,642.40
102,316,152.99
84,928,260.60
179,046,651.58
176,417,810.88
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
137,250,047.70
1 186,522,064.60

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

a

I

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W

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00
CO

to

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

CO

o

RECAPITULATION O F R E C E I P T S BY FISCAL YEARS-Continued.
Ordiaary receipts.
Year.

Customs.

Internal
revenue.

Miscellaneous.
Sales of public
lands.
$2,201,863.
. 4,753,140,
7,955,864.
9,810,705.
6,705,986,
5,630,999.
9,254,286.
11,202,017.
8,038,651,
6,358,272.
4,029,535.
3,261,875.
3,182,089.
1,673,637.
1,103,347.
1,005,523.
864,581.
1,243,129,
1,678,246,
2,836,882.
2,965,119,
4,144,122.
8,926,311.
7,453,479.
4,859,249,
4,879,833.
7,878,811,
9,731,560.
7,700,567.
6,355,797.
5,731,636.
5,392,796,
2,910,204.
2,571,774.
2,167,136.
1,887,661.
1,892,893. 23

Direct tax.

Other miscellaneous items.
$25,154,850.98
31,703,642.52
30,796,695.02
21,984,881.89
24,014,055.06
20,989,527.86
26,005,814.84
24,674,446.10
24,297,151.44
24,447,419.74
23,374,457.23
20,251,871.94
18,254,898.34
17,118,618.52
16,706,438.48
19,186,060.54
23,614,422.81
83,602,501.94
34,716,730.11
35,911,170.99
38,954,098.12
32,009,280.14
36,180,657.20
38,084,749.88
43,852,911.06
40,436,017.99
53,346,713.24
53,504,906.05
48,964,344.52
45,538,953.05.
58,614,.466.08
53,451,796.74
57,892,663.64
59,740,370.13
70,287,372.90
51,889,016.28
80,952,632.09

Total ordinary
receipts.

Postal
revenue.

Surplus ( + ) or
Total ordinary deficit ( - ) on
receipts and ordinary receipts,
postal revenue. including postal
deficiencies.

$360,782,292.57 $36,785,397.97 $397,567,690.54 +$101,130,653.76
145,543,810.71
403,525,250.28 41,876,410.15 445,401,660.43
132,879,444:41
398,287,581.95 45,508,692.61 443,796,274.56
104,393,625.59
348,519,869.92 43,325,958.81 391,845,828.73
63,463,771.27
323,690,706.38 42,560,843.83 366,251,550.21
93,956,588.66
336,439,727.06 43,948,422.95 380,388,150.01
108,239.94
103,471,097.69
371,,403,277.66 48,837,609.39 420,240,887.05
32,892.05
119,612,116.09
379,266,074.76 62,695,176.79 431,961,251.56
1,565.82
387,050,058.84 56,175,611.18 443,225,670.02 + 105,053,443.24
403,080,982.63 60,882,097.92 463,963,080.56 + 105,344,496.03
392,612,447.31 65,931,785.72 458,544,233.03 + 37,239,762.57
914,453.66
354,937,784.24 70,930,475.98 425,868,260.22
'
385,819,628.78 75,896,993.16 461,716,621.94 + ? 341,674.29
803,260.58
297,722,019.25 75,080,479.04 372,802,498.29 + 2,
313,390,075.11 76,983,128.19 390,373,203.30 - 69,805,223.18
326,976,200.38 82,499,208.40 409,475,408.78 - 42,203,245.70
347,721,705.16 82,665,462.73 430,387,167.89 - 25,052,454.41
405,321,335.20 89,012,618.55 .494,333,953.75 - 18,047,247.60
615,960,620.18 95,021,384.17 610,982,004.35 - 38,111,559.67
567,240,851.89 102,354,579.29 669,595,431:18 - 89,527,060.18
.587,685,337.53 111,631,193.39 699,316,530.92 + 79,717,984.38
562,478,233.21 ,121,848,047.26 684,326; 280.47 + 77,287,375.67
560,396,674.40 134,224,443.24 694,621,117.64 + 91,307,652.36
539,716,913.86 143,682,624.34 683,299,638.20 + 64,479,092.65
544,606,758.62 152,826,685.10 697,433,343.72 + 7,753,335.00
594,717,942.32 167,932,782.95 762,650,725.27 - 18,312,516.97
663,126,659.92 183,586,005.57 846,710,665.49 + 45,420,530.88
601,060,723.27 191,478,663.41 792,539,386.68 + 111,041,667.37
603,589,489.84 203,662,383.07 807,151,872.91 - 20,734,954.93
675,511,715.02 224,128,657.62 899,640,372.64 - 68,806,323.94
701,372,374.99 237,879,823.60 939,252,198.59 + 15,234,377.10
691,778,465,37 246,744,015.88 938,522,481.25 + 47,224.501.90
724,111,229.84 266,619,526.65 990,730,755.49 + 37,340,624.33
734,673,166.71 287,934,565.67 1,022,607,732.38 + 41,418,677.00
697,910,827.58 287,248,165.27 .985,158,992.85 + 34,488,931.53
779,664,552.49 312,057,688.83 1,091,722,241.32 - 33, 171,553.59
724,864.73
1,118,174.126. 43 329,726,116.36 1,447,900,242.79 + 55
- 29;
1 Includes $20,951,780.97 corporation tax.
«Includes $33,516,976.59 corporation tax.
a includes $28,583,303.73 corporation tax.
< Includes $35,006,299.84 corporation tax.
6 Includes $10,671,077.22 corporation excise tax; $32,456,662.67 corporation income tax; and $28,253,534.85 individual iacome.tax.
6 Includes $52,069,126.29 emergency revenue; $39,155,596.77 corporation incoihe tax; and'$41,046,162.09 individual income tak.
7 Includes $84,278,302,13 emergency revenue; $56,993,657.98 corporation income tax; and $67,943,594.63 individual income tax.
8 Includes $95,297,553.88 emergency revenue; $179,572,887.86 corporation income tax; and $180,108,340.10 individual income tax.

1881.
1882.
1883.
1884.
1885.
1886.
1887.
18887
1889.
1890.
1891.
1892.
1893.
1894.
1895.
1896.
1897.,
1898.
1899.,
1900.,
1901.
1902.,
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.,
1911..
1912..
1913.,
1914.
1915..
1916..
1917.




$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
318,891,395.86
292,320,014.51
209,786,672.21
213,185,845.63
225,962,393.38

$135,264,385.51
146,497,595.45
144,720,368.98
121,586,072.51
112,498,725.64
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
146,762,864.74
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
251,711,126.70
246,212,643.59
1289,933,519.45
2322,529,200.79
3321,612,199.66
*344,416,965.65
5380,041,007.30
415,669,646.00
7512,702,028.78
8 809,366>207.73

$1,516.89
160,141.69
108,156.60
70,720.75

O
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Public debt receipts.
receipts—proProceeds of
Premium
ceeds of bonds bonds and other
Total public
and premium.
received.
debt.
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
1831
1832

.
.

.

.

.

..

$361,391.34
6,102,498.45
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
6,102,498.45
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

...

:

.
•

2,750,000.00

2,750,000.00

12,837,900.00
26,184,135.00
23,377,826.00
35,220,671.40
9,425,084.91
466,723.45
8,353.00
2,291.00
3,000,824.13
5,000,324.00

. . . . . . .
:

12,837,900.00
26,184,135.00
23,377,826.00
35,252,779.04
9,425,771.00
466,723.45
8,353.00
2,291.00
3,.040,824.13
5,000,324.00

5,000,000.00
5,000,000.00
'.

1833.O.OO

$32,107.64
686.09
40,000.00

5,666,666.00
5,000,000.00

Excess of deposits to retire
national-bank
notes over
redemptlons.i

Total of all
recelpts.2

$4,842,638.46
8,865,447.16
6,554,078.34
9,569,041.52
9,679,553.13
8,935,373.09
8,972,773.73
8,412,315.53
12,811,663.70
12,694,784.40
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
12,685,969.25
15,009,900.82
23,288,183.98
41,228,065.68
35,290,490.08
52,004,259.34
58,133,139.86
34,836,565.59
22,724,139.65
25,810,402.76
21,993,254.40
20,632,005.82
21,349,983.30
21,670,880.61
25,578,511.72
28,147,111.61
26,708,094.25
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

1 Only the aimual excess of deposits over redemptions included in this column.
2 National-bank redemption fund herein includes only the.annual excess of deposits on account of national-bank redemption fund since 1890.



Surplus ( + ) or
deficit ( - ) on
all receipts.
+ $978,088.02
174,059.44
—
60.66
+
432,050.82
— 596,725.64
+
430,957.17
+
190,308.33
356,610.89
+ 1,624,430.85
+
535,114.32
+
744,381.90
+ 1,776,281.60
— 151,246.00
733,072.08
-^
1,602.72
+
571,440.70
+ 5,170,944.69
+
311,762.86
— 6,092,235.17
- 1,175,016.46
+
899,375.23
+
456.590.30
+ 1,402,133.60
- 3,464,115.10
+11,678,010.38
+ 9,080,769.20.
- 6,958,209.31
-13,412,534.93
+
692.170.44
932,961.78
+
363,906.85
+ 2,506,031.71
+ 5,197,932.12
- 7,510,505.04
+ 3,322,394.60
+ 1,208,897.01
+
352,582.03
714,890.28
310.963 86
+
228,032.48
- 1,412,646.16
- 2,496,848.89
+ 9,377,724.77

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

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RECAPITULATION OF RECEIPTS BY FISCAL YEARS—Continued.
Public debt receipts.
receipts—proProceeds of
Total public
Premium
ceeds of bonds bonds and other
received.
and premium.
debt.
securities.

Year.

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

Total of all
receipts.

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

$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
i; 816,335,674.63
1,184,504,884.32
978,955,827.43
959,030,658.12
489,357,328.99
462,597,614.28
494,964,202.78
569,740,043.93
395,416,396.24
514,685,69.3.88

- 82,896,938.63
+ 18,093,152.12
+ 20,525,189.27
- 7,660,545.78
627,984.50
- 2,426,789.94
- 3,331,584.69
- 1,369,853.72
+
720,154.21
+ 8,585,777.02
- 2,502,679.99
— 551,193.10
+ 1,478,847.28
- 5,251,916.09
- 3,434,303.15
+ 3,636,597.39
+ 3,331,702.05
+ 4,418,802.59
+ 1,256,583.57
+ 7,026,342.44
- 1,670,827.68
813,401.28
+ 1,330,557.67
- 2,305,374.80
- 11,689,520.78
- 1,904,677.28
213,717.82
- 2,015,672.95
+ 16,012,557.85
- 10,436.258.73
+ 97,919,902.71
-100,493,985.44
+120,757,95L16
+ 29,995,626.29
- 38.051,314.22
+ 9,436,292.16
- 7,638,809.25
- 24,927,570.64
- 15,571,348.65
- 14,479,076.24
+ 9,157,257.53

6

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
1869...
I860
1861
1862
1863
1864
1865
1866
1867..
1868
1869
1870
1871
1872
1873
1874

$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

;.

/••'

.1




:

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
100,069,07L06
31,569,916.00
91,603,212.47
173,717,750.00
38,681,450.00
183,235,866.00

$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
1,379,201.74
1,506.39

$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
2,001.67
800.00
200.00
3,900.00
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
644,368,616.96
101,448,272.80
31,571,422.39
91,603,212.47
173,717,750.00
38,681,450.00
183,235,866.00

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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 1913.,
1914.,
1915.
1916.
1917..

$31,210,817.95
25,367,768.67
30,731,008.21
118,102,170.04
33,189,104.15

133,118,500.
132,928,950.
141,134,650.
198,850,250.
617,578,010.
73,065,540.
678,200.
225,300.
304,372,850.
1,404,650.
58,150.
39,850.
40,900.
48,650.
24,350.
21,650.
13,750.
15,250.
22,900.
50,014,250.
81,165,050.
131,168,800.
3,250.
5,950.
199,201,210.
117,770.
3,700.
2,370.
2,050.
2,600.
2,750.
2,050.
5,100.
15,436,600.

459,280.
1,929,840.
3.118,940.
933,540.
2 2,869,995.28
1,803,500.
2 6,150,668.59 12,390,724,754.

133,118,500.00
133,234,684.78
141,290,845.80
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
39,850.00
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
3,250.00
4,356,614.50
5,950.00
6,034,510.00
5,324,234.50
199,201,210.00
117,770.00
3,700.00
12,650,160.00
2,370.00
1,486,098.00
1,484,048.00
455,336.00
457,936.00
2,750.00
532,374. 00 10,408,537.00
. 530,324.00
1,514,334. 00
5,023,165.50
1,509,234.00
24,797,980.00
15,436,500.00
305,734.78
156,195.80

5,255,715.00
459,280.00
1,929,840.00
3,118,940.00
933,540.00
1,803,500.00
2,390,724,754.61

4,347,457.00
32,015,892.00

447,909, 911.69 I - 4,655,478.22
4,204,784.11
455,669,012.78 450;072,653.84 + 29,967,068.67
'485,891,645.65 + 75,651,808.00
921,447,177.32 +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 + 49,412,595.20
420,281,787.05 - 24,447,370.46
432,009,901.55 + 36,527,710.68
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 6,703,914.32
482,877,597.92 + 46,192,425.01
551,810,455.19 +104,580,230.86
434,747,032.39 - 25,071,091.91
500,374, 413.75 - 61,948,849.60
815,507,448.85 ,+100,791,521.35
669,713,201.18 + 23,038,214.12
699,320, 230.92 + 21,215,743.65
696,978,810.47. + 33,672,696.43
696,107,215.64 + 26,266,651.54
683,757,474. 20
697,436,093. 72 - 66,634,546.21
773,591 636.27 - 26,574,076.13
884,458',982. 94 + 35,211,862.93
858,141 635. 35 + 91,372,090.65
837,882,881.12 - 26,890,097. .74
899,640, 372.64. -118,795,919.63
962,610,083.63 , - 19,480,752.43
972,170,865.40 + 33,501,368.58
992,660,595. 49 + 26,975,552.86
1,025,726,672.38 + 3,319,156.71
28,093.79
990,439,989.85 1+
1,128,411 638.60 - 57,442,509.75
3,844,775;665.99 ,+ 80,150,545.87
+798,591,919.80

1 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.
2 Receipts from tolls, etc. (included in miscellaneous receipts in 1915).
NOTE..—The disbursements are stated by warrants paid to June 30,1866, and by warrants issued since t h a t date.
The disbursements for postal deficincies are grants by law from the Treasury, and differ from the fiscal year expenditures thereof shown by reports of the Auditor for the Post
OflQce 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.




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TABLE I.—Receipts and disbursements of the United States—Continued.

to

RECAPITULATION OF DISBURSEMENTS BY FISCAL YEARS.

CO

Ordinary 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




Civil and miscellaneous, exclusive
of postal deficiencies.

War Department.

$1,083, 971.61
4,672, 664.38
511, 451.01
750, 350.74
1,378, 920.66
801, 847.58
1,259, 422.62
1,139, 524.94
1,039, 391.68
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, 291.40
1,683, 088.21
1,729, 435.61
2,208, 029. 70
2,898, 870. 47
2,989, 741.17
3,518, 936. 76
3,835, 839.51
3,067, 211. 41
2,592, 021.94
2,223, 121.54
1,967, 996. 24
2,022, 093.99
7,155, 308.81
2,748, 544.89
2,600, 177. 79
2,713, 476.58
3,676, 052. 64
3,082, 234.65
3,237, 416.04

$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
4,461,291.78
3,111,981.48
3,096,924.43
3,340,939.85
3,659,91418
3,943,194 37
3,948,977.88
4,145,544.56
4,724,291.07
4,767,128.88

Navy 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
4,263,877.45
3,918,786.44
3,308,745.47
3,239,428.63

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
750,624.88
705,084.24
576,344.74
622,262.47

Pensions.
$175,813.88
109,243.15
80,087.81
81,399.24
68,673.22
100,843.71
92,256.97
104,845.33
95,444.03
64,130.73
73,533.37
85,440.39
62,902.10
80,092.80
81,854.59
81,875.53
70,500.00
82,576.04
87,833.54
83,744.16
75,043.88
91,402.10
86,989.91
• 90,164.36
69,656.06
188,804.15
297,374.43
890,719.90
2,415,939.85
3,208,376.31
242,817.25
1,948,199.40
1,780,588.52
1,499,326.59
1,308,810.57
1,556,693.83
976,138.86
850,573.57
949,594. 47
1,363,297.31

Interest on the
pubhc debt.
$1,177,863.03
2-, 373,611.28
2,097,859.17
2,752,523.04
2,947,059.06
3,239,347.^68
3,172,516.73
2,955,875.90
2,815,651.41
3,402,601.04
4,411,830.06
4,239,172.16
3,949,462.36
4,185,048.74
2,657,114.22
3,368,968.26
3,369,578.48
2,557,074.23
2,866,074.90
3,163,671.09
2,585,435.57
2,451,272.57
3,599,455.22
4,593,239.04
5,990,090.24
7,822,923.34
4,536,282.55
6,209,954 03
5,211,730.56
5,151,004.32
5,126,073.79
5,172,788.79
4,922,475.40
4,943,557.93
4,366,757.40
3,975,542.95
3,486,071.61
3,098,800.60
2,542,843.23
1,912,574.93

Total ordinary
disbursements,
exclusive of
postal deficiencies.
$3,097,452.56
8,269,869.75
3,846,929.90
6,297,822.04
7,309,600.78
5,790,650.83
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
8,637,907.66
9,014,348.84
9,449,177.62
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
32,943,66L24
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
16,139,167.16
16,394,842.05
15,184,053.63
15,142,108.26

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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.
1879.
1880.
1881.
1882.




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
6,725, 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
47,59a, 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
548.90
80,427, 056,88
63,859, 120.68
68,507, 193.69
62,756, 309.65
47,424, 03L00
60,968,
61,642, 529.76
60,520, 686.05
67,219, 750.98

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
40,425,660.73
38,116,916.22
40,466,460.55
43,570,494.19

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
17,366,301.37
15,125,126.84
13,536,984.74
15,686,671.66
15,032,046.26

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
6,504,191.34
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
6,966,558.17
6,277,007.22
4,629,280.28
6,206,109.08
6,945,457.09
6,514,161.09
9,736,747.40

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
35,121,482.39
56,777,174.44
50,059,279.62
61,345,193.95

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
143,781,591.91
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
103,093,644.67
100,243,27L23
97,124,6n. 58
102,500,874.65
105,327,949.00
95,757,575.11
82,508,741.18
71,077,206.79

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
64,017,525.93
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
343,212,659.11;
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
260,008,644.23
235,164,135.92
231,210,932.78
262,174,359.04
261,776,637.36255,756,000.15
257,981,439.57

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

1883.
1884.
1885.
1886.
1887.
1890.
1891.
1892.
1893.
1894.
1895.
1896.
1897.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912..
1913..
1914..
1915.,
1916..
1917.,

Civil and miscellaneous, exclusive
of postal deficiencies.
$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
77,916,234.62
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
169,802,304.63
170,530,235.45
200,533,231.45
198,538,737.91
« 1,153,529,563.82

War Department.

$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
48,720,065.01
46,89.5,456.30
49,641,773.47
54,567,929.85
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
160,387,452.85
173,522,804.20
172,973,091.73
164,635,576.67
440,276,880.37

Navy Department.
$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
133,262,861.97
139,682,186.28
141,835,653.98
155,029,425.78
257,166,437.44

Indians.

$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
20,306, 158.90
20,215, 075.96
22,130, 350.70
17,570, 283.81
30,598, 093. 55

Pensions.

$66,012,573.64
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
153,892,467.01
161,710,367.25
160,696,415.88
157,980,575.01
153,590,456.26
175,085,450.29
173,440,231.12
164,387,941.61
159,302,351.20
160,318,405.66

Interest on the
public debt.

Total ordinary
disbursements,
exclusive of
postal deficiencies.

$265,333,634.36
$59,160, 131.25
244, 126,244.33
54,578, 378.48
255, 685,324.53
51,386, 256.47
234, 289,486.48
50,580, 145.97
261, 430,932.92
47,741, 577.25
256, 597,921.54
44,715, 007.47
278, 127,695.87
41,001, 484.29
290, 861,449.69
36,099, 284.05
350, 630,912.66
37,547, 135.37
340, 971,840.87
* 23,378,116.23
377, 531,159.30
27,264, 392.18
359,275,279.83
27,841, 405.64
345, 178,756.57
30,978, 030.21
342,879,446.08
35,385, 028.93
354, 624,953.44
37,791, 110.48
432, 864,542.38
37,585, 056.23
596,860,609.77
39,896, 925.02
480, 483,012.92
40,160, 333.27
505,012,590.94
32,342, 979.04
468, 788,705.12
29,108, 044.82
503,320,102.84
28,556, 348.82
525,735,290.45
24,646, 489.81
548, 294,836.62
24,590, 944.10
536,732,130.96
24,308, 576.27
544,075,746.23
24,481, 158.34
608,214,349.70
21,426, 138.21
642,823,382.40
21,803, 836.46
651, 209,778.71
21,342, 978.83
654, 137,997.89
21,311, 334.12
652, 985,768.59
22,616, 300.48
681,743,336.72
22,899, 108.08
700, 254,489.71
22,863, 956.70
724, 763,166.51
22,902, 897.04
22,900, 313.03
1718, 992,998.90
24,742, 129. 42 8 2,066,779,306.16

1 Includes $1,016,310.50 increase arising in adjustment of miscellaneous accounts.
8 Includes special disbursements, as follows: Purchase of obligations of foreign Governments, $885,000,000; purchase of Danish West Indies, $25,000,000; and subscriptions to stock
Federal land banks, $8,880,315.
8 Includes $147,795.90 increase arising in adjustment of miscellaneous accounts, and $918,880,315 special disbursements.




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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

From postal
revenue.

\..

$67,113.66
76,586.60
74,161.03
95,397.53
125,038.62
136,639.08
156,588.03
185,308.01
184,835.88
207,135.96
248,141.92
275,856.69
316,312.37
333,977.23
386,115.52
413,814.45
418,916.03
446,914.80
505,115.94
550,991.22
517,920.73
552,472.53
635,411.72
726,374.86
743,755.61
807,875.15
917,128.86
1,031,799.18
1,114,032.59
1,163,191.33
1,177,526.28
1,167,358.96
1,158,777.49
1,190,478.29
1,238,912.29
1,395,798.78
1,481,619.68
•1,679,316.45
1,872,704.67
1,950,116.18
2,006,742.80
2,266,171.66




Total ordiaary
dlsbursemeuts
and postal
Panama Canal
From Treasury Total postal service. Includ- disbursements.
ing grants for.
grants for
disbursements.
deficiencies
deficiencies.
therein.

-.

$67,113.66
76,586.60
74,161.03
95,397.53
125,038.62
136,639.08
156,588.03
185,308.01
184,835.88
207,135.96
248,141.92
275,856.69
316,312.37
333,977.23
386.115.52
413,814.45
418,916.03
446,914.80
505,115.94
550,991.22
517,920.73
552.472.53
635,411.72
726,374.86
743,755.61
807,875.15
917,128.86
1,031,799.18
1,114,032.59
l,163il91.33
1,177,526.28
1,167,358.96
1,158,777.49
1,190,478.29
1,238,912.29
1,395,798.78
1,481,619.68
1,679,316.45
1,872,704.67
1,950,116.18
2,006,742.80
2,266,171.66

$3,164,566.21
«, 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
33,687,416.85
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 bonds
and other
securities.
$699,984.23
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
3,241,019.83
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
9,860,304.77
9,443,173.29
14,800,629.48
17,067,747.79

Premium paid.

Total public
debt.
$699,984.23
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
3,241,019.83
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
9,860,304.77
9,443,173.29
14,800,629.48
17,067,747.79

Excess of
national-bank
notes retired
over deposits
for retirement.

•

Total of all
disbursements.

$3,864,550.44
9,039,506.60
6,554,139.00
9,136,990.70
10,276,278.77
8,504,415.92
8,782,465.40
8,768,926.42
11,187,232.85
12,159,670.08
12,521,518.86
13,546,344.00
11,575,296.04
12,949,090.95
13,984,424.99
15,435,010.71
11,711,209.02
17,209,616.84
14,372,342.24
13,860,985.71
14,110,525.59
22,831,593.68
39,825,932.08
38,754,605.18
40,326,248.96
49,052,370.66
41,794,774.90
36,136,674.68
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
26,535,397.73
32,045,188.92
36,622,859.72

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RECAPITULATION OF DISBURSEMENTS BY FISCAL YEARS—Continued.

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Postal disbursements
Year. •

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

From postal
revenue.

$2j930,414.87
2,910,605.08
2,757,350.08
2,841,766.36
3,288,319.03
4,430,662.21
4,636,636.31
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
14,558,158.70
14,436,986.21
15,297,026.87
16,292,600.80
18,344,610.72




Total ordinary
disbursements
and postal
Panama Canal
service. Includ- disbursements.
From Treasury Total postal
ing grants for
grants for
deficiencies. disbursements. deficiencies
therein.

$407,657.00
53,697.00
21,303.00
810,231.62
636,298.99
22,221.96
1,041,444.44
2,153,750.00
3,207,345.63
3,078,814.00
3,199, n a 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
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
4,907,184.61
5,728,448.80
4,396,056.71
4,296,512.70
4,320,731.99
4,886,268.53
4,515,841.09
4,349,072.23
4,479,049.13
5,212,953.43
6,278,401.68
8,149,894.48
7,394,474.70
9,462,931.85
9,720,950.13
10,119,939.66
10,970,834.76
12,235,715.86
12,777,042.48
18,407,613.12
13,520,191.43
11,861,549.45
11,913,103.57
13,438,233.78
14,806,158.70
14,436,986.21
18,813,693.54
20,346,792.46
23,740,021.00

$25,947,966.85
21,538,175.31
20,330,163.44
33,709,930.40
40,531,533.27
38,295,376.77
31,533,318.93
29,032,753.83
'30,981,345.45
30,809,638.24
16,154,846.22
26,780,072.84
. 27,256,559.78
31,337,219.77
58,900,326.19
51,945,070.92
47,978,127.52
46,161,336.55
54,029,880.09
51,498,702.40
52,984,713.79
61,294,041.33
65,272,798.84
75,647,171.67
74,988,360.69
81,469,285.70
76,962,083.84
71,718,943.05
74,999,509.45
477,870,062.55
729,898,065.77
877,407,354.61
1,309,655,448.28
533,459,342.55
362,026,352.65
'386,631,734.62
339,535,108.47

Public debt disbursements.
Redemption
of bonds
Premium paid. Total public
debt.
and other
securities. •
$1,239,746.51
5,974,412.21
328.20

$1,239,740.51
5,974,412.21
328.20

21,822.91
21,822.91
5,590,723.79
5,590,723.79
10,718,153.53
10,718,153.53
3,912,015.62
3,912,015.62'
5,315,712.19
5,315,712.19
7,801,990.09
7,801,990.09
338,012.64
338,012.64
11,158,450.71
11,158,450.71
7,554,580.92
7,536,349.49
$18,231.43
371,100.04
371,100.04
5,600,067.65
5,600,067.65
13,036,922.54
13,036,922.54
12,804,478.54
82,865.81 12,887,344.35
3,656,335.14
3,656,335.14
724,625.90
654,912.71
69,713.19
2,322,356.47
2,152,293.05
170,063.42
6,833,072.65
6,412,574.01
420,498.64
2,877,818.69 20,434,715.64
17,556,896.95
872,047.39
7,534,113.25
6,662,065.86
385,372.90
3,999,991.56
3,614,618.66
363,572.39
3,640,178.44
3,276,606.05
574,443.08
8,079,693.90
7,505,250.82
14,685,043.15
14,685,043.15
13,854,250.00
13,854,250.00
18,737,100.00
. 18,737,100.00
96,097,322.09
96,097,322.09
178,982,635.07
178,982,635.07
388,010,965.49
388,010,965.49
605,456,311.68
1,717,900.11 607,174.211.79
530,229,114.10
58,476.51 630,287,590.61
576,120,500.11 10,813,349.38 586,933,849.49
603,449,086.68
7,001,151.04 610,450,237.72
138,711,248.31
1,674,680.05 140,385,928.36

Excess of
national-bank
notes retired
over deposits
for retirement. 1

Total of aU
disbursements.*

$27,187,713.36
27,512,587.52
20,330,491.64
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
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

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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.
1913.
1914.
1915.
1916.
1917.

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
60,882,097.92
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
183,685,005.57
191,478,663.41
203,562,383.07
224,128,657.62
237,660,705.48
246,744,016.88
262,108,874.74
283,558,102.62
287,248,165.27
306,228,452.76
319,889,904.46

4,844,579,21
5,131,250.00
6,175,000.00
5,490,475.00
4,714,044.71
7,211,646.10
5,092,540.36
6,170,338.94
5,753,394.02
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
6,602,530.86
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
1,027,368.79
6,636,592.60
5,500,000.00

24,616,799.86
26,168,295.42
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
62,142,074.97
55,338,856.44
65,751,213.92
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
136,993,362.4i
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
263,136,243.53
283,558,102.62
293,884,757.87
311,728,452.70
319,889,904.46

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
944,879,580.25
983,812,592.33
1,018,647,924.38
1,030,721,451.66
2,386,669,210.62

$9,985.00
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
41,741,258 03
34,826,94L76
29,187,042.22
17,503,728.07
19,262,798.32

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
246,49a 35
120,616.03
102 575.00
109,127,00
47,533.00
85,903.00
636,980,666.75

15,996,555.60
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

156,807,197.73
470,236,423.68
216,694,334.39
619,891,773.32
292,836,270.30
585,311,392.58
101,659,405.67
409,895,472.48
177,818,564.32
605,528-, 436.35
452,565,389.91
151,150,636.48
459,873,796.89
166,128,514.80
420,105,585.17
151,239,525.05
410,239,837.65
143,997,993.90
776,872,092.^55
479,882,226.16
681,393,374.63
283,230,257.83
383,608,866.61
87,171,829.83
466,363,105.27
166,505,255.55
749,347,587.11
438,430,756.96
388,718,537.64
101,266,334.-50
348,830,414.37
46,042,635.43
331,015,404.81
44,583,843.36
444,729,157.51
127,959,368.15
395,482,190.97
83,133,055; 51
476,753,377.78
138,581,151.00
483,586,608.08
124,968,023.56
532,708,747.44
111,404,276.98
24,348,086.98 $13,254,883.00 453,556,776.54
709,903.00
6,100,071.50 466,184,922.15
442,862,206.07
256,447.20
2,494,549.93
1,012,196.50 436,685,172.91
7,294,103.35
5,257,466.60 447,230,224.33
459,818,124.30
11,378,502. uO
562,323,263.35
29,942,062.00
714,715,927.50
14,622,363.48
, 646,674,987.06
55,937,113.06
669,503.00
50,762,371.73
5,743,569.00 678,104,487.27
663,306,214.04
70,267,309.14
27,515,952.82
2,001,161.00 669,840,564.10
750,392,020.41
19,880,308.76
4,526,766.00
605,230.80
3,299,440.50 724,010,169.85
738,379,773.34
1,662,191.33
793,086,892.29
30,598,138.97
885,031,733.09
34,356,750.00
15,434,687.00 43,937,843.50 956,678,800.75
919,121,125.07
760,925.00
614,478.00 929,108,715.05
246,49a 35
945,195,312.54
120,616.03
8,449,346.50
102,575.00
2,618,026.60 989,341,438.78
109,127.00
6,949,917.60 1,025,698,578.59
1,047,882,499.60
47,533.00
1,048,261,082.73
35,903.00
3,046,183,746.19
636,980,666.75
3,271,070.50

1 Only the annual excess of redemptions over deposits Included in this column.
«National-bank redemption fund herein includes only the annual excess of redemptions on account of national-bank redemption fund since 1890.




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300

REPORT ON THE FINANCES.

TABLE J.—Internal and customs receipts and expenses of collecting, from 1858 to. 1917.
Customs receipts.

Internal revenue.
Year ended
June s o -

Receipts.

Expenses of collecting, i»
Dollars.

1858.
1859.
1860.
1861.
1862.
1863.
1864.
1866.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1876.
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.
1913.

37,640,787.96
109,741,134.10
209,461,216.25
309,226,813.42
266,027,537.43
191,087,589.41
168,356,460.86
184,899,766.49
143,098,153.63
130,642,177.72
113,729,314.14
102,409,784.90
110,007,493.68
116,700,732.03
118,630,407.83
110,581,624.74
113,561,610.58
124,009,373.92
135,264,385.51
146,497,696.45
144,720,368.98
121,686,072.51
112,498,726.54
116,805,936.48
118,823,391.22
124,296,871.98
130,881,613.92
142,606,705.81
145,686,249.44
163,971,072.57
161,027,623.93
147,111,232.81
143,421,672.02
146,762,864.74
146,688,674.29
170,900,641.49
273,437,161.51
295,327,926.76
307,180,663. 77
271,880,122.10
230,810,124.17
232,904.119.46
234,095,740.85
249,150,212.91
269,666,772.85
251,711,126.70
246,212,643.59
'289,933,519.45
1 322,529,200.79
6
7 321,112,199.66
'8344,466,965.65

Per cent.

.29
.23
.18
1.87
2.77
4.55
4.59
3.92
5.30
4.36
4.69
4.40
3.89
3.38
2.99
2.96
3.10
2.95
8.20
2.80
3.06
3.47
8.42
3.06
3.22
2.92
2.88
2.65
2.75
2.62
2.57
2.55
2.62
2.62
2.46
2.17
1.59
1.61
1.43
L60
1.95,
1.94
1.85
1.76
1.72
L85
1.86
1.73
1.65
1.57
1.50

Receipts.

Expenses of collecting.i"

Dollars.
Per cent.
Dollars.
2,903,336.89
6.94
41,789,620.96
3,407,931.77
6.85
49,566,824.38
3,337,188.15
6.27
53,187,511.87
2,843,455.84
7.18
89,582,125.64
3,276,560.39
6.67
49,056,397.62
3,181,026.17
4.60
69,059,642.40
4,192,582.43
4.09
102,316,152.99
6,415,449.32
6.39
84,928,260.00
5,342,469.99
2.98
179,046,66L58
5,763,979.01
3.26
176,417,810.88
7,641,116.68
4.65
164,464,699.56
2.99
180,048,426.63 . 6,388,082.31
6,233,747.68
3.20
194,538,374.44
6,668,360.61
3.18
206,270,408.05
6,950,173.88
3.21
216,370,286.77
7,077,864.70
3.76
188,089,522.70
7,321,469.94
4.49
163,103,833.69
7,028,521.80
4.47
157,167,722.35
6,704,858.09
4.58
148,071,984.61
6,501,037.57
4.96
130,956,493.07
5,826,974.32
4.47
130,170,680.20
5,477,421.52
3.96
137,250,047.70
6,023,263.53
3.23
186,522,064.60
6,383,288.10
3.22
198,159,676.02
6,506,359.26
2.96
220,410,730.25
6,593,509.43
3.07
214,706,496.93
6,709,485.76
3.44
195,067,489.76
6,494,847.29
3.58
181.471.939.34
6,427,612.67
3.33
192,905,023.44
6,855,801.74
3.16
217,286,893.13
7,156,187.77
3.27
219,091,173.63
7,030,487.00
3.14
223,832,741.69
6,859,986.09
2.98
229,668,584.57
6,964,367.09
3.17
219,522,206.23
6,646,276.05
8.74
177,452,964.15
6,756,790.98
3.32
203,355,016.73
6,791,872.86
5.15
131,818,530.62
6,736,690.92
4.43
152,158,617.45
7,237,796.40
4.62
160,021,75L67
7,075,372.05
4.01
176,564,126.65
7,152,276.58
4.78
149.675.062.35
7,361,662.83
3.57
206,128,481.75
7,467,692.48
3.20
233,164,871.16
7,713,418.82
3.23
238,585,456.99
7,967,472.89
3.13
254,444,708.19
8,468,710.19
2.98
?84,479,681.81
8,665,636.37
3.32
261,274,564.81
9,115,499.44
3.48
261,798,856. 91
8,997,669.41
3.00
300,261,877.77
9,436,752.68
2.56
332,233,362.70
9,580,626.25
3.35
286,113,130.29
3.41
300,711,933.95 10,261,073.33
3.20
333,683,446.03 10,665,770.12
3.50
314,497,07L24 11,015,254.24
3.47
311,321,672.22 10,804,979.16
3.23
318,891,395.86 10,285,613.95

1 Based on warrants issued during the year.
« The cost of collecting the internal revenue embraces the following items: Salaries and expenses of
the Internal-Revenue Service, including collectors, deputy collectors, clerks, etci, 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 the corporation and income tax.
8 The expenses of collecting the revenue from customs includes all sums drawn from the appropriation made by Congress for that purpose. (See details. Table N.) T h e m o n e y i s expended for salaries,
rents, labor in weighing, gauging, and measuring imported merchandise, revenue boatmen, repairs,
and other expenses incident to rented buildings, stationery, and the traveling expenses of special
agents, but 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 oi
which are paid for from specific appropriations made for those purposes. .
The expenses of collecting internal and customs revenue do not include disbursements for
salaries, etc., incident to auditing accounts in the office of Auditor for Treasury Department.
* No data
6 Includes $20,951,780.97 corporation tax.
6 Includes $33,616,976.69 corporation tax.
7 Includes $28,683,303.73 corporation tax.
8 Includes $36,006,299.84 corporation tax.




301

SECRETARY OF THE TREASUEY.

TABLE J.—Internal and customs receipts and expenses of collecting, from 1858 to 1917—
Continued.
Internal revenue.
Year ended
June 30—

1914
1915
1916
1917

Receipts.

Dollars.
: . . 1380,041,007.30
2 415,669,646.00
3512,702,028.78
< 809,366,207.73

Customs receipts.

Expenses of collecting.
Dollars.
5,542,353.56
6,236,046.55
6,259,047.67
6,974,140.11

Per cent.
1.46
1.50
L22
.86

Receipts.
Dollars.
292,320,014.51
209,786,672.21
213,185,845.63
225,962,393.38

Expenses of collecthig.
Dollars.
9,804,771.72
9,268,403.58
9,074,471.95
9,850,189.63

Per cent.
3.35
4.42
4.26
4.36

1 Includes $10,671,077.22 corporation excise tax, $32,456,662.67 corporation income tax, a n d .
$28,253,534.85 individual income tax.
2 Includes $52,069,126.29 emergency revenue, $39,155,596.77 corporation income tax, and $41,046,162.09
individual income tax.
8 Includes $84,278,302.13 emergency revenue, $56,993,657.98 corporation income tax, and $67,943,594.63
ndividual income tax.
< Includes $95,297,553.88 emergency revenue; $179,572,887.86 corporation income tax; and $180,108,340.10
individual income tax.
NOTE.—The Internal revenue receipts are based on covering warrants issued therefor, and differ
slightly from amounts reported to the Commissioner of Internal Revenue by collectors.




302

REPORT ON THE FINANCES.

TABLE K.—Statement of United States bonds and other obligations received and issued
by the office ofthe Secretary ofthe Treasury from July 1,1916, to June SO, 1917.
Received for] Received for]
transfer and redemption.
exchange.

Issued.

Total transactions.

$200
Consols of 1865, 6 per cent (act of Mar. 3,1865)......
$200
Funded loan of 1891, 4^ per cent (acts of July 14,
2,000
1870, and Jan. 20,1871)
2,000
Funded loan of 1907,4 per cent (acts of July 14,1870,
13,550
and Jan. 20,1871)
:
13,550
Refundiag certificates, 4 per cent (act of Feb. 26,
500
500
1879)....
$58,231,850
36,535,500 $58,231,850 152,999,200
Consols of 1930,2 per cent (act of Mar. 14,1900)
8,293,500
Loan of 1908-1918, 3 per cent (act of June 13,1898).. 8,293,500
16,587, 000
18,161,350 36,322,700
18,161,350
Loan of 1925,4 per cent (act of Jan. 14.1875)
Panama Canal loan, 2 per cent (acts of June 28,1902,
5,502,800
7,797,320
7,797,320
and Dec. 21,1905), series of 191&-1936
21,097,440
Panama Canal loan, 2 per cent (acts of June 28,1902,
and Dec. 21,1905), series of 1918-1938
3,927,600
5,025,140
5,025,140
13,977,880
Panama Canal loan, 3 per cent (acts of Aug. 5,1909,
4,906,200
Feb. 4^ 1910, and Mar. 2,1911), series of 1911-1961.. 4,906,200
9,812,400
Conversion bonds, 3 per cent (act of Dec. 23,1913),
9,860,400
series of 1916-1946
3,596,200
13,456,600
Conversion bonds, 3 per cent (act of Dec. 23,1913),
series of 1917-1947
13,133,500
175,200
13,308,700
One-year Treasury notes, 3 per cent (act of Dec. 23,
1913):
Seriesof Apr. 1,1916-17
,390,000
4,390,000
4,785,000
Series of July 1,1916-17
15,000
.4,800,000
5,064,000
Series of Oct. 1,1916-17
6,064,000
9,301,000
Series of Jan. 1,1917-18
"26 "666
9,321,000
8,212,000
Series of Apr. 1,1917-18
8,212,000
Certificates of indebtedness, 2 per cent (act of Mar. 3,
50,000,000
50,000,000 100,000,000
1917)
Certificates of indebtedness, 3 per cent (act of Apr.
24,1917), series A:
3,160,000 255,429,400 268,205,000 526,794,400
Apr. 25-June 30,1917
1,250,000 138,693,968 200,000,000 339,943,968
May 10-July 17,1917
Certificates of indebtedness, 3i per cent (act of Apr.
24,1917), series A:
425,000
84,837,900 200,000,000 285,262,900
May25-July30,1917.
6,000 103,611,000 200,000,000 303,617,000
June 8-July 30,1917
Liberty loan of 1917,3^ per cent (act of Apr. 24,1917)..
Postal Savings bonds, 2\ per cent (act of June 25,'
1910):
First series, 1911-1931
840
840
1,680
29,640
Second series, 1912-1932
29,640
59,280
Thurd series, 1912-1932
61,840
61,840
123,680
Fourth series, 1913-1933
78,440
78,440
156,880
Fifth series, 1913-1933
87,500
87,500
175,000
Sixth series, 1914-1934
95,960
95,960
191,920
Seventh series, 1914-1934
91,980
91,980
183,960
Eighth series, 1915-1935
99,400
99,400
198,800
Ninth series, 1916-1935
99,000
99,000
198,000
Tenth series, 191&-1936
105,600
105,600
211,200
Eleventh series, 1916-1936
75,360
982,060
1,067,420
Twelfth series, 1917-1937
32,700
920,660
953,360
Total




:

Ill, 921,020

682,944,418 1,073,629,180 1,868,494,618

303

SECRETARY OF THE TREASURY.

TABLE L.-—Statement ofthe coin and paper circulation of the United States from 1860 to
1917, inclusive, with amount of circulation per capita.
Coin, i n c l u d - U n i t e d S t a t e s
Year
ending ing bullion in
notes a n d
Total money.
Treasury.
J u n e 30.
b a n k notes.
1860.
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.
1913.
1914.
1915.
1916.
1917.

$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
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
62,418,734
65,837,506
102,047,907
357,268,178
494,363,884
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
2,365,512,264
2,355,807,734
2,477,837,453
2,.554,125,643
2,611,571,094
2,638,496,956
2,739,241,077
3,206,867,812
3,785,690,795

$207,102,477
202,005,767
333,452,079
649,867,283
680,588,067
745,398,620
729,430,711
703,334,669
692,336,115
691,471,653
698,940,094
719,539,283
740,960,724
761,363,213
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
632,651,791
564,837,007
621,076,937
672,684,935
706,618,677
704,460,451
702,364,843
692,989,982
675,788,473
681,560,167
732,348,460
748,206,203
733,363,107
779,594,666
808,894,111
851,813,822
915,179,376
956,457,706
1,049,996,933
1,040,816,090
1,063,783,749
1,078,121,524
1,094,746,008
1,108,498,922
1,099,791,915
1,250,215,109
1,276,024,126
1,622,299,231

$442,102,477
452,005,767
368,452,079
674,867,283
705,588,067
770,398,620
754,430,711
728,334,669
717,336,115
716,471,653
723,940,094
744,539,283
765,960,724
776,363,213
806,024,781
798,273,509
790,683,284
768,053,847
789,790,976
1,033,640,891
1,185,550,327
1,349,592,373
1,409,397,889
1,473,236,574
1,487,249,838
1,537,926,771
1,558,718,780
1,633,412,705
1,691,435,027
1,658,672,413
1,685,123,429
1,677,793,644
1,762,219,197
1,738,808,292
1,806,677,418
1,819,359,557
1,799,975,033
1,906,770,271
2,073,674,442
2,190,093,905
2,339,700,673
2,483,067,977
2,563,266,658
2,684,710,987
2,803,504,135
2,883,109,864
3,069,976,591
3,116,661,007
3,378,764,020
3,406,328,364
3,419,591,483
3,555,958,977
3,648,870,651
3,720,070,016
8,738,288,871
3,989,456,186
4,482,891,938
5,407,990,026

Coin, b u l l i o n ,
and paper
money in
Circulation.
Treasury, as
assets.
$6,695,225
3,600,000
23,754,335
79,473,246
35,946,589
65,426,760
80,839,010
66,208,641
36,449,917
60,898,289
47,655; 667
25,923,169
24,412,016
22,563,801
29,941,750
44,171,562
63,073,896
40,738,964
60,658,342
215,009,098
212,168,099
236,364,254
235,107,470
242,188,649
243,323,869
244,864,935
308,707,249
315,873,562
319,270,157
278,310,764
255,872,159
180,353,337
150,872,010
142,107,227
144,270,263
217,391,084
293,540,067
265,787,100
235,714,547
286,022,024
284,649,675
307,760,015
313,876,107
317,018,818
284,361,275
295,227,211
333,329,963
342,604,552
840,748,632
300,0.87,697
317,235,878
341,956,381
364,357,657
356,331,567
836,273,444
420,236,612
458,761,371
644,414,394

Population.

$435,407,252 31,443,321
448,405,767 32,064,000
334,697,744 32,704,000
695,394,038 33,365,000
669,641,478 34,046,000
714,971,860 34,748,000
673,691,701 35,469,000
662,126,128 36,211,000
680,886,198 86,973,000
665,573,364 37,756,000
676,284,427 38,668,371
718,616,114 39,555,000
741,548,708 40,596,000
.753,799,412 41,677,000
776,083,031 42,796,000
764,101,947 43,961,000
727,609,388 45,137,000
722,314,883 46,363,000
729,132,634 47,698,000
818,631,793 48,866,000
973,382,228 50,156,783
,114,238,119 61,316,000
,174,290,419 62,495,000
,231,047,925 63,693,000
,243,925,969 54,911,000
,293,061,836 56,148,000
,250,011,531 67,404,000
,317,539,143 58,680,000
,372,164,870 69,974,000
,380,361,649 61,289,000
,429,251,270 62,622,260
,497,440,307 63,844,000
., 601,347,187 65,086,000
,596,701,065 66,349,000
,661,307,166 67,632,000
,601,968,473 68,934,000
,506,434,966 70,254,000
,640,983,171 71,592,000
,837,859,895 72,947,000
,904,071,881 74,318,000
:, 055,150,998 76,303,387
,175,307,962 77,754,000
;, 249,390,561 79,117,000
1,367,692,169 80,487,000
1,519,142,860 81,867,000
:, 587,882,653 83,260,000
;, 736,646,628 84,662,000
,772,956,465 86,074,000
1,088,016,488 87,496,000
,106,240,667 88,926,000
1,102,355,605 90,363,000
,214,002,596 93,983,000
,284,613,094 95,656,000
(,363,738,449 97,337,000
1,402,015,427 99,027,000
1,569,219,574 100,725,000
:, 024,130,567 102,431,000
,763,575,632 104,145,000

Circulation
per
capita.
$13.85
13.98
10.23
17.84
19.67
20.58 '
18.99
18.29
18.42
17.63
17.51
18.17
18.27
18.09
18.13
17.16
16.12
15.58
15.32
16,75
19.41
21.71
22.37
22.93
22.65
23.03
21.78
22.45
22.88
22.52
22.82
23.45
24.60
24.07
24.66
23.24
21.44
22.92
26.19
25.62
26.93
•27.98
28.43
29.42
30.77
81.08
32.32
32.22
84.72
84.93
84.33
34.20
34.34
34.56
34.36
36.44
39.29
45:74

N O T E 1.—Revised figures for J u n e 30 of e a c h y e a r Used i n a b o v e t a b l e .
N O T E 2.—Specie p a y m e n t s w e r e s u s p e n d e d f r o m J a n u a r y 1, 1862, t o J a n u a r y 1,1879, d u r i n g t h e
g r e a t e r p a r t of w h i c h p e r i o d g o l d a n d s i l v e r c o i n s w e r e n o t i n c i r c u l a t i o n e x c e p t o n t h e Pacific c o a s t ,
w h e r e , i t is e s t i m a t e d , t h e s p e c i e c i r c u l a t i o n w a s g e n e r a l l y a b o u t $25,000,000. I n 1876 s u b s i d i a r y s i l v e r
a g a i n c a m e i n t o u s e . T h e c o i n a g e of s t a n d a r d s i l v e r d o l l a r s w a s r e s u m e d i n 1878 a n d a g a i n d i s c o n t i n u e d d u r i n g t h e fiscal y e a r 1905. F i r s t i s s u e of F e d e r a l r e s e r v e n o t e s i n fiscal y e a r 1915.
N O T E 3.—For r e d e m p t i o n of o u t s t a n d i n g c e r t i f i c a t e s a n e x a c t e q u i v a l e n t i n g o l d c o i n o r b u l l i o n o r
s t a n d a r d s D v e r d o l l a r s is h e l d i n t h e T r e a s u r y , a n d is n o t i n c l u d e d i n t h e a c c o u n t of m o n e y h e l d a s
a s s e t s of t h e T i ' e a s u r y . D u r i n g t h e fiscal y e a r 1915 t h e r e is i n c l u d e d w i t h t h e T r e a s u r y a s s e t s t h e
a m o u n t of m o n e y h e l d b y F e d e r a l r e s e r v e b a n k s a n d F e d e r a l r e s e r v e a g e n t s a g a i n s t issues of F e d e r a l
reserve notes.
N O T E 4.—In 1907 t h e D i r e c t o r o f t h e M i n t r e d u c e d h i s e s t i m a t e of t h e s t o c k of g o l d c o i n i n t h e
U n i t e d S t a t e s b y $135,000,000, a n d i n 1910 r e d u c e d h i s e s t i m a t e of t h e s t o c k of s u b s i d i a r y s i l v e r c o i n i n
t h e U n i t e d S t a t e s b y $9,700,000.




304

REPORT ON T H E FINANCES.

TABLE M . -Statement showing the aggregate receipts, expenses, average number of persons

employed, and cost to collect internal revenue, fiscal year 1917.

Collection districts.

Alabama
Arkansas
First Cahfornia
:.
Sixth California
Colorado
Coimecticut
Florida
G eorgia
Hawaii
First Illinois
Fifth Illinois
Eighth Illinois
Thirteenth Illinois
:
Sixth Indiana
Seventh Indiana
\
Third Iowa
Kansas.
Second Kentucky
Fifth Kentucky
Sixth Kentucky
Seventh Kentucky
Eighth Kentucky
Louisiana
Maryland
Third Massachusetts
First Michiean
.Fourth Michigan
Miimesota
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 York
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
Second Virginia
Sixth Virginia
Washington
West Virginia
First Wisconsin
Second Wisconsin.
Philippine Islands

Total..

Aggregate
receipts.

Expenses.

Average
number
• of persons employed.

$1,852, 899.72
620; 373.45
19,264; 290.76
4,685; 506.14
3,524, 979.3417,623; 217.29
2,192; 383.29
2,178, 425.44
1,534, 675.38
42,330; 963.51
35,232; 395.23
9,177; 991.14
1,471; 850.82
16,676, 052.79
19,927; 361.32
2,591, 994.32
3,455, 540.59
5,307, 241.28
25,720, 946'. 53
6,170, 480.85
6,528, 599.16
3,390, 426.46
13,930, 108.52
34,278, 294.91
29,796, 108.38
16,090, 409.96
2,674, 821.62
10,052, 368.45
.17,878, 018.26
. 4,435, 146.47
4,036, 409.02
4,839, 892.02
3,299: 618.90
3,505; 172.40
21,277, 869.16
1,410, 318.61
19,294, 764.83
89,966, 762.26
49,156 866.91
12,742; 159.77
7,802 861.28
ll,74i; 874.66
8,610! 895.64
22,287: 186.37
820; 364.33
23,854;
.44
5,959; 963.40
3,391, 537.31
18,135, 825.12
6,880,
.44
1,167, 779.85
33,211 208.23
5,507: 048.88
8,575; 288.00
36,109, 312.01
792, 795.63
3,451, 001.80
7,316, 898.61
9,198; 497.19
1,764; 438.40
1 2,477, 329.26
3,466, 370.38
13,802 289.14
2,436: 061.87
3507; 226.94

$65,192.84
53,538.18
235,885.58
100,820.99
66,156.20
80,204.72
41,257.19
76,523.26
16,639.40
160,524.39
206,951.65
113,422.68
28,311.07
135,954.68
134,938.22
61,243.99
57,941.12
108,787.82
344,788.72
91,023.03
144,206.14
114,921.27
98,305.14
194,070.27
179,761.88
79,191.07
34,144.71
81,101.84
88,292.62
73,039.89
57,081;23
72,810.65
60,608.95
34,693.63
101,082.05
42,863.59
110,163.88
151,742.80
114,452.00
92,041.42
73,638.12
69,335.66
59,546.59
82,518.51
40,571.66
172,187.51
53,390.47
45,948.08
71,755.72
49,299.86
43,404.54
136,569.77
65,701.10
57,817.02
211,488.95
51,821.36
93,407.87
87,089.05
93,578.12
60,567.02
50,890.52
61,316.82
86,782.08
47,846.82

36
27
152
58
36
56
27
40
10
121
138
74
17
89
93
40
30
77
256
63
104
82
65
136
129
52
20
50
58
52
34
46
38
21
61
21
77
101
77
60
47
44
40
44
23
128
36
29
51
22
28
100
51
40
175
27
53
46
54
31
29
40
63
29

809,393,640.44

5,971,153.98

Cost to
collect
$1.

3,954

$0,035
.086
.012
.022
.019
.005
.019
.035
.011
.004
.006
.012
.019
.008
.007
.024
.017
.02
.013
.015
.022
.034
.007
.006
.006
.005
.013
.008
.005
.016
.014
.015
.018
.01
.005
.03
.006
.002
.002
.007
.009
.006
.007
.004
.049
.007
.009
.014
.004
.007
.037
.004
.012
.007.
.006
.065
.027
.012
.01
.034
.021
.018
„006
.02

Expenses not included in above
3 si^ 727,877.10
Total expenses fiscal year ended June 30,1917
< 7,699,031.08
Cost to collect $1
0.0096
1 Includes $33,256.83 income tax on Alaska railroads.
« Tax collected upon Philippine products to be paid into the insular treasury.
»These expenses include salaries and expenses of internal-revenue agents and inspectors, salaries of the
officers, clerks, and employees in the office of the Commissioner of Internal Revenue, amounts expended
in detecting and punishing violations of internal-revenue laws, amounts paid for enforcing the provisions
ofthe "cotton futures" act, and certain miscellaneous expenses, but which can not be apportioned among
the several collection districts.
< Based upon amounts actually paid and not upon warrants issued.




TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June SO, 1917.
Vessels e n t e r e d .

E n t r i e s of m e r c h a n d i s e .

Documents
issued t o C o n s u m p Foreign. Domestic. Foreign. Domestic. vessels.
tion.

Districts a n d p o r t s .

CD A l a s k a ( N o . 31):
M.
Juneau
Cordova.
Eagle
Fortyraile
t\3
TTetcbikaTi
O
Nome
S t . Michael
Skagway.
Sulzer
Unalaska..
Wrangel

T7{W»kfl.Wfl,TTnn..




T.&E.

Miscellaneous.

Mail.

825
11

1,037
23
2
. 4
20
17
9

413
8
1
32
4
1
32

1,258
15
4
7
22
22
,16

239
79

1
5
4
37

4
20
12
71

946

1,164

541

1,443

617

696

1

1,866
1,588
515
5
92
12
13
115

248
93
167

4,206

..

508

275

377

67

50

54

1,108
551
1,540

8,826
4,031
9,152

1,304
19
4

905

102

3,199

22,009

1,327

2,250

38
61

180
12

"

,_ _

........

883
24
12
11
665
116

,

Valueof
imports
(totals for
districts
only)—Dutia b l e a n d free.

1,345

48

4
46

,, ,

2,146

504

2,659

40
4

12
12
9
664
95

10
33
5

143
220

323

'

154
191

Youngstown
Total

LT.

22
30

Total
Buffalo ( N o . 9):
Buffalo. _
N o r t h Buffalo
Niagara Falls
Dnnlnrk..
Black Rock Ferry
Lewiston...
North Tonawanda

Warehouse.

9
3
51

Total
Arizona ( N o . 26):
Nogales
Douglas.
Naco
'
YuTTia.-.
Lochiel
B u e n o s Aires.
Ajo...
I n d i a n Oasis

Vessels cleared.

1

10

93

9

2

3

1
7

61
9
14

285

481

31

6
57

1
141

2

636

53

321

333
29
15

60
5
2

12
5
33

120
26
24
156
22

7,410
8,546
10,625
28
120
457
144

1

275

Ul

o

144

o
$1,469,524

•^

W

>

,,
. 27,620,558

5
1,711

2,553

1,296

3,052

323

27,335

67,715,077

CO

o

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1917—Continued.
Vessels entered.

Documents
issued to Consump- WareForeign. Domestic. Foreign. Domestic. vessels.
tion.
house.

Districts and ports.

Chicago (No. 39):
Chicago...
Peoria
Michigan City
Total....

4,773

152

4,760

1
'.

26

i

26

102

4,799

i.^*?

4,786

1,366
1

20

780
1

19,672
35

403
5

322

11,997

1,367

20

781

19,70?

408

$30,144,080

5

2

938

101

171,960

68

22

20

1
4
27

7

4
2

285
81
209
49

398
253
245
31

6
64
9
4

1

, 18
11

1

1

7

26

624

927

. 83

2

34

7

268
100
123
18
67
130
21
361
159
3,022
2,606
30
50
85
236
65

336

2
32
6
6

97

Dakota (No. 34):
Pembiaa
Ambrose
Antler
Crosby




11,897
100

hd
O

pi

O

Total

Total

Mail.

T. & E.

307
15

1

Connecticut (No. 6):
Bridgeport
Hartford
New Haven
New London.

Mowbray '.
Neche
Northgate
Noyes
Portal
Sarles
Sherwood
' Souris
•
St. John
Walhalla

LT.

o

Value of
imports
(totals for
districts
Miscel- only)—Dutilaneous. able and free.

243

101

Colorado (No. 47):
Denver

HftTipab .
HansbOT'O

Entries of merchandise.

Vessels cleared.

CO

;

7

7,341

50
55
71
0
185

40
385
5

23

33

12

S

430

5,986,266

•

o
Ul

5
427
465

28
465

4

3,167
2,185

6,143

. 1
7

i27

"

12

-^1

28

1-

*

195

"*

23,202,922

Duluth and Superior (No. 36):
Duluth and Superior
Ashland
Bavfield
Baudette .
'
Indus
International Falls
Pine Creek
Ranier
Two H a r b o r s . . . .
Warroad
Washburn

382
70
6
35

..
.

4,635
937
7

4,569
983
7

498

1,118

26

33
5
39
13

6,678

556

6,701

33
38.
39
9

1,073

639

Total




4

1,054

715

19
3

24

205
59
5
414
3
2,846

269

53
2

128

7,904

2

1,058

. 984

22

3,660

273

31

82

31
4

3,102

273

.31

82

35

2,116

1,234
133

242

17

200

229

802

1,367

242

17

200

229

802

180
35
11
5
14
17
233
131
135
139
50
69
45

1,359

469

171

18

49

387

6
129

381

17
1

854
561
8

8
1,465

3

9

4

3,699

552

39

1,481

1,864

63
10
13
17

53
17
3
10

103

83

. . . . . .
256
7
12

1

.

...

171
6
1
1

199
10
3

60
2
8
1

27
138
896
144
199
40

12
71
11
1
64
25

33
102
851
137
236
63

4
40
145
2
46
14

1,719

..

363

1,634

322

1,064
86

540

487

665

372

1
v

20,407,198

1,312
503
301

498

Total
El Paso (No. 24):
El Paso.
Columbus . . .

T ot al
Galveston (No. 22):
Galveston
Dallas
Houston
San Antonio
Freeport . . . .
Port Lavaca

2

2,009
299
794

Total
EaglePass(No.25):
Eagle Pass
Del Rio
Presidio

Total
Florida (No. 18):
Tampa
Apalachicola 1. .
Boca Grande
Carrabelle . . .
Cedar Keys
Fp.mandina. .. .•
Jacksonville
Key West
Miami . .
Pensacola
St. Andrews....
St. Augustiae
Tarpon Snriags

3,348
2
103
2
412
8
3,974

26

27

.

350
43
12
35

23

3

11

30

40

56

37

58

7
5

581

566

705

441

128

Ul

4,285,764

o
w
m
o

3,381,138

1
2
142
2,039
93
60
1
2

15
619

357
177
• 89
137
30

5
11

81
1

104

790

16

82

104

>

Ul

10,734,342

8,505,116

CO

o

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June SO, 1917—Continued.
Vessels entered.

Documents
issued to ConsumpForeign. Domestic. Foreign. Domestic. vessels.
tion.

Districts and ports^

Georgia (No. 17):
Sava,nnfl,h
Atlanta
Brunswick
Darien...

Warehouse.

LT.

T. & E.

Mail.

Value of
imports
(totals for
districts
Miscel- only)—Dutilaneous. able and free.

164

Total...

. ...
.

*

Iowa (No. 44):
Des Moiaes
Dubuque '.
Sioux City .
Total

. .

Kentucky (No. 42):
Louisville.
Paducah

.

^

Total
Laredo (No. 23):
Laredo
Brownsville
Hidalgo




'
.

.

....

28
392
1

6
2

510

238

493

196

223

3

421

8

149

260
48
15
7
3

125
1

285
36
17
6
9

68

3,965
172
1
6

61

2

4,875

576

126

353

68

4,144

61

2

4,875

576

370
6

2

74
9

10
8

376

2

83

18

100
49
37

3
1

60
44
29

20

186

4

. 168
17

217

16

19

309

192

185

: ...

97
122
4

3

85

7
13

Total
Indiana (No. 40):
Indianapolis
F.vansviile

Ill

10
2

49

:

481

58
8

49

.

172

19
3

225
:

488

.54
7

Total
Hawau (No. 32):
Honolulu
Hilo
Kahului..
Koloa.
MahnVoTia

00

Entries of merchandise.

Vessels cleared. '

CO

o

217

16

19

309

192

2,106
• 401
78

6

127
3

475
18
2

93
1

1
6
156

. • 333

0

I
hd.

o
pi
H
O

6,482,951

360,801

>
a
Ul

125,540

133

967

$2,098,979

340,334

58

Total
M a i n e a n d N e w H a m p s h i r e ( N o . 1):
Portland
Houlton
F o r t Fairfield
Mar.-? Hill .
Van Buren
Madawaska
Monticello
...
. . .
Machias....
Lubec
0
Boothbay
Bath
Limestone
Fort Kent
Bridgewater
Eastport
CaUas
,.,
Bangor
Ellsworth
Rockland
Vanceboro
Holeb
Belfast
Frenchville.. ^
Castiae
Vinaihaven
Southwest Harbor
Portsmouth
....
Cutler
Jonesport
.
Moose R i v e r
Stonington'
, •
Mount Desert Ferry
Robbinston
•
.
Total

:

M a r y l a n d ( N o . 13):
Baltimore
Wa-'=?b ington
.Annapolis
Crisfield
Alexandria
Total




58

5

55
120

58

P o r t Aransas
R i o G r a n d e City

58

5

2,760

6

967

130

495

94

236

391
933
851
171
2,559
167
74

19

19

51

521
1
1

7

6

2

77
439
190
4
16

175

258

17
360
42
53

2
4

929
72
1

225
1
19

62

13

228

6
211
10
44

217

12

•

39
2

52
113

226

i.54
65
19
33
131
2

...

i
.

.

3

8
4
26
9
4
37

26

1

13
4
53
12
6
15

16
23

2
5

1

62

3

69
23

2
2
73

3
89
:

2

292
3
39
193
478
137
918
2,100
75
55
5,716
239
2
226
12
4
23
22
1
8
234

31

1
25
1

463
5

2412

39

1,023

526

1
2
13,345

516
1,345
1

O'

1
246
361
1
3
47

1

14

2

2

176

>
OQ

82
29

•

d
Kl.

24
67

1,817

541

1,231

15,990

87

1,517

827

1,143

1,384

1,100
2

1,725

1,210
80
151
543
23

2,656
975

161
10

150

1,355

1,143

1,384

1,102

1,725

2,007

3,631

171

150

1,355

.

m
o

7

446

1,992

2

135

i
1,019
72
3
1
59

1

14,046,846

13,953
.

3,426

1,095
2,579

45
18

3,674

. 6 3

.

14,538,160

43,972,790
CO

o

CD

TABLE 'i'i .-r—Statement of business ofthe customs districts and ports for thefiscal year ended June SO, 1917—Continued.

CO

h-l

o.
Vessels entered.

Documents
issued to Consump- WareForeign. Domestic. Foreign. Domestic. . vessels.
tion.
house.

Districts and ports.

Massachusetts (No. 4):
Boston
Worcester
Springfieldi
Salem
.'
New Bedford
Fall River
Plymouth
Gloucester
Vineyard Haven
Barnstable
Proviacetown

988
:

14
36
9
10
181
34
2
7




1,124

860

1,304

610

4
85

• 8
27
2
1
184

2i

1
3

6
5
5
8
23
36
2
1

99
8
3
.290
68
16
21

7
. . 2

19,357
167
134
10
69
52
10
268

919
3
27

LT.

1,509

T.&E.

Value of
imports
(totals for
districts
Miscel- only)—Dutilaneous. able and free.

Mail.

1
<i • • •

4

14,618
35
213
102
10
9

199
32
10

13
3
9

1,371

3

1,281

1,222

1,086

1,390

1,136

20,071

949

1,509

1,372

15,012

2,205
929
49
26
32
73
1,137

Total
Michigan (No. 38):
Detroit
Port Huron
Saginaw
Alpena
Bay City
Marine City
St. Clair..........
Grand Rapids
Grand Haven
Charlevoix
Ludington
Manistee....'
Manistique
Muskegon
St. Joseph
Sault Ste. Marie.
Cheboygan
Mackiaac
Detour..
Escanaba
Houghton.'.
Marquette
Algonac
Roberts Landing

Entries of merchandise.

Vessels cleared.

1,375
165
6
94
24
71
52

2,261
930
45
6
41
58
1,139

1,415
157
6
108
18
48
57

202
111

18,091
6,640
124

53

1,939
2,097

194
51

2,897
24
5

784
16
189
189
20
353
591
224
16
169
68
836
236
391
4

1
1

784
25
188
186
23
353
594
125
20
175
65
873
216
460
4

437

1

1
18
1

10

,

6
2
....;..

:

1,677
70
12
46
76
21
117
241

3
7
1
1,743
71
8
41
55
32
45
264

49
33
49
120
1
6

3

1
3

5

3,044
65

248 $217,915,287
21,502
4,494
50
9
128
91
95

71
93

7
26
1

4
103

2

2

22

1,802

1
12

h3

o

2
2

o
w

48
40

Ul

Lake Linden
Munising
Frankfort. Marysville
Caldte

107
4
1,236




393

6,823

7,588

848

28,329

56

15

4,599
297
27
12

1

123

384

170

194

82
82

43
15

127
95

21
4

113
4
133

.
583

606

195

2,987

336
12
396
1,306
14
730
23
48
696
266
312
288
145

. . .

236

11,979,024

18
13

.1

41,748,588

5
1

444

:

21

28,261

Ul

1

6

181

/

248

6,146

4,139

133

419

Total...:
N e w Orleans ( N o . 20):
N e w Orleans
Morgan City a n d Calcasieu P a s s
V i c k s b u r g .•
Baton Rouge
i.

Total

63

7,615

--

Total

Total

395

6,792

M o n t a n a a n d I d a h o ( N o . 33):
G r e a t Falls
Gateway
Eastport
Porthill
S w e e t Grass
Peskan
TTavre ^.
Scobey
Whitetail
Dooley
Westby
Malta
Black Eagle

N e w Y o r k ( N o . 10):
NewYork
Albany...... J
Newark
Perth Amboy
• Patchogue
Greenport

..........

99
5
1,191

1
62

..-.
.

Total
M i n n e s o t a ( N o . 35):
P t P a u l a n d MiTinf»a.polis
Mobile ( N o . 19):
Mobile
Birmingham
Gulfport
Pascagoula
Biloxi
.

7

1

21

11

477

32

1

1

1,397

6

2,799,054

o
w

1
Pi

3

1

O
H

13
6
3
8

1

1

6

16

1,397

5

499

2,448

323

6

4,236

29

477

37

5,397

142

882

.

1,479

423

1,496

397

39

34

65

3

377
39
7
1

1,518

457

1,561

400

424

5,422

142

882

499

2,448

323

5,258

2,866

o 5,186

3,020

130
205

21
98

167,712
328
715
164

20,708
9
191
389

26,260

169
103

4,803
480
50
392
52
226

27,984

48
113

118
796

73,945
947
150
12

148,961
27
280
23

6,419

3,138

5,521

3,139

6,003

168,919

.21,297

27,984

27,174

75,054

149,291

2,257,593

=====

Kl

25
104,516,862

1,338,189,355

,.

CO

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June SO, 1917—Continued.
Vessels cleared.

Vessels e n t e r e d .

N o r t h C a r o h n a ( N o . 15):
Wilmington
WinstOn-Salem...
Beaufort
Elizabeth City
Washiagton
Newbem..!..
Manteo..

-

22

29

12

44

T.&E.

1
129

1
1

Miscellaneous.

Mail.

30

12

44

563

63

2,228

914

2,030

79
126

144
33

284
527
1,087

1,136
418
559

455
573
1,169

1,070
412
534

25
84
56

534
880
30
163
72'

1,104
1,461
347
705
189

669
1,002
9
288
72

1,073
1 371
337
632
90

2,122
854
171
145
275
143
58
2
69
135

4,399

8,147

5,051

7,549

1

129

70
1,393

47
5

70

1,393

34
1

•'

2

3,589
88
67
21
26
17
8

1
.2

1

>
'

• 32
96

o
64
1

370

3,974

230

166

3,817

1,416

267
23

. 10

1

230
. 27

290

10

1

257

17

30
2

592
427

172
.143

1,314
13

9

4

1,479
5

20

m
12,734,496

4
13

1
605
431

o
W

149
15
45
826

1

4
30

$2,874,151

307
9

1

.

Total.. . . . . . : . . . .

V a l u e of
imports
(totals for
districts
only)—Dutiable a n d free.

o

822

Total




32
31

I.T.

22

Total....

Oregon ( N o . 29):
Portland
Astoria

67

Warehouse.

176
108
• 84
99
29

1

O h i o ( N o . 41):
Cleveland
Cincinnati
Columbus
. Dayton
Toledo
Erie
Sandusky.. ..
Corry
Conneaut
Ashtabula.
Fairport....
Lorain
P u t in Bay

O m a h a ( N o . 46):
Omaha
Lincoln

E n t r i e s of m e r c h a n d i s e .

Documents
issued t o Consumt)Foreign. Domestic. Fbreign. Domestic. vessels.
tion.

Districts and ports.

CO
H-l

464,496

Marshfield
Newport.

^

.

Total

.

.

60

.....

41
34

.

•

.'

34

1,077

390

1,327

'774
114
30

977
116
62
1

1,535
30
68
40

1,543
180

10,062
190
62

699
2

1,730

10,314

701

1,164

1,156

1,673

313
67
70
2
1
8
172
17
53

•

:

93
72
100
1
13
174
15
55

32
33
5
26

2,533
723
340
28
25
20
184
28
28

429

723

424

3,909

2,397

12,453
21

295
3
1

295

2,397

12,474

299

109,485,782

Ul

159

90

818

3,388,723

o

467
90
20

69

• 82

106
2

96
1

92
3

94
2

217
184

889
73

37

97

95

96

401

962

37

1,223

- --

293
20
26
10
1
20
16
13
30

108

-

Total




295*

73
7
2

918

703

.

Rhode Island (No. 5):
Providence
Newport

Total

20

157

1,196

Porto Rico (No. 49):
San .Tuan
Ponce ..
Mayaguez
.'
Arecibo.. '..
.
Aguadilla
Arroyo
Guanica.
Humacao
-.
Fajardo

Oswego
Sodus Poiat.
Fair Haven

1,491

2,025,114

7

°

Rochester (No: 8):
Rochester
Utica
Syracuse

4

9

1,052
18
85
41

. . .
.....

1,096

Pittsburgh (No. 12)

Total

7

34

103

Philadelphia (No. 11):
Philadelphia.
.
Wilmington
Chester
Lewes
Tuckerton
Atlantic City
Bivalve
Seaford
Total..

58

2

.

211

1,277

154

16

40
266

466
218
122

127
33
38

498
276
128

65
4
24

46

1,637
130
259
308
1
2

2,029

409

2,179

247

62

2,337

310

271
23
27
7

u
Kl

2

o

577

71

2

238
36

7
1

2

274

8

7

85
100
28
4

10

217

10

4,005,975
SI

i

3

4

3

7

>

Ul
2,056,938

3,340,830

CO
CO

TABLE 1^ .—Statement of business ofthe customs districts and ports for the fiscal year ended June SO, iP77—Continued.
Vessels entered.

Documents
issued to Consump- WareForeign. D o m ^ i c . Foreign. Domestic. vessels.
housiB.
tion.

Districts and ports.

Sabine (No. 21):
Port Arthur
Sabine
Orange
Beaumont

T.&E.

LT.

J—I

Value of
imports
(totals for
districts
Miscel- only)—Dutilaneous. able and free.

Mail.

322
96
24
62

..

Total
Southern California (No. 27):
Los Angeles
San Diego
Calexico
. .
Tia Juana
Camno
Andrade
. .
.

South Carolina (No". 16):.
Charleston
.
Beaufort
Georgetown. . .
.

.




180

100
36
6
9

3

3

504

170

629

33

180

151.

3

3

1,044
58
19

724
16
67

1,343
63
18

1,594
16
43

23,204
2
5

1,804

7,319

1,251

12,278
10

10,682

-1,121

807.

1,424

1,653

23,211

1,804

7,319

1.251

12,288

10,682

425
180

315
170

244
60

2,303
1,044
1,167
440
69
15

61
9
1

15
20

8
23
18
23

4,630
28
5

897
536
736
445
26
145

71

160
402

•

505

562

485

304

5,028

74

69

46

• 60
34
8

105

3

87

74

69

46

102

105

3

41

187

1,255
929

309

36
. 291

1,692
6,330
1,841
2,290
2
371

1
-.

'
;

$1,793,626

1

35

802
773
708
6

72

600
554
1,648
9

4,663

51
710.
29
5
40

2,785

144,027,410
fej

fe!

>
6,532,381

3,012,573
847
55
30
3
1

s
Q

41

1,543
1,015

.

605

86

.

Total
St. Lawrence (No. 7):
Ogdensburg
Rouses Poiat
Malone...
Fort Covington
Plattsburg
Champlain

22
4
3
4

113
392

-

Total

398
122
40
69

32

.

115
26
10
19

770

.

San Francisco (No. 28):
San Francisco
Eureka
Port San Luis

Total..

Entries of merchandise.

Vessels cleared.

CO

o
Ul

Chat Gau 2 aV
f
Mooers . .
Cape Vincent
Alexandria Bav
Clayton
*
Nvando
Morristown
..."
Waddington
TTf)p'an.«;bnrp'
Trout River
.
Massena
Louisville
Lisbon . .
Cannons Corners
Thousand Island Park

.

..
.

. .•
.

. .

16
21
10

448
346
306

25
30
10

390
421

-

:

451
498
778

2

374
286

2
15

>

110
1

109

5

268'

1

3
148

56
1

2
10
13

525
2

. 1

17
5

1

Ul

,984 ^

3,339

893

124
1,675

391
2,128

2,492
1,469
10

2,997

1,799

2,519

3,971

892

145
31
38
15

2
152

48
11
5
9

229

2

152

73

1

103

6

471

18,243

4

1,959
579
459

402

391

4,058

ao

1

122

236

98,659,602

701
190
1

35
52
35

5,475

2,437

Pi

St. Louis (No. 45):
St. Louis.
Kansas City
St. Josenh
Cairo
Total.

•

Tennessee (No. 43):
Memphis
Nashville
Chattanooga
Knoxville

.

Total




296
657
1,100496
370
1,027
843
294
115
187
53
89
84
89
17

373
16
4
9

Total

Utah and Nevada (No. 48):
Salt Lake City
Vermont (No. 2):
St.Albans
Canaan
Alburg
East Alburg
Swanton.. .•
ffighgate..
Franklin
,
West Berkshire
Richford
East Richford
Burhngton.
. '.
Newport
North Troy
Derby Line

93
51

....

:.

>

Pi

3,924,434

O

•L=J

i

41,441

572

200,899

>
td
Kj

,

...

67
184

73
184

7

3,659
415
1,349
159
90
113
105
649
3,140
29
113
5,154
2,060
684

170

1,491

9

6

194

1,475

108

'.

12

122

18
6

5
12
16

2
22
3

CO
J—I

o\

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June SO, 1917—Continued.

CO
05

Documents
issued to Consump- WareForeign. Domestic. Foreign. Domestic. vessels.
house.
tion.

Districts and ports.

Vermont (No. 2)—Continued.
Island Pond
Beecher Falls
Depot Harbor
Montreal
Quebec
Total

•

Virginia (No. 14):
Norfolk and Newport News
Rifihmond
Petersburg
'.
Cape Charles
'.
ReedviUe
Chincoteague

1,649
:

Total




3,190

T.&E.

Mail.

49

2,152
2

1

11

7

257

251

I. T.

Value of
imports
(totals for
districts
Miscel- only)—Dutilaneous. able and free.

3,577
1,380

22,676

• 530

5,248

41

67

678
54

515
196
32

30

1
11
3,860

18
39
8

82
564
117

".

:

Washmgton (No. 30): ,
Seattle
Tacoma
Port Townsend
Everett
BeUingham
Blaine
Port Angeles
Northport
Roche Harbor
Aberdeen
Anacortes.
Sumas
Danville
Friday Harbor
South Bend
Oroville
Spokane
Molson' . . . .
Chopaka

Entries of merchandise.

Vessels Cleared.

Vessels entered.

2,848

2,456

215
195
40

>: • • •

11
72
152

2,456

1,182

743

235

30

3,872

65

763

2,387
332
108
85
248
282
505

1,487
137
46
24
48
12
19

2,232
343
131
99
235
. 272
492

1,600
86
59
25
78
7
30

1,451
286
49

8,178
2,180
25
77
201
1,962
65
175
3
1
137
969
53
176

218
34

12,496
4,946

418
385

1,037

124

10,221
50
6
2
3

1,196
447
3
15
11
185
86
383
3

.'
. .

56
24

284
3

•

.

2,848

27
30
204

5
2

292
14

16
36
1
1

O

isJ.

3,190

37
15
218

1)
O
tri

W

1,649

114

$35,884,667

25
217
133
147

9
2

2
3

10

2
1
1

1

427

56
.2,404

268
10

3

'zo

32
281
39
63

19,330,006

o

Laurier
Ferry
Kalama
'. .
Vancouver
Prince Rupert

.

^

1,861

4,372

1,939

1,900

14,958

257

18,968

938

12,751

15
5

4,712
337
569
1,613

45
19
6
5

4,661
256
568
1,612

579

1,854

117

28

13

139

484
1,533
804
545
252

1
6
3

485
1,528
799
545
252

. . .

....

'. •.

Manitowop.

Sturgeon Bay
Kewaunee
Oshkosh....
Mineral Poiat




,
3,237
>

198,321,257

38

Ul

o

I

-.
20

Total
Grand total

162
53

23

1

4,504

*.

Total
Wisconsiu (No. 37):
Milwaukee . .
Green Bav
Marinette
Racine
La Crosse
Sheboygan . .

206
28

1

.'

:

10,849

85

10,706

579

1,854

117

28

13

46,515

60,239

46,044

60,761

26,742

439,775

. 32,518

78,676

77,247

-

.

139

205,387

38

2,254,275

218,293 2,659,355,185

I

o
fej

H

W
H

3
>

Kl

CO

TABLE N.—Statement of business of the customs districts and ports for the fiscal year ended June SO, 1917.

CO
h-l

00
C u s t o m s a n d miscellaneous receipts.
Value of e x p o r t s
(totals for districts only).

Districts a n d ports.

A l a s k a " ( N o . 31):
J u n e a u '.
Cordova
Eagle
Forty Mile..
Ketchikan
Nome
S t . Michael
Skagway
Sulzer...,..
Unalaska
WrangeU

Estimated
duties.

$1,605.88 .

Duties,
including
fines on
maU
entries.

$287.61

Increased
duties.

$4.78

1,074.05
228.33
2,061.55
742.93

:

.70
10.50

148.70

.67
57.53
5.55

6.04
373.35

251.10

10,433.128
•

,

205.05
187.50
768.86

20.54

23,622.59
2,118.98
• 756.77

139.44
12.83
4.20

383.83
1', 132.58
70.71

58.34

$2,505.57
1,366.52

581.04
5.00

26,707.,31

156.47

1,587.12

58.34

a

8,956.92

1,660,361.18
200,701.00
207,552.07
1,402.78
948.38
449.44

2,378.59

11,075.86
2,990.07
46.06

568.19
101.79
461.77

4,304.39

Ul

3,975.59

27,569.74

28.49

W
H
O

1,867.39
92 31
75.01

3.00

20.54

hd

385.12

100.50

996.10

I
o.

2,502.45

177.09
80.30
34.88

13.60

95.22
24.65
41.48
47.62

Total

$369.88

105.27

83.22

7,271.31

:..-

AU o t h e r
customs
a n d miscellaneous
receipts.

6.77
1.00
.88
4.57

1,041.43

$996.10

$23.55
4.75

$13.60

99.00

.
$2,474,894

Sale of
blanks.

14.40

57.10

pe
A d d i t i o n a l F i n e s , a nn alties,
d
duties.
forfeitures.

11.40

517.14

Buffalo ( N o . 9 ) :
Buffalo
.•
N o r t h Buffalo
N i a g a r a Falls
Dunkirk.
Black Rock Ferry
Lewiston
North Tonawanda
Lackawanna




Drawback paid.

$99.00

Total
A r i z o n a ( N o . 26):
Nogales
Douglas
N^co
Yuma....;
Lochiel
B u e n o s Aires
Ajo
I n d i a n Oasis

Excess
deposits
refunded.

292.27
'

2,034.71

569.82

20,772.95

138.73

Youngstown
Toronto
27,569.74

Total

C o n n e c t i c u t ( N o . 6):
Bridgeport
Hartford
New Haven
New London
Total

D u l u t h a n d Superior ( N o . 36):
D u l u t h a n d Superior
Ashland
Bayfield
Baudette
Indus
International Falls
Pine Creek...




2,407.08

14,111.99

1,131.75

4,304.39

569.82

20,772.95

111,939.04

6,283,923.02
16,846.19

113,263.72
26.88

46,800.53
101.38

2,061.18

40,389.90

852.22
6.39

12,678.47
24.50

111,939.04

6,300,769.21

113,290.60

46,901.91

2,061.18

40,389.90

858.61

12,702.97

61,127.29

3,722.94

255.34

53.12

294.80

496,640.38
809,058.90
71,788.36
133,361.61

174.68
123.09
115.80
25.40

595.50
1,693.84
678.21
98.67

144. 51
54 ..35
117.11

95.34
139.35
77.76
28.58

315.97

341.03

1,496.37

63.63

6.65

440.41'

,

'
..

898.13
200.55
382.22
110.40

3,192.05

77,987,436

1,591.30

3,192.05

1,510,849.25

438.97

3,066.22

• 1,925.09

1,144,076

D a k o t a ( N o . 34):
Pembina
Ambrose
•
Antler.
Crosby
Hannah
Hansboro.:
M o w b r a y . . .-.
Neche
Northga,te
:
Noyes
Portal
Sarles.
Sherwood
Souris
...'.
Sr. J o h n
Walhalla., ...
Total

2,071,553.58

76,622.97

6,015,518

Colorado ( N o . 47):
Denver

8,956.92

76,015.94
607.03

217,013,081

Total
Chicago ( N o . 39):
Chicago
Peoria .
Michigan C i t y

2,424.42

3,771.71
3,303.36
1,993.10
1,895.53
1,197.19
589.95
1,077.65
22,084.74
33,656.42
28,312.04
93,524.66
1,051.95
2,539.80
1,542.34
13,667.79
2,559.85

11.43

90.00

686.07

1^492.71

•

%
O
.fej

W

.4.10
25.65

9.45
5.23

39.17
18.77
29.88

Ul

ci

13,106.20

9,036.33

796,432.57

48.61
3.28

6,032.67

LIO

2.10
1.25

275.00

1,588.70

1,658.13
56.72
1,194.45
n.20

H

•w

212,768.08

.

o

' 4.05

313.28
464.59

2,424.42

L65

347.55
1,005.82
92.50
50.50

H

65.55
3.00
15.45

.

50.00
J 46.20
64.00.

.97
.30

1,925.09

25.28

•

'

605.63

2,042.59

63.63

43.80

504.09

207.55
6.83

21,475.55

L25
.01
1.58
.04

.95
30.20

2.75

CO
1—I

TABLE N.—Statement of business qf the customs districts and ports for thefiscal year ended Jurie SO, 1917—Continued.

CO

to

o
Customs and miscellaneous receipts.
Value of exports
(totals for districts only).

Districts and ports.

Duluth and Superior (No. 36)—Con.
Ranier
Two Harbors
Warroad
Washburn

Duties,
including
fines on
mail
entries.

Increased
duties.

$12,200.14
1,203.95

Additional Fiaes, penalties, and
duties.
forfeitures.

Sale of
blanks.

Allother {
customs
and miscel.
laneous
receipts.

$12.78
.48
.77
.29

$5.10

LOO

6.77

$3.30
15.00

812,757.16

$51.89

6,045.64

$605.63

$506.84

23L58

21,525.00

32,800.84
7,744.72
• 5,582.30

248.03
8.61

1,260.56
6.37

479.90

3,995.19
711.35
469.20

139.20
9.75
6.40

1,868.03
508.50
607.85

63.36

46,127.86

256.64

1,266.93

479.90

5,175.74

154.35

464.87
24.75

4,584,370

58,159.84
3,159.37

2,797.28

1,742.75

iOl. 96

8,905.00
396.85

37L00

6,298.32
15 00

• 489.62

61,319.21

2,797.28

1,742.75

101.96

9,30L85

37L00

6,313.32

1,988,076.66

149.85

45,149.88

1,753.58

14.00
L16
.27
.03

26,007.51
22.85

2,241. 56
633.86
20.23

28.06
7,529.54

o
w

2,984.38

13,275.03

$9,036.33

..

Total

H
O

fej

El Paso (No. 24):
El Paso
Columbus . . .
Total

Total..

Estimated
duties.

$140.00

$26,318,684

Eagle Pass (No. 25):
Eagle Pass
Del Rio
Presidio




Drawback paid.

63.36

Total

Florida (No. 18):
Tampa
Apalachicola
Boca Grande
CarrabeUe
Cedar Keys
Fernandina
JacksonviUe . . . .
Key West...
Miami
•.
Pensacola. 1
St. Andrews
St. Augustine
Tarpon Springs

Excess
deposits
refunded.

4,790,179
•

4,332:29

. 123.07

«

4.00
99.55
1,060.46

380.54
177.55

146.07

1,614.36

36,699,416

5,642.37

2,295.52

48.40
18,909.88
613,300.05
782.78
6,612.70
15.00
6,886.73
2,632,632.20

1,900.39

L20
13.72
3,060.42

52,707.48

1,900.39

2.93
11,083.47
10.00
100.00

12,949.98

3.73
25.67
34.05
7.20
15.46
4.34
L29
107.20

253.25
2,312.98
48.06
74.45
28,719.10

HH

>
o
Ul

CO

o

CO

Galveston (No. 22):
Galveston
Dallas
Houston
San Antonio
Freeport
.
Port Lavaca

•
10,439.97
279.92
22.14
213. 71

.... .
'.

919,026.48
36,445.68
8,196. 51
32,882.89

1,862.17

.

127.36
188.37
47.53
6L09

6,100. 28
151.93
292. 24
402.83

80.19
6.07
280.37

146.44
8.56
11.61
8.73
• 1.00

2,539.14
47.55
6.50
42.70
35.59

.

1,862.17

996,551.56

424,35

'6,947.28

6.07

360. 56

176.34

2,67L48

979.85

2,698.10
7,700.29
30. 53

22.65
1,117.84
• 1.00

1L86
422. 30

10. 63

260. 00
105.18

3L33
25.35

1,382.82
12.21
153.33

10,428. 92

1,141. 49

434.16

10. 63

365.18

56.68

1,548.36

o

899,135.18
62,167.52

12,883. 98-

25,504. 33
1,092.63

762.10

2,419.35

12.22
6.00

122,343.69
181.08

I

961,302.70

12,883. 98

26,596. 96

762.10

18.22

122,524.77

543.80
212. 56

Georgia (No. 17):
Savannah .
Atlanta
Brunswick

10,955.74
128. 42

266,336,562

Total.

83,094,175

1

Hawaii (No. 32):
Honolulu
Hilo
:..
Kahului
Koloa . :
Mahukona

..

..

41; 943. 43
293,67L51

214.17
19.25

•893.08

226.56

74.65
9.17

49.55
43.75

335,614.94

233.42

893.08

226. 56

83.82

93.30

11,451.61
5,272.48,
1,849.35

84.46
72.48
53.20

53.25
46. 70

12. 96

18., 29
n.92
L22

2L20
4.60

18,573.44

210.14

99.95

12. 96

31. 43

25.80

352.49

86,653.35

1,592.33

1,199.31

25.00

35.31

384.40

352.49

86,653.35

1,592.33

1,199.31

25.00

35.31

384.40

979.85
243.07

17,598.68

243.07

Total

-.

756.36

Iowa (No. 44):
Des Moines.
Dubuque
Sioux City

39.28
17^6.47
13.30

321.18

'

229.05

321.18

Total
Kentucky (No. 42):
T..oiiisvillePaducah..
Total




'

..
923,747

Total
Indiana (No. 40):
Indianapohs
Evansville

128. 42
17,598.68

Total

2,419.35

H
t>
pi
Kj
O
fejH

W

H •
H

>

Ul

d

—
CO

CO

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1917—Continued.
C u s t o m s a n d misceUaneous receipts.

Districts a n d ports.

V a l u e of e x p o r t s
( t o t a l s for dist r i c t s only^). ,

Excess
deposits
refunded.

Drawback paid.
Estiraated
duties.

•
L a r e d o ( N o . 23):
Laredo
BrownsviUe.
Hidalgo..."
P o r t Aransas
R i o G r a n d e City
Total.

..

Maine a n d N e w H a m p s h i r e ( N o . I ) :
Portland
Houlton
..
F o r t Fairfield
MarsHiU
Van Buren..
Madawaska
Monticello
Machias....
Lubec
Boothbay...
Bath.. ^. '
•
Limestone
Fort K e n t . .
Bridgewater
Eastport
Calais
Bangor
Ellsworth..
Rockland
'........'
Vanceboro
: ...
Holeb
Belfast...
Frenchville.. .
Castine
• Vinaihaven
, .
Southwest Harbor
Portsmouth
Cutler




$53,149.46'
3,459.41
492.88

$1,196.31
33.70
2.84

^
$13,322,605

Duties,
including
fines on
mail
entries.

$2,236.41
29.32
.3.40

Increased
duties.

$757.16
11.80
LOO

$114.68

1,236.34

2,269.13

• 773.23

62,90L36
4,777.03
3,477.82
2,563.03
8,488.13
1,136.15
957.12

337.06
3.00
12.60

3,406.81
3,006.85
3,812.07
1,592.20
41,379.73
2,447.64
1,362.16

12.85

$3,012.15
1,362.79
295.60
216.40
45.55

16,270.06

344.24

4,932.49

787.98
267.00
685.90
150.00
2,432.10

35.38
14.00
10.81
2.13
26.45
2.09
.94
.31
8.91
.13

4,425.53
62.39
72:32
.73
14.23

316.48

53.25
12.86
.30
LOO
7,938. 29
77.25
14.65

25.00
139.52

86.95

2.08
7.39
2..71
32.94
40.16
2.01
.02

406.52

3.01
L62

35.74
6,260.30
373.44

1,497.67

•

91.10
75.00

.75
642.50

hd

o
w
•H

o

1.80

1.90
51.58

3.21

3.29
.67
.08
L13
15.12
Lll

2.25

>

3.00

143,286.70
7,169.10

„

$230.52
71.28
29.59

.

58.47

ii.

$12,929.92
1,604.85
' 395.77

685.64
23.70
104.55
70.00
146.70

.21

All other
customs
a n d miscellaneous
receipts.

1,339.52

$316.48

3.27

98.75
57,200.50

1,232.85

A d d i t i o n a l F i n e s , pen- . Saleof
alties, a n d
duties.
blanks.
forfeitures.

o
t=j

1.45
31.96
633.72
3.20
187.32
366.33

43.69

Ul

Jonesport
Moose R i v e r
Stonington .
M o u n t Desert F e r r v
Robbinston..

221.92

6,217.00

502.04
29.54

2,014.87

145.72
61.56

5,795.62
212.47

9,301. 62

531.58

2,014.-87

207.28

6,008.09

77,914.61
57.53
275.82
229.00
20.38
17,62

109,648.76
78.24
190.71

3,865.02

1,512.95

983.01

14,372.84
207.55
326.75

111.17
6.72
25.44
• 15.00

10.17

7,897.83

114. 68

299,906.95

8,480.46

•23,387.19

1,602,745.56
77,420.22

10,019.23
11,596.69

8,327.21.
• 974.41

38,097.64

2g, 387.-19

1,680,165.78

21,615.92

83,127.30

92,95L62

8,105,259.14
17,409.39
151,786.62

0

. .•

•

373,830,833

Massachusetts ( N o . 4):
Boston
Worcester. . . .
Springfield.
Salem
N e w Bedford
FaU R i v e r
Plymouth
Gloucester
Vineyard Haven
Barnstable
Provincetown

1,466.35
27,259.32
1,406.53
.A

.




367.08

5,035.13

.

1,236.34
38,097.64

M a r y l a n d ( N o . 13):
Baltimore.
Washington
Annapolis
Crisfield....'
Alexandria

Total..

L50

100.59
40,116,331

Michigan ( N o . 38):
Detroit
Port Huron
Saginaw
Alpena
B a y City
Marine City
S t . Clair
Grand Rapids
Grand Haven
Charlevoix
Ludington
Manistee
Manistique
Muskegon.
St. Joseph.. „
S a u l t S t e . Marie
Cheboygan
Mackinac
Detour.-

.96
3.62
.03
.18
2.64

15.00

32.22

Total

Total

7.50
2.15

5,843.82

•

.

225,573,311

54.44
3L46

192.25
3.20

L25

164.41

83,127.30

92,951. 62

8,304,587.35

78,673. 29

110,013.78

3,866.27

1,512.95

983.01

15,267.00

9,288.97
3,574.46
21.94

6,816.75

1,882,131.08
166,570.14
4,416.20

7,648.61
25.94
12.78

9,04L68
94.73

2,151.84

4,87L67

805.17
46.41

12,493.20
62.10

611.99
77.45'
555. 63
69,925.25
88.00

, 44.36

.40
2,378.70

829.63

%
O

fej
H

H

>

Ul

d
w
1^

42.48'

30.37

75.11

143.00

LOO
3.75
.

1,909.82

23,724.59

10.05
299.12

: 90.00
320.00

.'

62.66

8.66

CO
fcO
CO

CO

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June SO, 1917—Continued.

to

Customs and miscellaneous receipts.
Value of exports
(totals for districts only).

Districts and ports.

Michigan (No. 38)—Contmued.
Escanaba
Gladstone.
Houghton
Marquette
Algonac.
Roberts Landing..
Lake Linden
Munic;ing .
Frankfort
MarysviUe
-Calcite.Rockport
Ontonagon..

Total.
Montana (No. 33):
Great FaUs
Gateway
Eastport..
Porthill
Sweet Grass...
Peskan..
Havre
Scobo}''.
WhitetaU




Drawback paid.

Duties,
including
fines on
mail
entries.

Estimated
duties.

Increased
duties.

AU other
customs
and miscellaneoas
receipts.

Additional Fines, penSale of
alties, and
duties.
forfeitures. . blanks.

'

•

$2.00

td
29.10

$L55

80.00
n.44

hd

O

o

•
!...

H

I

tei

Total
Minnesota (No. 35):
St. Paul and Minneapohs
Mobile (No. 19):
Mobile.. .
. Birmingham
Gulfport .
Pascagoula
Biloxi

Excess
deposits
refunded.

$15,624. 82

$6,816.75

$2,148,255.32

8,076.71

$11,613.51

12,270.72

677^ 20

754,010.13

11,565.42

10,797.56

6,665.67

$290,504,700

7,22L36
Q.

166,056.93
3,102.06
5.90
4.27

33.88
24.30

870.73

169,169.16

59.43

570.08
430.92
1,313.32
77.20
.5,238.28
910.19
1,039.79
15,837.24
14,466.14

$2,151.84.

2,023.49

$969.17

$12,728.67

2.40

134.18

3,198.77

>

. • 150.00

337.50

$5,191.67

33.53
17.59
4.25
2.84
.90

2,212.64

O
teJ
Ul

59.11

2,264.64

"
A

.....
35,559,530

6,665.67

7,221.36

50.00

1.25
. 870.73

200,00
178.75

,

3L08

41.00
11.00

.50
176.30
1.60

3..00
30.00
4.50
J

Doolej'^
Westby
Malta .
Banff
Black E a g l e .

4,477.41
6,155.74
2,865.85

:

2.90
.40
456.02

f

...

53,382.16

4,045,770

Total
N e w Orleans ( N o . 20):
N e w Orleans .
Morgan City a n d Calcasieu P a s s
Vicksburg
Baton Rouge..

2,023.49

634.77

37.50

31.08

181.70

34,997.56

8,927,788.91

4, OOL 21

124,207.14

307.44

2,743.29

322.80

6,026:56

34,997.56

1,109,082.95

^8,927,788.91

4,06L21

124,207.14

307.44

2,743.29

322.80

6,026.56

2,209,268.65

303,772,992

• Total
'. . . .
N e w Y o r k ( N o . 10):
New Y o r k . . . .
Albany
Newark'.
Perth Amboy
Patchogue
Greenport.

1,109,082.95

14,410,640.85

152,636,958.86
145,154.05
763,560.23
28,077.58

410,972.89
• 880.44
383.67
20.83

607,626.53
5,584.38
1,996.72
24.40

127,455.28 • 125,424.40

1,533.55
56.32
104.11
17.48

399,109.87
176.81
4,110.97
4,899.20

tej.

153,573,750.72

412,257.83

615,232.03

127,590.09

l,7n.46

408,296.85

o

7,336.08
1,659,535.98

63.05

35.35

593.75
425. 27

Ul

. 134.81

o

K!,

3,056,201,807

TotaL..
N o r t h Carolina ( N o . 15):
WUmington
Winston-Salem..
Beaufort
Elizabeth City..'
Washington
New Bern
Manteo...

.14,410,640.85

457.65
1,765.79

125,424.40

1,624.27

:
i^
Pi-'
. fej
6,471,282

Total
Ohio ( N o . 41):
Cleveland
. Cincinnati. .
Columbus
Dayton....
Toledo
Erie
Sandusky
Corry
Conneaut
Ashtabula
Fairnort
Lorain
Put-in-Bay

2,209,268.65

', .
•

'
:..

5,444.15
1,493.73
276.58
• 540. 59
541. 25
16.60
289.16

•

5,329.72
257.30

63.05

1,624.27

502,446.99
374,264.81
58,213.90
87,780.74
75,374.78
1,487.92
11,591,53

17,133.86
234.75
116.96
47.46
93.45
24.86
18.60

3,374.58
393.57
47.91
40.95
56.91
1.00
4.20

35.35
463.19
44.53
65.63
73.76
46.45

393.88

900.30
•.

Total




L20
27,255,262

8,602.06

. 5,587.12

.42

1,112,062.17

17,670.36

3,919.12

693.56

393.88

1,019.02

603.38
164.00
40.20
3L00
77.60
48.05
16.50

5,926.93
694.55
37.60
109.68
43.07
155.21
82.80

10.00
13.00
3.50
9.00
1.00

1,666,872.06

2,223.44

73.00
93.00
62.50
19.00

1,017.23

7,297.34

>

•

Ki

CO

to

C^

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1917—Continued.

to

C u s t o m s a n d miscellaneous receipts.
Excess
deposits
refunded.

V a l u e of e x p o r t s
(totals for dis-•
tricts only).

Districts a n d ports.

O m a h a ( N o . 46): ^
Omaha
Lincoln

Increased
duties.

Additional Fines, penalties, a n d
duties.
forfeitures.

$49,516.69
5,065.79

$1,089.96
297.82

$465.06
3.48

5,782.16

54,582.48

1,387.78

468.54

547.50

48.26

149,372.02
1,196.50

6,979.50
9.15

6, 784.33
288.30

292.25

Sale of
blanks.

,...

$938.98

$16.82
2.37

$1-35.00
135.00

75.54
3.71

.

AU o t h e r
customs
a n d miscellaneous
receipts.

19.19

$547.50

2,579.95

446.70
. 208.99

w
hd'

oH
O-

^'.

.15

.66

Total

2,579.95

$4,190,695
.

48.26

150,568. 52

6,989.31

7,072. 63

292.25

938.98

79.40

655.69

w;

101,855.69

1,816,279.62

15,150,687. 27
14,683.56
2,506.26

45,552.88
41.30

121,334. 72
25.61
34.90

664.11

"203.83

511.94
26.03
3.73

27,673.33
280.72
1,184.22

fej)

:

,

H-l
^ • .
.

>

•

!^;
O-

464,519,137

Total
P i t t s b u r g h ( N o . 12):
Pittsburgh




Duties,
including
fines on
mail
entries.

534.05

Oregon ( N o . 29):
Portland
Astoria.......
Marshfield
Newport

P o r t o Rico ( N o . 49):
San J u a n .
Ponce
Mayaguez.
Arecibo
Aguadilla. i.
Arroyo
Guanica
Humacao

Estimated
duties.

$5,782.16

$534.05

Total

P h U a d e l p h i a ( N o . 11):
Philadelphia
:
AVUmington
Chester
Lewes
Tuckerton
A t l a n t i c City
Bivalve
Seaford

Drawback paid.

101,855.69
3,330.48

:

5,434.21
1, S76.03
354.29
5.90
°8.45
42.98
502. 99
13.94

457.87

15,167,877. 09

45,594.18

121,395. 23

709,452.04

1,816,279.62

206.18

2, 743.62

257,939.02
95,730.48
26,870. 51
5,573.33
1,832.15
5,420.27
64,334. 07
5,101.63

4,104.10
366.33
115.30

9,224. 77
2,872.54
1,380.52
17. 90
145. 76
623. 65

664.11
99.43

151.90

541.70

29,138.27

420.00

203. S3

3, 674.51
12 059.13
1,182.68
761.86
35.35
3S.80
38.63
421. 75
8.65

Total

Total

Total

13.92

•. 457.87

468,954.81

4,585.73

14,265.14

- 153.90

14,560.77-

2,460.46

418.22

288,143. 00
5,799. 76

293.38
92.24

1,189.19

344.46

• 87.44
.85

2,462.01
5.36

418.22

293,942.76

385.62

1,189.19

344.46

88.29

2,468.27

2,567.59

1,003.07

215,952.77
47,847.13
11,061.93
69.27
5.00

277.07
125.44
77 43
3.52

2,874.89
1,592.80
12.05

224.12
51.46

217.84
53.34
48.28
86.73
5.63
3.12

311.94
235.94
6.25
6:00

2,567.59

1,003'. 07

274,936.10

483.46

4,479.74

275.58

.414.94

560.13

269.63

7,855,680

R h o d e I s l a n d ( N o . 5):
Providence
Newport

Rochester (No. 8):
Rochester
Utica
Syracuse
Oswego..
Sodus P o i n t
Fair H a v e n

2.00

8,242.03

21.65

3.00

23.81
.40

4.40
3.00

24.21

7.40

3.24

Fajardo

2,064

'

9, 231,728

-2,460.46

•

S a b i n e ( N o . 21):
Port Arthur
Sabine
Orange:
Beaumont.....
Total

13.58
65.13




pi
Kl

3.00

37.67

140,569.15

4,778,029.01

81,346.19
15.82

84,668.02

2,774.29

10,909.05

249.30
.90

30; 466.90

114,225.83

140; 569.15

4,778,029.01

81,362.01

84,668.02

2,774.29

10,909.05

250.20

30,466.90

8,469.94
242.20

590.28

346,645.82 . 18,887.52
35,141.00
123.00
724.60
3.86
1,008.71
134.98
12.36

7,107.33
468.33

2,355.08

161.37

1,556.62
379.73
467.27
208.11
20.33
36.75

383,667.47

19; 014:38

7,576.66

161.37

2; 668.81

7,225.91

76.80

404.31

18.61

261.35

7,225.91

76.80

404.31

18.61

" 261.35

W

143,202,190

5, 825,090

S o u t h CaroUna ( N o . 16):
Charleston
Beaufort
Georgetown.
Total

100.36

114,225.83

S o u t h e r n CaUfomia ( N o . 27):
Los Angeles
S a n Diego
Calexico
Tia Juana
Campo
Andrade
".
Total....

o
w

fej.

o
fej

37.67

269.63

43,266,162

S a n Francisco ( N o . 28):
San Francisco. . .
Eureka
P o r t San L u i s
Total

• 6,153.35

2,686/892

8,712.14

590.28

1.00

^

178.70
48.29
151.59
2, 733.66

Pi.
fej

>

CO

to

CO

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1917—Continued.

to

00
Customs and miscellaneous receipts.
Value of exports
(totals for districts only).

Districts and ports.

St. Lawrence (No. 7):
Ogdensburg
Rouses Point
Malone
Fort Covington
Plattsburg
Champlaia
Chateaugay
Mooers
Cape Vincent
Alexandria Bay. . '
Clayton...
".
Nyando
Morristown
Waddington
Hogansburg
Troiit Rive^
Massena
,
LouisviUe
Lisbon.
:
Cannons Comers
Thousand Island Park

$6,839.19

2.50
.7.75
6.00
/ •

18.05
6.50
1.90
6.00
3.60
4.98
:
$103,834,562

St. Louis (No. 45):
St. Louis
Kansas City...
St. Joseph
Caird

.

Total




Drawback paid.

$202.46
1,066.21
529.31
23.01

Total

Tennessee (No. 43):
Memphis
NashviUe
Chattanooga

Excess
deposits
refunded.

..

Duties,
including
fines on
mail
entries.

Incr eased
• duties.

$19,850.49
170,726.71
105,130.99
6,629.12
1,475.74
330.29
2,306.27
1,733.94
10,032.83
377.84
1,873.11
38,082.06
782.85
480.85
705.51
948.29
299.94
44.56
167.40
106.38
20.50

$62.37
•791.77
70.05
2.20
29.48

$70.54
1,665.64
826.21
36.70

52.08

Additional Fines, penalties, and
duties.
forfeitures.

9.00
21.90

2.00
2.40

74.07

$10.15
419.42
97.95
72.39

$227.58
35.06
781..56
73.15

532.98 .

$1,293.67
168.81
46.02
1.00

2,403.59

293.92

1.559.55

73.90
1,063.94
48.90
7.50
47.00

, 1,132.89

All other
customs
and miscellaneous
receipts.

$123.11
74.06
4.64
19.78
.66.
3.22
3.35
6.97
. 21.65
3.42
7.75
.19
8.62
8.70
.66
1.45
1.07
2.80
.09
.40
1.33

45.00

1.50
2.30
23.50

Sale of
blanks.

3.00
18.00

' 6.50

1,012.35

2,731.36

10,422.81
1,588.72
182.79

42,789.35
607.11

696;435.94
158,010.32
91,297.28

7,411.23
4,243.69
26.07

• 10,666.42
26,140.50
1,055.45

926.76
50.00

. 231.0468.91
5.86

3,078.35
14,287.24
23.45

43,396.46

945,743.54

11,680.99

37,862.37

976.76

305.81

17,389.04

16,848.58
3,611.21
2,075.06

89.05
24.50
8.07'

22.95
6.80
26.41

30.10

84.30
.32
.43 1

.a
•fej

Ul

362,105.67

399.44

o

7.50

6; 839.19

91.81
6.60
246.35

o

15.05

1,878.27

12,194.32
..

Estimated
duties.

83.75
7.65
1.00

Knoxville

1,656.40

1

/

V e r m o n t , ( N o . 2):
St A l b a n s
Canaan
Alburg
East Alburn
Swanton . .

9,559.60
104,403.74
167.40
26,402.33
479.78
1,245.01
79.71
76.61
231.04
100,802.56
4.00
963.30
68,202.78
1,442.95
2,608.76
23,033.72
2, 738.63

18.54

68.72

155.80

2L00
10.93
13.57

.50

85.19

92.90

119.48

56.16

1,506.53

100.00.

4.79

9,779.09

50.50

278.00

63.77

27.00

1,239.31
21.95

4,159.90

4,767.32

63L55

25.00

18.23
16.60

6.60
1,290.96

47.52

55.71
130.00

.20
3.20
9.81

.60

53L49
12.50

3.80
20.00

1.00

fej'

fei
HI

Virginia ( N o . 14):
Norfolk a n d N e w p o r t N e w s . .
Richmond
Petersburg
Cape C h a r l e s . .
ReedviUe..:
Chincoteague

410. 50

155.80

332,882.32

53.97

17,019.85

4,865.34

1,14L01

63.77

66.21

4,460.12

79,627,019

Total

8,457.19

147, 603.79
829,179.48
67,904.14

146.37
95.24
4L13

1,752.34
351.45

883.83

313.71
L43

69.29

4,864.91
2,838. 68
. 2,688.50

8,457.19

.1,044,687.41

282.74

2,103.79

883.83

315.14

69.29

10,392.09

13,030.31

1,576,024.69
(559,978.33
213.48
2,667.64
1,561.21
73,948.30
894.94
1,359.71
.3.00
6,241.24
826.85

39,765.42
160.67

' 24,679.50
5,915.55

258. 80
122.94

3,895.07
- 96.90

314.59
3L37
.25
6.00
17.06
14.47
8.39
2.10
.41
1.75
L68

19,944.38
3,006.25
77.00
47.17
170.36
626.55
43. OJ
140.12

.
-.. .

,
'..

;>.
m
K*

4,460.12
21,616.12

137,009,596

fej

d

....

.

Total




137.49

5.20
1.20^.

Franklin
West Berkshire
Richford
E a s t Richford
Burlinsrton
Newport
North Trov
Dfirbv Liiii6
Island Pond
Beecher Falls
Depot Harbor
Montreal
Quebec

W a s h i n g t o n ( N o . 30):
Seattle..
Tacoma
Port Townsend
Everett
. ..
Bellingham
Blaine
P o r t Angeles
Northport
Roche Harbor
Aberdeen
Anacortes

24,191.25

189.88

U t a h a n d N e v a d a ( N o . 48):
Salt L a k e City

-.14
429.54

15.87.

344.76
171.06

Total

6.00
23.10
.80
3.70

149.58
7.15
2.30

^ 2.40
LOO

145.60

242.38
39.80

20. 20
47.50

CO

CO
CO

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1917—Continued.

o
Customs and misceUaneous receipts.
Districts and ports.

Value of exports
(totals for districts only).

Excess
deposits
refunded.

Drawback paid.

Washington (No. 30)—Continued.
Sumas
DanviUe
....
Friday Harbor..
South Bend
Oroville
Spokane
Molson
Chopaka...
Laurier
Ferry
Kalama
Vancouver
...
Prince Rupert

Estimated
duties.

Duties,
including
fines on
mail
entries.

penAdditional Fines, and
alties,
duties.
forfeitures.

$39.50
3,080.02

$2.94
.50
H.58

$42.50
184.50
183.08

L50
48.80
2.30
.36

1.00
44.45
107.00
131.50
602.25
102.50

•

.30

.

38.00
1

$21,616.12

$13,030.31

2,372,616.30

43,083.21

31,108.16

$381.74

2,130.61

$177,755,100

Total

All other
customs
and miscellaneous
receipts.

6.60

66.76
7.50

Sale of
blanks.

$100.00
50.00

$131.22
3.00

$33,689.05
1,316.10
220.20
312.03
11,531.30
502.87
313. 68
688.15
323.53

Increased
duties.

5,356.62

301,199.92

284.82

1,675.24

48.50

4,430.75 1

466.35

25,559.31

173.10

2,093.07

hd'

o
O

tn
feifei^
t—(,

Wisconsin (No. 37):
MUwaukee .
Green Bay
Marinette
Racine..
La Crosse
Sheboygan
Manitowoc
Sturgeon Bay .
Kenosha
Kewaunee
Oshkosh
Mineral Point
Total
Grand t o t a l . . .




"4
>

•

Ct

............|..--

fei
Ul

•

:

330,486

2,130.61

5,356.62

301,199.92

284.82

1, 675.24

48.50

6,293,806,090 2,851,455.73' . 17,840,045.77 222,113,526.33 923,432.35 1,384,576. 78 155,996.28 265,727.62

173.10

2,093.07

13,066. 64

827,264.59

TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1917..

•

C o m m e r c e a n d l a b o r r eceipts.

Districts a n d . p o r t s .
Head tax.

Expenses.

All o t h e r
commerce
receipts.

Toimagetax.

Collecting
revenue.

Enforcement CompUation
of n a v i g a t i o n
of statistics.
laws.

Services
of persons
reimbursable.

Average,
n u m b e r of
persons
employed.

Cost
to
collect
$1.

•

A l a s k a ( N o . 31):
Juneau
Cordova
Eagle
F o r t y Mile
• Ketchikan
Nome
S t . Michael
Skagway
Sulzer
Unalaska
Wrangell
Total

$54.92
9L32
370.50

$138.19
19.51
350.52

220.00

;

2,135. 36
87. 56

200.00

28.12
41.44
53.42
54.14

3,458.31
71. 65
2.50
177.17
41.95
24.69
763. 61

2,916. 78

.. .
. $184.00

....
•.
".
:

Arizona ( N o . 26):
Nogales
Douglas.'.
Naco
Yuma
Lochiel
B u e n o s Aires
Ajo
I n d i a n Oasis

604. 00
. .
:...

.'

Buffalo ( N o . 9 ) :
Buffalo
N o r t h Buffalo
N i a g a r a Falls
Dunkirk
Black Rock Ferry
Lewiston
North Tonawanda
Lackawanna
Youngstown.
Toronto
Total




$10,194.08
378.00
1,743.94

$1,692.23

$90.39
130.00
114.17

5
1
3
2
2
2
1
3
1,
1
1

$5.440
3.633
1.222
7.595
.589
2.312

421. 80
492.65

3,847. 30
1,617.67
1,612. 52
904. 52
301.00
1,687. 20
1,477.97

5,048.10

12,742.32

23,764.20

1,692.23

448.78

76.00

22,597.54
7,741.73
5,878. 41
1,525. 42
1,529.23
1,640.69
l,8n.90
1,685. 72

719.53
245.84
186. 95
48.45
48.68
5L91
57.31
53.31

666.78
207.39
165. 90
4L45
. 44.67
38.01
4L46
38. 23

1,359.00

44,410.64

1,41L98

1,243. 89

1,387.89

30

55,363.22
24,630.16
49,182.15
225. 00
3,584.37
3,820.74
645.60
.75
45.00
5,244.05

6,035.00

4,560.00
1,230.00
2,300.00

9,718. 65
5,074.00
2,99L00

.039
.129
.248
.214
4.709
9.778
7.980

1,479.00

48
19
40
1
4
5
1
1
1
4

142,741.04

8,107.00

19,263. 40

124

.075

—76.00

1,452.00
82.00

.2,325.28

396. 52

3.80

125. 46

.

1.30

1
1

'.
603. 98

o

1.295

1,076.00
64.00
312.00

. ..... .

Total

$1,705.80
42.00
939.08
3,163. 65
1,282. 44
539.21
537.48
3,618.21

2,330.38

170. 00
75.00
882.00
574.00
366.00

114,22

fej
Pi'
K^.

.75

22

2.001

O'
fej!
Hi

•1

.802
L683
.497

feji

il.040
13. 828
46.062
37.321

28.89

5.00
8,090.00

2.635
3.367
26.699
.843

fej
>

•

Uli

cj-

.360
'COCO-

CO
CO,

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1917—Continued.

.to
Expenses. '

Commerce a n d labor receipts.
Districts.and ports.
Head tax.

Chicago ( N o . 39):
Chicago
• Peoria
Michigan City

Tonnage tax.

$1,418.30
. .'.

.

Collecting
revenue.

$266,172.15
1,480.15

Enforcement
of n a v i g a t i o n CompUation.
of s t a t i s t i c s
laws.

Total

1,418.30

:

267,652.30

Cost
to
collect
$1.

$3,48L11

$6,796.10
5.50

188
1
1

$0,043
.087

12,050.08

3,481.11

6,801.60

190

.043

165.00

6

.173

944. 28
6.46
50.50

8
5
6
4

.033
.0098
.105
..036

1,001.24

23

.024

5

L787
.387
.625
.626
1.012
2.165
-. 974
.066
.039
.237
.057
L214
.503
.819
.106
.511

'

htf

10,747.70

•

Connecticut ( N o . 6 ) :
Bridgeport
Hartford
New H a v e n . .
New London

13,905.67
6,426.69
6,532.89
3,770. 25

1,593.71
1,500.00
1,152.86
1,095.00

900.00

46.32
53.78

745.26
23.40
516. 28
86.20

532. 38

1,371.14

30,635.50

5,34L57

900.00

$432.28

Total

.
,

:

-

Total
D u l u t h a n d S u p e r i o r ( N o . 36):
D u l u t h a n d Superior
Ashland
„

208.00

10,575.04
1,278.90
1,277.50
1,277.50
1,277.50
1,278. 40
1,050.001,330.90
1,259. 60
5,95L70
4,526. 73
1,277.50"
1,277.50
1,263.50
1,317.50
1,437.50

.

'

...:
'.




Average
n u m b e r of
persons
employed.

600.00

$11,678.08
372.00

Colorado ( N o . 47): .
Denver

D a k o t a ( N o . 34):
Pembina
Ambrose
Antler
Crosby
Hannah. .
Hansboro
Mowbray.. .
Neche
Northgate
Noyes
Portal
Sarles
Sherwood
Souris
St. J o h n
WalhaUa

All o t h e r
commerce
receipts.

Services
bf persons
reimbursable.

132.00
40.00
832.00
832.00

140. 00
20.00
2.204.00

37,657. 27
837.20

21,852.50

2,825. 47
870.96

1,277.50

28
5,620.60
15.00

28
2 '

.184
.031
86.148

o
tdhJ.
O
Hi

Nfej:
1^;
Ct.
fejUl

Bayfield
Baudette
Indus
International Falls
P i a e Creek
Ranier
Two Harbors
Warroad
Washburn

3,548.75
182.96
3,602.96
182.50
4,131.47

:

..

22.58
$632.00
328.00

Total

-

960.00

38,169. 82

5,562.72

28,487.11
6,965.45
3,552.70

100.00

248.00

2.317
3.171
. 3.152
16.236
.338
48.129
4.080
5.960
.053

1,277.50

'

50

1,800.00
100.00
100.00

39,005.26

5,883.60
1,698.71
506.50
606.25

28
4
2

2,000.00

2,811.46

34

.713

'

.729
.758
.548

2,244.00

64,208.63
7,292.34

1,400.00

5,819.38
267.00

43
5

.814
2.041

2,244.00

Total.....

71,500.97

1,400.00

6,086.38

48

.866

7.183.54
1 583.94
1.385.94
1,425.09
579.86
912.32
- 4,366.50
8,020.64
792.50
7,291.41
1,368.84
354 26
565.69

725.00
25.00
25.00
25.00'
25.00
50.00
, 250.00
475.00
50.00
250.00
25.00,
50.00
25.00

22,75L68

39
1
1
1
1
1
3
16
1
5
1
1
1

.025
9.197
1.033

8,856.00
.
76.00
212.00
8,836.00
12,124.00
20.00

.
:

6,064.58
92.94
1,265.10
- 780.78
2,951.50
1,840.28
113.02
7,773.34
822.30

.

5,100.81
57.99
99.342.00
.20
192.59
890.81
5,105.04
675.66
1,434.34
291.60
40.20

43,675.07

870.37
2,803.95
15,922.58
.929.18
1,182.84
1,037. 80

..

1,800.00
32." 50'

L663
.291
.037
.129
.613
1.228
.240

30,124.00

.

..

13,890.58

66,421.79

35,830.53

2,000.00

24,584.18

72

Ul
fej

o
Pi

45,205.04

4,349.65

9,600.00

666.45
6.95

319.82

228.32

37,456 48
3.o41 00
2,9''3.45
2 893 00
1,090.25

20,900.00

•81.27

40
2
2
2
1
1

4,659 24

47, '754.18

21,200.00

9,600.00

673.40

48

.074

o
fej
H

W

fej

fej

td

.069
.091
.341
.086
1.864

45,605.62

td
Kj

.037

80.76

..

21,703.84

252.00

T o t a l '.




837.40

:26'

1
3
1
3
1
3
2
5
1

fej

E l P a s o ( N o . 24): '
E l Paso
Columbus

Total

745.04
274.50
137.50

100.00

22.58 •"

Total

G a l v e s t o n ( N o . 22):
Galveston
Dallas. ..
Houston.
San, A n t o n i o
Freeport
Port Lavaca

274.50

4,668.68

:

E a g l e P a s s ( N o . 25):
Eagle Pass
Del Rio
Presidio

F l o r i d a ( N o . 18):
Tampa
Apalachicola
Boca Grande
Carrabelle
Cedar Keys
Fernandina
JacksonvUle .
Key West
Miami
Pensacola
St. Andrews
St. Augustine
T a r p o n Springs

137.50
297.25

.

.-

300.00
252.00

CO
CO
CO

TABLE "^ .-^Staternent of business ofthe customs districts and ports for the fiscal year ended June 30, 1917—Continued.
C o m m e r c e a n d labor receipts.
Districts a n d p o r t s .
Head tax.

Georgia ( N o . 17):
Savannah..:
Atlanta
Brunswick
Darien




28

.584

62
1
1
1
1

.078
.062
2.158
.949

3,800.00

66

.078

177.77

6
2

.251
008

177.77

8

039

>

fej
Ul

96.00

18,755.18

1,913.87

13,539.13

3,766.67

3,000.00

3,072.00

26,196.00

77,744.96
2,425.14

5,123.84
.1,529.17
300.00
300.00
300.00

•3,800.00

135.60
297.18

12,829.05
24.50
3.37
19.02

26,628.78

12,875.94

80,170.10

7,553.01

276.30

10,722. 29
1,896.03

422.21

276.30

12,618.32

422.21

3,072.00
,
.,,...,

Cost
to
collect
$1.

125.67

$8,965.62
4,292.68
241.08
39.75

$1,800.00

403.04
47.19

-

Average
n u m b e r of
persons
employed.

242
1
1

$1,463.64

3,381.62
157.84

$3,000.00

^

1,688.42
278.25

$0.650
457
.485
1.550

o
pi
H
O
5^
H
fej
fej .
H-l

o

'.

1,000.00
250.00
55.00

500.00

3
1
1

495
.205
497

6,485.87

. 1,305.00

500.00

5

405

11,103.31

600.00
360.00

600.00

360.00

7
2

135

1,48L20

'.

4,528.20
1,066.47
891.20

1,48L20

'

531.60
1,005.59
1,537.19

i

11.103.31

960.00

600.00

360.00

9

.139

30,559.56
25,786.30
^ 7,229.31

1,200.00

12.00

1.5.00

25
19
5

321
3 813
5. 782

:

Total
L a r e d o ( N o . 23):
Laredo
Bro^vnsville
Hidalgo

Services
of persons
reimbursable.

$125.67

$15,215.72

Total

Total

Collecting , E n f o r c e m e n t Compilation
of n a v i g a t i o n
revenue.
of statistics.
laws.

8.00

.:

I n d i a n a ( N o . 40):
Indianapolis
Fvani^ville

K e n t u c k y ( N o . 42):
Louisville
.
Paducah

All o t h e r
commerce
receipts.

...

T o t a l . - -.'.

I o w a ( N o . 44):
D e s Moines
Dubuque
Sioux City

Expenses.

$88.00
.

Total.
H a w a u ( N o . 32):
Honolulu
HUo
Kahidui
Koloa.
Mahukona

Tonnage tax.

CO
CO •

26,428.00
208.00 1
32.00

P o r t Aransas
R i o G r a n d e City

'..

277.16

Total
Maine a n d N e w H a m p s h i r e ( N o . 1):
Portland
Houlton
F o r t Fairfield
Mars HiU
Van Buren
•Madawaska
Monticello
Machias
Lubec
Boothbay
Bath....
Limestone
Fort Kent
Bridgewater
Eastport
'.
Calais
B a n g o r . •.
Ellsworth
Rockland
Vancpboro
' Holeb
Belfast
FrenchvUle
Castine
Vinaihaven
Southwest Harbor
P o r t s m o u t h '.
Cutler
. . .
J onesport
Moose R i v e r
Stonington
M o u n t Desert F e r r y
Robbinston
Total
M a r y l a n d ( N o . 13):
Baltimore..,.
Washington
Annapolis .
Crisfield
Alexandria...'.
Total




585.66

120.00
26,788.00

277.16

600.66

80.00

20,020.24

3,746.73

1
5

1 704
4.510

1,200.00

52.00

55

673

3,817.00
12.50

35
4
3
1
2
1
1
1
1
1
3
1
1
1
7
10
2
1
2
8
4
1
1
1
1
1
2
1
1

455.45
523.47
496.60

6,400.00
100.00
80.00
26.00
75.00
20.00
20.00
20.00
20.00
20.00
60.00
20.00
20.00
20.00
250.00
97.91
100.00
10.00
27.00
384.00
• 92.46
60.00
15.90
7L00
•20.00
54.00
200.00
10.54
20.00
20.00
3L00
20.00
20.00

1; 233.00

71,488.32

1,233.00
10,500.00

56. 42
137.16
113. 22
176.82

119.38
300.16
239.72
274.51

890.50
65.32
110.68

1,094.77
68.71
4L50
2.40
340. 26

45.94

2L21

35.98
3.38
127.46
4.84
9.72
17.88

9L84
17.18
220.29
54.74
36.03
118.81

7.10
2.44

3.00
15. 71
10.80

28,050.79
5,172.94
3,892.66
1,360.20
2,738.01
1,565.40
1,322.85
439.15
419.18
516.20
1,459.07
1,396.70
1,574.08
1,306.01
- 6,563.48
9,181.73
3,000.08
90.00'
. 835.58
9,697.09
4,74L05
300.00
755.46
427. 78
158.72
370.67
935.50
170.00
346.00
1,561.61
303.64
261.74
. . 610.00

80.00

21,825.10

6,817. 75

91,5&3.37

25,370.90

1,176.00

124,282.90

11,555.53
63.50

232,837.26
12,708.11
30.00
168.09
30.72

1,176.00

124,282.90

11,619.03

245,774.18

_

„

•.
.

'

,

40.00

606.15
7,307.00

058.80
628.77
773.80
2,192.30

1,675.00
1,152.00
90.00
184.71
1,462.59
33.00
797.14

'

641.67
420.03
748.19
934.86
589.32
413.20

,3.00

.

. 4.80

1

.483
1.024
.910
.497
.253
1.392
1.399
6.348
2.106
3.71
.961
.463 .
.416
.869
.195
3.071
.34
3.573
4.994
.067
.611
17.232
.485
5.583
29.009
3.343
2.538
16.428
5.368
.254
260.755
14.198
9.672

28.35

1
1
1

8,404.81

3,865.65

103

5,180.00

4,816.81

172
9
1
2
1

5,180.00

4,816.81

185

pi
Kl

o
fej

H

tn
fej

.1398
.145

11,501.99

fej

.352

9,042.76
400.00
270.00
1,512.80
276.43

o
w

.141

Kl

CO
CO

TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1917—Continued.
Expenses.

C o m m e r c e a n d labor r e c e i p t s .
Districts and ports.
Head tax.

Tonnage tax.

•

Massachusetts ( N o . 4):
Boston . .
Worcester
Springfield
Salem
N e w Bedford
Plymouth.
Fall River
G loucester
V i n e y a r d H a v e n . '.
Barnstable
Provincetown.




Collecting
revenue.

Enforcement
of n a v i g a t i o n C o m p i l a t i o n
of s t a t i s t i c s .
laws.

148.81
300.25
59.73
4L03
903.30
132.20
14.37
33.32

$814,611.13
5,271. 23
. 7,065.90
1,495.69
1,515.75
618.00
1,645.40
5,392.43
272.32
61. 94
1,100.00

$17,901.69

9.72
70,747.28

11,039.24

839,049.79

28,225.74

14,700.00

r51.26

$47,764.00
:
. .

1,534.50
23.70

95,189.79
38,237.70
614.73

11,253.65
4,316.70
614.73
1,125.00
566.10
585.30
597.50

4,477.40
2,049.73

$89,615.36

$9,406.23

. . : .

-.
3,824.00
8.00

Total
Michigan ( N o . 38):
Detroit
Port Huron
Saginaw
Alpena
Bay City
M a r i n e City
St. C l a i r . . . . I
Grand Rapids
Grand Haven
Charlevoix
Ludington!
Manistee
Manistique
Muskegon
S t . Joseph
S a u l t Ste. Marie
C h e b o y g a n '.
M a c k i n a c '.
Detour
Escanaba
Gladstone
Houghton
Marquette
Algonac

All o t h e r
commerce
receipts.

51,596.00

34.82
122.04
160.42
10.20
614.04
180.68

10.42

566.10
586.00
1,484.50
3,704.74
59.55

-.
•

5.00
.

:

14.76

54.75

50.00

13,101.77
222.00
48.00

.
1.00

131.15
212.40

$14,700.00

Services
of p e r s o n s
reimbursable.

$15,980.09

Cost
to
collect
$1.

606
3
6
4
2
1
2
6
1
1
1

$0.1003
.297
..046
11.428
.505
5.453
.102
2.722
2.254
6.457
18.952

16,280.09

633

.102

7,286.41
3,332.00

77
40

.058
.267
.278

300.00
3,220.00
1,405.70
600.00
1,163.66
2,920.80
818.76
195.13

1,128.12
244.00
63.00
438.00
122.00
1,107.75
122. 00
6,046.97
222.00
183.75
432.00
. 448.00
. 1.00
220.00
1,211.85
212.60

Average.
n u m b e r of
persons
employed.

1.85
15.123
3.744
.051
11.945
5

887.00
21.78
68.74

116.80
77.242
1,007.82

144.00

20

6 857
224.000

8.00
1.00
1.00

.826
1.387

2
1

42.432
5.312

Roberts Landing
Lake Linden
MuTiising . - , ,
Frankfort
Marysville
..
Calcite
Rockport
Ontonagon

^

1

.

300.00

.

•

..
166.02
. . .

,• _ .
_

1,624.62

,,..

MobUe ( N o . 19):
Mobile
Birmingham
Gulfport.
Pascagoula
BUoxi

'

^ \
1.00
1.00

154,513.18

32,254.69.

7,534.95

11,751.93

171

.089

750.00

1,600.00

2,557.50

24

.047

1,085.00

78.00

10
1
2
1
1

. 087
.385
.526
1.002
6 729

i

.78.00

15

.117

pi

3.938
7.147
2.983
•19 844
.577
1.670
' 1.228
.181
.114
.333
.223
.387

O

700.00
607.50

5
2
3
1
2
1
1
2
1
1
1
1
1
1

td

424.00

10,781.72

3,467.06

04,430.98
821.04

797.44
525.07
175.00

9,890.'^
1,211.^
1,212.45
,
376.08
102.81

4,945.35

56.00
124.00
604.00

Total...

52.447

34,510.63

Total
M i n n e s o t a ( N o . 35):
St. P a u l <^ MiTine?ipnli.«!.

300.00
244.00
40.00
300.00
106.67
1.00
1.00

16,033.74

4,964.57

12,793.57

8,771.91

1,621.25
1,116.07
1,089.24
1,085.00

o
K!

M o n t a n a a n d I d a h o ( N o . 33):
Great Falls
Gateway
Eastport
PorthUl
, S w e e t Grass
Peskan ..
...,'.
Havre
Scobey
Whitetail.
Dooley
Westby
Malta
Banff
Black E a g l e . . .
.

10,142.39
3,080.10
4,444.70
1,532.00
3,022.61
1,571.00
1,277.50
2,874.45
1,647.80
1,490.95
1,372.30
1,285.30
707.05
607.50
35,055.65

"...:
.

;
•
"

.

Total
N e w Orleans ( N o . 20):
N e w Orleans
Morgan C i t y a n d Calcasieu P a s s
Vicksburg.
Baton Rouge.
Total
N e w Y o r k ( N o . 10):
NewYork
Albany
•. .
Newark




900.00

900.00

1,307.50

23

.639

8,205.00
144.30

2,294.00

216
2
1
1

.034
8.863
300.000
.080
.034

•

294,419.82
216.45

3,443.68

14,412.63
162.80
1.00
312.49

75.00

8,139.86
1,082.25
300.00
225.00

75,083.90

14,888.92

294,711.27

9,747.11

8,349.30

2,294.00

220

494,500.52

51,548.00
2.00
460.96

4,020,134.05
10,594.25
9,904.18 1

55,173.89

103,191.41

104,175.69

2,938

3,i36.66

8

10,784.00

71,640.22

10,784.00
597,164.00

570.56

720.66

.0268
.070
.014

fej

H

W

fej

H

CO
CO

CO
CO

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June SO, 1917—Continued.

00
Expenses.

Commerce and labor receipts.
Districts and ports.
Head tax.
New York (No. 10)—Continued.
Perth A m b o y . . .
.
...
Patchogue.'.
Greenport

..

- $2,042.68

. .

North Carohna (No. 15):
Wilmington
, ..
Winston-Salem.
Beaufort
:
Elizabeth City
WasbiufrtoTi '
New Bern
Manteo
. .

,

.
.

Total
Omaha (No. 46):
Omaha
.
Lincoln
Total.....




497,113.76

40.00

_. .
.

.

$895.23

$7,123.90

2,138.34

Enforcement
of navigation CompUation
of statistics.
laws.
$1,080.00
449.85
444.00

Services
of persons
reimbursable.

Average
number of
persons
employed.

$1,460.00

6
1
1

Cost
to
collect
$1.

$0.228

52,906.19 4,047,756.38

57,867.74

$103,191.41

108,771.69

2,961

4,634.13
2,760.88'

1,930.89
380.15
272.16
216.00
302.40
216.00

1,158.53
451.21
42.24
30.24
24.00
33.60
24.00

42.31
287.32

4
3
1
1
1
1
,1

.670
.002

1,315.33

'

...

.

.0269

.

.
•.

. .

•.
'

.

1,315.33

7,395.01

3,317.60

1,763.82

329.63

12

.007

473.28

528.10
56.00

5,138.50
287.51

1,550.01

171.51
33.39

15.50
153.70
1.80

44,498.97
22,084.01
2,830.26
2,511.64
2,808.62
1,272.31
1,546.23

9.50

33
14
2
2
3
2
6

.096
.060
.048
.029
.048 .
.799
.264

64.40
938.04

. .

2,138.34

294.30
o 1,322.54
67.10

40.00

Total.

-

Collectmg
. revenue.

.
$597,164.00

Total.

Ohio (No. 41):
Cleveland.
Cincinnati
Columbus .
Dayton,
Toledo
Erie . . .
Sandusky
Corry..
.
Conneaut
Ashtabula
Fairport
Lorain
Put-in-Bay .

Tonnage tax.

All other
commerce
receipts.

410.72

1.90
13.10
.10
4.10

. 140.00
140.00
408.00

890.08
883.08
500.00
281.33
245.00

7.83
6.33
2.25
6.33

2
2
2
2
1

6 899
.523
13 737
.635
93.511

3,570.38

774.30

78,240.04

11,903.02

1,550.01

237.14

70

.080

8,787.27
1,472.00

400.00

120.00

4
1

177
.274

10,259.27

400.00

120.00

5

.187

•

83i.66

1,279.30
1,567.22

Oregon ( N o : 29):
Portland..
Astoria
Marshfield.
Newport

1,500.00

103.25

34

.337

8,65L44

15,252.50

357
3
3
1
2
1
3
1

.031
.250
.430
.285
6.358
2.098
9.103

15,263.72

371

.032

3,246.52

18

.043

32
11
5
1
1
1
1
1
3

.209
.132
.196
.203
.576
.218
.040^
.173
.444

)

56

.176

948.00
52,00

160.33

17
2

.087
.428

1,360.00

1,000.00

160.33

19

.093

2,686.56

1,338.50

17
3
3
3
1
1

.111
.112
. 452
5.059
3.386
4.101

28

.147

45,216.38

10,487,93

96,492.76
2,198.20
6,230.06
3,078.92

10,796.32
731.26
558.10
208.19
60.20
385.00
120.00

456,896.15
3,827.15
3,842.80

16,408.41
675.37
678.14
935.78
382.80
807.76
1,092.40
,
300.00

12,859.07

464,566.10

21,280.66

8,65L44

66.20

29,346.91

960.00

240.00

4,448.23
444.28
461.18
7.27
35.85
39.05
1,360.37
129.10
231.33

58,238.35
12,108.56
5,079.49
999.32
1,038.00
1,052.40
2,349.74
761.60
1,989.87

3,000.00
1,300.00
800.00
150.00
150.00
150.00
350.00
150.00
1,000.00

1,450.00

312.00

11,364.44
1,141.02
- 366.44
41.66
11.04
14.44
288.80
38.58
18.14

1,024.00

13,284.56

7,156.66

83,617.33

7,050.00

1,450.00

23,140.00

1,123.54
14.86

1,689.22
33.24

25,685.20.
2,065.00

930.00
430.00

23,140.00

1,138.40

1,722.46

27,750.20

522.18

158.50

20,357.80
5,606.05
5,065.40
2,549.69

i

1,408.00

107,999.94

'
632.00
24.00
40.00

.

•16.00

-

R h o d e I s l a n d ( N o . 5):
Providence
• Newport
Total




.308
1.406
4.573

1,408.00

Total

Total.

29
3
1
.1

1,479.70

P i t t s b u r g h ( N o . 12)

R o c h e s t e r ( N o . 8):
Rochester
Utica .
.
Syracuse
Oswego .
Sodus Point
Fair Haven

103.25

1,500.00

6,900.00
2,560.73
510.00
517.20^

1,405.00

'

Total

P o r t o R i c o ( N o . 49):
San J u a n
Ponce
Mayaguez
Arecibo
Aguadilla
Arroyo
Guanica
H u m a c a o '.
Fajardo

42,655.71
2,560.67

1,405.00

52.00

Total
P h i l a d e l p h i a ( N o . 11):
Philadelphia
Wilmington
.
Chester
Lewes
Tuckerton
Atlantic City
Bi%'B,lve
Seaford

859.70 V
508.50
111.50

32.00
20.00

,

'

'

11.22

Ul
fej

o

td
fej
td

...
739.70
261.80
226.76

12.90
4.60
4.00

1,750.44

180.00

33,578.94

•

'

6.00

2,094.88
937.95
959.03
6,678.42

115.19

1,338.50

121.19

o
fej

•H'

W

fej
H

CO
CO
CD

TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1917—Continued.

CO

o
Expenses.

Commerce and labor receipts.
Districts and ports.
Head tax.

Sabine (No. 21):
Port Arthur
Sabine
Orange
Beaumont

Collecting
revenue.

Enforcement Compilation
of navigation of statistics.
laws.

Services
. of persons
reimbursable.

Average
number of
persons
employed.

Cost
to
collect
$1.

.

'

"




$9.00

5
1
1
1

$0.217
.102
2.715
.255

51,320.12

3,943.53

3,862.00

7,17L22

780.32

9.00

8

.213

hd

45,928.54
165.86
. 3,995.78

9,607.74'
77.02
261.63

429,783.73

33,775.85
1,450.40
1,532.00

8,550.00

13,131.54

336
1
1

.093
5.587
.357

o

50,090.18

9,946.39

429,783.73

36,758.25

8,550.00

13,13L54

338

.093

,10,386.62
309.76

3,376.66 '
1,743.73

48,520.66
7,608.85
9,112.49
10,898.14
2,555.15
1,223.78

1,800.00
467.31

1,754.00
87.48
195.75
200.00
. 2i.00
84.00

401.93
46.08
305.20

31
5
5
6
2
1

.133
.214
6.330
8 656
14.367
6.516

767.71

50

.196

8
2
1

3 368

14.50

372.00

10,696.38

5,120.39

79,919.06

^2,267.31

2,342.23

36.00

7,212.38

1,133.91
5.60
79.37

7,240.10

4,223.39
916.38
300.00

603.35

9.68
7,222.06

1,218.88

7,240.10

5,439.77

603.35

11

.807

1,498.72
1,808.84

2,824.32
327.30

26,344.22
13,412.28
13,379.64
3,141.33
585.60
419.00
639.70

1,160.00
752.00

3,300.00
2,202.00
1,200.00
390.00
15.00
10.00
65.00

20
12
11
3
1
1
1

1 186
.093
.136
.517
399
1.286
.305

.

Total
St. Lawrence (No. 7):
Ogdp.nsbnrg-..
Rouses Point
Malone
'
Fort Covington
Plattsburg.
Champlain
Chateaugay...!

$592.32
82.00
53.00
53.00

96.00
16.00
24.00

r

South Carolina (No. 16): .
Charleston
•. .
Beaufort
Georgetown

$4,566.92
868.95
918.85
816.50

34,896.00

:

$3,130.05
330.65
' 165.30
236.00

236.00

Total
Southern California (No. 27):
Los Angeles
San Diego '.
Calexico
'.
Tia J u a n a . . .
.
Campo:
Andrade

$2,568.69.
749.29
220.97
404.58

.28.00

San Francisco (No. 28):
San Francisco
Eureka.
."I
Port San Luis

$35,480.98
11,842.04
176.20
3,820.90

34,868.00

...

$60.00
8.00
8.00
76.00

.•

Total

Total

Tonnage tax.

All other
commerce
receipts.

36.00
-

.

.737

o
w
H
H
fej

a

fej
Ul

Mooers
Cape V i n c e n t
Alexandria Bay
Clayton
Nyando
Morristown
W^add i n g t o n
Hogansburg
Trout River.
Massena
LouisvUle
Lisbon
C a n n o n s OomeT's
Thousand Island Park

1.46

377.18
.
"
,
. .

.

....
....
3,686.20
159.50

.

.

<
>

c

105.00
30.00
95.00
. 55.00

2
3
1
1
3
2
1
1
1

.1
1
1
.1
69

60.00

3,275.62

72,796.69

1,56L68
'
20.20
.20

58,599.34
37,946.83
2,583.68

2,413.05
307.64

8,502.00

3,152.00

'.

16,946.57

70

.102

3
1
1
1

.376
.339
.416
.688

518.75

6
3

.391

3,000.00
20.00
462.00
20.00
40.00
20.00
6.00
20.00
480.00
6.00
186.00
1,800.00
70.00
70.00
1,100.00

19
1
6
3
2
1
1
1
9
1
1
11
2

.283
5.561
.327
8.224
1.798
1L398
5.348
3.658
.111
95.25 .
L347
.214
L618
L037
.729

5,763.43
1,136.15
940.33
1,093.92

678.05
133.66
110.62

339.02
66.83
55.32
57.58

922.33

4,157.31

8.00

fej
o
tdfej

.395

1,400.00

8,933,83

^

.087
.188
.028

2,773.61

1,293.50

Ul

42
25
2
1

857.80
290.00
145.70

.

.223

2,740.38
14,203.69
2.50

1,400.00

•

-.

.

.669
.377
3.338
.484
.081
2.920
.812
1.087
.633
.999
13.508
1.974
1.114
12.643

218.81

.

99,129.85

• o
. .

Total.-...




'

376.66

75.00
440.00
80.00
84.00
450.00
100.00
30:00
51.00
5.00
5.00

175.00
195.00
155.00

1,582.08

159.50

U t a h a n d N e v a d a ( N o . 48):
Salt L a k e City
V e r m o n t ( N o . 2):
St. Albans
Canaan
Alburg
East Alburg
Swanton
Highgate
Frank'ltQ
West Berkshire
' Richford
E a s t Richford
Burlington
Newport
North Troy
Derby Line
Island Pond

1,128.84
3,223.17
1,410.78
1,199.90
2,683.43
1,848.82
583.58
727.30
640.70
270.80
539.75
275.65
126.20
216.00

52.92

Total
T e n n e s s e e ( N o . 43):
Memphis
NashvUle
Chattanooga
KnoxviUe

9.00

. . .

Total
S t . L o u i s ( N o . 45):
St. Louis
Kansas nity
St. Joseph.:
Cairo...."

40.20
49.80
25.00

'

•

td
Ki
o
fei

fei

Ul
Pi

190.00

1
:

*
*
,

,

,
.
,
. . . . ' . .
•

133.10
.90

1.00

29,365.87
91L00
8,588.99
3,925.98
2,239.10
888.55
403.74
825.30
11,722.16
375.00
1,049.36
13,089.25
2,491.65
2,635.83
16,078.73

124.16

276.11

2,564.00

0

CO

TABLE N.—Statement of business ofthe customs districts and ports for the fiscal year ended June SO, 1917—Continued.
Expenses.

Commerce a n d labor receipts.
Districts a n d ports.
Head tax.

V e r m o n t (No. 2)—Contiaued.
Beecher F a l l s
Depot H a r b o r . :
Montreal
Quebec

.

•
$134.00

V u - g i n i a ( N o . 14):
Norfolk a n d N e w p o r t N e w s
Richmond
Petersburg
C a p e Charles
ReedvUle
Chincoteague

$4,900.00

176,958.98

CompUation
of s t a t i s t i c s .

Services
Average
" of p e r s o n s
n u m b e r of
reimburs- ,
persons
able.
employed.

$376.00

Cost
to
collect
$1.

3
1
7
2

$1 381

$1,460.. 00
1,642.50
5,666.50

85

.347

34
10
6
1
1
1

.138
.014
.085

$191.00

115,538.65

$400.27

7,676. 00

21,940.79
10.40

33,390.53
11,5.33.42
5,786. 60

13,840.00
400.00
200. 00
594.90
472. 50
180.00

2,400. 00

50,710.55

15,687.40

2,400. 00

5,447. 60

53

. 054

6,200.00
1,000.00
300. 00
200.00
200. 00
1,000.00
300. 00
200. 00

2,608.80
116. 45

89
25
2
1
2
6
2
2
1
3

.075
.051
.379
.507
.804
.114
.334
1.838
1.713
.202
.558
174
.982
.719
1.876
3 707
.239
2 511
2.869
L198

..

. ..
?.

Total




Collecting
revenue.

Enforcement
ofnavigation
laws.'

$3,449.84
1,460.00
12,046.30
3,992.00

.

Total

W a s h i n g t o n ( N o . 30):
Seattle
Tacoma
Port Townsend
Everett
' Belliagham
Blaine
P o r t Angeles
Northport
RocheHarbor
Aberdeen...
Anacortes
Sumas
DanvUle .
Friday Harbor
South Bend
OroviUe
Spokane,
Molson
Chopaka
Laurier.

Tonnage tax.

All o t h e r
commerce
receipts.

CO

4,900.00

176,958.98

21,95L19

16,284. 00
11,028.00
120.00

32,970.78
6,265.26
1,581. 34
165. 54
638.94
201.98
3,416.76

16,087.66
2,34L37
4,786. 32
544. 86
1,219.11
1,191. 03
4,237.38

26. 98
• 448. 24
641. 94

144. 67
4,95L88
992. 82

66.56
106. 82

1,087.96
89. 91

2,760. 00
2,687.50

hd

o
%
o-

S
fei'
fei'
I—t.

:

44.00
. . .
.

. .

76.00
. . ..i

.
.
. .
. . .

103,109. 42
20,100. 00
7,400.00
26,350.94
1,500.00
771.45
1,000.00
542. 65
1,100. 00
1,617. 85
2,400. 00
5,325.11
1,200.00
1,390.10
2,645.45
60.00 '"""•"246." 66*
671. 05
1,700. 00
684. 50
800.00
4,914.96
1,225.55
529.00
600. 00
169.25
200. 00
1,136. 90
3,532. 75
1,337.20
1,078.50
955.10

1,000.00
300.00
200.00
200. 00
200. 00'
600.00

275. 45

>
"A
a
fej
Ul

Ferry
Kalama
Vancouver
Prince Rupert.

1,465.65

4.50
.

Total
Wisconsin (No. 37):
MUwaukee
Green Bay
Marinette
Racine.
-. La Crosse... . . . .
Sheboygan
Manitowoc
Sturgeon Bav
Kenosha
".
Kewaunee.
Oshkosh
Mineral Point

1
1
4
1

3.905
5.555

37,679. 47

46, .531.14

...

166,795. 88

38,265.00

12,100.00

10,283. 20

154

.084

617.00

27,552.00

23,172.67

2,916.25
287. 50
300.00
300.00
300.00
300.00
300. 00
300 00
250. 00
249.31
250. 00

1,045.50

9L30

26

.089

....
.'
„ ..... .

i
O

127. 00

•

617.00

23,299.67

5,753. 06

1,045.50

9L30

37

257,492.73

8,519,112.03

477,575.90

257,292.70

. 293,292.87

819,635.50

1,386,940.56

•

.098

6,622

Total
Grand total

6,005.00
1,277.50

200.00

25.00

6,005.00
1,277.50

o
fej.

;

SUMMARY.

. .

' Duties and toimage covered into the Treasury by warrants during the fiscal year 1917
(The above amoimt represents the official *' Customs R eceipts " for 1917.)
Aggregate receipts from all sources, as reported by coUectors duriag the fiscal year 1917

'

$225,962,393:38
.

:

fej

(The above amotint includes all collections made for the Departments of Commerce and Labor, estimated duties, duties and fines on maU importations, increased
and additional duties, fines, penalties, and forfeitures, sale of blanks, and sundry miscellaneous receipts.)
Expenses reported by collectors, as above
'.
Add salaries and expenses of Board of United States General Appraisers
Add payments for detection and prevention of frauds, fiscal year 1917
Add salaries and expenses special agents force, fiscal year 1917
'
'...
Add payments for transportation, traveling, and miscellaneous expenses, fiscal year 1917
Add $35,000, transferred from customs appropriation for printing and.stationery for the Customs Service, fiscal year 1917
Total expenses of the Customs Service, fiscal year 1917
.Deduct expense enforcement of navigation laws. Department of Commerce
Deductexpense compUation of statistics. Department of Commerce

:

:

Net cost of collectiag ciistoms revenue, fiscal year 1917
Cost to collect $1 (based on aggregate receipts and aggregate expenses)
Total number of employees, including special agents and customs agents forces
NOTE.—Porto Rico figures not includied in totals, except those relating to values of imports and exports.




fei.

228,147,659.38

>
.

9,253,980,63
161,276.25
162,744. 58
138,222.15
23,657.96
35,000.00

Kl

9,774,88L57

$477,575.90
257,292.70

734,868. 60

• -,
.•

Pi

-

9,040,012.97
• 0428
6,727
CO
CO

Ui

IREPORT OH THE FINANCES.

TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
receipts, and expenses for thefiscal year ended June SO, 1917.
Districts and ports.
Alaska (No. 31):
Juneau
Cordova
E agle
Forty Mile
Ketchikan
Nome
St.Michael
Skagway.
Sulzer
Unalaska
Wrangell

Entries.

Receipts.

Expenses.

7
200

$2,498.41
115.58
2,195.52
416.50
8,702.31
932.59
2.50
1,716.04
89.39
78.99
2,338.13

$13,592.11
420.00
2,683.02
3,163 65
5,129.74
2,156.88
2,150.00
4,522.73
301.00
2,109.00
1,970.62

Total '.

1,707

19,085.96

38,198.75

Arizona (No. 26):
Nogales
Douglas
. .
Naco
Yuma .
Lochiel
Buenos Aires
Ajo
Indian Oasis

2,794
1,720
732
. 5
92
12
13
115

29,906.25
4,867. 52
1,253.57
3.00
95.22
125.15
4L48
47.62

23,983.85
8,194.96
6,231.26
1,615.32
1,622.58
1,730.61
1,910.67
1,777.26

5,483

36,339. 81

47,066.51

20,047
13,128
22,289
32
120
457
144

1,702,438.26
203,792.86
208,488.71
1,402. 78
948.38
449.44
126.76

5

138.73

65,958.22
25,860.16
51,652.15
300.00
4,466.37
4,394.74
1, Oil. 60
.75
50.00
5,244.05

56,222

2,117,785.92

158,938.04

34,138
142

6,501,387.34
17,005.34

281,331.34
1,480.15
372.00

34,280

6,518,392.68

283,183.49

1,289

65,543.49

11,347.70

495
790
330
46

499,175.50
812,098.75
73,432.34
. 133,704.74

16,399.38
7,926.69
- 7,685.75
4,865.25

1,661

1,518,41L33

36, 877.07

641
132
129
24
67
135
21
792,
159
6,190
5,402
33
64
85
264
65

6,032.20
3,303.36
2,043.10
2,041.73
1,262.16
590.25
1,077.65
22,154.34
33,656.42
28,641.87
94,035.58
1,05L95
2,539.80
1:542.34
13,709.06
2,854.87

10,783.04
. 1,278.90
1,277.50
1,277.50
1,277.50
1,278.40
1,050.00
1,462.90
1,299.60
6,783.70
5,358.73
1,277.50
1,277.50
1,263.50
.1,457.50
1,457.50

14,203

216,536.68

39,861.27

4,293
5

826,143.87
10.11

25,955.47
870.96

..

,.

:
:

'..

:....

'

.

.

.

. .

:
.

Total
Buffalo (No. 9):
Buffalo
North Buffalo . . . .
Niagara Falls
Dunkirk
Black Rock Ferry
Lewiston
North Tonawanda
T>a^-if^awfl.nna ,
Youngstown
Toronto...

....

•

...
.

...

Total
Chicago (No. 39):
Chicago
Peoria
Michigan City '
Total
Colorado (No. 47):
Denver
Connecticut (No. 6):
Bridgeport
.
Hartford
New Haven
New London
Total.............
Dakota (No. 34):
Pembiaa
Arnbrose
Antler
Crosby
Hannah
Hansboro ..
. . .'.
Mowbray
Neche....
Northgate
:
Noyes . ..
.. .
Portal../
Sarles
.
.
Sherwood
Souris
St. John
"...'...
Walhalla
Total
Duluth and Superior (No. 36):
Duluth and Superior
Ashland




. •.

•

:

99
33
171
32
941

. .
..

224

....

'.
-. i '.

:..:

.

-

345

SECRETAEY OP THE TREASUBY.

TABLE O.—Statement, by districts and ports, showing total entries of merchandise,
receipts, and expenses for thefiscal year ended June 30, 1917—Continued.
Receipts.

Entries.

Districts a n d ports.
D u l u t h a n d Superior ( N o . 36)—Contiaued.
Bayfield
Baudette
Indus.'.
. .
International Falls
i
P i n e Creek
. .
Ranier
Two Harbors
. .
Warroad
Washburn

Expenses.

$137.50
3,846.00
182.96
3,877.46
182.50
4,131.47
.745.04
4,943.18
137.50

...

13,630

842,583.-72

45,010.04

..

Total

181
2

$1,659.38
57.68
1,230:08
11.24
12,221.32
15r48
1,211.49
23.07

3,738
806
1,095

41,523.75
9,317.30
6,664.75

30,287.11
7,065.45
3,652.70

162
7
. 826
11
8,143

:

E a g l e P a s s ( N o . 25):
Eagle Pass
Del Rio
Presidio..
Total

5,639

57,505.80

41,005.26

E l P a s o ( N o . 24):
El Paso.
Columbus. J

2,724
133

80,620.15
3,57L22

65,608.03
7,292.34

Total

2,857

84,191.37

72,900.97

2,453

2
1,010
4j592
102
60
1
33

2,081,172.87
^ 174.94
1,364.71
2.03
.20
1, IOL 50
25,515.66
652,575.66
13,732.89
15,003.90
1,134.44
6,016.39

51,583.61
1,608.94
1,410.94
1,450.09
604.86
1,832.69
7,420.45
24,418.22
1,771.68
8,724.25
1,393.84
1,442.06
590.69

8,254

2,797,795.19

104,252.32

663
216
105
'164
30

977,826.58
36,842.09
8,722.49
33,6.78.61
584.73

67,956.48
3,341.00
2,973.45
2,893.00
1,090.25
300.00

1,178

1,057,654.50

78,554.18

134
516
5

21,174.12
9,393.80
3,977.52.
205.03

13,765.62
4,292.68
1,929.50
318.00

655

34,750.47

20) 305.80

9,479
172
1
6

1,105,157.90
63,471.73
138.97
316.20

86,668.80
3,954.31
300.00
300.00
300.00

9,658

1,169,084.80

91,523.11

454
25

43,401.44
294,019.98

10,900.06
2,318.24

479

337,421.42

13 218.30

163
94
66

12,173.37
6,413.77
1,903.77

6,028.20
1,316.47
946.20

323

20,490.91

8 290.87

F l o r i d a (No. 24):
Tampa
' Apalachicola
Boca Grande
Carrabelle
.Cedar Keys
Fernandiaa
Jacksonville..-.
Key West
Miami
Pensacola
St. Andrews
St. Augustine
T a r p o n Springs

:
1

•

".

. .
.'

Total
Galveston ( N o . 22):
Galveston
Dallas.
Houston
San Antonio
Freeport
Port Lavaca..

. .

Total.....
Georgia ( N o . 17):
Savannah
Atlanta
Brunswick.. 1
Darien.
Total
H a w a u (No. 32):
Honolulu..'
Hilo
Kahului
Koloa...
Mahukona.

:..;

. .
;

Total
I n d i a n a ( N o . 40):
IndianapoUs
Evansville

'
' .' . .

TotaL.
I o w a ( N o . 44):
Des Moines
Dubuque
Sioux City
Total

:

. . . . . . .




. .
.

346

KEPORT ON THE FINANCES.

TABLE 0 .—Statement, by districts and ports, showing total entries of merchandise,
receipts, and expenses for thefiscal year ended June 30, 1917—Continued.
Districts and ports.

Entries.

$91,370.90

$12,303.31
360.00

753

91,370.90

12,663.31

3,774
423
80
55
120

99,060.10
6,762.45
1,250.24
1,079.22
1,619.94

31,759.56
25,786.30
7,229.31
1,839.15
7,307.00

4,452

109,771.95

73,921.32

1,078
1,373
1,043
175
2,590
167
78

24
.67

93,019.92
5,147.12
4,364.00
2,785.89
11,107.82
1,138.24
959.86
176.11
506.95
353.07
3,86L14
3,062.18
3,833.77
1,594.91
43,542.15
3,396.07
• 9,382.90
79.67
465.59
150,143.85
7,910.49
67.15
1,592.06
204.24
20.64
350.78
815.68
46.86
145.15
6,231.67
3.03
56. 71
116.47

44,950.79
5,272.94
3,972.66
1,386.20
2,813.01
1,585.40
1,342.85
1,117.95
1,067.95
1,310.00
3,711.37
1,416.70
1,594.08
1,386.01
8,488.48
10,431.64
3,190.08
284.71
2,325.17
10,114.09
4,833.51
1,157.14
771.36
1,140.45
598. 75
1,172.86
2,070.36
769.86
779.20
1,581.61
790.09
805.21
1,126.60

35,800

356,482.14

125,359.08

'5,462
3,582

1,766,564.68
• 90,358.39

247,060.02
13,108.11
300.00
1,680.89
307.15

9,044

1,856,923.07

262,456.17

37,973
237
384
112
80
10
65
284
.3
9
4

8,440,341.92
17,752.71
152,579.90
412.63
5,787.46
223.35
27,553.13
3,053.21
484.01
39.81
58.04

847,212.82
5,271.23
7,065.90
4,715.69
2,92L45
1,218.00
2,809.06
8,313.23
1,09L08
257.07
1,100.00

39,161

8,648,286.17

881,975.53

44,676
13,306
179

1,920,829.01
160,823.02
4,428.98

110,920.84
44,604.13
1,229.46
1,125.00

Total
. .
•.

Total
Maine and New Hampsture (No. 1):
Portland
Houlton
Fort Fairfield
MarsHiU
Van Ruren. . Madawaska...
. .
Monticello
'
Machias....
Lubec
Boothbay
Bath
Limestone..
Fort Kent
Bridgewater
Eastport
Calais
Bangor.
Rockland
Vanceboro...
• Holeb...
Belfast
FrenchvUle
Castine.
Vinaihaven...
Southwest Harbor
Portsmouth
Cutler..
Jonesport....

.

56
7,550
600
2
226
13
4
26
86
1
8
412

:

..
.
.
.

.....

:

Total
'

323
3
46
193
479
137
2,164
3,455
13,421
,

. . . .

Stonington.,. •
Mount Desert Ferry
Robbinston

.
.
,.. .

.

Total... .
Massachusetts (No. 4):
Boston...
Worcester
Springfield....
Salem
New Bedford.
Plymouth....
Fall River .

. •
.

;

Vineyard Haven
Barnstable
Provincetown ':

.

.

Total




/ -

753

Laredo (No. 23):°
Laredo
...
BrownsvUle
Hidalgo
Port Aransas
Rio Grande City

Michigan (No. 38):
Detroit
Port H uron
Saginaw
Alpena

Expenses.

• -

Kentucky (No. 42):
Louisville
Paducah

Maryland (No. 13):
Baltimore
Washington.. .
Annapolis'..
Crisfield
Alftxandriar-.

Receipts.

.
'.

"

347

SECEETAli.Y OP THE TREASURY.

TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
receipts, and expenses for thefiscal year ended June SO, 1917—Continued. "
Districts and ports.
Michigan (No. 38)—Contiaued.
Bay City
Marine City
. St. Clair
Grand Rapids
Grand Haven
Charlevoix
Ludington
Manistee
-.
Manistique..:
Muskegon
St. Joseph
Sault Ste. Marie
Cheboygan
Mackinac
Detour
Escanaba
,
Gladstone
Houghton
Marquette
AlgOnac
,
Roberts Landing
Lake Linden
Munising
Frankfort
,
Marys\^le
,
Calcite
^...,
Rockport
"....
Ontonagon
,
Total.
Minnesota (No.. 35):
St. Paul and Minneapolis.
MobUe (No. 19):
Mobile.,
Birmingham..
(julfport
Pascagoula...
BUoxi
Total.
Montana and Idaho (No. 33):
Great Falls
Gateway
Eastport
PorthiU
Sweet Grass
Peskan...;..i
Havre
Scobey
WhitetaU
Dooley
Westby
Malta...
Banff
Black Eagle
Total.
New' Orleans (No. 20):
New Orleans
Morgan City and Calcasieu Pass.
Vicksburg..
Baton Rouge
Total.
New York (No. 10):
NewYork
Albany
Newark
Perth Amboy...
Patchogue
Greenport
Total.,




Entries.

, 58
161
141
237
2
6

Receipts.

$611.99
77.45
556.03
72,421.16
99.42
3.75
*i5."65'

4,973
65

24,396.58
320.00
70.00
2.00

3L65
80.00
11.44

Expenses.

$1,132. 20
1,171.30
2,082.00
3,704.74
1,187.67
• 244.00
63.00
438.00
122.00
1,162.50
122.00
20,156.56
444.00
183.75
480.00
448.00
1.00
220.00
1,343.00
425.00
600.00
244.00
40.00
300.00
106. 67
1.00
LOO

64,020

2,190,777.53

194,302.82

11,114

780,045.96

36,860.63

343
40
12
1
1

184,030.49
3,143.95
5,385.57
1,488.22
177.15

15,921.08
1,211.50
2;833.70
1,492.15
1,192.05

.397

194,225.38

22,650.48

1,410
396
1,798
14
731
23
48
709
272
317
296
145

2,803.90
43Q. 92
1,489.62
77.20
5,242.88
940.19
1,039.79
15,841.74
14,466.14
4,480.31
6,156.14
3,321.87

11,042.39
3,080.10
4,444.70
1,532.00
3,022.61
1,571.00
1,277.50
2,874.45
1,647.80
1,490.95
1,372.30
1,285.30 .
707.05
607.50

6,181

56 290.70

35,955.65

9,691
25

9,162,294.20
162.80
LOO
3,756:17

310,764.68
1,443.00
300. 00
300.00

9,716

9,166,214.17

312,807.68

465,570
1,311
1,454
1,384

155,452,293.90
151,854.00
771,322.03
35,977.40

4,178,499.35
10,594.25
10,624.18
8,203.90
449. 85
444. 00

469,719

156,411,447.33

4,208,815.53

22

348

REPORT ON T H E FINANCES.

TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
receipts, and expenses for thefiscal year ended June 30, 1917—Continued.
Entries.

Districts and ports.
North Carolina (No. 15):
Wilmington
Winston-Salem. -, . . .
Beaufort
Elizabeth City..
Washington
New Bern
Manteo
Total

104
1,554
.'

-

$7,723.55
3,212.09
422.39
302. 40
240.00
336.00
240.00

:

57,140.49

10,659.27

165,78L02
3,640.15
111.50
.81

51,055.71
5,121.40
510.00
517.20

. 169,533.48

57,204.31

15,455,325.16
17,986.68
10,517.27
3,287.11
60.20
385.00
120.00

481,956.00
4,502.52
4,520.94
935.78
382.80
807.76
1,092.40
300.00

15,487,681.42

494,498.20

716,661.98

30,546.91

299,923.59
101,761.33
29,995.81
5,675.51
2,063.60
5,512.39
67,044.64
5,277.96
6,730.74

62,688.35
13,408.56
5,879.49
1,149.32
1,188.00
1,202.40
• 2,699.74
911.60
2,989.87

523,985.57

92,117.33

318,473.14
6,946.31

27,563.20
2,547.00

1,283

'. •

9,187.27
1,472.00

1,171
112

Philadelphia (No. 11):
PhUadelphia
Wilmington,,
Chester r.
;
Lewes
Tuckerton
Atlantic City
Bivalve
Seaford

51,77L03
5,369.46

4,639

.

91,693.07

2,388

"

1,147,398.34

26,480-

'

Total

1,030.08
1,023.08
908.00
281.33
245.00

26,201
216
63

Total
Oregon (No. 29):
Portland
Astoria
Marshfield
Newport-.

149.30
1,957.44
66.10
442. 82
2.62

7

....

.

51,187.48
22,371.52
2,830.26
2,51L64
3,639.62
2,551.61
3,113.45

2,851

. . .

531,344.19
375,852.21
58,522.20
88,083.59
76,002.06
. 3,193.28
11,782.53

2,826
"18

.

6; 196
985
238
363
321
207
893
2
69
167
96
64
2

512
63

.

12,476.43

575

.

. . . . .

1,673,107.42

9,603

. . -

T ot al

324,419.45

30,110.20

1,772
506
287

220,539.31
49,906.11
11,205.94 1

24,382.85
5,606,05
6,065.40

:
•

Total

. '.
.

.

. .

.

Total..i

Total
.*
.'

."

:

Rhode Island (No. 5):
Providence
Newport




Expenses.

1,658

.

Omaha (No. 46):
Omaha
Lincoln

Rochester (No. 8):
Rochester
Utica
Syracuse

$11,521.90
1,661,585.52

'.

. .

Ohio (No. 41):
Cleveland
Cincianati
Columbus
Dayton
Toledo
Erie
Sandusky.
Corry
Conneaut. .•
Ashtabula.. .
Fairport. .•
Loram
P u t i n Bay

Pittsburgh (No. 12):
Pittsburgh
Porto Rico (No. 49):
San Juan
Ponce . . . . .
Mayaguez...
AreciSo . .
Aguadilla
Arroyo
- Guanica '.
Humacao . .
Fajardo

Receipts.

.•'.

.

3,142
820
364
28
25
20
184
28
. 28

'

349

SECEETARY OF THE TREASURY.

TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
receipts, and expenses for thefiscal year ended JuneSO, 1917—Continued.
Districts and ports.
Rochester (No. 8)—Continued..
• Oswego
Sodus Pokit
Fair Haven
Total.

Entries.

Receipts.

Expenses.

316
1
2

$918.12
277.03
233.88

$4,644.57
937.95
959.03

2,884

283,080.39

41,595.86

Sabine (No. 21):
Port Arthur.
Sabine
..
Orange
Beaumont,..

106
36
6

38,162.53
12,602.73
418.75
4,328.28

8,289.29
1,281.60
1,137.15
1,105.50

Total.

157

55,512.29

11,813.54

56,538
12
5

6,078,847.04
259.60
4,285.41

472,109.58
1,450.40
1,532.00

56,555

5,083,392.05

475,091.98

7,914
1,660
1,927
908
85
160

390,713.02
38,165.55
1,470.43
1,282.11
179.31
200.70

52,074.66
8,163.64
9,308.23
11,098.14
2,576.15
1,307.78

432,011.12

84,528.60

16,369.27
5.60
89.05

12,066.84
916.38
300.00

a Francisco (No. 28):
San Francisco
Eureka
,
Port San Luis
Total.
Southern California (No. 27):
Los Angeles
San Diego
Calexico
Tia Juana
Campo
Andrade
Total.
South Carolina (No. 16):
Charleston
Beaufort
Georgetown

149

Total.
St. Lawrence (No. 7):
Ogdensburg
,
Rouses Point
Malone
,
Fort Covington
Plattsburg
Champlain
Chateaugay.
,
Mooers.....:
,.
Cape Vincent
Alexandria Bay
Clayton
,
Nyando
Morristown
Waddiagton
Hogansburg
Trout River
Massena
LouisvUle
Lisbon
Cannons Corners
Thousand Island Park.

16,463.92

13,283.22

25,960.95
176,017.61
106,957.42
6,834.34
1,505.88
333.51
2,309.62
1,797.91
10,188.12
504.96
2,97L80
38,753.25
793.87
884.73
715.97
1,020.24
'301.01
47.36
167.49
113.28
2L83

30,804.22
16,366.28
14,579.64
3,53L33
600.60
429.00
704.70
1,203.84
3,838.17
1,685.78
1,438.90
3,133.43
2,318.82
718.58
778.30
645.70
300.80
639.75
330.65
126.20
276.00

Total.
St. Louis (No. 45):
St. Louis
..,
Kansas City
St. Joseph
Cairo
,

25,900

378,20L15

84,450.69

5,667
6,041
470

719,544;16
203,697.62
92,458.31

62,412.39
38,254.47
2,583.68
52.92

Total
Tennessee (No. 43):
Memphis.
NashvUle
Chattanooga.,
KiioxVUle

12,178

1,015,700.09

103,303.46

195
43
.195
24

18,016.53
3,940.48
2,656.11
1,672.91

6,780.50
1,336.64
1,106.27
1,151.50

26,286.03

10,374.91

11,198.40

4,376.12

Total..
Utah and Nevada (No. 48):
Salt Lake City
,




681

350

REPORT ON THE FINANCES.

TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
receipts, and expenses for thefiscal year ended June SO, 1917—Continued.
Districts and ports.
Vermont (No. 2):
St. Albans
Canaan..
,
Alburg
East Alburg...
Swanton.
Highgate
Franklin
West Berkshire.
Richford
. East Richford...
Burlington......
Newport
North Troy
Derby Line
Island Pond
.
Beecher Falls...
Depot Harbor...
Montreal
Quebec
Total.,
Virginia (No. 14):
Norfolk and Newport News.
Richmond
Petersburg.
Cape Charles
ReedviUe
Chiacoteague
Total.,
Washiagton (No. 30):
Seattle.;
Tacoiha
Port Townsend..,
Everett
Bellingham
Blaiae
PortAageles
Northport
RocheHarbor
Aberdeea
Anacortes
Sumas
Danville
Friday Harbor...
South Bend
..
Oroville
Spokane
Molson
Chopaka
Laurier
:
Ferry
Kalama
Vancouver
Prince Rupert
Total.,
Wisconsin (No. 37):
Milwaukee
Green Bay
Marinette.^.
Racine... r
La Crosse
Sheboygan.....
Manitowoc
Sturgeon Bay..
Kenosha
Kewaunee
Oshkosh
Mineral Point..
Total;
Grand total.




Entries.

Receipts.

Expenses.

1,370
159
90
113
105
649
4,814
29
127
5,422
2,060
687
5,790
1,382

$114,810.64
167.40
27,64L64
479.78
1,266.96
79.71
76.61
231.04
110,386.33
4.00
1,121.43
69,618.67
1,582.76
2,608.76
23,570.61
2,77L13

$32,490.03
931.00
9,050.99
. 3,945.98
2,279.10
908. 55
409. 74
845.30
12,202.16
• 38L00
1,51L47
14,889.25
2,561.65
2,705.83
17,178.73
3,825.84
1,460.00
12,046.30
3,992.00

28,562

356,417.47

123,614.92

65?
882
4,169

359,434.01
832,476.68
70,633.77

49,630.53
11,933.42
. 5,986.60
594.90
472. 50
180.00

5,708

1,262,544.46

68,797.95

32,727
8,042
34
94
215'
3,308
153
570
6
3
138
1,677
53
186

1,730,224.89
688,946.64
6,778.39
3,437.21
3,629.78
76,374.29
8,652.42
1,547.73
175.06
11,741. 71
2,657.99
33,965.71
1,554.10
1,569.38
196.73
360.63
14,77L33
612.17
445.54
1,297.90
426.33
4.50
38.00

129,409 42
34,750.94
2,57L45
1,742.65
2,917.85
8,725.11
2,890.10
2,845.45
300.00
2,37L05
1,484.50
5,914.96
1,525.55
1,129.00
369.25
1,336.90
3,532.75
1,537.20
1,278.50
• 1,555.10
1,665; 65
25.00
. 6,005.00
1,277.50

51,109

2,589,408.43

217,160.88

2,189

306,091.65

27,134.42
287.50
300.00
300.00
300.00
300.00
300.00
300.00
250.00
249.31
250.00
127.00

5,350
415

113
2,906
172
240
391
81

2,189

306, OOL 65

30,098.23

1,051,896

228,147,659.38

(,253,980.63

APPENDIX TO REPORT ON THE
FINANCES




35L




A.PFEISrDIX.
REPORTS OE HEADS OF BUREAUS.
REPOET OF THE TREASUREE.
TREASURY OF THE U N I T E D STATES,

WashingtoUj Octoher 15, 1917.
SIR: The transactions of the Treasury of the United States for
the fiscal year ended June 30, 1917, and its condition at the close of
the year are presented in the following report.
The ordinary receipts and disbursements, by warrants, classified
for the past two years, are compared in the following table:
Ordinary receipts and disbursements for thefiscal years 1916 and 1917.
1916

Account.
RECEIPTS. .

$213,185,845.63
Customs
Internal revenues:
Ordiaary
, 303,486, 474.04
84,278, 302.13
Emergency revenue
56,993, 657.98
Corporation iacome tax
Iadividual iacome tax
. . . . 67,943, 594.63
1,887, 66L80
Lands
41,835, 788.18
Miscellaaeous
Receipts of the District of Columbia...., 10,176, 740.68

1917

Increase.

$225,962,393.38

Decrease.

$12,776,547.75

354,387,425.89 50,900,951.85
95,297,553.88 11,019,251.75
179,572,887.86 122,579,229.88
180,108,340.10 112,164,745.47
1,892,893.23
6,231.43
70,791,059.41 28,955,27L23
10,170,424.43

$6,316.25

1,118,182,978.18 338,401,229.36

6,316.25

Total
:
Deduct "moneys covered by warrant in
the year subsequent to the deposit
thereof.

779,788,065.07

Total
Add moneys received in fiscal year but
not covered by warraat

779,-391,671.31

1,117,910,097.00 338,524,741.94

6,316.25

272,881.18

264,029.43
1,118,174,126.43 338,509,573.94

8,851.75

• Net available.

396,393.76

779,664,552.49

272,881.18

123,512.58

DISBURSEMENTS.

Legislative.
13,848,007.16
Executive
395,940.11
6,444,594.11
State Department
73,737,017.80
Treasury Department
War Department, civU
2,217,975.56
War Department, miscellaaeous, civil.
Navy Department,civil
853,768.88
Interior, civil
24,786,197.60
1,770,710.04
Post Office Department proper
Postal deficiencies
5,500,000.00
Department of Agriculture
28,031,540.33
Department of Commerce
11,403,722.17
3,531,144.47
Department of Labor
10,662,463.28
Department of Justice
7,221,803.24
Independent offices
.13,633,853.16
District of Columbia
Total civil and miscellaneous
204,038,737.91
Military Establishment, including rivers
and harbors
164,635,576.67
Naval Establishment
155,029,425.78
Indian Service
17,570,283.81
Pensions
159,302,35L20
Interest on the public debt
22,900,313.03
Deduct repayments received in fiscal
year but not covered by warrant
Add repayments covered by warraat in
year subsequent to the deposit thereof.
Total ordinary disbursements.
Surplus.
Deficit..

13034 ""—n 1917



-23

15,174,101.43
1,387,797.91
6,130,081.82
84,901,906.69
2,698,441.16
8,370,989.01
981,649.66
29,249,699.03
1,920,717.41

1,326,094.27
991,857.80
11,164; 888. 89
480,465.60
8,370,989.01
- 127,880.78
4,463, SOL 43
150,.007. 37
1,555,608.62
296,806.87
316,160.63

29,587,148.95
11,700,529.04
3-847,305.10
10,576,309.48
22,690,367.21
13,803,193.93

15,468,563.97
169,340.77

243,020,237.83

44,882,166.01

314,512.29

5,500,000.00

6,153.80
5,900,666.09

431,905,891.36 267,270,314.69
257,166,437.44 102,137, OIL 66
30,598,093.55
13,027,809.74
160,318,405.66
1,016,054.46
24,742,129. 42
1,841,816.39

723,476,688.40 ,1,147,751,195.26

430,175,172.95

132,060.91
279,856.81
723,196,83L59 .1,147,619,134.35

147,795.90

5,900,666.09

430,322,968.85

5,900,666.09

279,856.81
1,296,167.31
724,492,998.90 1,147,898,99L16 423,405,992.26
55,171,553.59
29,724,864.73

1,016,310.50

353

354

REPORT ON T H E

FINANCES.

The total ordinary receipts and disbursements for the past 12 years
may be studied in the annexed table:
Fiscal year.
1906.
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917.

.'
1

Disbi^sements.

Receipts.

:

..

.

Surplus.

$594,717,942.32
$549,405,425.35 $45,312,516.97
663,125,659.92
551,705,129.04 111,420,530.88
601,060,723.27
621,102,390. 64
603,589,489.84
662,324,444.77
675,511,715.02
659, 705,391. 08 15,806,323.94
701,372, 374.99
654,137, 997.89 47,234,377.10
691,778,465.37
654,553,963.47 37,224,501.90
724, 111, 229.84
682,770,705.51 41,340,524.33
700,254,489; 71 34,418,677.00
. 734,673,166.71
730,103,591.80
692,484,445.12
724,492,998.90 55,171,553.59
779,664,552.49
1,118,174,126.43 1,147,898,991.16

T H E PANAMA

Deficit.

$20,041,667.37
58,734,954.93

37,619,146.68
29,724,864.75

CANAL.

During the fiscal year 1917 the receipts from the Panama Canal
were $6,150,668.59, while the expenses incurred amounted to
$19,262,798.32. The net excess of disbursements was $13,112,129.73,
which was paid out of the general fund of the Treasury.
The amount expended on account of the canal and the proceeds
from sales of bonds to the close of the fiscal year 1917 may be observed
in the statement following:
Receipts and disbursements on account of the P a n a m a Canal.
Total amount Deduct amount Net amount
not reimburs- reimbursable.
expended.
able.
To June 30,1914..
Fiscalyear 1915..
Fiscal year 1916..
Fiscal year 1917..

$353,066,502.05
29,187,947.60
17,504,728.07
19,262,798.32

Total
419,021,976.04
Deduct proceeds of bonds sold.
Net balance expended out of the general
fund of the Treasury reimbursable from
the proceeds of bonds not yet sold
,

Receipts
from tolls,
etc.

$16,607,262.85 $336,459,239.20
7,574,681.30 21,613,266.30 $4,130,215.15
9,239,563.69 2,869,995.28
8,265,164.38
11,413,623.06
7,849,175.26 6,150,668.59
43,860,731.59

375,161,244.45
138,600,869.02

236,560,375.43

Total Panama Canal bonds authorized by
law
,
Total of bonds issued to date

375,200,980.00
134,631,980.00

Balance of bonds authorized but not
yet issued

240,569,000.00

EXTRAORDINARY

DISBURSEMENTS.

During the fiscal year 1917 extraordinary disbursements of public
moneys were made under provisions of law as follows:
Purchase of Danish West Indian Islands (act of Mar. 3, 1917)
$25, 000, 000
Subscriptions to stock of Federal land banks (act of J u l y 17, 1916)
8, 880, 315
Purchase of obligations of foreign governments engaged i n war with t h e
enemies of t h e United S t a t e s . . .
:
885,000,000
Total




.'

918,880,315

355

TREASURER.

RECEIPTS AND DISBURSEMENTS ON ACCOUNT OF THE POST OFFICE
DEPARTMENT.

The Postmaster General has exclusive control of the receipts and
disbursements of the Post Office Department. During the fiscal
year 1917 the postal receipts deposited in the Treasury and credited
to the Post Office Department were $161,707,923.13; other receipts
to the amount of $234,174,638.39 were received and disbursed
directly by postmasters without being deposited in the Treasury.
Such disbursements .are authorized by existing law and are accounted
for under the provisions of section 406 of the Kevised Statutes of.the
United States. All Post Office Department warrants are issued by
the Postmaster General on the Treasurer of the United States, and
under department regulations they are also payable by any assistant
treasurer, federal reserve bank, or regular national-bank depositary
of the United States.
A statement of the transactions relating to the account for the
service of the Post Office Department with the Treasury during the
fiscal year 1917 may be studied on page 389.
TRANSACTIONS IN THE PUBLIC DEBT.

The transactions in the public debt during the fiscal year 1917
were as follows: Receipts for postal savings bonds (act of June 25,
1910), $1,794,660; for retirement of national-bank notes (act of
July 14, 1890), $37,293,045; for 1-year Treasury notes (act of Dec.23,
1913), $4,390,000; for certificates of indebtedness (acts of Mar. 3
and Apr. 24, 1917), $918,205,000; and for Liberty bonds (act of
Apr. 24, 1917), $1,466,335,094.6.1, making a total of $2,428,017,799.61
received, while the disbursements on account of principal of matured
loans and fractional currency were $18,398.75; for national-bank
notes canceled and retired, $40,564,115.50; for 1-year Treasury
notes, $4,390,000; and for certificates of indebtedness $632,572,268,
making a total disbursement for the debt of $677,544,782.25. The
net result was an excess of receipts of $1,750,473,017.36.
A comparison by items for the past two fiscal years is made in the
statement following:
Receipts and disbursements on account ofthe public debt for 1916 and 1917.
Account.

1916

1917

Increase.

Decrease.

BECEDPTS.

Postal savings bonds
Lawful moneyto retire national-bank
notes
1-year Treasury notes..:
Certificates of iadebtedness
United States bonds (Liberty)

SI,803,500.00

$1,794,660.00

$8,810.00

56,648,902.50

37,293,045.00
19,355,857.50
4,390,000.00
$4,390,000.00
918,205,OUO. 00
918,205,000.00
1,466,335,094.61 1,466,335,094.61

58,452,402.50

2,428,017,799.61

2,369,565,397.11

34,160.00
United States bonds retired.
Fractional currency retired
1,743.00
1-year Treasury notes retired.
Certificates of indebtedness retired . . .
24,633,010.50
National-bank notes retired..

16,470.00
1,928.75
4,390,000.00
632,572,268.00
40,564,115.50

185.75
4,390,000.00
632,572,268.00
15,931,105.00

24,668,913.50

677,544,782.25

652,875,868.75

33,783,489.00

1,750,473,017.36

Total
DISBURSEMENTS.

Total.
Excess of receipts..

...

-




17 690.00

356

REPORT ON THE FINANCES.

I n addition to the foregoing other transactions in the public debt
were made under the provisions of section 18 of the act of December
23, 1913, which authorizes exchanges for United States 2 per cent
gold bonds bearing the circulation privilege, but against which no
circulation is outstanding, 1-year gold notes of the United States,
bearing interest at the rate of 3 per cent per annum, and 30-year 3
per cent United States gold bonds. There were received for exchange bonds as follows:
Consols of 1930
Panama Canal bonds (1916-1936)
Panama Canal bonds (1918-1938)..:

$36,535,500
5, 502, 800
3,927, 600
45,965,900

For which there were issued in exchange at par bonds as follows:
Conversion bonds
1-year Treasury notes

$22, 993, 900
22^972,000
. 45,965,900

UNITED STATES PAPER CURRENCY ISSUED AND REDEEMED.

The paper currency issued under the direct authority of the Government during the fiscal year 1917 attained a maximum at $2,069,826,000, an increase of $559,382,000 over that of the preceding year,
while the redemptions amounted to $1,711,773,000, an increase of
$718,552,900 for like period. The net excess of issues over redemptions was $358,053,000.
The amount of each kind issued and redeemed during the fiscal
year 1917 is stated in the table following:
Trust-fund obligations.
United
states
notes.

Outstandiug June 30, 1916...
Issued during fiscal year 1917

Treasury
notes of
1890.

Gold certificates.

Net amount in circulation

Total.

$340,681,016 $2,103,000 $1,729,565,669 $499,451,000 $2,577,800,685
196,860,000
1,420,690,000 452,276,000 2,069,826,000

513, 541,016 2,103,000 3,150,255,669
Redeemed during fiscal year 1917....' .196,860,000.
127,000 1,055,919,000
Outstanding June 30,1917
Less amount held in Treasury

Silver certificates.

951, 727,000 4,647,626,685
458,867,000 1,711,773,000

346,681,016
10, 719,778

1,976,000 2,094,336,669 492,860,000 2,935,853,685
5,922
510,100,760 15,675,158
536,501,618

385,961,238

1,970,078 i, 584,235,909

477,184,842

2,399,352,067

I n a study of the foregoing table it will be observed t h a t the United
States notes issued and credited in the general account as a receipt
are offset by an equal amount of worn or unfit notes in kind withdrawn therefrom, canceled, and retired, which is in accordance with
the provisions of tho act qf 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 t h a t for certificates issued
and credited in the general account an equal amount of the respective
kinds of money held in the general account is transferred therefrom
to, and retained in the trust funds for their, redemption; for gold




357

TREASUEER.

certificates, silver certificates, and Treasury notes withdrawn from
the general fund, canceled, and retired, a like amount of t h e respective coins is released from the trust funds and. brought into the
general fund in their stead.'
THE PUBLIC DEBT, 1916 AND 1917.

The principal of the interest-bearing debt at the close of the fiscal
year 1917 was $2,712,549,476.61, an increase of $1,740,986,886.61.
The debt bearing no interest amounted to $416,048,133.91, an increase of $9,486,130.75.
The public debt, by items, for the fiscal years 1916 and 1917 is
compared in the statement following:
Title of loan.

Rate.
Percent.
2
3
4
2
3
3

Interest-bearing debt:
Consols of 1930
Loan of 1908-1918
Loan of 1925
Panama Canal loan
Do
Conversion bonds
1-year Treasury notes

,

3

Postal-savings bonds
Certificates of indebtedness

3

Do
Liberty Loan of 1917

H

3^

When payable.

Outstanding
June 30,1916.

Outstanding
June 30,1917.

After Apr. 1,1930
After Aug. 1,1908
Feb. 1,1925
Aug. 1,1936
June 1,1961
30 years from date O
f
issue.
1 year from date of
issue.
20 years from date of
issue.
June 30,1917,.and July
17,1917.
July 30,1917
Dec. 15,1947

$636,259,550.00
63,945,460.00
118,489,900.00
84,331,980.00
50,000,000.00
5,900,600.00

$599,724,050.00
63,945,460.00
118,489,900.00
74,901,580.00
50,000,000.00
28,894,500.00

4,390,000.00

27,362,000.00

Total
Aggregate

10,039,760.00
61,306,032.00
211,551,100.00
1,466,335,094.61

971,562,590.00

Total
Debt bearing no interest:
Matured loans.
Old demand notes
United States notes
National-ban Ir notes
Fractional currency.

8,245,100.00

On demand
do
do
do.

. ".[dor:; : : : :

.

2,712,549,476.61

,1,473,100.26
53,152.50
346,681,016.00
51,506,237.50
6,848,496.90

14,232,230.26
53,152.50
346,681,016.00
48,235,167.00
6,846,568.15

406,562,003.16

416,048,133.91

1,378,124,593.16

3,128,597,610.52

PAYMENT OF INTEREST ON THE REGISTERED BONDS OF THE UNITED
STATES.

The interest on registered bonds of the United States is paid by
checks 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 of the Treasury, and are countersigned by a clerk in his oflGice. These checks are drawn on the
Treasurer of the United States, b u t are payable by any'assistant
treasurer, Federal reserve bank, or regular natiorial bank depositary
of the United States, and the amount so disbursed is included in the
requisition for reimbursement made by the Treasurer at the end of
each month. 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. There were 134,044
checks drawn during the fiscalyear 1917, amounting to $21,047,373.07




358

REPORT' Oisr TI-IE } ? I 1 T A N C E S .
THE RESERVE FUND.

The transactions in the reserve fund represent more truly exchanges
to secure an accommodation of denominations than presentations
to obtain gold. The redemptions from the reserve fund during the
fiscal year 1917 were, in United States notes, $38,555,910. The
redeemed notes were, under the provisions of the act of March 14,
1900, immediately exchanged for gold, and thereby the reserve was
maintained in volume and character.
STATEMENT OF THE TREASURY OF THE UNITED STATES.

At the close of the fiscal year 1917 the Treasury holdings of moneys
amounted to $4,528,460,906.27, and from the revised figures of the
several funds it. was set apart as follows:
RESERVE FUND.

Gold coin and bullion...'.

$152, 979, 025. 63
TRUST F U N D S .

[Held for redemption of the notes and certificates for which they are respectively pledged.]
cGold coin and b u l l i o n . . . $1, 584, 235, 909
Silver dollars
477,184, 842
Silver dollars of 1 8 9 0 . . . .
1,970,078

Gold certificates
oiitstanding.
$2, 094, 336, 669
Less amount in the Treasury
:
510,100,760
Net

:

1,584,235,909

Silver certificates outstanding
Less amount in the Treasury

492,860, 000

Net

•

Treasury notes (1890) outstanding
Less amount in the Treasury

15, 675,158
477,184, 842
1, 976, 000
5,922

Net--.
Total

2,063,390,829

1,970,073

Total

2, 063, 390, 829'

GOLD SETTLEMENT F U N D , F E D E R A L R E S E R V E B O A R D .

Gold coin

$526, 295, 000

The items composing the general fund are subdivided; the first
part shows the amount of each kind of available cash actually held
in the" vaults of Treasury oflices, after setting out from the assets
the appropriate kinds of money to meet the requirements of the
reserve fund, trust funds, and gold settlement fund, foUowed by
the amounts of public moneys in Federal reserve banks, nationa.1
banks, and other depositaries to the credit of the Treasurer of the
United States and of disbursing oflS.cers; the second part shows the
current demands against the same, and finally the net balance in
the general fund.
The assets in the general fund in the Treasury on June 30, 1917,
and the demand liabilities outstanding; on that date were as follows:




TREASURER.
In Treasury offices:
Goldcoin
Standard silver dollars..
United States notes
Federal-reserve notes
Federal-reserve bank notes
National-banknotes
1
Certified checks on banks
Subsidiary silver coin
Mmor coin
Silver bullion (at cost)
Unclassified (unassorted currency, etc.)
Interest on public debt paid

'.

$61,962,101.24
17,289,218.00
10,719,778.00
2,995,185.00
96,455.00
1,977,740.00
11,143.43
4,422,621.83
1 1,274,091.54
• 5,797,879.49
1,095,744.13
20,994.41

In Federal reserve banks
Intransit

299,871,632.42
800,000.00

359

$107,662,952.07

300,671,632.42
In special depositaries—
Accoimt of sales of certificates of indebtedness . . . 152,763,000.00
Liberty loan deposits
631,159,759.51
I n national-bank depositaries:
783,922,759.51
To credit of Treasurer of the United States
30,873,789.79
To credit of other Government officers
8,521,860.45
Intransit
10,286,088.67
In treasury of Philippine Islands:
49,681,738.91
To credit of Treasurer of the United States
170,018.86
To credit of other Government officers
1,911,390.90
. 2,081,409.76
Deduct cm-rent habilities:
$1,244,020,492.67
National-bank notes (5 per cent fund)
26,787,263.22
Less notes in process of redemption
15,993,718.97
10,793,544.25
Treasurer's checks outstanding
2,082,567.92
Post Office Department balances
21,552,570.29
Board of trustees. Postal Savings System balance
5,743,856.70
Balance to credit of postmasters, clerks of courts, etc
20,484,304.31
Undistributed assets of insolvent national banks
2,165,902.90
Deposits for—
Redemption of Federal-reserve notes (5 per cent fund)
32,928,566.29
Redemption of Federal-reserve bank notes (5 per cent fund)
500,000.00 .
Retirement of additional circulating notes (act of May 30,1908)..
2,359,585.00
Miscellaneous redemption accounts
25,645,063.33
124,255,960.99
Balance in Treasury—
Held for Treasury warrants outstanding
4,137,066.55
To credit of disbursmg officers
148,380,341.65
Subject to warrant of the Secretary of the Treasury
967,247,123.48
1,119,764,531.68
Balance in general fund subject to warrant June 30, 1916
, Balance in general fund subject to warrant June 30, 1917
•Net increase

:

178,491,415.58
967,217,123.48
788,755,707.90

AVAILABLE CASH BALANCE.

At the close of'the fiscal year 1917 the available cash balance in
the general fund subject to warrant was $967,247,123.48, anincrease
of $788,755,707.90 as compared with that of the preceding year.
This increase is verified by the net results in all accounts of receipts
and disbursements shown on previous pages of this report, which
are brought together here:
Available cash balance J u n e 30, 1916
$178,491,415. 58
A d d : Excess of public debt receipts over disbursements for -1917 (see p . 9)
$1, 750,473,017.36
Deduct:
Extraordinary
disbursements for 1917 (see p . 354). $918, 880, 315.00
Excess of ordinary dis•
.
bursements over ordinary reiceipts for 1917
( s e e p . 353):
29,724,864.73
Excess of Panama Canal disbursements over receipts
forl917 (seep. 3 5 4 ) . . . . . .
13,112,129.73
961,717,309.46
—:
788,755,707.90
Available cash balance J u n e 30, 1917




967, 247,123.48

360

REPORT ON T H E FINANCES'.

The balance in the Treasury at the end of each month from January,
1910, is stated in Table No. 17, page 413, of the appendix, and for
July 1 in each year since 1910 in the following statement:
Available cash balance (including the reserve fund) on the dates named.
Available cash balance.
Dates.
R e s e r v e fund.
July
July
July
July
July
July
July
July

$150,000, 000.00
150,000, 000.00
150,000, 000.00
150,000, 000.00
150,000, 000.00
152,977, 036.63
152,979, 025.63
152,979; 025.63

1,1910
1,1911
1, 1912
1,1913
1,1914
1, 1915
1, 1916
1,1917

General fund.
$106,894, 675.67
140,176' 926.13
167,152; 478.99
165,960, 984.79
161,612, 615.53
104,170; 105. 78
178,491 415.58
967,247^ 123.48

Total.
$256,894,675.67
290,176,926.13
317,152,478.99
315,960,984.79
311,612,615.53
257,147,142.41
331,470,441.21
1,120,226,149.11

GOLD IN THE TREASURY.

The accumulation of gold in the Treasury was continuous from
the begiiming of the fiscal year 1917 to April 11, 1917, when it attained a maximum at $2,445,875,313.94. During the remainder of
the year withdrawals of the precious metal gradually reduced the
Treasurv holdings to $2,325,472,035.87 on June 30, 1917. The imports 01 gold during the fiscal year were $977,176,026, the exports
$291,921,225, and the excess of imports $685,254,801.
The total amount of gold in the Treasury on July 1 in each year
from 1910, set apart for the respective uses, is shown in the statement following:
Gold in the Treasury.

Reserve. .

Dates.

July 1,1910
J u l y l , 1911..
July 1,1912
J u l y l , 1913
J u l y l , 1914
J u l y l , 1915
J u l y l , 1916
J u l y l , 1917

$150,000,000.00
150,000,000.00
150,000,000.00
150,000,000.00
150,000,000.00
152,977,036.63
152,979,025.63
152,979,025.63

For certificates
in circulation.

Gold settlement fund.
Federal Reserve Board.

$802,754,199.00
930,367,929.00
943,435,618.00
1,003,997,709.00
1,026,149,139.00
^
1,135,213,619.00
1,565,400,289.00
1,584,235,909.00 $526,295,000.00

General fund
(belonging to
Treasury).

Total-.

$92,411,286.24 $1,045,165,485.24
83,533,254.56 1,163,901,183.56
114,028,646.22 1,207,464,264.22
108,363,326.87 1,262,361,035.87
102,962,970.70 1,279,112,109.70
94,769,333.55 1,382,959,989.18
85,114,618.20 1,803,493,932.83
61,962,101.24 2,325,472,035.87

BONDS HELD AS SECURITY FOR NATIONAL BANKS.

The Treasurer of the United States held in trust at the close of the
fiscal year 1917 United States bonds to the amount of $671,333,060
as security for the circulating notes of national banks, a decrease of
$19,107,870 as compared with that of 12 months earlier. The securities pledged for the safekeeping of public deposits in the depositary banks amounted to $43,054,350.
- The kinds of bonds in the custody of the Treasurer and the changes
therein during the fiscal year 1917 ai;e recorded in the table following :




TREASUREB,.

361

Bonds heldfor national banks, close of June, 1916 and 1917, and changes dming 1917.
Transactions during 1917.
Kind of bonds.

Rate.

Held June
,30,1916.

Held June
30,1917.

Deposited.

Withdrawn.

$26,359,900
16,071,320
569,557,050
50,625,020
27,827,640

$5,915,500
3,316,980
15,170,750
1,439,000
329,700

$2,404,200
3,001,700
31,014,200
5,505,200
3,354,500.

$29,871,200
16,386,600
553,713,000
46,558,820
, 24,802,840

690,440,930

26,171,930

45,279,800

671,333,060

132,000

452,000

2,302,100

TO S E C U R E CIRCULATION.

United
United
United
United
United

States loan of 1925
States loan of 1908-1918
"States consols bf 1930
States Panama, 1936
States Panama, 1938.

Total

Per ct.
4
3
2
2
2

. .

TO SECURE PUBLIC DEPOSITS.

Held by the Treasurer of the United
States:
United States loan of 1925
United States certificates of indebtedness
United States loan of 1908-1918....
United States Panama, 1961
United States conversions of 1946.
United States consols of 1930
United States Panama, 1936
United States Panama, 1938
Philippine loans
:
Porto Rico loans
District of Columbia
Territory of Hawaii
Phdlippine Railway
Manila Railway
MiscellaTieons,-

4

2,622,100

(1)

4
4
(1)

9,388,250
975,500
482,000
3,753,000
1,220,000
455,000
984,000
196,000
10,000
.7,989,800

546,000
196,000
399,000
735,000
586,000
28,000
20,000
468,000
92,000
25,000
268,000

1,046,600
161,000
120,000
79,000
62,000
125,000
230,000

3,967,500

3,734,900

546,000
3,335,700
10,786,000
> 735,000
8,927,650
842,500
382,000
4,142,000
1,250,000
355,000
1,022,000
196,000
10,000
8,222,400

42,674,350

Total

3,3i
3
3
3
2
2
2
4
4
3.65

7,462,500

7,082,500

43,054,350

3,659,700
10,939,000

520,000
552,000

1 Various.
BONDS HELD TO SECURE CIRCULATION ISSUED BY FEDERAL RESERVE
BANKS.
Bonds held for Federal reserve banlcs, close of June, 1916 and 1917, and changes during
1917.
Transactions during 1917.
.Kind of bonds.

United
United
United
United

States 2 per cent loan of 1930
States Panama, loan of 1916
States Panama, loan of 1918.
States 4 per cent, loan of 1925

Total

Held June
30,1916. •

Deposited. Withdrawn.

$9,332,800
554,500
493,000

$1,155,000
20,000

10,380,300

2,000,000

825,666

Held June
30,1917.

$1,530,300
510,000
338,000

$8,957,500
62,500
155,000
825,000

2,380,300

10,000,000

BONDS HELD AS SECURITY FOR POSTAL-SAVINGS FUNDS.

At the close of the fiscal year 1917 the Treasurer of the United
States held in trust, under the provisions of the act of June 25, 1910,
bonds and securities amounting to $169,987,745.12 as security for
postal-savings funds deposi«ted in designated depositaries.




362

REPORT ON T H E FINANCES.

The kinds of securities held and the changes therein during the
year may be studied in the annexed table:
Bonds held as security for postal savings funds, close of June, 1916 and 1917, and
changes during 1917.
Transactions during 1917.
Kind of bonds.

Rate.

Held June
30,1916.

Held June
30,1917.
Deposited.

Umted States loan of 1925
,
United States certificates of indebtedness
United States loan of 1908-1918
United States Panama, 1961
United States conversions of 1946
1-year Treasury notes
,
United States postal savings
United States consols of 1930
United States Panama, 1936
United States Panama, 1938
Philippine loans
Porto Rico loans.
District of Columbia
Territory of Hawaii
State loans
Municipal loans
County loans
Misceiianeous
Total.

Per ct.
4
3,3i
3
3
3
3
2h
2
2
2
4
4
3.65

(0
(1)

(0
(1)

Withdrawn.

$122,000.00

$679,000.00

$743,900.00

2,360,000.00
285,000.00
880,920.00
188,700.00
151,600.00
3,236,000.00
432,000.00
239,400.00
321,000.00
3,000.00
64,000.00
64,000.00
1,000.00
1,000.00
1, 000.00
280,500.00
661,500.00
1,463, 100.00
30,000.00
25,000.00
125, 500.00
23,000.00
7,500.00
53, OOO.OO
219,000.00
2,650; 000.00 1,925,000.00
265,000.00
303,000.00
2,114, 000.00
20,000.00
111, 500.00
489,500.00
520,000.00
1,640, 800.00
17,242, 902.00 11,304,350.00 2,072,002.00
59,620, 980.40 47,533,935.41 15,820,341.44
10,067, 750.00 9,420,346.75 1,585,420.00
10,891, 225.00 7,744,069.00 1,259,470.00

2,075,000.00
918,020.00
3,428,600.00
318,000.00

$1,300,900.00

000.00
100.00
130, .500.00
500.00
68,
4,356, 000.00
2,076, 000. OO91, SOO. 00
1,610 300.00
26,475' 250.00
91,334 574.37
17,902! 676.75
17,375: 824.00

111,399,577.40 82,504,401.16 23,916,233.44 169,987,745.12
1 Various.

The board of trustees of the Postal Savings System will accept as
security for postal savings deposits, at the respective values herein
fixed, negotiable interest-bearing bonds or securities of the following
classes, viz:
{a) Bonds and interest-bearing certificates of indebtedness of the
United States, bonds of the Philippine Islands, of the District of
Columbia, and of Porto Rico, and Farm-Loan bonds authorized by
act of Congress approved July 17, 1916 (39 Stat., 360), will be accepted at their par value.
(6) Bonds of any State of the United States and of the Territory of
Hawaii will be accepted at their market value, but if such market
value is above par they will be accepted at their par value.
(c) Bonds of any city in the United States having a population of
over 30,000, as shown by the latest annual report of the Bureau of
Census, entitled ^ Official Statistics of Cities having a Population of
^
over Thirty Thousand,^^ which has been in existence for a period of
10 years, which for a period of 10 years previously has not defaulted
in the payment of any part of either principal or interest of any
funded debt authorizeci to be contracted by 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 accepted at 90 per cent of their market
value, but if such market value is above par, they will be accepted
at 90 per cent of their par value.
{d) Bonds of any other city, town, county, or other legally constituted municipality or district in the United States, which has been
in existence ior a period of 10 years, which' for a period of 10 years
previously has not defaulted in the payment of any part of either




TRllASURER.

363

interest of any
authorized to be contracted
Erincipal orwhoseofnet funded funded debt to be not exceed 10 per cent
y it, and
indeUedness does
01 the valuation
its taxable property,
ascertained by the last
prececiing valuation for the assessment of taxes, will be accepted a t
75 per cent of their market value, b u t if such market value is aboye
par, they will be accepted at 75 per cent of their par value.
Bonds of the several classes described in paragraphs (&), (c), and
(d), to be acceptable as security, shall be the general obligations of
the States, Territories, counties, cities, towns, or other political divisions by or in behalf of which they are issued, and payable, either
directly or ultimately, without limitation to a special fund, from the
proceeds of taxes levied upon all the taxable real and personal property within the territorial limits of such political divisions.
The term '^ net funded indebtedness,'^ for the purposes of paragraphs
,(c) and (d), is hereby defined to be the difference between the legal
gross indebtedness of a city, town, county, or other municipality
(including the amount of any school district or other bonds which
depend for their redemption upon taxes levied upon property within
the municipahty) and the aggregate of the following items:
(1) The total of all sinking funds accumulated for the redemption
of such gross indebtedness, except sinking funds applicable to bonds
hereafter described in this section.
(2) The amount of outstanding bonds or other debt obligations
made payable from current revenues.
(3) The amount of outstanding bonds issued for the purpose of
providing the inhabitants of a municipality with public utilities,
including the supplying of water or the construction of subways and
tunnels for railways: Provided, That evidence is submitted showing
that the income from such utilities is sufficient for maintenance, for
payment of interest on such bonds, and for the accumulation of a
sinking fund for their redemption.
(4) The amount of outstanding improvement bonds, issued under
laws which provide for the levying of special assessments against
abutting property in sufficient amounts to insure the payment of
interest on the bonds and the redemption thereof: Provided, That
such bonds are direct obligations of the municipality and included in
the gross indebtedness of the municipality.
(5) The amount of outstanding bonds issued by a political subdivision, funds for the payment of which are donated b y the State:
Provided, That evidence is submitted showing that such funds are
sufficient in amount to insure the payment of interest on the bonds
and the principal thereof at raaturity.
Obligations of the general class embracing what' are commonly
known as '^revenue bonds,'^ '^ temporary bonds,'^ " temporary iiotes,^^
^^certificates of indebtedness,'^ "warrants,'^ and the like obligations,
whether issued in anticipation of the collection of taxes, assessments,
or other revenues, or of the sale of bonds or other obligations, or for
similar purposes, will not be accepted as security for postal savings
deposits: Provided, That, in applying this regulation, consideration
will be given to the legal status of the obligations submitted rather
than to the nomenclature employed in designating such obligations: *
And provided further, That this regulation shall not apply to obligations of the United States Government.




364

REPORT ON THE PINANCES.

Bonds which in all other respects are found to be legally acceptable
as security under the postal savings act, and these regulations will
be construed, as a matter of law, to coniorm to those provisions of
section 8, paragraphs (c) and (cZ), respectively, which relate to term
of existence and nondef ault, under the following conditions:
(1) Bonds issued by or in behalf of any city, town, county, or other
legally constituted municipality or district in the United States which
was, subsequently to the issuance of such bonds, consolidated with,
or merged into, an existing political division which meets the requirements of these-regulations, will be deemed to be the bonds of such
political division: Provided, That such bonds were assumed by such
polifical division under statutes and appropriate proceedings the effect
of which is to make such bonds general obligations of such assuming
political division, and payable, either directly or ultimately, without
limitation to a special fund, from the proceeds of taxes levied upon
all the taxable real and personal property within its territorial limits.
(2) Bonds issued by or in behalf oi any city, town, county, or other
legally constituted municipality or district in the United States which
was, subsequently to the issuance of such bonds, wholly succeeded
by a newly organized political division, whose term of existence,
added to that of such original political division, or of any other
political division so succeeded, is equal to a period of 10 years, wiU be
deemed to be bonds of such succeeding political division: Provided, That during such period none of such political divisions shall
have defaulted in the payment of any part of either principal or
interest of any funded debt authorized to be contracted by it: And
provided further, That such bonds were assumed by such new political
division under statutes and appropriate proceedings the effect of
which is to make such bonds general obhgations of such assuming
political division, and payable, either directly or ultimately without
limitation to a special fund, from the proceeds of taxes levied upon
all the taxable real and personal property within its territorial limits.
(3) Bonds issued by or in behalf oi any city, town, county, or other
legally constituted municipality or district in the United States which,
prior to such issuance, became the successor of one or more, or was
formed by the consolidation or merger of two or more, preexisting
political divisions, the term of existence of one or more of which,
added to that of such succeeding or consolidated political division, is
equal to a period of 10 years, will be deemed to be bonds of a political
division which has been in existence for a period of 10 years: Pro> vided, That during such period, none of such original, succeeding, or
consolidated political divisions shall have defaulted in the payment
of any part of either principal or interest of any funded debt authorized* to be contracted by it.
The board of trustees reserves the right to reclassify the securities
acceptable for deposits and to change the valuation at which they
will be accepted. Under no circumstances will securities of other
classes than those above named be accepted.
,

POSTAL-SAVINGS BONDS AND INVESTMENTS THEREIN.

The trustees of the Pos t a r Savings System, under a general authority in the postal-savings law, have arranged to take over at par any
of the postal-savings bonds that depositors may wish to turn back.




365

TREASURER.

The first investment in these bonds was made on December 9, 1911,
when they were quoted in the open market at 9 2 | cents on the.dollar.
Under the arrangement made by the trustees they have taken over at
ar all of the bonds offered b y the depositors, and a t the close of the
seal year 1917 the Treasurer of the United States held $2,301,680
of such bonds, which are registered in the name of the board of
trustees.
'

g

WITHDRAWAL OF BONDS TO SECURE CIRCULATION.

Under the provisions of section 18 of the Federal reserve act
national banks filed with the Treasurer of the United States applications to sell for their account United States bonds securing circulation
as follows:
Quarter ended—

.

Cases.

=

Amount.

'

-

-.
-- -

---

- ---

-

Total

8
6
99
16

$438,750
430,000
10,877,500
1,279,000

129

Sept. 30,1916
Dec. 31,1916
Mar. 31,1917
June 30,1917

13,025,250

The Federal Reserve Board allotted and required the Federal
reserve banks to purchase from the national banks only t h e bonds
offered for the quarter ended March 31, 1917, thus necessitating deposits of lawful money to the amount of $10,877,500 for t h e retirement of bank circulation.
The deposits on the several accounts during the fiscal year 1917
may be studied from the statement following:
Money deposited in the Treasury each month of the fiscal year 1917 for the redemption of
notes of national banks failed^ in liquidation, and reducing circulation; also the amount
of national-banh notes outstanding.
Retirement account.

Months.

Reducing.
Insolvent
and liquidatiag.

National
banks.

National-bank
notes outstanding.

Federal reserve banks.

1916.
July
August
September
October
November
December

$707,995.00
649,497.50
703,045.00
400,095.00
207,350.00
695,195.00

,

$396,000.00
87,500.00
1,246,440.00
116,700.00
5,684,750.00
5,244,250.00

,179,095.00
420,847.50
766,102.50
266,147.50
202,245.00
72,647.50

1,844,110.00
703,750.00
11,275,440.00
33,750.00
95,400.00
378,190.00

6,270,262.50

27,106,280.00

$600,000.00
2,000,000.00
1,000,000.00
400,000.00

$749,321,196.00
744,493,851.00
743,310,213.00
736,997,540.00
736,093,594.00
738,651,270.00

1917.
January
February
March.......
April
May
June.....

•

Total

k




732,960,456.00
729,568,150.00
728,788,265.00
728,563,947.00'
727,495,750.00
728,210,255.00
4,000,000.00

366
NATIONAL

REPORT ON THE FINANCES.
BANKS

DESIGNATED AS DEPOSITARIES
STATES.

OP THE

UNITED

The Secretary of the Treasury determines the number of such
depositaries anci the amount of public money required in each for the
transaction 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 ior the faithful performance of their duties as financial
agents of the Government. The regular depositaries receive and
disburse the pubhc moneys, while the special depositaries hold only
the moneys transferred to them from the Treasury. All of the
national-bank depositaries are required to pay interest at the rate of 2
per cent per annum on the average monthly amount of public deposits
held.
The number of national-bank depositaries at the close of the fiscal
years 1916 and 1917 are here stated:
Regular.
Depositaries June 30,1916..
Depositaries June 30, 1917..

Special,

761
765

. 608
2,624

1,369
3,389

PUBLIC M 0 N F : Y S I N DEPOSITARY BANKS.

At the close of the fiscal year 1916 the Federal reserve banks held
to the credit of the general fund $113,480,576; the amount to like
credit in national banks was $32,255,429.17, and to credit of postmasters and judicial officers $7,264,772.63, making a total in the depositaries of $153,000,777.80.
On July 10, 1916, the Secretary of the Treasury recalled from the
Federal reserve banks at Richmond, Atlanta, anci Dallas $5,000,000
each t h a t had been deposited with them on September 8, 1915, to
aid in handling the cotton situation.
The balances in the .depositary banks declined rapidly during the
first quarter of the fiscal year, owing to the heavy disbursements t h a t
usually are made at this period, and at the close of September, 1916,
the public deposits in banks were, in Federal reserve banks to the
credit of the general fund, $39,064,474.66; in national banks to like
credit $34,428,703.55, and to credit of postmasters and judicial officers
$6,099,757.48.
During the second quarter of the year the balance in the Federal
reserve banks was gradually reduceci and at the close of December,
1916, it became $28,233,105.82, while the national banks held to
credit of the general fund $32,416,512.65, and to credit of postmasters
and judicial officers $6,769,118.93.
The ordinary disbursements were largely in excess of the ordinary,
receipts duriag the months of January and February, 1917, and resulted in a reduction of the balance in Federal reserve banks to
$13,382,366.56 by the close of February, b u t the holdings of the




A

TREASURER.

367

national banks remained about the same as at the close of December,
1916.
The Secretary of the Treasury near the close of the month of March
disposed of $50,000,000 in certificates of indebtedness bearing interest at the rate of 2 per cent per annum, through the Federal reserve
banks, their member banks, and other financial institutions in the
respective Federal districts. Of the $50,000,000 reahzed and placed
to the credit of the general fund in the Federal-reserve banks,
$25,000,000 was paid for the Danish West Indian Islands, and at
the close of the month the balance in such banks to the credit of
the general fund was $50,268,598.10; the national banks held for
like credit $32,540,550.26, and to the credit of postmasters and
judicial officers $6,357,874.26.^
There was a break in the diplomatic relations between the United
States, and the Imperial German Government in February. On March
21 the President called Congress into extraordinary session on Monday, April 2,1917, and at a joint session of the two Houses of Congress
on the evening of that date he delivered a message in which he asked
Congress tq declare the recent course of the German Government
^^to be in fact nothing less than war against the United States,'' and
'^that it formally accept the status of belligerent which has been
thrust upon it.'' In response to the President's recommendation
Congress adopted a resolution declaring t h a t a state of war exists
between the United States and the Imperial German Government,
and directed the President to employ ail the resources of the country
to carry on the war and to bring the conflict to a successful conclusion. Congress provided ways and means of raising the necessary
revenues, and made appropriations to meet the required expenditures.
The Secretary of the Treasury disposed of certificates of indebtedness through the Federal reserve banks, their member banks, and
other banks in the respective Federal districts, on the following dates:
April 25, $268,205,000; May 10, $200,000,000; May 25, $200,000,000;
and June 8, $200,000,000. Also on May 14 the Secretary called for subscriptions to the Liberty loan bonds to the amount of $2,000,000,000,
the payments therefor to be made through the Federal reserve
banks. At the close of the fiscal year $1,466,335,094.61 had been
paid on account of subscriptions.
The depositary banks held public moneys at the close of the fiscal
year as follows: Federal reserve banks, $299,871,632.42; national
banks, $39,395,650.24; and special depositaries on loan account,
$783,922,759.51; making a total of $1,123,190,042.17.
GENERAL ACCOUNT OF THE TREASURER OF THE UNITED STATES.

The Treasurer receives and keeps the moneys of the United States
and (iisburses the same upon warrants drawn b y 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 b y him are indorsed upon warrants signed by the
Secretary of the Treasury, without which warrant, so signed, no




368

REPORT ON THE FINANCE^

acknowledgment for money received into the Public Treasury is
valid. ^ H e renders his accounts quarterly, or oftener if required,
and at aU 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 t h a t all public moneys
aid into any subtreasury office, national-bank depositary, or other
epositary, are placed to the credit of the Treasurer of the United
States and held subject to his draft. The pubhc moneys in the hands
of any depositary oi 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 pubhc moneys in any subtreasury, niint, or other .depositary
are subject to special examination and count whenever it is deemed
advisable by the Secretary of the Treasury. Such examinations of
the moneys in the subtreasuries are frequently made by committees
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 t h a t the Treasurer of the United States
should have a representative on all such committees.

S

GOLD SETTLEMENT FUND, FEDERAL RESERVE BOARD.

At the close of the fiscal year 1917 the balance in the gold settlement fund was $526,295,000, an increase of $370,785,000 as compared
with t h a t of 12 months earher. The deposits therein duruig the
year were $567,925,000 and the withdrawals $197,140,000.
The act approved June 21, 1917, amending the Federal reserve
act contains provisions for simplifying the manner of keeping this
account and places the funds in t