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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
1914
With Appendices
WASHINGTON
GOVERNMENT PRINTING OFFICE
1915
•
T R E A S U R Y DEPARTMENT.
Document No. 2721.
Secretary.
GOldTEldTS.
Page.
The European war crisis
1
Steps taken by the department—'
^
2
Issue of emergency currency
2
Additional amendment of Federal reserve act
1
.
4
Conference on foreign exchange and shipping
L
4
Cotton conference
8
Emergency currency issues on cotton-secured notes, etc
11
Cotton-loan fund
:
14
Gold fund-__^_-_
17 '
Federal Reserve Board
,
;
18
Federal reserve banks
:^
^ 18
Hoarding of money and high interest rates
.
20
Emergency revenue act
.'
23
Relief for American citizens in Europe
24
Crop-moving deposits and interest on Government deposits
25
Neutrality laws
26
War risk insurance—
26
Reserve Bank Organization Committee
27
Customs
1
^
29
Income-tax law
.
_
__
31
Internal revenue
34
Our stock of gold
_
:
34
New building for Bureau of Engraving and Printing..
35
Currency issues__
'35
New revenue cutters
:
36
Coast Guard biU
36
Ice patrol to promote safety at sea
37
Public Health Service
:
37
National care of lepers
38
Transportation of moneys and securities._:^
39
Public buildings
.—
.
41
Central heating and power plant
^
41
Panama Canal
:
41
Contingent fund
:
41
Growth of work in the Treasury Department
'.
42
Finaiices
43
Receipts and disbursements
43
Fiscal year 1914
._
43
General fund—
43
Postal Service
—
:
45
United-States notes (greenbacks)
—„
^^i__
_
45
Gold reserve fund
^
45
Trust funds
'.
45
Sinking^ fund
:
46
Condition of the Treasury June 30, 1914
_
^
46
Gash in the Treasury June 30, 1914
46
Comparison of receipts, fiscal years 1913 and' 1914.
48
Comparison of disbursements, fiscal years 1913 and 1914
__
.50
Estimates
54
Estimated ordinary receipts, fiscal year 1915
__..
55
Estimated ordinary disbursements, fiscal year 1915
. 55
III
791.
IV
CONTENTS.
Postal Service, estimate of probable revenues a n d expenditures, 1915
Estimated receipts for fiscal year 1916
Estimates of appropriations for t h e fiscal year 1916 a s submitted by the
executive d e p a r t m e n t s
_'
Postal Service, estimate of probable revenues and expenditures, 1916
Estimates for 1916 a n d appropriations for 1915
,
Exhibit of appropriations for 1915
Page;
56
56
56
58
58
59
Exhibits accompanying the report on the finances.
Exhibit A.—Total amount of emergency currency approved, shipped, and
retired a t close of business October 31, 1914
Exhibit B.;—Report of special committee appointed by the Secretary of
t h e T r e a s u r y p u r s u a n t to resolutions adopted by conference of cotton and tobacco growers, etc
Exhibit C.—Cotton-loan fund
:
Exhibit D.—Letter of t h e President to t h e Attorney General in regard to
cotton-loan fund
:
Exhibit E.—Opinion of t h e Attorney General regarding cotton-loan f u n d .
Exhibit F.—Gold-fund plan, letter to clearing house associations
Exhibit G.—Gold-fund plan, first report of bankers' committee
Exhibit H.—Gold-fund plan, second report of bankers' committee_,____
Exhibit I.^—War risk insurance act and instructions to collectors of
customs
1
.
Exhibit J.—Decision of Reserve B a n k Organization Committee, April 2,
1914
_^
Exhibit K.—Supplemental statement of the Reserve Bank Organization
Committee, April 10, 1914
..
Exhibit L.—Text of F e d e r a l reserve act
Exhibit M.—Amendment to Federal reserve act
Exhibit N.—Amendment to Federal reserve act-_
63
64
66
69
70
71
72
73
75
79
93
104
131
133
Abstracts of reports of bureaus and divisions.
T r e a s u r e r of the United States
l
137
District of Columbia__
^
141
Comptroller of the Currency
^_
141
Summary by States, geographical divisions, etc., of national b a n k s
organized from March 14, 1900, to J u n e 30, 1914
.
143
;
Comparative statement of bonds deposited by reporting b a n k s
145
Summary, by classes, of national banks organized.^
^_
145
Reserve cities
;
146
Mint service
146
'
Operations of the mints
.
.__
146
Appropriations, expenses, and income:_^
147
! . Deposits, income, expenses, and emploj^ees. by i n s t i t u t i o n s . —
148
:-: Production and consumption of gold and silver
.
^ :_i_
148
I n t e r n a l revenue
_—-__
:
„_
..
148
Receipts from internal revenue, 1913 and 1914
^
149
, ^ Income-tax law
.
—.
__^-_^
149
^ Recommendations—
_-^___
150
Bureau of Engraving and Printing
^_ ' • 151
Equipping and moving into new building
^-_______^__^-___:_:
152
Division of Special Agents
-1
^
_-"
____l_i_ . 153
Office of the Supervising Architect
•
„__
:
—_„__.___;_i_ •: 155
/^ Buildings
^•__-_^_
.
157
Extensions
.
:
:
^_J
. " 157
• Recapitulation
:
.
______^
^___
158
• Statement of appropriations for public buiidings_^
.L—_j^ - 158
Public H e a l t h Service
^__-__'___—L___^
:
^__^ii...^
159
Division of Scientific R e s e a r c h ^ - __^
:^-__159
Division of Foreign and I n s u l a r Quarantine and Immigration-:.___iL ' 16§
Division of Domestic Quarantine_
'—
--^-I' 164
Division of S a n i t a r y Reports and Statistics
"——.
.!'_
167
Division of Marine Hospitals and Relief
168
CONTENTS.
Public Health Service—Continued.
Division of Personnel and Accounts
Miscellaneous Division
Recommendations
,
Life-Saving Service.
Sources of assistance to vessels
'—.
Flood service in Texas
._
Power boats for rescue and salvage work
"
Miscellaneous services of station crews__.
Establishment, improvement, and rebuilding of stations_-__
Retirement pay for the life-saving corps
Revenue-Cutter Service
'
Removal of derelicts
.
Ice patrol
Protection of the fur seal
Enforcement of navigation, anchorage, and other laws :
Life-Saving Service
Special cruises
New vessels and repairs
^
^
Service depot in Alaska
Saving of life and property on interior navigable watersNew cutter for the Panama,Canal and vicinity
Appointment of cadets
,
Line officers for engineering duty
Division of Loans and Currency:
Public-debt transactions.
Interest on public debt—
:
- Insular and District of Columbia loans—
. Circulation
.National-currency associations . Paper custody
^
Public moneys—
_—
Diyision-of Bookkeeping and Warrants
. State bonds and stocks owned by the United States
-.^
Secret-Service Division
Division of Printing and Stationery
-1
, Printing and binding-.
.,
. \ Stationery
Postage
_—
'.-Materials for bookbinder
Duplicating work
Department advertising.
. Addressing machines
V
Fa.se.
168
169
169
'170
172
173
174
.
175
175
176
177
180
181
182
182
184
185
186
188
1
188
189
189
.
190
190
190
190
190
191
191
192
'—
193
o . 193
,__ 194
194
195
195
196
. 198
: 198
^_____
198
198
198
Tables accompanying the report of the Secretary.
Table A.—Statement of the outstanding principal of the public debt of
the United States, June 30, 1914.^
201
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 1914, inclusive
216
Table C.—Analysis of the principal of the interest-bearing public debt of
the United States from July 1, 1856, to July 1, 1914_-_
218
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,
;
1914
-—
_—
__.220
Table E.—Sinking-fund account for fiscal year 1914_.. 220
Table F.—Population, ordinary receipts, and disbursements of the Government from 1837 to 1914, exclusive of postal, and per
capita on receipts and per capita on disbursements
221
Table G.—Statement showing the ordinary receipts and disbursements
of -the Government by months; the legal-tender notes, net
gold, and available cash in the Treasury at the end of each , •
month; the monthly redemption of legal-tender notes in gold
and the imports and exports of gold, from July, 1896, to
June, 1914,. inclusive
.
— 222
VI
CONTENTS.
Page.
Table H.—Statement of t h e balance in the general fund of t h e Treasury,
including t h e gold reserve, by calendar years from 1791 to
1842, a n d by fiscal years from 1843 to 1914
Table I.—Receipts a n d disbursements of the United States
:
Table J.—Statement of t h e coin and paper circulation of the United
States from 1860 to 1914, inclusive, with amount of circulation per capita
Table K.—Statement of United States bonds and other obligations received a n d issued by the office of the Secretary of the Treasury from J u l y 1, 1913, to J u n e 30, 1914
Table L.—Internal and customs receipts and expenses of collecting, from
1858 to 1914____
Table M.—Statement showing t h e aggregate receipts, expenses, average
number of persons employed, and cost to collect internal
revenue, fiscal year 1914
Table N.—Statement of business of t h e customs districts a n d p o r t s for
J u n e 30, 1914
.:
^_
Table O.—Statement, by districts and ports, showing total entries of merchandise, collections, and expenses for the fiscal year ended
^ .June 30, 1914
1
——
REPORT OF TPIE TREASURER
'.
229
230 ,
242
243
244
245
246
283
293-391
Receipts and disbursements for 1913 and 1914
293
P a n a m a Canal
.
:
294
Receipts and disbursements on account of t h e Post Office D e p a r t m e n t 295
Transactions in the public debt
295
Public debt 1913 and 1914
^-__
296
P a y m e n t of interest on registered bonds of t h e United States—
297
Redemption of notes in gold
297
Reserve a n d t r u s t funds
297
Statement of the Treasury, general fund—cash in the vaults
298
Net avaiiable cash balance, 1906 to 1914
300
Gold in T r e a s u r y froni 1906
^_
301
Bonds held a s security for national-bank circulation and deposits
301
Bonds held as security for postal savings funds
•
.302
. Postal savings bonds,and investments therein
.303
W i t h d r a w a l of bonds to secure circulation
1
304
National b a n k s designated as depositaries
304
Public deposits in national b a n k s
304
General account of Treasurer of the United States
306
Monetary stock, 1913 and 1914
307
Ratio of gold to total stock of money
308
^^
Money in circulation
309
Circulation and population
_—
309
Condition of t h e United States paper currency
'—^
^
• 310
United States notes
310
T r e a s u r y notes of 1890
311
Gold certificates
311
Silver certificates
312
Changes in denominations during fiscal year 1914
313
Pieces of United States paper currency outstanding
.^
313
Denominations outstanding J u n e 30, 1914
314
Ratio of small denominations to all paper
!__-314
Cost of paper currency
'
—
314 ,
Average life of paper currency
315
P a p e r currency prepared for issue and amount issued
1
316
P a p e r currency held in the reserve vault
•-.
317
Paper currency redeemed
.-317
S t a n d a r d silver dollars
—I
:__
318
Subsidiary silver coin
'.
318
Minor coin
319
Transfers for deposits in New York—money for moving the crops, etc_
319
Use of order gold certificates for exchange
_^—
.320
. Deposits of gold bullion a t mints and assay offices, 1913 and 1914
321
Shipments of currency from Washington, i913 and 1914
1
322
Recoinage, 1913 and 1914
322
Redemption of national-bank notes
323
CONTENTS.
REPORT OF T H E TREASURER—Continued.
Spurious issues detected in the fiscal year
Special t r u s t funds and changes therein during the fiscal year
District of Columbia sinking fund
.
Legislation recommended
^
--
VII
Page.
323
324
325
326
Tables accompanying reporf;. of the Treasurer.
No. 1.—Receipts and disbursements for t h e fiscal y e a r 1914
No. 2.—Net ordinary receipts and disbursements for each q u a r t e r of the
fiscal year 1914—
__.
No. 3.—Receipts and disbursements on account of the Post Office Department for the fiscal year 1914_
:
No. 4.—Post Office D e p a r t m e n t w a r r a n t s issued, paid, and outstanding
for the fiscal year 1914
^_
No. 5.—Distribution of the General T r e a s u r y balance, J u n e 30, 1914
No. 6.—Assets and liabilities of the T r e a s u r y offices, J u n e 30, 1914.
No. 7.—^Assets of the T r e a s u r y in t h e custody of mints a n d assay offices,
J u n e 30, 1914
^
No. 8.—General distribution of the assets and liabilities of the Treasury_
No. 9.—^Available assets and net liabilities of the T r e a s u r y a t t h e close
of June, 1913 and 1914___
No. 10.—^Assets and liabilities of the T r e a s u r y in excess of certificates
and T r e a s u r y notes a t t h e close of June, 1913 and 1914__^____
No. 11.—Estimated stock of gold coin and bullion, t h e amount .in t h e
Treasury, and the amount in circulation a t the end of each
month, from J a n u a r y , 1909
No. 12.—Estimated stock of silver coin, t h e amount, in the Treasury, and
the amount in circulation a t t h e end of each month, from
J a n u a r y , 1909. Also silver, other than stock, held in the
Treasury
No. 13.—United States notes. T r e a s u r y notes, a n d national-bank notes
outstanding, in t h e Treasury, and in circulation a t the end of
each month from J a n u a r y , 1909
No. 14.—Gold certificates and silver certificates outstanding, in the
Treasury, and in circulation a t t h e end of each month, from
J a h u a r y , 1909
.._—
No. 15.—Estimated stock of all kinds of money a t the end of each month,
from J a n u a r y , 1908
^
No. 16.—Estimated amount of all kinds of money in circulation a t the end
of each month, from J a n u a r y , 1908
No. 17.—Assets of t h e T r e a s u r y other t h a n gold, silver, notes,- and certificates a t the end of each month, from J a n u a r y , 1908
No. 18.—Assets of t h e T r e a s u r y a t the end of each month, from J a n u a r y ,
1908,
•No. 19.—Liabilities of t h e T r e a s u r y a t t h e end of each month, from
J a n u a r y , 1908
No. 20.—United States notes of each denomination issued, redeemed, and
outstanding a t the close of each fiscal year, from 1907—
No. 21.—Treasury notes of 1890 of each denomination issued, redeemed,
and outstanding a t the close of each fiscal year, from 1908
No. 22.—Gold certificates of each denomination issued, redeemed, a n d
outstanding a t t h e close of each fiscal year, from 1909
No. 23.—Silver certificates of each denomination issued, redeemed, and
outstanding a t the close of each fiscal year, from 1909
No. 24.—^Amount of United States^ nptes. T r e a s u r y notes, gold and silver
' certificates of each denomination issued, redeemed, and outstanding a t the close of each fiscal year, from 1907
No. 25.—^Amount of paper currency of each denomination outstanding a t
the close' of each fiscal year, from 1907 •
No. 26.—Old demand notes of each denomination issued, redeemed, and
outstanding J u n e 30, 1914
No. 27.—Fractional currency of each denomination issued, redeemed, and
outstanding J u n e 30, 1914
No. 28.—Compound-interest notes of each denomination issued, redeemed,
and outstanding J u n e 30, 1914
No. 29.—One and two y e a r notes of each denomination issued, redeemed,
and outstanding J u n e 30. 1914
327
327
328
328
328
329
330
331
331
332
333
336
340
343
347
348
349
350
351
352
354
355
356
357
359
361
361
361
361
VIII
CONTENTS.
'
Page.
No. 30.—United States paper currency of each class, together with one
and two year notes and compound-interest notes issued, redeemed, and outstanding J u n e 30, 1913,
362
No. 31.—United States notes and Treasury notes redeemed in gold, from
1879, a n d imports and exports of gold during each fiscal year,
from 1897
_362
No. 32,—Treasury notes of 1890 retired by redemption in silver dollars,
and outstanding, together V i t h the silver in the T r e a s u r y
purchased by such notes, for each month, from J a n u a r y , 1908_
363
No. 33.—Transactions between the subtreasury and clearing house in New
York during each month from J a n u a r y , 1908
—__
364
No. 34.—^Amount of each kind of money used in settlement of clearinghouse balances against the subtreasury in New York during
each month, from J a n u a r y , 1908
365
No. 35.—Balance in the Treasury, amount in T r e a s u r y offices, a n d amount
in depositary banks, from 1789 to 1914
366
No. 36.:—National banks designated depositaries of public moneys, w i t h
the balance held J u n e 30, 1914
.
368
No. 37.—Receipts and disbursements of public moneys through nationalbank depositaries, by fiscal years, from 1901_
378
No. 38.—Number of national banks with semiannual duty levied, by fiscal
years, and number of depositaries w i t h bonds as security, by
fiscal years
'.
379
No. 39.—United States bonds retired, from May, 1869, to J u n e 30,1914____ ' 379
No. 40.—Seven-thirty notes issued, redeemed, and outstanding J u n e 30,
1914
1
380
No. 41.—Refunding certificates, act of F e b r u a r y 26, 1S79, issued, r e - '
deemed, and outstanding
.__—
.380
No. 42.—Checks issued for interest on registered bonds during the fiscal
year 1914
-.
380
No. 43.—Interest on 3.65 per cent bonds of the District of Columbia paid - •
•
during the fiscal year 1914
^—
^^——^^—_ ' 380
No. 44.—Coupons from United States bonds and interest notes paid during
the fiscal j^ear 1914, classified by loans_
— 2 - - l i . — ':' 381
No. 45.—Bonds and other securities retired for the sinking fund during t h e
fiscal year 1914, and total from May, 1869
:__—__
381
. No. 4 6 . ^ P u b l i c debt a t the close of J u n e , 1913 and 1914, and changes
d u r i n g the.year:
_—_
^_—^
382
No. 47.—Public debt, exclusive of certificates and T r e a s u r y notes, a t the •
end of each month, from J a n u a r y , 1 9 0 8 — — — —
i
383
No. 48.—Lawful money deposited in the T r e a s u r y each month of the fiscal •
year 19i4 for the redemption of national-bank' notes
384
No. 49.—Disbursements from redemption accounts of national banks each
• month of the fiscal year 1914
_^____
384
No. 50.^—R6suit of t h e count of national-bank notes received for redemp- '
tion, by fiscal years, from 1900.
:______ ^ 384
No. 51.^—National-bank notes outstanding a t the end of each month, and
monthly redemptions, from J a n u a r y , 1900_—-^385
No. 52.—Redemptions and deliveries of national-bank notes each month of
the fiscal j^ear 1914—
:
—__^_.__
386
No. 53.—Redeemed national-bank notes delivered from the T r e a s u r y e a c h '
month of the fiscal year 1914-^
' —
^
.
386
No. 54.—^Assets and liabilities of the 5 per cent redemption fund of-na^
tional b a n k s a t the end of each month of the fiscal year 1914_—
386
No. 55.—National-bank notes received for redemption from the principal
cities and other places, by fiscal years, from 1900, in thousands of dollars
:
-—..—.-______—___-^_
387
No. 56.—Disposition made of the notes redeemed a t the National Bank lie- •
demption Agency, by fiscal years, from 1 9 0 0 —
387
No. 57.—Mode of payment for notes redeemed a t the National Bank Redemption Agency, by fiscal years, from 1 9 0 0 _ - _ _ — — — _ ^ —
388
No. 58.—Deposits, redemptions, assessments for expenses, and transfers ^
and repayments on account of t h e 5 per cent redemption fujid
of national banks, by fiscal years, frora 1900
^^___j__ ' 388
CONTENTS.
IX
, Page,
No. 59.—Deposits, redemptions, and transfers and repayments on account
of the retirement redemption account, by fiscal years, from 1900..
No. 60.—Expenses incurred in the redemption of national-bank notes, by
.' fiscal years, from 1900
No. 61.—General cash account of the National Bank Redemption Agency
for the fiscal year 1914 and from July 1, 1874
No. 62.—Average amount of national-bank' notes redeemable and amount
redeemed, by fiscal years, from 1900^
No. 63.—Percentage of outstanding national-bank notes redeemed and assorted each fiscal year from 1903, by geographical divisions
No. 64.—^Average araount of national-bank notes outstanding and the
redemption, by fiscal years, from 1875 (the first year of the
agency)
No. 65.—Changes during the fiscal year 1914 in the force employed in the
Treasurer's office
^
No. 66.—^Appropriations made for the force employed in the Treasurer's
office, and salaries paid during the fiscal year 1914
REPORT OF.THE DIRECTOR OF THE MINT
.°_'
388
389
389
389
390
391
391
391
393-475
. Operations of the mints_
.
,
.
393
New York assay office
.
—_.__
393
. The western a.ssay offices__-._^
394
Appropriations, expenses, and income
._ 394
. Employees and expenditures of the mint service over 20 years
395
Unclaimed deposits, legislation recommended
396
. Exhibit at the Panama-Pacific Exposition
397
Estimates for the fiscal year 1916__^
^
397
Appropriations for 1914 ._
^__
397
Consolidated income and Expenditure
' 399
. Gold-certificate bars
—.—. : :
;_402
. Deposits pf gold bullion
._ 402
Deposits of foreign gold bullion and coin
'
402
Deposits and purchases of silver
:
il
:. : 403
Deposits of foreign silver„bullion.and.coin
403
•: Coinage ___.—_-_—___.—=
^_
404, 406
. Purchase of minor coinage metal
:
405
Distribution of minor coins and expenses of
; 406
.:. Minor coinage issued, minted,, and amount outstanding
407
.Work of the Government refineries_:
^
:
407
• By:Pr,Qducts. of refineries
^
—-^
.408
Ex<:hange of fine-gold bars for gold coin.and gold bullion____
408
;. Mint at Philadelphia, operations._-.—
^ 408
Mint at San Francisco, operations.^
..;
417
V-Mint.at Denver, pperations—
_^
_. 421
' Assay.office at.New York, operations—..
-i:. 424
Assay office, at Seattle, .pperations..^^.
^
n—___i 426
; Other a.ssay .offices
--.
...
__—__-__-^—_:
:;
___—• • 4 2 7
Deposits, earnings, and expenditures, by institutions,.—
.' 428
.:.•;. Operations of .the. melter and refiners and the coiners.
:_
— 428
.^.^ Wastage, and loss on sale of .sweeps
__._
^
— 430
Gain from pperations—_____________
. - — — . 430
.- .Receipts a.nd disposition of gold bullion
____^—; 431
Balances,.-rec.e.ipts, and disbursements
__.
:— :
431
• Laboratory of.the Bureau of the Mint
:432
;.-Proceedings of.the assay commission, 1913—^
—
^ ,.•. 432
'Movement of gold from, port of New York—-—^_—_
- . 435
• ,Net exp.orts United States gold coin
_
•
:-—.
___„ . '436
.' Stock of money, in the .United States, fiscal year 1914—
:_
437
Stock of gold and silver in the United States and per capita since 1873- 438
-; .Stock of.gold in United States since 1873
_____———___—
438
• .Standard silver dollars used in subsidiary silver, coinage—-—___ , 439
Recoinage. of uncurrent silver coins
_—-_—_
— 440
. U n i t e d States gold in Canada.
^_—_..—_— . 440
..Values of foreign coins
—-.
..__—_. 440
X
CONTENTS.
Tables accompanying the report of the Director of the Mint.
Page.
No. 1.—Domestic production, deposits, and purchases of gold, fiscal
year ended J u n e 30, 1914
No. 2.—Domestic production, deposits, and purchases of silver, fiscal
year ended J u n e 30, 1 9 1 4 —
—
No. 3.—Mutilated and uncurrent domestic coins received for recoinage,
fiscal year ended J u n e 30, 1914
No. 5.—Earnings and expenditures of the United States m i n t s and assay
offices, fiscal year 1914
No. 11.—Summary of imports and exports of gold and silver
Np. 12.—Seigniorage bn t h e coinage of subsidiary silver and minor coin,
. and its distribution, fiscal year 1914
No. 13.—Average price of an ounce of gold in London and equivalent
value in t h e United States since 1870
'—.
No. 14.—Bullion value of the silver dollar a t t h e a n n u a l average price of
silver each year from 1837^
No. 15.—Coinage of nations
;
^
No. 18.—Coinage of gold and silver 8f t h e United States since 1873, by
fiscal 3'ears
_.
No. 19.—Coinage of the mints of t h e United States, authority for coining, etc
.
No. 20.—United States gold coin imported and melted by various countries during the calendar year 1913
No. 21.—Foreign coins melted by various countries
—•
No. 22.—Recoinages of the world—^
No. 23.—^^Coinage of the mints of the United States from their organization, by calendar years
REPORT OF T H E COMPTROLLER OF T H E CURRENCY
444
446
448
450
452
452
453
454
456
458
459
460
461
461
462
476-597
Origin and object of national-bank act
476
Inadequacy of the national-bank act to meet present needs
477
I n a u g u r a t i o n of Federal reserve system_
479
Additional currency under act of May 30, 1908, a s amended by Federal reserve act
!
480
Meeting t h e European crisis
481
Clearing-house loan certificates
482
National bank failures and suspensions—^1914 compared with 1893
and 1907
.____
483
Present penalties under national bank act
...
484
Some of the offenses committed by banks and bank officers
485
Suitable penalties recommended for offending banks and bank
officers
'
485
Limitation of a m o u n t which a bank may loan to one individual or
interest
:__• --.^
486
Consolidation of national banks
486
Overdrafts
.
:
486
Responsibility of and recourse against directors
^
.
486
Standardization of by-laws for national b a n k s
487
Authority to remove guilty directors recommended
487
Delay in filing directors' oaths
488
Permission to rechartered banks to continue use of old bank-note •
plates
_/ 488
Denomination of national bank notes ordered should be left to b a n k s
and comptroller
488
Engraved signatures to bank notes recommended'
,
488
Limitation of deposits to not exceeding ten times capital and s u r p l u s .
489
Condition of natipnal banks__
^
490
Investment securities owned by national banks
I
492
Specie held by national banks
493
..Other money holdings
493
Loans and discounts of national banks
493
Loans m a t u r i n g in 90 days or less
..
495
Liabilities of national banks
496
Individual deposits
496
Borrowed money
.
^—
-_
496
ReserA^es of national banks under new system
496
Depo-sits subject to reserve requirements
..497,
CONTENTS.
REPORT OF T H E COMPTROLLER OF T H E CURRENCY—Continued.
XI
Page.
Comparison of reserve requirements under the national-bank law and
the Federal reserve a c t
.
499
Methods of calculating reserve to conform to the provisions of the
Federal reserve act for each class of banks
505
Investment securities of national banks,' classified
_;
' 508
Percentage of principal items of assets a n d liabilities of national
banks
509
Relation of capital to deposits, etc., of national banks
509
Changes in loans, bonds, cash, and deposits of national banks
509
Development in national banking
:
;
511
Bonds and other securities and circulation secured thereby a t the end
of each month from November 30, 1913, to October 31, 1914
" 514
Deposits and w i t h d r a w a l s of United States bonds-_:
514
Bonded debt of the United States, etc
515
Productivity of loans and bond investments of national b a n k s
516
E a r n i n g s and dividends of national banks
517
Amount and number of items deposited with member b a n k s daily in
each Federal reserve district
•
517
R a t e s for money
518
Transactions of clearing houses in the United States
'.
519
National bank notes in circulation
520
Denominations of national-bank circulation
521
National bank redemption agency receipts and redemptions
^__
522
T a x on national-bank circulation, etc
523
Profit on national-bank circulation
'.
523
National currency associations
523
Method of applying for additional circulation
i
525
Growth of currency associations
526
Secretary of the T r e a s u r y directs attention to relief measures
526
NurQber of applications received for additional c u r r e n c y - 527
Retirement of additional circulation
'.—
528
Organization of new national b a n k s
530
Extensions a n d expirations of c h a r t e r s of national banks
532
Changes of title of national b a n k s
:
532
Voluntary liquidation of national banks
,
534
F a i l u r e s and suspensions of national b a n k s
— 534
Law preventing interlocking bank directorates
538
Reports of condition of all b a n k s in the United States—^
__
538
Growth of banking in the United States
541
Banking power of the United States
543
Classification of loans and discounts in all banks
544
Bank investments in bonds and other securities:
544
Money in all reporting banks
545
Distribution, of money in the United States
,
546
Individual deposits in all b a n k s in the United States
547
Savings deposits in all b a n k s
.—
548
State, savings, and private banks, and loan and t r u s t companies
548
. State b a n k s
551
Savings b a n k s J
'. .
552
Mutual savings b a n k s
555
Stock savings b a n k s
557
Private banks
-_
558
Loan and t r u s t companies
558
B a n k s and banking in t h e District of Columbia
559
Recommendation a s to District of Columbia savings banks
560
M a t t e r of the United States T r u s t Co., of Washington, D. C
-—
560
Official denunciation of certain purveyors and disseminators of false
statements
562
Abolition of " special privileges " ; expulsion from comptroller's office
of employee of National City B a n k of New York
562
Building and loan associations in the District of Columbia
563
Banks and banking in the island possessions
'.
'
564
State and p r i v a t e bank failures
564
Building and loan associations in the United States
567
Building and loan associations' receipts and disbursements for 1913—
567
XII
CONTENTS.
REPORT OF THE COMPTROLLER OF THE CURRENCY—Continued.
:'....
'• .
Page:
Savings banks in t h e principal countries of t h e world
^ _ _ - _ _ . — _ — L . . .. 568
United States postal savings system——-.
.
—.——
572
Capitalization of all corporations in t h e United States.—_.!.-__—^_^_. • 573
'
Total securities listed on New York Stock Exchange_
___:
^ 573
Listed securities which p a y interest or dividends, a n d those which. '
do not
—
— — : 573
F e d e r a l reserye bank system
._-..—^..___^_._____,—__
574
Report on bill providing for establishment of Federal reserve banks,
etc.
.
——
.__. . 574
F e d e r a l reserve act—..__.
.___—.____ 585
Work performed by t h e Reserve Bank Organization Committee__ . _ . 585
Decision d^etermining districts a n d location of Federal reserve banks_. 585
Statement.of t h e Reserve B a n k Organization Committee relating to
t h e decision .of April 2
._—.
•
.
,
; 585
Instructions relative to election of directors a n d designation of incorporators of Federal reserve banks
585
Organization of Federal reserve banks
— , . . 586
F e d e r a l Reserve Board
— 587
Governors, directors, etc., of Federal reserve b a n k s .— 588
P a y m e n t of subscriptions to capital of F e d e r a l reserve banks
590
. F e d e r a l reserve .notes
'.-.-.
590
Federal Reserve. Board regulations
. 591
Commercial paper acceptable for. rediscount by f e d e r a l reserve
banks defined
'.
. 591
Opening of t h e F e d e r a l reserve banks
^
L : _ . 595
Increase in work of b u r e a u
596
Report of t h e Comptroller issued in two volumes
;
597
REPORT OF T H E REGISTER OF T H E TREASURY
598-609
Number a n d a m o u n t of bonds received, examined, entered, sealed, and .
signed
._
._
^- . 5 9 8
Number a n d amount, of. bonds canceled
598
Coupon bonds redeemed
_ . . 598
Registered bonds redeemed
.
____._^
.
_ . . _ 599
Coupon bonds, of active loans outstanding____.:
. . . . 599
Registered bonds of active loans outstanding
..
600
Coupon a n d registered bonds of active loans outstanding
_ . 602
Debt on which interest h a s ceased since m a t u r i t y oustanding
..
602
P a i d interest checks pn registered bonds, etc
'.
603
Coupon bonds received, counted, e t c .
.
:
___. 603
Redeemed detached coupons received during year
.... 604
' Redeemed detached coupons arranged, registered, etc., d u r i n g y e a r . . .
605
Redeemed detached coupons on
file
^
^-. i
__._ 605
Number a n d amount of paid-interest checks received, etc
-^--.—
605
Number a n d amount of paid-interest checks on
file
.
.-•. 606
"Gold certificates
_._
•_ 606
Issue, redemption, a n d outstanding of various loans
. _ . _ 606
Outstanding m a t u r e d coupons of all c u r r e n t loans
l. • 609
Number a n d a m o u n t of redeemed coupons on
file
r^:
• 609
REPORT OF T H E CO.MMISSIONER OF INTERNAL REVENUE
610-669
Accounts a n d Statistics____.
^
^.^_ 610
Receipts in large tax-paying-States and. collection d i s t r i c t s . _ _ _ ^ . • 6 1 1
Cost of collecting internal-revenue taxes-___—•
:
:
613
E s t i m a t e d expenses for next fiscal year
.
. - 613
Salaries
:
.
_..
_.
614
Scale of salaries of collectors
615
Field force
.
:^——.
616
Objects of t a x a t i o n
,
617
Distilled s p i r i t s - ^ . — _ _ • — — - — _ _ _ — _ _ — _ —
._
617
D e n a t u r e d alcohol
'
.
. . - 618
I n d u s t r i a l distilleries
619
Distilleries
,
619
Fermented liquors._:
.
620
Tobacco
.-^
:
620
Special excise a n d income t a x on corporations
621
Personal income t a x
'.
_ _ . . 627
CONTENTS.
XIII
REPORT OF T H E COMMISSIONER OF INTERNAL REVENUE—Continued.
Oleomargarine
Adulterated butter
Renovated b u t t e r
Laboratory work
Claims
Litigation a n d legislation
Stamps
Revenue agents
Recommendations
.
Page.
,
...
.
..^
.
629
630
630
631
632
633
636
637
637
ANNUAL REPORT ON THE FINANCES.
TREASURY DEPARTMENT,
Washington^ December 7^ 191Jj..
SIR : I have the honor to make the following report:
THE EUROPEAN WAR CRISIS.
The outbreak of the European war precipitated many grave problems. International credits and exchanges were completely disorganized, ocean transportation was for a time partially paralyzed,
the entire business and economic structure in this country was shaken
to its foundations, and a catastrophe of calamitous proportions was
narrowly averted. I t is a tribute to the economic strength and
soundness of the country and to the patriotism of its people in every
class and walk of life that the shock has been so admirably withstood. A panic of cataclysmic proportions might easily have resulted, and if it had the injury to the country would have been incalculable and many years would have been required to overcome its
effects. Through the prompt and effective action of the Treasury
Department, and with the cordial and intelligent cooperation of the
banking and business interests of the country, the danger has been
averted. Confidence has been restored and specie payments have
been maintained in the face of the world. At no time since the war
broke out has there been, to the laiowledge of this department, with
the exception of a few isolated cases, a failure on the part of any
solvent national bank to honor its checks in currency or money or
to meet its obligations. The general revival of business throughout'
the country is the best evidence that confidence has been restored.
Interest rates have come down from the high level to which apprehension had lifted them, restriction of credits has disappeared, foreign exchange has reached a normal basis, and a feeling of optimism
pervades the business world. There is every reason why the country
should look to the future with confidence so far as its trade, commerce, and industry are concerned. This has been accomplished notwithstanding the fact that the Federal Eeserve System authorized
by the act of December 23, 1913, was at that time only in process of
formation and was .therefore unable to render any service in the
. situation.
64402°—FI 1914
-1
1
2
REPORT ON T H E FINANCES.
STEPS TAKEN BY THE DEPARTMENT.
On the 31st of July, 1914, the following announcement T^as made
to the public:
We are keeping in close touch with the situation. The Treasury Department will help as far as it legitimately may in New York or in any other part
of the country where it becomes apparent that assistance is needed.
The Aldrich-Vreeland Act, as amended by the Federal reserve act, is still
in force, and the terms upon which currency may be issued under that act
are now so favorable that resort may be made, quickly and effectively, to it to
meet any emergency. It must be remembered that there is in the Treasury,
printed and ready for issue, $500,000,000 of currency, which the banks can get
upon application under that law. This is in addition to the resources of the
Treasury.
/
In view of the closing of the foreign stock exchanges, the action of the New
York Stock Exchange, of which I have just learned, in closing temporarily is
a reasonable measure of protection to American interests.
On August 1 the following telegram was sent to the chairmen of
the clearing-house associations of the three central reserve cities,
namely, New York, Chicago, and St. Louis:
For the purpose of considering the general situation created by the European
crisis, and with- a view to intelligent cooperation in protecting the interests
of this country, I shall be pleased if you will send a committee of your clearing
house to confer with me in Washington on Monday next, August 3, at 11 a. m.
This invitation is sent to the three central reserve cities. The invitation will
be extended later to the several Federal reserve cities if that shall appear to be
desirable.
Before that conference could be held the crisis became so acute and
the situation took on such serious aspects that I proceeded to New
York on the 2d of August for a conference with the leading bankers
of that city for the purpose of concerting measures to protect the
situation. The then Assistant Secretary of the Treasury, Charles S.
Hamlin, Comptroller of the Currency, John Skelton Williams, and
W. P . G. Harding, a member of the Federal Eeserve Board, accompanied me. I t was the consensus of opinion that only by liberal
and immediate issues of emergency currency could the situation be
controlled.
ISSUE OF EMERGENCY CURRENCY.
Fortunately, the Federal reserve act of December 23, 19i3, materially modified in several important particulars and extended until
June 30, 1915, the Aldrich-Vreeland Act, under and by virtue of
which the Secretary of the Treasury is given discretion to issue
emergency ourrency to national banks upon their application and
upon their compliance with the provisions of the act. I n anticipation of the necessity, large amounts of this emergency currency were
sent beforehand to the subtreasury in New York and to the^ other
subtreasuries throughout the country, so that upon the opening
SECRETARY OF THE TREASURY.
3
of the banks for business on August 3, 1914, the department was able
to issue to them sufficient currency to enable them to cope with
the situation as it developed. Mr. Hamlin (at that time Assistant
Secretary of the Treasury and a confirmed member of the Federal
Eeserve Board), Mr. Malburn, Assistant Secretary of the Treasury, and Mr. Williams, the Comptroller of the. Currency, were on
duty in person at the subtreasury in New York. Immediate steps
were taken to organize the country into national currency associations, so that, the obtainable relief under the Aldrich-Vreeland Act,
as amended, would be available to as large a number of national
banks as possible and upon short notice. As a consequence, the entire country has been divided into 44 national currenc}^ districts and
national currency associations have been organized in each one of
them, with an aggregate capital and surplus on October 31, 1914, of
$1,197,771,001.
From August 1 to October 31, 1914, there was issued to national
banks of New Y o r k City emergency currency in the amount of
$141,228,000, and during the same period there has been redeemed
$6,983,100, so that the New York City banks had outstanding at
the close of business October "31, 1914, $134,244,900 of emergency
currency. I n this connection, I have the honor to state that the total
amount of Government deposits placed in the banks of New York
during this period was $3,400,000, of which there.was returned to
the Treasury Department on the 15th day of September, 1914,
$2,000,000, and o n ' t h e 30th day of October, 1914, $400,000, total
$2,400,000, leaving a net amount deposited with the New York City
banks of $1,000,000, the latter being for crop-moving purposes.
During the same period, August 1 to October 31, 1914, there was
issued to national banks in all the States of the Union, with the
exception of 10 (in which the banks did not apply), namely, Maine,
Vermont, Ehode Island, Delaware, South. Dakota, Montana, Wyoming, Idaho, Nevada, and Arizona (and not including New York
City), $228,330,040 of emergency currency. The total redemptions
in these same States during the same period were $1,455,000, so that
the net amount of emergency currency outstanding in said States on
the 31st of October, 1914, was $226,875,040.
There is attached to this report as Exhibit A a statement showing the total amount of emergency currency approved, shipped, an,d
retired between the 1st day of August and the 31st day of October,
1914, by States, including New York City.
For the purpose of still further relieving the financial situation
and of enabling the banks to assist in the movement of the crops,
there was deposited in national banks between the 1st day of August,
1914, and the 31st day of October, 1914, a total of $19,446,246. This
IS more fully covered in another part of this report.
4
REPORT ON T H E
FINANCES.
ADDITIONAL A M E N D M E N T OF FEDERAL RESERVE ACT.
I n order to meet more fully the emergency created by the war, it
was necessary to secure an amendment to the Federal reserve act empowering the Secretary of the Treasury to issue a larger amount of
emergency currency than the old act permitted, and in consequence
there was passed by the unanimous vote of the Senate and House of
Eepresentatives on the 4th of August, 1914, an amendment which authorized the Secretary, in his discretion, to allow national banks to
issue a maximum of circulating notes equivalent to 125 per cent of
their unimpaired capital and si^rplus, instead of 100 per cent, as the
law then authorized. This amendment extended the benefits of the
act to those national banks which did not have outstanding circulation equivalent to 40 per cent of their capital stock, as required by the
old law. At the suggestion of the department, the amendment also
provided that the banks should maintain on deposit in the Treasury
a redemption fund in gold sufficient, in the judgment of the Secretary
of the Treasury, for the redemption of such notes, but in no event
less than 5 per cent. The Aldrich-Vreeland Act provided that the
banks should deposit only 5 per cent for redemptions, and even this
might consist of lawful money. I t was essential that the Secretary
of the Treasury should have the power to compel the banks to maintain at all times a sufficient amount of gold in the redemption fund
to protect the Government thoroughly against these large issues of
paper money.
The Aldrich-Vreeland Act, as amended by the Federal reserve act
and by subsequent amendment of August 4, 1914, has served a most
useful purpose. The redemption of the emergency currency will
not, I believe, present a difficult problem. Arrangements have been
perfected in the department for a system of clearances between the
banks which is expected to overcome the difficulties and inconveniences which might otherwise be encountered.
C O N F E R E N C E ON FOREIGN E X C H A N G E A N D S H I P P I N G .
The demoralization of foreign exchanges and credits and the
disorganization of ocean transportation produced a situation of exceeding gravity. Grain and foodstuffs for export were congested at
the leading Gulf and Atlantic ports to such an extent that a temporary embargo was placed by the railroads on shipments of grain to
Baltimore, New Orleans, and Galveston.
There was also impending another grave problem, as an inevitable
consequence of the war, viz, the cotton situation in the South.
While no responsibility for dealing with these problems rested, by
law, upon the Treasury Department, it was believed that the powers
bf the department could be exerted for the benefit of the situa
SEORETARY OF THE THEASURY.
5
tion. It was recognized that the resources of the country should
be organized so that, by intelligent cooperation, the best results could
be obtained. A series of conferences was determined upon as the
most effective means of coordinating the vital factors and forces in
the country. On August 7, 1914, the following statement was issued:
It is of vital importance to the country that two things be done as quickly
as possible:
First. Provide sufficient ships to move our grain and cotton crops to European
markets; and
Second. Restore through the bankers the niarket for foreign bills of exchange.
For the purpose of concerting measures to this end, I have to-day called a
conference of representatives of leading shipping interests and foreign exchange
bankers to meet at the Treasury Department in Washington on August 14, at
11 o'clock a. m.
Grain is a very pressing problem at the moment, because the crops have been
largely harvested and the movement is already well under way. The cotton
movement is not so advanced and will not be for a few weeks. It is my purpose
to invite a conference on the subject of cotton to be held at an early date, pf
which announcement will be made later. These are important questions for
the American people, and every possible effort will be made by the administration to cooperate ih the movement of these great crops.
The names of those who will attend the conference on the 14th instant will
be announced in a few days.
,
As a result, a conference was held at the Treasury Department on
the 14th of August, 1914, between leading bankers, business men,
and steamship and railroad managers.. The following is quoted
from the proceedings of the meeting:
The conference called by Secretary McAdoo to consider the grain export and
foreign exchange and shipping situation met in the Treasury Department
to-day with 62 representatives of business, trade, shipping, and banking interests
attending.
Secretary McAdoo presided, and the conference was also attended by Secretary Houston, Secretary Redfield, Assistant Secretaries Newton and Malburn,
of the Treasury Department, Comptroller Williams, Messrs. Hamlin, Delano,
Harding, Miller, and Warburg, of the Federal Reserve Board; Senator Owen,
chairman of the Senate Committee on Banking and Currency; Representative
Carter Glass, chairman of the House Banking and Currency Committee; and
Representative Adamson, chairman of the House Interstate and Foreign Commerce Committee.
The conference was received in the afternoon by the President.
Secretary McAdoo announced to the representatives of the business world
attending that the Government was willing and anxious to cooperate in the solution of the pressing problems of exportation, shipping, and exchange, and the
representatives present heartily assured the Secretary that the business interests were equally as willing and ready to cooperate with the Government. The
Secretary said that he hoped the representatives of the conference would remain in Washington until results were obtained. He expressed the opinion that,
while the problems were serious and pressing, they could be easily solved by
determination, intelligent action, and cooperation.
It was the consensus of opinion that the three pressing questions were the
restoration of the market for foreign bills of exchange, the provision of means
6
REPORT ON THE FINANCES.
for transporting grain, cotton, and other merchandise abroad, and war-risk
insurance. Several of the representatives expressed the opinion that in connection with the passage of the pending bill for the registry of ships under the
American flag the Government should undertake to insure ships flying the
American flag against war risk. Such an undertaking of war-risk insurance
should be temporary, it was said, and purely to meet the pending emergency,
and should be conducted upon a business basis, the Government to receive premiums for the insurance issued. It was stated that with the enlarged registry
of American ships and action by the Government supplementing what private
companies might be able to do in connection with insurance, the question of
exports of grain and cotton and of foreign exchange would rapidly solve themselves. Foreign exchange, it was declared, will find its equilibrium when the
United States gets the ships and moves the grain.
To illustrate the pressing needs, representatives at the conference called attention to the congestion of American grain and other staples at the seaports
and in the interior awaiting transportation. It was pointed out that Great
Britain, France, and Belgium are now insuring the vessels and cargoes flying
their respective flags against war risks. In order to provide workable means
of cooperating with the Government the conference resolved itself into a committee, with Hon. Seth Low as chairman, and adopted the following resolutions:
"Resolved, That this conference, representing the business interests of all
sections of the country, expresses its high appreciation of the prompt and
effective action of the President and Congress and the Secretary of the Treasury
in affording a prompt solution of the currency difficulties created by the sudden outbreak of war in Europe on a collossal scale, and that this conference
urges, upon the Government, the Secretary of the Treasury, and the Federal
Reserve Board to continue its cooperation by adopting such measures and
rendering such prompt assistance as may be necessary to enable the country
to cope with the difficulties created by the unprecedented disarrangement, of
foreign trade now existing, and recommends especially that immediate assistance be provided to permit the negotiation of bills of exchange against the
.shipment of products to foreign markets, so that the congestion already prevailing may be at once relieved and that the financial balance of trade may
become in our favor. .
"Resolved, That this conference urge the United States Government to establish a bureau of war-risk insurance, to be administered under the direction
of a suitable Government department by a board of three or five members,
which shall assume the risks of war on American vessels and American cargoes
shipped or tb be shipped thereon whenever in the judgment of the board it
shaill appear that American vessels or shippers on American vessels are unable,
in any particular trade, to compete on equal terms with the vessels or shippers
of other nationalities by reason of the protection offered such other carriers
or shippers by arrangements for war indemnity through their Governments,
and that such board have power to fix rates of premium, subject to change, to
each country or for each class of cargo.
"Resolved, That the present opportunity to extend American foreign trade
and the opportunity now to begin the creation of a mercantile marine under
the United States flag is so great that this conference appeals to Congress, by
immediate and effective legislation and by necessary changes in our navigation laws, to make it possible for our citizens, without discrimination, to buy
and operate ships under American registry in foreign trade on equal competitive terms with all other maritime nations.
SECRETARY O ^ THE TREASURY.
J
7
"Resolved, That this conference deeply appreciates and earnestly and sympathetically responds to the suggestion of the Secretary of the Treasury in
his opening address that the cooperation of the business interests of the country with the Government and its various departments should prevail, and in
order that such may be effectively and most promptly accomplished, be it
"Resolved, That it is the sense of this conference that a standing committee
should be appointed, composed of recognized experts in foreign exchange,
marine and insurance problems, and in ocean transportation problems, in order
that, if desired, in cooperation with the appropriate committee of Congress,
bills raay be immediately framed for consideration designed to promote the
accomplishment of these greatly to be desired ends."
In accordance with the above resolutions the conference appointed the following committees, composed of experts on war-risk insurance, transportation, and
foreign exchange, with Mr. Low as chairman, to remain in Washington and
confer with representatives of the Government as to the best means of solving
the problems:
War-risk insurance: Messrs. Hendon Chubb, of New York; J. Parker Kirlin,
pf New York; E. H. Outerbridge, of New York; F. G. Crowell, of Kansas
City, Mo.
Transportation: Messrs. J. A. Farrell, of New York; P. A. S. Franklin, of
New. York; Robert Dollar, of San Francisco; Bernard N. Baker, of Baltimore.
Foreign exchange: Messrs. A. J. Hemphill, of New York; Festus J. Wade, of
St. Louis; Henry R. Ickelheimer, of New York; John J. Arnold, of Chicago.
Secretary McAdoo a:ppointed Mr. A. C. Miller, of the Federal Reserve Board,
as the representative of the Treasury Department to confer with the members
of the conference committee dealing with the subject of war-risk insurance;
Mr. F. A. Delano, of the Federal Reserve Board, to .confer with the members of
the conference committee dealing with the subject of transportation; and Mr.
Paul M. Warburg, of the Federal Reserve Board, to confer with the members of
the conference committee dealing with the subject of foreign exchange.
. Secretary McAdoo announced to the conference that he expected to call a
meeting on cotton next week.
The following gentlemen attended the conference, which adjourned subject to
the call of the chairman:
.
New York Clearing House Association representatives: J. S. Alexander,
William Woodward.
Chicago Clearing House Association representatives: John J. Arnold, H. G. P.
Deans, Joseph McCurrach.
St. Louis Clearing House Association representatives: David R. Francis,
Breckenridge Jones, Festus J. Wade.
Kansas City Clearing House Association representative: F. G. Crowell.
National Foreign Trade Council representatives: Samuel D. Capen, of St.
Louis; J. A. G. Carson, of Savannah; E. A. S. Clarke, of New York; Robert
Dollar, of San Francisco; James A. Farrell, of New York; P. A. S. Franklin, of
New York; James J. Hill, of St. Paul; Edwin N. Hurley, of Chicago; Barton
Myers, of Norfolk; Welding Ring, of New York; John D. Ryan, of New York;
W. D. Simmons, of Philadelphia; E. P. Thomas, of New York.
Chamber of Commerce of the United States representatives: Frederick
Bode, of Chicago; James G. Cutler, of Rochester; John Joy Edson, of Washington, D. C.; John H. Fahey, of Boston; FL L. Ferguson, of Newport News; A. H.
MuUiken, of Chicago; R. G. Rhett, of Charleston, S. C.
New York Chamber of Commerce representatives: Hendon Chubb, H. R.
Eldridge, J. Parker Kirlin, Seth Low, E. H. Outerbridge,-W. B. Pollock.
New York Produce Exchange representative.: Charles A. Robinson.
8
REPORT ON THE FINANCES.
Chicago Board of Trade representatives: Julius Barnes, John Bassett Moore,
H. E. Rycroft.
^
West and Northwest milling interests' representatives: James G. Andrews,
of Minneaoplis; W. L. Harvey, of New Prague, Minn.; L. E. Moses, of Kansas
City, Mo.; F. R. Eaton, Washburn-Crosby Co., Minneapolis.
Baltimore banking, grain, and shipping interests' representatives: Bernard
N. Baker, William Ingle, Blanchard Randall, J. C. Whitney.
New York foreign exchange, banking, and steamship interests' representatives:
William L. Benedict, of Kidder, Peabody & Co.; James Brown, of Brown Bros. &
Co.; F. Q. Brown, of Redmond & Co.; H. R. Ickelheimer, of Heidelbach,
Ickelheimer & Co.; J. P. Morgan, of J. P. Morgan & Co.; James Speyer, of
Speyer & Co.; Benjamin Strong, jr., of Bankers' Trust Co.; August Ulrich, of
Ladenburg, Thalmann & Co.; A. J. Flemphill; Pliny Fisk; John A. Donald;
Wilbur C. Fisk.
Boston banking interests' representative: Josiah Quincy.
Southern Cotton Congress's representatives: C. W. Priddy, of Norfolk; J. C.
Mayfield, of Barnwell, S.C.
Much good resulted from this conference. Congress promptly
enacted the war-risk insurance measure and made it a bureau of the
Treasury Department. Eeference will be made to the work of this
bureau in another part of this report.
COTTON C O N F E R E N C E .
On August 18 the following announcement was made:
I have called a conference to consider the cotton situation, to be held at the
Treasury Department on Monday, the 24th of August, at 11 a. m., to which
representative men in the different sections of the country interested in the
production, financing, and manufacturing of cotton will be invited. The names
of those who will be asked to attend are now under advisement, and a list will
be furnished in a few days. The Secretary of Agriculture and the Postmaster
General will join the Secretary of the Treasury in the conference, and the
Federal Reserve Board will be invited to attend as a body. The purpose of the
conference will be to consider the general problem with a view to securing the
largest possible degree of cooperation between the producers and manufacturers
of cotton and the banking interests of the country.
This conference was held at the Pan American Building and was
attended by the following:
The Secretary of the Treasury (presiding).
The Postmaster General.
The Secretary of Agriculture.
Assistant Secretary of the Treasury Newton.
Assistant Secretary of the Treasury Malburn.
The Comptroller of the Currency.
Federal Reserve Board: C. S. Hamlin, F. A. Delano, Paul M. Warburg,
W. P. G. Harding, A. C. MiUer.
Senator Owen.
Senator J. S. Williams.
Senator Ransdell.
Senator Thornton.
Senator James.
Senator Hoke Smith.
SECRETARY OF THE TEEASURY.
9
Representatives of the following sections of the country interested in the production, financing, and manufacturing of cotton and tobacco:
Arkansas.—George Rogers; H. S. Mobley; S. S. Faulkner, Helena; S. C.
Moore, Helena; H. D. Tomlinson, Butler; E. A. Rolfe, Forest City; G. C. Byrd,
Little Rock.
Alabama.—J. S. Pinckard, Montgomery; W: M. Blount, Union Springs; T. O.
Smith, Birmingham; Emil Weil, Montgomery; Louis Farley, Montgomery;
J. M. Cody, Luverne; William Duncan Nesbitt, Birmingham; W. W. Rainer,
Union Springs; Hugh Foster, Union Springs; Thos. W. Palmer, Union Springs;
Urey K. Goodwin, Gadsden; B. B. Comer.
California.—W. H. Best, Brawley; J. Stanley Brown, El Centre.
District of Columbia.—F. G. Caffey, Department of Agriculture; William A.
Taylor, Department of Agriculture; C. J. Brand, Department of Agriculture;
Dr. W. W. Garner, Department of Agriculture; Dr. T. N. Carver, Department
of Agriculture; Bradford Knapp, Department of Agriculture; G. W. Taylor,
general, superintendent of transportation; and Lincoln Green, freight traffic
manager. Southern Railway.
Florida.—W. S. Jennings, Jacksonville; W. J. Hillman, Live Oak; W. H.
Milton, Marianna; D, H. Flays, Monticello.
Georgia.—John H. Reynolds, Rome; Joseph A. McCord, Atlanta; Mills B.
Lane, Savannah; G. Gunby Jordan, Columbus; John D. Walker, Sparta; W. S.
Witham, Atlanta ;.C. G. Rawlings, Sandersville; A. M. Gaston, Jackson; T. S.
Johnson, Jefferson; Fuller E; Callaway, La Grange; J. S. Akers, Atlanta;
Wright Hunter, Savannah; B. S. Miller; J. L. Benton, Atlanta; Robt. F.
Maddox, Atlanta; Jas. E. Johnson, Sandersville; J. Harper Davison; G. Arthur
Gordon, Savannah; Geo. C. ITeyward, jr.. Savannah; J. H. Carmichael, Jackson;
Frank H. Barrett, Augusta; C. W. Burkett, Atlanta; C. S. Barrett, Union City;
H. S. White, Sylvania.
Kentucloy.—J. W. Newman, Frankfort; William Elliott, Henderson; Lister
Witherspoon, Versailles; J. E. Bassett, Lexington; J. L. Watkins, Lexington;
W. L. Pelty, Lexington; Y. Alexander, Lexington; James West; T. W. Long;
R. t\. Cooper; W. T. Fowler; J. B. Brown; W. F. Axton; J. C. Bright, Louisville.
Louisiana.—John J. Gannon, New Orleans; James Bolton, Alexandria; T. E.
Flournoy, Monroe; W. D. Thompson, New Oiieans; W. E. Glassell, Shreveport;
Maurice Stern, New Orleans; Frank B. ITayne, New Orleans; R. E. Milling,
New Orleans; C. FI. Ellis, New Orleans.
Maryland.—William Ingle, Baltimore; S. F. Miller, Baltimore; Franklin P.
Cator, Baltimore; William B. Hurst, Baltimore; James M. Easter, Baltimore;
Charles T. Crane, Baltimore; Dr. W. D. Dent, Oakley; C. E. Moore, Baltimore;
R. H. Edmonds, Baltimore; R. J. Beacham, Baltimore.
Massachusetts.—F. C. Dumaine, Boston; Albert Greene Duncan, Boston;
Edward F. Greene, Boston; F. Joy, of National Shawmut Bank, Boston; E. L.
Stone, of Hayden, Stone & Co., Boston; J. S. Lawrence, of Lawrence & Co.,
Boston.
Mississippi.—Henry Hart, Winona; Thomas L. Wainwright, Stonewall; J. Q.
Poindexter, Ravine; Eugene L. Sikes, Aberdeen; W. S. Barry, Greenwood;
John S. Hale, Meridian; P. C. Chapman; .John M. Allen; S. G. Wilson, Greenwood.
Missouri.—James FI. Allen, St. Louis; Gov. D. R. Francis, St. Louis; Walker
Hill, St. Louis; Festus J. Wade, St. Louis.
•Hew York City.—A. H. Wiggin; Gilbert G. Carr; Alexander J. Hemphill;
Gates W. McGarrah; Franklin McFadden; Howard B. Ayres; Samuel T. Hubbard; Edward M. Weld; Richard A. Springs; Edward K. Cone, president New
10
EEPORT ON THE FINANCES.
York Cotton Exchange; J. Temple Gwathmey and H. R. Eldridge, committee
of chamber of commerce; Theodore H Price; W. A. Barber; Henry Walters;
John G. Lonsdale; A. R. Shattuck; George H. Kretz; Arthur R. Marsh; B. L.
Gill; H. D.- Ewing.
Islorth Carolina.—W. B. Drake, jr., Raleigh; H. C. McQueen, Wilmington;
Dr. H. Q. Alexander, Matthews; D. Y. Cooper, Henderson; Stuart W. Cramer,
Charlotte; W. IT. Sprunt, of Alexander Sprunt's Sons, Wilmington; A. A.
Thompson, Raleigh; W. C. Crosby, Charlotte; W.. D. Cooper; A. W. McLean,
Lumberton; W. S. Pharr, Charlotte; Charles L. Ives, Newbern.
Ohio.—W. E. McCaw, Cincinnati.
- Oklahoma.—W. M. Bonner, Oklahoma City; H. H. Ogden, Muskogee; J. B.
Thompson, Pauls Valley; William H. Murray, Tishomingo.
Pennsylvania.—W. A. Law, Philadelphia.
Rhode Island.—James R. MacColl, Pawtucket.
South Carolina.—E. W. Robertson, Columbia; Henry P. Williams, Charleston;
J. B. Matthews, Columbia; D. R. Coker, Hartsville; Flenry Glenn, Anderson;
Leroy Springs, Lancaster; W. E. Beattie, Greenville; M. C. Heath, Columbia;
John F. Maybank, Charleston; R. Goodwyn Rhett, Charleston.
Tennessee.—T. O. Vinton, Memphis; I. B. Tigrett, Jackson; J. B. "Morgan,
Nashville; F. G. Ewing, Cedar Fiill; W. E. Love, Memphis; Wesley Drane,
Clarksville; Lawrence D. Tyson, Knoxville; Mikel Savage; W. G. Allen; E. S.
Shannon, Nashville; B. L. Mallory, Memphis.
Texas.—Royal A. Ferris, Dallas; Fielding Smith, Austin; Joseph W. Allison,
Dallas; Alexander Sanger, Dallas; Charles Sanger, "V^aco; Homer D. Wade,
Stamford; Flatten W. Summers, Dalla s; T. A. Coleman, San Antonio; Matthew
Cartwright, Terrell; R. L. Ball, San Antonio.
Virginia.—John M. Miller, jr., Richmond; S. T. Morgan, Richmond.
A highly interesting and illuminating discussion of the cotton
situation developed, resulting in the appointment of a committee of
18, to formulate a report and suggestions, composed of the fol-^
lowing:
Producers.—Q. S. Barrett, Union City, Ga.; F. M. Coker, Hartsville, S. C.;
J. O. Thompson, Birmingham, Ala.
Manufacturers.—G. Gunby Jordan, Columbus, Ga.; E. Famham Greene,
Boston, Mass.; Lewis W. Parker, Greenville, S. O.
Bankers.—A. H. Wiggin, New York City; Royal A. Ferris, Dallas, Tex.;
Festus J.. Wade, St. Louis, Mo.
•
Warehouse and transportation.—S. T. Morgan, Richmond, Va.; Harry Walters, New York City; B. L. Mallory, Memphis, Tenn.
Tobacco.—D. Y. Cooper, Henderson, N. C.; William Elliott, Henderson, Ky.;
F. G. Ewing, Cedar Hill, Tenn.
Commercial interests.—W. D. Thompson, New Oiieans, La.; Richard H.
Edmonds, Baltimore, Md.; R. Goodwyn Rhett, Charleston, S. C.
Theodore H. Price, of New York City, was appointed secretary of the committee.
For the purpose of cooperating as far as practicable with the committee, W. P . G. Harding, of the Federal Eeserve Board, and C. J.
Brand, Chief of Office of Markets, and J. M. Carver, Office of Markets and Eural Organizations, of the Department of Agriculture,
were designated as representatives of the Government.
SECRETAEY OF THE TEEASUEY.
11
As before stated, the cotton problem devolved no duty upon the
Treasury Department. Its interest and activity were purely that of
a volunteer, anxious to aid in every possible way by the use of its
power and influence. A t the same time it was realized that it was
not possible, through any governmental aid or action, to repair fully
the injury to cotton which the European war had caused through the
inevitable reduction of the foreign demand at the very time when
an exceptional crop brought upon the market the largest supply in
the history of the country. I t was hoped that the injury might be
minimized through deposits of funds with the national banks in the
South and liberal issues of emergency currency, so that the banks
might be able to extend necessary credits until normal conditions, or
as normal conditions as are possible in the present circumstances,
could be restored,
EMERGENCY CURRENCY ISSUES ON COTTON-SECURED NOTES, ETC.
Consequently it was determined to accept notes secured by cotton,
tobacco, etc., as a basis for issues of currency, as announced in the following statement, issued August 27, 1914:
.
Among the eligible securities to be used as a basis for the issue of-currency
I have decided to accept from national banks, through their respective national
currency associations, notes, secured by warehouse receipts, for cotton or tobacco, and having not more than four months to run, af 75 per cent of their face
value. The banks and the assets of all banks belonging to the currency association will be jointly and severally liable to the United States for the redemption
of such additional circulation, and a lien will extend to and cover the assets of
all banks belonging to the association and to the securities deposited by the
banks with the association, pursuant to. the provisions of law, but each bank
composing such association will be liable only in proportion that its capital and
surplus bear to the aggregate capital and surplus of all such banks.^
This plan ought to enable the farmers to pick and market the cotton crop if
the bankers, merchants, and cotton manufacturers will cooperate with each
other and with the farmers, and will avail of the relief offered by the Treasury
within reasonable limits. Such cooperation is earnestly urged upon all these
interests. The farmer can not expect as high a price for cotton this year because
of the European war, yet he should not be forced to sacrificejiis crop. The banker
and the merchant should not exact excessive rates of interest and the manufacturers should replenish their stocks as much as possible and pay reasonable
prices for the product. If this is done, and it can be done if everyone displays
a helpful spirit, a normal condition can be restored and there ought to be no
serious difficulty in taking care of the cotton problem.
,
This is a time when the entire country expects that purely selfish interests
shall be subordinated to the comroon good, that undue advantage shall not be
taken of the necessities of each,other. I am happy to say that this spirit
seemed to animate those who attended the so-called cotton conference held at
my request in Washington on August 24 and 25.
Since the law leaves it entirely in the discretion of the Secretary of the
Treasury to issue or not to issue the currency to which I have referred, I shall
1 Subsequently this was enlarged to include notes secured by naval stores.
12
EEPOET ON THE FINANCES.
not hesitate to refuse it if I am convinced that it will be used merely for speculative purposes instead of for the operation of harvesting and carrying the
crop until a reasonable market can be found and for the needs of legitimate
business.
It is not my purpose to prescribe the character of warehouses in which cotton
and tobacco may be stored. The banks will be relied upon to see that warehouse
receipts issued by responsible warehousemen or warehouse companies alone are
accepted and that the cotton and tobacco stored in such warehouses is covered
by adequate fire insurance and is protected against injury by the elements.
In order to obtain such currency the following things should be observed by
banks applying therefor:
'
1. Not less than 10 national banks in any given territory, each having an
unimpaired capital and. surplus of not less than 20 per cent, desiring such currency shall form a national currency association, with an aggregate capital and
surplus of not less than $5,000,000, as required by the act. Full particulars and
blank forms for this purpose may be had upon application to the Comptroller
of the Currency, Washington, D. C.
2. Any national currency association formed in accordance with law will
receive the approval of the Secretary of the Treasury. Already 37 such associations have been organized in the various States.
3. Under the law the Secretary of the Treasury may accept as security for
currency—
, (a) Bonds of any. State or of any city, town, county, or other legally constituted municipality or district in the United States which has been in existence for a period of 10 years and which, for a period of 10 years previous,
to such deposit as security, has not defaulted in the payment of any part of
either principal or interest of any funded debt authorized to be contracted by
it, anvi 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 of
property for the assessment of taxes.
(b) Any securities, including commercial paper^ approved by the Secretary of
the Treasury, held by a national bank and made available through a national
currency association under the direction and control of the Secretary of the
Treasury, at not exceeding 75 per cent of the cash value of such, securities or
commercial paper.
(c) No national bank shall be permitted to issue circulating notes based on
commercial paper alone in excess of 30 per cent of its unimpaired capital and
surplus.
4. The total amount of currency issuable to any bank, including its circulating
notes issued against United States bonds, shall not be more than 125 per cent
of its unimpaired capital and surplus.
5. Each bank or currency association receiving currency must maintain in
the Treasury at Washington a redemption fund in gold of at least 5 per cent.
The Secretary of the Treasury may at any time require such additional deposits in gpld as, in his judgment, may be sufficient for the redemption of such
notes.
I am convinced that there is adequate power under existing law to issue
through the national banks all the currency to meet any reasonable demand
that may develop in any part of the country, and that i t is not necessary to
extend the note-issuing privilege to State banks.
The Secretary of the Treasury already has the power to issue $1,000,000,000
of additional national-bank currency if it should be required, but I can not
imagine a condition when any such need will arise.
SECEETAEY OF THE TEEASUEY.
13
The committee appointed at the conference, pursuant to the
resolutions adopted, made a report to the Secretary of the Treasury
under date of August 28, 1914, a copy of which is made Exhibit B
of this report.
The amount of Government funds deposited in the Southern
States, including Maryland and Missouri, between the 1st of August
and the 31st of October, 1914, was $12,659,000.
Emergency currency was issued to banks in the same States between the 1st of August and the 31st of October, 1914, to the amount
of $75,678,120.
During the discussions of the cotton question within the past few
months many have contended that the remedy for the situation was
the issue of great volumes of paper money, in the form of greenbacks
and otherwise. This, in my opinion, was wholly erroneous and
unsound.
On the 9th of October, 1914,1 had occasion to sum up the situation
in a statement then issued, from which I quote:
Since the 1st of August there has been issued to national banks in the Southern States, including Missouri and Maryland, $68,000,000 of additional nationalbank currency. The national banks in these same States may, by complying
with the law, receive $151,443,000 of additional national-bank currency.
The national banks of the State of Texas alone have received $15,164,000 of
additional currency and may draw $40,000,000 more upon compliance with the
law.
There is held by the national banks of the same Southern States $16,065,000
of regular. Government deposits, and since August 1, 1914, $11,337,500 of cropmoving deposits, making a "total of $27,402,500.
You will therefore see that the Treasury Department has issued to national
banks in the Southern States since the outbreak of the European war—
Additional national-bank notes-_^
$68, 000,000
It has deposited with national banks in the Southern States during
the same period crop-moving funds aggregating—
11, 337, 000 .
It has on regular deposit with national banks in the Southern
States
-.
16, 065,000
Total
— 95, 402,000
And there is available to the national banks in the Southern
States, upon their conipliance with the law, additional nationalbank currency amounting in the aggregate to
;
151, 443, 000
Making a total of
246, 845, 000
Aside from the foregoing, I may say that the Secretary of the Treasury has
authorized the issuance, since the outbreak of the European war, to national
banks throughout the country of additional national-bank circulation aggregating $348,795,210. A large part of this currency has found its way to the South.
Recently the Comptroller of the Currency, at my request, called on the national
banks of New York City for a statement of the amount of loans which they had
made to banks in the Southern States from August 1, 1914, to date. These
reports show that the New York City national banks are lending to Southern
banks more than $40,000,000.
14
EEPOET ON THE FINANCES.
Moreover, existing law authorizes the Secretary of the Treasury, in his discretion, to issue more than $1,000,000,000 of additional currency to national
banks throughout the country. The banks, therefore, have ample opportunity
to get more than enough currency to meet every conceivable demand, if more
currency is, as many seem to think, the remedy for the cotton situation. I do
not believe it is. I am firmly convinced that neither additional nor unlimited
issues of paper money will help the cotton planter. I am equally convinced that
the inevitable inflation which such issues would cause would hurt him and hurt
the country. What is really wanted is a restored market for cotton at a profit-,
able price. This is the real fact, the real truth in the situation. It is impossible
by legislation to create a market for cotton or to establish a price for it. The
value of cotton has been injured this year by the European war. This injury
can not be retrieved nor the market restored by legislation any more than the
injury to corn, which was caused by the drought last year in the great corn
States of the West, could have been repaired by legislation.
Up to the present time there has been a disposition everywhere to look exclusively to and rely wholly upon the National iGovernment for assistance.
There are many things which the cotton States and the people of the South
can do for themselves which the National Government can not do for them.
The powers and resources of the Southern States should be employed for the
benefit of their people, and the Natioual Government should not be expected to
do things which are beyond its power.
COTTON-LOAN F U N D .
While these conferences had a reassuring effect, and while the
issues of emergency currency and the deposit of Government funds
in the South undoubtedly benefited the situation, additional measures seemed necessary. Without going into a lengthy narrative, I
may say that many plans were presented to the department and to
the Federal Eeserve Board for the organization of a fund to lend
on cotton. The purpose was to liquefy a vast amount of credits
made immobile by the effects of the war. Festus J. Wade, of
St. Louis, proposed a plan for the formation, by bankers and
merchants, of a fund of $150,000,000 to be loaned on cotton, which,
on the 10th day of October, 1914, received a qualified approval
of the Federal Eeserve Board. Mr. Wade's plan had some very
valuable features as well as some very material defects, but as
the outcome of the earnest and vigorous work which he and his associate, George W. Simmons, of St. Louis, had done in this connection,
a large interest had been aroused, although the required subscriptions to the plan had not been obtained.
On the 19tl;i of October I requested Messrs. Warburg and Harding,
of the Federal Eeserve Board, to join-me in New York for a conference with the leading bankers there on the cotton situation, as a result
of which a committee of bankers, consisting of Albert H. Wiggin,
J. S. Alexander, A. J. Hemphill, and William Woodward, of New
York, Festus J. Wade, of St. Louis, and Daniel G. Wing, of Boston,
in conjunction with Messrs. Warburg, Harding, and myself, evolved a
plan for raising $135,000,000 to be loaned on cotton, which received
SECEETAEY OF THE TEEASUEY.
15
the unqualified approval of the Federal Eeserve Board on October
24, 1914. I t is made Exhibit C to this report.
A question was raised as to whether or not this plan offends the
antitrust law§ of the United States. I submitted the matter to the
President, who, in view of the unusual emergency, requested aii
opinion from the Attorney General.
In a written opinion the Attorney General declares that the plan
does not violate either the Sherman antitrust law, the recently enacted Clayton bill, or the trades commission bill. A copy of the
President's letter to the Attorney General and the opinion of the
Attorney General are made Exhibits D and E to this report.
The necessary subscriptions to make this plan operative, viz, $100,000,000, were obtained on the 17th of November, 1914, and on the
same day the following announcement was made:
I am gratified to be able to announce the success of the cotton-loan fund.
Subscriptions for the entire $100,000,000 of class A certificates were completed
this afternoon. This assures the success of the plan. To such extent as banks
in the Southern States subscribe to class B certificates the $100,000,000 realized
from the class A certificates will be available for loans on cotton at 6 cents per
pound. The full details of the plan have already been.published and it is not
necessary to repeat them here.
The full amount of subscriptions to class A certificates made by banks in
noncotton States amounted at 2 p. m. to-day to $97,292,000. The success of the
plan was conditioned upon the subscription of the full $100,000,000 of these certificates. In order to make up the deficiency of $3,000,000, Messrs. Kuhn, Loeb
& Co., of New York, subscribed $2,000,000, and Bernard M. Baruch, of New
York, forrdeiiy of South Carolina, subscribed $1,000,000, thus completing the
required amount.
•
The following is a list of the cities and the amounts subscribed to the fund:
New York City
$50,000,000
Baltimore
—
2, 500, 000
Boston
•
_
—
2, 085, 000
Chicago
^
13,000,000
Detroit
—^
.
1, 082,000
Cincinnati
J
.2, 000,000
Cleveland
_
"
2, 000, 000
Kansas City.
—
2, 000, 000
Louisville
—
1,000, 000
Minneapolis
1, 000, 000
Philadelphia
4, 640, 000
Pittsburgh
— 2,000, 000
Richmond
1,125, 000
St. Louis
—.
.,
11, 500, 000
San Francisco
^
360, 000
Washington
——
1, 000, 000
Kuhn, Loeb & Co
Bernard M. Baruch, New York—
Total _^___.—__...-_—_.—_-.-__.—.-w-^
..—^
97,292,000
2,000, 000
1,000,000
_^——-. 100, 292,000
16
'
EEPOET ON THE FINANCES
It is not possible to announce to-day the names of the subscribers to the fund
in each of the cities, but it may be said that among the larger subscribers in
New York City are Messrs. J. P. Morgan & Co., the National City Bank, the
Chase National Bank, and others whose names may, with their permission, be
given as soon as the complete lists are^ supplied. The only banks in the city
of Boston subscribing to the fund are the National Shawmut Bank, the First
National Bank, the Fourth Atlantic National Bank, the Webster & Atlas National Bank, and the Federal Trust Co. Great credit should be given to Messrs. .
Festus J. Wade and George W. Simmons, of St. Louis, for their earnest and
effective work.
The success of this plan has at no time been in doubt, but its completion has
been delayed by the selfish opposition of certain textile manufacturers, and local
interests who have tried to defeat it. I am happy to say, for the sake of the
country as well as for themselves, that they have been unsuccessful.
The successful completion of this plan throws upon my associates of the Federal Reserve Board and myself added responsibilities and a large amount of
onerous work. It is no part of our official duties. We are already burdened
With many difficult problems, but we have regarded the organization of this
cotton-loan fund just as we did the gold fund and its proper administration—
as a patriotic service—and have felt obliged therefore, to respond to the call
that has been made upon us.
We believe that the carrying out of this plan is going to be beneficial, not
only in helping the cotton situation and the foreign-exchange situation but also
by promoting the general prosperity of the country, which now has such a
happy impulse that it would be difficult to retard it. It is a pleasure to testify
to the patriotism and broadmindedness of the banks and bankers who have so
cheerfully supported the Secretary of the Treasury and the Federal Reserve
Board in the organization of this fund.
The following statement was issued on the 18th of November, 1914:
The cotton-loan fund will'be under the supervision of a central committee
composed of the following: W. G. McAdoo, Washington; J. S. Williams, Washington ; C. S. Flamlin, Washington; F. A. Delano, Washington; W. P. G. Harding,
Washington; P. M. Warburg, Washington; and A. C. Miller, Washington.
Another committee, to be called the cotton-loan committee, will have charge
of the active work. This will consist of W. P. G. Harding, Washington, chairman; Paul M. Warburg, Washington; Albert H. Wiggin, New York; James S.
Alexander, New York; James B. Forgan, Chicago, 111.; Festus J. Wade, St.
Louis, Mo.; Levi L. Rue, Philadelphia, Pa.; William A. Gaston, Boston, Mass.
The plan gives the cotton-loan committee power to appoint committees in
each of the cotton-producing States of Alabama, Arkansas, Florida, Georgia,
Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Texas, and
Tennessee to assist it in carrying on the practical work.
While the creation of the cotton-loan fund and its use under the plan will
have a far-reaching and beneficial influence upon the cotton and business situation, nevertheless the attention of the South should not be drawn away from the
Other pressing and important problem with which it must intelligently and
effectively deal, namely, a material reduction of cotton acreage in 1915 and the
raising of food products on a large part of the acreage heretofore devoted to
cotton. Not only will crop diversification help the prosperity of the South, but
the mere assurance of a large decrease in the cotton crop next year will immediately enhance the value of the present crop. The food products which the
South can advantageously raise on a part of the cotton acreage will find a
ready market at profitable prices even if the South itself can not absorb them
SECEETAEY OF THE TEEASUEY. •
17
with greater advantage than by buying such supplies. from neighboring States.
If the war in Europe is protracted, the demand for foodstuffs will grow in
volume and intensity and must be supplied in large part by this country. The
southern farmer, therefore, has an unusual opportunity now for changing existing, methods and habits with certain profit and permanent benefit to himself.
The recently .expressed views of the Secretary of Agriculture on this subject
should be read by every farmer in the South. The Department of Agriculture
will gladly give information to the farmers of the South about the best means
and methods of crop diversification suitable to the conditions of each locality.
The bankers also have an exceptional opportunity to aid in this commendable work. They can, in large measure, influence the character of crops by
imposing proper conditions upon the advances they may make to the farmers.
Where the bankers are not dealing direct with the farmers, the merchant who
supplies the necessary credits can exert the necessary influence. The farmers
of the South ought to wake up to the importance of crop diversification. There
never before was a time when they could wake up with such certain profit to
themselves as now. I earnestly hope that the farmers, the bankers, and the
merchants in the South will cooperate with each other for the purpose of materially reducing the cotton crop in 1915 and securing a satisfactory crop diversification. Not only should the southern farmer plant food crops, but he can
raise cattle and poultry with great benefit to himself and the country at large.
He can not do this, however, unless he reduces cotton acreage and raises food
supplies.
GOLD FUND.
I t was realized that the cotton problem was involved in that of
foreign exchange. I t had early become apparent that unless the price
of London exchange could be reduced from the high level then prevailing, viz, above $5 per pound sterling, to approximately the normal
rate of $4.87 per pound sterling, the interests of our people must
suffer seriously. The war found our business men and bankers
indebted to London in the sum of approximately $450,000,000,
maturing by January 1, 1915. The city of New York owed
$80,000,000 in London and Paris maturing in that period. Ordinarily this debit balance would be paid off by our shipments of
cotton (principally), grain, foodstuffs, and other commodities. But
the check upon and uncertainty about normal exportations made it
necessary to devise some measure to enable our business men and
bankers to meet their foreign obligations in gold without siiffering
the great losses that the high price of exchange at that time would
have compelled. I t was thought that a fund of $100,000,000 in gold,
to be contributed by the national and State banks and trust companies in the various States, to be administered by a committee of
bankers in New York, would restore confidence and afford relief. A
plan was therefore prepared and on the 21st day of September, 1914,
received the approval of the Secretary of the Treasury and the Federal Eeserve "Board. This, together with the increasing export trade
of the United States, has had a salutary effect in reducing the price
of exchange to a normal basis. This in turn has produced a favor64402°—FI 1914
2
.
.
.
18
EEPOET ON THE FINANCES.
able effect upon the foreign demand for cotton. A copy of the goldfund plan is attached and made Exhibits F , G, and H.
FEDERAL RESERVE BOARD.
.^^^"^
The Federal Eeserve Board, consisting of Charles S. Hamlin,
F . A. Delano, W. P . G. Harding, Paul M. Warburg, and A. C.
Miller, took the oath of office on th£^10Jh^of^Augaist,J9M^^^^^^
^^£gamzed^JQJbML=dat^. The President designated Mr. Hamlin as
governor and Mr. Delano as vice governor of the board. The Secretary of the Treasury is, under the Federal reserve act, chairman
ex officio of the board, and the Comptroller of the Currency is a
member ex officio of the board. The act provides that the board
shall submit a report direct to Congress, and I shall not undertake,
therefore, to speak of its work except to say that it has taken hold,
of the many problems confronting it with vigor, loyalty, and intelligence, and I believe that it will render services of the greatest value
to the country.
FEDERAL RESERVE BANKS.
The Federal reserve act imposed upon the Secretary of the Treasury the duty of announcing the date of the establishment of the
Federal reserve banks. There was great difference of opinion about
the date, many bankers expressing a preference for a later time than
that finally selected. I n view of the. emergency, it seemed wise to
expedite the opening of the banks. On October 25, therefore, in
pursuance of law, the following announcement was made:
The Federal reserve act imposes upon the Secretary of the Treasury the
duty of announcing, " in such manner as he may elect, the establishment of a
Federal reserve bank in any district." In the discharge of that duty I have
determined to announce on the 16th day of November, 1914, the establishment
of the Ij'ederal reserve banks in all the Federal reserve districts. On that
date the new reserve requirements for national banks, as prescribed by the
act, will become operative.
I am impelled to this decision particularly because of the emergent conditions in the South and the confident belief that the prompt opening of the
reserve banks will be very helpful to the cotton situation and to general business in all sections of the country.
This conclusion 'has been reached after a thorough discussion with my
associates on the Federal Reserve Board, who are cooperating cordially with
me, and also after full consideration of the views expressed by the directors
of the Federal reserve banks at their recent conference in Washington with
the Federal Reserve Board.
• i am fully aware of the physical difficulties that must be overcome to set
the reserye banks in motion oh the 16th of November,. but the directors of
these, banks represent the highest degree of American banking ability, and I
am sure that not only' can they meet the situation but that they will cheerfully take up the task in the same fine spirit of public service which animated
their discussions at the Washington conference.
SECEETAEY OF THE TEEASUEY.
19
As the result of the enactment of -the war-revenue measure the parity between
receipts and disbursements of the Treasury will soon be happily restored. This
will make it possible for the Treasury to render still greater service than it
has already rendered in helping the financial situation in the South and in
other parts of. the country where the need has appeared. The prompt opening
of. the Federal reserve banks will make the assistance of the Treasury doubly
powerful, because the Federal reserve act authorizes the Secretary of the
Treasury, in his discretion, to deposit a large amount of the moneys held in the
'' general fund " in the Federal reserve banks, and to require such banks to act
as fiscal agents of the United States; and also, in his discretion, to deposit the
revenues of the Government, or any part thereof, in the reserve banks, and to
make disbursements by checks drawn against such deposits.
Under the present system the Secretary of the Treasury can not with prudence scatter the " general fund " of the Treasury among the great number of
widely separated national banks throughout the country. Up to the present
time I have gone as far in that direction as I have felt that it was wise to go,
but with the larger powers conferred by the Federal reserve act and the use
which I may be able to make of the Federal reserve banks as fiscal agents of
the Government, it will be prudent and wise to deposit a large amount of the
•* general fund " of the Treasury in the Federal reserve banks.
As soon, therefore, as the reserve banks are in operation I shall transfer to
them as large an amount of Government funds as possible; this will, in t.urn,
enable them to extend enlarged credits to national banks and State banks which
may become members of the Federal Reserve System, which they, in turn, may
extend to their customers. By this means and through the agency of the
Federal reserve banks I hope to give additional assistance to that already given
by the Treasury Department to the cotton producers, the cotton industry, and.
the business men of the South.
The new reserve requirements which will become operative on the 16th day
of November, upon the opening of the Federal reserve banks, will release more
than $400,000,000 of reserve money-and largely increase the credit facilities of
the banks of the country.
I am pleased to say that notwithstanding the short time allowed
to perfect the organization of the banks, their officers and directors
have responded with commendable zeal and vigor, and, as a result,
the Federal reserve banks were opened for business in each of the
Federal reserve cities on the 16th of November, 1914. I believe that
these banks are going to exert a far-reaching influence for good upon
the banking system and business of the country.
I t is not my purpose to discuss the merits of the Federal reserve act.
I t is sufficient to say that it gives promise of being the most important
piece of legislation, in the substantial benefits that it will confer upon
the people of the country, that has been enacted since the Civil War.
I look forward with the greatest confidence to its effects upon American enterprise and American business^ I believe that it will stabilize
credits, prevent those extreme fluctuations in interest rates, and in
supply of credits and money, from which the country has so frequently suffered, and that it will assure that legitimate expansion
of responsive credit facilities so long imperatively demanded in the
interest of American commerce, enterprise, and industry both at
home and abroad.
20
. ^
EEPOET ON T H E
FINANCES.
HOARDING OF M O N E Y A N D H I G H I N T E R E S T RATES.
During the period we have been discussing the familiar phenomena
of impaired confidence manifested themselves throughout the country. The Federal Eeserve System, as before stated, not being in
operation, maiiy^banksj resorted to the usual practice of trying
to strengthen^themselves at
another's expense. This is n-ot said
"Iff^iticism of banks so much "as in criticism of the old banking sys^tem^from which we are now happily, about t o ^
Under the old
system there was no other way for^the^ba^s to make sure of them^selves^jexcep_ti)y building uj)4heirres^^
in^time. of fear. To do
this credits are restricted, high rates of interest are charged, and payments of loans demanded. I t would be unfair to say that this practice prevailed in all parts of the country, because among the larger
reserve cities, particularly in New York, great forbearance in the
calling of loans was shown. The closing of the stock exchange in
New York destroyed the call-loan market and rendered immobile in
the hands of New York banks a vast amount of credits. On September 19 their reserves were more than $38,000,000 below the legal requirements. Evidence, however, reached the department that many
banks throughout the country were hoarding money to an unnecessary extent by maintaining excessive reserves and refusing to extend
credits and that exorbitant rates of interest were being charged.
Hoarding of money by individuals also became apparent.
While it was a disagreeable duty to call attention to these practices, which were operating to the disadvantage of the prosperity of
the country and delaying the restoration of confidence, I nevertheless
felt that it ought to be discharged. Therefore, as a warning, publication was made of the names of some of the banks which, as shown
by their reports to the Comptroller of the Currency, were maintaining reserves far in excess of the legal requirements. While this was
not, of course, conclusive of the fact, it was indicative at least
of an unfortunate tendency. Many complaints were received from
responsible business men in various sections of the country about
their inability to secure legitimate credits, about excessive rates of
interest that were being charged, and about the actual distress from
which business was suffering as a result of these things. I determined to withdraw Government deposits from those banks which were
not making use of the funds for the benefit of the communities in
which they were placed, with a view to redepositing them in banks
which would employ them properly. This action had a salutary
influence, because.it was followed by a general loosening up of
credits; and while it is not for a moment contended that the improvement is attributable wholly to the action of the department,
it is nevertheless believed to have had a beneficial effect upon the
SECEETAEY OF THE TEEASUEY.
21
situation. On September 21 the following statement was made to
the country:
Complaints have been made to me that some of the national banks which
are the beneficiaries of Government deposits, and which are receiving nationalbank currency, are charging excessive rates of interest on loans, as well as
restricting credits. I have ordered that a careful investigation be made immediately. If T discover that depositary banks are refusing to extend legitimate credits, or that they are charging excessive rates of interest for Government funds deposited, with them, or for so-called emergency currency which
has been issued to them, I shall not hesitate to withdraw Government funds
from such banks and refuse to issue emergency currency to banks which I am
convinced are not making use of it, upon reasonable terms, for the benefit of
the business community. This applies not only to national banks in the cotton
States but to banks in all sections of the country. . It must be remembered that
the issuance of this so-called emergency currency rests by law solely within the
discretion of the Secretary of the Treasury. I shall not knowingly exercise
that discretion in favor of any bank or banks which fail to make use.._of it at
reasonable rates of interest for the benefit of the commerce and business of the
country.
-
This was followed by a further statement on the 23d of September,
as follows:
Secretary McAdoo to-day gave out the following telegram, which he sent to
10 national banks in 4 reserve cities in the South:
" I have decided not to deposit the second installment of crop-moving funds
with your bank at this time. You can, however, if you desire, withdraw onehalf of the securities deposited by you and use them as security for the issue
of additional currency if you make application therefor. I am informed that
many banks in your State are refusing to make any loans for crop-moving purposes, and that in many cases good loans are rejected or unreasonable rates
of interest are asked. I am also informed that many banks which have taken
out additional currency are refusing to. use it, in spite of great demands for
money. I- trust you are not doing this. I shall withdraw all Government deposits from banks charging excessive rates of interest, pr which refuse reasonable accommodations, and I shall refuse to issue so-called emergency currency
to banks which are not making use of it on reasonable terms for the benefit
of the business community. It is essential, in the present situation, that everybody pull together in an unselfish spirit for the good of the country. I, of
course, expect the banks to make a reasonable charge for accommodations.
My point is that the charge must be reasonable, as the cooperation and help of
the Treasury will not be extended on any other basis."
The reports of national banks now being received by the Comptroller of the
Currency, in response to his call for a statement of their condition as of September 12, indicate an extraordinary hoarding of money by many national banks in
various sections of the country. I am astonished that so many of the national
banks are pursuing a course so contrary to the public interest and so indefensible from any point of view. There is neither occasion nor necessity for it.
Full reports have not yet been received by the comptroller, but they are
coming in daily. I intend to begin issuing daily a list of the banks which
are hoarding money by maintaining excessive reserves, in order that the country
may know how they are performing their public duties. The reports of
national banks are public property anyway, and while they have been published in their respective communities, the significance of their statements is
22
EEPOET ON THE FINANCES. "
not generally understood. The public does not know how to analyze them.
My purpose is to focus attention upon the excessive reserves carried by these
banks, for the reserves indicate whether or not the banks are using their full
resources for the relief and accommodation of business in their respective
communities.
It is a matter of extreme regret that the Government has not the powe^: to
exact similar statements from the State banks and trust companies throughout the country, because I am satisfied, from certain reports which have come
to me, that many of the State banks and trust companies, like many of the
national banks, are hoarding money and refusing to extend legitimate credits.
I shall ask the superintendents of banks in the various States to cooperate
with the Government by supplying reports of the condition of the State banks
and trust companies.
.
The banks that are hoarding money should discontinue it. Such action, more
than any other agency, tends to impair confidence and injure business. If all
the banks of the country will do their duty in the-iDresent circumstances by
extending legitimate credits at reasonable rates of interest the most serious
of our difficulties will prorqptly disappear. The economic and financial condition of the country is sound throughout. The most essential thing now for
our prosperity is the prompt conduct of business on a normal basis.
On September 24 a telegram was sent to the superintendent of
banking in each of the States of the Union asking for cooperation
in the effort to prevent hoarding of money and restriction of credits,
and I am gratified to state that in each instance a hearty response
was given and the cooperation of the superintendents of State banks
was extended. A copy of said telegram is as follows:
Reports now being received by the Comptroller of the Currency from national
banks throughout the country indicate that a money scarcity is being occasioned in large measure because of the hoarding of funds by many national
banks, which are carrying reserve, in some cases, two or three times as great
as required by law; and also that credits are being restricted and excessive
rates of interest are being charged to customers. There is at this time more
currency in the country than at any time in its previous history, there having
been issued through the Treasury Department since August 4 more than
$300,000,000 of additional national-bank currency, which, together with the
relaxation in business, should create an abundance of loanable funds. This
department will withdraw Government deposits from banks found to be hoarding money and charging excessive rates of interest and.will redeposit them with
banks whose funds are being loaned at reasonable rates to meet the legitimate
demands of business and for moving the crops. This department would like
very much to have your cooperation in its efforts to remedy these unsatisfactory conditions, and respectfully asks if it would not be possible for you to secure
from all State banks and trust companies in your State statements which will
show their cash reserves as of a recent date, the rates of interest which they
are charging on existing loans, and the rates which they are demanding for
new accommodations, and give this department the benefit of the information
disclosed by these reports. It is confidently believed that if all banks can be
persuaded to use their resources intelligently and considerately and at reasonable rates of interest to meet the legitimate demands in their respective communities, the whole situation can be greatly relieved and business restored to
a satisfactory, if not an entirely normal, basis. Kindly answer.
SECEETAEY OF THE TEEASUEY.
23
E M E R G E N C Y R E V E N U E ACT.
The European war seriously and adversely affected the revenues of
the Government from imports. The revenue from customs for the
month of October, 1914, was $16,271,829.25, and for the month of
October, 1913, it was $30,138,049.37, showing a decrease in one month
of $13,866,220.12. I have taken the month of October for the purpose of comparison, as the new tariff law went into effect October,
1913, and duties were, therefore, the same. The reduction in
revenues is due solely to the falling off in importations. The estimates made by the department indicated that there would be a decrease of import duties resulting from the war because of reduced
importations- of from $60,000,000 to $100,000,000 per annum. ' I t is
obvious that these estimates can not be accurate, as no one can foretell the course of events while the titantic struggle in Europe is in
progress. To keep the Treasury in strong condition in these abnormal times was obviously the first duty of the hour. Upon it largely
depended the safety of business and finance in this country. If the
emergency revenue act had not been passed the surplus in the
Treasury would have constantly diminished and might have disappeared altogether.
As long as the expenditures of the Government exceed its income
there is always danger. To maintain such a condition is both unsound and imprudent. I t must be remembered that the duty of
maintaining the parity of all forms of paper money with gold is
imposed upon the Treasury. So long as income exceeds. outgo it is
far less difficult to maintain this parity, and so long as there is confidence in the strength of the Treasury it is easier to maintain this
parity. The corollary of a weak Treasury is impaired confidence.
I t would have been the part of timidity to subject the business of the
country to the risk of disaster. I t was manifestly wise and courageous to strengthen the Treasury so that it could protect the vast
interests of the country. This became a more obvious duty in view
of the fact that the Federal reserve banks were soon to be organized,
and that a very material readjustment and transfer of bank reserves
had to be brought about. I t was essential that this should be done
without further dislocating credits or disturbing business, which
were already suffering from the shock of the war. I am happy to
say that through the foresight, wisdom, and courage of the President
and Congress all danger from this source was averted. No inconveniences or disturbances have resulted from the organization of the
Federal Eeserve System, and the Treasury will continue strong
enough to perform highly useful services to the American people.
I t is, I think, unfortunate that this emergency measure is made
to expire December 31, 1915. I venture to suggest that this limita-
24
EEPOET ON THE FINANCES.
tion should be removed, and the act amended so as to provide that it
shall remain in force until peace is restored in Europe, that fact to be
determined by a proclamation of the President. This is all the more
necessary, because even with the return of peace it will be a long time,
in all probability, before the belligerent nations will be able to restore
their productive power and foreign commerce, and, even then, the
process must be gradual.
R E L I E F FOR A M E R I C A N C I T I Z E N S I N EUROPE.
The outbreak of the war precipitated many acute problems, and
among them was the safe removal of thousands of American citizens
who were at that time in the belligerent countries of Europe. The
disorganization of foreign exchanges and credits made it impossible
for American travelers to secure funds upon their letters of credit
and travelers' checks. The situation was so urgent that, with the
authority of tlie President, the Secretary of State and the Secretary
of the Treasury appeared before the Committees on Appropriations
of the Senate and the House of Eepresentatives and urged the immediate appropriation of $2,500,000, in addition to $250,000 which
had the'retofore been appropriated, for the purpose of making advances of money to distressed Americans in Europe and for providing facilities for their transport to this country. By virtue of the
joint resolution of August 5, 1914, the President appointed a relief
board, consisting of the Secretary of State, the Secretary of the
Treasury, the Secretary of War, and the Secretary of the Navy, and
designated the Secretary of the Treasury as chairman of the board.
At the same time I announced that the Treasury at Washington,
as well as the subtreasuries in San Francisco, Chicago, New Orleans,
Baltimore, Boston, St. Louis, New York, Cincinnati, and Philadelphia, would receive deposits for American citizens in Europe,
and would undertake to the best of their ability to see that the
funds were placed in the hands of the beneficiaries. Approximately
$2,260,000 was deposited in the Treasury and the subtreasuries
for this purpose. The difficulty of obtaining gold in Europe at
that time made it necessary to send to European waters the U. S. S.
Tennessee with $1,500,000 of actual gold. She sailed on August 6,
1914, with Assistant Secretary of War Breckinridge and certain
Army officers designated by the Secretary of War. James L. Wilmeth, chief clerk of this department, was sent as its representative,
and in addition D. M. Eiordan, of New York City, an unselfish, highminded, and patriotic citizen, who, at my request, accompanied the
expedition as special adviser to the Secretary of the Treasury. I felt
that, in view of the large responsibilities placed upon this department by the President's order, and the haste with which the expedition had to be organized, a man of Mr. Eiordan's mature judgment
SECEETAEY OF THE TEEASUEY.
25
and large experience would be invaluable. Mr, Eiordan left his business upon seven hours' notice, and rendered mi3st unselfish and painstaking service, without hope of reward or compensation, refusing to
accept anything but his actual expenses. In' no other way thaii by
mentioning it here can I make public recognition of Mr. Eiordan's
unselfish service. At this moment a full report of the operations of
the expedition can not be made, as the work is not yet finished. I t
is sufficient to say that many thousands of American citizens were
given assistance, and, through the prompt action of the Government,
were saved from distress and enabled to return safely to their homes.
CROP-MOVING DEPOSITS AND I N T E R E S T ON GOVERNMENT DEPOSITS.
I n my annual report for the fiscal year 1913, reference was made
to deposits by the department in banks in the agricultural States
for the purpose of assisting in the movement of crops. I am now
able to report that the full amount of money so deposited for cropmoving purpbses^ in the fiscal year 1914 in the Southern, Western,
and Pacific States was $37,386,000 out of $46,500,000 which was
allotted to them. The money was returned in four installments, as
follows:
On or before—
J a n u a r y 15, 1914
F e b r u a r y 15
March 15
J
April 1_
.
„
$7, 955, 641. 66
9, 830,184. 47
10,512,103.74
___• 9, 088, 070.13
.
.___
Total
37, 386, 000. 00
From the above deposits the Government received $267,844.51 in
interest.
A comparative statement of interest received on public deposits
for the past five fiscal years is as follows:
19101911
19n2-___
1913.__1914
.
.
__:
-
.
.__-._
_'
^__^___
-
-
$48,551..88
41, 757. 53
44, 462. 26
122, 218. 89
1, 409, 426. 07
The increase in the amount of interest collected for 1913-14 is due
to the fact that, beginning with June, 1913, interest has been charged
upon all public deposits at the rate of 2 per cent per annum.
I n order to determine to what extent, if any, assistance would be
required by the banks for crop moving and marketing and for other
purposes during the autumn of 1914, a letter was sent to each national bank'in the country on June 29, inclosing a blank form upon
which an expression of views of each bank was requested.
Many banks in the Eastern and .Pacific States replied that they
would not need Government funds, but, acting on the replies from
26
EEPOET ON THE FINANCES.
banks which expressed a wish for such deposits, the following allotments were made:
Southern States
Western States
Pacific states
__:_
.
1
Total
$23, 500,000
13, 475, 000
,350, 000
37, 325, 000
These funds Avere distributed in installments of 25 per cent: each,
the amount distributed to October 31,1914, being $19,446,246.
NEUTRALITr
LAWS.
Among the new duties imposed upon the department as a result of
the European war is that of enforcing the neutrality laws. This
work is coordinated thoroughly with the State and Navy Departments, which are acting in perfect cooperation with the Treasury
Department in the discharge of these important duties.
WAR R I S K I N S U R A N C E .
Another consequence of the European war is the War Eisk Insurance Bureau, to which I have alluded in another part of this report,
and which was authorized by the act of Congress of September 2,
1914. The next day after the approval of this act the .bureau was
organized in ,the Treasury Department with William C. De Lanoy
as director and J. Brooks B. Parker as assistant to the director.
An advisory board, lorovided for by the act, was appointed by the
Secretary, consisting of the following: William Wallace, of Boston,
Mass.; Hendon Chubb, of Jersey City, N. J . ; and William N. Davey,
of New York.
•
The necessary policies and forms were adopted and organization
immediately effected, and the bureau began business promptly after
the passage of the act.
The Bureau of War Eisk Insurance coordinates most satisfactorily
with the Customs Division of the department, since ,the duties of
collectors of customs are to clear vessels and examine their manifests
and cargoes, and they are thus brought into close contact with the .
shipping business. They have been authorized to act as agents in the
issuance of policies under the direction of the W a r Eisk Insurance
Bureau. This has greatly facilitated and simplified the administration of the act. Already the bureau is proving a most useful agency
for the protection and promotion of American commerce, since American vessels are now able to obtain insurance, which they would not
otherwise be able to get, and without which vessels would not sail and
shipments could not be made.
The rates made by the bureau for insurance are based upon the
same sound considerations that control private companies, but they
SECEETAEY OF THE TEEAStfEY..
27
are more reasonable and have had a determining influence in creating
and maintaining rates that are advantageous to American shipping,
American commerce would have been seriously handicapped under
present conditions if the Bureau of War Eisk Insurance had not been
established. I t has already proved of inestimable value to the business interests of the country.
Attached to this report as Exhibit I are the instructions issued
to collectors of customs authorizing them to receive applications for
war risk insurance on American vessels and cargoes.
RESERVE B A N K ORGANIZATION
COMMITTEE.
The Federal reserve act of December 23, 1913, created a Eeserve
Bank Organization Committee, consisting of the Secretary of the
Treasury,^ the Secretary of Agriculture, and the Comptroller of the
Currency. -Three days thereafter announcement was made of the
determination of the committee to hold hearings in various important cities of the country for the purpose of obtaining the best possible opinion and information as to the division of the country into
Federal reserve districts, as required by the act. At that time the
office of Comptroller of the Currency was vacant, but the law
authorized a majority of the members of the committee to act.
I n order to carry out the purposes of the law and apportion the
country with " due regard to the convenience and customary course
of business," the committee made a tour of the country, held public
hearings, and studied local conditions at first hand. The hearings
were begun on January 2, 1914, and continued until February 18,
1914, the committee visiting New York, Boston, Washington, Chicago, St. Louis, Kansas City, Lincoln (Nebr.), Denver, Seattle,
Portland (Oreg.), San Francisco, Los Angeles, El Paso, Austin
(Tex.), New Orleans, Atlanta, Cincinnati, and Cleveland.
M ^
than 20Q^^iej,JhiNDUghjbJh,ei^^^
chambers
of commerce, and other representatives were heard_. The taslFwas^
a'pi^ig^imiF'one^M'i^rivo^^
amount of liard work, a
thorough study of unusukl problems, and the decision of many trying
and difficult questions. The most careful and painstaking investigations were made by the committee. Upon it was placed the sole
responsibility of dividing the country into 12 or less districts, selecting the locations in each district for the Federal reserve bank, admitting to membership in the system, under rules and regulations
adopted by the committee, the 7,493 national banks of the country,
organizing the Federal reserve banks, and performing all the preliminary work of investigation and organization of the system preparatory to the appointment of the Federal Eeserve Board.
28
' EEPOM ON THE FINANCES.
I n order to facilitate and expedite the work a special committee of
experts, with H. Parker Willis, of New York, as chairman, and Edmund D. Fisher, Andrew A. Benton, O. Howard Wolfe, Joseph A.
Broderick, Ealph Dawson, and Stephen H. Farnham as members, was
appointed in January, 1914, with authority to make a careful and
comprehensive report upon a system of accounting for the Federal
reserve banks, as well as upon many other important features. This
committee performed its task and embodied its findings and conclusions in a comprehensive report which has been of great value to the
Organization Committee and to the Federal Eeserve Board.
I t was not to be expected that the. country could be divided into
districts and that the banks could be so located as to satisfy all sections, and especially the many cities which engaged in an active contest for the location of the several Federal reserve banks. At the
very outset the committee announced that it would not allow itself to
be swerved or influenced by local or political considerations, but
would determine the important questions submitted to it with sole
regard to what, in its judgment, would be best for the integrity and
efficiency of the new system and the general interests of the country.
v_Oii_ ApriL2^;4.914,^the^Aecision^ofJhe^•committee-.was^endered.. I t
divided the country into 12 Federal reserve districts, the maximum
authorized by the Federal reserve act, and located Federal reserve
banks in the following cities: Boston, New York, Philadelphia, Eichmond, Atlanta, Cleveland, St. Louis, Chicago, Minneapolis, Kansas
City, Dallas (Tex.), and San Francisco.
Keen^dissatisfoLction was expressed by the cities.piNew~Orlean^^
BaUimore^andmuch ill-considered criticism was directed at the committee's findings. On the 10th of April a supplemental statement
was issued by the committee. There is attached as Exhibit J to this
report the decision of the Eeserve Bank Organization Committee,
dated April 2, 1914, and, as Exhibit K, the supplemental statement
of the committee, dated April 10, 1914; also, as Exhibits L, M, and
N, copy of the Federal reserve act and amendments subsequently
made thereto.
While the Federal reserve act was on its passage in Congress it
was vigorously opposed by many of the banks of the country, and
it was freely prophesied that the national banks would refuse to
accept the law, surrender their Federal charters, and reorganize
as State institutions. I t is significant that within the 60 days„which
'theJ^w_alloJEed the i^ational_banksjt£^a£cept^^
a>Qton^^^8^^ationaLiank§^^^
to enter the system^
Much of the opposition to the law resulted from a lack of knowledge
of its provisions. I t is extremely gratifying to be able to say that
since there has been a fuller knowledge and better understanding of
^ SECEETAEY OF THE TEEASUEY:
29
the Federal reserve act there has been a complete change of sentiment. There is now universal acknowledgment of the great
value and merit of this important piece of legislatipn. I t is
extremely gratifying also to be able to state that the national
banks have cooperated in a most commendable spirit with the
Organization Committee and the Federal Eeserve Board in the
establishment of the new system.
The Federal reserve act has also provided a means by which State
banks may more readily become national banks and tlius secure the
benefits of the Federal Eeserve System or by which they may retain
their State charters and still become members of the Federal Eeserve System and secure its benefits. I t will be of great advantage
to the country to bring more thoroughly under the supervision of
the National Government than heretofore the entire banking system of the country. I t is a serious defect in our financial structure to have so many State banks operating under 48 different kinds
of State laws. If they shall, through wise legislation and management, be brought ultimately into the Federal Eeserve System,
so as to make the banking business of the country a homogeneous
and well-ordered whole, administered, regulated, and supervised
under the authority of the National Government^ a great and lasting benefit will be secured to the American people. This may be,
and it is to be hoped will be, the natural evolution of the new Federal
Eeserve System.
CUSTOMS.
The collections of revenue for the fiscal year ended June 30, 1914,
show the success pf the tariff act of October 3, 1913, as a revenue
measure.
When the tariff law was written it was estimated to produce from
customs in its first year $270,000,000. There was actually produced
in the year from customs $292,320,014.51, or $22,320,014.51 in excess
of the estimates, which took into account the estimated revenues for
three months under the old law and nine months under the new law.
I t was intended by the tariff act of October 3, 1913, to remove the
duties from certain necessaries of life and lower the duties on others.
To make up the deficit caused by the los§ in revenue frpm customs
the income-tax provisions were enacted as a part of the new act and
the provisions for a tax on corporations were amended.
The tax on individual incomes amounted to $28,253,534.85 and the
tax on corporations amounted to $43,127,739.89.
That the tariff act of October 3, 1913, not only justified the^ estimaj;es, but as a whole produced during its first year more than the
30
EEPOET ON T H E FINANCES.
revenue measure which it superseded, is shown by a comparison of
the revenue figures:
For year ended For year ended
• June 30,1914. June 30,1913.
Customs
Corporation and income tax
Total...:
$292,320,014.51
71,381,274.74
5318,891,395.86
35,006,299.84
363,701,289.25
353,897,695.70
This makes an amount of revenue raised under the act of October 3,
1913, greater by $9,803,593.55 than the amount collected the previous
year under the preceding revenue measure.
I n addition to the saving of $356,000 in operating expenses, resulting from" the reorganization of the customs service, by virtue
of a provision in the sundry civil bill, approved August 23, 1912,
there was a saving of approximately $130,000 in operating expenses
during the year ended June 30, 1914. This was accomplished by
constantly improving the business methods, and without any decreases in compensation. By these operations the customs force was
decreased from approximately 8,100 on July 1, 1913, to 7,150 on July
1, 1914, and the annual expenditures from the rate of approximately
$11,000,000 per annum on the former date to approximately the
rate of $10,150,000 per annum on the latter date. This decrease
in expenses was effected during the time that the number of entries
of merchandise increased by 90,468, an increase of approximately
5 per cent over the entries in 1913. This increased number of entries
, was handled by a decrease of 606 persons from the average number
of those employed in the service the previous year.
The conference of collectors of customs held in 1913 proved of
such value to the service that a similar conference was called this
year, and was attended by representatives of 48 customs districts.
Many questions which had arisen under the new tariff law and
under the reorganization of the customs service were discussed.
The results proved so satisfactory that a decision has been reached
to hold, such conferences at stated periods, with occasional joint
conferences of collectors and appraisers. The recommendations of
the conference were submitted to the department for appropriate
action and have effected a greatly increased efficiency, uniformity
of practice, and economy.
Of similar value was the conference of appraisers which was held
at New York this year. This important branch of the customs service, while efficient, was thought to be capable of much improvement
in business ^methods, the attainment of uniform, appraisements, etc.
SECEETAEY OF THE TEEASUEY.
31
The exchange of ideas and practices at the various ports which were
discussed at the conference proved very valuable, and the result of
their recommendations to the department will be evident in the
greater efficiency in this branch of the customs service.^
I n addition to these results these conferences have greatly increased the esprit de corps of the service and have stimulated a
genuine interest in the various collectors of customs to improve the
service until it reaches the highest possible plane of efficiency.
Another feature of the year's work in the customs service was the
appointment of the customs efficiency board. This board is composed of nine members selected from those deputy collectors of customs and special agents who are experts in customs administration.
Committees, usually of three members, visit the various customs
districts with a view to effecting a standardization of the service and
the abolition of useless work, duplication of record keeping, and the
correction of irregular practices. The visits of these committees
have everywhere been welcomed by the chief officers of customs who
have cooperated with them and very generally supported their recommendations. The result has been increased efficiency and economy.
Every effort is being made to continue the work instituted at the
beginning of the fiscal year to so improve the methods employed and
increase the effectiveness of the service as to place it on a basis of
business efficiency at least equal to that of well-conducted individual
and corporate business enterprises.
INCOME-TAX LAW.
The income-tax law for the first year of its operation produced
less revenue than was estimated. Without specific information upon
which these estimates could be based, it was impossible to make
them accurate. There was no available data about the incomes of
individuals in the various States upon which the .department could
base a very intelligent forecast. Notwithstanding, the results from
the income-tax law for the first 10 months of its existence have been
satisfactory. The administration of a new law. of this character
encounters great obstacles at the outset. I n the first place, the people
of the country, unaccustomed to an income tax, must be educated
to the law. This takes time. Moreover, administrative methods
must develop with experience, and this also takes time. An immense
amount of work, has been done in perfecting methods of administration, in preparing and issuing regulations, and in explaining and
elucidating the many varied arid complex questions that have arisen
under the laWo
32
•
EEPOET ON T H E FINANCES.
The following table shows the number of individual income returns filed during the fiscal year 1914, the same being classified
according to the amourit of net income disclosed by^ the returns:
$2, 500. 00 .to
$3, 333. 33
3, 333. 33 to
5, 000. 00
5,000. 00 to
10, 000. 00
10, OOO.-OO to
15, 000. 00
15, 000. 00 to
20, 000. 0020, 000. 00 to . 25,000.00
25, 000. 00 to
30, 000. 00
'
30, 000. 00 to
40, 000. 0 0 —
40, 000. 00 to
50, 000. 00
50, 000. 00 to
75, 000. 00.,75,000. 00 to 100, 000. 00
100, 000.00 to 150, 000. 00_
150, 000. 00 to 200, 000. 00
200, 000. 00 to 250, 000.00
250, 000. 00 to 300, 000. 00
300,000. 00 to 400, 000. 00
400, 000. 00 to 500, 000. 00___
500, 000. 00 to 1, 000, 000. 00___
1, 000, 000. 00 and over
Total
Married'
Single:
Men__
Women
—
.,
Number of returns.
._ 79, 426
114, 484
101, 718
26, 818
11, 977
J
. 6,817
4,164
„__
4, 553
2, 427
2, 618
^__
998
785
311
145
94
.i
84
.
44
91
_:____
44
357,598
.
278,835
-
1
55,212
23, 551
:_
•
357, 598
I t is pbvious, upon the face of the returns, that there were more
than 79,426 persons out of a total population of approximately, a
hundred million in this country who had net incomes of from $2,500
to $3,333 for 10 months—the taxable period for the calendar year
1913. I t may be, said with equal truth that there were more than
114,484 people out of our entire population who had a net income
of from $3,333 to $5,000, and more than 101,718 people out of our
entire population who had a net income of from $5,000 to $10,000
for the same period. I t is cleai: that, there were thousands of persons who failed altogether to make a return as required by law.
The remedy for this is, of course, to have the collectors of internal
revenue in each district make an assessment upon those who, in
the opinion of the collector, are liable to ihe tax, and, in addition,
to make such investigations as may be necessary to determine who
in each district have failed to make proper returns.
The experience of the department shows that many erroneous and
faulty returns have been made. This is due in most instances not
1 Married women rendering separate returns included above, 6,682,
SECEETAEY OF THE TREASUEY.
33
SO much to a purpose to escape the tax as to a lack of knowledge of
the law. An immense amount of work devolves upon the Internal
Eevenue Bureau in checking up these returns, discovering errors,
and reassessing the tax. This applies both to individuals and -corporations. This work is being pushed forward with all possible
rapidity.
i t should be borne in mind that the returns for the first year of the
tax covered 10 months only, from March 1 to December 31, 1913,
and that collections of the tax at the source were in operation for
only a small part of the year 1913. The fact that collections at tiie
source will cover the entire calendar year 1914 should in itself result
in the collection of a larger amount of the revenue to which the Government is entitled. I t should be remembered that the largest dividend and interest payments are made on the 1st of January and the
1st of July of each year. No tax was collected for the fiscal year
1914 on dividends and interest payments made on the 1st of January,
1914, because the tax accrued on the 31st of December, 1913. The
full returns for the calendar year 1914 will include both January
and July payments and should for this reason alone exceed those
for the year 1913.
The Commissioner of Internal Eevenue has suggested to me a
number of amendments which would, clear up ambiguities in the act
and contribute to the more effective and certain administration of
the law. I shall not attempt to discuss these amendments now, as
I have not had time to give them full consideration, but I should
like to direct particular attention to the necessity for changing that
part of the law which requires each person having a net income of
$3,000 or over for the taxable year to make a return, so as to require
each person having a gross income of $3,000 or more for the taxable
year to make a return. By this change each and every person having
a gross income of $3,000 pr more will be required to make a return,
showing deductions claimed, and the department will then have the
opportunity of passing upon these deductions and determining what
amount of net income is taxable. Such an amendment would simplify the administration of the law, assure more complete returns,
materially increase the income-tax revenue, and save an immense
amount of expense to which the Government is now subjected in
maintaining a sufficient corps of inspectors and investigators to hunt
out the people who have failed to make returns.
I should also like to direct attention to another amendment that
should be made to the income-tax law. The present law provides
that the penalty for nonpayment of taxes shall not accrue until 10
days after the close of the fiscal year, and that notice shall be given
64402°—FI 1914
3
34
EEPOET ON. THE FINANCES.^ .
to each delinquent after the 30th day of June of each year before
the 10 days shall begin to run. There is no necessity for this provision, and it imposes upon the department a large amount of unnecessary labor and expense in collecting the tax. Moreover, it encourages taxpayers to withhold payment of a large amount until after
the close of a fiscal year, and to that extent affects the estimates
and the income for the fiscal year. I respectfully recommend that
this feature of the law be repealed and that the penalty for nonpayment of the tax attach on the 1st day of July of each year.
INTERNAL REVENUE;
I respectfully invite the careful attention of Congress to the report
of the Commissioner of Internal Eevenue. With the new duties,
thrown upon that bureau, its work has been greatly enlarged and
tremendously increased in importance. The commissioner is making
vigorous efforts to improve and to perfect administrative methods
and to secure increased economy and efficiency.
OUR STOCK OF GOLD.
The political situation in Europe for the past t)vo years has been
strained to such a degree that foreign banks generally have been
making strenuous efforts to increase their gold reserves. This undoubtedly accounts for the sale in large amounts of American securities that had been held abroad. When war became imminent these
sales became more urgent, and were finally cut off only by the closing'
of the stock exchanges. ELowever, notwithstanding the heavy gold
exports that have occurred during the past year, and particularly
since last May, the gold holdings of the Treasury on October 31,
1914, were $1,169,562,078, which, compared with $1,258,218,357 on
June 30, 1913, shows a reduction of only $88,656,279 during this
period of most unusual demands. Of course, the production of our
own gold mines has been an important factor in thus minimizing
the effects of the export movement. On June 30, 1914, notwithstanding the exportations of the fiscal 3^ear, the stock of gold in the
Treasury and national banks was greater by $17,901,855 than on
June 30, 1913. The total stock of gold in the country on June 30,
1914, including the holdings of the Treasury and of all national,
State, arid private banks, together with the amount in private hands
and in circulation, was estimated at $1,871,611,723, as compared with
$1,866,619,157 on June 30, 1913.
SECEETAEY OF THE TEEASUEY.
35
NEW BUILDING FOR BUREAU OF ENGRAVING AND PRINTING.
I t is fortunate that the new building for the Bureau of Engraving
and Printing was occupied in February last, even before it was completely finished, as it would have been a physical impossibility to
have executed the important work of producing the emergency currency, the Federal reserve notes,,and regular bank notes if the bureau
had not been removed to the new building, which not only gave ample
space for the increased volume of work, but afforded the facilities
and the accommodations for the welfare of the employees that
enabled them to meet the unusual demands upon their endurance.
CURRENCY ISSUES.
Notwithstanding the fact that approximately $500,000,000 of
emergency currency had been printed some years ago by the department and was on hand when the emergency arose, a large part of this
currency was unavailable because it had been printed under the old
Aldrich-Vreeland law unamended, and was based, therefore, upon an
arbitrary distribution among the banks in the different' States pro
rata to their capital and surplus. Many banks did not call for their
quota, whereas others wanted much more. The amendments of
August 4,1914, increased the limit of emergency currency that might
be issued, removed the restrictions referred to, and made available to
many banks a much-larger amount than was in stock for them.
This threw upori the Bureau of Engraving and Printing an extra
demand, which taxed the capacity of the force to the utmost. At
the same time it was necessary to prepare the designs and plates and
to print notes for the new Federal reserve banks aggregating
$250,000,000, so that they would be ready for use when the banks
opened for business on the 16th day of November. The office
of the Comptroller of the Currency, which is charged by law with
the issuance of all national-bank and Federal reserve currency, has
been taxed to the utmost to meet the great demands which were suddenly thrust upon it, and has had a wholly inadequate force to dp
the work. I t has been necessary to count these millions of notes, to
ship them, to keep accurate accounts, and to see that no losses or
mistakes were ma.de.
I t is only just that I commend the employees in the office of the
Comj)troller of the Currency and the employees of the Bureau of
Engraving and Printing for the admirable . spirit and manner in
which they have met the extraordinary demands of this extraordinary situation. The wor]^ has been done with great loyalty, at great
sacrifice of personal comfort and convenience, with decision, dis-
36
EEPOET ON THE FINANCES..
patch, and remarkable exactness. The interests of the Government
have been thoroughly protected at every point and in every particular.
N E W R E V E N U E CUTTERS.
I n my report of last year I respectfully urged the grant of the
necessary authority and appropriation for the prompt construction
of four new reveriue cutters. Congress authorized the construction
of two of these cutters. I now earnestly urge that authority be given
promptly for the construction of the other two. The need of
these vessels is now more than ever imperative. On the Pacific
during half the year the entire coast from the mouth of the Columbia Eiver to the Mexican boundary must, be left unguarded,
owing to the transfer during that period of all cruising cutters to
Alaskan waters, where the demand for the service is most urgent.
The Manhattan (a revenue-cutter tug in New York Harbor) is so
old as to be unfit and unsafe to perform her duties, except under most
favorable conditions of weather. By the recent loss of the Tahoma
in Alaskan waters the available vessels have been cut down at a time
when the loss could be least sustained. The service is seriously
crippled for lack of the necessary ships.
COAST GUARD B I L L .
I t is again earnestly recommended that the Coast Guard bill, contemplating the consolidation of the Eevenue-Cutter Service and the
Life-Saving Service, be enacted into law. The measure has already
passed the Senate and is now pending in the House of Eepresentatives. This will greatly increase the efficiericy of these two valuable arms of the Government. The efficiency of the personnel of the
Life-Saving Service has greatly diminished, owing to the impossibility of obtaining or retaining suitable men under existing conditions. Desirable men will not join this hazardous service without the
incentive of a retired list to provide for them after their active years
are over, or when they become permanently injured in the performance of their duties. The Coast Guard bill would provide for this
retirement in the Life-Saving Service. With the inducements and
equities of the Coast Guard bill the service would unquestionably
accomplish vastly • more and with greater economy than the two
organizations have been able to accomplish working independently,
with one of them handicapped by a crippled force. This measure
is all the more justified because the Life-Saving Service will then
receive a military status and will become a first naval reserve in time
of war.
SECEETAEY OF THE TEEASUEY.
37
ICE PATROL TO PROMOTE SAFETY AT SEA.
I n my last annual report it was suggested that the patrol of the
ice regions in the North Atlantic should either be discontinued or
that some arrangement should be made whereby each nation interested should perform its proportionate part in this important aid
to safety at sea. The delegate representing this department at the
International Conference on Safety at Sea, which met in London
in November, 1913, brought the matter to the attention of the conference, with the result that all the signatory powers were unanimous in their request that the ice patrol be continued by the EevenueCutter Service, as heretofore, and each argreed to bear a part of the
expense of the patrol proportionate to its interests in trans-Atlantic
traffic. As this convention, when ratified, does not take effect until
July 1, 1915, it Avas apparent that unless some temporary arrangement
could be made the ice seasons of 1914 and 1915 would pass without
any patrol. Accordingly, the Government of Great Britain, on
behalf of all the interested nations, inquired under date of January
31, 1914, if the Uriited States would be disposed to commence the
new international service under the terms of the convention as
early as possible in the month of February last. I n the interest of
safety to American citizens traveling at sea, and to gratify this international desire, the President directed, on February 7, 1914, that
the Eevenue-Cutter Service again undertake this ice patrol. Accordingly the cutters Seneca and Miami Avere dispatched to the ice
regions and rendered a most efficient patrol throughout the entire
season of danger.. The expenses, other than the part to be paid by
this Government, incurred in the prosecution of the patrol will be
collected through diplomatic channels.
P U B L I C H E A L T H SERVICE.
All previous records of the Public Health Service, both for efficiency and for the volume of work accomplished, have been surpassed
duriiig the year.^ This was made possible by the act of Congress
approved August 14, 1912, and the enlarged appropriation granted
for the year. The public health activities of the department now
include occupational diseases, rural sanitation, and investigations of
the pollution of streams and coastal waters. Attention is being given
also to school sanitation, and much valuable data relating to this
subject has been collected and published for the benefit of the general
public.
Particular attention is invited to the repprt of the Surgeon General, which will be found among the abstracts of reports of bureaus
and divisions.
88
EEPOET ON THE FINANCES.
The health of the people is of paramount importance and every
agency that the Government can maintain for that purpose is worth
every dollar well expended on it. The Public Health S^ervice is
growing every day in importance and public favor. Every reasonable thing should be done to enlarge and improve this service,
and I earnestly recommend that adequate.appropriations be granted
to enable its work to be carried on to the highest limits of efficiency
and effectiveness.
National care of lepers.
There is one feature of the Public HLealth Service to which I
desire to draw particular attention, and that is the question of the
national care of lepers.
During the year 1912 steps were taken by the Public Health Service by means of correspondence to ascertain the number of officially
recognized lepers in the United States and its dependencies. As a
result of this investigation a total of 146 cases of leprosy were found
present in the continental United States, 41 of these cases having
beeri apprehended during the calendar year 1911. This number necessarily represented only a portion of the cases occurring, as in many
States the disease is not notifiable and in others the requirement of
notification is difficult of enforcement. Moreover, a commission of
officers of the Public Health Service in 1901 made a careful study of
the prevalence of leprosy in the United States, and at that time 278
cases were reported in the continental United States, and there is
no reason to believe that there was a lessened prevalence of the disease during 1912. Of the 278 cases reported in 1901, 145 were born
in the United States. This fact deserves serious corisideration, as
the genera! belief is that leprosy rarely occurs among native-born
Americans.
Leprosy is known to exist in.18 States and the District of Columbia. Especial provision is made for the care of lepers in only a few
States, so that the Public Health Service is frequently called upon by
various State and local health authorities, asking that they take
charge of persons found within their jurisdiction suffering with
leprosy. There should be some general policy which would-be uniform throughout the continental United States for the control and
segregation of lepers. This can be accomplished by the establishment of a national leprosarium, with an adequate force to prevent
the escape of lepers who may be confined therein, and where such
lepers may receive the necessary medical treatment under pleasant
and agreeable surroundings, which will tend to make their confinement not a hardship and thus lessen their desire for escape. The
United States is,the only Government of any importance not providing for the isolation and care of lepers.
SECEETAEY OF THE TEEASUEY.
39
I respectfully recommend that the establishment of a national leprosarium be given prompt and careful consideration and that a bill
be passed by the Congress giving adequate authority to the Public
Health Service to carry out properly the isolation of lepers and
making provision for their maintenance and treatment while under
the care and supervision of the Government.
TRANSPORTATION OF M O N E Y S AND SECURITIES.
The Treasury Department is making a careful investigation of
the facilities of the parcel x^ost or registered mail for the transportation
of all moneys and securities between the Treasury, the subtreasuries,
and the banks. If this is a feasible j)lan, a great economy to the
Government and banks will be effected.
For 25 years the United States Express Co., under an arrangement
dated.March 31, 1889, as modified and amenaed November 1, 1894,
and June 1, 1912, has transported all moneys and securities. On all
kinds of paper money this company charged 20 cents per thousand
dollars to all points reached by its lines. To points on other lines
the charges were from 50 to -75 cents per thousand dollars. Gold
coiri and bullion were carried at $0,001 a mile per thousand dollars,
with a minimum charge of $0.50 per thousand, and silver coin and
bullion were carried at $0,004 a mile per thousand dollars, with a
minimum charge of $1 per thousand. The total payments to the
United States Express Co. during the past three years have averaged
approximatel}^ $375,000 annually, of which about $245,000 was reimbursable by the national banks. On June 29, 1914, the various
express companies were invited to submit proposals for the execution
of this work in place of the United States Express Co., and on
July 8, 1914, bids were submitted which were essentially the same
as the rates under the old contract with the United States Express
Co. There was only a negligible reduction. I have felt that the
rates submitted were excessive, especially in view of the possibilities
of the Postal Service, and have deemed it inadvisable to accept any
of these proposals up to this time.
The Postmaster General is heartily cooperating with this department in making a thorough test of the feasibility of having all shipments in the future made through the mails. Several experiments
already have been made with great saving to the Government.
A few months ago $50,000,000 in gold coiri was shipped from the
Philadelphia M i n t ' t o the New York Subtreasury by parcel post,
properly insured and under guard of secret-service operatives and
employees of the Treasury and Post Office Departments. The total
transportation charges on this shipment, including insurance, were
only $3,376.18, or about 6J cents per thousand dollars, as against a
40
EEPOET ON THE FINANCES.
charge of $25,000, or 50 cents per thousand dollars, which would
have been the cost by express.
Two additional gold shipments aggregating $28,750,000 have been
made from Philadelphia to New York, on which the total charges
were $2,306.40, as against the express company rate of $14,375.
A shipment of $5,000,000 from Philadelphia to Boston was made
at a cost of $851.10, as compared with $2,500 under the express
arrangement.
The total savings on these experimerital shipments alone, by way
of the parcel post, have amounted to $35,341.32.
A few weeks ago it became necessary to ship $75,000,000 in gold
from the Denver Mint to the New York and Boston Subtreasuries.
The Treasury Department took up the question with the Post Office
Department with a view to utilizing the parcel post again. The
mere knowledge of these negotiations between the two departments
caused the express companies to come forward with a reasonable
bid which was vastly lower than the rates the Government has paid
for a quarter of a century.
Under the old rates this shipment would have cost $112,500, or
$1.50 per $1,000 of gold transported. When the express companies
learned that the shipment might be made by parcel post, they made
a rate of 50 cents per $1,000 of gold transported.
The shipment was, therefore, made by express at a cost of $37,500,
thus effecting a saving to the Government on this single shipment of
$75,000. .
I t has been necessary to move these large amounts of gold between
the subtreasuries on account of the emergency conditions that have
existed.
I n connection with the shipments of Federal reserve notes to the
12 Federal reserve banks, the express rate on currency had been
20 cents per thousand to the cities in which the Federal reserve
banks are located, except Eichmond, Atlanta, and San Francisco,
the Eichmond rate being 35 cents, the Atlanta rate 65 cents, and the
San Francisco rate $1 per thousand, respectively. To meet the
threatened competition by mail, the express companies consented
to reduce their rates to Eichmond and Atlanta to 20 cents per thousand and to San Francisco to 50 cerits per thousand, making a uniform rate of 20 cents per thousand to all of the reserve cities except
. San Francisco, where the rate was reduced from $1 to 50 cents per
thousand.
On the shipments of $20,800,000 it is estimated that the saving
effected by these reduced express rates amounted to $1,390.
There 'has been an actual total saving to the Government on the
entire shipments, over rates always paid heretofore, of $111,731.32.
SECEETAEY OF THE TEEASUEY.
^
41
I t is hoped that an arrarigement may be perfected whereby the
mails may be used exclusively or in conjunction with the express
companies to do this business for the Government. Not only would
there be a great saving, but there would be an elimination of many
delays. The mail service is much faster, in many instances, because
between points where an express company has not a direct line it is
necessary to use the lines of two companies and the route is frequently circuitous.
PUBLIC BUILDINGS.
The Public Buildings Commission appointed by the Congress submitted a report on this extremely important matter, which I respectfully recommend to the attention of the Congress. The public-building problem is one of the most difficult with which this
department has to deal. During the coming year I hope to be able
to secure an iiriprovement in administrative methods with a view
to greater efficiency and economy.
CENTRAL H E A T I N G A N D POWER P L A N T .
Detailed plans and specifications for the central heating and power
plarit authorized by the sundry civil act approved. June 23, 1913,
are in progress, and as soon as they have been completed and
approved bids will be taken with a view tp letting a contract at the
earliest possible date.
P A N A M A CANAL.
The expenditures on account of the Panama Canal during the
fiscal year 1914 amounted to $34,826,941.76, and the general fund
of the Treasury was adequate to meet these expenditures without
the sale of additional bonds. The total amount expended for the
canal from the general fund to June 30, 1914, reimbursable from
proceeds of bonds not yet sold, was $214^452,055.08.
CONTINGENT FUND.
The " Contingent fund for the Secretary of the Treasury " for the
current fiscal year is $20,000. I t is earnestly recommended that a
like amount be appropriated for the next fiscal year. This fund is
urgently needed for use in making effective investigations, trying out
new and improved administrative methods, eradicating abuses, and
protecting the public interest in^many ways. With the increased
and increasing activities of the department this fund is essential.to
proper and efficient administration.
42
EEPO'ET ON T H E FINANCES.
GROWTH OF WORK IN THE TREASURY DEPARTMENT.
The work in the Treasury Department hias expanded to an unprecedented extent during the past year.' I n addition to the normal grpwth of the department in keeping with the progress of the
country, many additional features have been added to its activities
by law and by the necessity for the use by the Government of its good
offices in dealing with the business and financial situation resulting
from the European war. The additional burdens have been assumed
and the work carried on with a relatively insignificant increase in
expenditures. While appropriations have been made for the collection of the income tax, the administration of the War Eisk Insurance
Bureau, and~ the like, there has been a large saving by the practice of
strict economy, the elimination of unnecessary employees, and -the
adoption of improved methods. Much of. the extra work has been
done without any increase in force whatever.
SECEETAEY OF THE TEEASUEY.
43
FINANCES.
The foflowing statemerits showing receipts, disbursements, estimates, and the condition of the Treasury are submitted:
E E C E I P T S AND DISBURSEMENTS.
Fiscal year 1914The receipts and disbursements of the Government during the fiscal
year ended June 30, 1914, were as follows:
(See details on p p . 48 to 54.)
GENERAL F U N D .
Receipts into the general fund, including various trust-fund receipts,
b u t excluding postal revenues:
Customs
:
$292,320,014.51
Internal revenue—
Ordinary
'.
$308,659,732.5.6
Corporation excise tax
. 10,671,077.22
Corporation income tax
32,456,662.67
Individual income tax
28,253,534.85
380,041,-007.30
Sales of public lands
2,571,774.77
Miscellaneous
59,740,370.13
Total ordinary receipts..
734, 673,166. 71
Disbursements from the general fund for current
expenses and capital outlays, including various
trust-fund disbarsements, b u t excluding postal
and Panama Canal disbursements:
For civil e s t a b l i s h m e n t Legislative establishment
$13,468, 827. 66
Executive office
564,134.36
State Department
5,253,911. 78
Treasury Department proper
48, 862, 059. 68
Public buildings, construction and sites..
11, 277, 797.10
War Department, civil
2,237,069.37
Department of Justice
- 10,188,151. 26
Post Office Department.
2,236, 202. 24
Navy Department, c i v i l . . . . . . .
860,873.02
Interior Department proper
..."
22, 656,130. j62
Department of Agriculture
22, 208,141.12
Department of Commerce
10, 958, 882. 40
Department of Labor..,
3, 768, 904. 05
Independent offices
3, 232,179. 61
District of Columbia
^ 12,756,97L18
170,530,235. 45
44
^
EEPOET ON THE FINANCES.
Disbursements from the general fund for current expenses and. capital outlays,
etc.—Continued.
For military establishment: Army, Military
Academy, and mihtia, $105,542,431.71; fortifications, arsenals, military posts, etc.,
$7,759,118.77; rivers and harbors, $49,921,592.16; miscellaneous public works, • $452,- .365.52; miscellaneous objects, $9,847,296.04. $173,522,804.20
For naval establishment, including construction of new vessels, machinery, armament,
equipment, improvement at navy yards, ,
and miscellaneous!
139, 682,186.28
For Indian service
20,215,075.96 .
For pensions
173,440,231.12
For interest on the public debt
22, 863, 956.70
Total ordinary disbursements
/.
$700, 254, 489.71
Excess of ordinary receipts
Panama Canal disbursements:
Disbursements for canal provided from general fund
34, 418, 677.00
34, 826, 941.76
•* Excess of disbursements, including t h e Panama Canal
^ Issues and redemptions of public debt: .
National-bank note fund-—
- Redemptions
$26,852,200.00
Receipts:
19, 902, 282.50
Excess of redemptions over receipts
Miscellaneous redemptions..
408, 264. 76
6, 949, 917.50
109,127.00
7
. 7 , 467, 309. 26
Postal savings— Proceeds of bonds issued on savings deposits
Total excess of disbursements over receipts into general
fund
.-
3,118, 940.00
4,348,369.26
General fund balances:
Balance in general fund June 30, 1913
Excess of general-fund disbursements for year
165, 960, 984. 79
4,348,369.26
Balance in general fund June 30, 1914
161, 612, 615.53
SUMMARY OF G E N E R A L - F U N D TRANSACTIONS.
Fiscal year, ended June 30, 1914.
Ordinary receipts, including various trust-fund
Eeceipts.
Disbursements. •
receipts, b u t excluding postal revenues.
$734, 673,166.71
Disbursements for current expenses and capital
outlays, including various trust-fund disbursements, b u t excluding postal and Panama Canal
disbursements
:
$700,254,489. 71
Panama Canal disbursements
34, 826, 941.76
National-bank note fund:
Receipts
19,902,282.50
Redemptions
26,852,200.00
SECEETAEY OF T H E TEEASUEY.
Miscellaneous redemptions of the public debt
Receipts, postal savings bonds
45
$109,127.00
$3,118, 940.00
Total receipts into the general fund
Excess of disbursements over receipts
757, 694,389.21
4,348, 369.26
Grand totals
762, 042, 758.47
762, 042, 758.47
POSTAL SERVICE.
Exclusive of Post Office Department proper, which is included in "civil establishment."
Postal revenue receipts
:
$287, 934, 565. 67
Postal service paid from postal revenues of the year
283, 558,102. 62
Excess of postal receipts
4, 376,463.05
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 niutilated notes
Worn and mutilated notes retired
$168, 220, 000. 00
168,220, 000. .00
The redemptions during the year of the notes unfit for circulation necessitated the
issue of a like amount thereof to maintain the outstanding aggregate of the notes as
required b y law.
GOLD R E S E R V E F I J N D .
Balance in reserve fund June 30, 1913
Balance in reserve fund June 30, 1914
$150, 000, 000. 00
150, 000, 000. 00
The redemptions of notes for gold from the reserve fund during the year were: United
States notes, $73,194,576, and Treasury notes of 1890, $4,500, a total of $73,199,076.
As the redeemed notes were exchanged each day for gold in the general fund, the
reserve was maintained at the fixed sum of $150,000,000 required by law.
TRUST FUNDS.
Reserved against outstanding gold and silver certificates and Treasury notes of 1890.
Issues:Gold certificates issued
Silver certificates issued
Total set aside in trust funds.
Redemptions:
' Gold certificates redeemed
Silver certificates redeemed
Treasury notes of 1890 redeemed
$505,300,000. 00
401,568, 000. 00
,
,
$906, 868.000.00
511, 272,300. 00
- 394, 268,000. 00
221, 000. 00
Total redemptions paid out of trust funds
Increase in trust funds during year.
Balances in trust funds June 30, 1913
Balances in trust funds June 30, 1914
905,761,300. 00
,
1,106,700. 00
1,573,157,169. 00
1,574, 263, 869. 00
46
EEPOET ON T H E FINANCES.
SINKING FUND.
The securities redeemed on account of the sinking fund, included
in general-fund disbursements, were as follows:
Fractional currency
1-year notes of 1863
Funded loan of 1891
Refunding certificates
Funded loan of 1907
Loan of 1 9 0 4 . . . . . ' . . . ,
:
$2,137
20
, 1,000
270
105,500 .
200
,
:
Total
1
'.
:....,
CONDITION OF THE TREASURY J U N E 30,
109,127.
1914.
The public debt of the United States at the close of the fiscal year,
as stated in the debt statement of June 30, 1914, is set forth in detail,
as follows:
Interest-bearing debt:
Loan of 19.25, 4 per cent
Loan of 1908-1918, 3 per cent.
Consols of 1930, 2 per cent
Panama Canal loan, 2 per cent
Panama Canal loan, 3 per cent
Postal savings bonds, 2J per cent
$118, 489, 900.00
63, 945,460.00
646, 250,150.00
^84, 631, 980.00
50,000,000.00
4, 635, 820.00
$967, 953, 310.00
Debt on which interest has ceased:
Funded loan of 1891
Loan of 1904..
Funded loan of 1907.:
Refunding certificates
Old debt
—
Debt bearing no interest:
United States notes (greenbacks)
National-bank notes, redemption account...
Old demand notes
Fractional currency
27, 650.00'
13,050.00
. 594, 900.00
13,300.00
903, 660.26
;—
,
1,552,560.26
346, 681, 016.00
15,142, 888. 50
53,152.50
6, 852, 472. 90
;
368,729,529.90
Total interest and noninterest-bearing debt.
1, 338, 235,400.16
Certificates and notes issued on deposits of coin
and silver bullion:
^
^
Gold certificates:....
1, 080, 974, 869.00
Silver certificates
490,850,000.00
Treasury notes of 1 8 9 0 . . - . .
2,439,000.00
1,574,263,869.00
Total debt June 30, 1914
2, 912,499, 269.16
CASH I N THE T R E A S U R Y J U N E 30,
1914.
[From revised statements.]
Reserve fund:
Gold coin and bullion.
$150,000,000.00
SECEETAEY OF THE TEEASUEY.
Trustfunds:
Gold coin and bullion
Silver d o l l a r s . . . . . .
Silver dollars of 1890
'
.
47
'..
$1, 080, 974, 869.00
490,850,000.00
2, 439, 000.00
$1,574,263,869.00
General fund:
In Treasury offices—
Gold coin
Gold certificates
Standard silver dollars....
Silver certificates
United States n o t e s . .
Treasury
notes of
1890
;
National-bank notes..
Certified checks on
banks.
Silver bullion (at cost)
Subsidiary silver coin.
Fractional currency..
Minor coin
Awaiting reimbursement, United States
bonds and interest
paid
$48,137, 240.70
54, 825, 730.00
4,682,993.00
12, 248, 023.00
8, 835,369.00
11,237.00
9, 231, 218.00
379, 907.03
2, 854,183.72
22, 040, 989.10
243.22
2,117,480.49
9, 749.30
165, 374, 363.56
Deduct current liabilities—
. National-bank 5 per
cent fund
28,793,173.29
Less notes in process
of redempticm
26, 260, 644.'46
2, 632, 528. 83
Outstanding warrants
and checks
8, 056, 673.44
Balances to credit of
disbursing officers.. 64, 277, 853.19
Post Office Depart. ment balances.
8,379,505.94
Miscellaneous i t e m s . .
7, 861, 531.16
Postal savings—5 per
ceiit account
'.
1, 677, 472. 20
92, 785, 564. 76
Less warrants and checks
not cleared
11, 981, 205.94
•
Working balance in Treasury offices.
80,804,358.82
84, 570, 004. 74
48
EEPOET ON T H E
FINANCES.
General fund—Continued.
I n national-bank depositories—
. To credit of t h e Treasurer of t h e United
States
$60,915,638.13
To credit of disbursing
officers
8, 372, 731.49
I n transit to Treasury
offices.....
15,755,400.00
$85, 043, 769.62
I n treasury of t h e Philippine Islands—
To credit of t h e Treasurer of t h e United
States
To credit "-of United
States
disbursing
officers
615,,851.43
3,379,057.95
—
3, 894, 909.38
88,938,679.00
Deduct current liabilities—
- Outstanding warrants..
^ 144, 278. 77
Balances to t h e credit
of disbursing officers. 11, 751, 789.44
11, 896, 068.21
$77,042,610.79
Balances in banks and in treasury of Philippine I s l a n d s —
161, 612, 615.53
165, 960, 984. 79
Total balance in general fund J u n e 30, 1914.
Total balance i n general fund J u n e 30, 1913
Decrease i n 1914
4, 348, 369. 26
Comparison of receipts, fiscal years 1913 and 1914.
1913
Customs
$292,320,014.51
Internal revenue:
308,659,732.56
Ordinary
'.
10,671,077.22
Corporation excise tax
32,456,662.67
Corporation income t a x . :
28,253,534.85
Individual income tax
2,571,774.77
Sales of public lands.'.
,
1,950,089.11
Consular fees
806,083.88
Chiaese indemnity
6,182,560.03
Profits on coinage, bullion deposits, etc.
9,035.75
Payment of interest by Pacific railways.
Tax on circulation of national banks... •. 3,883,198.14
963,768.90"
Interest on public deposits
195,832.70
Night services, customs service.
1,025,255.55
Customs fees, fines, penalties, etc
Proceeds of militia property lost or destroyed
166,850.70
Navy hospital and clothing funds, fines
and forfeitures, etc
804,297.83
Sales of ordnance material, etc
146,058. 46
1^655,498.65
Land fees
Fees on letters .patent
2,168,516.23
Compromise and repurchase of forfeited
203,648.92
lands
219,095.98
Depredations on public lands
Proceeds-of town sites, Eeclamation
15,280.25
Service
2,486,900.89
Forest reserve fund
6,216,149.76
Immigrant f u n d , , . . , , . . , , . , , , . ,
Increase, 1914.
|$26,571,381.35
$318,891,395.86
309,410,665.81
35,006,299.84
$32,456,662.67
28,253,534.85
2,910,204.69
1,798,038.57
644,500.26
5,545,148.05
9,493.19
3,730,059.08
34,609.91
229,971.40
1,588,201.84
Decrease,
1914.
152,050.54
161,583.62
637,411.98
153,139.06
929,158.99
750,933.25
24,335,222.62
. 338,429.92
34,138.70
562,946.29
166,850.70
1,026,118.12
202,432.25
1,643,041.08
2j077,101.69
12,457.57
91,414.54
648,582.95
103,600.40
115,495.58
17,784.74
2,466,927.23
4,735,062.00
19,973.66
481,087.76
221,820.29
56,373.79
444,934.03
2,504.49
49
SECEETAEY OF THE TEEASUEY.
Comparison of receipts, fiscal years 1913 and 1914—Continued.
1914
Naturalization fees
Proceeds of sealskins
Annual yacht tax
Alaska fund
Judicial fees, fines, penalties, etc
Surplus postal revenues for fiscal year
1913
Sales of Government property
Eent ofpublic buildings, grounds, e t c . .
Sales of lands and buildings
District of Columbia, general receipts...
Funds contributed for river and harbor
improvements..:
Panama Canal, rentals, work done, etc...
Eeimbursements on account of expenditures made for Indian t r i b e s ; . . . .
Miscellaneous
1913
Increase, 1914.
Decrease,
1914.
$446,208.50
50,547.31
386,769.57
270,360.43
1,129,856.60
$390,425.50
130,640.57
88.34
205,907.28
1,123,949.87
3,800,000.00
1,388,981.84
220,068.12
4,485.00
8,080,420.74
3,480,618.06
268,301.09
72,795.79
8,070,369.29
1,655,427.33
698,647.87
1,020,520.00
1,693,147.47
149,449.16
1,464,420.84
531,915.82
2,159,951.41
382,466. 66
695,530.57
20,000.00
20,000.00
- 142,018.92
181,047.36
2,023,440.73
445,303.89
1,589,835.51
504,289.93
4,518.19
284,608.56
159,880.80
$55,783.00
386,681.23
64,453.15
5,906.73
3,800,000.00
10,051.45
$80,093.26
2,091,636.22
48,232.97'
68,310.79
634,907.33
994,499.60
TRUST FUNDS.
Library of Congress:
Trust fund bequest
Department of State:
Miscellaneous trust funds
War Department:
Army deposit fund
Soldiers' Home permanent fund—
Miscellaneous trust funds.'
Navy Department:
Navy deposit fund
Marine Corps deposit fund... .
Interior Department:
Deposits for surveying public lands.
Proceeds of Indian lands
Indian moneys, proceeds of labor...
Miscellaneous trust f u n d s . . . .
Personal funds of patients, Government Hospital fbr Insane...
Pension money. Government Hospital for Insane
District of Columbia:
Miscellaneous trust-fund deposits...
Washington redemption fund
Other trust funds
Total
Deduct—
Moneys covered by warrant in
year subsequent to tho denosit thereof
' 177,018. 00
113,279.00
54,429.13
3,248,054.93
4,668,179.99
90,590.52
30,291.90
99,989.83
419,200.78
121,947.42
124,325.01
7,043.16
734,541,674.83
67,774.26
3,739,104. 72
4,489,248.60
156,199.22
39,028.44
433,605.22
107,590.56
46,601.80
178,931.39
23,864.84
6,427.06.
97,396.46
510,120.53
117,769.02
109,703.38
19,618.47
4,178.40
14,621.03
723,942,849.30
69,228,961.48
13,345.13
491,049.79
65,608. 70
2,593.37
505,970.59
337,590.05
723,605,259.25
69,060,580.94
90,919.75
12,575.31
58,630,135.95
168,380.54
734,035,704.24
Add—
Moneys received in fiscal year
but not covered by warrant..
58,986.04
4,518.19
637,462.47
505,970.59
131,49L88
Ordinary receipts. ..
734,673,166.71
724,111,229.84
69,192,072.82
Public debt:
Postal savinfifs bonds
National-bank note fund.
3,118,940.00
19,902,282.50
1,929,840.00
21,471,010.00
1,189,100.00
23,021,222.50
23,400,850.00
1,189,100.00
Total receipts, exclusive of postal. 757,694,389.21
Postal revenues .
.
.
287,934,565.67
747,512,079.84
266,619,525.65
58,630,135.95
Public debt receipts
Total receipts, including postal.. 1,045,628,954.88 1,014,131,605.49
64402°—FI 1914-
58,630,135.95
1,568,727.50
1,568,727.50
70,381,172.82 60,198,863.45
21,315,040.02
91,696,212.84
60,198,863.45
50
EEPOET ON T H E FINANCES..
Comparison of disbursements, fiscal years 1913 and 1914.
1914
. 1913
Increase, 1914.
Decrease,
1914.
CIVIL ESTABLISHMENT.
Legislative:
Senate
H o u s e of E e p r e s e n t a t i v e s
Legislative, miscellaneous
Public Printer
L i b r a r y of Congress
Botanic Garden
:
T o t a l legislative
Executive proper:
Salaries a n d expenses
A d m i n i s t r a t i o n of t h e c u s t o m s l a w s .
. I n q u i r i e s for c h a n g e of m e t h o d s of
t r a n s a c t i n g p u b l i c business
Civil Service Commission
T o t a l executive proper
D e p a r t m e n t of S t a t e :
Salaries a d expenses
Foreign i n t e r c o u r s e D i p l o m a t i c salaries
Consular salaries
Contingent expenses of foreign
missions
Contingencies of consulates
Emergencies arising in t h e D i p l o m a t i c a n d Consular Service.
Eelief of A m e r i c a n citizens LQ
Mexico
P a y m e n t to P a n a m a
Miscellaneous items
i
T r u s t funds
T o t a l D e p a r t m e n t of S t a t e . . .
Treasury Department:
Salaries Secretary's office a n d divisions thereof
Contingent fund for Secretary
Contingent expenses of d e p a r t m e n t .
Customs S e r v i c e Collecting c u s t o m s r e v e n u e s . . ' . .
Detection a n d p r e v e n t i o n of
frauds
EefmidLQg excess of d e p o s i t s . . .
D e b e n t u r e s or d r a w b a c k s
. Compensation i n lieu of moieties
Miscellaneous refunds
Internal-Revenue S e r v i c e E x p e n s e s of collecting
E e f u n d s a n d reliefs
Suppressing counterfeiting
and
other crimes
Accounting offices.
Miscellaneous offices
• P u b l i c H e a l t h Service
E p i d e m i c diseases.
Engraving and Printing
P a p e r , etc., for U n i t e d States securities
E e v e n u e - C u t t e r Service
E e v e n u e vessels
Life-Saving S e r v i c e . . .
Independent Treasury
Mints a n d assay offices
' Public b u i l d i n g s Sites, construction, a h d e q u i p ment
Current maintenance
Miscellaneous i t e m s
Special f u n d s ^
P h i U p p i n e special funds
N i g h t services, C u s t o m s Service.
Total Treasury Department..
$1,821,485.71
5, Oil, 755.90
508,231.46
5,464,899.79
629,454.70
33,000.10
$1,934,416.04
5,148,038.19
175,557.23
5,444,754.11
559,255. 78
29,792.17
$332,674.23
20,145.68
. 70,198.92
3,207.93
13,468,827.66
13,291,813. 52
426,226.76
'211,497.69
7.34
214,012.15
10,438.81
197.73
352,431.60
78,083.62
289,480.15
62,951.45
564,134.36
592,014.73
62,951.45
'348,329.70
343,226.33
5,103.37
783,025.00
1,512,659.50
733,409.76
1,427,968.89
49,615.24
84,690.61
384,288.14
463,733. 45
329,769.71
453,572.23
54,518.43
10,161.22
87,700.59
47,736.41
$112 930 33
136,282.29
249,212.62
2,514.46
10,431.47
77,885.89
90,83L82
39,964.18
376,781.91
500,000. 00
695,067. 73
102,325.76
585,649,16
1,057,047.60
5,253,911.78
4,978,380.09
1,230,253,53
620,492.84
11,975.17
249,176. 75
617,923.39
14,794.96
245,605.34
3,57i.4i
10,083,750.47
10,924,669.88
149,463. 41
5,148,489. 43
3,366,634.97
160,422.98
3,957,897.95
4,653,388.-39
17,406.72
31,859.66
49,975.69
56,934.81
.5,899,462.63
856,930.52
131,599.75
1,661,350.46
1,121,671.25
2,162,485.56
179,431.00
•4,048,542.28
376,781.91
500,000.00
109,418.57
954,721.84
954,721.84
2,569.45
. 2,819.79
840,919.41
10,959.57
i,i96,59i.48
1,286,753.42
32,568.97
25,075:15
5,514,201.00
885,817.21
385,261.63
134,044.88
1,696,951.67
1,062,435.28
1,984.608.91
• 245,636.54
" 3,538,146.11
59,235.97
177,876.65
.
489,125.75
420,738.85
2,310,656.90
2,328,706.80
179,845.96
211.063.88
2,370.264:82.
'2,344,609.83
765,185.01
648.247.491,739,895.39.. ... ..1,067,509.26
11,277,797.10
4,692,173.40
143,871.12
14,021,781.21
4,704,202.99
85,572.10
233,710.70
196.607.76
62,113,949.60
2,445.13
35,601.21
66,205.54
5i0,396.i7"
68,386.90
,
18,049.90
31,217.92
25,654.99
116,937.52
672,386.13
308,986.22
229,075.98
60,139,856.78
28,886.69
2,743,984.11
12,029.59
58,299.02
75,275.52
32,468.22
3,271,167.32
5,245,260.14
51
SECEETAEY OF THE TEEASUEY.
Comparison of disbursements, fiscal years 1913 and 1914—Continued.
1914
1913
Increase, 1914.
Decrease,
1914.
crvTL ESTABLISHMENT—continued.
War Department:
Salaries and expenses
-•
Public buildings and grounds
Total War Department
Navy Department:
Salaries and expenses
Interior Department:
Salaries and expenses, office of Secretary.
General Land Office
Public lands service. .
. ..
Indian Office
Pension Office...
Patent Office
Bureau of Education
Colleges for agriculture and the
mechanic arts
Geological Survey
Bureau of Mines
-.
Office of Superintendent of Capitol
Building and Grounds
National parks
.
Beneficiaries
Meridian Hill Park, District of Columbia
Protecting lands and property tn
the Imperial Valley
Construction, etc., of railroads in
Alaska
'
Enlarging the Capitol grounds
Miscellaneous items
Special funds—
Eeclamation fund.
Five, three, and two per cent
funds, sales of lands
Ee venues of national parks and
Hot Springs, Ark-.'.
Public schools Alaska fund
Miscellaneous special funds
Trust f u n d s Deposits for surveying public
lands
Misoellaneons tmst funds
Total Interior Department...
Post Office Department:
Salaries and expenses
Deficiencv in postal revenues.
Establishing postal savings depositories
..
' ..
Parcel post equipment
Miscellaneous items
•
Total Post Office Department....
$1,809,971.86
427,097.51
$1,857,794.17
362,666.07
$64,431.44
2,237,069.37
2,220,460.24
64,431.44
860,873.02
829,554.96
31,318.06
784,271:24
668,622.15
2,464,646.66
304,193.83
1,952,233.61
1,460,882.66
301,590.53
680,051.37
678,321.93
2,700,073.99
226,033.99
1,986,349.75.
1,452,151.62
289,306.12
104,219.87
2,500,000.00
1,368,544.74
645,167.58
2,500,000.00
1,268,782.60
564,986.56
99,762.14
80,181.02
726,185.10
346,130.19
637,418.95
587,573.08
165,388.40
623,921.36
138,612.02
180,741. 79
13,497.59
8,73L04
12,284.41
51,922.93
115,000.00
4,000.00
110,518.31
.
1,119,156. 72
65,932.61
7,709,350.92
115,000.00
44,585.70
59,454.18
58,2.50.74
34,728.72
•
151,197.83
99,568.01
26,485.31
10,312.64
114,075.23
1,991,936.83
1,555,422.651,027,368.79
38,228.06
359,767.74
259.20
3,196,709.76
282,524.59
230,305.23
370,217.26
.13,395.83
2,236,202.24
22,208,141.12
1,115,156.72
118,126.37
22,383,756.70
1,837,947.24
•
10,539.36
3,357.22
161,510.47
213,643.24
22,656,130.62
34,116.14
1,102,264.83
238,889.77
69,993.54
61,607.96
8,243.41
9,699.78
235,427.33
4,240.46
/
6,607,086.09
^ 120,763.40
47,822.31
51,922.93
50,240. 46
46,000.00
Department of Agriculture:
6,517,648.00
Salaries and miscellaneous
1,467,709.63
Expenses, Animal Industry
3,174,456.07
Meat inspection Animal Industry..
Expenses of Plant Industry and
1,991,826.10
. cotton-boll weevil investigation..
285,527.11
Purchase of seeds
: 3,274,721.63
Forest Service
Acquisition of lands for protection
of watersheds, navigable streams.
838,861.61
624,043.23
Enforcement food and drugs act
1,577,444.65
Agricultural experiment stations...
1,548,936.12
Weather Bureau
Special f u n d s Payments to States and Territories from National Forests
fund
586,593.39
227,477.27
Eoads and trails for States
92,896.31
Miscellaneous special funds
Total Department of Agriculture. .
^
78,159.84
$47,822.31
1,719,562.91
1,027,368.79
192,077.17
10,449.52
13,136.63
,
282,524.59
5,972,891.65
1,283,929.54
2,933,855.04
544,756.35
183,780.09
240,601.03
1,617,185.43
286,549.94
2,998,875.59
374,640.67
1,243,032.11
275,846.04
897,245.99
536,518.57
1,598,565.32
1,636,466.27.
87,524.66
506,603.58
153,524.49
46,816.29
1,907,171.45
58,384.38
79,989.81
73,952.78
46,080.02
20,469,027. 70
~ 1,022.83
21,120.67
87,530.15
168,058.03
52
EEPOET ON THE FINANCES.
Comparison of disbursements, fiscal years 1913 and :?9jf^—Continued.
1914
1913
Decrease,
1914.
Increase, 1914.
CIVIL ESTABLISHMENT—continued.
Department of Commerce:
Salaries and expenses
Bureau of Standards
Census Office
Coast and Geodetic Survey
Lighthouse Establishment
Bureau of Fisheries
Fish hatcheries
Steamboat-Inspection Service
Miscellaneous items
$884,277.56
595,469.88
1,220,366.34
999,375.86
5,731,075.07
959,599.98
46,060.90
517,964.33
4,692.48
$846,963.91
622,048.15
1,334,295.25
1,003,523.23
.5,472,158.71.
1,399,439.41
45,006.32
527,980.89
12,041.21
. 258,916.36
$37;313.65
$26 578.27
113,928.91
4,147.37
439 839.43
1,054.58
10,016.56
7,348.73
Total Department of Commerce..
10,958,882.40
11,263;457.08
297,284.59
Department of Labor:
Salaries and expenses
Bureau of Labor Statistics
Bureau of Naturalization
Bureau of Immigration
Eegulating immigration
Immigration stations
Special fund, immigration stations..
Children's bureau
120,714.19
179,331.37
291,218.39
76,819.92
2,562,759.49
510,921.48
1,850.00
25,289.21
16,000.00
164,154.16
344,084.92
2,455,387.72
251,943.98
96,158.12
19,651.21
104,714.19
15,177.21
291,218.39
107,371.77
258,977.50
Total Department of Labor
3,768,904.05
13,347,380.11
783,097.06
1,588,572.58
1,523,067.65'
65,504.93
1,509,390.92
67,480.00
1,526,227.-64
1,138,958.42.
631,126.00
1,048,873.38
245,697. 46
129,659.04
506,441.41
259,204.79
1,619,479. 79
65,102.55
1,595,184.91,
1,210,449.98
631,925.00
1,048,104.23
243,529.45
116,972.04
521,087.84
275,733.93
491,532.88
1,044,586.74
580,055.80
992,939.02
51,647.72
10,188,151.26
10,423,632.19
135,154.26
2,010,695.66
147,849.31
366,995.78
106,388.32
175,792.34
1,644,299.39
152,403.56
418,955.87
105,338.13
217,433.30
366,396.27
173,370.32
251,087.88
-160,865.91
179,029.79
12,504.41
72,058.09
3,232,179.61
2,878,325.95
452,008.96
11,239,632.56
11,249,763.13
771,957.06
2,746.28
836,348.25
8,279.42
485,557.94
116,549.30
129,723.87
10,804.17
505,758.16
116,694.95
105,472.26
18,894.62
24,251.61
12,756,971.18
12,841,210.79
24,251.61
108,491.22
Total Civil Establishment... 170,530,235.45
170,829,673.42
10,959,777.91
11,259,215.88
29,725,187.39
48,559,87L71
10,193,025.64
258,498.68
2,292,628.54
Department of Justice:
Salaries and expenses
Salaries of justices, assistant attorneys, e t c . . :
:
Court of Clainis
•
Salaries, fees, etc., of marshals
Fees of witnesses.•.
Salaries and fees, district attorneys.
Fees of jurors
Fees of clerks
Fees of commissioners
Support of prisoners
Pay of bailiffs
Miscellaneous expenses, United
States courts
Miscellaneous i t e m s . . . . ,
Total Department of Justice
Independent bureaus and offices:
Interstate Commerce Commission..
Smithsonian Institution
National Museum
Zoological Park
Territorial governments
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..'
Miscellaneous special funds.....
Trust f u n d s Miscellaneous trust-fumd deposits
Washuigton redemption fund..
Police and firemen'srelief funds
Other trust funds
Total District qf Columbia...
601,859.27
267,265.00
. 94,308.12
5,638.00
361,573.12
110,088.87
2,377.45
68,957.27
71,491.56
799.00
769.15
2,168.01
12,687.00
14 646 43
16,529.14
88,122.92
370,635.19
4,554.25
51,960.09
1,050.19
41,640.96
°98,155.30
.
10,130.57
64,391.19
5,533.14
20,200.22
145.65
8,090.45
MILITARY ESTABLISHMENT.
Quartermaster Corps
Pay, etc., of the Army
Subsistence of the Army
National cemeteries
:
32,017,815.93
48,071,055.35
9,981,927.81
1
245,471.49
488,816.36
211,097.83
13,027.19
1 Includes all expenditures made during the fiscal year 1913 for bureaus and offices transferred to the
Department of Labor, which was created Mar. 4,1913.
53
SECEETAEY OF THE TEEASUEY.
Comparison of disbursements, fiscal years 1913 and 1914—Continued.
1913
Increase, 1914.
Decrease,
1914.
MILITARY ESTABLISHMENT—cont.
Medical Department
Ordnance Department
Engineer Department
Signal Service
Military Academy
Improving harbors
Improving rivers
Military posts
:
.'
National homes-for disabled soldiers....
State homes for disabled soldiers
Militia
Eaistng the U. S. S. Maine
Sufferers from floods, Mississippi and
Ohio Valleys
Soldiers' Home uiterest account
Monuments
War claims and relief acts
—
Expenses interned Mexican soldiers and
refugees
Miscellaneous items
Special funds:
Wagon roads, etc., Alaska fund
Ordnance material, powder, etc
For rivers and harbors
Miscellaneous special funds
Trust funds:
Pay of the Army, deposit fund
Soldiers' Home permanent fund
Miscellaneous trust funds
Total Military Establishment...
$842, 450.02
8,120, 200. 21
2,790; 115. 28
722,377.97
1,122, 587.18
11,278, 529. 23
37,030, 963.78
2,710,292. 21
3,692,930. 68
831 917. 57
6,912,315.48
48,363. 70
099.11
6,500,645. 77
2,074,046.38
756, 214.64
1,261,078.96
9,923,121. 43
31,539,430. 41
2,469,855. 80
3,837,932.65
1,549,771.16
5,944,466. 68
72, 139. 48
633,210.67
100,266. 22
120,559.39
610,765.77
169,797.29
98,780. 49
78,528,55
645,846.79
$25,649.09
$1,619,554.44
716,068.90
33,836.67
138,491.78
1,355,407.80
.5,491,533.37
240,436.41
145,001.97
717,853.59
967,848.80
23,775.78
463,413.38
1,485.73
42,030.84
35,08L02
298,259.65
798,217.20
946,635.56
166,423.74
87,217.36
1,512,099.15
6,557.65
227,932.05
61,616.40
807,770.00
137,158.89
2,364,761.89
405,151.62
1,189,163.52
486,319.23
4,518.19
1,175,598.37
173,522,804.20
160,387,452.85
15,394,196.34
31,728, 366.59
4,462, 635.29
9,115, 450.35
2,450, 460.05
7,792, 410.44
15,029, 643.64
6,275, 571.91
9,681, 844.37
564, 897.22
7,672, 972.53
622, 248.17
39,807, 607.47
29,436, 786.37
6,002, 676.39
8,075,366.28
2,964,348.85
7,702, 238.98
14,856, 414.42
5,477,048.18
9,972, 017.46
.536, 406.99
6,953,293.21
704, 016.39
37,992 814.90
2,291,580.22
8,241.72
2,838,395.17
201,998.46
198,381.77
130,376.10
69,148.52
225,386.70
47,300.00
. 632,892.34
320,167.24
293,637.95
146,977.80
621,972.79
477,720.85
298,259.65
25,600.96
704,329.15
148,418.36
61,508.31
130,601.24
81,167.61
4,518.19
2,258,844.9
NAVAL ESTABLISHMENT.
Increase of the Navy
Bureau of Yards and Docks
:...
Bureau of Equipment
Bureau of Navigation.
Bureau of Construction and E e p a i r . . .
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
Juagments, Court of Claims and United
• States courts
General account of advances
Miscellaneous items
Special funds:
Naval hospital fund
Ordnance material (proceeds of sales)
Fines and forfeitures
Clothing fund
'..
Trust funds:
Pay, Marine Corps, deposit fimd
Pay ofthe Navy, deposit fund..
Prize money
Total Naval Establishment.
96,214.00
107,337.28
145.34
1,040,084.07
90,171.46
173,229.22
798,523.73
28,490.23
719,679.32
1,814,792.57
2,708,019.07
132,849.94
133,262,861.97
1,001,605.14
609,430.14
667,595.33
1,709,562.25
4,081,897.17
4,153,030.41
7,991,955.52
1,102,545.05
669,219.50
614,923.10
2,357,071.92
3,960,186. 99
2,846,003.27
8,756,209.07
Total Indian Service.
20,215,075.96
20,306,158.90
Pensions
Interest on the public debt..
Ordinary disbursements i.
Panama Canal disbursements...
173,440,231.12
22,863,956.70
682,770,705.51
41,741,258.03
81,768.22
190,140.05
157,553.61
101,677.53
345,025.42
818.20
175,085,450.29
22,899,108.08
700,254,489.71
34,826,941.76
290,173.09
68,251.25
99,677.80
10,919.55
197,891.53
452,362.70
963.54
139,682,186.28
1,510,041.10
"' "5i3,*888.'86
9,808,339.38
3,389,015.07
INDIAN SERVICE.
Current and contingent expenses
Fulfilling treaty stipulations
Miscellaneous supports
Interest on Indian trust-fund accounts.
Support of Indian schools
Miscellaneous expenses
Trust fimds
100,939.91
59,789.36
52,672.23
121,710.18
1,307,027.14
764,253.55
1,481,409.55
1,572,492.49
1,645,219.17
35,151.38
37,643,723.18
1 Exclusive of Panama Canal, public debt, and Postal Service disbursements.
647,509.67
20,159,938.98
6,914,316.27
54
EEPOET ON THE FINANCES.
Comparison of disbursements fiscal years 1913 and 1914—Continued.
1913
1914
Public debt:
National-bank note fund...
Funded loan of 1907
Miscellaneous redemptions.
Increase, 1914.
$26,852,200.00
105,500. 00
3,627. 00
$24,089,035.50
99,950.00
2,625.00
$2,763,164.50
5,550.00
1,002.00
26,961,327.00
24,191,610.50
2,769,716.50
Total disbursements, exclusive of
postal
762,042,758.47
Postal Service,payablefrom postal re venues^
283,558,102.62
748,703,574.04
Decrease,
1914.
Public-debt disbursements.
262,108,874.74
Total disbursements, including
postal
1,045,600,861.09 1,010,812,448.78
40,413,439.68 $27,074,255.25
.21,449,227.88
61,862,667.56 27,074,255.25
1 Exclusive of grants from the Treasury for deficiencies in postal revenues for prior years included tn
expenses of civil establishment, p. 51.
ESTIMATES.
The ordinary receipts for the fiscal year 1915 are estimated at
$728,000,000, including $220,000,000 from customs. I t is impossible
to estimate with accuracy, however, the receipts from customs for the
fiscal year 1915, as the effects of the European war upon imports can
not be foretold with any degree of certainty. The ordinary disbursements are estimated at $710,000,000, showing an estimated surplus
of ordinary receipts of $18,000,000 for the fiscal year ending June 30,
1915. Payments which may be made for the Panama Canal during
the year from the general fund of the Treasury without sales of
bonds, approximating the sum of $28,000,000, would, however, absorb
the excess of ordinary receipts and,show an excess of disbursements
of $10,000,000.
But for the European war, which has largely restricted imports,
the revenue under the tariff law of October 3, 1913, in operation for
the full year of 1915, together with the other sources of receipts,
would have provided sufficient funds to meet the ordinary expenses
of the Government. To meet the extraordinary conditions now prevailing, the emergency revenue law of October 22, 1914, was enacted,
under which approximately $98,000,000 is expected to be realized,
$54,000,000 thereof in the current fiscal year and $44,000,000. in the
fiscal year 1916. The anticipated loss in customs receipts during
the conflict abroad should therefore be partially compensated by the
additional receipts under the new law. Even after the cessation of
hostilities, it may be a long time before our imports from the belligerent countries are restored to a normal basis. The process of
restoration will be gradual, necessarily, and this fact must be borne
in mind when estimating future probabilities.
The ordinary receipts for the fiscal year 1916 are estimated under
existing laws at $735,000,000. I n this estimate customs receipts are
figured at $240,000,000. This is done upon the assumption that the
SECEETAEY OF THE TEEASUEY.
55
European war will not be prolonged and upon the expectation that
approximately normal importations will soon follow the conclusion
of peace. The estimates for ordinary and extraordinary appropriations payable from the general fund of the Treasury, as submitted
by the several executive departments and offices, are $713,765,104.80,
which would indicate an excess of ordinary receipts over ordinary
expenditures of $21,234,895.20.
'
The appropriations for the Panama Canal, to be paid from the
general fund without sales of bonds, are estimated at about
$19,000,000, and the surplus of ordinary receipts would therefore
more than meet the appropriations as submitted for the year 1916.
Detailed estimates for the fiscal years 1915 and 1916 follow:
Fiscal year 1915.
The ordinary receipts of the Government for the current fiscal
year are estimated upon the basis of existing laws as follows:
From customs (see p. 54 on Estimates)
From internal revenue:
Ordinary
Emergency revenue, act Oct. 22, 1914
Income tax—
Corporations
Individuals
From sales of public lands.
From miscellaneous sources
....:'
$220, 000,000
1305,000, 000
54,000,000
40,000,000
40, 000, 000
:
•—-
,
....
Total estimated ordinary receipts:
439,000,000
3, 000, 000
66,000, 000
728, 000, 000
The disbursements for the same period are estimated as
follows:
For the civil establishment
For the War Department
For the Navy Department
For the Indian Service
Forpensions
For interest on the public debt
:
'.
$189,000,000
168, 000, 000
-. 140, 000, 000
21, 000, 000
169,000,000
23, 000, 000
Total estimated ordinary disbarsements
710, 000, 000
Estimated surplus of ordinary receipts
For Panama Canal: Estimated disbursements to be made from the general fund of the Treasury during the year without sales of bonds....
18,000, 000
An excess of disbursements, including the Panama Canal, of...
Public debt: Redemptions of the public debt, including transactions in
deposits and redemptions for the national-bank note redemption
account under the act of July 14,1890, which, for the year ended June
30, 1914, aggregated the net sum of $7,059,044 are excluded from
the estimates, as payments on these accounts will probably be approximately offset by receipts from postal savings bonds, and additional taxes on circulating notes to be added to the Reserve Fund,
sec. 9, act of May 30, 1908.
10, 000, 000
28,000, 000
56
EEPOET ON THE FINANCES.
POSTAL S E R V I C E .
t
The Post Office Department estimates that under existing laws the
postal revenues for the fiscal year 1915 will probably be $302,330,000,
with expenditures for the Postal Service for the same period of approximately $302,250,000.
Fiscalyear 1916.
I t is estimated t h a t upon the basis of existing laws the ordinary
receipts for the fiscal year 1916 will be:
From customs (see p. 54 on Estimates)
From internal revenue:
^
Ordinary
Emergency revenue, act Oct. 22, 1914
Income tax—
Corporations
Individuals
'
.From sale of public lands
From miscellaneous sources
Total estimated ordinary receipts
$240, 000, 000
$305, 000, 000
44, 000,000
*
42,500,000
42,500,000
—
434,000,000
3, 000, 000
.: 58, 000, 000
735, 000, 000
The estimates of appropriations for the fiscal year 1916, as submitted by the executive departments and offices, are as foUows:
Legislative establishment
$7, 641, 049. 27
Executive establishment:
Executive proper.
^ $636, 050.00
Department of State.....
393,580.00 .
TreasuryDepartment...
12,440,262.00
War Department
' . . . . 1, 930, 688.00
State, War, and Navy Department Building, expenses
169,840.00
Navy Department
865,790.00
Department of Interior.
5, 264,199.00
Post Office Department...:
1, 820, 695.00
Department of Agriculture
20, 706, 013.00
Department of Commerce
'
6, 764, 335.00
Department of Labor
:.
,
'
824, 260.00
Department of Justice
608, 590.00
Territorial governments
127,600.00
52,551,902.00
Judicial establishment
1, 240, 580.00
Foreign intercourse
.•
' 4, 607,182.66
Military Establishment
105, 866, 849.86
Naval Establishment, including increase of the Navy for new and
prior Navy building programs, $22, 018, 500 and $19, 073, 234, respectively ..,
142, 619, 003. 88
Indian Affairs
9, 533, 463. 20
Pensions......
: 166,100, 000.00
Public works:
Legislative
$608,063.09
Treasury Department, public buildings and
works
2, 606, 085.00
War Departmerit, exclusive of rivers and
harbors
8, 885, 853.75
SECEETAEY OF T H E TEEASUEY.
5.7
Public works—Continued.
^
Rivers and harbors.
$53, 387, 223. 20
PanamaCanal
18,931,865.58
Navy Department
' 2, 777, 816.00
Department of Interior, including $9,000,000
for Reclamation F u n d
9, 267,000.00 . ,
Department of Commerce
1, 743, 500.00
Department of Labor
- 382,000.00
Department of Justice.
260, 000.00
.—
$98,849,406.62
Postal Service payable from postal revenues
'.
297, 355,164.00
Miscellaneous:
•
•
Legislative
,
5,430, 650.16
. Executive.
32, 500.00
' Treasury Department
29,163, 393. 00
War Department
:
5, 892,159. 00
Department of Interior
.5,675,181.00
Department of Commerce
8, 263, 260. 00
Department of Labor
1
3, 236, 950.00
Department of Justice
8, 601, 248. 50 District of Columbia
12, 909, 434.23
Smithsonian Institution and National Museum.
753,550.00
Interstate Commerce Commission...'...
. . . - 1, 765, 000.00
Board of Mediation and Conciliation
50, 000. 00
Commission on Industrial Relations
40, 000. 00
Federal Trade Commission
530, 000. 00
Arlington Memorial Amphitheater Commission
500,000, 00
82, 843, 325. 89
Permanent annual appropriations:
Interest on t h e p u b h c debt
22, 970, 000.00
Refunds—
Customs
and
internal
revenue
$8, 631,000.00
Other refunds
'.
10,369,200.00
19, 000, 200.00
Sinkingfund:
60,723,000.00
Miscellaneous-.
:
18,874,007.00
•
121,567,207.00
•Total estimated appropriations for 1916
1, 090, 775,134. 38
Deduct:
Postal Service payable from postal revenues, $297,355,164; sinking fund, $60,723,000; Panama Canal, $18,931,865.58; an
aggregate of
377, 010, 029.58
Total estimates for ordinary appropriations for 1916
Add estimates for Panama Canal appropriations for 1916
713, 765,104. 80
18, 931,865. 58
Total estimated appropriations for 1916 to become a charge on •
the general fund without bond sales for the Panama Canal.
732, 696, 970. 38
Estimated ordinary receipts for 1916.-.
.
..-.
735, 000,000.00
Estimated ordinary expenditures for the year
713, 765,104.80
Estimated excess of ordinary receipts (which excess of
receipts should meet payments for Panama Canal iappropriations during the year 1916)
21, 234, 895. 20
N O T E . — I t is not safe to rely too much on these estimates for 1916 i n view of the
uncertainties occasioned by -the European war.
58
EEPOET ON THE FINANClES.
POSTAL SERVICE.
The Post Office Department estimates that the postal revenues for
the fiscal year 1916 will probably amount to $320,470,000, with
expenditures for the. Postal Service for the same period, under existing laws, of $320,385,000; but if the legislation recommended by
that department in its estimates for 1916 is enacted into law it is
believed that the expenditures for the year would be only $297,355,164.
ESTIMATES FOE 1916 AND APPEOPEIATIONS FOE 1915.
Comparison of the estimates for 1916, with the appropriations for
1915, shows an increase in the 1916 estimates of $12,593,535.08, including the Panama Canal, as exhibited in the tables following:
Statement of estimates of appropriations for 1916, increased over appropriations for 1915.
[Excluding sinking fund and Postal Service payable from the postal revenues.]
Departments, etc.
1916 estimates,
including
permanent
annual.
$13,680,562.52
Legislative
Executive
668,550.00
Department of State
5,171,762.66
Treasury Department:
Treasury Department, exclusive of public buUdings
. 50,534,655.00
Public buildings
2,296,085.00
New revenue cutters
310,000.00'
War Department:
War Department, exclusive of
129,413,550.61
rivers and harbors.-.
57,261,823.20
Eivers and harbors
Navy Department:
Navy Department, exclusive
of buildmg program
104,733,285.88
Navy building program, new...
19,224,998.00
Navy building program, prior
23,805,803.00
years
Department of the Interior:
Department of the Interior, exclusive of pensions and In23,448,880.00
dians
......
166,100,000.00
Pensions
16,733,463.20
Indians
Post Office Department, exclusive
1,820,695.00
of Postal Service
25,800,413.00 •
Department of Agriculture
16,774,095.00
Department of Commerce
4,443,210.00
Department of Labor
j
10,857,918.50
Denartment of Justice
180,600.00
Territorial governments
. 3,866,020.00
Independent offices
13,668,734.23
District of Columbia
1915 appropriations, including permanent
annual.
S13,495,774.02
3,848,786.67
5,846,110.16
54,600,494.42
10,457,728.44.
165,000.00
125,862,332.07
29,663,600.00
Increase in
Decrease in
1916 estimates 1916 estimates
over 1915 ap- under 1915 appropriations. propriations.
$184,788.50
145,000.00
4,065,839.42
8,161,643.44
3,551,218.54
27,598,223.20
106,202,484.97
22,018,500.00
19,073,234.00
$3,180,236.67
674,347.50
' 1,469,199.09
2,793,502.00
4,732,569.00
24,805,815.01
169,150,000.00
17,209,086.15
1,356,935.01
3,050,000.00
475,622.95
1,885,169.65
27,103,334.15
11,290,702.09
3,785,712.84
10,484,060.18
254,088.20
5,087,740.00
13,064,157.28
5,483,392.91
657,497.16
373,858.32
604,576.95
64,474.65
1,302,921.15
73,488.20
1,221,720.00
Interest on the public debt
690,795,104.80
22,970,000.00
675,353,910.30
22,900,000.00
43,331,124.58
70,000.00
27,889,930.08
Ordinary
Net increase in ordinary.
713,765,104.80
698,253,910.30
43,401,124.58
15,511,194.50
27,889,930.08
15,511,194:50
12,593,535.08
2,917,659.42
Panama Canal
Total
Total net increase
18,931,865.58
720,103,435.30
2,917,659.42
21,849,525.00
732,696,970.38
SECEETAEY OF THE TEEASUEY.
59
Exhibit of appropriations for 1915. ^
Appropriations made for the fiscal year 1915 and for prior years
during the first and second sessions of the Sixty-third Congress,
including revised estimated permanent and indefinite appropriations, and appropriations for the postal service payable from postal
revenues
$1,121,610,321.67
Deduct-^
Postal Service for 1915 payable from the postal revenues.
.
^
1313,364,667.00'
Postal deficiencies of prior years payable from
postal revenues
3,413,219.96
Deficiencies for prior years.'
24,028,999.41
Sinldng fund
60, 700, 000.00
—
401,506,886.37
Total appropriations for 1915, exclusive of sinking fund
and Postal Service payable from postal revenues
720,103,435.30
agreeing with the appropriations for 1915 shown in the preceding table, against wJiich
the estimates of appropriations submitted for 1916 show an increase of $15,511,194.50
in the ordinary, and $12,593,535.08 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 SPEAKEE OF THE HOUSE OF REPEESENTATIVES.
EXHIBITS ACCOMPANYING THE REPORT ON THE FINANCES.
61
EXHIBITS.
EXHIBIT A.
Total amount qf emergency currency approved, shipped, and retired at close of business
Oct. SI, 1914.
States.
Approved.
Maine
New Hampshire
Vermont
Massachusetts
Ehode Island
COTTnecticut,.,.,
...
Outstanding.
$305,000
$263,850
$263/860
28,489,500
28,489,500
. .
NewYork
New Jersey''.
Pennsylvania.
Delaware
.•
Maryland
District of Columbia
1,162,000
1,112,000
1,112.000
...
29,991,500
29,865,350
29,865,350
11,966,000
1,570,000
23,818,750
11,537,720
1,570,000
23,624,050 $1,195,000
11,537,720
1,570,000
22,429,050
_
_
7,922,000
637,000
Total Eastern States
:
7,877,400
637,000^
7,877,400
637,000
.
.
Total Western States
'..
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona.
. . .
Alaska
•
.
150,000
150,000
1,833,000
694,500
i, 833,666
1,475,000
297,500
1,193,200
1,475,000
297,-500
1,027,900
1,475,000
297,500
1,027,900
5,693,200
5,477,900
5,477,900
490,000
1,976,000
12,183,000
490,000
1,971,600
11,218,280
490,000
. 1,971.600
11,218,280
75,000
:.:
78,898,020
1,833,000
744,500
. Total Middle States
16,686,150
344,500
27,634,990
2,401,000
4.213,000
12,370,500
2,234,880
13,013,000
150,000
^
55,087,720
79,907,875
Total Southern States
6,132, 600
300,000
3,552,300
2,589, 940
5,785,400
1,342,500
4,387,800
1,082,450
3,677,000
16,812,380
438,000
4,409,650
4,577,700
16,705,000
569,500
27,658,000
2,414,000
4,213,000
12,370,500
2,235,875
13,742,000
,. . .
45,246,170
6,139,600
300,000
3,608,450
2,602,980'
5,795,400
1,342,500
4,521,550
1,137,000
3,677,000
16,893,050
448,000
4,489,900
4,582,500
55,537,930
."
45,913,750
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
'
Kansas
.
Montana
•
Wvoming
Colorado
New Mexico ...
Oklahoma.^....
Eetired.
28,524,500
Total New England States.
Virginia.....:
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
TwnessAA
'-
.
• Shipped.
75,000
75,000
1,195,000
10,000
10,000
250,000
250,000
44,051,170
6,132,600
300,000
3,552,300
2,589,940
5,785,400
1,342,500
4,387,800
1,082,450
3,677,000
16,802,380
438,000
4,409,650
4,577,700
55,077,720
16,686,150
344,500
27,384,990
2,401,000
4,213,000
12,370,500
2,234,880
13,013,000
78,648,020
694,500
.
13,754,880
14,724,000
13,754,880
:
142,861,910
141,228,000
6,983,100
134,244,900
Total of United States
374,630,165
369,558,040
8,438,100
361,119,940
Total Pacific States
New York City
63
EXHIBIT B.
.
REPORT OF THE SPECIAL COMMITTEE APPOINTED BY THE SECRETARY OF THE TREASURY PURSUANT TO RESOLUTIONS ADOPTED
BY THE CONFERENCE OF COTTON AND TOBACCO GROWERS, MANUFACTURERS, AND EXPORTERS, HELD IN WASHINGTON ON AUGUST
24 AND 25, 1914.
AUGUST 28,
The
1914.
SECRETARY OP THE TREASURY,
Washington, D . C .
SIR: The committee appointed by you pursuant to resolutions of the so-called
cotton conference, held in Washington August 24 and 25, beg to report that at a
session held in Washington August 28 the following report was adopted by the undersigned, being a majority:
(1) That the committee entirely approve of and congratulate you upon -the
announcement made by you yesterday afternoon that notes secured by warehouse,
receipts for cotton and tobacco and naval stores, and having not more than four
months to run, will be accepted as a basis for the issue of currency to the members
of the national currency associations at 75 per cent of the face value of said notes.
(2) That it is the sense of the committee that cotton, tobacco, and naval stores
should be marketed as deliberately as possible until they can again be exported
in normal quantity, and that when properly conditioned should be warehoused with
responsible concerns; that they should be protected against weather damage and be
properly insured against loss or damage by fire.
(3) That warehouse receipts for these commodities are proper collateral for loans
by banks, and should be so accepted, with such hmitations as to margin, inspection,
and valuation as conservative bankers^ may each in their discretion see fit to impose.
(4) That the average market value of middhng cotton for the past six years has. been
in excess of 12 cents per pound; that the committee is informed that the cost of producing cotton averages throughout the United States about 9J cents a pound; that
it is the rule of economics that the production of staple commodities will decrease
if they continue unsalable at less than the cost of production plus a reasonable profit;
that cotton does not deteriorate when properly warehoused, and is as good 20 years
after it is picked as when it is first gathered; that it can therefore be carried over until
the restoration of normal business conditions enables the world's consumption toabsorb it. The committee is therefore of the opinion that every effort should be made
to assist the producers to hold their cotton for a price that vn\\ minimize their loss as
far as possible until such, time as the channels of foreign trade shall be reopened; that
loans upon cotton made upon a basis of 8 cents per pound for middling, less such
margin as the lender shall consider necessary, will afford reasonable protection to
bankers and will greatly facilitate the financing of our most important export crop
in the present emergency.
(5) That in suggesting 8 cents per pound for middling cotton as a basis for loans it
is not the purpose of the committee to convey the idea that that figure represents in
their opinion the intrinsic value of cotton, but that it is sufficient in their judgment to.
meet the requirements of the situation and enable the farmer to market his cotton in
an orderly and deliberate manner,
(6) That in the case of tobacco and naval stores the cominittee is informed that when
these commodities are properly conditioned, stored, and insured they are practically
64
SECEETAEY OF THE .TEEASUEY.
65
nonperishable, and that the committee therefore recommends that warehouse receipts
for tobacco and naval stores be accepted as security for loans on a basis that has due
reference to their market value, less such allowance as the lenders shall consider
reasonable in view of the present suspension of the export demand.
(7) Your committee recommends that notes having not longer than four months to
run, when secured b y proper warehouse receipts for the aforesaid commodities, properly insured, be accepted for rediscount b y the Federal reserve banks, when organized,
and that they also be approved by the national currency associations as security for
additional circulation to the national banks under the provisions of the AldrichVreeland Act as amended by the Federal reserve act.
(8) That a subcommittee be appointed b y you for the purpose of conferring with
the Treasury Department and the banking interests with a view of carrying into effect
the recommendations herein made
.
\
ROYAL A
FERRIS.
W . B . THOMPSON.
S. T. MORGAN.
J. 0 . THOMPSON.
LEWIS W . PARKER.
W M . ELLIOTT.
R. G. R H E T T .
F . G. EWING.
D. Y. COOPER.
B . L . MALLORY.
H. W A L T E R S .
G . G U N B Y JORDAN.
RICHARD H . EDMONDS.
THEODORE H . PRICE.
Respectfully submitted.
T H E O D O R E H . P R I C E , Secretary,
64402°—n 1914=
5
•
"
EXHIBIT C.
COTTON-LOAN FUND.
OCTOBER 27,1914.
Memorandum of plan for the creation of a fund of approximately $135,000,000 to be
used for the purpose of making loans on cotton in the cotton-producing States.
Submitted to the Federal Reserve Board at a meeting of bankers representing
banks in New York and St. Louis, and approved by the board on October 24,1914..
Members of the committee present in person: Messrs. A. H. Wiggin, William Woodward, A. J. Hemphill, and J. S". Alexander, representing the New York bankers, and
Mr. Festus J. Wade, of St. Louis, and Mr. Daniel G. Wing, of Boston.
OUTLINE OP PLAN.
It is proposed to create in the manner hereinafter provided a fund of approximately
$135,000,000, to be known as the ''cotton-loan fund" and to be used for the purposes
herein stated. Subscribers to this fund shall be divided into two classes to be designated respectively as class A and class B subscribers. Class A subscribers shall consist of banks or other corporations, firms, or individuals located or residing in other
than the cotton-producing States of Alabama, Arkansas, Florida, Georgia, Louisiana,
Mississippi, North Carolina, Oklahoma, South Carolina, Texas, and Tennessee
All class A subscriptions shall be contingent upon the receipt.of subscriptions of
that class aggregating $100,000,000. ,Class B subscriptions shall be made by banks
or bankers located or residing in the cotton-producing States above mentioned, and
as hereinafter more particularly explained; no class B subscriptions shall be required
except as a condition of a loan or loans to be made out of the fund to be created, and in
such event subscriptions shall not be required to exceed 25 per cent of the amount of
the loan applied for.
Each subscriber shall, upon the payment in whole or in part of the iamount subscribed for, receive a participation certificate transferable on the books of the committee showing/on its face the class of subscription represented thereby and specifying the terms under which the owner will be entitled to share in the distribution of the
moneys realized from the loans made from the fund created.
All class A and class B certificates shall bear interest at the rate of 6 per cent per
annum, payable quarterly.
The cotton-loan fund will be administered under the direction of a committee to
be known as the ''central committee" and to be composed of the individual members of the Federal Reserve Board. The central committee shall appoint a committee
for the general administriation of the fund to be known as the "cotton-loan committee,'*
and shall delegate to such committee such powers as may be necessary to properly
carry out the purposes of this plan. The cotton-loan committee to be named by the
central committee shall consist of the following:
W. P. G. Harding, chairman, Washington, D. C ; Paul M. Warburg, Washington,
D . C ; AlbertH. Wiggin,NewYork; James S. Alexander,NewYork; J^mesB.Forgan,
Chicago, 111.; Festus J. Wade, St. Louis, Mo.; Levi L. Rue, Philadelphia, Pa.;
William A. Gaston, Boston, Mass.
The cotton-loan committee shall in turn appoint committees in each of the cottonproducing States hereinbefore named, the title of such committees to include the name
of the State in which such committee shall be required to act for the cotton-loan com66
SECEETAEY OF THE TEEASUEY.
67
mittee, and each State committee so appointed shall in turn appoint local committees in sufficient number to safeguard the practical workings of the plan. All committees appointed to be subject to the approval of. the central committee and all
committees to serve without compensation of any kind.
The banks of the city of New York have pledged themselves to subscribe to 50 million dollars of the 100 million dollars of class A certificates provided the remaining 50
million dollars shall be raised within a reasonable time under the supervision of the
central committee by banks in noncotton-producing States. ^
All loans made from the fund created shall bear interest at the rate of 6 per cent per
annum, and all applications for loans must be made through banks or bankers who shall
in each instance accompany the application for such loans with a subscription to class
B certificates in an amount equal to 25 per cent of the amount of the loan applied for.
The subscriber to class B certificates applying for a loan for a customer will not be
required to indorse the note of such customer and shall not be entitled or permitted to
receive from such customer the payment of any commission on account of obtaining
such loan.
All loans made shall be first approved'by the proper local cominittee, by the appropriate State committee, and by two members of the cotton-loan committee. When
applications for such loans have been approved, as above provided, the notes evidencing
same, together with the collateral required under the terms of this plan, must be forwarded to the office of the cotton-loan committee with instructions as to the disposition
of the proceeds, and must, as stated, be accompanied with the subscription of the bank
or banker forwarding the application to an amount of class B certificates equal to 25
per cent of the amount applied for.
In order to make the subscriptions to class B certificates immediately available,
each subscription accompanied by an application for a loan must be accompanied
by a New York draft of the bank or bankers through whic.h the application is made,
drawn* to the order of the cotton-loan fund, or in such manner as the cotton-loan
committee shall designate, said draft to be for an amount equal to 25 per cent of the
loan applied for, and upon the granting of such loan a class B certificate for this amount
shall be issued. In this manner 75 per cent of each loan will be provided by the
fund obtained from class A subscribers and 25 per cent from the class B subscribers.
All loans shall be evidenced by notes in form approved by the cotton-loan committee and shall be secured by cotton on the basis of 6 cents per pound for middling
in addition to the guarantee fund hereinafter described.
As evidence of the security offered, each note tendered with an application for a
loan must be accompanied by receipts of approved warehouses and by evidence of
proper insurance. All cotton accepted as security must be located in warehouses
or other buildings under the ownership and control of some person, firm, or corporation other than the borrower, and in approving such loans the local and State committees shall respectively pass upon the sufficiency of such warehouse receipts and
insurance and shall be satisfied that such cotton is free from all liens except that
created by the loan or loans from the fund to the borrower for which such cotton is
pledged as part security for such loans, and the committees approving such loans
shall likewise be satisfied that the cotton offered as security is of the grade or quality
specified in the application.
All expenses, such as warehouse charges and insurance premiums, shall be borne
by the borrower..
In addition to the security hereinbefore specified, every applicant granted a loan
from the fund shall pay to the cotton-loan committee a sum equal to 3 per cent of
the face amount of the loan granted, and the applicant shall authorize the cottonloan committee to deduct or withhold this amount from the proceeds of such loan.
All sums so paid, together with all interest earned from the investment thereof, shall
68
EEPOET ON THE FINANCES.
constitute a mutual borrowers' guarantee fund to be used (1) for the payment of
expenses of administration, which it is estimated will in no event exceed one-eighth
of 1 per.cent of the loan fund created; (2) to make up any deficiency in the amount
available for payment of the class A and (3) class B certificates with interest resulting
from losses sustained by reason of any loans made from the said loan fund or otherwise, the balance, including all interest earned thereon, shall be returned pro rata
to the borrowers.
The cotton-loan committee shall control the guaranty fund so created and may, in
its discretion, invest all or any portion thereof in class A certificates herein provided for;
All applications for loahs shall be made not later than February 1, 1915, and all
loans made shall mature on or before February 1, 1916; provided, however, that the
central committee, in its discretion, inay authorize the cotton-loan committee to
extend any or all loans for a period not to exceed six months after February 1, 1916,
if in the judgment of said central committee conditions at that time justify such
extension.
Calls for payment of subscriptions to class A certificates shall be made as nearly
pro rata as possible. In the event that on February 1, 1915, applications for loans
shall not have been received to the extent of the full amount subscribed, the fund
shall nevertheless be closed at the amount then applied for and loaned, and class A
subscribers shall thereupon be released from the payment of the balance of their
subscriptions which have not up to that time been called for: Provided always. That
the fund shall not be construed to have been established for any purpose until class A
subscriptions shall have been received to the extent of $100,000,000.
As moneys become available for repayment to the subscriber they will be apphed
against-both class A and class B certificates, but the percentage of reduction in the
, case of class B certificates shall be one-half of that in the case of class A certificates
until the aniount of the latter outstanding shall be reduced to the amount of class B
certificates then outstanding, after which the percentage of reduction shall be the
same. For example, if a payment is made on the class A certificates to the extent of
10 per cent of the face amount of such certificates then outstanding, a payment shall
at the same time be made upon the class B certificates to the extent of 5 per cent
of. the amount then outstanding. Again, if a payment on the class A certificates is
made of,an amount equivalent to 3J per cent of the amount then outstanding, at the
same time a payment on account of class B certificates will be made of an amount
representing If per cent of the aggregate of class B certificates then outstanding,
which method of payment shall be continued until the amount of the two classes of
certificates outstanding shall be the same, after which all sums distributed shall be
divided pro rata among all certificate holders, regardless of the two classes.
EXHIBIT D.
T H E W H I T E H O U S E , November 7, 1914.
M Y D E A R M R . ATTORNEY GENERAL: I am sending the inclosed papers, submitted
to me b y the Secretary of the Treasury, in order to ascertaia whether in your opinion
the proposed "cotton-loan fund" may b e lawfully formed. I know that i t is contrary to the practice of the department to give opinions beforehand as to contemplated
transactions, and I think that such opinions ought never in ordiaary circumstances to
be given, b u t the circumstances with regard to the handling of the great cotton crop
which have been created b y the. European war are most extraordinary and seem to
justify extraordiaary action. I t is for t h a t reason that I venture to ask you to depart
in this case from the usual practice of your department.
I t occurs to me that t h e " f u n d " contemplated stands in a class b y itself. It.is
hardly conceivable that such arrangements should become,settled practices or furnish
precedents which would be followed in the regular course of business or under ordinary
conditions. They are as exceptional in their nature as t h e circumstances they are
meant to deal with and can hardly be looked upon as, b y possibility even, dangerous
preceden ts. I t is for this reason that I feel t h e more justified in asking for your opinion
in the premises.
Cordially and sincerely, yours,
(Signed)
WOODROW W I L S O N .
H o n . T . W. GREGORY,
The Attorney General.
69
EXHIBIT E.
N O V E M B E R 7,
1914.
D E A R M R . PRESIDENT : I haye the honor to reply to your request for m y opinion as to
whether the Federal antitrust laws (the so-called Sherman Act, the so-called Clayton
Act, and the trade commission act) would be violated in any respect b y the carrying
out of a plan which has been devised for raising and administering a fund of $135,000,000
to be lent on the security of cotton. A copy of the plan is attached hereto.
Countries which take annually about 8,000,000 bales of American cotton—more
than half the crop—are now engaged in war. Trade between the United States and
those countries in some cases virtually has come to a complete stop, and in others has
been seriously hindered. Foreign exchange has-been badly demoralized. I n consequence of these extraordinary conditions it has been impossible to,obtain in the
usual ways the large amount of cash required to liquidate the indebtedness incurred
in the course of raising and marketing the cotton crop.
To meet this situation the plan in question has been proposed. I t contemplates
the making up b y a S3mdicate, composed principally of banks and bankers, of a fund of
$135,000,000 to be lent on the security of cotton to borrowers in the cotton-growing
States, under the direction of a central committee, composed of the individual menibers of the Federal Reserve Board and various auxiliary committees.
. Nothing in ithe nature of price fixing, restriction of production, division of territory,
or control of markets is involved. Loans will be raade as freely to buyers of cotton
as to producers. The members of the syndicate will be perfectly free to make other
loans in any amount, to any persons, and on any lawful terms. Borrowers will be
under no restraint whatever as to the price or the time at which they may sell their
cotton. Nor will their free agency in borrowing or in. not borrowing as they see fit
and from whom they see fit in any manner be restricted. I n short, the plan simply
provides the cash which is imperatively required to liquidate the indebtedness
incurred in the course of raising and marketing the cotton crop, b u t which can not
now be obtained from the usual sources of supply, because of t h e extraordinary conditions prevailing in the money markets and in the trade of the world;
T h e amount of this fund is barely more than 1 per cent of the total outstanding
loans and discounts of banking institutions in the United States, and is much less
than t h e amount of cash usually employed in marketing the cotton crop. Nor would
even this small part of the banking capital of the United States become impounded
as a result of the plan, but, upon.being lent, would return at once into general
circulation.
I am unable to see how such a plan could be thought to fall m t h i n the purview of
the antitrust laws.
Sincerely, yours,
(Signed)
T. W. GREGORY,
Attorney General.
The
PRESIDENT,
The White House.
70
EXHIBIT F.
GOLD-FUND PLAN.
The
PRESIDENT CLEARING HOUSE ASSOCLATION,
At the invitation of the Secretary of the Treasury and the Federal Reserve Board,
a conference of delegates from clearing-house associations was held at the Treasury
Department in. Washington on September 4 for the purpose of considering problems
growing out of the extraordinary derangement of our foreign exchange markets following the outbreak of the European war. This conference, after a day's deliberation, appointed a bankers' committee charged with the duty of recommending to
the board a plan for dealing with this situation. The committee so named submitted
on September 4 its first report, which advised the creation of a gold fund of $150,000,000.
This recommendation, owing to changes in the situation, was modified in a subsequent
report, dated September 19, favoring the creation of a gold fund of $100,000,000 to
be contributed by the banks and trust companies located in central reserve and
reserve cities.
The board has carefully considered the committee's report, and concurs in its conclusions and recommendations. The board is convinced of the necessity of an adequate plan of national cooperation to meet a situation which is of national dimensions,
and it has no hesitation, therefore, in giving its approval to the plan proposed by the
comjooittee, and recommends your earnest cooperation.
The board shares the committee's belief that the creation of a large gold fund at
this juncture will have a far-reaching effect for good, and will prove an effective
factor in restoring confidence, in bringing relief, in protecting and strengthening the
country's credit, and in facilitating the exportation of our products.
The board, therefore, recommends that your association appoint a committee to
secure from the national banks and State banking institutions of your city subscriptions aggregating $
to the proposed gold fund. The board regards this
amount as the fair quota to be raised in your city, based upon the holdings of gold and
gold certificates by the central reserve and reserve cities as recently ascertained.
The allotments provide a fair margin above the total amount named. Any sums
pledged in excess of $100,000,000 willbe applied to a pro rata reduction of all subscriptions to the fund.
Forms of subscriptions and certified resolutions to be executed by participating
institutions have been prepared by the bankers' committee and are forwarded herewith. This board recommends that the sums specified be pledged as promptly as possible and that you send the pledges and resolutions, duly executed, to the secretary of
the Federal Reserve Board at Washington, D. C, in order that they may be available
for the committee not later than October 1.
For the terms and conditions upon which the subscriptions to the proposed gold fund
are made your attention is particularly called to the report and plan signed by the
bankers' committee and handed to you herewith.
Respectfully,
. ,
C. S. HAMLIN,
Governor Federal Reserve Board.
I am in accord with the views of the Federal Reserve Board and recommend the.
adoption by the banks of the proposed plan.
W. G. MCADOO,
Secretary of the Treasury.
WASHINGTON, D . C , September 21, 1914.
~
.
71
EXHIBIT G.
WASHINGTON^ D . C., September 4, 1914.
To the honorable the Secretaiy of the Treasury and the Federal Reserve Board.
SIRS : The committee appointed by the conference of bankers appreciates the
desirability of relieving the present international exchange situation and particularly of regulating the outflow of .gold. The committee at the same time
realizes the necessity of promptly meeting the obligations of banks, corporations,
and individuals to Europe, thereby maintaining the high credit of this country
and demonstrating its ability to meet its obligations.
. ..
For this purpose, and with this object in view, this committee recommends
to the Federal Reserve Board the following plan:
That the banks of this country, especially those located in reserve and central
reserve cities, be requested to contribute to a gold fund of $150,000,000, of
which $25,000,000 is to be immediately paid into the depository of the Bank of
England in Canada, for which a participation deposit receipt will be furnished
to each contributing bank. The remainder of the contributed amounts to be
subject to call by the New York committee through the local committees of the
respective cities and to be paid for in New York exchange.
Said New York committee to be appointed b y t h e New York Clearing House
Association, and said local committees to be appointed by the clearing house
associations pf the respective contributing cities. The committee appointed by
the New York Clearing House Association to be charged with the duty of handling the said fund, of fixing the price at which foreign exchange is to be bought
and sold, and is to make requisition from time to time upon the respective contributing cities through the local committees thereof. Said local committees
shall have supervision in the respective cities of the shipments and general
withdrawals of gold..
This committee recommends that the Federal Reserve Board take steps to
ascertain the amount of gold that will be contributed by the banks in the
respective cities, and that it use its influence to have the said banks contribute
their proper pro rata.
Respectfully,
-
72
JAMES B . FORGAN.
S. WEXLER.
BENJ. STRONG, Jr.
THOMAS P . BEAL.
L. L. RUE.
EXHIBIT H.
WASHINGTON, September 19, 1914.
To the honorable the Secretary of the Treasury and the Federal Reserve Board.
GENTLEMEN : Referring to the' recommendations contained in our communication of September 4 :
We have, in compliance with your suggestion,, given further consideration
to the present international exchange situation, taking into account the
changed conditions arising from the completion of plans for meeting the
obligations of the city of New York payable in Europe.
This committee is of the opinion that the continuance of the high credit of
this country abroad will be demonstrated, and that normal conditions' of the
foreign exchange market will best be reestablished by the prompt creation of
a large gold fund for export-if necessary, as suggested in our former report.
We therefore recommend that the centraF reserve and reserve city banks of
the United States (both national and State institutions) be requested to contribute to a gold fund of $100,000,000 instead of $150,000,000, as originally proposed. Of this amount $25,000,000 should be made immediately available.
The administration of the fund should be conducted by a resident committee
in the city of New York, where the principal foreign exchange transactions
of the country take place, and we suggest that the recommendation of the
Clearing Flouse Association of the city of ,New York for the appointment of
the following gentlemen as such committee be approved, namely:
Albert H.'Wiggin, chairman.
William Woodward.
J. S. Alexander.
Francis L. Hine..
Benjamin Strong, jr. .
F. A. Vanderlip.
We propose to arrange the details of the plan of administration with the
New York committee so that the requirements of all parts of the United States
for foreign exchange will be fairly and impartially dealt with, and we suggest
in the. event of any complaint on the part of any contributor to the fund in
connection with the distribution or use thereof, your board shall appoint a
committee of bankers to pass upon any such question, whose decision, under
such rules and regulations as you may prescribe shall be flnal.
We further recommend that the national and State banking institutions in
the central reserve and reserve cities of the United States be requested by you
to contribute to this fund, due regard being given to theii: present holdings of
gold as recently ascertained by your direction.
As recommended in our report.of September 4, we believe that a committee
representing; the clearing-house association of each central reserve and reserve
city should apportion in its district the amounts and supervise the payments of
gold or gold certiflcates for the creation of this fund, and we therefore suggest
that yOu address a letter to the chairman of the clearing-house committee in
each of those cities recommending the appointment of such a committee, urging
prompt cooperation in this plan and stating the amount of gold which you
may consider to be the proper quota to be furnished by that city.
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I n order to facilitate t h e transfer of gold or gold certificates to New York
by t h e contributing banks, i t is recommended t h a t they be permitted to deposit
their contributions with t h e nearest subtreasury of t h e United States, a n d
t h a t all expenses incident to transfers, whether made through subtreasuries or
otherwise, shall be a n expense of t h e fund a n d shall not be borne by t h e
respective contributors.
The committee representing t h e New York Clearing House Association should
have authority to call upon t h e contributors for gold or gold certiflcates from
time to time in installments a s required (provided t h a t t h e contributors shall
not be called upon to pay a n y portion of a n installment which may m a k e their
investment in t h e fund a t any one time exceed 25 per cent of their original
contribution), to a r r a n g e for shipments of gold to other countries, to sell
exchange a n d cable transfers against such shipments a t such ptices a s they
may flx, to determine to whom a n d under w h a t conditions foreign exchange
may be sold, to distribute t h e proceeds of such sales among t h e contributing
banks in New York funds, a n d to flx a d a t e for t h e termination a n d flnal settlement of t h e fund. W e therefore recommend t h a t t h e gold or gold certiflcates
be deposited in t r u s t for t h e contributors in t h e v a u l t s of t h e Clearing House
Association of t h e City of New York, subject t o - t h e control of t h e New York
committee, a n d t h a t such committee issue to each contributing bank a certiflcate evidencing i t s contribution.. T h e proceeds of sales of exchange m a y
then be distributed by t h e committee among t h e contributing banks in New
York funds a n d t h e amount of such repayment indorsed upon each certificate.
We have recommended t h a t contributors to t h e fund be conflned to t h e banks
a n d t r u s t companies in t h e central reserve a n d reserve cities, so t h a t banks
which a r e members of t h e Federal Reserve System may make their payments a t
the time of t h e organization of t h e Federal reserve b a n k s out of their own cash.
We a t t a c h forms for pledges to be signed by contributing institutions a n d
certified resolutions to be passed by their boards of directors or trustees. I n
case t h e plan should meet with your approval, w e respectfully suggest t h a t you
inclose copies of these forms in your letter t o be addressed to t h e chairmen of
the clearing house associations.
Respectfully submitted.
(Signed)
J A S . B . FORGAN, Chicago,
LEVI L . R U E , Philadelphia,
B E N J A M I N STRONG, J r . ; 'New York,
T H O M A S P . BEAL, Boston,
SOL WEXLER, New Orleans,
Committee.
EXHIBIT I.
WAR RISK INSURANCE,
[Public—No. 193, 63d Congress—S. 6357.]
AN ACT To authorize the establishment of a Bureau of War Eisk Insurance in the Treasury Department.
Whereas the foreign commerce of the United States is now greatly impeded and endangered through the absence of adequate facilities for the insurance of American
vessels and their cargoes against the risks of war; and
Whereas it is deemed necessary and expedient that the United States shall temporarily, provide for the export shipping trade of the United States adequate facilities for the insurance of its commerce against the risks of war: Therefore
Be it enacted by the Senate and House of Representatives ofthe United States of America
in Congress assembled, 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 be
entitled to a salary at the rate of $5,000 per annum.
SEC 2. That the said Bureau of War Risk Insurance, subject to the general direction of the Secretary of the Treasury, shall, as soon as practicable, make provisions
for the insurance by the United States of American vessels, their freight and passage
moneys, and cargoes shipped or to be shipped therein, against loss or damage by the
risks of war, whenever it shall appear to the Secretary that American vessels, shippers, or importers in American vessels are unable in any trade to secure adequate
war risk insurance on reasonable terms.
SEC 3. That the Bureau of War Risk Insurance, with the approval of the Secretary
of the Treasury, is hereby authorized to adopt and publish a form of war risk policy,
and to fix reasonable rates of premium for the uisurance of American vessels, their
freight and passage moneys and cargoes against war risks, which rates shall be subject
to such change, to each port and for each class, as the Secretary shall find may be
required by the circumstances. The proceeds of the aforesaid premiums when
received shall be covered into the Treasury of the United States.
SEC 4. That the Bureau of War Risk Insurance, with the approval of the Secretary
of the Treasury, shall have power to make any and all rules and regulations necessary
for carrying out the purposes of this act.
SEC 5. That the Secretary of the Treasury is authorized to estabhsh an advisory
board, to consist of three members skilled in the practices of war risk insurance, for
the purpose of assisting the Bureau of War Risk Insui"ance in fixing rates of premium
and in adjustment of claims for losses, and generally in carrying out the purposes of
this act; the compensation of the members of said board to be determined by the
Secretary of the Treasury, but not to exceed $25 a day each, while actually employed.
In the event of disagreement as to the claim for losses, or amount thereof, between the
said bureau and the parties to such contract of insurance, an action on the claim may
be brought against the United States in the District Court of the United States, sitting
in admiralty, in the district in which the claimant or his agent may reside.
SEC 6. That the Director of the Bureau of War Risk Insurance, upon the adjustment of any claims for losses in respect of which no action shall ,have been begun,
shall, on approval of the Secretary of the Treasury, promptly pay such claim for
losses to the party in interest; and the Secretary of the Treasury is directed to make
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provision for the speedy adjustment of claims for losses and also for the prompt notification of parties in interest of the decisions of the bureau on their claims.
S E C 7. That for t h e purpose of paying losses accruing under t h e provisions of this
act there is hereby appropriated, out of any m o n e y i n the" Treasury of t h e United
States not otherwise appropriated, the sum of $5,000,000.
S E C 8. That there is hereby appropriated, for t h e purpose of defrajdng t h e expenses
of t h e estabhshment and maintenance of t h e Bureau of War Risk Insurance, including t h e payment of salaries herein.authorized and other personal services in t h e District of Columbia, out of any money in the Treasury of t h e United States not otherwise appropriated, t h e sum of $100,000.
S E C 9. That t h e President is authorized whenever, in his judgment, t h e necessity
of further war insurance by t h e United States shall have ceased to exist, to suspend
the operations of this act in so far as it authorizes insurance by t h e United States
against loss or damage by risks of war, which suspension shall be made, at any event,
within two years after t h e passage of this act, but shall not affect any insurance .outstanding at t h e time or any claims pending adjustment. For t h e purpose of t h e final
adjustment of- any such outstanding insurance or claims, t h e Bureau of War Risk
Insurance may, in the discretion of the President, be continued in existence a further
period not exceeding one year.
S E C 10. That a detailed statement of all expenditures under this act and of all
receipts hereunder shall be submitted to Congress at the beginning of each regular
session.
S E C 11. That this act shall take effect from and after its passage:
Approved, September 2, 1914.
.
(W. E . I . 1.)*
INSTRUCTIONS TO COLLECTORS OF CUSTOMS AND OTHERS CONCERNED RELATING TO
APPLICATIONS FOR GOVERNMENT WAR RISK INSURANCE.
T R E A S U R Y DEPARTMENT, September 4,
1914.
1. Applications for insurance on vessels under the American flag will be accepted
for periods of 90 days or for voyages commencing on and after the date hereof,
2. The only risks that will be covered are those included in the form of policy
to be issued by the Bureau of War Risk Insurance, as per copy sent to collectors of
customs and others. .
•
3. Apphcations for vessel pohcies must be made direct to the Bureau of War Risk
Insurance, -Treasury Department, Washington, D, C. Policies will be issued in
Washington only, and no agent or representative of the Government may bind or
otherwise accept insurance unless specially authorized by the bureau at Washington.
4. The rates of premium charged may be had upon application to the Bureau of
War Risk Insurance.
5. The Bureau of War Risk Insurance is not bound by any errors made in the calculating of the premium or in filHng in the form. Should error be subsequently discovered a readjustment must be made.
6. All applications for insurance must be made personally by the insured or his
representative.
7. Collectors of customs and others should famiharize themselves with the condi,tions appearing on the forms of applications and sample policies sent to them.
W.
G.
MCADOO,
Secretary of the Treasury.^
SECEETAEY OF THE TEEASUEY.
77
(W.E.I. 2 )
.
I N S T R U C T I O N S TO C O L L E C T O R S O F C U S T O M S AND OTHERS CONCERNED
RELATING TO
APPLICATIONS FOR GOVERNMENT WAR RISK INSURANCE.
TREASURY DEPARTMENT, September 4, 1914-
1. Applications for insurance may be made to t h e collector of customs or his duly
authorized deputy or to the deputy collector in charge of any port of entry.
2. Applications for insurance will be accepted only in respect to cargoes shipped
or voyages commencing on and after the date hereof.
3. The only risks that will be covered are those included in t h e form of policy to
be issued b y the Bureau of War Risk Insurance, as per copy sent to collectors of customs and others.
4. A policy will be issued for each risk, b u t only upon confirmed acceptance from
the Bureau of War Risk Insurance, Washington, D, C.
5. Each request for insurance must be submitted b y t h e collector or deputy collector to the Bureau of War Risk Insurance b y wire, and must state t h e name of the
vessel, t h e nature of the cargo, amount of insurance "required, t h e destination," and
approxirnate date of sailing. A rate for acceptance wili be wired to t h e collector b y
the bureau. If the rate quoted is accepted b y the applicant, an application shall be
made in duplicate upon t h e form prescribed, t h e original'to be signed b y t h e applicant or his duly authorized representative and the duplicate application to be signed
by the collector or his authorized deputy and given to t h e applicant. The original
is to be sent b y t h e first mail to the.Biireau of War .Risk Insurance at Washington,
where a policy will b e issued with all possible dispatch and mailed to the collector of
customs, who will in turn deliver i t to the, assured upon his surrender of the duplicate application.
6. No signed application shall be delivered to the assured until the rate quoted b y
the bureau is accepted; and in no case shall any signed application be delivered until
the premium is paid. Checks shall be made payable to the Treasurer of the United
States and forwarded with the application. All checks must be certified.
7. The collector of customs shall fully satisfy himself before submitting a n y war
risk that the applicant has marine insurance in an insurance company or companies
on the cargo on which he wishes war risk insurance.
8. The amount insured against war risk can not, in any circumstances, exceed the
amount insured against marine risks. • If the applicant is unable to state definitely
the amount to be insured, he shall declare a provisional amount, which may not be
increased, b u t which may be reduced, upon receipt of definite advice, to an amount
not less than the total amount insured under marine policies. Premiums shall be
paid on this provisional amount, and if the amount is reduced, when final particulars
are known, the excess of such premium will be returned to the assured b y the Treasury
Department.
9. The rate of premium charged will be made from day to day b y the Bureau of
War Risk Insurance and may be had upon application to the bureau. The rate will
vary for the different voyages and the cargoes insured. .
10. The Bureau of War Risk Insurance vnll not be bound b y any errors made in
the calculation of the premium or i n filling in the form. Should error be subsequently
discovered, a readjustment must b e made.
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11. All applications for insurance must be made personally b y the insurer or his
duly authorized representatives.
12. Customs officials should familiarize themselves with the conditions appearing
on the forma of applications and sample policies sent to collectors of customs and
ethers.
W. G. MCADOO,
Secretary of the Treasury.
E X H I B I T J.
DECISION OF THE RESERVE BANK ORGANIZATION COMMITTEE,
APRIL 2, 1914, DETERMINING THE FEDERAL RESERVE DISTRICTS
AND THE LOCATION OF THE FEDERAL RESERVE BANKS.
[Under the Federal Reserve Act approved December 23, 1913.]
The Federal Reserye Act directs the Reserve Bank Organization
Committee to '^designate not less than eight nor more than twelve
cities to be known as Federal reserve cities"; to '^divide the continental United States, excluding Alaska,-into. districts, each district
to contain only one of such Federal reserve cities," and to apportion
the districts ''with due regard to the convenience and customary
course of business." The act provides that the districts may not
necessarily be coterminous with any State or States.
In determining the reserve districts and in designating the cities
within such districts where Federal Reserve banks shall be severally
located, the organization committee has given full consideration to
the important factors bearing upon the subject. The committee
held public hearings in eighteen of the leading cities from the Atlantic to the Pacific and from the Great Lakes to the Gulf, and was materially assisted thereby in determining the districts and the reserve
cities.
Every reasonable opportunity has been afforded applicant cities to
furnish evidence to support their claims as locations for Federal
Reserve banks.
More than 200 cities, through their clearing-house associations,
chambers of commerce, and other representatives, were heard. Of
these, thirty-seven cities asked to be designated as the headquarters
of a Federal Reserve bank.
The majority of the organization committee, including its chairman
and the Secretary of Agriculture, were present at all hearings, and
stenographic reports of the proceedings were made for more deliberate
consideration. Independent investigations were, in addition, made
through the Treasury Department, and the preference of each bank
as to the location of the Federal Reserve bank with which it desired
to be connected was ascertained by an independent card ballot
addressed to each of the 7,471 national banks throughout the country which had formally assented to the provisions of the Federal
reserve act.
Among the many factors which governed the committee, in determining the respective districts and the selection of the cities which
have been chosen were:
First, The ability of the member banks within the district to provide the minimum capital of $4,000,000 required for the Federal
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Reserve bank, on the basis of six per cent of the capital stock and
surplus of member banks within the district.
Second. The mercantile, industrial, and financial connections
existing in each district and the relations between the various portions of the district and the city selected for the location of the
Federal Reserve bank.
Third. The probable ability of the Federal Reserve bank in each
district, after organization and after the provisions of the Federal
Reserve Act shall have gone into effect, to meet the legitimate demands
of business, whether normal or abnornaal, in accordance with the
spirit and provisions of the ^Federal Reserve Act.
Fourth. The fair and equitable division of the available capital
for the Federal Reserve banks among the districts created.
Fifth. The general geographical situation of the district, transportation, lines, and the facilities for speedy communication between
the Federal Reserve bank and all portions of the district.
Sixth. The population, area, and prevalent business activities of
the district, whether agricultural, manufacturing, mining, or commercial, its record of growth and development in the past and its
prospects for the future.
In determining the several districts the committee has endeavored
to follow State lines as closely as practicable, and wherever it has
been found necessary to deviate the division has been along lines
which are belieyed to be most convenient and advantageous for the
district affected.
The twelve Districts and the twelve Cities selected for the location
of the Federal Reserve banks are as follows:
DISTRICT .NO. 1. •
The New England States: Maiine, New Hampshire, Yermont, Massachusetts^
Rhode Island, and Connecticut, with the city of Boston as the location of
the Federal Reserve b a n k .
This district contains 445 national banks which have accepted t h e
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Bosuon, on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in
the district, wiH amount to $9,924,543.
DISTRICT No. 2.
The State of New York, with New York City as the location of the Federal
Reserve bank.
This district contains 477 national banks which have accepted
provisions of the FederalReserve Act. The capital stock of
Federal Reserve Bank of New York, on the basis of six per cent of
total capital stock and surplus of the assenting national banks in
the
the
the
the
SECEETAEY OF THE TEEASUEY.
81
district, will amount to $20,621,606; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $20,687,606.
DISTRICT No. 3.
The States of New Jersey and Delaware and all that part of Pennsylvania
located east of the western boundary of the following counties: McKean,
Elk, Clearfield, Cambria, and Bedford, with the Federal Reserve bank in
the city of Philadelphia.
This district contains 757 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Philadelphia, on the basis of six per cent
of the total capital stock and surplus of the assenting national
banks in the district, will amount to $12,488,138; .and if there be
added six per cent of the capital stock and surplus of the State banks
and trust companies which have applied for membership up to
April 1, 1914, the total capital stock will be $12,500,738.
DISTRICT No. 4.
The State of Ohio; all that part of Pennsylvania lying west of district No. 3;
the counties of Marshall, Ohio, Brooke, and Hancock, in the State of West
Virginia; and all that part of the State of Kentucky located east of the
western boundary of the following counties: Boone, Grant, Scott, Woodford, Jessamine, Garrard, Lincoln, Piilaski, and McCreary; with the city
of Cleveland, Ohio, as the location of the Federal Reserve bank.
This district contains 767 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal
Reserve Bank of Cleveland, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the district, will amount to $12,007,384; and if there be added six per cent of
the capital stock and surplus of the State banks and trust companies
which have apphed for membership up to April 1, 1914, the total
capital stock will be $12,100,384.
D I S T R I C T ' N o . 5.
The District of Columbia, and the States of Maryland, Virginia, North
Carolina, South Carolina, and all of West Virginia except the counties of
Marshall, Ohio, Brooke, and Hancock, with the Federal Reserve bank
located in the city of Richmond, Va.
This district contains 475 national banks which have accepted the
provisions of the FederalReserve Act. The capital stock of the Federal
Reserve Bank of Richmond, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the district, will amount to $6,303,301; and if there be added six per cent of
the capital stock and surplus of the State banks and trust companies
which have appUed for membership up to April 1, 1914, the total
capital stock will be $6,542,713.
64402°—FI 1914
6
82
EEPOET ON THE FINANCES.
DISTRICT No. 6.
The States of Alabama, Georgia, and Florida; all t h a t p a r t of Tennessee
located east of the western boundary of the following counties: Stewart,
Houston, Wayne, Humphreys, and Perry; all t h a t p a r t of Mississippi
located south of the northern boundary of the following counties: Issaquena, Sharkey, Yazoo, Kemper, Madison, Leake, and Neshoba; and all
of the southeastern p a r t of Louisiana located east of the western boundary of the following parishes: Pointe Coupee, Iberville, Assumption, and
Terrebonne, with the city of Atlanta, Ga., as the location of the Federal
Reserve bank.
T h i s district c o n t a i n s 372 n a t i o n a l b a n k s w h i c h h a v e a c c e p t e d t h e
provisions of t h e F e d e r a l R e s e r v e A c t . T h e c a p i t a l s t o c k of t h e
F e d e r a l R e s e r v e . B a n k of A t l a n t a , on t h e basis of six p e r c e n t of
t h e t o t a l c a p i t a l stock- a n d s u r p l u s of t h e assenting n a t i o n a l b a n k s in
t h e district, will a m o u n t to $4,641,193; a n d if t h e r e b e a d d e d six p e r
c e n t of t h e c a p i t a l s t o c k a n d s u r p l u s of t h e S t a t e b a n k s a n d t r u s t
c o m p a n i e s which h a v e a p p h e d for m e m b e r s h i p u p to A p r i l 1, 1914,
t h e t o t a l c a p i t a l s t o c k will b e $4,702,558.
DISTRICT.No. 7.
The State of Iowa; all t h a t part of Wisconsin located south of the northern
boundary of the following counties: Vernon, Sauk, Columbia, Dodge,
Washington, and Ozaukee; alt of the southern peninsula of Michigan,
viz, t h a t p a r t east of Lake Michigan; all t h a t part of Illinois located n o r t h
of a line forming the southern boundary of the following counties: Hancock, Schuyler, Cass, Sangamon, Christian, Shelby, Cumberland, and
Clark; and all t h a t p a r t of Indiana n o r t h of a line forming the southern
boundary of the following counties: Vigo, Clay, Owen, Monroe, Brown,
Bartholomew, Jennings, Ripley, and Ohio, with the Federal Reserve b a n k
located In the city of Chicago, 111.
T h i s d i s t r i c t c o n t a i n s 952 n a t i o n a l b a n k s w h i c h h a v e accepted t h e
provisions of t h e F e d e r a l R e s e r v e A c t . T h e c a p i t a l s t o c k of t h e F e d eral R e s e r v e B a n k of Chicago, o n t h e basis of six p e r c e n t of t h e t o t a l
c a p i t a l s t o c k a n d s u r p l u s of t h e assenting n a t i o n a l b a n k s in t h e district, will a m o u n t t o $12,479,876; a n d if t h e r e b e a d d e d six p e r c e n t of
t h e c a p i t a l s t o c k a n d s u r p l u s of t h e S t a t e b a n k s a n d t r u s t c o m p a n i e s
w h i c h h a v e applied for m e m b e r s h i p u p to April 1, 1914, t h e t o t a l
c a p i t a l s t o c k will b e $12,967,701.
DISTRICT No. 8.
The State of Arkansas; all t h a t p a r t of Missouri located east of the western
boundary of the following counties: Harrison, Daviess, Caldwell, Ray,
Lafayette, Johnson, Henry, St. Clair, Cedar, Dade, Lawrence, and Barry;
all t h a t p a r t of Illinois not included in district No. 7; all t h a t p a r t of
Indiana n o t included in district No. 7; all t h a t p a r t of Kentucky n o t included in district No. 4; all t h a t part of Tennessee n o t included in district
No. 6; and all t h a t part of Mississippi not included in district No. 6, with
the city of St. Louis, Mo., as the location of the Federal Reserve bank.
This district c o n t a i n s 458 n a t i o n a l b a n k s which h a v e accepted t h e
provisions of t h e F e d e r a l R e s e r v e A c t . T h e c a p i t a l s t o c k of t h e
SECEETAEY OF THE TEEASUEY.
83
Federal Reserve Bank of St. Louis, on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in
the district, will amount to $4,990,761; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have apphed for membership up to April 1, 1914,
the total capital stock will be $6,367,006.
DISTRICT No. 9.
The States of Montana, North Dakota, South Dakota, Minnesota; all that
part of Wisconsin not included in district No. 7, and all that part of Michigan not included in district No. 7, with the city of Minneapolis, Minn., as
the location of the Federal Reserve bank.
This district contains 687 national banks, which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal Reserve Bank of Minneapolis, on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in the
district, will amount to $4,702,925.
. DISTRICT No. 10.
The States of Kansas, Nebraska, Colorado, and Wyoming; all that part of
Missouri not included in district No. 8; all that part of Oldahoma north of
a line forming the southern boundary of the following counties: Ellis,
Dewey, Blaine, Canadian, Cleveland, Pottawatomie, Seminole, Okfuskee,
Mcintosh, Muskogee, and Sequoyah; and all that part of New Mexico
north of a line forming the southern boundary ofthe following counties:
McKinley, Sandoval, Santa Fe, San Miguel, and Union, with the city of
Kansas City, Mo., as the location of the Federal Reserve bank.
This district contains 836 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Kansas City,.on the basis of six per cent of
the total capital stock and surplus of the assenting national banks in
the district, will amount to $5,590,015; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have.apphed for membership up to April 1, 1914,
the total capital stock will be $5,600,977.
DISTRICT No. 11.
The State of Texas; ail that part of New Mexico not included in district No.
10; all that part of Oklahoma not included in district No. 10; all that part
of Louisiana not included In district No. 6; and the following counties in
the State of Arizona: Pima, Graham, Greenlee, Cochise, and Santa Cruz,
with the city of Dallas, Tex., as the location of the Federal Reserve bank.
This district contains 731 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Dallas, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the
district, will amount to $5,540,020; and if there be added six per cent
84
EEPOET ON THE FINANCES.
of the capital stock and surplus of the State banks and trust companies which have apphed for membership up to April 1, 1914, the
total capital stock will be $5,653,924.
DISTRICT No. 12.
The States of California, Washington, Oregon, Idaho, Nevada, and Utah,
and all t h a t part of Arizona not included In district No. 11, with the city
of San Francisco, Cal., as the location of the Federal Reserve bank.
This district contains 514 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal Reserve Bank ol San Francisco, on the basis of six per cent of
the total capital stock and surplus of the assenting national banks in
the district, will amount to $7,825,375; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $8,115,494.
The committee was impressed with the growth and development of
the States of Idaho, Washington, and Oregon, but on the basis of six
per cent of the capital stock and surplus of national banks and State
banks and trust companies which have applied for membership, that
section could not provide the $4,000,000 minimum capital stock
required by the law. With the continued growth of that region it is
reasonable to expect that in a few years the capital and surplus of
its member banks will be sufficient to justify the creation of an additional Federal Reserve district, at which time apphcation may be
made to the.Congress for a grant of the necessary authority.
I t is no part of the duty of the organization committee to locate
branches of the Federal Reserve banks. The law specificaUy provides that ''each Federal Reserve bank shall estabhsh branch banks
within the Federal Reserve district in which it is located." All
the material collected by the committee wiU be placed at the disposal of the Federal Reserve banks and the Federal Reserve Board
when they are organized and ready to consider the establishment of
branch banks.
Reference is made to the Map of the Districts and to tables A, B,
C, D, E, and F hereto attached.
-
.
WASHINGTON,
W. G. MCADOO,
D. F . HOUSTON,
J N O . SKELTON WILLIAMS,
Reserve Banlc Organization Committee.
D. C , J-pnZ ^, i P i ^ .
o
o
w
00
TABLE A.-
-Showing subscriptions to stock of Federal reserve banks by national banks. State banks, and trust companies, with area and population of each
district.
00
fPART 1.1
N a t i o n a l b a n k s March 4,1914.
Districts.
District
No.
-
1
2
3
4
5
6
7
8
9
10
11
12
F e d e r a l reserve cities.
•
L a n d area
in s q u a r e
miles.i
Boston
NewYork
Philadelphia
Cleveland
.'
Eichmond
Atlanta
Chicago
1
St. L o u i s
MinTiftapnlis
..;./,-,..
K a n s a s C i t v , Mo .
..
Dallas
.*
S a n Francisco
Total
I n c l u d i n g S t a t e b a n k s a n d t r u s t companies t h a t h a v e a p p l i e d for m e m b e r s h i p u p t o A p r i l 1,1914.
•
-
,
61,976
47,654
40,449
72,693
152,931
233,821
171,306
194,767
433, 281
450,831
430,329
683,852
2,973,890
Population.!
Number 0/
banks.
6,552,681
9,113,614
7,932,065 •
8,326,668
8,519,310
8,677,288
12,348,767
8,747.662
5,195; 886
5,671,051
5,797,970
5,089,304
91,972,266
Capital a n d
surplus.
Num6 p e r cent
ber
s u b s c r i p t i o n . b a n kof.
s
Capital a n d
surplus.
6 per cent
subscription.
445
477
757
767
475
372
952
458
687
836
731
514
$165,409,043
343,693.437
20s, 135,631
200,123,060
105,055,023
77.353,221
.207,997,941
83,179,348
78,382.081
93.166,912
92.333,673
130,422,921
S9,924,543
20.621.606
12.488,138
12,007,384
6.303,301
4.641.193
12.479,876
4,990,761
4.702.925
5,590,015
5,540,020
7,825,375
445
478
758
769
484
382
.967
469
687
839
737
529
5165,409,043
344..793.437
208,345,631
201,673,060
109,045.223
78,375,971.
216,128,363
106,116,764
78.382.081
93.349.612
94,232,073
135.258,231
S9.924,543
20.687.606
12,500.738
12,100,384
6.542,713
4,702.558
12,967.701
6,367;006
4.702.925
5.600,977
5,653,924
8,115.494
7,471
1,785,252,291
107,115,137
7,544
1,831,109,489
109,866,569
1 United States census of 1910.
O
O
o
U2
TABLE A.—Showing amount due to and due from banks, amount of individual deposits and all deposits, also cash in vault, for all national banks
in each Federal reserve district as of March 4, 1914.
[PART 2.]
District
No.
Federal reserve cities.
Boston
New York
Philadelphia
Cleveland
Eichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City, Mo..
DaUas
San Francisco....
Total
Total due to
banks.
$125 363,123
863: 414,285
214;326,384
186,273,482
71 963,378
39; 603,415
441;078,660
131,446,049
80, 671,243
146;742,582
51,172,553
120,188,341
2,472,243,495
Total due from
banks.
S125,087,
192,806,
189,222,
170,83i;
72,983,
61,442,
278,661,
92,813,
104,873,
134,726,
78,083,
122,927,
1,624,461,497
•
Net balance
due to
Net balance
due from
banks.
Individual
deposits.
All deposits.
Per
capita
Ideposit.
Cash in
vault.
26,911,177
2,739,407
$500,636,637
1,191,533,728
718, 185,010
654;985,827
317,659,065
215,744,303
811,307,271
241,740,690
389,088,959
365,978,140
252 490,607
444,274,574
$631,355,974
2,061,858,058
937,181,166
851,157,633
399,579,841
262,318,818
1,265,208,464
378,858,307
475,684,697
521,318,350
307 130,732
573 243,051
226
118
102
47
30
102
43
92
92
53
113
354,398
359,715,324
77,909,120
75,287,748
25, 524,694
18; 752,412
150,414,811
40,866,167
34 917,883
44: 118,906
25: 979,225
6O;077,300
76,711,751
6,103,624,811
8,664,896,091
94
966,917,988
$275,495
670,607,617
25,103,462
15,441,775
$1,020,277
21,838,613
162,416,982
38,632,055
24,202,277
12,016,363
924,493,749
m
fe}
a
fei'
fei
>
Ul
06
TABLE B.—Number of national banks on September 9, 1903, and August 9, 1913, with increase or decrease; also amount of capital stock and surplus,
loans and discounts, and individual deposits (in thousands), with amount and percentage of increase or decrease.
N u m b e r of national
banks.
1903 1913
N e w Y o r k , IT. Y . : .
C h i c a g o , 111
Philadelphia, P a . .
Boston, Mass
Pittsburgh, P a
San Francisco, Cal
St. Louis, Mo
Cincinnati, Ohio
Baltimore, Md
Cleveland, Ohio
Minneapolis, Minn.
Kansas City, M o . . ,
Washington, D . C .
St. P a u l , M i n n
,
Richmond, Va.i....
Indianapolis, Ind
A t l a n t a , Ga.^
New Orleans, L a
LouisviUe, K y
Denver, Colo
Houston, Tex
,
P o r t l a n d , Oreg
Omaha, Nebr
Dallas, Tex
,
Seattle, Wash.2
Fort W o r t h , Tex.2...
. C o l u m b u s , Ohio
NashviUe, T e n n . i
S p o k a n e , Wash.2
Birmingham, Ala.»..
Des Moines, I o w a
Charlotte, N . C.i
Columbia, S. C.i
Savannah, Ga
Memphis. T e n n . i
Lincaln, N e b r
K a n s a s City, K a n s . .
1 Nonreserve cities.
Increase
or decrease. 3
L o a n s a n d discounts.
Capital a n d s u r p l u s .
$173,185
38,625
45, 630
46,836
45,200
11,238
25,910
14,405
18,926
15,372
6,120
3,855
6,102
5,036
2,970
5,860
2,330
5,790
6,497
3,250
2,350
1,250
3,820
2,168
1,460
1,865
3,270
2,389
890
815
1,060
1,167
•750
975
1,600
559
1,470
1903
Increase
or decrease. 3
1903
$249,305
69,050
62,065
48,081
48,^514
44,880
29,140
20,350
19,760
14,400
13,710
11,650
11,165
9,600
9,484
9,410
8,600
8,230
8,225
7,538
7,050
6,675
6,560
5,900
5,560
4,950
4,673
4,198
4,172
3,114
3,055
1,850
1,825
1.600
1,590
1,330
$76,120
30,425
16,435
1,245
3,314
33,642
3,230
5,945
834
-972
7,590
7,795
5,063
4,564
6,514
3,550
6,270
2,440
1,728
4,2&S
4,7.00
5,425
2,740
3,732
4,100
3,085
1,403
•1,809
3,282
2,299
1,995
683
1,075
625
- 10
771
-070
2 N o t a reserve c i t y in 1903.
44
79
36
2.7
7.3
300
13
41.3
• 4.4
- 6.5
124
203
83
91
219
60
269
42
26.6
132
200
434
72
172
281
105
43
70
370
2S2
190
58
143
64
- 0.6
137
-45.5
1913
Increase
or decrease.3
$631,565
181,416
142,378
156,869
115,086
27,658
89,312
41,543
47,222
49,155
20,898
38,735
14,343
14,870
11,372
17,850
10,128
17,389
15,800
15,292
0,923
5,880
10,020
6,388
. 8,610
4,803
11,039
7,850
4,847
4,629
. 5,071
3,354
2,029
2,090
7,990
3,040
4,225
$936,908
329,024
218,746
189,872
129,802
113,959
109,161
53,443
63,703
60,945
55,281
69 673
26,834
34,188
34,732
28,420
26,856
24,467
25,553
29,212
25,612
, 21,947
32,810
19,816
25,857
15,507
17,429
17,335
16,050
9,697
13,485
6,364
7,311.
3,339
5,523
6,314
4,203
$305,343
147,608
76,368
33,003
14,716
86,301
19,849
11,900
16,481
11,790
34,383
30,938
12,491
19,318
23,360
10,570
16,728
7,078
9,753
13,920
18,689
16,067
10,790
13,428
17,2^11
10,704
5,790
9,485
11,209
5,068
8,414
3,010
5,282
1,249
-2,467
3,274
38
00
00
I n d i v i d u a l deposits.
P e r cent.
48
81
53
21
13
313
22
29
35
24
164
80
89
130
207
60
165
41
61
91
270
273
105
210
200
223
50
121
230
110
166
90
264
59.7
-31
107
1'
1903
$450,732
125,352
122,387
118,670
86,146
21,860
46,752
32,320
32,191
27,656
13,590
27,085
18,699
14,990
9,668
18,033
8,703
16,675
10,540
29,691
6,794
8,619
14,608
5,915
12,297
3,934
12,582
6,132
0,366
5,367
2,803
2,435
2,002
703
6,869
2,649
2,300
1913
Increase
or decrease.3
$636,544 $185,812
202,335
76,983
162,437
40,050
171,327
52,657
113,796
27,650
88,894
67,034
14,628
61,380
6,139
38,459
12,356
44,547
18,454
46,110
29,340
42,930
13,515
40,600
7,620
26,319
14,722
29,712
14,723
24,391
4,757
22,790
12,139
20,842
3,936
20,611
10,226
20,766
5,896
35,587
15,803
22,597
15,132
23,751
13,123
27,731
13,003
18,918
16,634
28,931
7,773
11,707
9,015
21,597
8,627
14,759
10,070
16,436.
4,237
9,604
3,866
6,669
1,986
4,421
3,060
5,062
655
1,358
-2,593
4,276
2,068
4,717
459
2,765
3 Minus (—) s h o w s decrease; o t h e r c h a n g e s s h o w increase.
P e r cent.
33
45
32'
308
32
19
38
67
216
50
40
99
152
27
140
24
97
20
233
176
90
220
135
199' •
72
140
158
79
138
83
153
93
-37.7
78
20
O
O
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TABLE.C.—Total loans and discounts by geographical divisions, made by national banks in the cities named as of January 13,1914. Compiled from
special statements submitted to the Comptroller of the Currency.
New England States.
Eastern States.
Southern States.
Middle W e s t e r n S t a t e s .
Western States.
Pacific S t a t e s .
Total loans.
Amount.
NewYork
Chicago
Philadelphia
Boston
Pittsburgh
SanFrancisco...
St. Louis
K a n s a s City, Mo
Cleveland
Baltimore
Minneapolis
Buffalo
Cinciimati
L o s Angeles
St. P a u l
Richmond
Omaha
Washington
Atlanta
LouisvUle.
Providence
Seattle
Albany
Houston
Portland, Oreg...
Hartford
Dallas..'
New Orleans
Nashville
Brooklyn
Memphis „
$920, 804,000 $36,819,000
303, 498,000
2,055,000
219, 044,000
3,789,000
190, 973,000 145,411,000
126, 358,000
785,000
U04, 696,000
63,000
104, 006,000
1,240,000
67, 237, 000
15,000
60, 763,000
385,000
59, 435,000
278,000
58, 021,000
55, 084,000
660,000
52, 290,000
. 313,000
47, 985,000
38, 018,000
155,000
35, 721,000
125,000
31, 536.000
125,000
27, 790,000
11,000
26, 916,000
120,000
26, 452,000
25, 032,000 2 15,442,000
24, 486,000
85,000
23, 950,000
778,000
23, 659,000
21, 446,000
21, 202,000 16,019,000
' 19, 731,000
10,000
19, 677,000
18, 031,000
17, 437,000
69,000
7, 977,000
Per cent.
4.00
.68
1.73
76.14
.62
.06
L19
.02
.63
.47
1.20
.60
.40
.35
.40
.04
.45
61.69
.35
3.25
75.55
.05
.39
Amount.
$654,822,000
7,027,000
188,594,000
18,137,000
119,999,000
1,125,000
3,769,000
304,000
3,566,000
50,893,000
332,000
49,061,000
2,145,000
935,000
1,306,000
1,619,000
567,000
26,620,000
277,000
77,000
4,674,000
568,000
22,134,000
205,000
47,000
1,384,000
214,000
171,000
25,000
16,659,000
6,000
Percent.
Amount.
Per cent.
'71.12 $86,843,000
2.31 17,736,000
9,398,000
86.10
4,779,000
9.50
94.97
598,000
30,000
L08
3.62 13,593, 000
.43
6,419,000
186,000
5.87
6,891,000
85.63
25,000
.57
89.07
314,000
4,017,000
4.10
1.95
20,000
187,000
3.43
4.53 33,473,000
1.79
200,000
915,000
95.79
LOS 26,117,000
.29 25,342,000
18.67
536,000
2.32
161,000
92.42
180,000
.87 23,391,000
.21
15,000
6.53
1,059,000
LOS 19,123,000
.87 19,477,000
.14 17,735,000
95.54
17,000
.07
7,913,000
9.43
5.85
4.29
2.50
.47
.03
13.07
9.55
.31
11.59
.04
.57
7.68
.04
• .48
93.71
.63
3.29
97.03
95.80
2.14
.66
.75
5.00
96.92
98.98
98.36
.10
99.20
Amount.
Percent
$116,424,000
257,427,000
16,013,000
19,731,000
4,410,000
1,130,000
80,208,000
38,101,000
56,303,000
1,359,000
52,657,000
4,858,000
45,699,000
231,000
32,157,000
489,000
2,172.000
81,000
397,000
1,026,000
3,586,000
1,444,000
721,000
25,000
382,000
2,301,000
251,000
20,000
271,000
562,000
58,000
Amount.
12.64 $12,668,000
84.82 11,358,000
7.31
580, 000
10.33
1,419,000
382,000
3.49
25,000
L08
4,701,000
77.12
56.69 21,804,000
208,000
92.66
2.29
6,000
90.76
4,745,000
8.82
150,000
56,000
87.40
,48
90,000
84.62
2,751,000
L37
5,000
6.89 28,212.000.
.29
24,000
L47
5,000
3.88
7,000
436,000
14.33
244,000
5.89
3.01
85,000
.11
38,000
1.78
8,000
287,000
10.85
130,000
L28
.10
1.50
3.22
5,000
.73
Per cent.
Amount.
L 3 8 $13,228,000
7,895,000
3.74
670,000
.27
1,496,000
.74
.30
184,000
.02 102,323,000
495,000
4.52
594,000
32.43
115,000
.34
8,000
.01
262,000
8.18
.27
41,000
.11
60,000
.19 46,709,000
1,462,000
7.23
10,000
.01
260,000
89.46
.09
139,000
.02
.03
1.74
358,000
LOO 21,984,000
.35
52,000
.16
.04 20,994,000
152,000
1.35
3,000
9,000
125,000
P e r cent.
L43
2.60
.30
.79
.15
97.73
.48
.88
.19
.01
.45
.07
.11
97.34
3.84
.03
.83
.50
2 I n c l u d e s $1,075,000 n o t locaUzed.
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1.43
89.78
.22
97.89
.72
.01
.05
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N O T E . — T h e a b o v e s t a t e m e n t h a s b e e n compUed from special s t a t e m e n t s m a d e to t h e ComptroUer of t h e C u r r e n c y s h o w i n g all loans i n t h e U n i t e d S t a t e s . F o r e i g n loans a r e n o t
i n c l u d e d . T h e difierences b e t w e e n t h i s s t a t e m e n t a n d t h e a b s t r a c t of J a n . 13,1914, a r e m a d e u p of foreign l o a n s , b o n d s l o a n e d a n d o t h e r m i n o r i t e m s .
T h e a b o v e classification b y g e o g r a p h i c a l g r o u p s , w h i c h h a s b e e n o b s e r v e d i n t h e r e p o r t s of t h e c o m p t r o U e r ' s office for t h e p a s t 18 y e a r s , is a s foUows: N e w E n g l a n d S t a t e s :
M a i n e , N e w H a m p s h i r e , V e r m o n t , M a s s a c h u s e t t s , E h o d e I s l a n d , a n d C o n n e c t i c u t . E a s t e r n S t a t e s : N e w Y o r k , N e w J e r s e y , P e n n s y l v a n i a , D e l a w a r e , M a r y l a n d , a n d D i s t r i c t of
C o l u m b i a . S o u t h e r n S t a t e s : Virginia, W e s t V i r g m i a , N o r t h C a r o l i n a , S o u t h Carolina, Georgia, F l o r i d a , A l a b a m a , Mississippi, L o u i s i a n a , T e x a s , A r k a n s a s , K e n t u c k y , a n d T e n nessee. M i d d l e W e s t e r n S t a t e s : Ohio, I n d i a n a , lUinois, M i c h i g a n , W i s c o a s i n , M i n n e s o t a , I o w a , and* Missom'i. W e s t e r n S t a t e s : N o r t h D a k o t a . S o u t h D a k o t a , N e b r a s k a , K a n s a s ,
M o n t a n a , W y o m i n g , Colorado, N e w Mexico, a n d O k l a h o m a . Pacific S t a t e s : W a s h i n g t o n , Oregon, California, I d a h o , U t a h , N e v a d a , A r i z o n a , a n d A l a s k a .
» $7,457,(MX) lesa t h a n a b s t r a c t J a n . 13, w h i c h i n c l u d e d r e p o r t from b r a n c h e s .
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TABLE D.—Showing bank and trust company credit balances with the national banks in some of thei principal cities of the United States; also shou/ing
amounts loaned by the national banks in the same cities to their correspondent banks; also bought paper and collateral loans to noncvistomers of the
lending banks, securities owned, and cash reserve i n vaults, as of dates named.
Cities.
New York
Chicago
Philadelphia.
Boston
St. Louis
Amount on
deposit from
aU banks and
trust companies throughout the United
States, Feb.
14,1914.
Amount loaned
to all banks
and trust com- Per cent
loaned
panies on- biUs banks Jan.
payable, ahd
1914,
rediscounts, in- 13, bank
to
cluding indirect loans with deposits
Feb. 14,
guarantee of
1914.
directors, etc.,
Jan. 13,1914. "
$59,107,399
7.96
9.20
25,663,706
3.95
6,859,243
3.80
3,695,480
15.78
14,271,230
7.92
109,597,058
.89
- 710,415
34.36
18,844,099
7.19
3,296,431
.70
276,052
3.17
1,163,551
6.00
1,955,816
8.37
2,620,504
8.04
2,404,815
31.12
5,768,762
8.44
1,374,958
4.95
792,594
14.79
1,865,678
18.76
2,204, 727
.96
109,557
14.85
1,629,449
6.79
572,100
8.02
602,937
15.70
1,134,102
22.21
1,385,687
20.91
1,158,622
8.99
795,978
20.12
892,612
.25
10,000
20.86
496,006
6.30
125,000
Bought paper,
stock-exchange
loans, etc.,
made by national banks to
noncustomers
throughout the
United States,
Jan. 13,1914.
Bonds and securities (excluEeserve in
sive of bonds vaults (specie
for circulation)
and legal
held by natenders),
tional banks, Jan. 13,1914.
Jan. 13,1914.
$742,386,939
$165,827,533
$313,586,128
$263,803,618
; 88,732,480
29,716,830
31,734,647
278,824,567
38,289,408
173,584,687
43,280,798
37,837,529
47,402,893
32,661,707
19,958,013
97,136,156
16,840,657
6,326,699
26,880,206
90,430,968
505,141,319
261,684,421
396,053,406
.,382,363,317
24,301,181
Pittsburgh
79,314,345
37,565,648
16,808,600
8,703,544
Kansas City, Mo.
4,035,117
4,869,204
54,835,438
18,683,813
San Francisco i . .
17,859,369
13,850,432
45,859,188
4,756,442
8,340,938
Albany
1,815,045
. 39,528,280
10,025,546
6,684,800
6,177,657
36,746,820
Cleveland
8,859,630
7,675,667
13,281,317
Cincinnati
,
32,593,282
7,365,849
2,449,329
3,649,749
Minneapolis
31,316,864
8,715,311
4,989,093
9,120,902
Baltimore
27,421,904
4,596,702
3,507,878
2,675,002
Omaha
18,533,959
8,178,093
2,267,638
5,212,186
Los Angeles
,
16,290,1316,425,836
8,036,166
12,637,337
St. Paul
16,002,069
3,596,044
1,366,532
1,685,948
Houston
12,616,553
3,322,604
5,525,095
1,879,833
11, 750,499
LouisvUle
,
4,471,788
13,297,773
3,298,005
Buffalo
:
11,388,536
2,276,451
2,444,639
4,257,528
10,970,068
Richmond
5,387,374
6,437,032
1,574,059
8,427,674
Portland, Oreg
4,654,524
4,937,661
7,518,865
3,064,295
Seattle.
2,830,769
"5,587,233
1,234,109
7,229,470
NewOrleans
2,546,927
1,293,061
587,558
6,237,357
Dallas..
1,164,930
91,632
489,888
5,536,719
NashvUle
4,053,193
9,790,823
3,266,983
5,516,705
Washmgton
1,855,427
1,408,350
. 865,180
4,436,974
Atlanta
4,322,537
5,684,913
4,124,955
4,017,811
Brooklyii
,
1,189,721
. 128,081
458,088
2,377,836
Memphis
1,804,614
6,336,469
13,518^890
1,983,787
Providence.
1,348,465
1,367,390
9,850,001
835,334
Hartford
The cities included in the abov6 list are all either central reserve or reserve cities, except the cities of Buffalo, N. Y.; Providence, E . L; Hartford, Conn.; Richmond, Va.;
Atlanta, Ga., Memphis and NashviUe, Tenn., which are not reserve cities.
1 Does not include loans and deposits from banks, in other cities, of branches of Bank of California, N. B. A.
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TABLE 'E,.—Statemerit showing population, capital and surplus, individual deposits, and loans and discounts of all national banks, asof March 4, 1914,
in the 37 cities which asked to be designated as Federal reserve cities.
Location.
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.
32.
33.
34.
35.
36.
37.
Boston
NewYork
Philadelphia
Cleveland
Cincinnati
Columbus
Pittsburgh
WheeUng
Baltimore
Washington
Richmond
Charlotte
Columbia
Atlanta.
Savannah
LouisviUe
Birmingham
Montgomery
Chattanooga
Memphis
N e w Orleans
Chicago
St. Louis
Minneapolis
St. Paul
K a n s a s City, Mo
Omaha
Denver
Lincoln
Dallas
Fort W o r t h . . . . . .
Houston
SanFrancisco...
Seattle
Portland
Spokane
Salt Lake C i t y . . .
Population.!
670,585
4,766,883
1,549,008
560,663
363,591
181,511
533,905
41,041
558,485
331,009
127,628
34,Oin
26,319
154,8311
65,004
223,928
132,685
38,136
44,604
131,105
339,075
2,185,283
687,029
301,408
214,74^:
248,381
124,096
213,38.
43,97-1
92,10':
73,312
78,800
416,912
237,194
207,214
104,402
92,777
Number C a p i t a l a n d
surplus.
of banks.
$47,896,000
248,505,000
62,215,000
14,400,000
20,350,000
4,085,500
46,714,000
2
1,700,000
19,205,720
15
11,365,000
i:
9,314,392
7
1,850,000
5
1,887,500
5
8,600,000
"5
1,600,000
2
8,280,000
8
3,300,000
2
2,515,000
4
3 1 2,975,000
2,140,000
'i
0,730,000
4
9 1 69,050,000
29,140,000
7
13,710,000
6
9,887,081
5
11,660,000
12
6,570,000
.7
7,545,000
6
1,330,000
4
5,900,000
5
4,275,000
7
7,125,000
6
45,185,000
9
5,596,500
6
6,780,000
4,175,000
5
3,482,500
6
15
35
32
7
8
8
21
•
^
Per
capita.
$71
52
40
25
56
25
88
40
34
34
73
54
72
56
24
37
25
66
66
16
20
31
42
45
46
47
53
35
32
64
58
90
108
23
32
40
37
Individual
deposits.
$176,088,004
771,724,999
184,643,392
40,479,025
39,154,843
21,853,183
120,260,088
4,331,394
42,553,451
28,491,402
25,705,866
4,578,573
6,398,138
24,348,912
1,443,161
20,430,574
9,995,561
6,115,197
10,109,930
7,511,216
16,857,832
211,558,247
61,685,925
45,453,532
35,788,142
40,415,210
27,258,869
34,124.272
4,439;212
18,551,847
11,629,158
25,013,951
95,756,484
29,498,646
22,595,277
16,156,830
11,103,182
Per
capita.
161
119
72
108
120
225
104
76
86
201
135
243
157
22
91
75
160
226
57
50
97
90
150
167
162
220
160
101
201
159
317
230
124
109
155
120
Loans and
discounts.
$200,480,934
1,082,272,650
232,906,822
62,588,735
55,761,638
17,109,907
124,568,231
4,915,613
60,312,953
25,405,554
35,593,044
6,785,057
7,322,262
26,038,731
3,244,938
27,999,427
10,449,274
5,658,213
11,565,519
7,014,359
17,285,254
335,820,233
102,138,744
57,973,491
37,437,913
66,205,054
32,848,397
28,022,377
6,066,192
18,622,564
12,632,408
25,923,087
120,287,608
• 23,948,338
20,173, 774
13,985,084
11,791,043
Per
capita.
227
153
112
153
95
233
118
108
77
279
199
278
168
50
125
79
148
259
53
51
154
149
192
174
267
265
131
138
202
172
329
288
101
97
134
127
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1 U n i t e d S t a t e s census of 1910.
CO
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TABLE F.—Statement showing population,, capital and surplus, individual deposits, and loans and discounts of all reporting banks (National, State^
savings, and loan and trust companies), as of June 4, 1913, in the 37 cities which asked to be designated as Federal reserve cities.
Location.'
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.
32.
33.
34.
35.
36.
37.
Boston
NewYork
Philadelphia
Cleveland
Cincinnati
Columbus
Pittsburgh
Wheeling
Baltimore
Washington
Richmond
Charlotte
Columbia
Atlanta
Savannah
LouisvUle
Birmingham
Montgomery:
Chattanooga
Memphis
NewOrleans
Chicago
St. Louis
Minneapolis
St. Paul
K a n s a s City, Mo
Omaha
Denver
Lincoln
Dallas
Fort Worth
Houston
SanFrancisco...
Seattle
Portland
Spokane
Salt L a k e C i t y . . . .
Population.!
670,585
4,766,883
1,549, 008
560,663
363,591
181,511
533,905
41,641
558,485
331,069
127,628
34,014
26,319
154,839
. 65,064
223,928
132,685
38,136
44,604
131,105
339,075
2,185,283
687,029
301,408
214,744
248,381
124,096
213,381
43,973
92,104
73,312
78,800
416,912
237,194
207,214
104,402
92,777
Number
of b a n k s
and trust
companies.
60
142
100
35
39
21
83
11
55
36
26
7
9
28
16
18
11
9
10
22
19
88
44
33
20
30
14
31
15
13
18
13
45
32
22
18
18
1 U n i t e d S t a t e s c e n s u s of 1910.
Capital a n d
surplus.
$100 779,114
563; 221,701
177, 448,741
41; 635,100
31, 813,107
7,099,000
130, 037,145
4, 949,393
47, 952,469
29, 161,731
16, 810,955
2;680,000
365,318
2, 313,448
15: 129,605
8; 100,297
15: 685,620
o: 396,762
3: 294,114
4; 346,214
7, 532,500
20, 882,559
151, 222,500
72 731,391
20,
845
11 415,500
17; 165,000
8, 489,551
11, 042,000
2: 997,000
667,724
599,100
13, 623,325
73, 567,020
11 097, 718
12; 660,876
7,838,696
7,
Per
capita.
Individual
deposits.
950,254
$150 $661,!
118 2,866,3
351,069
114
592, 533,612
r
74
271,6
693,217
87
98,1
178,794
39
30,4
498,790
350, 298,872
r
243
18,8
118
845,965
190, 679,440
r
85
72,5
88
552,236
35,3
131
371,126
78
616,642
6,r
89
5,i894,711
98
371,032
28,;
622,523
20,6
125
437,599
41,'
67
23,1
50
182,608
6,0
89
018,942
15,1
96
166,950
23, 343,841
r
56
70, 854,415
J
60
682,4
69
498,992
205,4
105
443,737
.78,r
68
258,930
40,4
.52
490,496
66,5
70
562,431
28,0
65
038,694
57,3
53
371,171
7,2
- 46
.
253,010
24,8
108
808,891
90
14, 375,274
r
172
26, 551,714
J
176
153,942
313,1
48
67, 527,325
r
58
56, 805,140
i
. 73
821, 751
25,8
84
33, 623,153
r
Per
capita.
Loans and
discounts.
$561,625,627
2,308,503,682
413,298,566
188,499,403
88,845,791
24,186,704
. 168
291,668,678
656
16,802,317
452
118,912,253
341
63,012,066
219
50,004,572
277
9,242,936
194
8,511,384
223
33,494,035
183
28,061,700
316
38,701,079
185
21,494,705
174
7,756,141
157
16,355,760
340
24,442,321
179
64,845,722
209
690,799,087
312
233,385,655
299
82,720,056
260
42,322,465
189
91,686,871
268
34,989,699
226
41,365,143
269
8,696,240
165
27,517,338
'269
16,861,831
196
32, 775, 530
329
281,447,424
752
48,963,007
285
44,132,644
274
23,235,697
249
30,676,029
362
$987
601
382
484
270
to
Per
capita.
$803
483
244
133
547 •
405
213
190
393
271
326
216
431
172
162
204
366
186
194
315
339
274
197
370
282
194
198
299
231
415
675
206
213
223
330
•0
O
fei
o
fei
Ul
E X H I B I T K.
ON APRIL 10, 1914, THE FEDERAL RESERVE BANK ORGANIZATION
COMMITTEE MADE PUBLIC THE FOLLOWING STATEMENT RELATING TO ITS DECISION OF APRIL 2, 1914, DEFINING THE BOUNDARIES' OF THE FEDERAL RESERVE DISTRICTS AND DESIGNATING
THE LOCATION OF THE FEDERAL RESERVE BANKS.
WASHINGTON, D . C , April 10j 1914.
Congress imposed on the cominittee the duty of dividing the
country into not less than 8 nor more than 12 districts, and the
location of a Federal reserve bank in each. Thirty-seven cities asked
bo be chosen. The committee could select at most only 12. Necessarily 25 cities had to be disappointed.Following its policy declared at the very outset, the committee
refused to be influenced by the purely local and selfish claims of cities
or individuals, and discharged the duty imposed upon it by Congress
after exhaustive investigation and study of the entire country, with
unbiased minds and according to its best judgment. With so many
conflicting claims, somebody had to judge. Congress constituted
the committee a court and gave the Federal Reserve Board the
power of review. Disappointed competitors should seek a remedy
through the orderly processes the law prescribes.
Considerable comment has been occasioned by the failure ofthe
committee to create districts suggested by New Orleans, with New
Orleans as the location for a reserve bank; by Baltimore, with Baltimore as the location for a reserve bank; by Omaha, with Omaha as
. the location for a reserve bank; and by Denver, with Denver as the
location for a reserve bank.
The committee realized that the division of the country into districts was far more important and complex than the designation of
the reserve cities, and that the latter duty was subsidiary and relatively simple, waiving considerations of local pride or prestige. In
arranging the districts the consideration of the character and growth
of industry, trade, and banking, no less than the traditions, habits,
and common understandings of the people was much more intimately
involved.
I t became clear, in the hearings, that comparatively few people
realized, or seemed to realize, what the act was intended to accomplish; what the nature and functions of the reserve banks were to be;
and how little change would occur iu the ordinary financial relations
93
94
REPORT ON T H E FINANCES.
of the communities, the business establishments, and the individual
banks.
Critics of the decision of the committee reveal misunderstanding
in these directions, and either do not know, or appear not to know,
that the Federal reserve banks are bankers^ banks and not ordinary
commercial banks; that they are to hold the reserves and to clear
the checks of member banks, make rediscounts for them, and engage
in certain open-market operations. As a matter of fact, the ordinary
every-day banking relations of the community, of business men,
and of banks will not be greatly modified or altered. The purpose
of the system is to remove artificiality, promote normal relations,
and create better conditions under which everybody will transact
business.
Every city can continue to do business with individuals, firms, or
corporations, within its own limits, or in its own region, or in any
other part of the Union or the world in which it has heretofore done
business.
Reserves are to be held in a new w:ay and in new places, so far as
this act controls them, but banking and business generally will no
more be confined within districts than heretofore, and it is simply
misleading for any city or individual to represent that the future of
a city will be injuriously affected by reason of its failure to secure
a Federal reserve bank. Every city which has the foundations for
prosperity and progress wiU continue to grow and expand, whether it
has such a reserve bank or not, and well-informed bankers, especially,
are aware of this.
The facts which the committee had to consider wiU throw light on
its decision in reference to these cities.
NEW ORLEANS' CLAIMS.
New Orleans selected a district extending from New Mexico to the
Atlantic Ocean, including all of Texas, Louisiana, Mississippi,
Alabama, Florida, Georgia, and that part of Tennessee south of the
Tennessee River.
I t was represented by Texas that it would do great violence to her
trade to connect her with New Orleans. I t was claimed, and evidence
was submitted in support of the claim, that her trade was with her
own cities or with Kansas City and St. Louis. In a poll of the banks
of Texas made by the Comptroller of the Currency, 212 banks expressed a first choice, 121 a second choice, and 30 a third choice for
Dallas: No bank in Texas expressed a first choice for New Orleans,
only 4 a second choice, and 44 a third choice. Tbe whole State
protested against being related to New Orleans.
The banks of Alabama generally desired to be connected either
with Birmingham or Atlanta, only three expressing a first choice for
SECEETARY OF THE TREASURY.
95
New Orleans. The banks of Georgia desired to be connected with
Atlanta, none expressing a first or second choice for New Orleans,
and only 12 a third choice. They represented that it would do violence to them to be connected wdth a city to the west and claimed
that their relations were mainly with Atlanta or cities to the northeast. Of 44 banks in Florida 19 gave Atlanta as their first choice,
19 as their second choice, and 5 as their tliird choice. Only 5 expressed a first preference for New Orleans, and these were in the
western corner, 4 a second choice, and 3 a third choice. No bank in
Tennessee expressed a first or second choice for New Orleans, and
only 2 a third choice, while 7 expressed a first choice for Atlanta, 14
a second choice, and 13 a third choice. Generally speaking, the only
banks which desired to be connected with New Orleans and expressed
a first preference for her were 25 of the 26 banks reporting in Louisiana, and 19 of the 32 in Mississippi. On a poll made from the
comptroller's office of all banks expressing their preference as to the
location for a Federal reserve city, 124 expressed a first preference for
Atlanta, 232 for Dallas, and only 52 for New Orleans. The views of
the bankers were supported by chambers of commerce, other business
organizations, and by many business men.
I t will thus be seen that if the committee was to give weight to the
views of business men and bankers in the section of the country
affected, to consider the opposition of the States of Texas, Alabama,
Georgia, Florida, and Tennessee, and to be guided by economic considerations, it could not have designated New Orleans as the location
for a reserve bank to serve either the western or the eastern part of
the district that city asked for. The course of business is not from
the Atlantic seaboard toward New Orleans, nor largely from the State
of Texas to that city, and if Dallas and Atlanta had been related to
New Orleans a better grounded complaint could and would have been
lodged by them against the committee's decision than that made by
New Orleans.
Some of the banking statistics which the committee had to consider
throw Hght on the problem. I t should be borne in mind that the
committee could consider primLarily only the statistics with reference
to assenting banks. In this section of the country, as in most others,
the assenting banks were the national banks. In March, 1914, the
capital stock and surplus, loans and discounts, and individual deposits
of the national banks in the three cities named, as shown by the sworn
reports to the Comptroller of the Currency, were as follows:
• Capital and
surplus.
Atlanta
Dallas
New Orleans
$8,600,000
5,900,000
6,730,000
Loans and
discounts.
$26,038,000
18,622,000
17,285,000
Individual
deposits.
$24,348,000
18,551,000
16,857,000
96
REPORT ON T H E FINANCES.
Even more significant are the statistics of growth from September,
1904, to March, 1914.
CAPITAL AND SURPLUS.
September,
1904.
$2,410,000
.2,676,000
6,250,000
Atlanta
DaUas
New Orleans
March, 1914.
Percentage
of
increase.
$8,600,000
5,900,000
6,730,000
256
120
8
LOANS AND DISCOUNTS.
$10,329,000
7,653,000
20,088,000
Atlanta
DaUas
NewOrleans.
$26,038,000
152
18,622,000
143
17,285,000 Decrease 18
INDIVIDUAL DEPOSITS.
$9,931,000
7,157,000
19,425,000
Atlanta
DaUas
1
New Orleans.....-..,
$24,348,000
145
18,551,000
159
16,857,000 Decrease 13
The loans and discounts in the national banks of New Orleans at
the time of the report, March 4, 1914, were less than those of the
national banks of either Atlanta or Dallas.
While the committee could not figure on the resources of other than
assenting banks which are in this section, the national banks, the
following statistics of all reporting banks, including national banks.
State banks, and trust companies, as of June 4, 1913, were regarded
as significant and were given consideration:
Atlanta reported capital stock and surplus $15,313,000, or $98 per
capita; Dallas $9,997,000, or $108 per capita; and New Orleans
$20,532,000, or $60 per capita. Individual deposits, per capita,
Atlanta, $183; Dallas, $269; New Orleans, $209.
The loans and discounts for all reporting banks for the three cities
were as follows: Atlanta, $33,494,000, or $216 per capita; Dallas,
$27,517,000, or $299 per capita; New Orleans, $64,845,000, or $194
per capita.
The committee found t h a t the total loans and discounts made by
national banks in the cities named in the 13 Southern States on
January 13, 1914, were as follows:
Atlanta
Dallas
New Orleans
<
$26,117,000
19,123,000
19,477,000
while the total loans made by the national banks of Dallas throughout
the entire United States pn the date mentioned exceeded the loans
made by the national banks of New Orleans.
Special reports, made under oath to the Comptroller of the Currency
also show that on February 14,1914, the credit balances of the banks
SECRETARY OF T H E
97
TREASURY.
and trust companies in the 13 Southern States with the national
banks of Dallas exceeded in amount the credit balances of all banks
and trust companies in these same States with the national banks.of
New Orleans.
In view of the comparisons and criticisms from New Orleans in
connection with the designation of Dallas, Atlanta, and Richmond,
and the omission of New Orleans and Baltimore, the following table
is instructive:
National bank statistics for States of Texas, Virginia, Maryland, Georgia, Louisiana,
and Mississippi os of March 4,1914.
[According to sworn reports made to the Comptroller of the Currency.]
Area
(square
miles).
State of Texas (including Dallas)
State ofVirginia (including Eichmond).
state of Maryland (including Baltimore)
State of Georgia (including Atlanta)...
State of Louisiana (including New
Orleans)
State of Mississippi
Population, census 1910.
Capital and
surplus.
Individual
deposits.
265,780
42,450
3,896,542
2,061,612
$76,785,584
29,732,696
$197,663,338
90,887,858
$215,114,326
107,410,063
12,210
59,475
.1,295,346
2,609,121
28,267,420
24,479,735
83,217,376
51,382,061
91,326,942
61,852,579
48,720
46,810
1,656,388
1,797,114
12,128,866
5,168,192
32,000,521
17,045,324
34,804,354
13,669,200
Loans and
discounts.
From the above statement it m i l bo seen that in each item, capital
and surplus, individual deposits, and loans and discounts, the national
banks of Virginia, includiag Richmond, largely surpass the national
banks of Maryland, including Baltimore.
The capital and surplus of the national banks of the State of Virginia are 60 per cent greater than the capital and surplus of the
national banks of the States of Louisiana and Mississippi combined,
including the city of New Orleans, while the loans and discounts by
the national banks of Virginia are more than three times as great as
the loans and discounts in the national banks of Louisiana, including New Orleans.
While the capital and.surplus of the national banks of Georgia
largely exceed the combined capital and surplus of the national banks
of the States of both Mississippi and Louisiana, the loans and discounts made by the national banks of Georgia exceed by $13,000,000
the loans and discounts of all the national banks of Louisiana and
Mississippi combined, including the city of New Orleans.
The capital and surplus of the national banks of Texas amount to
four times as much as the capital and surplus of the national banks of
the States of Louisiana and Mississippi combined, and the individual
deposits in the national banks of Texas also amount to about four
times as much as the individual deposits of all national banks in
Louisiana and Mississippi, the only States from which New Orleans
received as much as half a dozen votes as first choice for the location
for a Federal reserve bank.
64402°—FI 1 9 1 4 — - 7
98
REPORT ON THE FINANCES.
KANSAS CITY DISTRICT.
The region in the middle and far West presented problems of
difficulty. Careful consideration was given to the claims of Omaha,
Lincoln, Denver, and Kansas City, which confiicted in this region.
Denver asked for a district which included Idaho, Montana, Utah,
Wyoming, Colorado, New Mexico, and the eastern two-thirds of Ari- .
zona and TexaS) Kansas and Nebraska west of the one-hundredth
meridian, and the Deadwood portion of South Dakota. The district
gave approximately the minimum capital provided by law. Of the
territory included in this district Montana unanimously requested to ^
be connected with Minneapolis or Chicago, saying that she had little
or no trade relations with Denver. Idaho desired to go to Portland
or Sail Francisco; Arizona preferred San Francisco, and the greater
part of New Mexico asked for "Kansas City. Western Texas,
Kansas, and Nebraska unanimously protested against going to Denver. Kansas desired Kansas City; Nebraska preferred Omaha or
Lincoln; and Texas wanted either a Texas city or Kansas City or St.
Louis,
In the poll of banks, Denver received 136 first-choice votes, of
which 112 were from Colorado and 12 from Wyoming. With Mon. tana, Idaho, Arizona, Texas, Kansas, and Nebraska in opposition,
it was clearly impossible to make a district with Denver as the location of a bank. Part of the territory asked to be assigned to San
Francisco and the other part to Minneapolis or Kansas City.
Omaha asked for a district embracing western Iowa, all of Nebraska,
part of South Dakota, part of Kansas, Colorado,. Utah, Wyoming,
Idaho, and Montana. All but eight of the banks in South Dakota
insisted.upon being connected with Minneapolis; Iowa desired to go
to Chicago; Kansas practically unanimously voted for Kansas City;
Montana protested against any other connection than Minneapolis
or Chicago. The preferences of the other States haye already been
indicated.
Of the 218 banks which expressed a first preference for Omaha, 181
were from Nebraska. The committee had to consider the State of
Oklahoma and part of Missouri in connection with this region, and
in district No. 10, 497 banks expressed a first preference for Kansas
City; western Missouri, Oklahoma, and Kansas, and part of New
Mexico, especially asked for this connection. Thirty-seven banks in
Colorado gave Kansas City as second choice and 26 gave Omaha.
I t seemed impossible to serve the great section from Kansas
City to the mountains in any other way than by creating a district
with Kansas City as the headquarters, or to provide for the northwestern section except by creating a district with Minneapolis as
headquarters. The only other thing that could have been done
with Nebraska under the conditions which presented themselves
99
SECRETARY OF THE TREASURY.
was to relate her to Chicago, and this seemed to be inadvisable in
the circumstances. The Kansas City banks serve a very distinctive
territory and wUl serve i t more satisfactorily than St. Louis could
have done. The relations of that territory on the whole are much
more largely with Kansas City than with any other city in the
Middle West wdth which it could have been connected. - I t will,
of course, be recognized by those who are informed that of the
four cities Kansas City is the most dominant banking and business
center. The following statistics as of March, 1914, wdli throw light
on the situation:
Capital and
surplus.
Kansas City
Omaha
Denver
Lincoln
$11,660,000
6,570,000
7,545,000
1,330,000
J
Loans and
discounts.
$66,205,000
32,848,000
28,022,000
6,066,000
Individual
deposits.
$40,415,000
27,258,000
34,124,000
, 4,439,000
The statistics of growth during the nine years from September,
1904, to March, 1914, are significant:
CAPITAL AND SURPLUS.
^
Kansas City
Omaha
Denver
Lincoln
September,
1904.
$3,900,000
3,880,000
3,325,000
768,000
'.
Percentage
March, 1914. of increase.
$11,660,000
6,570,000
7,545,000
1,330,000
199
69
127
73
$66,205,000
32,848,000
28,022,000
6,066,000
86
102
98
58
$40,415,000
27,258,000
34,124,000
4,439,000
31
73
22
35
LOANS AND DISCOUNTS.
Kansas City '.
Omaha
Denver
Lincoln
$35,598,000
16,218,000
14,146,000
3,820,000
INDIVIDUAL DEPOSITS.
Kansas City
Omaha.
Denver
Lincoln
'.
$30,730,000
15,728,000
27,798,000
3,283,000
The loans and discounts of all reporting banks and trust companies in Kansas City on June 4, 1913, amounted to $91,686,000,
exceeding by about $7,000,000 the total loans and discounts of all
banks and trust companies in the cities of Omaha, Denver, and
Lincoln combined.
The loans and discounts of the national banks alone.in Kansas
City also exceeded the sum total of the loans and discounts of all
national banks, in the cities of Omaha and Denver combined.
The great preponderance in the movement of trade in district
No. 10 is to the east. I n order to place the Federal reserve bank for
100
REPORT ON T H E FINANCES.
that region in Denver it would have been necessary to disregard
these facts and the opposition and earnest protests of banks, both
national and State, throughout the district.
THE RICHMOND DISTRICT.
The committee named as cities for the location of Federal reserve
banks New York, Chicago, Philadelphia, St. Louis, Boston, and
Cleveland. I n population these are ihe six largest cities in the
United States; their geographical situation and all other considerations fidly justified their selection.
San Francisco and Minneapolis were the first choice of the great
majority of the national banks in their respective sections, and
their financial, industrial, and commercial relations and other factors
entitled them to be chosen. Their selection appears to have evoked
no criticism, but to have received general approval. Conditions
relating to the Kansas City, Dallas, and Atlanta districts have been
dealt with.
For the territory from eastern Georgia to the Pennsylvania line,
the committee, after fully considering all the facts, decided to create
a district with the Federal reserve bank at Richmond. South
Carolina and North Carolina had pl'otested against being connected
with a bank to the south or west. They said that their course of
trade was northeast. I t seemed undesirable to place a bank in the
extreme northeastern corner or at Baltimore, not only because of
its proximity to Philadelphia, b u t also because the industrial and
banking relations of the greater part of the district were more intimate wdth Richmond than with either Washington or Baltimore.
The States of Maryland, Virginia, West Virginia, North and South
Carolina, and the District of Columbia had to be considered. North
Carolina, South Carolina, and Virginia preferred to be connected
with Richmond. West Virginia was divided in its preferences;
Maryland and the District of Columbia, of course, desired Baltimore
or Washington. I n the poll of banks made directly by the comptroller's ofl&ce, Richmond received more first-choice ballots than any
other city in the district—167 against 128 for Baltimore, 35 for Pittsburgh, 28 for Columbia, S. C , 37 for Cincinnati, and 25 for Washington, D. C. Of the remaining 21 votes, 19 were for Charlotte, N. C ,
and 2 for New York. Leaving out the States of Maryland and Virginia, Richmond received from the rest of the district three times
as many first-choice votes as were cast for Baltimore.
District No. 5 is composed of the States of Maryland, Virginia, We_st
Virginia (except four counties). North and South Carolina, and the
District of Columbia. These States have always been closely bound
together commercially and financially and their business dealings are
large and intimate. The reports made to the Comptroller of the Cur
SECRETARY Of
101
THlE TRiEASURY.
rency on March 4, 1914, by all the national banks in each of these
States show in every essential respect that the business of the national
banks of Virginia, including Richmond, is greater than the business
of the national banks of Maryland, including Baltimore, or any other
of the five States embraced in district No. 5) as appears in the followdng
table:
Capital, surplus, and
undivided
profits.
Virginia....^
Maryland
West Virginia
North Carolina
South Carolina
District of Columbia
Loans and
discounts.
$33,644,631
31,390,057
18,209,346
13,527,086
10,332,439
12,685,411
$107,410,063
91,326,942
66,789,638
44,061,033
28,860,466
26,263,432
Total Individual deposits.
$90,887,868
83,217,376
61,421,332
36,051,164
23,330,916
29,620,863
Advocates of New Orleans have criticized the decision of the
organization committee and have given out comparative figures as
to New Orleans, Richmond, and other cities which are incorrect and
misleading. An analysis and study of the actual figures wiU be
found instructive and can lend no support to the claims of New
Orleans.
From the sworn special reports recently submitted to the Comptroller of the Currency, it appears that the national banks in Richmond were lending in the 13 Southern States, on January 13, 1914,
more money than was being loaned in those States by the national
banks of any other city in the country except New York. The total
loans and discounts in the 13 Southern States by the four cities referred to are as follows:
^
•
Richmond
Baltimore....
New Orleans
Wasliington
:...
$33,473,000
6,891,000
: . . 19,477,000
915,000
The figures also show that in these portions of district No. 5 outside
of the States of Virginia and Maryland the Richmond national banks
are lending twice as much money as all the national hanTcs in Baltimore
and Washington combined. They also show that although Richmond
is not a reserve city, the banks and trust companies in the 13 Southern
States had on deposit in the national banks of Richmond on February
14, 1914, $9,876,000, or slightly more than the banks of this section
had on deposit in the city of Baltimore, and four times as much as
they carried in Washington, although these two cities have long
enjoyed the benefits of being reserve cities. That southern banks
should carry larger balances in Richmond, where they could not be
counted in their reserves, rather than in Baltimore or Washington,
where they could be counted, is suggestive.
102
REPORT OK T H E FIHANGES.
The figures show that the capital and surplus of all reporting
banks—national, State, and savings, and trust companies—per
capita, in Richmond, as of June 4, 1913, was $131; in Baltimore,
in Wasliington, $88; and in New Orleans, $60, while the loans and
discounts made by all banks and trust companies in Richmond, on
the same date, amounted to $393 per capita, against $190 in Washington, $213 in Baltimore, and $194 in New Orleans.
The amount of money which banks and trust companies in the
various parts qf the country carried on deposit with Richmond, a nonreserve city, on February 14, 1914, amounted to $10,970,000, or
nearly twice as much as the balances carried by outside banks with
the national banks of Washington, which on the same day amounted
to $5,516,000, and one and one-half times as much as they carried
on the same day with the national banks of New Orleans, a reserve
city.
The statistics furnished the organization committee show that on
March 4, 1914, the capital and surplus of the national banks of Richmond, per capita, amounted to more than twice as much as the capital
and surplus, per capita, of the national banks of either Baltimore or
Washington, and three and a half times as much as New Orleans,
while the individual deposits of the national banks of Richmond
amounted to $201 per capita, against $86 for Washington and $76
for Baltimore and $50 for New Orleans. The loans and discounts
in the national banks of Richmond on the same date were reported
at $279 per capita, against $77 for Washington, $108 for Baltimore and $51 for New Orleans.
Especially significant are the following statistics showing the growth
in capital and surplus, loans and discounts, and individual deposits
of national banks in the four cities named:
CAPITAL AND SURPLUS.
'
September,
1904.
Richmond
Washington
Baltimore '
New Orleans
..
..•.
. .
'.
'.
$3,115,000
6,215,000~
18,262,000
6,250,000
March,
1914.
$9,314,000
11,365,000
19,205,000
6,730,000
Percentage
of increase.
199
83
6
8
LOANS AND DISCOUNTS.
Richmond
Washington
Baltimore
New Orleans . .
-
- -...
-
$12,946,000
15,018,000
48,755,000
20,088,000
$35,593,000
176
25,405,000
69
60,312,000
23
17,285,000 Decrease 13
INDIVIDUAL DEPOSITS.
Richmond . . .
Washington
Baltimore
New Orleans
..
$11,257,000
20,017,000
40,910,000
19,425,000
$25,705,000
128
28,491.000
42
4
42,553.000
16,857,000 Decrease 13
SECRETARY OF THE TREAStTRY.
l03
In other words, the figures show that the national banks of Richmond were lending on March 4, 1914, twice as much money as all
the national banks in the city of New Orleans, and 40 per cent more
than all the national banks of Washington.
I n the original decision of the committee the various economic
and other factors which entered into and determined the committee's
action were enumerated and need not be repeated here. This
statement is made for the purpose of disclosing some of the details
which influenced the Committee's findings.
EXIIIBIT L.
. TEXT OF THE FEDERAL RESERVE ACT.
[PUBLIC—No. 43—63D CONGRESS.]
[H. R. 7837.]
An Act To provide for the establishment of Federal reserve banks,
to furnish an elastic currency, to afford means of rediscounting commercial paper,
tp establish a more effective supervision of banking in the United States, and for
other purposes.
.'
Be it enacted by the Senate and House of Repres:entatives ofthe United
States of America in Congress assembled, That the short title of this
Act shall be the ''Federal Reserve Act.''
Wherever the word ' ' b a n k ' ' is used in this Act, the word shall be
held to include State bank, banking association, and trust company,
except where national banks or Federal reserve bante are specifically
referred to.
The terms "national bank" and "iiational banking association"
used in this Act shall be hold to be synonymous and interchangeable.
The term "member bank" shall be.held to mean any national bank,
State bank, or bank or trust company which has become a member
of one of the reserve banks created by this Act. The term " b o a r d "
shall be held to mean Federal Reserve Board; the term "district"
shall be held to mean Federal reserve district; the term "reserve
bank" shall be held to mean Federal reserve bank.
FEDERAL RESERVE DISTRICTS.
SEO. 2. As soon as practicable, the Secretary of the Treasury, the
Secretary of Agriculture and the Comptroller of the Currency, acting as "The Reserve Bank Organization Committee," shall designate
not less than eight nor more than twelve cities to be known as Federal
reserve cities, and shall divide the' continental United States, excluding Alaska, into districts, each district to contain only one of such
Federal reserve cities. The determination of said organization
cominittee shall not be subject to review except by the Federal
Reserve Board when organized: Provided, That the districts shall bo
apportioned with due regard to the convenience and customary course
of business and shall not necessarily be coterminous with any State
pr States. The districts thus created may be readjusted and new
districts may from time to.time be created by the Federal Reserve
Board, not to exceed twelve in all. Such districts shall be known as
Federal reserve districts and may be designated by number. A majority of the organization committee shall constitute a quorum with
authority to act.
.
,
. Said organization committee shall be authorized to employ counsel
and expert aid, to take testimony, to send for. persons and papers, to
administer oaths, and to make such investigation as may be deemed
necessary by^the said committee in determining the reserve districts
and in designating the cities within such districts where such Federal
reserve banks shall be severally located. The said committee shall
supervise the organization in each of the cities designated of a
Federal reserve bank, which shall include in its title the name of the
city in,which it is situated, as "Federal Reserve Bank of Chicago."
104
SECRETARY OF THE TREASURY.
106
- Under regulations to be prescribed by the organization committee,
every national banking association in the United States is hereby
required, and every eligible bank in the Umted States and every
trust company within the District of Columbia, is hereby authorized
to signify in writing, within sixty days after the passage of this Act,
its acceptance of the terms, and provisions hereof. When the organization committee shall have designated the cities in which Federal
reserve banks are to be organized, and fixed the geographical limits
of the Federal reserve districts, every national banking association
within that district shall be required within thirty days after notice
from the organization cominittee, to subscribe to the capital stock
of such Federal reserve bank in a sum equal to six per centum
of the paid-up capital stock and surplus of such bank, one-sixth of
the subscription to be payable on call of the organization committee
or of the Federal Reserve Board, one-sixth within three months and
one-sixth within six months thereafter, and the remainder of the subscription, or any part thereof, shall be subject to call when deemed
necessary by the Federal Reserve Board, said payments to be in
gold or gold certificates.
The shareholders of every Federal reserve bank shall be held indi-.
vidually responsible, equally and ratably, and not one for another,.
for all contracts, debts, and engagements of such bank to the extent
of the amount of their subscriptions to such stock at the par value
thereof in addition to the amount subscribed, whether such subscriptions have been paid up in whole or in part, under the provisions of
this Act.
Any national bank failing to signify its acceptance of the terms of
this Act within the sixty days aforesaid, shall cease to act as a reserve
agent, upon thirty days' notice, to be given within the discretion of the
said organization committee or of the Federal Reserve Board.
Should any national banking association in the United States now
organized fail within one year after the passage of this Act to become
a member bank or fail to comply with any of the provisions of this
Act applicable thereto, all of the rights, privileges, and franchises of
such association granted to it under the national-bank Act, or under
the provisions of this Act, shall be thereby forfeited. Any noncompliance with or violation of this Act shall, however, be determined
and adjudged by any court of the United States of competent jurisdiction in a suit brought for that purpose in the district or territory
in which such bank is located, under direction of the Federal Reserve
Bioard, by the. Comptroller of the Currency in his own name before
the association shall be declared dissolved,. In cases of such noncomliance or violation, other than the failure to become a member
ank. under the provisions of this Act, every director who participated ill or assented to the same shall be held liable in his personal
or individual capacity for aU damages which said bank, its shareholders, or any other person shall have sustained in consequence of
such violation.
Such dissolution shall not take away or impair any remedy against
such corporation, its stockholders or ofRcers, for any liability or
penalty which shall have been previously incurred.
Should the subscriptions by banks to the stock of said Federal
reserve banks or any one or more of them be, in the judgment of the
organization committee, insufiicient to provide the amount of capital
E
106
'
REPORT ON^ THE FIKANCES.
required therefor, then and in that event the said organization committee may, under conditions and regulations to be prescribed by it,
offer to public subscription at par such an amount, of stock in said
Federal reserve banks, or any one or more of them, as said committee
shall determine, subject to the same conditions as to payment and
stock liability as provided for'member banks.
No individual, copartnership, or corporation other than a member
bank of its district shall be permitted to subscribe for or to hold at
any time more than $25,000 par value of stock in any Federal reserve
bank. Such stock shall be known as public stock and may be transferred on the books of the Federal reserve bank by the cnairman of
the board of directors of such bank.
Should the total subscriptions by banks and the public to the stock
of said Federal reserve banks, or anyone or more of them, be, in the
judgment of the organization committee, insufficient to provide the
amount of capital required therefor, then and in that event the said
organization committee shall allot to the United States such an
amount of said stock as said committee shall determine. Said United
States stock shall be paid for at par out of any money in the Treasury not otherwise appropriated, and shall be held by the Secretary
of the Treasury and disposed of for the benefit of the United States
in such manner, at such times, and at such price, not less than par,
as the Secretary of the Treasury shall determine.
Stock not held by member banks shall not be entitled to voting
power:
The Federal Reserve Board is hereby empowered to adopt and
promulgate rules and regulations governing the transfers of said
stock.
No Federal reserve bank shall commence business with a subscribed capital less than $4,000,000. The organization of reserye
districts and Federal reserve cities shall not be construed as changing the present status of reserve cities and central reserve cities,
except in so far as this Act changes the amount of reserves that
may be carried with -approved reserve agents located therein. The
organization committee shall have power to appoint such assistants
and incur such expenses in carrying out the provisions of this Act as
it shall deem necessary, and such expenses shall be payable by the
Treasurer of the United States upon voucher approved by the Secretary of the Treasury, and the sum of $100,000, or so much thereof as
may be necessary, is hereby appropriated, out of any moneys in the
Treasury not otherwise appropriated, for the payment of such
expenses.
BRANCH OFFICES.
• S E C 3. Each Federal reserve bank shall establish branch banks
within the Federal reserve district in which it is located and may do
so in the district of any Federal reserve bank which may have been
suspended. Such branches shall be operated by a board of directors
under rules and regulations approved by the Federal Reserve Board.
Directors of branch banks shall possess the same qualifications as
directors of the Federal reserve banks. Four of said directors shall
be selected by the reserve bank and three by the Federal Reserve
Board, and they shall hold office during the pleasure, respectively,
of the parent bank and the Federal Reserve Board. The reserve
bank shall designate one of the directors as manager.
SECRETARY^ OF T H E TREASURY.
107
FEDERAL RESERVE BANKS.
SEC. 4. When the organization committee shall have established
Federal reserve districts as provided in section two of this Act, a
certificate shall be filed with the Comptroller of the Currency showing
the geographical limits of such districts and the Federal reserve city
designated in each of such districts. The Comptroller of the Currency shall thereupon cause to be forwarded to each national bank
located in each district, and to such other banks declared to be eligible by the organization committee which may apply therefor, an
application blank in form to be approved by the organization committee, which blank shall contain a resolution to be adopted by the
board of directors of each bank executing such application, authorizing a subscription to the capital stock of the Federal reserve bank
organizing in that district in accordance with the provisions of this
Act.
When the minimum amount of capital stock prescribed by this
Act for the organization of any Federal reserve bank shall have beeii
subscribed and allotted, the organization committee shall designate
any five banks of those whose applications have been received, to
execute a certificate of organization, and thereupon the banks so
designated shall, under their seals, make an organization certificate
which shall specifically state the name of such Federal reserve bank, .
the territorial extent of the district over which the operations of such
Federal reserve bank are to be carried on, the city and State in which
said bank is to be located, the amount of capital stock and the number of shares into which the same is divided, the name and place of
doing business of each bank executing such certificate, and of all
banks which have subscribed to the capital stock of such Federal
reserve bank and the number of shares subscribed by each, and the
fact that the certificate- is made to enable those banks executing
same, and all banks which have subscribed or may thereafter subscribe to the capital stock of such Federal reserve bank, to avail themselves of the advantages of this Act.
The said organization certificate shall be acknowledged. before a
judge of some court of record or notary public; and shall be, together
with the acknowledgment thereof, authenticated by the seal of such
court, or notary, transmitted to the Comptroller of the Currency,
who shall file, record and carefully preserve the same in his office.
Upon the filing of such certificate with the Comptroller 6f the
Currency as aforesaid, the said Federal reserve bank shall become a
body corporate and as such, and in the name -designated in such
organization certificate, shall have power^—
First. To adopt and use a corporate seal.
Second. To have succession for a period of twenty years from its
organization unless it is sooner dissolved by an Act of Congress, or
unless its franchise becomes forfeited by some violation of law.
Third. To make contracts.
Fourth. To sue and be sued, complain and defend, in any court of
law or equity.
Fifth. To appoint by its board of directors, such officers and employees as are not otherwise provided for in this Act, to define their
duties, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such offic.ers or employees.
108
REPORT ON f H E
FINANCE^.
Sixth. To prescribe by its board of directors, by-laws not inconsistent with law, regulating the manner in. which its general business
may be conducted, and the privileges granted to it by law may be
exercised and enjoyed.
Seventh. To exercise by its board of directors, or duly authorized
officers or agents, all powers specifically granted by the provisions of
this Act and such incidental powers as shall be necessary to carry on
the business of banking within the limitations prescribed by this Act.
Eighth. Upon deposit with the Treasurer of the United States of
any bonds of the United States in the manner provided by existing
law relating to national banks, to receive from the CoinptroUer of the
Currency circulating notes in blank, registered and countersigned as
provided by law, equal in amount to the par value of the bonds so
deposited, such notes to be issued under the same conditions and provisions of law as relate to the issue of circulating notes of national
banks secured by bonds of the United States bearins; the circulating
privilege, except that the issue of such notes shall not be limited to the
capital stock of such Federal reserve bank.
B u t no Federal reserve bank shall transact any business except such
as is incidental and necessarily preliminary to its organization until it
has been authorized by the Comptroller of the Currency to commence
business under the provisions of this Act.
. Every Federal reserve bank shall be conducted under the supervision and control of a board of directors.
The board of directors shall perform the duties usually appertaining
to the office of directors of banking associations and all such duties as
are prescribed by law.
Said board shall administer the affairs of said bank fairly and impartially and without discrimination in favor of or against any member
b a n k e r banks and shall, subject to the provisions of law and the orders
of the Federal Reserve Board, extend to each member bank such discounts, advancements and accommodations as may be safely and
reasonably made with due regard for the claims and demands of
other member banks.
Such board of directors shall be selected as hereinafter specified and
shall consist, of nine members, holding office for three years, and
divided into three classes, designated as classes A, B, and C.
Class A shall consist of three members, who shall be chosen by and
be representative of the stock-holding banks.
Class B shall consist of three members, who at the time of their
election shall be actively engaged in their district in commerce, agriculture or some other industrial pursuit.
. .Class C shall consist of three members who shall be designated by
the Federal Reserve Board. When the necessary subscriptions to the
capital stock have been obtained for the organization of any Federal
reserve bank, the Federal Reserve Board shall appoint the class C
directors and shall designate one of such directors as chairman of the
board to be selected. Pending the designation of such chairman, the
organization committee shall exercise the powers and duties appertaining to th^ office of chairman in the organization of such Federal
reserve bank.
No Senator or Representative in Congress shall be a member of the
Federal Reserve Board or an officer or a director of a Federal reserve
bank.
SECRETARY^ OF THE TREASURY.
109
No director of class B shall be an officer, director, or employee of
any bank.
No director of class C shall be an officer, director, employee, or
stockholder of any bank.
Directors of class A and class B shall be chosen in the following
manner:
>
The chairman of the board of directors of the Federal reserve bank
of the district in which the bank is situated or, -pending the appointment of such chairman, the organization committee shall classify the
member banks of the district into three general groups or divisions.
Each.group shall contain as nearly as may be one-third of the aggregate number of the member banks of the district and shall consist, as
nearly as may be, of banks of similar capitalization. The groups shall
be designated by number by the chairman.
At a regularly called meeting of the board of directors of each
member bank in the district it shall elect by ballot a district reserve
elector and shall certify his name to the chairman of the board of
directors of the Federal reserve bank of the district. The chairman
shall make lists of the district reserve electors thus named by banks
in each of the aforesaid three groups and shall transmit one list to each
elector in each group.
Each member bank shall be permitted to nominate to the chairman one candidate for director of class A and one candidate for
director of class B. The candidates so nominated shall be listed by
the chairman, indicating by whom nominated, and a copy of said list
shall, within fifteen days after its completion, be furnished by the
chairman to each elector.
Every elector shall, within fifteen days after the receipt of the said
list, certify to the chairman his first, second, and other choices of a
director of class A and class B, respectively, upon a preferential ballot, on a form furnished by the chairman of the board of directors of
the Federal reserve bank of the district. Each elector shall make a
cross opposite the name of the first, second, and other choices for a
director of class A and for a director of class B, but shall not vote
more than one choice for any onexandidate.
Any candidate having a majority of aU votes cast in the column
of first choice shall be declared elected. If no candidate have a
majority of all the votes in the first column, then there shall be added
together the votes cast by the electors for such candidates in the
second column and the votes cast for the several candidates in the first
column. If any candidate then have a majority of the electors voting, by adding together the first and second choices, he shall be declared elected. If no candidate have, a majority of electors voting
when the first and' second choices shall have been added, then the
votes cast in the third column for other choices shall be added together in hke manner, and the candidate then having the highest
number of votes shall be declared elected. An immediate report of
election shall be declared.
Class C directors shall be appointed by the Federal Reserve Board.
They ?=hall have been for at least two years residents of the district
for which they are appointed, one of whom shall be designated by
said board as chairman of the board of directors of the Federal
reserve bank and as " Federal reserve agent." He shall be a person of
tested banking experience; and in addition to his duties as chairman
110
.
REPORT ON THE FINANCES.
of the board of directors of the Federal r e s ^ v e bank he shall be
required to maintain under regulations to be estabhshed by the
Federal Reserve Board a local- office of said board .on the
premises of the Federal reserve bank. He shall make regular
reports to the Federal Reserve Board, and shall act as its official
representative for the performance of the functions conferred
upon it by this Act. He shall receive an aimual compensation
to be fixed by the Federal Reserye Board and paid monthly by
the Federal reserve bank to which he is designated. One of
the directors of class C, who shall be a person of tested banking
experience, shall be appointed by the Federal Reserve Board as
deputy chairman and deputy Federal reserve agent to exercise the
powers of the chairman of the board and Federal reserve agent in
case of absence or disabihty of his principal.
Directors of Federal reserve banks shall receive, in addition to any
compensation otherwise provided, a reasonable allowance for necessary expenses in attending meetings of their respective boards, which
amount shall be paid by the respective Federal reserve banks. Any
compensation that may be provided by boards of directors of Federal
reserve banks for directors, officers or employees shall be subject to
the approval of the Federal Reserve Board.
The Reserve Bank Organization Committee may, in organizing
Federal reserve banks, callsuch meetings of bank directors in the several districts as may be necessary to carry out the purposes of this
- Act, and may exercise the functions herein conferred u p o n t h e chairman of the board of directors of each Federal reserve bank pending
the complete organization of such bank.
At the first meeting of the full board of directors of each Federal
reserve bank, it shall be the duty of the directors of classes A, B and
C, respectively, to designate one of the members of each class whose
term of office shall expire in one year from the first of January
nearest to date of such meeting, one whose term of office shall expire
at the end of two years from said date, and one whose term of office
shall expire at the end of three years from said date. Thereafter
every director of a Federal reserve bank chosen as hereinbefore provided shall hold office for a term of three years. Vacancies that
may occur in the several classes of directors of Federal reserve banks
may be filled in the manner provided for the original selection of
such directors, such appointees to hold office for the unexpired terms
of their predecessors.
STOCK I S S U E S ; INCREASE AND DECREASE OF CAPITAL.
SEC. 5. The capital stock of each Federal reserve bank shall be
divided into shares of $100 each. The outstanding capital stock
shall be increased from time to time as member banks increase thencapital stock and surplus or as additional banks become members,
and may be decreased as member banks reduce their capital stock or
surplus or cease to be members. Shares of the capital stock of
Federal reserve banks owned by member banks shall not be trans-'
ferred or hypothecated. When a member bank increases its capital stock or surplus, it shall thereupon subscribe for an additional
amount of capital stock of the Feaeral reserve bank of its district
equal to six per centum of the said increase, one-half of said sub
SECRETARY OF THE TREASURY.
Ill
scription to be paid in .the manner hereinbefore provided for original
subscription, and one-half subject to call of tne Federal Reserve
Board. A bank applying for stock in a Federal reserve bank at any
time after the organization thereof must subscribe for an amount of
the capital stock of the Federal reserve bank equal to six per centum
of the paid-up capital stock and surplus of said applicant bank, paying therefor its par value plus one-half of one per centum a month
from the period of the last dividend. When the capital stock of any
Federal reserve bank shall have been increased either on account of
the increase of capital stock of member banks or on account of the
increase in the number of member banks, the board of directors shall.
cause to be executed a certificate to the Comptroller of the Currency
showing the increase in capital stock, the amount paid in, and by
whom paid. When a member bank reduces its capital stock it shall
surrender a proportionate amount of its holdings in the capital of
said Federal reserve bank, and when a member bank voluntarily
liquidates it shall surrender all of its holdings of the capital
stock of said Federal reserve bank and be released from its stock
subscription not previously called. In either case the shares surrendered shall be canceled and the member bank shall receive in
payment therefor, under regulations to be prescribed by the Federal
Keserve Board, a sum equal to its cash-paid subscriptions on the
shares surrendered and one-half of one per centum a month from the
period of the last dividend, not to exceed the book value thereof, less
any liability of such member bank to the Federal reserve bank.
S E C 6. If any liiember bank shall be declared insolvent and a
receiver appointed therefor, the stock held b y it in said Federal
reserve bank: shall be canceled, without impairment of its liability,
and all cash-paid subscriptions on said stock, with one-half of one per
centum per month from the period of last dividend, not to exceed
the book value thereof, shall be first applied to all debts of the insolvent member bank %o the FederaL reserve bank, and the balance, if
any, shall be paid to the receiver of the insolvent bank. Whenever
the capital stock of a Federal reserve bank is reduced, either on
account of a reduction in capital stock of any member bank or of the
hquidation or insolvency of such bank, the. board of directors shall
cause to be executed a certificate to the Comptroller of the Currency
showing such, reduction of capital stock and the amount repaid to
such bank.
DIVISION OF EARNINGS.
SEC. 7. After all necessary, expenses of a Federal reserve bank
have been paid or provided for, the stockholders shall be entitled to
receive an annual dividend of six per centum on the paid-in capital
stock, which dividend shall be cumulative. After the" aforesaid
dividend claims have been fully met, all the net earnings shall be
paid to the United States as a franchise tax, except that one-half of
such net earnings shall be paid into a surplus fund until it shall
amount to forty per centum of the paid-in capital stock of such
bank.
The net earnings derived by the United States from Federal reserve
banks shall, in the discretion of the Secretary, be used to supplement
the gold reserye held against outstanding United States notes, or shall
be applied to the reduction of the outstanding bonded indebtedness of
112
REPORT ON T H E FINANCES.
the United States under regulations to be prescribed by the Secretary of the Treasury. Should a Federal reserve bank be dissolved
or go into liquidation, any surplus remaining, after the payment of all
debts, dividend requirenients as hereinbefore provided, and the par
value of the stock, shall be paid to and become the property of the
United States and shall be similarly applied.
'
Federal reserve banks, including the capital stock and surplus
therein, and the income derived therefrom shall be exempt itom.
Federal, State, and local taxation, except taxes upon real estate.
S E C 8. Section fifty-one hundred and fifty-four. United States
Revised Statutes, is hereby amended to read as follows:
Any bank incorporated by special law of any State or of the
United States or organized under the general laws of any State or of
the United States and having an unimpaired capital sufficient to
entitle it to become a national banking association under the provisions of the existing laws may, by the vote of the shareholders
owning not less than fifty-one per centum of the capital stock of
such bank or banking association, with the approval of the Comptroller of the Currency be converted into a national banldng association, with any name approved by the Comptroller of the Currency:
Provided, however, That said conversion shall not be in contravention
of the State law. I n such case the articles of association and organization certificate may be executed by a majority of the directors of
the bank or banking institution, and the certificate shall declare that
the owners of fifty-one per centum of the capital stock have authorized the directors to make such certificate and to change or convert
the bank or banking institution into a nationa] association. A majority of the directors, after executing the articles of association and
the organization certificate, -shall have power to execute all other
papers and to do whatever niay be required to make its organization
perfect and complete as a national association. The shares of any
such bank may continue to be for the same aihount each as they
were before the conversion, and the directors may continue to^ be
directors of the association until others are elected or appointed in
accordance with the provisions of the statutes of the United States.
When the Comptroller has given to such bank or banking association
a certificate that the provisions of this Act have been complied with,
such bank or banking association, and all its stockholders, officers,
and employees, shall have the same powers and privileges, and shall
be subject to the same duties, liabilities, and regulations, iii all respects, as shall have been prescribed by the Federal Reserve Act and
by the national banking Act for associations originally organized as
national banking associations.
STATE BANKS AS MEMBERS.
S E C 9. Any bank incorporated by special law of any State, or
organized under the general laws of any State or of the United
States, may make application to the reserve bank organization
committee, pending orgariization, and thereafter to the Federal
Reserve Board for the right to subscribe to the stock of the Federal'
reserve bank organized or to be organized within the Federal reserve
district where the applicant is located. The organization committee
or the Federal Reserve Board, under such rules and regulatioiis a^
SECRETARY OF THE TREASURY.
113
it may prescribe, subject to the provisions of this section, may
permit the applying bank to become a stockholder in the Federal
reserve bank of the district in which the applying bank is located.
Whenever the organization committee or the Federal Reserve Board
shall permit the applying bank to become a stockholder in the Federal
reserve bank of the district, stock.shall be issued and paid for under
the rules and regulations in this Act provided for national banks
which become stockholders in Federal reserve banks.
The organization committee or the Federal Reserve Board shall
establish by-laws for the general government of its conduct in acting
upon applications made by the State banks and banking associations
and trust companies for stock ownership in Federal reserve, banks.
Such by-laws shall require applying banks not organized under
Federal law to comply with tne reserve and capital requhements
and to submit to the examination and regulations prescribed by the
organization committee or by the Federal Reserve Board. No applying bank shall be admitted to membership in a Federal reserve
bank unless it possesses a paid-up unimpaired capital sufficient to
entitle it to become a national banking association in the place where
it is. situated, under the provisions of the national banking Act.
Any bank becoming a member of a Federal reserve bank under the
provisions of this section shall, in addition to the regulations and
restrictions hereinbefore provided, be required to conform to the
provisions of law imposed on the national banks respecting the
limitation of liability which may be incurred by any person, firm, or
corporation to such banks, the prohibition against making purchase
of or loans on stock of such banks, and the withdrawal or impairment
of capital, or the payment of unearned dividends, and to such rules
and regulations as the Federal Reserve Board may, in pursuance
thereof, prescribe.
Such banks, and the officers, agents, and employees thereof,, shall
also be subject to the provisions of and to the -penalties prescribed
by sections fifty-one hundred and ninety-eight, fifty-two hundred,
fifty-two hundred and one, and fifty-two. hundred and eight, and
fifty-two hundred and nine of the Revised Statutes. The member
banks shall also be required to make reports of the conditions and
of the pa3rments of dividends to the comptroller, as provided in
sections fifty-two hundred and eleven and fifty-two hundred and
twelve of the Revised Statutes, and shall be subject to the penalties
prescribed by section fifty-two hundred and thirteen for the failure
to make such report.
If at any time it shall appear to the Federal Reserve Board that a
member bank has failed to comply with the provisions of this section
or the regulations of the Federal Reserve Board, it shall be within the
power of the said board, after hearing, to require such bank to surrender its stock in the Federal reserve bank; upon such surrender the
-Federal reserve bank shall pay the cash-paid subscriptions to the said
stock with interest at the rate of one-half of one per centum per
month, computed from the last diA'idend, if earned, not to exceed
the book value thereof, less any liability to said Federal reserve bank,
except the subscription liability not previously called, which shall be
canceled, and said Federal reserve bank shall, upon notice from the
Federal Eoserye Board, be required to suspend said bank from further
privileges of membership, and shall within thirty days of such notice
64402°—FI 1914—-8
-
,
114
REPORT ON THE FINANCES..
'
cancel and retire its stock and make payment therefor in the manner
.herein provided. The Federal Reserve Board may restore membership upon due proof of compliance with the conditions imposed by
this section.
FEDERAL RESERVE BOARD.
S E C 10. A Federal Reserve Board is hereby created which shall
consist of seven members, including the Secretary of the Treasury
and the ComptroUer of the Currency, who shall be members ex
officio, and five members appointed by the President of the United
States, by and with the advice and consent of the Senate. In
selecting the five appointive members of the Federal Reserve
Board, not more than one of whom shall be selected from any
one Federal reserve district, the President shall have due regard to
a fair representation of the different commercial, industrial and
geographical divisions of the country. The five members of the
Federal Reserve Board appointed by the President and confirmed
as aforesaid shall devote tneir entire time to the business of the
Federal Reserve Board aiid shall each receive an annual salary of
$12,000, payable monthly together with, actual necessary traveling
expenses, and the ComptroUer of the Currency, as ex officio member
of the Federal Reserve Board, shaU, in addition to the salary now
paid him as Comptroller of the Currency, receive the sum of $7,000
annually for his services as a member of said Board.
The members of said board, the Secretary of the Treasury,^ the
Assistant Secretaries of the Treasury, and the Comptroller of the Currency shaU be ineligible during the time they are in office and for two
years thereafter to hold any office, position, or employment in any
member bank. Of the five members thus appointed by the President
at least two shall be persons experienced in banking or finance. One
shall be designated by the President to serve for two, one for four, one
for six, one for eight,.and one for ten years, and thereafter each
member so appointed shall serve for a term of ten years unless
sooner removed for cause by the President. Of the five persons thus
appointed, one shaU be designated by the President as governor and
one as vice governor of the Federal Reserve Board. The governor of
the Federal Reserve Board, subject to its supervision, shaU be the
active executive officer. The Secretary of the Treasury may assign
offices in the Department of the Treasury for the use of the Federal
Reserve Board. Each member of the Federal Reserve Board shall
within fifteen days after notice of appointment make and subscribe
to the oath of office.
The Federal Reserve Board shall have power to levy semiannually
upon the Federal reserve banks, in proportion to their capital stock
and surplus, an assessment sufficient to pay its estimated expenses and
the salaries of its members and employees for the half year succeeding the l3V3mig of such assessment, together with any deficit carried
forward from the preceding half year.
The first meeting of the Federal Reserve Board shall be held in
Washington, District of Columbia, as soon as may be after the passage
of this Act, at a date to be fixed by the Reserve Bank Organization
Committee. The Secretary of the Treasury shall be ex officio chairman of the Federal Reserve Board. No member of the Federal
Reserve Board shall be an officer or director of any bank, banking
SECRETARY OF THE TREA'SURY..
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115
institution, trust company, or Federal reserve bank nor hold stock
in any bank, banking institution, or trust company; and before
entering upon his duties as a member of the Federal Reserve Board
he shall certify under oath to the Secretary of the Treasury that he
has complied with this requirement. Whenever a vacancy shall
occur, other than by expiration of term, among the five rnembers of
the Federal Reserve Board appointed by the President, as above
provided, a successor shall be appointed by the President, with the
advice and consent of the Senate, to fill such vacancy, and when
appointed he shall hold office for the unexpired term of the member
whose place he is selected to fiU. The President shaU have power to fill all vacancies that may happen on the Federal Reserve Board during the recess of the Senate, by
granting commissions which shaU expire thirty days after the next
session of the Senate convenes.
Nothing in this Act contained shall be construed as taking away
any powers heretofore vested by law in the Secretary of th^ Treasury
which relate to the supervision, management, and control of the
Treasury Department and bureaus under such department, and wherever any power vested by this Act in the Federal Reserve Board or
the Fed.eral reserve agent appears to conflict with the powers of the
Secretary of the Treasury, such powers shall be exercised subject
to the supervision and control of the Secretary.
The Federal Reserve Board shall annually make a full report of
its operations to the Speaker of the House of Representatives, who
shall cause the same to be printed for the information of the Congress.
Section three hundred and twenty-four of the Revised Statutes of
the United States shall be amended so as to read as follows: There
shall be in the Department of the Treasury a bureau charged with
the execution of all laws passed by Congress relating to the issue and
regulation of national currency secured by United States bonds and,
under the general supervision of the Federal Reserve Board, of all
Federal reserve notes, the chief officer of which bureau shall be called
the Comptroller of the Currency and shall perform his duties under
the general directions of the Secretary of the Treasury.
S E C 11. The Federal Reserve Board shaU be authorized and empowered:
(a) To examine at its discretion the accounts, books and affairs
of each Federal reserve bank and of each member bank and to require
such statements and reports as it may.deem necessary. The said
board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated statement for all
Federal reserve banks. ,Such statements shall show in detail the
assets and habilities of the Federal reserve banks, single' and combined, and shall furnish full information regarding the character of the
money held as reserve and the amount, nature and maturities of the
paper and other investments owned or held by Federal reserve
banks.
(b) To permit, or, on the affirmative vote of at least five members
of the Reserve Board to require Federal reserve banks to rediscount
the discounted paper of other Federal reserve banks at rates of interest to be fixed by the Federal Reserve Board.
(c) To suspend for a period not exceeding thirty days, and from
time to time to renew such suspension for periods not exceeding
116
. REPORT ON THE FINANCES.
fifteen days, any reserve requirement specified in this Act: Provided,
That it shall estabhsh a graduated tax upon the amounts by which
the reserve requirements of this Act may be permitted to fall below
the level hereinafter specified: And provided further, That when the
gold reserve held against Federal reserve notes falls below forty per
centum, the Federal Reserve Board shall estabhsh a graduated tax of
not more than one per centum per annum upon such deficiency until
the reserves faU to thirty-two and one-half per centum, and when
said reserve falls below thirty-two and one-hali per centum, a tax at
the rate increasingly of not less than oiie and one-half per centum
per annum upon each two and one-half per centum or fraction thereof
that such reserve falls below thirty-two and one-half per centum.
The tax shall be paid by the reserve bank, but the reserve bank shaU
add an amount equal to said tax to the rates of' interest and discount
fixed by the Federal Reserye Board.
(d) To supervise and regulate through the bureau under the charge
of the Comptroller of the Curreticy the issue and retirement of Federal
reserve notes, and to prescribe rules and regulations under which such
notes may be dehvered by the ComptroUer to the Federal reserye
agents applying therefor.
(e) To add to the number of cities classified as reserve and central
reserve cities under existing law in which national bankmg associations are subject to the reserve requirements set forth in section
twenty of this Act; or to reclassify existing reserve and central
reserve cities or to terminate their designation as such.
(f) To suspend or remove any officer or director of any Federal
reserve bank, the cause of such removal to be forthwith xommunicated in writing by the Federal Reserve Board to the removed officer
or director and to said bank.
(g) To require the writing off of doubtful or worthless assets upon
the books and balance sheets of Federal reserve banks.
. (h) To suspend, for the violation of any of the provisions of this
Act, the operations of any Federal reserve bank, to take possession
thereof, administer the same during the period of suspension, and,
when deemed advisable, to hquidate or reorganize such bank.
(i) To require bonds of Federal reserve agents, to make regulations
for the safeguarding of all collateral, bonds. Federal reserve notes,
money or property of any kind deposited in the hands of such
agents, and said board shall perform tne duties, functions, or services
specified in this Act, and make all rules and regulations necessary to
enable said board effectively to perform, the same.
(j) To exercise general supervision over said Federal reserve banks.
(k) To grant by special permit to national banks applying therefor,
•when not in contravention of State or local law, the right to act as
trustee, executor, administrator, or registrar of stocks and bonds
under such rules and regulations as the said board may prescribe.
(1) To employ such attorneys, experts, assistants, clerks, or other
employees as may be deemed necessary to conduct the business of
the board. All salaries and fees shall bef fixed in advance by said
board and shall be paid in the same manner as the salaries of the
members of said board. All such attorneys, experts, assistants,
clerks, and other employees shall be appomted without regard to the
provisions of the Act of January sixteenth, eighteen hundred and
eighty-three (volume twenty-two, United States Statutes at Large,
SECRETARY OF THE TREASURY.
117
page four hundred and three), and amendments thereto, or any rule
or regulation made in pursuance thereof: Provided, That nothing
herein shaU prevent the President from placing said employees in the
classified service.
FEDERAL ADVISORY COUNCIL.
S E C 12. There is hereby created a Federal Advisory* Council,
which shall consist of as many members as there are Federal reserve
districts. Each Federal reser.ve bank by its board of directors shall
annually select from its own Federal reserve district one member of
said council, who shall receive such compensation and allowances as
may be fixed by his board of directors subject to the approval of the
Federal Reserve Board. The meetings of said advisory council shall
be held at Washington, District of Columbia, at least four times each
year, and oftener if called by the Federal Reserve Board. The
council may in addition to the meetings above provided for hold such
other meetings ui Washington, District of Columbia, or elsewhere, as
it may deem necessary, may select its own officers and adopt its own
methods of procedure, and a majority of its members shall constitute
a quorum for the transaction of business. Vacancies in the council
shaU be filled by the respective reserve banks, and members selected
to fill vacancies, shaU serve for the unexpired term.
The Federal Advisory Council shall have power, by itself or through
its officers, (1) to confer directly with the Federal Reserve Board on
general business conditions; (2) to make oral or written representations concerning matters within the jurisdiction of said board; (3) to
call for information and to make recommendations in regard to
discount rates, rediscount business, note issues, reserve conditions in
the various districts, the purchase and sale of gold or securities by
reserve banks, open-ma'rket operations by said banks, and the general
affairs of the reserve banking system.
POWERS OF FEDERAL RESERVE BANKS.
S E C 13. Any Federal reserve bank may receive from any of its
member banks, and from the United States, deposits of current funds
in lawful money, national-bank notes, Federal reserve notes, or
checks and drafts upon solvent member banks, payable upon presentation; or, solely for exchange purposes, may receive from other
Federal reserve banks deposits of current funds in lawful money,
national-bank notes, or checks-and drafts upon solvent member or
other Federal reserve banks, payable upon presentation.
Upon the indorsement of any of its member banks, with a waiver of
demand, notice and protest by such bank, any Federal reserve bank
may discount notes, drafts, and bUls of exchange arising out of actual
commercial transactions; that is, notes, drafts, and bUls of exchange
issued or drawn for agricultural, iadustrial, or commercial purposes,
or the. proceeds of which have been used, or are to be used, for such
purposes, the Federal Reserve Board to have the right to determine
.or define the character of the paper thus eligible for discount, within
the meaning of this Act. Nothing in this Act contained shaU be
construed to prohibit such notes, drafts, and bUls of exchange, secured
by staple agricultural products, or other goods, wares, or merchandise
118
REPORT ON THE FINANCES.
from bemg eligible for such discount; but such definition shaU not
include notes, drafts, or bills covering merely investments or issued
or drawn for the purpose of carrymg or trading in stocks, bonds, or
other investment securities, except bonds and notes of the Government of the United States. .Notes, drafts, and biUs admitted tp discount under the terms of this paragraph must have a maturity at
the time of discount of riot more than ninety days: Provided, That
notes, drafts, and bills drawn or issued for agricultural purposes or
based on live stock and having a maturity not exceeding six months
may be discounted in an amount to be limited to a percentage of the
capital of the Federal reserve bank, to be ascertained and fixed by the
. Federal Reserve Board.
Any Federal reserve bank may discount acceptances which are
based on the importation or exportation of goods and which have
a maturity at time of discount of riot more than three months, and
indorsed by at least one member bank. The amount of acceptances
so discounted shaU at no time exceed one-half the paid-up capital stock
and surplus of the bank for which the rediscounts are made.
The aggregate of such notes and bills bearing the signature or indorsement of any one person, company, firm, or corporation rediscounted for any one bank shall at no time exceed ten per centum of the
unimpaired capital and surplus of said bank; but this restriction shall
not apply.to the discount of biUs of exchange drawn in good faith
against actually existing values.
Any member bank may accept drafts or bills of exchange drawn
upon it and growing out of transactions involving the importation
or exportation of goods havuig not more than six months sight to
run; but no bank shaU accept such bUls to an amount equal at any
time in the aggregate to more than one-half its paid-up capital stock
and surplus.
Section fifty-two hundred and two of the Revised Statutes of the
United States is hereby amended so as to read as follows: No national
banking association shall at any time be indebted, or in any way
liable, to an amount exceeding the amount of its capital stock at such
time actually paid in and remaining undiminished by losses or otherwise, except on account of demands of the nature following:
First. Notes of circulation.
Second. Moneys deposited with or collected by the association.
Third. Bills of exchange or drafts drawn against money actually
on deposit to the credit of the association, or due thereto.
Fourth. Liabilities to the. stockholders of the association for
dividends and reserve profits.
Fifth. Liabihties incurred under the provisions of the Federal
Reserve Act.
The rediscount by any Federal reserve bank of any bills receivable
and of domestic and foreign bills of exchange, and of acceptances
authorized by this Act, shaU be subject to such restrictions, limitations, arid regulations as may be imposed by the Federal Reserve
Board.
OPEN-MARKET OPERATIONS.
S E C 14. Any Federal reserve bank may, under rules and regulations prescribed by the Federal Reserve Board, purchase and sell in
the open market, at home or abroad, either from or to domestic or
SECRETARY OF THE TREASURY..
119
foreign banks, firms, corporations, or individuals, cable transfers and
.bankers' acceptances and bills of exchange of the.ldnds and maturities
hy this Act made ehgible for rediscount, with or without the indorsement of a member bank.
Every Federal reserve bank shall have power:
(a) To deal in gold coin and bullion at home or abroad, to make
loans thereon, exchange Federal reserve notes for gold, gold coin, or.
gold certificates, and to contract for loans of gold coin or bullion, giving therefor, when necessary, acceptable security, including the hypothecation of United States bonds or other securities which Federal
reserve banks are authorized to hold;
(b) To buy and seU, at home or abroad, bonds and notes of the
United States, and bills, notes, revenue bonds, and warrants wath a
maturity from date pf purchase of not exceeding six months, issued
in anticipation of the collection of taxes or in anticipation of the
receipt of assured revenues by any State, coimty, district, political
subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts, such purchases to
be made in accordance with rules and regulations prescribed by the
Federal Reserve Board;
(c) To purchase from member banks and to sell, with or without its
indorsement, bills of exchange arising out of commercial transactions,
as hereinbefore defined; (d) To establish from time to time, subject to review and determination of the Federal Reserve Board, rates of discount to be charged
by the Federal reserve bank for each class of paper, which shall be
fixed with a view of accommodating commerce and business;
(e) To establish accounts with other Federal reserve banks for
exchange purposes and, with the consent of the Federal Reserve
Board, to open and maintain banking accounts in foreign countries,
appoint correspondents, and establish agencies in such countries
wlieresoever it may deem best fPr the purpose of purchasing, seUing,
and collecting bills of exchange, and to buy and seU with or without its
indorsement, through such correspondents or agencies, bills of exchange
arising out of actual commercial transactions which have not more
than ninety days to run and which bear the signature of two or more
responsible parties.
GOVERNMENT DEPOSITS.
S E C 15. The moneys held in the general fund of the Treasury,
except the five per centum fund for the redemption of outstanding
national-bank nPtes and the funds provided in this Act for the redemption of Federal reserve notes may, upon the direction of the Secretary
of the Treasury, be deposited in Federal reserve banks, which banks,
when required by the Secretary of the Treasury, shall act as fiscal
agents of the United States; and the revenues of the Government or
any part thereof may be deposited in such banks, and disbursements
may be made by checks drawn against such deposits.
No public funds of the Philippine Islands, or of the postal savings,
or any Government funds, shall be deposited in the continental United
States in any bank not belonging to the system established by this Act:
Provided, however. That nothing in this Act shall be construed to deny
the right of the Secretary of the Treasury to use member banks as
depositories.
120
REPORT ON THE FINANCES.
NOTE ISSUES.
S E C 16. Federal reserve notes, to be issued at the discretion of the
Federal Reserve Board for the purpose, of making advances to Federal
reserve banks through the. Federal reserve agents as hereinafter set
forth and for no other purpose, are hereby authorized. The said notes
shall be obligations of the United States and shall be receivable by all
national and member banks and Federal reserve banks and for all
taxes, customs, and other public dues. They shall be redeemed in
gold on demand at the Treasury Department of the United States, in
the city of Washington, District of Columbia, or in gold or lawful
money at any Federal reserve bank.
Any Federal reserve bank may make application to the local
Federal reserve agent for such amount of the Federal reserve notes
hereinbefore provided for as it may reqiiire. Such application shall
be accompanied with a tender to the local Federal reserve agent of
collateral m amount equal to the sum of the Federal reserve notes thus '
applied for and issued pursuant to such application. The collateral
security thus offered shall be notes and bills, accepted for rediscount
under the provisions of section thirteen of this Act, and the Federal
reserve agent shall each day notify the Federal Reserve Board of all
issues and withdrawals of Federal reserve notes to and by the Federal
reserve bank to which he is accredited. The said Federal Reserve
Board may at any time call upon a Federal reserve bank for additional security to protect the Federal reserve notes issued to it.
Every Federal reserve bank shall maintain reserves in gold or
lawful money of not less than thirty-five per centum against its
deposits and reserves in gold of not less than forty per centum
against its' Federal reserve notes in actual circulation, and not
offset by gold or lawful money deposited with the Federal reserve agent. Notes so paid out shall bear upon their faces a
distinctive letter and serial number, which shall be assigned
by the Federal Reserve Board to each Federal reserve bank. Whenever Federal reserve notes issued through one Federal reserve'bank
shall be received * by another Federal reserve bank they shall be
promptly returned for credit or redemption to the Federal reserve
bank through which they were originally issued. No Federal reserve
bank shall pay out notes issued tln-ough another under penalty of a
t a x of ten per centum upon the face value of notes so paid out. Notes
resented for redemption at the Treasury of the United States shall
e paid out of the redemption fund and returned to the Federal
reserve banks through which they were originally issued, and thereupon such Federal reserve bank shall, upon demand of the Secretary
01 the Treasury, reimburse such redemption fund in lawful money,
or, if such Federal reserve notes have been redeemed by the Treasurer ,
in gold or gold certificates, then such funds shall be reimbursed to
the extent deemed necessary by the Secretary of .the Treasury in gold
or gold certificates, and such Federal reserve bank shall, so long as
any of its Federal reserve notes remain outstanding, maintain with
the Treasurer in gold an amount sufficient in the judgment of the
Secretary to provide for all redemptions to be made by the Treasurer.
Federal reserve notes received by the Treasury, otherwise than for
redemption, may be exchanged for gold out of thc redemption fund
E
SECMTARY OF THE TREASURY.
121
hereinafter pro vided.and returned to the reserve bank through which
they were originally issued, or they may be returned to such bank
for the credit of the United States. Federal reserve notes unfit for
circulation shall be returned by the Federal reserve, agents to the
Comptroller of the Currency for cancellation and destruction.
The Federal Reserve Board shall require each Federal reserve bank
to maintain on deposit in the Treasury of the United States a sum
in gold sufficient m the judgment of the Secretary of the Treasury
for the redemption of the Federal reserve notes issued to such
bank, but m no event less than five per centum; but such deposit of gold shall be counted and included as part of the forty per
centum reserve hereinbefore required. The board shall have the
right, acting through the Federal reserve agent, to grant in whole
or in part or to reject entirely the application of any Federal
reserve bank for Federal reserve notes; but to the extent that such
application may be granted the Federal Reserve Board shall, through
its local Federal reserve agent, supply Federal reserve notes to the
bank so applying, and such bank shall be charged with the amount
of such notes and shall pay such rate of interest on said amount as
may be established by the Federal Reserve Board, and the amount of
such Federal reserve notes so issued to any such bank shall, upon
delivery, together with such notes of such Federal Teserve bank as
may be issued under section eighteen of this Act upon security of
United States two per centum Government bonds, become a first and
paramount lien on all the assets of such bank.
Any Federal reserve bank may at any time reduce its liabUity for
outstanding Federal reserve notes by depositing, with the Federal
reserve agent, its Federal reserve riotes, gold, gold certificates, or
lawful money of the United States. Federal reserve notes so deposited shall not be reissued, except upon compliance with the conditions
of an original issue.
The Federalreserve agent shall hold such gold, gold certificates, or
lawful money avaUable exclusively for.exchange for the outstanding
Federal reserve notes when offered by the reserve bank of which he is
a director. Upon the request of the Secretary of the Treasury the
Federal Reserve Board shall'reauire the Federal reserve agent to
transmit so much of said gold to tne Treasury of the United States as
may be required for the exclusive purpose of the redemption of such
notes.
Any Federal reserve bank may at its discretion withdraw collateral
deposited with the local Federal reserve agent for the protection of
its Federal reserve notes deposited with it and shall at the same time
substitute, therefor other like collateral of equal amount with ^ the
approval of the Federal reserve agent urider regulations to be prescribed by the Federal Reserve Board.
In order to furnish suitable notes for circulation as Federal reserve
notes, the Comptroller of the Currency shall, under the direction of
the Secretary of the Treasury, cause plates and dies to be engraved
in the best manner to guard against counterfeits and fraudulent
alterations, and shall have printed therefrom and numbered such
quantities of such notes of the denominations of $5, $10, $20,
$50, $100, as may be required to supply the Federal reserve banks.
Such notes shall be in form and tenor as directed by the Secretary of
the Ti-easury under the provisions of this Act and shaU bear the
122
REPORT ON THE FINANCES.
distinctive numbers of the several Federal reserve banks through
which they are issued.
When such notes have been prepared, they, shall be deposited, in
the Treasury, or in the subtreasury or mint of the United States
nearest the place of business of each Federal reserve bank and shall
be held for the use of such bank subject to the order of the Comptroller of the Currency for their delivery, as provided by this Act.
The plates and dies to be procured by the Comptroller of the Currency for the printing of such circulating, notes shall remain under
his control and direction, and the expenses necessarily incurred in
executing the laws relating to the procuring of such notes, and aU
other expenses incidental to their issue and retirement, shall be paid
by the Federal reserve banks, and the Federal Reserve Board shall
include in its estimate of expenses levied against the Federal reserve
banks a sufficient amount to cover the expenses herein provided for.
The examination of plates, dies, bed pieces, and so forth, and
regulations relating to such examination of plates, dies, and so forth,
of national-bank notes provided for in section fifty-one hundred and
seventy-four Revised Statutes, is hereby extended to include notes
herein provided for.
Any appropriation heretofore made out of the general funds of
the Treasuiy for engraving plates and dies, the purchase of distinctive paper, or to cover any other expense °in connection with the
Krintmg of national-bank notes or notes provided for by the Act of
[ay thirtieth, nineteen hundred and eight, and any distinctive paper
that may be on hand at the time of the passage of this Act may be
used in the discretion of the Secretary for the purposes of this Act,
and. should the appropriations heretofore made be insufficient to
ineet the requhements of this Act in addition to circulating notes
provided for by existing law, the Secretary is hereby authorized to
use so much of any funds in the Treasury not otherwise appropriated
for the purpose of furnishing the notes aforesaid: Provided, however.
That nothing in this section contained shall be construed as exempting national banks or Federal reserve banks from their liability to
reimbruse the United States for any expenses incurred in printing
and issuing circulating notes.
Every Federal reserve bank shall receive on deposit at par from
member banks or from Federal reserve banks checks and drafts drawn
upon any of its depositors, and when remitted by a Federal reserye
bank, checks and drafts drawn by any depositor in any other Federal
reserve bank or member bank upon funds to the credit of said depositor in said reserve bank or member bank. Nothing herein,contained
shaU be construed as prohibiting a member bank from charging its
actual expense incurred m collecting and remitting funds, or for
exchange sold to its patrons. The Federal Reserve Board shall, by
rule, fix the charges to be coUected by the member banks from its
patrons whose checks are cleared through the Federal reserve bank
and the charge which may be imposed for the service of clearing or
collection rendered by the Federal reserve bank.
The Federal Reserve Board shall make and promulgate from time
to time regulations governing the transfer of fimds and charges
therefor a:mong Federal reserve banks and their branches, and may
at its discretion exercise the functions of a clearing house for such
Federal reserve banks, or may designate a Federal reserve bank to
SECRETARY OF THE TREASURY.
123
exercise such functions, and may also require each such bank to
exercise the functions of a clearing house for its member banks.
S E C 17. So much of the provisions of section fifty-one hundred
and fifty-nine of the Revised Statutes of the United States, and
section four of the Act of June twentieth, eighteen hundred and
seventy-four, and section eight of the Act of July twelfth, eighteen
hundred and eighty-two, and of any other provisions of existing
statutes as require that before any national bariking associations
shall be authorized to commence banking business it shall transfer
and deliver to the Treasurer of the United States a stated amount of
United States registered bonds is hereby repealed.
REFUNDING BONDS.
SEC. 18. After two years from the passage of this Act, and at any
time during a period of twenty years thereafter, any member bank
desiring to retire the whole or any part of its circulating notes, may
file with the Treasurer of the United States an application to sell for
its account, at par and accrued interest, United States bonds securing circulation to be retired.
The Treasurer shall,'at the end of each quarterly period, furnish
the Federal Reserve Board Math a list of such applications, and the
Federal Reserve Board may, in its discretion, require the Federal
reserve banks to purchase such bonds from the banks whose applications have been filed with the Treasurer at least ten days before
the end of any quarterly period at which the Federal Reserve Board
may direct the purchase to be made: Provided, That Federal reserve
banks shall not be permitted to purchase an amount to exceed
$25,000,000 of such bonds in any one year, and which amount shall
include bonds acquired under section four of this Act by the Federal
reserve bank.
^
Provided further. That the Federal Reserve Board shall allot to
each Federal reserve bank such proportion of such bonds as the
capital and surplus of such bank shall bear to the aggregate capital
and surplus of all the Federal reserve banks.
Upon notice from the Treasurer of the amount of bonds so sold for
its account, each member bank shall duly assign and transfer, in
writing, such bonds to the - Federal reserve bank purchasing the
same, and such Federal reserve bank shall, thereupon, deposit lawful
money m t h the Treasurer of the United States for the purchase price
of such bonds, and the Treasurer shall pay to the member bank selling
such bonds any balance due after deducting a sufficient. sum to
redeem its outstanding notes secured by such bonds, which notes
shall be canceled and permanently retired when redeemed.
The Federal reserve banks purchasing such bonds shall be permitted to take out an amount of circulating notes equal to the par
value of such bonds.
Upon the deposit with the Treasurer of the United States of bonds
so purchased, or any bonds with the circulating privUege acquired
under section four of this Act, any Federal reserve bank making
such deposit in the manner provided by existing law, shall be entitled
to receive from the Comptroller of the Currency circulating notes
in blank, registered and countersigned as prpvided by-law, equal in
amount to the par value of the bonds so deposited. Such notea
124
REPORT ON T H E FINANCES.
shall be the obligations of the Federal reserve bank procuring the
same, and shaU be in form prescribed by the Secretary of the Treasury, and to the same tenor and effect as national-bank notes now
provided by law. They shall be issued and redeemed under the
same terms and conditions as national-bank notes except that they
shall not be limited to the amount of the capital stock of the Federal
reserve bank issuing them.
Upon application of any Federal reserve bank, approved by the
Federal Reserve Board, the Secretary of the Treasury may issue, in
exchange for United States two per centum gold bonds bearing the circulation privUege, but against which no circulation is outstanding,
one-year gold notes of the United States without the circulation
rivilege, to an amount not to exceed one-half of the two per centum
onds so tendered for exchange, and thirty-year three per centum
gold bonds without the circulation privUege for the remainder of the
two per centum bonds so tendered: Provided, That at the time of such
exchange the Federal reserve bank obtaining such one-year gold
notes shall enter into an obligation with the Secretary of the Treasury binding itself to purchase from the United States for gold at the
maturity 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 purchase from the United States such an amount of one-year
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 contiriue in force for a period not
. to exceed thirty years.
For the purpose of making the exchange herein provided for, the
Secretary of the Treasury is authorized to issue at par Treasury notes
in coupon or registered form as he may prescribe in denominations
of one hundred doUars, or any multiple thereof, bearing interest at
the rate,of three per centum per annum, payable quarterly, such
Treasury notes to be payable not more than one year from the date of
their is5;ue in gold coin of the present standard value, and to be exempt
as to principal and interest from the payment of all taxes and duties
of the United States except as provided by 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
interest payable thirty years from 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 privUege now issued and outstandingUpon 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 herein
provided for.
E
BANK RESERVES.
S E C 19. Demand deposits within the meaning of this Act shall
comprise all deposits payable within thirty days, and time deposits
shall comprise all deposits payable after thirty days, and all savings
accounts and certificates of deposit which are subject to not less than
thirty days' notice before payment.
SECRETARY OF THE TREASURY.
125
When the Secretary of the Treasury shall have officially announced,
in such manner as he may elect, the establishment of a Federal reserve
bank in any district, every subscribing member bank shall establish
and maintain reserves as follows:
(a) A bank not in a reserve or central reserve city as now or hereafter defined shall hold and maintain reserves equal to twelve per
centum of the aggregate amount of its demand deposits and five per
centum of its time deposits, as follows:
In its vaults for a period of thirty-six months after said date
five-twelfths thereof and permanently thereafter four-twelfths.
In the Federal reserve bank of its district, for a period of twelve
months after said date, two-twelfths, and for each succeeding six
months an additional one-twelfth, untU five-twelfths have been so
deposited, which shall be the amount permanently required.
For a period of thirty-six months after said date the balance of
the reserves may be held in its own vaults, or in the Federal reserve
bank, or iri national banks in reserve or central reserve cities as now
defined bylaw.
After said thirty-six months' period said reserves, other than
those hereinbefore required to be held in the vaults of the member
bank and in the Federal reserve bank, shall be held in the vaults of
the member bank or in the Federal reserve bank, or in both, at the
optiori of the member bank.
(b) A bank in a reserve city, as now or hereafter defined, shall hold
and maintain reserves equal to fifteen per centum of the aggregate
amount of its demand deposits and five per centum of its time
deposits, as follows:
i n its vaults for a period of thirty-six months after said date
six-fifteenths thereof, and permanently thereafter five-fifteenths.
In the Federal reserve bank of its district for a period of twelve
months after the date aforesaid at least three-fifteenths, and for each
succeeding six months an additional one-fifteenth, until six-fifteenths
have been so deposited, which shall be the amount permanently
required.
.
'
For a period of thirty-six months after said date the balance of
the reserves may be held in its own vaults, or in the Federal reserve
bank, or in national banks in reserve or central reserve cities as now
defined by law.
After said thirty-six months' period all of said reserves, except
those hereinbefore required to be held permanently in the vaults of
the member bank and in the Federal reserve bank, shall be held in
its vaults or in the Federal reserve bank, or in both, at the option
of the member bank.
(c) A bank in a central reserve city, as now or hereafter defined,
shaU hold and maintain a reserve equal to eighteen per centum of
the aggregate amount of its demand, deposits and five per centum of
its time deposits, as foUows:
In its vaults six-eighteenths thereof.
In the Federal reserve bank seven-eighteenths.
The balance of said reserves shall be held in its own vaults or in
the Federal reserve bank, at its option.
Any Federal reserve bank may receive from the member banks as
reserves, not exceeding one-half of each installment, eUgible paper as
126
REPORT ON T H E FINANCES.
described in section fourteen properly indorsed and acceptable to
the said reserve bank.
If a State bank or trust company is required by the law of its State
to keep" its reserves either in its own vaults or with another State bank
or trust company, such reserve deposits so kept in such State bank
or trust company shall be construed, within the meaning of this section, as if they were reserve deposits in a national bank in a reserve
or central reserve city for a period of three years after the Secretary
of the Treasiiry shaU have officially announced the establishment of a
Federal reserve bank in the district in which such State bank or
trust company is situate. Except as thus provided, no member
bank shall keep on deposit with any nonmember bank a sum in
excess of ten per centum of its own paid-up capital.and surplus.
No member bank shaU act as the medium or agent of a nonmember
bank in applying for or receiving discounts from a Federal reserve
bank under the provisions of this Act except by permission of the
Federal Reserve Board.
The reserye carried by a member bank with a Federal reserve bank
may, under the regulations and subject to such penalties as may be
prescribed by the Federal Reserve Board, be. checked against and
withdrawn by such member bank for the purpose of meeting existing
liabilities: Provided, however. That no bank shall at any time make
new loans or shall pay any dividends uriless and until the total reserve
required by law is fully restored.
in estimating the reserves required by this Act, the net balance of
amounts due to and from other banks shall be taken as the basis for
ascertaining the deposits against which reserves shaU be determined.
Balances in reserve banks due to member banks shaU, to the extent
herein provided, be counted as reserves.
National banks located in Alaska or outside the continental United
States may remain nonmember bariks, and shaU in that event
maintain reserves and comply with all the conditions now provided
by law regulating them; or said banks, except in the Philippine
Islands, may, with the consent of the Reserve Board, become member
banks of any one of the reserve districts, and shall, in that event, take
stock, maintain reserves, and be subject to all the other provisions
of this Act.
SEC. 20. SO much of sections two and three of the Act of June
twentieth, eighteen hundred and seventy-four, entitled " A n Act
fixing the amount of United States notes, providing for a redistribution of the nationaj-bank currency, and for other purposes," as provides that the fund deposited by any national banking association
with the Treasurer of the United States for the redemption of its notes
shall be counted as a part of its lawful reserve as provided in the Act
aforesaid, is hereby repealed. And from and after the passage of
this Act such fund of five per centum shall in no case be counted i y
any national bariking association as a part of its lawful reserve.
BANK EXAMINATIONS.
S E C 21. Section fifty-two hundred and forty, United States Revised Statutes, is amended to read as follows:
The Comptroller of the Currency, with the approval of the Secretary of the Treasury, shall appoint examiners who shall examine
SECRETARY OF THE TREASURY.
127
every member bank at least twice in each calendar year and oftener
if considered necessary: Provided, however. That the Federal Reserve
Board may authorize examination by the State authorities to be
accepted in the case of State banks and trust companies and may at
any time direct the holding of a special examination of State banks
or trust companies that are stockholders in any Federal reserve
bank. The examiner making the examination of any national bank,
or of any other member bank, shall have power to make a thorough
examination of all the affairs of the bank arid iri doing so he shall
have power to administer oaths and to examine any of the officers
and agents thereof under oath and shall make a full and detailed
report of the condition of said bank to the Comptroller of the Currency.
The Federal Reserve Board, upon the recommendation of the
Comptroller of the Currency, shall fix the salaries of all bank examiners and make report thereof to Congress. The expense of the
examinations herein provided for shall be assessed by the Comptroller
of the Currency upon the banks examined in proportion to assets or
resources held by the banks upon the dates of examination of the
various banks.
In addition to the examinations made and conducted by the
Comptroller of the Currency, every Federal reserve bank may, with
the approval of the Federal reserve agent or the Federal Reserve Board,
provide for special examination of member banks within its district.
The expense of such examinations shall be borne by the bank examined. Such examinations shall be so conducted as to inform the
Federal reserve bank of the condition of its member banks and of the
lines of credit which are being extended by them. Every Federal
reserve bank shall at all tiiries furnish to the Federal Reserve Board
such information as may be demanded concerning the condition of
any member bank within the district of the said Federal reserve bank.
No bank shaU be subject to any visitatorial powers other than such
as are authorized by law, or vested in the courts of justice or such as
shall be or shall have been exercised or directed by Congress, or by
either House thereof or by any committee of Congress or of either
House duly authorized.
The Federal Reserve Board shall, at least once each year, order an
examination of each Federal reserve bank, and iipon joint application of ten member banks the Federal Reserve Board shall order a
special examination and report of the condition of any Federal
reserve bank.
S E C 22. No member bank or any officer, director, or employee
thereof shall hereafter make any loan or grant any gratuity to any
bank examiner. Any bank officer, director, or employee violating this provision shall be deemed guilty of a misdemeanor and shall
be imprisoned not exceeding one year or fined not more than $5,000,
or both; and may be fined a further suna equal to the money so loaned
or gratuity given. Any examiner accepting a loan or gratuity from any
bank examined by him or from an officer, director, or employee thereof
shall be deemed guilty of a misdemeanor and shall be imprisoned not
exceeding one year or fined not more than $5,000, or both; and may be
fined a further sum equal to the money so loaned or gratuity given;
and shall forever thereafter be disqualified from holdirig office as a
national-bank examiner. No national-bank examiner shall perform
128
REPORT ON THE FINANCES.
any other service for compensation while holding such office for any
bank or officer, director, or employee thereof.
Qther than the usual salary or director's fee paid to any officer,
director, or employee of a member bank and other than a reasonable
fee paid by said bank to such Pfficer, director, or employeie for services
rendered to such bank, no officer, director, employee, or attorney of a
member bank shall be a beneficiary of or receive, directly or indhectly,
any fee, commission, gift, or pther consideration for or in connection
with any transaction or business of the bank. No examiner, public
or private, shall disclose the names of borrowers or the collateral for
loans of a member bank to other than the proper officers of such
bank without first having obtained the express permission in writing
from the Comptroller of the Currency, or from tne board of directors
of such bank, except when Ordered to do so by a court of competent
jurisdiction, or by dhection of the Congress of the United States, or
of either House thereof, or any committee of Congress or of either
House duly authorized. Any person violating any provision of this
section shall be punished by a ffiie of not exceeding $5,000 or by
imprisonment not exceeding one year, or both.
Except as provided in existmg laws, this provision shall not take
effect until sixty days after the passage of this Act.
S E C 23. The stockholders of every national banking association
shall be held individually responsible for all contracts, debts, and
engagements of such association, each to the ainount of his stock
therein, at the par value thereof in addition to the.amount invested
in such stock. The stockholders in any national banking association
who shall have transferred their shares or registered the transfer
theireof within sixty days next before the date of the failure of such
association to meet its obligations, or with laiowledge of such impending failure, shall be liable to the same extent as if they had made
no such transfer, to the extent that the subsequent transferee fails to
meet such liabUity; but this provision shall not be construed to
afl-ect in any way any recourse which such sliareholders might otherwise have against those hi whose names such shares are registered at
the time of such faUure.
,
LOANS ON FARM LANDS.
S E C 24. Any national banldng association not situated in a central
reserve city may make loans secured by improved and unencumbered farm land, situated within its Federal reserve district, but
no such loan shall be made for a longer time than five years, nor
for an amount exceeding fifty per centum of the actual value of the
property offered as security. Any such bank may make such loans
m an aggregate sum equal to twenty-five per centum of its capital
and surplus or to one-third of its time deposits and such banks may
continue hereafter as heretofore to receive time deposits and to pay
interest on the same.
The Federal Reserve Board shall have power from time to time to
add to the list of cities in which national banks shall not be permitted
to make loans secured upon real estate in the maimer described in
this sectioft.
SECRETARY OF T H E TREASURY.
129
. FOREIGN BRANCHES.
S E C 25. Any national banking association possessing a capital and
surplus of $1,000,000 or more may file application with the Federal
Reserve Board, upon such conditions and under such regulations as
may be prescribed by the said board, for the purpose of securing
authority to estabhsh branches in foreign countries or dependencies
of the United States for the furtherance of the foreign commerce of
the United States, and to act, if required to do so, as fiscal agents of
the United States. Such apphcation shall specify, in addition to the
name and capital of the banking association fifing it, the place or
places where the banking operations proposed are to be carried on,
and the amount of capital set aside for the conduct of its foreign
business. The Federal Reserve Board shall have power to approve
or to reject such apphcation if, in its judgment, the amount of capital proposed to be set aside for the conduct of foreign business is
inadequate, or if for other reasons the granting of such application
is deemed inexpedient.
Every national banking association which shaU receive authority
to estabhsh foreign branches shall be required at all times tp furnish
information concerning the condition of such branches to the Comptroller of the Currency upon demand, and the Federal Reserve Board
may order special examinations of the said foreign branches at such
time or times as it may deem best. Every such national banking
association shaU conduct the accounts of each foreign branch
independently of the accounts of other foreign branches estabhshed
by it and of its home office, and shall.at the end of each fiscal period
transfer to its general ledger the profit or loss accruing at each branch
- as a separate item.
S E C 26. All provisions of law inconsistent fidth or superseded by any
of the provisions of this Act are to that extent and to that extent only
hereby repealed: Provided, Nothing in this Act contained shall be construed to repeal the parity provision or provisions contained in an
Act approved March fourteenth, nineteen hundred entitled " A n
Act to define and fix the standard of value, to maintain the parity
of all forms of money issued or coined by the United States, to
refund the public debt, and for other purposes," and the Secretary of
the Treasury may for the purpose of maintaining such parity and to
strengthen the gpld reserve, borrow gold on the security of United
States bonds authorized by section two of the Act last referred to
or for one-year gold notes bearing interest at a rate of not to exceed
three per centum per annum, or sell the same if necessary to obtain
gold. When the funds of the Treasury on hand justify, he may
purchase and retire, such outstanding bonds and notes.
S E C 27. The provisions of the Act of May thirtieth, nineteen
hundred and eight, authorizirig national currency associations, the
issue of additional national-bank circulation, and creating a National
Monetary Commission, which expires by limitation under the terms
of such Act on the thirtieth day of June, nineteen hundred and fourteen, are hereby extended to June thirtieth,.nineteen hundred and
fifteen, and sections fifty-one hundred arid fifty-three, fiJty-one
hundred and seventy-two, fifty-one hundred and ninety-one, and
fifty-two hundred and fourteen of the Revised Statutes ot the United
States, which were amended by the Act of May thirtie^ih, nineteen
64402°—FI 1914
9
€?
130
REPORT ON T H E FINANCES.
hundred and eight, are hereby reenacted to read as such sections
read prior to May thirtieth^ nineteen hundred and eight, subject to
such amendments or modifications as are prescribed in this Act:
Provided, however. That section nine of the Act first referred to in
this section is hereby amended so as to change the tax rates fixed
in said Act by making the portion apphcable thereto read as foUows:
National banking associations having circulating -notes secured
otherwise than by bonds of the United States, shall pay for the first
three months a tax at the rate of three per centum per annum upon
the average amount of such of their notes in circiilation as are based
upon the deposit of such securities, arid afterwards an additional tax
rate of one-half of one per centum per annum for each month until a
tax of six per centum per annum is reached, and thereafter such tax
of six per centum per annum upon the average amount of such
notes.
S E C 28. Section fifty-one hundred and forty-three of the Revised
Statutes is hereby amended and reenacted to read as follows: Any
asspciation formed under this title may, by the vote of shareholders
owning two-thirds of its capital stock, reduce its capital to any sum
not below the amount required by this title to authorize the formation of associations; but no such reduction shall be allowable which
will reduce the capital of the association below the amount required
for its outstanding circulation, nor shall any reduction be made until
the amount of the proposed reduction has been reported to the Comptroller of the Currency and such reduction has been approved by the
said Comptroller of the Currency and by the Federal Keserve Board,
or by the organization committee pending the organization of the
Federal Reserve Board.
S E C 29. If any clause, sentence, paragraph, or part of this Act
shall for any reason be adjudged by any court of cPmpetent jurisdiction to be invalid, such judgment shall not affect, impair, or
invahdate the remainder of this Act, but shall be confined in its
operation to the clause, sentence, paragraph, or part thereof directly
iiivolved in the controversy in which such judgment shall have been
rendered.
WSEC 30. The right to amend, alter, or repeal this Act is hereby
expressly reserved.
Approved, December 23, 1913.
C>
E X H I B I T M.
AMENDMENT TO THE FEDERAL RESERVE ACT.
[PUBLIC—No. 163—63D CONGRESS.]
• fS. 6192.]
An Act To amend section twenty-seven of an Act approved December twenty-third, nineteen hundred and thirteen, and known as the Federal Reserve
Act.
Be it enacted by the Senate and House of Representatives ofthe United
States of America in Congress assembled, That section twenty-seven
of the Act approved December twenty-third, nineteen hundred and
thirteen, known as the Federal Reserve Act is hereby amended and
reenacted to read as follows:
" S E C 27. The provisions of the Act of May thirtieth, nineteen
hundred and eight, authorizing national currency associations, the
issue of additional national-bank circulation, and creating a National
Monetary Commission, which expires by limitation under the terms
of such Act on the thirtieth day of June, nineteen hundred and
fourteen, are hereby extended to June thirtieth, nineteen hundred
and fifteen, and sections fifty-one hundred and fifty-three, fifty-one
hundred and seventy-two, fifty-one hundred and ninety-one, and
fifty-two hundred and fourteen of the Revised Statutes of the United
States, which w^ere amended by the Act of May thirtieth, nineteen
hundred and eight, are hereby reenacted to read as such sections
read prior to May thirtieth, nineteen hundred and eight, subject to
such amendments or modifications as are prescribed in this Act:
Provided, however, That section nine of the Act first referred to in
this section is hereby amended so as to change the tax rates fixed in
said Act by making the portion.applicable thereto read as follows:
"National banking associations having circulating notes secured
otherwise than by bonds of the United States, shall pay for the first
three months a tax at the rate of three per centum per annum upon
the average amount of such of their notes in circulation as are based
upon the deposit of such securities, and afterwards an additional
tax rate of one-half of one per centum per annum for each month
until a tax of six per centum per annum is reached, and thereafter
such tax of six per centum per annum upon the average amount of
such notes: Provided further. That whenever in -his judgment he
may deem it desirable, the Secretary of the Treasury shall have
power to suspend the limitations imposed by section one and section
three of the Act referred to in this section, which prescribe that such
additional circulation secured otherwise.than by bonds of the United
States shall be issued only to National banks having circulating
notes outstanding secured by the deposit of bonds of the United
States to an amount not less than forty per centum of the capital
stock of such banks, and to suspend also the conditions and limitations of se'ction five of said Act except that no bank shall be permitted to issue circulating notes in excess of one hundred ahd twentyfive per centum of its unhnpaired capital and surplus. He shall
require each bank and-currency association to maintain on deposit
in "the Treasury of the United States a sum in gold sufficient in his
judgment for the redemption of such notes, but in no event less than
131
132
REPORT ON T H E FINANCES.
five per centum. He may permit National banks, during the period
for which such provisions are suspended, to issue additional circulation under the terms and conditions of the Act referred to as herein
amended: Provided further, That the Secretary of the Treasury, in
his discretion, is further authorized to extend the benefits of this
Act to all qualified State banks and trust companies, which have
joined the Federal reserve system, or which may contract to join
within fifteen days after the passage of this Act."
Approved, August 4, 1914.
E X H I B I T N.
AMENDMENT TO THE FEDERAL RESERVE ACT.
[PUBLIC—No. 171—63D CONGRESS.]
[S. 4966.]
. '
An Act Proposing an amendment to section nineteen of the Federal
reserve Act relating to reserves, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled. That section nineteen, subsections (b) and (c) of the Act approved December twenty-third,
nineteen hundred and thirteen, known as the Federal reserve Act, be
amended and reenacted so as to read as follows:
" ( b ) A bank in a reserve city, as now or hereafter defined, shall hold
and maintain reserves equal to fifteen per centum of the aggregate
amount of its demand deposits and five per centum of its time deposits,
as follows:
" I n its vaults for a period of thirty-six months after said date, sixfifteenths thereof, and permanently thereafter five-fifteenths.
" I n the Federal reserve bank of its district for a period of twelve
months after the date aforesaid, at least three-fifteenths, and for each
succeeding six months an additional one-fifteenth, untU six-fifteenths
have been so deposited, which shall be the amount permanently
required.
" For a period of thirty-six months after said date the balance of the
reserves may be held in its own vaults, or in the Federal reserve bank,
or in national banks'in central reserve cities, as now defined by law.
. "After said thirty-six months' period all of said reserves, except
those hereinbefore required to be held permanently in the vaults of
the member bank and in the Federal reserve bank, shaU be held in
its vaults or in the Federal reserve bank or in both, at the option of
the member bank.
" (c) A bank in a central reserve city, as now or hereafter defined,
shall hold and maintain a reserve equal to eighteen per centum of the
aggregate amount of its deinand deposits and five per centum of its
time deposits, as follows:
" I n its vaults, six-eighteenths thereof.
" I n the Federal reserve bank, seven-eighteeriths.
" T h e balance of said reserves shall be held in'its own vaults or in
the Federal reserve bank, at its option.
"Any Federal reserve bank may receive from the member banks as
reserves not exceeding one-half of each installment, eligible paper as .
described in section thirteen^ properly indorsed and acceptable to the
said reserve bank.
"If a State bank or trust company is required or permitted by the
law of its State to keep its reserves either in its own vaults or with
another State bank or trust company or with a national bank, such
reserve deposits so kept in such State bank, trust company, or
national bank shall be construed within the meaning of this section
as if they were reserve deposits in a national bank in a reserve or
central reserve city for .a period of three years after the Secretary of
the Treasury shall have officially announced the establishment of a
Federal reserve bank in the district in which such State bank or trust
133
134
REPORT ON THE FINANCES.
company is situate. Except as thus provided, no member bank shall
keep on deposit with any nonmember bank a sum in excess of ten
p€?r centum of its own paid-up capital and surplus. No iriember
bank shali act as the medium or agent of a nonmember bank in
applying for or receiving discounts from a Federal reserve bank
under the provisions of this Act except by permission of the Federal
Reserve Board.
"The reserve carried by a member bank with a Federal reserve
bank may, under the regulations and subject to such penalties as
may be prescribed by the Federal Reserve Board, be checked against
and withdrawn by such member bank for the purpose of meeting
existing liabilities: Provided, however. That no oank shall at any
time make new loans or shall pay any dividends unless and until the
total reserve required by law is fully restored.
" I n estimating the reserves required by this Act, the net balance
of amounts due to and from other banks shall be taken as the basis
for ascertaining the bank deposits against which reserves shall be
determined. Balances in reserve banks due to member banks shall,
to the extent herein provided, be counted as reserves.
"National banks located in Alaska or outside the continental
United States may remain nonmember banks,' and shall in that event
maintain reserves and comply with all the conditions now provided
by law regulating them; or said banks, except in the Philippine
Islands, may, with the consent of the Reserve Board, become member
banks of any one of the reserve districts, and shall, in that event, take
stock, maintain reserves, and be subject to all the other provisions of
this Act.'^
,
Approved, August 15, 1914.
ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS.
135
ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS.
The foUovring is a summary of the reports of bureaus and divisions
of the Treasury Department for the fiscal year ended June 30, 1914,
with the exception that the figures in relation to loans and currency
are brought down to October 1, and those for pubhc, moneys to
November 1.
TREASURER OF THE UNITED STATES.
The ordinary receipts in 1914 were $734,673,166.71, an increase
of $10,561,936.87 as compared with those of 1913. The ordinary
disbursements were $700,254,489.71, an increase of $17,483,784.20
by hke comparison. The net result for the year on ordinary account
was a surplus of $34,418,677. There is a marked irregularity in the
monthly receipts and disbursements, as, for instance, in July, 1913,
there was a deficiency of $9,977,223, while in June, 1914, a surplus
of $72,619,924 was realized. In the face of such wide fiuctuations
the necessity for ample reserves is apparent.
The expenses incurred in the construction of the Panama Canal
during the year, amounting to $34,826,941.76, were paid out of the
general fund of the Treasury, and the total net balance so expended
to June 30, 1914, was $214,452,055.08.
During the fiscal year 1914 deposits for postal savings bonds,
authorized by the act of June 25, 1910, were received to the amount
of $3,118,940; and under provisions of the act of July 14, 1890,
deposits of lawful money of the United States to retire national-bank
notes were received amounting to $19,902,282.50, which, with the
deposits for postal savings bonds, aggregate $23,021,222.50 in actiial
cash received on account of the public debt, while the cash disbursements on account of the principal of matured loans and fractional
currency were $109,127, and for national-bank notes canceled and
retired $26,852,200, a total disbursement for the debt of $26,961,327.
The net result was excess of disbursements of $3,940,104.50.
The balance in the gerieral fund June 30,1914, was $161,612,615.53,
a decrease of $4,348,369.26 as compared with that of 12 months
earher.
The gold held in the trust funds against outstanding gold certificates attained a maximum at $1,163,728,869 on May 8, but owing
to the heavy withdrawals of gold for export and the payment into the
Treasury of gold certificates which were canceled and retired it was
137
138
REPORT ON T H E FINANCES.
reduced to $1,080,974,869 by the close of the year, a decrease of.
$5,972,300 as compared with that of the preceding year. The silver
doUars held against outstariding Treasury notes of 1890 and silver
certificates amounted to $493,289,000, an increase of $7,079,000 during the year.
.
^
The holders of United States notes have not used them in withdrawing gold coin from the Treasury in unusual amounts during the
past fiscal year. Large amounts of these notes are shipped to the
Treasury for redemption with a request that the proceeds be returned
in denominations of $10 and above, and as such exchange results in
the use of gold certificates, it is recorded as a redemption in gold;
therefore a large part of the transactions in the reserve fund really
represent exchanges to secure, an accommodation in denominations.
The redemptions from the reserve fund during the fiscal year were,
in United States notes, $73,194,576, and in Treasury notes, $4,500,
making a total of $73,199,076. The redeemed notes were exchanged
for gold coin each day, under the provisions of the act of March 14,
1900, and thereby the reserve was maintained at the fixed amount of
$150,000,000.
The' Treasury holdings of gold, on June 30, 1914, amounted to
$1,279,112,109.70, an increase of $16,751,073.83 as compared with
that of the preceding year. Set apart for the respective uses, it was
held on the. foUowing accounts: Reserve fund, $150,000,000; trust
funds (for redemption of gold certificates in circulation, exclusive of
those held in the Treasury), $1,026,149,139; and in general fund
(belonging to the Treasury), $102,962,970.70.
The imports of gold during the year were $66,538,659, the exports
$112,038,529, and the net excess of exports $45,499,870.
The United States bonds pledged to secure bank circulation
"increased $267,660 during the fiscal year and amounted to
$740,796,910 on June 30, 1914. The securities pledged for public
deposits in national banks . amounted to $63,711,350. Under the
provisions of the act of June 25, 1910, establishing the Pos tal-Savings
System, the Treasurer of the United States held in trust, as security
for deposits in postal savings depositaries, bonds and securities
amounting to $71,964,831.41 on June 30, 1914.
At the close of the fiscal year 1914 the general stock of money in
the United States amounted to $3,738,288,871, an increase of
$18,218,855 as compared with that of 12 months earlier. Gold took
on a growth of $19,894,956, the silver coins advanced in volume by
$7,030,906, while the national-bank notes decreased $8,486,007 and
Treasury notes to the amount of $221,000 were canceled and retired.
The money in circulation increased in volume by $38,276,978 and
amounted to $3,402,015,427 on June 30, 1914. The circulation per
capita was $34.35 and the share of gold to whole circulation 48.14
per cent.
SECRETARY OF THE TREASURY. -
139
During the fiscal year 1914 national-baink notes amounting to
$706,756,602 were presented for redemption. This sum was 93.54
per cent of the average circulation outstanding, and was $30,867,602
more than was received during the previous year, and was also the
largest amount presented in a single year since the organization of
the National Bank Redemption Agency in 1874. Of the total received, 46.20 per cent was sent by banks in New York City. The
largest amount presented during a month was $90,575,523, in January;
the smaUest, $47,588,199, in November. The national-bank notes
assorted and delivered during the year amounted to $715,530,815, of
which $226,402,100, or 31.64 per cent, was fit fbr use and was returned
to the respective banks of issue for further circulation. Redemptions of national-bank notes have been in excess of the 5 per cent
fund during the whole year, and the Treasury advanced payment
out of the general fund as the riotes were received. The largest
overdraft at one tune was $33,235,135.29 on February 4, 1914. An
amendment to the department regulations was issued May 9, 1914,
requiring express charges to be deducted at contract rates from the
proceeds of remittances of national-bank notes sent in for redemption
which are fit for use. This caused a decrease in the amount of notes
forwarded to the Treasury, and consequently the overdraft, which
was $14,720,884.40 on May 9, 1914, was reduced, to $3,814,969.99 by
June 30, 1914. The expenses incurred for redemptions of nationalbank notes during the year amounted to $529,013.36 and have been
assessed upon the banks in proportion to their notes redeemed at the
rate of $0.74312036 per $1,000.
The notes and certificates of Uriited States paper currency issued
during the fiscal year numbered 298,780,482 pieces of the total value
of $1,075,308,000. The redemptions were 299,607,371 pieces of the
total value of $1,073,981,300. The pieces outstanding number
353,635,035 of the total value of $1,921,944,885. The denominations
of $5 and under are in great demand, and the burden of supplying
them falls upon the Treasury, which, through the process of redeeming
the larger denominations of United States paper currency and issuing
smaller denominations in heu thereof, has been enabled to supply the
greater part of the demand for such bills. The denominations of gold
certificates are restricted to $10 and above; but as the department is
hmited in its resources for the issue of currency of small denoininations.it becomes more apparent each year that a $5 gold certificate is
an absolute necessity. Large amounts of gold certificates are returned
to the Treasury daily for redemption, usually accompanied with a
request for the return of a part of the proceeds in denominations of
$5. If the departinent was clothed with authority to issue a $5 gold
certificate, it would be in condition to respond to all demands for
denominations of $5 and under. The average cost of each piece of
140
REPORT ON THE FINANCES.
United, States paper currency issued and redeemed is about 1.526
cents, and the annual cost of maintenance of the currency issued by
the National Government averages shghtly-more than one-fifth of 1
per cent of the amount outstanding.
The shipments of currency from the Treasury in Washington to the
subtreasuries and to banks during the fiscal year 1914 amounted to
$935,952,146, against $882,677,335 during the preceding year.
Shipments of silver dollars to depositors therefor at the expense of
the consignee for transportation were made as usual during the fiscal
year. However, the amount in circulation on June 30, 1914, was
$70,300,485, a decrease of $1,826,708 -as compared with that of 12
inonths earher. The stock of subsidiary silver coin increased
$6,810,691 and amounted to $182,006,687, of which $159,965,698 was
in circulation on June 30, 1914, an increase of $5,507,628 as compared
with that of the preceding year.
At the beginnirig of the fiscal year 1914 the balance of pubhc
moneys on deposit in national banks amounted, to $76,263,615.06.
The working balance in the Treasury offices at the same time was
$71,052,925.96. On July 31, 1913, the Secretary of the Treasury
announced that he would at once deposit in national banks from
$25,000,000 to $50,000,000 to facihtate the movement and marketing
of the crops. The deposits were made in national banks located in centers in the West and South designated by the Secretary, it not being
practicable under existing conditions for the Government to extend
these deposits to the various smaUer towns and cities. The depositaries
selected acted as mediums of distribution in furnishing funds to the
locahties in need of them for the purpose of transporting and marketing
the crops. Federal, State, and municipal bonds and pirime commercial
paper were prescribed as acceptable security for such deposits, and
when the movement of the crops had been completed the money was
returned to the Treasury in four installments—that is, on or before
January 15, February 15, March 15, and April 1. Interest at the
rate of 2 per cent per' arinum was paid on these and all other
deposits of Government funds. The transfers to the banks began
in August and by the close of September, 1913, the balance of pubhc
moneys in national banks amounted to $85,206,998.80. There was
a steady growth in such deposits during October and November, and
by the close of the latter month the deposits amounted to
$99,472,167.59, after wliich the balarices in banks steadily declined
by reason of the return of deposits to the Treasury, and on June 30,
1914, the depositary banks held public deposits to the amount of
$69,288,369.62.
SECRETARY OF THE TREASURY.
141
District of Columbia.
The net expenditures on account of the District of Columbia for
the fiscal year 1914 by warrants paid were $12,756,971.18. The net
revenues deposited in the Treasury by warrants on this account for
the same period were $8,752,937.11.
The amount of the funded debt retired during the year was
$671,700, reducing the annual interest charge by $26,312.84.
The total issue of 3.65 per cent bonds is limited by law to $15,000,000, and of this sum $14,997,300 has been issued, of which $7,985,650
has been redeemed. The bonded debt outstanding June 30, 1914,
consisted of $6,939,150 in bonds bearing 3.65 per cent interest.
At the close of the fiscal year 1914 the 10 per cent guaranty fund
retained from District of Columbia contractors amounted to
$241,596,71 and was represented by $170,330 United States and District of Columbia bonds, costing $176,673.20, and $64,923.51 cash.
The bonds are purchased on request of the contractors and at their
risk.
DetaUed information in regard to the affairs of the District of
Columbia will be found in the reports of the District Commissioners
and the Treasurer of the United States, ex officio commissioner of the
sinking fund of the District of Columbia.
COMPTROLLER OF THE CURRENCY.
On June 30,1914, the close of thefiscal year, there were 7,539 national
banks in operation, having authorized capital of $1,074,239,175, bonds
to secure ckculatioh $740,796,910, circulation outstanding on bonds
$735,528,960, and circulation secured by the deposit of lawful money
amounting to $15,142,939, or a total of $750,671,899.
Since the organization of the national banking system in 1863,
charters for 10,571 national banks have been issued. Of this number
2,513 have been voluntarily liquidated and 519 failed and were placed
in charge of receivers. The Comptroller of the Currency issued 156
national-bank charters during the 12 months ending June 30, 1914,
wliich number included 39 conversions of State banks, 48 reorganizations of State and private banks, and 69 primary organizations. The
capital of the banks chartered during the year aggregated $14,430,000.
From the passage of the Federal Reserve act on December 23,1913,
to June 30, 1914, 102 banks have been chartered, having an aggregate capital of $12,315,000; 66 banks, with a capital of $1,705,000,
having been chartered under the act of March 14, 1900; and 36 banks,
with a capital of $10,610,000, under the act of June 3, 1864.
The act of December 23, 1913, repealed the requirement of the
deposit of United States bonds by national banks prior to the issuance of charter. Since that date there have been chartered 5S banks
142
REPORT ON THE FINANCES.
with a capital of less than $50,000 which did not deposit bonds prior
to charter, but 18 of these banks have since deposited United States
bonds and abtained circulation thereon. Thirty-six banks with
capital of $50,000 and over were chartered without the deposit of
United States bonds, but 20 of these banks have subsequently
deposited United States bonds and obtained circulation.
During the last fiscal year 109 national banks discontinued business, of which 93 were closed by voluntary liquidation and 16 failed
and were placed in charge of receivers.
Of the banks placed in voluntary liquidation, 61 were absorbed by
or reorganized as State banks, 20 were consolidated with other
national banks, 6 were reorganized as national banfe, and 6 discontinued business.
Among the banks hquidated is included one association, the
corporate existence of which expired by limitation.
Banks for which receivers were appointed during the year had
capital on the date of closing aggregathig $1,460,000, and the liabilities to depositors and other general creditors amounted to $9,725,619.
Eleven of the sixteen banks placed in the hands of receivers paid
dividends as follows during the year:. One, 100 per cent; one, 60 per
cent; two, 50 per cent; one, 40 per cent; one, 35 per cent; one, 30 .
per cent; three, 25 per cent; one, 10 per cent.
. From, the date of the passage of the national-bank act, February
25, 1863, to June 3, 1864, the date on which the law was reenacted
and amended, there were 456 national banks chartered, and of this
number 225 are still in operation. Under the act of 1864 charters
were granted to 6,726 associations, under the gold bank act of 1870
to 10 banks, and under the act of 1900 to 3,379 banks.
The percentage of national banks closed or which are being closed
by receivers is 4.9, and the percentage of voluntary hquidations is
23.8. The bariks in active operation represent 71.3 per cent of the
total number chartered.
The act of March 14, 1900, authorized the incorporation of national
banks with minimum capital of $25,000 and permitted the issue of
circulation to the par value of bonds deposited and reduced the tax
on circulating notes. On that date 3,617 national bariks were in
operation, and from that date to July 1, 1914, there were 5,307
national banks, wdth capital aggregating $343,678,300, authorized to
begin business, of which number 3,379 banks, with capital aggregatmg $88,040,500, were chartered under the act of March 14, 19.00,
with individual capital of less than $50,000. Of this class of banks
the average capital is $26,055, the great majority of the banks being
incorporated with a minimum capital of $25,000. The remaining
number of banks organized durhig the period, numbering 1,928, wdth
capital of $255,637,800, were incorporated under the act of 1864.
143
SECRETARY OF THE TREASURY.
Comparing conditions on March 14, 1900, vrith those of June 30,
1914, a net increase in the number of active national banks is shovTU
of 3,922; also an increase in authorized capital of $457,931,080.
During t h a t period the outstanding circulation increased from
$254,402,730 to $750,671,899, or a net mcrease of $496,269,169.
The bond-secured circulation during the fiscal year 1914 decreased
$1,536,090, or from $737,065,050 to $735,528,960. The amount of
circulation secured by the deposit of lawful money .decreased
$6,949,917. The total decrease during the year of circulation
secured by bonds and by lawful money amounted to $8,486,007.
The number and capital of national banks organized since March
14, 1900, by State and geographical divisions, together with the
number and paid-in capital stock of national banks on June 30, 1914,
appear in the following table:
Summary, by States, geographical divisions, and classes, of national banks organized from
Mar. 14, 1900, to June 30, 1914, and the paid-in capital stock of all reporting national
banks on June 30, 1914. - •
.
Capital over
$25,000 a n d
less t h a n
$50,000.
Capital
825,000.
s t a t e s , etc.
Capital. No.
No.
Capital.
Capital $50,000
a n d over.
No.
Capital.
T o t a l organizations.
No.
Capital.
National banks
reporting J u n e
30,1914.
No.
Capital p a i d
in.
N E W ENGLAND
STATES. .
4
4
5
• 2
Maine
.
New Hampshire
Vermont.
Massachusetts
Rhode Island
Connecticut
$100,000
100,000
125,000
50,000
5
125,000
20
Total
$30,000
500,000
30,000
7
$385,000
2 .. 200,000
2
150,000
19 4,450,000
1
500,000
5 'd 250,000
•36
5,935,000
11
7
7
21
1
10
$485,000
330,000
275,000
4,500,000
500,000
375,000
69
56
49
173
19
76
$7,740,000
5,285,000
5,010,000
55,942,500
6,220,000
19,514,200
57
6,465,000
442
99,711,700
231 21,737,500
109 5,350,000
484 31,022,000
245,000
9
50 2,452,000
6 1,975,000
481
202
837
25
101
13
166,758,080
22,302,000
120,487,790
1,688,975
15,979,710
6,909,500
EASTERN STATES.
NewYork
New Jersey
Pennsylvania..
Delaware
Maryland
:
..
D i s t r i c t of C o l u m b i a .
116 2,900)000
58 1,450,000
233 5,825,000
6
150,000
32
800.000
317,500
240,000
807,000
95,000
172,000
105 18,520,000
43 3,660,000
227 24,390,000
1
445'll-125.000
50 1,631,500
394 50,025,000
889 62,781,500 1,659
334,126,055
11
13
4
47 5,240,000
43 3,515,000
31 3,210,000
25 2,735,000
53 5,100,000
30 5,675,000
38 3,125,000
24 2,265,000
21 . 3,660,000
150 19,210,000
29 2,220,000
36 5,370,000
38 4,445,000
99 6,961,000 133
110 5,020,000 119
57 3,865,000
73
40 3,110,000
51
99 6,425,000 115
47 6,150,000
54
85 4,379,500 . 90
36 2,590,000
37
34 3,990,000
31
477 28,031,000 518
57 2,930,000
57
97 6,950,000 143
84 5,635,000 113
18,093,500
10,234,600
8,745.000
7,210,000
15,048,500
6,885,000
10,405,000
3,735,000
7,245,000
52,046,580
5,036,000
17,815,900
14,210,000
565 65,770,000 1,322 86,036,500 1,534
176,710,080
J
'
Total
10
8
24
3
5
'
S O U T H E R N STATES.
Virginia
W e s t Virginia
N o r t h Carolina
S o u t h Carolina
Georgia
Florida
A l a b a m a . .•
Mississippi
Louisiana
Texas
.
Arkansas
Kentucky
Tennessee
Total
41
54
22
15
26
10
35
8
12
240
26
54
38
'
,.
'
i,486,666
1,975,000
'
1,325,000
1,050,000
525,000
375,000
650,000
250,000
875,000
.200,000
300,000
6,000,000
650,000
1,350,000
950,000
396,000
455,000
130,000
20 • 675,656
7
225,000
12
379,500
4
125,000
1
30,000
87 2,821,000
2
60,000
7
230,000
8
240,000
581 14,500,000 176 5,766,500
1
144
REPORT ON THE FINANCES.
Summary, by States, geographical divisions, and classes, of national banks organized from
Mar. 14, 1900, to June 30, 1914, eic—Contmued.
Capital
$25,000.
s t a t e s , etc.
No.
Capital" over
$25,000 a n d
less t h a n
$50,000.
Capital. No.
Capital.
Capital $50,000 . T o t a l organia n d over.
zations.
No.
Capital.
No.
Capital.
National banks
reporting J u n e
30,1914.
N o . ' Capital p a i d
in.
MIDDLE W E S T E R N
STATES.
Ohio
Indiana
Illinois
Michigan
Wisconsin.
Minnesota...
Iowa
Missouri
-
110
92
175
14
39
182
119
37
2,750,000
2,300,000
4,375,000
350,000
975,000
4,550,000
2,975,000
925,000
658,000 . 90 13,025,000
19
483,000
73 10,575,000
15
663,500 100 14,800,000
19
29 10,015,000
5 . 160,000
125,000
31 3,600,000
4
471,000
31 5,100,000
15
69 4,270,000
22 .740,000
480,000
42 16,085,000
15
768 19,200,000 114 3,780,500
Total
219
180
294
48
74
228
210
94
16,433,000
13,358,000
19,838,500
10,525,000
4,700,000
10,121,000
7,985,000
17,490,000
379 . 62,219,100
255
27,850,000
463
75,795,000
99
16,437,000
17,890,000
131
26,091,000
273
23,385,000
341
35,570,000
130
465 77,470,000 1,347 100,450,500 2,071
285,237,100
W E S T E R N STATES.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming,
Colorado.
N e w Mexico
Oklahoma
126
71
104
95
27
13
54
24
362
Total
3,150,000
1,775,000
2,600,000
2,375,000
675,000
325,000
1,350,000
600,000
9,050,000
876 21,900,000
5,400,000
4,372,500
16,105,000
12,317,500
5,360,000
1,850,000
10,805,000
2,125,000
14,858,600
244 18,775,000 1,213 43,771,000 1,288
73,193,600
215,000
120,000
715,000
390,000
130,000
93 3,096,000
143 3,915,000
89 2,720,000
163 6,710,000
137 5,165,000
48 2,345,000
25 1,000,000
103 5,021,000
39 1,350,000
466 15,545,000
146
105
228
212
61
32
124
37
343
10
550,000
14
825,000
39 3,395,000
31 2,400,000
17 1,540,000
12
675,000
38 3,310,000
361,000
11
11
625,000
4
125,000
32 1,040,000 > 72 6,455,000
7
4
20
11
4
PACIFIC STATES.
900,000
36
850,000
34
117 2,925,000
32
800,000
175,000
7
75,000
3
4
100,000
Total.....
2
3
6
6
1
70,000
91,000
190,000
200,000
30,000
1
30,000
233 5,825,000
Washington
Oregon
California
Idaho....
Utah
Nevada
Arizona
Alaska..
19
611,000
33
3,695,000
2,295,000
27,212,800
1,010,000
1,275,000
9 1,225,000
6
250,000
1
. 50,000
71 4,665,000
64 3,236,000
249 30,327,800
52 2,010,000
14 1,480,000
12 1,300,000
10
380,000
1
50,000
77
11,760,000
84
9,586,000
262
67,522,800
55
3,470,000
23
3,555,000
10 • 1,410,000
13
1,175,000
2
• 100,000
221 37,012,800
473 43,448,800
626
88,578,800
ISLAND POSSESSIONS.
Hawaii..
P o r t a Rico
... .
Total...'.
3
75,000
2
1
• 550,000
100,000
5
•1
625,000
100,000
5
635,000
3
75,000
3
650,000
6
725,000
5
635,000
G r a n d t o t a l . . . . 2,926 73,125,000 453 14,915,500 1,928 255,637,800 5,307 343,678,300 7,525 1,058,192,335
In connection with the statistics submitted relative to the organization, capital, and circulation of national banks since 1900, it is
interesting to note the increase in the banking business generally, as
evidenced by the reports of condition of February 13, 1900, the date
of the call immediately, preceding the legislation authorizing the
incorporation of banks with a minimum capital of $25,000, etc., and
those for June 30, 1914. Total assets of banks increased from
$4,674,910,713.09 to $11,482,190,770.60; loans from $2,481,579,945.35 to $6,430,069,214.47; paid-in capital stock from $613,084,465
to $1,058,192,335; outstanding circulation from $204,912,546 to
145
SECRETARY OF THE TREASURY.
$722,554,719; and individual deposits from $2,481,847,035.62 to
$6,268,692,429.72.
Comparison of the returns for June 4, 1913, with thpse of June 30,
1914, shows an increase in the number of reporting banks on the
latter date of 52, and in loans and discounts $287,041,081.53. Specie
held increased $67,509,938.84, while the holdings of legal-tender notes
decreased $12,417,617. Investment in United States bonds, including premiums, increased $3,813,251.26. Over 91.9 per cent of the
United States bonds owned or held by national banks is on deposit
with the Treasurer of the United States to secure circulation. The
increase in other bonds, securities, etc., was $21,386,564.78. Of the
liabihties of the banks, capital stock increased during the past year
$1,272,543; surplus and undivided profits, $2,774,676.57; individual deposits, $315,230,878.60; and the aggregate resources, $445,271,013.56.
Deposits of United States bonds to secure circulation decreased
$329,444.19 since June 4, 1913, while the holdings of United States
bonds to secure United States deposits increased $1,343,883.20, and
United States bonds on, hand increased $5,617,298.58. Premiums
on United States bonds decreased $2,818,486.33 during the same
period.
Comparative statement of United States bonds deposited by reporting banks for June 4f
1913, with June 30, 1914.
June 4,1913.
June 30, 1914.
Increase..
$735,226,870.00 $734,897,425.81
• 47,061,690.00 48,405,673.20
6,338,000.00
11,955,298.68
-4,068,150.56
6,876,636.89
To secure circulation
To secure United States deposits
On hand
Prominm
, ,. _
Total
1 $329,444.19
1,343,883.20
5,617,298.68
12,818,486.33
799,316,448.15
3,813,251.26
795,503,196.89
I Decrease.
The number and capital of State banks converted, reorganized
banks, and banks of primary organization since March 14, 1900,
classified by capital stock, are shown in the following table:
Summary, by classes, of national banks organized from Mar. I4,1900, to, June 30,1914*
Conversions.
No.
Capital less than $50,000....
Capital $50,000 or over
Total
Reorganizations.
•
Classification.
,. . .
Capital.
No.
Capital.
Primary organizations.
No..
Capital.
Total.
No.
Capital.
492 $13,003,000
360 49,662,800
1,008 $26,692,000' 1,879 $48,345,500 3,379 $88,040,500
602 91,840,000
976 114,136,000 1,928 265,637,800
842
1,610 118,632,000
64402°—FI 1914-
62,666,800
-10
2,865 162,480,600
5,307 343,678,300
146
REPORT ON THE FINANCES.
The number of banks and the bond and circulation accounts on
March 14, 1900, and June 30, 1914, together with the increase between
these periods, are shown in the accompanying table:
Mar. 14,1900. J u n e 30,1913.
N i i m b e r of b a n k s . . .
,
A u t h o r i z e d capital
B o n d s on deposit
Circulation, o n b o n d s . .
Circulation, lawful m o n e y
T o t a l circulation
.,.
J u n e 30,1914.
7,492
7,539
3,617
Increase,
Increase,
1900 to 1914. 1913 to 1914.
3,922
47
$616,308)095 $1,063,986,175 $1,074,239,175 $457,931,080
244,611,570
740,529,250
740,796,910 496,185,340
216,374,795
737,065,050
735,528,960 519,154,165
38,027,935
22,092,856
16,142,939 122,884,996
254,402,730
759,157,906
750,671,899 496,269,169
$10,253,000
267,660
11,536,090
16,949,917
1 8,486,007
Reserve cities.
On April 25, 1914, the city of Atlanta, Ga., and on April 27, 1914,
the city of Richmond, Va., were designated by the ComptroUer of
the Currency as additional reserve cities under the act of March 3,
1887, the reserve cities, including the three central reserve cities,
now numbering 52.
MINT SERVICE.
Operations of the mints.
The following mint service institutions were operated durhig the
fiscal year 1914: 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 and assay
offices at Seattle, Boise, Helena, Salt Lake City, and Deadwood, these
being buUion purchasing agencies for the large institutions. Refineries were operated at the New York, Denver, and San Francisco
institutions. The operations of the purchasing agencies were very
materiaUy limited for more than eight months of the year on account
of the lack of sufficient funds to meet expenses, especiaUy for transporting bullion, the appropriation for this purpose having been
practicaUy exhausted by the middle of October, 1913, three and
one-half months after the beginning of the fiscal year.
The original deposits of gold at mint service offices during the
year totaled $146,296,555.30.
The United States coinage of the year amounted to $36,047,386.24,
of which $26,625,810 was gold, $6,240,219.45 was silver, $2,020,727.80
was nickel, and $1,160,628.99 was bronze. There were also coined
at the Philadelphia Mmt 7,000,080 pieces of silver for the Government of San Salvador, and at the San Francisco Mint 2,275,438
pieces of silver and 5,000,000 bronze pieces for the PhUippine Islands
Government.
The seigniorage on United States coinage executed totaled
$5,421,960.63, of which $3,013,060.36 was on subsidiary silver and
$2,408,900.27 was on minor coin.
SECRETARY OF THE TREASURY.
147
The purchases of sUver during the fiscal year amounted to
6,140,397.13 ounces, costing $3,581,963.15, at an average price of
58 cents per ounce, fine.
Appropriations, expenses, and income.
Amounts appropriated for the fiscal year totaled $1,154,130, which,
together with unexpended balances of permanent appropriations
amounting to $12,700.13 and reimbursements within the service and
from, other Government services of $84,795.45, aggregated an
available total of $1,251,625.58.
The total expenses chargeable to appropriations were $1,138,303.36;
those chargeable to income were $22,365.35; aggregate, $1,160,668.71.
The income, including $5,421,960.63 seigniorage realized by the
Treasury from the mint service, totaled $5,957,157.58.
Income and expenses are itemized below:
.
INCOME.
Mint charges on bullion..:
$297, 328. 81
Proceeds of stock medals and proof coin sold
6, 773. 97
Charges for manufacture of special medals
9, 359. 76
Charges on foreign coinage executed
67, 970. 58
Charges for work done for other institutions
6, 871.33
Refund on account of reduction in contract price of electricity
593.78
Receipts from special assays of bullion and ores
3, 342.00
Surplus bullion recovered (including 87 cents minor)
48,919. 84
Gain on bullion shipments to refineries
$634.90
Less contra losses
283. 80
351.10
Commission on telephone calls
2. 63
Cashier's surplus and interest thereon
519. 93
Proceeds of sale of old material
2, 364. 99
Proceeds pf sale of by-products
90, 798.23
Seigniorage on subsidiary silver coinage
Seigniorage on minor (nickel and bronze) coinage
Total
535,196.95
3, 013, 060. 36
2, 408, 900. 27
5,957,157.58
EXPENSES.
Salaries of ofiicers and clerks
Wages of workmen
Contingent expenses (including equipment), less amount to reimburse
wastage and loss on sale of sweeps
Wastage of operative departments (gold and silver)
Loss on operative sweeps sold
•
Freight on bullion and coin shipments between mints and assay offices. Wastage of operative departments (minor metal) ^
Expense of distributing minor coin ^
277,135. 97
611,403.91
224, 240.10
13,049.42
2,486.30
9, 987. 66
1,138,303.36
2,107.77
20, 257. 58
1,160,668.71
1 Payable from the seigniorage on minor coinage.
148
REPORT ON. T H E FINANCES.
Deposits, income, expenses, and employees, by institutions.
The number and value of deposits, the income (inclading seigniorage), and the expenses of the fiscal year 1914, and the number of
employees on June 30, 1914, at each institution, are given below:
Number of—
Institutions.
DeRedeposits. posits.
Philadelphia
San Francisco
Denver
NewYork.....
New Orleans....'
Carson City
Boise
Helena
Deadwood
Seattle
Salt Lake Citv
8,436
8,927
4,335
13,319
518
649
Total
39,687
9or
444
193
1,798
167
.:
Value of gold
and silver
deposits.
Income.
37
389
1,872
298
$14,344,708.02 $3,812,197.41
518,388.79
48,483,460.35
36,965,841.87 1,386,484.86
63,839,263.06
220,865.86
783,955.23
2,264.35
2,324.21
333,161.67
1,132,593.40
3,730.50
1,943.32
i' 730,803.84
2,774,689.IS
4,856.04
3,836.53
30' 8,249,272.60
121,259.00
549.51
2,627 177,759,008.22
Freight
Emon
Expenses. 1 lionbul- June 30,
and
coin.
1914.
$458,697.24
204,281.61
187,949.90
187,888.87
16,811.01
7,356.46
7,763.56
8,876.20
8,789.60
38,257.95
6,170.45
289.68
-221.80
612.15
640.50
1,247.60
6,036.38
73.15
313
119
95
91
14
4
5
6
5
19
3
5,957,441.38 1,131,842.86
9,987.66
674
$866.40
1 Includes freight on bullion and coin.
Production and consumption of gold and silver.
The production of gold in the United States for the calendar year
1913 is estimated by the Bureau of the Mint, in conjunction with
the Geological Survey, at approximately 4,299,784 ounces, fine, having a value of $88,884,400. The production of silver is estimated at
66,801,500 ounces, fine, haviag a commercial value, of $40,348,100.
The industrial consumption in the United States during the year
is estimated at $37,501,831 of new gold and 23,128,368 ounces, fine,
of silver.
INTERNAL REVENUE.
The receipts from all internal-revenue taxes for the fiscal year
1914, as shown by collectors' reports, were $380,008,893.96, a net
increase of $35,584,440.11 over the preceding, fiscal year.
The total collections from corporations under act of August 5,
1909, and of section 2 of the act of October 3, 1913, aggregated
$43,127,739.89 as compared with $35,006,299.84 collected under the
first-mentioned act during the preceding fiscal year, being an increase
of $8,121,440.05 from corporations. Income-tax collections from
individuals aggregated $28,253,534.85.
The principah items of increase in ordinary collections were manufactured tobacco, $3,197,214.93, and fermented liquors (including
special taxes), $814,522.85, while the principal item of decrease in
this class of collections was distilled spirits (includiag special taxes),
amounting to $4,781,165.23. The net decrease in ordinary collections was $790,534.79.
149
SECRETARY OF THE TREASURY.
The total expenditures for the collection of the internal revenue
for the.fiscal year 1914 were $5,779,329.72. This included expenditures from the appropriations ^ Expenses of collecting the corpora^
tion t a x ' ' and ^^Collecting the income t a x , " which amounted to
$154,226.92 and $346,410.46, respectively, but did not include payments from the appropriation '^Refunding internal-revenue collections," amounting to $16,132.71, as they were in no sense an expense.
The cost of collecting $1 of internal revenue was $0.0152.
Receipts from internal revenue, 1913 and 1914.
Fiscal year ended—
Sources.
Increase.
June'30,1913.
D i s t i l l e d spirits
Manufactured tobacco
F e r m e n t e d liquors
Oleomargarine
Mixed flour
Adulterated butter
Process or r e n o v a t e d b u t t e r
Miscellaneous
. . .
T o t a l ( o r d i n a r y receipts)
Corporation excise t a x
Corporation i n c o m e t a x
I n d i v i d u a l income t a x
T o t a l (aggregate receipts)
N e t increase
$163,879,342.54
76,789,424.75
66,266,989.60
1,259,987.67
3,223.98
54,189.72
98,241.52
1,066,754.23
$159,098,177.31
179,986,639:68
67,081,512.46
1,325,219.13
2,963.10
43,097.30
81,476.46
2 1,008,533.79
Decrease.
J u n e 30,1914.
309,418,154.01.
35,006,299.84
344,424,453.85
308,627,619.22
10,671,077.22
32,456,662.67
28,253,534.85
380,008,893.96
$4,781,165.23
$3,197,214.93
814,522.85
65,231.46
•«
.
4,076,969.24
260.88
11,092.42
16,766.06
68,220.44
4,867,504.03
24,335,222.62
32,456,662.67
28,253,534.85
64,787,166.76
35,584,440.11
29,202,726.65
1 Includes $170,779.51 from sale of internal-revenue stamps affixed to Philippine products, as provided for
In the act of August 5,1909.
* Includes $714,307:26 from playing cards, $284,501.61 from offers in compromise, unassessed penalties^,
Interest, etc., and $9,724.92 from miscellaneous sources.
The total production of distiUed spirits, exclusive of fruit brandies^
was 174,611,645 taxable gallons, against 185,353,383.1 gallons in 1913,
a decrease of 10,741,738.1 gallons.
The production of fruit brandies was 7,307,897.2 taxable gallons,
against 8,252,874.8 gallons in 1913, a decrease of 944,977.6 gaUons.
During the fiscal year 1914, 743 distilleries of all kinds were operated,
a decrease of 127.
The production of fermented Hquors was,66,189,473 barrels, an
increase over the previous fiscal year of 864,597 barrels. There wer©
removed from breweries for export free of t a x 84,028 barrels.
The income-tax law.
The first year of the administration of the income-tax law has
practicaUy passed, and whUe the law has not yielded as much revenue
as was expected it is believed that gradual improvement in this
respect will be shown as the decisions of the department as to returns
of income shall become more generaUy known and the work of educatiag the taxpayer proceeds.
150
REPORT ON T H E FINANCES.
The necessity for making a return of annual net income so soon after
the law was passed and before the people were properly informed as
to the requirements of the new law gave rise to numerous difficulties
during this first year, which difficulties and others of a similar nature
are rapidly disappearing; Many individual taxpayers had not kept
books of account of income and expenditures and hence found it
dhficult to make an accurate return of income this first year.
I t is not expected that a new law of the character of the income-tax
law, involving as it does a strict accounting of the income of corporations and individuals in every walk of life, during the first year or twoj
within which the machinery for the coUection of the tax is undergoing
constant adjustment, can be administered without some friction.
Improved methods of administration are, however, being constantly
formulated and instituted, new rulings in explanation of the requirements of the law are being issued weekly, new forms of return have
been prepared, which new forms will simplify to a large extent the
making of a return, and wiU give details in such a definite manner
that the audit of the same wiU be greatly facUitated.
The new certificates of ownership which were authorized May 2,
1914, revised, simplified, and consolidated the certificates first issued,
and these new certificates have met with a most gratifying reception
by bankers and others most concerned in their use.
Additional revenue agents and inspectors are being added to the
force as rapidly as they can be assimilated. The new additions to
the force must necessarUy undergo a course of instruction before they
are ready to undertake the work of investigation without the assist,ance of an experienced ofiicer.
:
The experience of the first year has developed the necessity of
some changes in the law to clear up disputed points and it is presumed
that this necessity wiU receive attention in due time.
Recommendations.
The foUowiag recommendations for statutory changes have been
made from year to year in the various annual reports, but inasmuch
as the need of the legislation referred to is very great, I have the
honor again to submit them, viz:
1. Denatured alcohol.—To. impose a nominal tax—say 1 cent per
proof gaUon—on aU alcohol withdrawn for denaturation, which tax
would yield a return approximately equal to the amount that should
be appropriated to properly take care of the work.
2. Tobacco.—Section 3360 of the Revised Statutes should be
amended so as to require every dealer in leaf tobacco to give bond,
make a true inventory of stock on the 1st day of January of each
year, and to render report of transactions quarterly, monthly, or for
SECRETARY OF THE TREASURY.
151
such periods and within 15 days after the close of such periods as
the Commissioner of Internal Revenue may prescribe. Section 35
of the act of August 5, 1909, should likewise be amended with respect
to retaU dealers in leaf tobacco being required to give bond, etc., and
section 26 of the act of October 1, 1890, should be amended so as to
require registry of manufacturers of cigars, manufacturers of tobacco,
dealers in leaf tobacco, retail dealers in leaf tobacco, and peddlers of
tobacco on commencement of business only and not on the 1st day
of July of each year, as at present.
3. Oleomargarine.—Attention was called in the annual report for
the fiscal year 1913 to the desirability of a change in the present
oleomargarine law, with its double rate^of taxation, to one imposing
a flat rate upon the product without distinction as to coloration and
with provision for individual or original packages of sizes fixed by
the statute, each bearing the tax-paid stamps, marks, and brands so
as to thoroughly identify the character of the contents to the ultimate
purchaser.
The conditions found in the enforcement of. this law which brought
about the previous recommendation, have not improved, during the
past year, but on the other hand have become more aggravated,
entaUing greater effort and expense in the administration of the
statutes relating to this product.
I t is suggested that some legislation to correct these conditions and
make the law a revenue measure in fact is urgently needed.
4. Adulterated butter.—The law relating to this product is in urgent
need of revision, as has been previously pointed out, it beiag unsatisfactory from both an administrative and revenue standpoint, as the
cost of enforcement is undoubtedly much larger than the coUections
made thereunder.
BUREAU OF ENGRAVING AND PRINTING.
The appropriations by Congress for the operation of the Bureau
of Engraving and Printing amounted, to $3,576,007, and the repayments received for services and materials furnished the several
executive departments and bureaus were $828,930.48, the aggregate
available for the work during the year having been $4,404,937.48.
The expenditures were $211,230.94 for salaries, of which $1,493.17
was for employees detailed to other branches of the department
and not reimbursed; $1,716,908.40 for compensation of employees,
of which $8,246.63 was for employees detailed to other branches of
the department and not reimbursed; $1,789,769.75 for wages of
plate printers and assistants; $646,065.95 for materials and miscellaneous expenses; and $8,947.77 for check paper, making an aggregate expenditure of $4,372,922.81, and leaving unexpended $32,014.67.
152
REPORT ON THE FINANCES.
The work performed by the Bureau of Engraving and Priating
during the fiscal year aggregates 280,272,828 sheets, a decrease of
6,919,364 as compared with the previous year.
The decrease in the output was due to the fact that the requisitio,ns of the United States Treasurer and of the Comptroller of the
Currency for United States notes and certificates and national-bank
notes could not be filled, due to the failure of the Congress to grant
the bureau the fuU amount of the deficiency appropriation submitted.
Consequently by the end of the fiscal year the stock of notes in the
Treasurer's reserve vault became lower than it had been for years,
and the Comptroller of the Currency had unfiUed orders on file in
the bureau for 4,300,000 sheets of national-bank notes, and it became
necessary to furlough the plate printers and assistants each 12 days
without pay and the other employees each 6 days.
The dehveries comprised 73,606,000 sheets of United States
notes and certificates; 3,000 sheets of United States bdnds;
12,523,164 sheets of national-bank notes; 80,195,136 sheets of
internal-revenue stamps; 200,500 sheets of customs stamps;
107,271,741 sheets of United States postage stamps; 2,808,654
sheets of United States parcel-post stamps; 216,306 sheets of Philippine postage stamps; 423,793 sheets of sUver certificates, bonds,
commissions, documentary and internal-revenue stamps, and postal
cards for the Philippine Islands; and 3,024,534 sheets of checks,
drafts, etc. I n addition to these sheets delivered, miscellaneous
work was executed to the value of $78,062.79. The face value of all
classes of securities, internal-revenue stamps, postage stamps, etc.,
delivered by the bureau amounted to $2,293,066,823.31.
Compared with the dehveries in the fiscal year 1913, there was
a decrease of 4.19 per cent in United States notes, certificates, and
bonds, 21.46 per cent in customs stamps, and 4.03 per cent in postage
stamps, a,nd an increase of 0.11 per cent in national-bank notes,
0.91 per cent in internal-revenue stamps, and 8.08 per cent in checks,
drafts., and misceUaneous, or a net decrease for aU classes of 2.4 per
cent.
Equipping and moving into new building.
An appropriation of $681,107 was made for mechanical equipment, machinery, furniture, and fixtures for and expenses of moving
machiaery, furniture, and fixtures from the old building to the new
building. Of this amount $42,086.70 was expended for labor and
$638,679.51 for machinery, furniture, and fixtures. Twenty-five new
power plate printing presses were installed and printing thereon was
commenced February 24, 1914. Moving from the old to the hew
building was commenced February 24, 1914, with the dismantling of
the 25 power presses vacated by the printers, who on the same day
started new presses in the new building.
SECRETARY OF THE TREASURY.
153
Temporary employees were engaged to move the equipment from
the old buUding under the direction of the officials of the bureau,
rather than having the work done by contract. The task of moving
the vast amount of machiaery and equipment was energetically
pushed in cold, raiay, and snowy weather, and into a buUdiag not
completed. As fast as the space in the old building was vacated,
the contractors for remodehng it for use as an auditors' building
started their work. By March 26, in a period of 30 days, the old
main buUding was emptied of everything, except the. contents of the
plate vaults and of the drying boxes,, without any serious accident
to men or machinery, without the loss of a single security, and without
any reduction in the usual daily printings and deliveries. The new
plate vault was not ready to receive the dies, rolls, and plates until
March 28 and, pending the completion by the contractor of the new
drying equipment, temporary dry boxes were erected in the new
buildiag,^ one-haK haviag been ready for use March 30 and the
balance on AprU 23, and the old dry boxes were within three days
thereafter removed from the old buildiag. The.west and south outbuildings of the old buildings will continue to be occupied by the
bureau.
DIVISION OF SPECIAL AGENTS.
The Division of Special Agents of the Treasury Department, ia the
conduct of its supervision of administration ia the various coUection
districts, recommended changes to reduce expense amounting to
$77,228.56. The cost of maiatainiag this service, including agents
located in the United States and ia foreign countries and the clerical
and supervisory force in the department, for the fiscal year 1914
was $324,523.79.
The work of the field force in *the detection and prevention of frauds
on the customs and irregularities in customs admiaistration has been
productive of gratifyiag results of a tangible character. The followiag sums have been paid into the Treasury as the result thereof:
Offers in compromise
Increased duties, undervaluation
i
Increased duties, classification
Judgments paid, civil actions.
Fines paid, criminal actions
'.
Other fines, penalties, and forfeitures recovered and paid
Excess drawback recovered
Total
|172, 604.82
93,151. 61
108, 946.49
8,273. 74
38,886. 90
28, 517.31
30, 705.15
481, 086.02
The foregoing amount is in the nature of salvage recovered from
losses incurred in the ordinary routine of adininistration through
fraud, mistake, or other irregularity, the field agents being constantly
engaged ia the effort to bring about such recoveries.
154
REPORT ON THE FINANCES.
In addition to the moneys recovered the agents seized and reported
for forfeiture proceedings imported merchandise the appraised Value
of which was $318,542.13, embraced in 194 seizures. Fifteen suits
have been entered, involving claims of the Government amountiag to
$533,088.33, arisiag from fraudulent operations of importers. •
The total in money, property, and valid claims enforceable by suit
resulting from the operations of the field agents is $1,332,716.48.
Other results of a valuable character impossible to reduce to figures
have followed these accomplishments. Each investigation has increased current valuations and correspondiagly increased the collection of duty where ad valorem duties are imposed. This refiex action
of the specific cases upon which the figures here presented are based
has added materially to the revenue.
In the enforcement of the several opium acts the agents have made
261 arrests and 188 seizures. Eleven hundred and forty-one 5-tael
tins of smoking opium and 216 pounds of crude opium were embraced
in these seizures. Many other cases, not involving violation of the
Federal statutes, have been developed in the course of investigation
and turned over to State and municipal authorities for prosecution.
The drawback work of the agents is largely protective and preventive, looking to the establishment of Qorrect rates for the refund of
duties upon imported material used in the manufacture of articles to
be exported. This requires the making of careful investigations into
all manner of industrial processes to determine percentages of material
used or wasted and the value or nonvalue of the waste. The agents
made 428 original investigations of this character and 267 supplemental investigations to verify processes of manufacture under
previously established rates. Changes in manufacturing methods
after the establishment of rates, which^are undetected in the ordinary
drawback admmistration, frequently lead to overpayment, and the
field agents detected sufficient of these to enforce the recovery of
excess drawback amounting to $30,705.15.
The section of the tariff act permitting the entry under bond of
merchandise for the construction, equipment, and repair of vessels
built in the United States and the cancellation of such bonds when
the merchandise is actually incorporated in such vessels or becomes,
a part of the equipment thereof, has necessitated the investigation by
the field agents of each entry made thereunder in order to insure the
collection of duty where the conditions of the bond are not fulfilled.
The agents have conducted 947 such investigations and~ in many
instances ascertained conditions which precluded free entry and led
to the assessment and collection of duty. The misuse of the privilege
of free entry under this section to cover merchandise intended for
sale has been prevented by the agents in a large number of cases.
SECRETARY OF THE TREASURY.
155
In addition to the foregoing activities, the field force of this divi^ sion in several districts has accomplished important results in
assisting collectors of customs in the enforcement of the navigation
laws, with particular reference to violations on the part of owners
of motor boats.
OFFICE OF THE SUPERVISING ARCHITECT.
The majority of the buUdiags placed under contract during the
fiscal year ending June 30, 1914, were authorized in the publicbuUdings act approved June 25, 1910, There were also placed under
contract a few projects authorized in earher legislation, action upon
which had been deferred from time to time for various reasons, such
as necessary additional or amendatory legislation, contemplated
changes in sites, etc. During the year a certain amount of work was
undertaken prehminary to takhig up the projects authorized subsequently to the pubhc buUdings acts referred to above. I t is estimated
that the plans and specifications for aU of the work authorized prior
to the pubhc buUdhigs act approved March 4,1913, wiU not have been
prepared before the end of the fiscal year 1915.
The existing volume of public buildiag authorizations is the greatest
ia the history of the Office of the Supervisiag Architect. At the
present rate of output, the last of the building projects now authorized
wiU not be placed under contract until after January 1, 1920.
The Public Buildings Commission created.by the pubhc buildings
act approved March 4, 1913, submitted its report to Congress under
date of April 30, 1914. This report is printed as House Document
No. 936, Sixty-third Congress, second session. At the close of this
fiscal year no action had been taken by Congress on the recommendations submitted by the commission. Pending.action on the report
of the commission, no changes in the organization of the Office of the
Supervising Architect have been made other than such minor adjustments as are permissible within the limitations of existing legislation.
Among the more important authorized projects for which the plans
and specifications are in course of preparation at the close of this
fiscal year, or which are awaiting their turn for action, are the following:
The immigration stations at Boston, Mass., and Baltimore, Md. .
The appraisers^- stores buildhig at Boston, Mass.
The post office and courthouse at Charlotte, N. C.
The new building for the Interior Department in the District of
Columbia.
The central heating, lighting, and power plant in the District of
Columbia.
The laboratories for the Bureau of Mines in Pittsburgh, Pa.
Prelhniaary studies for a national archives building, and for a new
buUding for the Patent Office.
156
REPORT ON THE FINANCES.
The customhouse, courthouse, and appraisers^ stores at Wilmington, N . C.
The post office at Syracuse, N. Y.
The subtreasury at St. I^ouis, Mo.
The post office and courthouse at Birmingham, Ala.
The post office and courthouse at Madison, Wis.
The post office at Seattle, Wash.
Bills have been introduced both in the House and Senate authorizing the construction of a building for the Department of Justice
in the District of Columbia. The bills place the direction of this
work in the Treasury Department. Neither bill had passed Congress
at the close of this fiscal year.
During the fiscal year ending June 30, 1914, the total expenditures
on account of all appropriations under the control of the Supervising
Architect amounted to $18,712,436.14, which is $446,082.68 in
excess of the expenditures for the fiscal year 1913. Of the total
stated above for the fiscal year 1914, the sum of $789,240.30 was disbursed for the support of the Office of the Supervising Architect,.
both ia Washington and in the field, and for payments of accruing
fees to private architects. The net expenditure for all other purposes
(sites, new construction, repairs, maintenance,- and operation) was
$17,923,195.84. The cost of administration, amounting-, as stated,
to $789,240.30, was 4.2 per cent of the net amount expended.
At the close of the fiscal year ending June 30, 1914, the contract
liabilities existing were $5,524,683.15 less than the contract liabilities
existing at the close of the preceding year. This difference is due to
the fact that duriag the fiscal year ending June 30, 1914, there were
cordpleted, or practically completed, several large contracts for work
carried on independently of the current work in the Office of the.
Supervising Architect. These appear in the statement of contract
liabilities existing at the close of the year ending June 30, 1913, but
cease to appear as such a year later. Among these large projects
were the new post office in the District of Columbia and the new
building for the Bureau of Engraving and Printiag.
The unencumbered balance available July 1, 1914, was $11,274,283.06 less than the unencumbered balance available July 1, 1913.
This difference is due to the fact that neither the legislative bill for
the fiscal year 1915, the sundry civil bill for the same year, nor the*
general deficiency bill for the fiscal year 1914 had been approved on
or before the close of business June 30, 1914. Upon their passage,
the sums carried in these bills will augment the amounts otherwise
ayailable during the fiscal year 1915, although they do not appear in
the statement of balances available July 1, 1914. The amounts
available) for construction work duriag the latter part of the fiscal
SECRETARY OF THE TREASURY.
.157
year 1915 will be further augmented by the appropriation acts for
the fiscal year 1916, which must be approved on or before March
4, 1915.
The statements which follow show, in summarized form, the status
of projects authorized by Congress and in detail the financial
operations of the Office of the Supervising Architect for the fiscal
year ending June 30, 1914.
BUILDINGS.
Buildings completed and occupied at the close of the preceding fiscal
year, June 30, 1913
"
758
Number of marine hospitals and quarantine stations (each station consisting of a number of buildings)
54
New buildings completed during the fiscal year ending Juhe 30, 1914.. 67
(Building completed at San Juan Quarantine Station not included.)
Total
879
Buildings included in the above which have been sold, demolished, or
otherwise disposed of (barge office, New York)
,
1
Net total number of completed buildings under the control of the
Treasury Department, June 30, 1914
Buildings placed under contract during the fiscal year ending June 30,
1914
80
Buildings placed under contract prior to the commencement of the fiscal
year 1914, and not completed June 30, 1914.^
45
Buildings in the course of erection at the close of the fiscal year 1914
Total number of buildings completed and in course of erection
June 30, 1914.
Buildings authorized prior to the act of March 4, 1913, not under contract
June 30, 1914
122
Buildings authorized in the act of March 4, 1913
304
Total
i 878
125
1,003
426
Total buildings completed, in course of erection, or authorized (not
including extensions)
'1,429
EXTENSIONS.
Extensions completed dming the fiscal year ending Jime 30, 1914
Extensions to Public Health Service facihties completed during the fiscal
year ending June 30, 1914
(Quarantine stations, San Juan, P. R., and Honolulu, Hawaii.)
' Extensions placed under contract during the fiscal year ending June 30,1914..
Extensions placed under contract priorto July 1, 1913, and not yet completed
June 30, 1914
Extensions authorized prior to the act of Mar. 4,1913, not under contract June
. 30, 1914
:
/
9
2
4
10
9
1 Does not include buildings erected by the Treasury Department and transferred, on completion, to
the custody of other departments. Includes extensions which, on completion, become merged with the
original structure and cease to be.carried separately. Each marine hospital and quarantine station is
counted as one building.
«Includes buildings not as yet erected which, on completion, will be transferred to the custody of other
departments.
158
.
.
REPORT ON THE FINANCES.
.
'
0
Extensions to Public Health Service facilities authorized b u t not under contract prior to the commencement of the fiscal year 1914
(Qurrantine station, Portland, Me., and marine hospital, Key West, Fla.)
Extensions authorized in the act of Mar. 4, 1913
2
23
RECAPITULATION.
Contracts completed during the fiscal year ending June 30, 1914:
New buildings
Extensions (including quarantine stations, San Juan and H o n o l u l u ) . . . . .
Miscellaneous projects
68
.11
2
Total
81
Contracts awarded during the fiscal year ending June 30,. 1914:
New buildings
V
Extensions
Miscellaneous pjojects
80
4
6
Total
90
Contracts awarded prior to July 1, 1913, not completed June 30, 1914:
New buildings. /.
Extensions
Miscellaneous projects
:
45
10
1
Total
56
Contracts in force July 1, 1914, regardless of date of award: .
New buildings
Extensions, including marine hospital, New York, N . Y
Miscellaneous projects
.
Total
125
14
7
146
Statement of appropriations for public buildings, Jidy 1, 1913, to June 30, 1914.
E X P E N D I T U R E S D U R I N G T H E FISCAL Y E A R .
For statutory roll
For sites and additional land.
For construction of new buildings
For extensions to buildings
For special repairs to b u i l d i n g s —
For rent of buildings
For repairs and preservation
:
For mechanical equipment.
For vaults and safes
For operating supplies
For electrical protection to vaults
'.
For general expenses..-'.
z
For furniture and repairs of same
For furnishing new post office, customhouse, and courthouse, Cleveland, O h i o . . . .
For operating force
For lands and other property
For architectural competitions
•.
Total
$225, 763. 24
682,251. 25
9,155,141. 33
1,555,153.16
I l l , 675. 55
127,035. 63
768, 938. 56
498,127. 86
92, 051.42
1,573,007.30
18,474.12
527, 775. 25
804, 220. 42
2,149.73
2,534,927.01
42. 50
35, 701. 81
18,712,436.14
SECRETARY OF THE TREASURY.
159
CONTRACT L I A B I L I T I E S E X I S T I N G ON J U N E 30, 1914.
On
On
On
On
On
account
account
account
account
account
of
of
of
of
of
statutory roll
sites and additional land
construction of new buildings
extensions to buildings
special repairs to buildings
:.
.
$9, 646. 42
428, 852. 00
$10,072,046. 28
1, 643, 307. 36
63,498. 20 ^
11, 778, 851. 84
Less authorized contract liabilities i n excess of amounts
appropriated
On
On
On
On
On
On
On
On
On
On
account
account
account
account
account
account
account
account
account
account
of
of
of
of
of
of
of
of
of
of
3,354, 987. 83
:
rent of buildings.
repairs and preservation
mechanical equipment
vaults and safes
operating supplies
electrical protection to vaults
general expenses
furniture and repairs of same
operating force
architectural competitions.
:..
TotaL...
8,423,864.01
'37, 314.13
222,087. 33
146,394. 90
59,064.41
172, 792. 01
3, 712. 25
72,705. 90
387, 200. 47
84, 111. 42
14,123..55
10,061, 868. 80
BALANCES AVAILABLE J U L Y 1, 1914.
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
statutory salary roll.
sites and additional land
construction of new buildings
extensions to buildings.
special repairs to buildings
rent of buildings
repairs and preservation
mechanical equipment
vaults and safes
operating supplies
electrical protection to vaults
general expenses
furniture and repairs of same
lands and other property
operating force
architectural competitions
,
'..
.•
".
$4,004.19
1,844,179. 67
6,407,134.13
1, 086, 429. 56
565, 574. 82,
90, 559. 45
10, 673. 62
11, 745. 24
782. 39
371, 575. 92
456. 53
115, 383. 40
436, 932. 29
557. 50
232, 647. 77
71,181. 83
TotaL
,
11, 249, 818. 31
Less unexpended balances of annual appropriations whose availability
expired with the fiscal year ending J u n e 30, 1914..
488, 317. 46
Unencumbered balance available July 1, 1914
10, 761, 500. 85
PUBLIC HEALTH SERVICE.
The Surgeon General reports the operations of the service through
the seven admiaistrative divisions of the bureau as follows:
Division of Scientific Research.
Owing to additional authority and larger appropriations granted,
the year just ended marks the beginning of a new epoch in the devel
160
^
REPORT ON THE FINANCES.
opment of investigations of pubhc health matters. These investigations, either newly begun or enlarged, have related to diseases of inan,
rural sanitation, school hygiene, industrial hygiene, sanitary organization and administration, pollution of navigable waters, and disposal of sewage and wastes.
Among the several diseases studied special attention was devoted to
diphtheria, hookworm disease, malaria, pellagra, leprosy, trachoma,
typhoid fever, and tuberculosis.
Diseases of man.—Diphtheria studies were naade in connection with
an outbreak of the disease in Detroit, Mich.
Malaria studies were continued in Alabama and extended to
Arkansas, Connecticut, Florida, Georgia, Louisiana, North Carolina,
South Carolina, and Tennessee. The work was conducted in cooperation with State and local authorities, its object being to determine
(1) the prevalence of the disease, (2) the cause of its continuance
(3) the methods of control. Through educational and advisory
means, antimalarial work was conducted in several communities.
Intensive studies of pellagra from epidemiologic and laboratory
standpoints have been conducted at Savannah, Ga., Spartanburg,
S. C , Milledgeville, Ga., Jackson, Miss., and other places. Important
data have been collected to throw light on the noninf ectiousness of the
disease and other phases of the problems involved. With a special
appropriation of $47,000 additional metabolic studies are being undertaken in a newly equipped hospital at Spartanburg.
The studies of leprosy were continued in the Hawaiian Islands.
Investigations of trachoma in the Appalachian Mountains were
continued and the general prevalence of the disease outlined in
mountainous sections of Georgia, Kentucky, North Carohna, Tennessee, South Carolina, Virginia, and West Virginia. The data, which
show an undue prevalence of the disease in many sections, have
been pubhshed.
An act of Congress approved June 23, 1913, having authorized
the use of the ^'epidemic fund'' for trachoma prevention, work was
begun in the mountains of Kentucky, and three smaU hospitals were
so located as to draw patients from an area 100 miles square. Their
locations are Jackson, Breathitt County; Hindman, Kriott County;
and' Hyden, Leshe County. Notwithstanding the first one was
opened in September and the third one not untU March, a total of
966 cases of trachoma were treated, thereby reducing the foci of
infection by that number. In addition, individual instruction in
prevention was given and hterature relating to the disease sent to
every household in the three counties mentioned.
Outbreaks of typhoid fever have been investigated in the rural
sections of Virginia and ih West Raleigh and Raleigh, N. C, Cumberland and RpckviUe, Md., and Portsmouth, Ohio.
SECRETARY OF THE TREASURY.
161
The studies of tuberculosis related, first, to the merits of certain
aUeged remedies; second, to the influence of the migration of tuberculous persons in interstate trafl&c; and third, the relation of the
disease to certain industries in a large urban community. As a
result of studies made, the claim of Dr. F. F. Friedmann to have
originated a specific cure for tuberculosis is not substantiated, and
his claim that the inoculation of persons and animals with this
organism is without harmful eflFect is disproved.
The studies of migration of tuberculous persons were made by
four officers in Arizona, Colorado, Cahfornia, New Mexico, Texas,
and North and South Carohna. Only those in the first two states
mentioned remain to be completed.
Rural sam^a^ion.—Comprehensive studies were undertaken to
encourage rural sanitation and efllcient local health organization.
For this purpose three counties in three different States were selected,
viz, Berkeley County, W. Va.; Lawrence County, Ind.; and Union
County, Miss. Dorchester County, Md., was subsequently added.
Being widely separated, they represented different conditions,
although aUhad high typhoid rates. A total of fifteen ofl&cers were
engaged in the surveys, and by June 30, 1914, there had been visited
8,349 rural homes, 156 schoolhouses, 24 post offices, 20 raihoad
stations, 114 churches, and 8 quarries. So far as known, this is
the most extensive survey of its kind yet made, and no work canhave a greater influence in improving health conditions in rural
communities.
School hygiene.—^A total of more than 1,000 schools, mostly rural,
were visited in 10 States and data coUected relating to the prevalence of- diseases among pupUs and sanitary conditions of buildings
and grounds. In addition intensive studies were made of a large
group of children to determhie the relation between physical status
and school progress.
.
Industrial hygienc—Duving the year increasing attention was paid
to the hygiene of industries. At the request of the Joint Board of
Sanitary Control of the Garment Workers' Trades in New York
special studies were made of a large group of workers and the sanitary
conditions under which they work. JBy June 30, 1914, a total of
about 1,500 employees had been examined and a large number of
tests made of iUumination and ventilation of shops.
On request of the commission appointed by the Legislature of Indiana to investigate conditions surrounding the employment of women
in that State, an officer was detailed to coUect sanitary data.
On account of an unusual occurrence of trachoma among employees
of the Youngstown Sheet & Tube Co., an officer examined 5,962 of
its employees and made a survey of sanitary conditions in East
Youngstown, Ohio, where the plant is located. Another officer
64402°—FI 1914
11
162
REPORT ON THE FINANCES.
assigned to duty with the United States Commission on Industrial
Relations has been engaged in a study of siclaiess insurance and its
relation to the prevention and cure of diseases among industrial
workers.
I n cooperation with the Bureau of Mines, studies have been made
of the sanitation of mines in the mining industries of Arizona, Colorado, and Montana, and the metaUurgical industry in the Pittsburgh
district.
Sanitary organization.—On account of the importance of the
development of local health organization and administration, systematic studies of this subject have been made in the States of
Maryland and Minnesota and the- cities of Baltimore, Md., and St.
Joseph, Mo. The reports of these studies, with the exception^of
that made in Minnesota, have been pubhshed. Like studies haye
been planned for other States whose authorities have requested
them.
Pollution of .navigable waters.—The sanitary surveys of interstate
and coastal waters were cjontinued. These include the Qhio and
Potomac Rivers and coastal waters along the Atlantic and Gulf seaboards. I n connection with these investigations studies of strawboard wastes and tannery wastes have been undertaken on the watersheds of the streams mentioned.
" I n the Ohio River studies alone seven temporary laboratories were
operated, a total of about 10,000 samples having been examined
by June 30, 1914, and a large amount of additional data collected.
Sewage disposal.—There is need of improved methods of disposal of
sewage of isolated dwellings, smaU institutions, summer hotels, and
rural villages. For studies of these problems two installations have
been designed and completed. One is located on the grounds of the
Hygienic Laboratory, and the other in a suburb of Washington.
Both plants are now in operation. In addition a sewage holding device and a sanitary privy have been designed for testing.
Hygienic Laboratory.—While many of the above studies have been
made iri the field, the Hygienic Laboratory has been utihzed in so far
as possible, the technical studies at t h a t institution being also increased.
FoUowing the special researches a number of important results
have been obtained. The contamination and dangers from the use of
crotahn preparations have been shown. An improved selective
medium for cholera has been devised. A new method for detecting
tetanus bacilli in vaccine virus has been developed. The influence
of preservatives in antimeningitis serum has been pointed out. The
relative quantities of poisonous gases in the air of two railroad tunnels was determined. A relatively high content of soluble compounds
SECRETARY OF THE TREASURY.
' 163
in certain vegetables was shown, and studies made of their poisonous
character. I n addition to these and other researches, 473 specimens of blood were tested, a large number of drugs analyzed, and
other examinations made. Antirabic treatments were administered to
134 persons, and 1,541 complete ^treatments sent out to State health
authorities. I n addition, 774 antityphoid inoculations were administered at the laboratory and 4,118 ampules (1 cubic centimeter each)
of the vaccine sent out. In studies of raw and Pasteurized milk 49
babies were furnished for varying periods with safe milk, the supplies
of which were furnished by the Bureau of Animal Industry.
Both the field and laboratory studies are being continued, and
some of them will necessarily be enlarged, especially the studies of
coastal waters and, rural sanitation. For the former some additional
funds will be required.
Division of Foreign and Insular Quarantine and Immigration.
The quarantine activities during the year have involved the inspection by Public Health Service officers, both at domestic and foreign
ports, of 14,128 vessels, of which 2,731 were fumigated either for the
destruction of rats or mosquitoes, or on account of the presence on
board of one of the quarantinable diseases. On these vessels there
were 1,549,570 passengers and crews. Taking into consideration the
fact that all immigrants entering the United States are examined with
a view to the detection of the quarantinable diseases, as well as for
diseases deportable under the immigration laws, the medical officers
have examined, all told, during the fiscal year 3,035,527 persons.
The discovery on February 22, 1914, of the reinfection of Habana,
Cuba, with bubonic plague has caused special quarantine activity in
connection with the traffic between Habana and United States ports.
Conditions in the Mexican ports have lessened the amount of traffic,
between-that country and the United States, which, together with the
fact that the city of Vera Cruz has been afforded special protection,
has greatly modffied the usual quarantine work in the summer in connection with preventhig the introduction of yellow fever into the
United States.
Two officers of the service were detailed on April 23, 1914, to proceed to Vera Cruz for duty under the orders of the naval commander
in chief of the United States Fleet. Subsequently these officers were
assigned to duty under Gen. Funston upon the relief of the naval
forces on land by the Army.
With the exception of the appearance of cholera in Manila, this
disease has not constituted a special menace during the year.
On April 9, 1914, the old form of bill of health previously issued
by collectors of customs to vessels departing from United States
164
REPORT ON THE FINANCES.
ports for foreign ports was replaced by a new form of ^ Tort sanitary
statement,'^ which is now being issued by officers of the Pubhc Health
Service.
During the year another vessel belonging to the department,
namely, the steamer Neptune, on the Delaware River, was thoroughly
overhauled and equipped with the latest model of apparatus for rat
destruction. Shortly afterwards the vessel was placed in commission and sent to New Orleans in connection with the plague outbreak
at that port.'
The year has marked a number of improvements in the general
equipment at the quarantine stations, notably at Providence, R. I.,
and San Pedro, Cal. The old cruiser Newarlc was transferred to the
former port and is being equipped as a floating quarantine station,
while a large floating quarantine station was transferred from San
Erancisco to San Pedro, Cal.
Officers have been stationed, as usual, in the American consulates
of the principal ports of Italy and in Asia, medical officers having been
withdrawn from Mexican ports on April 24, 1914.
Medical inspection of immigrants.—DuYiug the fiscal year 1,485,957.
ahens were inspected, and .41,250 were certified for rejection on account of physical or mental defects. Inspectors were stationed at
85 stations in the United States, Hawaii, and the Phihppines, and
while practically every officer in the service has taken part, more or
less, in the work, 87 medical officers (33 commissioned officers and
54 acting assistant surgeons) were assigned to this duty exclusively.
The past year has marked a great improvement in the methods
of examining immigrants upon their arrival. Not only have the
facihties for this work been greatly increased, but the methods
adopted in the medical examinations have been reorganized and
systematized, and the result is shown in the number of certifications
for the past fiscal year over the year ended June 30, 1913. In 1913
38,558 immigrants were certified, while during 1914 41,250 were
certified. Especially is this increase noticed in connection with
certificates rendered for mental deviation, including insanity, idiocy,
imbeciUty, epilepsy, and feeble-mindedness, 1,360 ahens having been
certified this year, as compared with 883 certified during the year
1913. Increases in transactions are. also noticed in the "certification
of such diseases as trachoma, tuberculosis, syphihs, and gonorrhea.
. Division of Domestic Quarantine.
Bubonic plague.—Plague-preventive measures in San Francisco and
near-by cities and counties have been continued. No new foci of
infection having been discovered, field operations ia California wiU
be curtailed during the next fiscal year. The Federal plague laboratory in San Francisco will be conthiued.
SECRETARY OF THE TREASURY.
,
165
Plague-suppressive measures in Seattle, Wash., are beiag continued, looking to the prevention of the spread of the infection to
other points by vessels and other common carriers.
No plague infection having been found in Porto Rico during the
period from July 1, 1913, to October 31, 1913, this work was disconthiued on the latter date. .
Bubonic plague was reported present in New Orleans on June 27,
1914. The first case to occur was at 713 St. Joseph Street, where a
Swedish sailor developed the disease, the patient later being transferred to the Charity Hospital, where the diagnosis was made.
The Sui^eon General was directed by the Secretary of the Treasury
to proceed to New Orleans to assume charge of the situation, he being
authorized to take necessary measures td protect the health of the
rest of the country, as well as to iaaugurate an eradicative campaign.^
Roclcy Mountain spotted (ficlc) fever.—In the eradicative campaign
against Rocky Mountain spotted iever in the Bitter Root Valley of
Montana last year experiments were begun by the Public Health
Service for the purpose of determiaiag the value of grazing sheep
over tick-infested territory in fighthig the disease. The experiment
with a small band of sheep was extremely encouraging, and it is tbe
intention of the service to conthiue the experiments with a large
band of 5,000 sheep.
Control of lepers.-—The Public Health Service has been requested
from time to tune by various State and local health officers to take
charge of persons found within their jurisdictions suffering with
leprosy. Several bills providing for the Federal care of lepers are at
the present time pending in Congress.
Water and ice for passengers on interstate carriers.—In order that
there might be a standard from which to judge of the purity of water
and ice supplied passengers in iaterstate traffic, a commission was
appohited, consistiag of emiaent scientists, together with officers of
the Public Health Service, for the purpose of determining a standard
of purity. This commission has gone iato the question very carefully, and it is expected that its report will be submitted at an early
date.
The railroad and steamship lines throughout the Uhited States
have been requested by the Public Health S.ervice to furnish a list of
the sources from which they obtain water and ice for the use of passengers in interstate traffic. They have readily complied with this
request, and in a number of instances, the bureau having informed
them that -the water obtained from certain sources was unfit for
driaking purposes, they have discontinued its use. A number of
steamship companies have agreed to use every precaution and provide mechanical means for supplyiag their passengers with safe
drinkiag water.
166
REPORT ON THE FINANCES.
An amendment to the Interstate Quarantuie Regulations was promulgated relating to water for driakiag and cookiag purposes furnished on interstate vessels.
Sanitary worlc in Alaslca.—An officer of the service has been in
Alaska the greater part of the year, haviag charge of the suppression
of outbreaks of contagious diseases. At his suggestion, individual
towels and drinkhig cups have been introduced into the schools of
the territory.
Smallpox was reported during the year at Hoonah, Alaska, and
energetic measures enforced under the direction of the service officer
resulted ia its prompt suppression.
, °
Sanitary supervision of interstate earners.—Sanitary inspection of
traias and other common carriers contiaue to be made by officers of
the Public Health Service traveliag on official business.. Much good
has resulted from these inspections, and in most instances the railroads have expressed a willingness to remedy insanitary conditions
when reported.
A report having been received of an outbreak of typhoid fever and
gastroenteritis among passengers on several vessels plying the Great
Lakes, an officer was detailed to investigate the circumstances.
His report contains excellent data on methods of securing water
supplies for lake vessels, with recommendations for the prevention of
simUar outbreaks.
Inspection ofpublic buildings.—In accordance with Executive order
of May 12, 1912, detailed inspections of Government buildings in
Washington have been made by a service officer for the purpose of
ascertaining sanitary conditions. A number of changes in buUdings
have been made in the interests of the health of employees.
Public lectures, sanitary education, etc.—For the purpose of cooperating with State and local health officers in the prevention of the
interstate spread of disease, the Public Health Service has inaugurated
a system of lectures, with the use of moving pictures and stereopticon
views. These lectures have proven very successful in arousing public
interest in sanitary matters. The bureau maintains a hbrary of
stereopticon slides, which are furnished to officers in the field and
loaned to local and State health officers for educational purposes.
Cooperation with Panama-Pacific Exposition authorities.—^At the
request of the president of the exposition, an officer has been detailed
to take charge of sanitary and emergency relief work at the exposition
grounds. A hospital has already been established for the care of
exposition employees. Another officer has been detailed to act as
superintendent of hygiene and sanitation exhibits at request of the
exposition authorities.
The Public Health Service is also engaged in the preparation of an
exhibit to be shown at the exposition as part of the general exhibit
of the Federal Government.
SECRETARY OF THE TREASURY.
167
Division of Sanitary Reports and Statistics.
Special attention has been given durhig the year to. ascertaining
the prevalence and geographic distribution of dangerous communicable diseases in the United States. No health department. Federal,
State, or local, can effectively prevent or control a disease without
knowledge of when, where, and under what conditions the disease is
occurrhig.
State and Territorial health officers, in conference with the Public
Health Service at Mianeapolis in .1913, approved a model State law
for the collection of morbidity statistics which, if enacted and enforced,
wUl supply the information regarding the occurrence of disease above
referred to. Special effort has been made during the year to familiarize those interested in public health work with the admirable provisions of this law and to gain their support in urging its enactment
by the several States.
While the Treasury Department is intrusted with the responsibUity of preventing the interstate spread of diseases dangerous to the
public health, this work depends largely upon the extent and manner
of the intrastate control of communicable diseases by the respective
State and local health authorities. Information has,been secured
01 these iatrastate activities largely through a record of the enactment of laws and the promulgation of regulations oh sanitary matters
and matters pertaining to the public health in States and lesser
political subdivisions. Through the study of current sanitary legislation, not only have the activities of intrastate authorities been
watched, but it has been possible to render much valuable assistance
ia the drafting of effective legislative enactments for. localities, to
encourage the copying of the more efficient laws and regulations, and
to increase the tendency toward uniformity in these matters. As
far as possible, a careful study has also been made of currently
enacted legislation, not only for the purpose of knowiag the nature
of the laws being enacted, but that assistance and advice might be
given which would make more efficient and more economical both
intrastate and interstate control of disease.
The Pubhc Health Reports have been issued throughout the year,
pursuant to acts of Congress approved February 15, 1893, and August
14, 1912. Through, their pages. Federal, State, and local health
authorities have been kept currently informed, to the extent that the
information was avaUable, of the prevalence and geographic distribution of the dangerous communicable diseases. This has served to give
timely warning of the approach of epidemics and the need and nature
of sanitary measures required for the protection of the respective
locahties. Through this pubhcation, also, these health authorities have^
been kept informed of the sanitary laws and regulations being enacted
168
REPORT ON THE FINANCES.
by States and municipahties throughout the country. The field of
sanitary legislative activities has thus been spread before each individual health officer, from which it has been possible for him to
discard the chaff and select the best for adoption in his own jurisdiction.
Information in regard to sanitary matters and the prevention of
diseases in households and communities has been furnished to the
public thrbugh supplements to the Pubhc Health Reports, which are
issued in the form of small pamphlets.
Division of Marine Hospitals and Relief.
During the fiscal year ended June 30, 1914, 53,415 patients received
treatment as beneficiaries of the service. Of this number, 14,469
were treated in hospitals and 38,814 were treated as dispensary or
out-patients. The hospital patients received a total of 411,225 days'
treatment. During the year the service operated 23 marine hospitals,,
aU of which are owned by the Government, and maintained 120
other relief stations where hospital and dispensary rehef was furnished patients.
At the tuberculosis sanatorium of the service located at Fort
Stanton, N. Mex., 328 patients were cared for during the year. Of
these, 86 were discharged,. 56 died at the sanatorium, and 186 remained under treatment at the close of the year.
Aid was extended to other branches of the Government in the
physical examination of 6,851 persons, 417 of whom were rejected.
In addition, 950 merchant seamen were physicaUy examined to
determine their fitness for duty on American vessels, of whom 30
were rejected; also. 6 foreign seamen were examined, of whom 1 was
rejected.
Life-Saving Service claims.—Dunng the year, 585 claims for benefits under the act of May 4, 1882, by keepers and sujfmen of the
Life-Saving Service have been passed upon by the officer in charge
of this division, based upon the medical evidence submitted. Physical examinations of keepers and surfmen of said service have been
continued.
,
Division of Personnel and Accounts.
Commissioned and other officers.—The cominissioned medical officers at the close of the year numbered 167, as foUows: The Surgeon
General, 10 senior surgeons, 66 surgeons, 43 passed assistant surgeons,
and 47 assistant surgeons. The acting assistant surgeons numbered
239, in addition to 18 acting assistant surgeons appointed for duty in
field investigations of pubhc health, making, aU told, 424 medical
officers. The total personnel of the service, including 46 pharmacists, 1,064 attendants, and 111 other employees, numbered 1,645.
SECRETARY OF THE TREASURY.
169
Expenditures.—The appropriations for the ordinary maintenance
of the service were $1,834,746. The receipts from aU sources,
repayments for care of foreign seamen, etc., were $16,572.12. The
expenditures were $1,769,724.23; estimated outstanding habUities,
$31,301.95, leaving an estimated balance of $50,291.94.
The appropriations for preventing the introduction and spread of
epidemic diseases were $300,000. The repayments were $88. The
expenditures, including outstanding liabilities, were $199,588.48,
leaving an estimated balance June 30, 1914, of $100,499.52, of which
amount $100,000 is available during the fiscal year 1915.
The appropriation for the maintenance of the quarantine service
was $155,000. The amount of repayments was $1,421.97. The
expenditures were $149,054.62, including outstanding" liabihties,
leaving an estimated balance of $7,367.35.
The unencumbered balance of the appropriation for national
quarantine and sanitation at the beginning of the fiscal year was
$22,798.01; there was transferred to the books of the Supervising
Architect $3,453.50; other expenditures were $625.32, leaving an
unencumbered balance June 30, 1914, of $18,719.19.
The appropriation for field investigations of public health matters
was $200,000. The expenditures were $156,733.15; estimated outstanding liabihties, $5,282.07, leaving an estimated balance of
$37,984.78.
The appropriation for interstate quarantine service was $15,000.
The expenditures were $11,241.27, including outstanding liabihties,
leaving an estimated balance of $3,758.73.
MisceUaneous Division.
Publications.—The demand from all parts of the country for health
literature is growing rapidly. This is shown by the fact that the
Public Health Service distributed nearly three times as many publications during the fiscal year 1914 as in any year preceding. During
this year the service prepared and published 111 different buUetins and
other documents on public health subjects. These were printed in
editions aggregating 1,487,015 copies, which were distributed without
charge to the public. Many of the editions became quickly exhausted,
and as a consequence a large number of copies were sold by the Pubhc
Printer at the cost of printing.
Recommendations.
^
Special attention is invited to the need of additional medical officers.
Within the past decade the work-of the service has been greatly
expanded, and while additions to the corps of officers have been made
from time to thne, the problem of finding a sufficient number of
170
REPORT ON THE FINANCES.
trained officers for the duties imposed by law has been a serious one.
The shortage has been keenly felt during the past summer, when the
appearance of bubonic plague in New Orleans demanded that officers
be taken from important field work and concentrated in that city for
the intensive campaign of plague eradication now being conducted
there.
Another urgent need of the service is that of additional clerical
assistance' in the bureau at Washington. The increases in. clerical
force have not been commensurate with the increase in supervisory,
administrative, and detail work incident to greatly extended operations in the field. As a result the bureau has been handicapped in its
work and at times has been unable to grant to employees leaves of
absence to which conscientious service has entitled them. ;
An additional building for the Hygienic Laboratory should be provided. The work of the laboratory is ultimately connected with
field work in the investigations of diseases of man, pollution of streams,
sewage disposal, and the sanitation of interstate carriers, cand its
steady growth requires increased accommodations for the force of
workers employed.
Ah important factor in the conduct of public health work is a
thorough knowledge of the occurrence, prevalence, and distribution
of disease. I t is apparent that to eradicate or prevent the spread
of disease, information must first be obtahied as to where it is present.
An appropriation for the employment of field agents to be used for
the collection of information of this nature is urgently recommended.
The demand for service publications duriag the fiscal year has far
exceeded any previous year in the history of the service. Although
nearly three times as many were priated and distributed as during
the fiscal 3^ear 1913, the bureau was not able to comply with all requests. Provision for larger editions should be made by increased
printiag appropriations for the department.'
LIFE-SAVING SERVICE.
I n three important particulars the statistical record of the operations of the Life-Saving Establishment for the last fiscal year shows
larger totals than are to be found ia any similar annual enumeration
of results in the history of the service, namely, the number of vessels
reported as having suffered accident or disaster, the number of persons on board said vessels, and the value of the property (vessels and
cargoes) exposed to damage or loss.
The number of vessels iavolved was 1,937. These carried 9,296
persons, and were valued-with their cargoes at $21,507,860. Of the
persons mentioned, 38, or 1 in 245, perished. The number of
persons brought ashore or conveyed elsewhere to safety was 4,762.
The estimated value of the property lost was $2,724,660.
SECRETARY OF THE TREASUKY.
171
As regards the number of vessels involved, it should be stated that
the increase over the preceding year's figures (an increase of 194) is
chargeable to the record of casualties to vessels of the undocumented
class, embraciag small craft—gasoliae launches, sailboats, etc.—of
less than 5 tons' burden, such as largely frequent harbors and other
"sheltered waters.
The number of documented vessels—of 5 tons' register and upward—that suffered disaster during the 3^ear within the scope of the
service was actually smaller than the number so reported. during
1913, being 522 as against 552 for the year last named. These 522
documented vessels carried a total of 5,539 persons—of whom 26 were
lost—and were valued with their cargoes at $20,368,330, nearly
$6,000,000 more than the total value of 552 vessels of the same class
similarly jeoparded in 1913. They suffered loss, to the amount of
$2,654,130.
The most important feature of the record of casualties to undocumented craft is their number, which was" 1,415, or 224 more than
were reported for 1913. Of the 3,757 persons on board when they
were overtaken by misfortune, 12 were lost. The value of these vessels m t h that of their cargoes (which was negligible), was $1,139,530,
of which amount $70,530 represents the value of the property lost.
There were succored by the life-saving corps during the year a total
of 920 persons, to whom 1,234 days' relief was afforded. Of the
number first named, 430 were from distressed or disabled vessels, 178
had sought refuge at the stations from storm or been detained on the
beaches by high water, etc., while 312 were victims of flood in Texas.
A summary of the year's casualty record of the service follows:
Nuraber of vessels involved
Vessels totally lost
Persons on board
Lives lost
;
Persons conveyed to land or elsewhere to safety
Persons succored
Days' succor afforded—
\^alue of vessels involved
Value of cargoes
Total value of property involved
Valueof property saved
Valueof property lost....
,
:
,
•
>
1, 937
82
9, 296
38
4, 762
.
920
1, 234
$17,304, 840
$4,203,020
$21, 507, 860
$18,783,200
$2,724,660
Exceptional demands were made upon the establishment in certain
sections of the country daring the year as the result of two disastrous
visitations of nature, namely, the memorable blizzard that swept the
region of the Great Lakes from ISovember 8 to 11, 1913, and the
devastating flood in Texas in December of the same year caused by
the overflow of the Brazos and Colorado Rivers.
Of the more than threescore vessels damaged or lost in the first
instance, 28,. valued with their cargoes at $3,204,000 and carrying
172
REPORT ON THE FINANCES.
222 persons, suffered casualty within the scope of the service. Happily not a single Hfe was lost from any of the 28.
I n the case of the Texas flood, in which thousands of lives were
imperiled and millions of dollars worth of property destroyed, practically the entire area affected was out^de the recognized fleld of operations of the life-saving corps. Several crews of boatmen were, nevertheless, dispatched from the Gulf stations of the service into the
inundated territory. Their services, which were notable, are briefly
set forth elsewhere in this statement.
Sources of assistance to vessels.
I n the discharge of their duties the life-sa\dng crews often have
,the cooperation of outside agencies, such as the vessels of the RevenueCutter Service and of private salvage companies, and, occasionally,
the assistance of local fishermen and other persons residing in the
neighborhood of their stations. This is especially true with respect
to seagoing craft driven ashore by stress of weather. The most
important duty of the corps in such cases is to save life. This service
they perform nearly always without help, being usually first upon
the scene of the disaster. The saving of the vessels, however, is
sometimes beyond their resources, particularly when large craft are
involved. Revenue cutters and wrecking tugs,, being designed for
this heavy work, which is necessarily prosecuted from offshore, are in
the.majoiity of such cases called by telegraph or telephone to the aid
of the corps. When such a situation is presented, to the service falls
much of the labor preparatory to fioating, namely, taking, soundings,
running lines, operating pumps, jettisoning cargo, planting anchors,"
and transporting, by boat, wreckers and others engaged in the salvage
work.
.
I n 1,476 of the 1,937 cases of accident ahd disaster reported for the
year, in which the property endangered was valued at $4,542,985, the
life-saving crews worked alone. I t should be stated in this connection that fully three-fourths of the vessels comprising the number
first named were undocumented—launches, sailboats, etc. Their
value, as will be observed, was httle more than one-fifth of the total
value of the property endangered. Nevertheless, they carried 5,295^
or 57 per cent, of the entire number of persons aboard vessels of all
classes that suffered casualty within tho field of service operations
Upon 323 of the 1,937 occasions of disaster (involving documented
vessels'for the most part) in which the value of property imperiled
was $10,641,655, the life-saving crews had outside assistance of the
character above mentioned. The number of persons" aboard these
vessels was 2,691.
Sixty-three of the 1,937 vessels, valued with their cargoes at
$4,263,190, and carrying 787 persons, were assisted by outside
SECRETARY OF THE TREASURY.
173
agencies only; while 75, valued with their cargoes at $2,060,030, and
carrying 523 persons, received no assistance whatever, having extricated themselves from danger or been totally lost before assistance
could reach them.
Besides assisting disabled and wrecked vessels as referred to in the
preceding paragraphs the life-saving crews rendered in the course of
the year to vessel owners and ship masters aid of more or less importance upon 237 occasions, in 124 of which the vessels involved
were documented and in 113 undocumented. These vessels were
not in immediate danger, but the services performed were nevertheless of no little value to the persons assisted, and such, naoreover, as
only the corps could perform to best advantage. The aid thus extended consisted mainly of emergency piloting in dangerous waters,
looking after sick or injured boatmen and sailors, replenishing supplies of water, provisions, and fuel aboard vessels, and carrying messages and persons to- and from shore. These cases are not included
in the foregoing statistical statement.
The patrol and watch system of the service also must be given credit
for important achievement of a preventive character. Maintained
throughout the night during the '^ active season," and during daytime
in thick weather, this feature of the service gave warnings, by pyrotechnic lights, lanterns, flag signals, and other means, to 198 vessels
discovered in dangerous waters or about to run ashore, thereby
enabling them to avert disaster. Warnings were g ven at night in
179 instances, and in the daytime in 19. Of the vessels warned 132
were steamers. That much property was saved by these warnings
can not be doubted. It may be assumed also that loss of life as well
was sometimes averted.
The net expenditures for the maintenance of the service during the
year were $2,309,317.41. It will be observed that this sum is vastly
less than the value of the property saved by the service, to say
nothing of the saving of life—the chief function of the establishment.
Flood service in Texas.
Reference was made in last year's report to the services performed
by several life-saving crews in the Middle Western States in March
and April, 1913, during the prevalence of a devastating flood.
In the following December the department was appealed to again
to afford similar assistance to victims of flood in Texas, occasioned
by the overflow of the Brazos and Colorado Rivers in that state, as
already mentioned. The appeal was made by the Galveston Commercial Association through Hon. Morris Sheppard, United States
Senator. The station crews of the ninth life-saving district (Gulf
coast) were promptly placed at the disposal of the committee mentioned, and no time was lost in sending men and boats into the inun
174
REPORT ON THE FINANCES.
dated territory. The crews of the Galveston, San Luis, and Velasco
stations were detailed for this duty. In the course of their work
these crews proceeded fully 150 miles inland and operated at and in
the neighborhood of the towns of Bryan, Navasota, Richmond,
Rosenberg, Orchard, Quintana, Velasco, Clute, Lake Jackson,
Bonney, Anchor, Angleton, Columbia, Brazoria, and Thompsons.
They were in the flooded region for varying periods between December 5 and 18, and succeeded in rescuing and succoring, aU told, 803
persons-, besides saving considerable property. A detaUed account
of their services while engaged upon this mission has been published
by authority of the United States ' Senate in the form of a public
document (S. Doc. 422, 63d Cong., 2d sess.).
Power boats for rescue and salvage worTt.
Comment has been made in former reports upon the remarkable
efficiency of the power boats employed in the rescue and salvage work
of the service. This feature of the station equipment, introduced as
an experiment something over a decade ago, has in many respects
revolutionized the methods of the estabhshment. When a rescuing
crew had to depend upon oars and sails alone the field of the service
was necessarily hmited by the physical endurance of the boatmen and
the state of the weather. The reliable power craft in use at many of
the, stations to-day, however—the product of assiduous and welldirected study and effort—afford the crews a means of travel practicaUy unhampered by human hmitations or storm, enabhng them to
cover long distances in a minimum of time and arrive on the scene
of disaster with strength and efficiency unimpaired by overexertion
or exposure, and consequently in condition to give the best account
of themselves. This advantage is convincingly iUustrated by the
wreck of the steamer L. C. Waldo, which stranded on GuU Rock, off
Keweenaw Point, Lake Superior, in the memorable Great Lakes hurricane, of November 8-11, 1913. Almost in the height of the storm
two life-saving crews—one from the Eagle Harbor Station, the other
from the Portage Station-r-fought their way to the wreck, each in a
power lifeboat, and rescued every one of the 24 persons on board.
To reach the steamer the crew of the station first named had to
travel a distance of 30 miles or more, while the dista,nce covered by.
the crew of the station last named was fuUy 80 miles.
These boats are to be found to-day on aU the coasts of the country,
the heavier lifeboat being more largely employed at the Great Lakes
and the Pacific coast stations, and the lighter power surfboat more
generaUy used on the shallow beaches of the Atlantic. At the close
of the fiscal year there were 147 power lifeboats and surfboats in commission, 10 of the first mentioned, of the 36-foot type, equipped with
SECRETARY OF THE TREASURY.
175
35-40-horsepower engines, and 13 of the latter, with 12-horsepower
engines, having been p u t in service since the close of the preceding
year. Of the 4,762 persons brought ashore or.taken to other places
of safety by the station crews during the year, 2,486, or 52 per cent,
were carried in these power lifeboats and surfboats.
Miscellaneous services of station crews.
The work performed by the life-saving crews in connection with
casualties to vessels does not by any means represent the sum total
of their labors in the public interest. Year by year they give valuable assistance to people in the neighborhood, of their stations finding themselves in divers situations of danger or need. For want of
a better classification the several branches of this endeavor are
grouped under the above caption. Heading the catalogue of such
accomplishment for the season of 1914 is to be found the record of
156 persons rescued from positions bf danger both in the water and
on land; 53 sick and 46 injured persons given medical and surgical
first aid; 490 persons, victims.of storm and fiood, afforded shelter
and subsistence for varying periods; the saving of much personal
property, such as small boats, fish, nets, automobiles, domestic
animals, houses, aeroplanes, balloons, etc., endangered ,by storm,
sea and tides, bogs, mire and quicksands, or lost on the beaches;
aid upon 58 occasions in fighting fires involving buildings of various
descriptions, piers, forests, etc.; and assistance to other branches of
the public service in 76 instances.
Establishment, improvement, and rebuilding of stations.
Reference was made last year to contracts entered into for rebuilding the Nags Head and Poyners Hill, N. C , Life-Saving Stations,
and for extensive improvements to the stations at Point Allerton,
Mass., Ocean City, Md., and Burnt Island, Me. These have been
completed. The rebuilding of the station at Cape Fear, N . C ,
begun last year, was temporarily suspended untU further appropriations for continuing same should become available. This work
will soon be completed.
The service suffered considerably during the year from storm and
flood. The stations at which damage by these agencies was principally felt and the nature of the damage infficted were as follows: ,
Atlantic and Gulf coasts.—Chatham, Mass., site so badly eroded
that a change of location and new buildings were necessary; Hereford Inlet and Corson Inlet, N. J., site a t each station so seriously
damaged as to require protective construction; Velasco, Tex., site
so badly damaged by flood that a change of location of station will
be necessary. More or less damage was also suffered at the Rocky
Point, h . L, and Watch HiU, R. I., stations.
176
REPORT ON THE FINANCES.
Pacific coast.—jNome, Alaska, destruction of boathouse and launchway; Poiiit Adams, Wash., serious erosion of site, necessitating
removal of boathouse and launchway to another location; Humboldt Bay, Wash., damage to launchway. Minor damage was also
sustained at certain stations on the coast bf California. •
Great LaTces.—Cleveland, Ohio, foundations and bulkhead cut out;
Port Austin, Mich., boathouse and pier destroyed; Harbor Beach,
Mich., breakwater destroyed and boathouse wrecked; Lake View
Beach, Mich., boathouse and launchway wrecked; Pointe aux Barques
Mich., launchway wrecked and boathouse damaged.
The territory affected extended from Massachusetts to Texas on
the Atlantic and Gulf coasts, from Alaska to California on the Pacific
coast, and. embraced much of the coasts of Lakes Erie and Huron.
It will .therefore be seen that on no coast of the country did the stations of the establishment entirely escape the ravages of the elements.
A great deal of the damage enumerated above has already been
repaired, and plans have been prepared looking to the complete
restoration of all the property involved except in a few instances
in which further investigation is necessary. It is expected, however, to complete aU required work of repair during the coming year.
Among the larger projects under consideration for the future may
be mentioned the following: At Coos Bay, Oreg., relocation of station, considered necessary to afford adequate protection to shipping;
on Mackinac Island, Mich., a new station; at MUwaukee, Wis., rebuilding of station. In the case of the project at Coos Bay, examination,
report, and survey have been made; of that on Mackinac Island, plans
for station completed; and of that at Milwaukee, examination made
and sketches prepared.
These projects, all of them of great importance, will be consummated, if practicable, during the coming year.
' Retirement pay for the life-saving corps.
The record shown in the foregoing pages was made in the face of
an unfortunate situation, to which attention has been caUed in former
reports, namely, a deteriorated hfe-saviag corps.
The veteran surfmen of the service—those whose annual enhstments cover periods running back 20 or 30 years and whose experience
and skillhave been the mainstay of the corps—have been rapidly
falling out of the ranks and the service has been compeUed to fiU
their places with a class of men signally lackiag in every essential of
the capable surfman. The difl&culty encountered in this respect has
been so often recited that it is deemed unnecessary to go into detail
here by way of explaining how badly the service is thus handicapped.
It should be again asserted, however, that if the present state of
affairs is permitted much longer to go unremedied it is bound seri
SECRETARY OF THE TREASURY.
177
ously to impair the usefulness of the service, if it does not actuaUy
bring it into disrepute.
To put the estabhshment upon a proper basis of efficiency it is
obviously necessary to provide for the retirement of these veterans
and for filhng their places, as weU as the places now occupied by
substitutes, with the best type of waterman to be found on the coasts.
The proposition to unite, under the name of the ''Coast Guard," the
Life-Saving Service and the Revenue-Cutter Service seems to offer
the most practical solution of the problem. A bill designed to accomphsh this desirable object has passed ^the Senate, been favorably
reported b y the Committee on Interstate and Foreign Commerce of
the Plouse, and is now upon the House calendar.
This bill is heartily approved because its provisions appear to be
vital to the welfare of a branch of the public service engaged in a work
of incalculable importance. The value of the Life-Saving Establishment may ia a measure be comprehended when it is stated that out
of the multitude of persons imperiled in aU the shipwrecks that haye
occurred within its scope during the 43 years since the present system
was inaugurated a smaUer number has been lost than perished in the
memorable mid-sea disaster to the Titanic. This is the more remarkable when it is remembered that the service stations are located at the
most dangerous points on the coasts. The salvage work of the service, moreover, has been scarcely less noteworthy. In point of fact
the value of the property saved by the corps from year to year invariably largely exceeds the cost of maintaining the service.
The LifcrSaviag Estabhshment has long stood at the head of all
kindred institutions, and it is inconceivable that Congress wiU aUow
it to run down and lose its efficiency for want of legislation that alone
will rehabilitate and preserve it.
REVENUE-CUTTER SERVICE.
The foUowing is a summary of the results of the operations of the
Revenue-Cutter Service during the fiscal year 1914:
Lives saved or persons rescued from peril
476
Persons on board vessels assisted
1, 687
Persons in distress taken on board and cared for
487
Vessels boarded and papers examined
28, 787
Vessels seized or reported for violation of law
,..
968 '
Fines and penalties incurred by vessels reported
$204, 310. 00
Eegattas and marine parades patroled in accordance with law
50
Vessels to which assistance was rendered
210
Derelicts and obstructions to navigation removed or destroyed
31
Value of vessels assisted (including cargoes)
$9,056,551.00
Value of derelicts recovered and delivered to owners
^
. . . $145,000. 00
Appropriation for 1914, including appropriation for repairs
$2,479,393. 51
Net expenditure for maintenance of the service, including repairs
$2,472, 631. 97
Estimated unexpended balance
$6, 761. 54
64402°—FI 1914—12
178
REPORT ON THE FINANCES.
The foregoing is a resume of the principal work performed by the
vessels of the Revenue-Cutter Service during the past fiscal year
(1913-14), that is, such work that can be recorded in statistical form.
In its accomphshment there has been actively employed the entire
floating force of the service, consistmg of 25 cruising cutters and 18
harbor vessels and launches.
The weather conditions during the greater part of the year were
about the average, but the months of February and March were
unusually severe along the Atlantic coast, causing much distress
among seafarers, who suffered considerably from the unusual cold.
Many vessels were frozen in and had to be extricated by the vigilant
cutters. As usual, the vessels most affected by the ice conditions
were of the smaller sailiag type, so that while the total number of
vessels assisted during the fiscal year shows a substantial increase
over those assisted during the former year—210 as compared with
179 of the previous year—the total valuations of vessels and cargoes
assisted, owing to the large number of small vessels ia distress,
shows a decrease. This total valuation of property saved during
the fiscal year, however, amounts to $9,201,551, a by no means poor
showing for a service the total cost of maintenance for which during.
the year was $2,472,632; or, ia other words,'for each dollar ia vested
in the Revenue-Cutter Service there was $3.72 worth of the' fioatiag
property belongiag to the public saved from the sea and thus conserved for further use. There were 109 cases of miscellaneous assistance of all kinds where it was impossible to fix any definite sum as
beiag saved; 30 derelicts or other menaces to navigation were recovered or destroyed, and 476 lives saved from jeopardy.
The great variety of the services rendered constitutes an extremely interesting series of marine mishaps. These are extended
over all waters of the United. States and its Territories where
revenue cutters are stationed or which are in reach-of these busy vessels. The entire Atlantic coast from Maine to Texas, the coast of
Porto Rico, the waters of the Great Lakes, the entire Pacific coast,
the territorial waters of the Hawaiian Islands, and of Alaska are
aU included in the operations of the service, and the following are
brief outliaes of some of the more important and interestiag iacidents of rescue work.
One of the most disastrous gales ever recorded occurred on the
Great Lakes November 12-14 last. Much damage was done to
shipping. Among the vessels wrecked was the 3,000-ton steamer
William Nottingham, which went ashore on Parisienne Shoal, Whitefish Bay. The revenue cutters MacTcinac and Tuscarora lent every
assistance possible to float the craft. A large wreckhig derrick, No.
21,Joi:oke adrift from the steamer on the afternoon of December 13
during the gale which then raged^ By desperate efforts the MacTcinac
SECRETARY OF THE TREASURY.
179
managed to get a liae abroad and then towed the derrick to safe
anchorage. As the wind and sea had become violent, the Tuscarora
approached within hailing distance of the Nottingham and found her
crew calliag for help, as they were afraid their vessel would break ia
two before morning. The Tuscarora was then maneuvered near
the bow of the stranded vessel and a line put aboard. By workiag
the engiae and skillfully handling the line the cutter's bow was
kept near the bow of the Nottingham, and at every possible opportunity the shipwrecked men either jumped or were pulled on board.
By dark the rescuers had succeeded in getthig 14 men and 1 woman
ofl the wrecked vessel. November 17, after the cargo had been
lightered, the Nottingham was released from the shoal and proceeded
to the Soo under her own steam.
On last New Year's eve the revenue cutter Miami, while searching
for derehcts ia the Gulf of Mexico, sighted a large three-masted
, schooner with the fore trysail set and apparently in distress. Upon
coming alongside she was found to be the schooner Cheslie, of Parrsboro. Nova Scotia, bound from Moss Point, Miss., to Habana, Cuba,
and in need of assistance. She had encountered the terrffic gale
which devastated shipping in the Gulf on Christmas Day. Her
headsaUs and jibboom were carried away, deckhouse wrecked, and
her deckload of heavy timber washed overboard. The shifting
deckload smashed her bulwarks and caused her seams to open up.
She fiUed with water^ in a short time, but the nature of her cargo
kept her afloat. I n addition to aU these misfortunes her provisions
and water were exhausted. A quantity of meat, bread, and fresh
water was put aboard the distressed vessel and she was towed to
Key West. Part of the crew had also muthiied and refused to work.
These men were removed from the vessel to the revenue cutter, and
when the schooner, was safely anchored at Key West the mutinous
meinbers of the crew were turned over to the authorities.
THie three-masted schooner Thomas Winsmore on January 4, 1914,
was in a predicament where the services of a revenue cutter were
needed about as badly as ever happens. In a stiff westerly gale, with
both anchors down and dragging on a lee shore, rolling heavily ia a
cross sea, deck load shifted, and 5 feet of water in the hold, it seemed
that this schooner's end was close at hand. In addition to aU these
troubles, the captain feared that his crew would mutiny. Fortunately,
the revenue cutter Seminole observed the phght of the schooner and
went immediately to her assistance. An attempt to shoot a dine on
board the distressed vessel proved futile, owing to the high wind.
The sea was too rough to lower the surfboat, but by a hberal use of
oU the cutter was enabled to get a 4-inch hue on board, by means of.
which a 10-inch hawser was secured to the schooner. I n a short time
the unfortunate vessel was towed to safe anchorage and arrangements
180
REPORT ON THE FINANCES.
were made to send an armed boat's crew to assist the master of the
schooner in the event that his crew should again become mutinous.
I n January last the revenue cutter Woodbury picked up a caU of
distress from the British steamer Cobeguid, which had gone ashore on
the bleak coast of Nova Scotia in a snowstorm. After a most hazardous trip across the mouth of the Bay of Fundy the Woodbury
arrived at the scene of the wreck only to find t h a t the crew and passengers of the wrecked steamer had been taken off' a few hours "previously by a Canadian steamer. On the return of the Woodbury,
January 16, 1914, she picked up a radiogram stating that a schooner
was in distress 8 miles south of Matiaicus. By aid of the searchhght
a large four-masted schooner, which turned out to be the Northland,
of 2,046 tons, was observed drifting with some of her sails blown away,
others spht, booms adrift, leaking badly, and with all 12,of her crew
suffering so severely from frostbites that they were unable to work.
The Woodbury put four of her own crew aboard the distressed vessel
and, after securing the loose sails and spars, ran a fine to her and
proceeded to Rockland Harbor, where she was safely anchored.
During the month of January, owing to storms and ice in Chesapeake Bay, a. large number of smaU oyster and fishing vessels were
in distress. The revenue cutter Apache did her utmost to reheve
these vessels wherever she could. As a result of her efforts not less
than 15 vessels were assisted or saved from destruction during that
month. The commanding officer in reporting^ on the work stated
that the most satisfactory feature of his efforts was that the property
saved belonged to citizens of hmited means, who, in most cases> could
not afford the charges of salvage and would have been otherwise
obhged to abandon their property, their sole means of hvehhood.
On May 17, 1914, the Seneca picked up a steamer's boat at sea.
This belonged to the wrecked steamer Columbian, and in it were four
men, the only survivors of 15 of the crew who had escaped in the boat.
Eleven had succumbed to cold and hunger, and when the four survivors were taken aboard the cutter they were in a pitiable condition,
having had nothing to eat for several days except a few cracker
crumbs and pieces of shoe leather. By prompt medical assistance
and the gradual administration of food the lives of aU four men were
saved.
Removal of derelicts.
The work of searching for and removing dangerous derehcts and
other menaces to navigation was vigorously prosecuted during the
past year. Probably no task accomphshed by the Revenue-Cutter'
Service affords greater security to the marine interests of the country, as weU as to aU travelers by sea, than the work performed in this
important field. Before this matter was taken up systematicaUy by
the Revenue-Cutter Service, steamship masters had constantly in
SECRETARY OF THE TREASURY.
181
mind the danger of their vessels striking these lurking obstacles to
safe navigatian. During the year 30 derehcts scattered widely over
the navigable waters adjoining our coasts, but principally on the
Atlantic seaboard, were destroyed or removed. The total valuation
of the derehcts which were towed in and restored to the owners
amounted to the not inconsiderable sum of $145,000o
The foUowing iacident will serve to iUustrate the work of the
Revenue-Cutter Service in removiag derehcts from the paths of navigation. From October 11 to 22, 1913, the Androscoggin searched
for, located, and towed into Boston, Mass., the derehct steamship
Templemore, 6,200 tons burden, which, having caught fire, w^s
abandoned by her crew and aUowed to drift in the lanes of transAtlantic traffic. The blazing vessel was sighted on October 13, b u t
owing tp the rough sea, it was impossible to board the derelict until
the following morning. Boats from the cutter then went alongside
and, by means of grapnels thrown over the rail of the burning vessel,
the men climbed on board and made lines fast to the bitts on her
quarter, the bow of the vessel beiag too hot to approach. With her
awkward and almost unmanageable tow the Androscoggin started
slowly ahead in the direction of Boston. At times it was possible
to make a speed of only 2 knots per hour, and during a northerly
gale which sprang up on the 17th a distance of only 5 miles was
made in 12 hours. In spite of the most trying chcumstances, of
gales and fogs, the Androscoggin finaUy succeeded ia entering Boston
Harbor and turned the wreck over to the underwriters on October 22.
This is undoubtedly the largest derelict ever towed;into port, and
as two steamships had attempted to tow the burning vessel before
the revenue cutter picked her up and had abandoned the task
much credit is due the officers and men of the Androscoggin for the
successful termination of their perseveriag efforts.
Ice patrol.
The patrol of the North Atlantic for the purpose of giving transAtlantic steamers approachiag the regions traversed by the ice in
the spriag and summer months timely warniag as to the exact location of dangerous bergs and fields of ice has been contiaued. During
the seasons of 1912 and 1913 this ice patrol was maiatained by the
United States alone, b u t during the season of 1914 the patrol assumed
an iaternational character. The international convention for the
safety of life at sea, signed a t London, provided among other things
for the establishment and maintenance of an international service
of ice observation and ice patrol, the expense to be borne by the
severaP maritime nations interested, and the United States was
invited, under the convention, to undertake the management of the
service. This convention, when ratffied, wiU not go into effect until
182
REPORT ON THE FINANCES.
.
July 1, 1915, and if the organization of the international service
were deferred until after that date' it would result ia the ice seasons
of the years 1914 and 1915 not being covered by this patrol. Because
of this fact, the Government of Great Britain, under date of January 31, 1914, inquired, on behalf of the various powers interested,
whether the United States would be disposed to commence the new
international service as early as, possible ia the month of February,
1914, and in accordance with this international deshe the President
directed, on February 7, that the Revenue-Cutter Service at once
undertake the task.
The Seneca sailed from New York February 19, 1914, to investigate
the ice conditions preliminary to the commencement of the regular
patrol. This investigation was continued until April 1; 1914, when,
the icebergs and fields having advanced to the southward so as to
threaten to encroach upon the steamship lanes, the ice patrol proper
was begun, and the ilfmmi left New York April 4 to join the Seneca
in this duty. Using the port of Halifax, Nova Scotia, as a base for
coal and supplies, these two vessels made alternate cruises of 15 days
in the ice danger zone and maintained a continuous patrol during
the months of April, May, and June, 1914. At the end of this
period reports from the vessels. indicated that the icebergs and ice
floes had ceased t o be a menace to the trans-Atlantic steamer lanes,
and the patrol was discontinued as no longer necessary this season.
Protection of the fur seal.
An efficient patrol of the Bering Sea and North Pacific Ocean was
maintained as usual in the enforcement of the convention entered
into by the United States, Great Britain, Russia, and Japan for the
preservation of the fur seal and sea otter. The patrol for the present
season began in May, 1914, and is still in operation. The cutters
employed in 1913 were the Tahoma, Manning, and Unalga. The
same vessels have been employed during the months of May and
June of the present year 1914. In addition to the patrolling of the
vessels, three temporary shore stations have been established a t
Attn, Kiska, and Korovin Bay in the Aleutian Chain. Each of
these stations was in charge of a warrant officer of the RevenueCutter Service, who was charged with the duty of keeping close
watch on the various bays and harbors wherein pelagic sealing
vessels have in the past entered and obtained fresh water. Throughout the enthe season no pelagic sealing vessels were observed.
Enforcement of navigation, anchorage, and other laws.
Twenty-eight thousand seven hundred and eighty-seven vessels of
all descriptions were boarded and examined during the past year in
the enforcement of customs, navigation, and motor-boat laws.
SECEETARY OF a?HE TREASURY.
18S
This represents an increase of 3,708 over the number of yessels
examined during the preceding fiscal year. Greater activity has
been required omng to the constantly increasing number of motor
boats which come within the requirements of the law. Of the
total number of vessels boarded, 968. were reported for violations, as
against 850 during, the preceding year. Fines to the amount of
$204,310 were incurred by these vessels for violations of the various
laws, as compared with $180,470 during the preceding year. This
does not mean that this total sum was collected from the offenders, as
the Department of Commerce has the ultimate decision as to the
collection of the fuU amount of the penalties, and in many cases,^
owing to mitigating circumstances, these fines are reduced. It
may be noted in this connection that the owners of \;^essels, as a
general rule, are anxious to comply with the laws, and most cases of
violations have been due either to ignorance of the requirements of
the law or to carelessness on the part of employees.
The anchorage laws governiag the harbors of New York and Chicago
and the Kennebec River have been rigidly enforced, as usual. The
Manhattan and Guide performed this duty in New York Harbor, and
the launch Patrol was on similar duty in Chicago Harbor. The
anchorages in the Kennebec River were supervise^ at such tunes as
the cutters Androscoggin and Woodbury were in that vicinity. In
view of the great satisfaction which the enforcement of these anchorage laws gives to shipping interests of all kinds, attention is again
iavited to the recommendations made heretofore that these laws be
extended to all the large seaports of the cbuntry. Legislation looking
toward this object is now pending before Congress, and it is earnestly
hoped that the same be passed. The pending legislation places the
responsibility of enforcing the anchorage laws upon the RevenueCutter Service and the United States Corps of Engineers, acthig in
cooperation, as these services have now the personnel and equipment
for the preparation and enforcement of such regulations as are
necessary.
The revenue cutter MacTcinac and the two launches detailed to
work with her continued the highly important duty of regulating the
movements of vessels through the St. Marys River, Mich., during the
past fiscal year. The period of navigation through this important
thoroughfare lasted practically from April 19, 1913, untU the close of
navigation on December 15. During that time a total of 19,610
vessels passed through the waterways. These vessels aggregated
79,718,344 net tons, or an increase of over 7,000^000 tonsmore than
the traffic passhig through during the previous year. The enormous
volume of the marine traffic handled in this manner in a period of less
than 8 months is best Ulustrated by compariag it with the traffic
through the Suez Canal for a period of 12 months, the latter totaling
184
REPORT ON THE FINANCES.
only 20,275,120 net tons. Duriag the enthe season there were but
44 cases of irregularity or violations of the St. Marys River rules, as
opposed to 79 cases of similar irregularities duriag the season of 1912.
In 6 of these cases reports were made, and in the remaining 38 cases
written warniags were issued to the -masters. There seems to be a
general disposition on the part of masters and vessel owners to regard
closely the rules and to cooperate in carryiag them out. In the past
three years, owing to the rigidity of the rules and the cooperation of
aU concerned, there has not been a serious blockade of any kind.
Nevertheless, it is impossible to tell at what moment a blockade may
occur, and it is therefore necessary for the officer ia charge to keep in
constan-t touch with the situation and to permit no relaxation in the
enforcement of the rules.
At the request of the Secretary of Commerce, vessels or officers
were detailed in 50 instances to enforce the regulations for the safety
of life during regattas or marine parades.
Life-Saving Service.
During the past year the usual number of 10 officers has been detailed to the Life-Saving Service as inspectors. The chief inspector
is a senior captain of the Revenue-Cutter Service with headquarters
at the Treasury Department. He has general supervision over this
work and has nine assistants who are assigned to the various districts
of the Life-Saving Service. As usual, a rigid inspection of all stations
has been made and reports of the same have been transmitted to the
General Superintendent of the Life-Saving Service. I n addition,
these assistant inspectors have acted as drillmasters at the yarious
life-saving stations in their respective districts, and as high a degree
of efficiency in drill has been maintained as the depleted crews of
many of the stations would permit.
Many recommendations have already been made to Congress regarding the advisability of consolidatiag the Revenue-Cutter Service
and the Life-Saving Service and merging them into a new organization
to be known as the "Coast Guard." There is a consensus of opinion
amoiig all parties interested that this will add greatly to the efficiency
of these humanitarian branches of the Government. A biU to bring
about this desired legislation has passed the Senate and has been
reported favorably by the House Committee on Interstate and
Foreign Commerce, and it now awaits action by the House of Representatives. I t is earnestly hoped that during this current fiscal year
a consummation of this matter along the lines iadicated in the biU
will be brought about. There is no doubt but that greatly increased
efficiency wUl result.
SECRETARY OF THE TREASURY.
185
Special cruises.
At the request of the State Department in December, 1913, the
Algonguin received on board a party of officials at San Juan, P. R.,
and transported them to various places in Santo Domingo, where tbey
had been detailed to assist the Amefican minister in acting as observers to the elections which were to be held in that Republic. In performing this special cruise the Algonquin steamed a distance of 1,738
miles.
At the request of the War Department the Algonquin on June 24,
1914, again made a special cruise to Santo Domingo to.bring back
destitute Porto Ricans from Puerta Plata. On the morning of the
26th an armed detail was sent ashore from the cutter to bring the
refugees and their baggage on board. During the embarkation they
were under a constant fire from the Borda camp, which was engaged
in a sphited exchange of shots with the Legalistas, but all of the
refugees, which included 9 Americans and 33 Porto Ricans, were taken
on board in safety and conveyed to San Juan. Owing to the hostilities taking place in Santo Domingo, the inhabitants were on the verge
of famine. .
Early in November, 1913, the governor of Alaska, through the Secretary of the Interior, reported that a measles epidemic was raging
among the natives on Kodiak and Afognak Islands; that there were
110 cases at Afognak Village, and that 13 deaths had already resulted
at Karluk and Kagnak. As the Territory had no funds, and many
persons were destitute, he urged that a revenue cutter be dispatched
to the vicinity, carrying physicians and medical supplies. I n accordance with this request the Tahoma WSLS at once ordered to make this
trip to Alaskan waters. She carried with her an officer of the Public
Health Service, medical supplies, and a quantity of other supplies
donated by the Red Cross Society. In spite of the bad weather and
gales encountered, the trip was successfully made and much relief
rendered these stricken people.
The Bear made her annual cruise to the Bering Sea and Arctic
Ocean, leaving Seattle on May 12, 1913, immediately after receiving
a large consignment of the United States mails for delivery at Nome
and St. Michaels. Owhig to fortuitous conditions of weather and
ice it was unnecessary to convoy the usual fleet of merchant vessels
which make their first trips to Nome at this season of the year, and
the Bear arrived at that place at 3 a. m. on June 2, an unusually
early date for reaching that port. Proceediag to St. Michaels the
following day heavy ice was encountered in St. Michaels Bay, which
delayed the cutter's arrival at that port until June 4, when the maU
was deliviered. From that d a t e until August 4 the Bear remaiaed in
186
REPORT ON THE FINANCES.
the vicinity of Nome, making occasional cruises to St. Lawrence
Island and the coast of Siberia and to Other poiats in the interests
of the Bureau of Education, and also for rendering aid to several
merchant vessels reported to be ia distress. On the cruise Jio Point
Barrow very heavy ice was enpountered, and after an extremely
difficult passage the destination of the cutter was finally reiached,
although on several occasions she was so beset by the ice as to make
her position perilous. As a matter of fact the Bear was the only
Vessel which went into the Arctic Ocean last season which succeeded
in getting out in safety. Early in October a fierce gale wrought
great harm to property in Nome, and the Bear, then at Unalaska,
proceeded at oace to the former city to render such assistance as
was possible. A large party of destitute natives was taken to their
honaes on King Island and at Diomede and Prince of Wales. A
party of 39 destitutes were also conveyed from Nome to Seattle, as
the devastated condition of Nome after the storm made it necessary
that these unfortunates be taken elsewhere. The entire northern
cruise covered a distance of 13,053 miles.
The Department of Justice, .as in former years, requested the detail of a revenue cutter for the purpose of carryiag a United States
judge and other court officials to remote places along the Alaskan
seaboard, which can not be reached by regular means of transportation. The Thetis was detached from the Honolulu station and proceeded to Alaskan waters to serve the unique fiinction of constituting a floating United States court duriag the summer season.
New vessels and repairs. Considerable relief has been afforded by the passage of a bill providing for the construction of new vessels to be stationed at Mobile,
Ala., and Portland, Me., respectively. Anticipating that Congress
would listen to the urgent. appeals of the department for new vessels, plans and specifications had been prepared in advance by the
technical officers detailed at headquarters, and at this writing the
contract has been awarded to the lowest bidder and the actual construction of the two vessels authorized has been begun. WhUe it is
regretted that Congress did not see fit to authorize the other two
cutters, one for the coast of California at a cost of $350,000, and the
other for the harbor of New York, at a cost of $110,000, which have
been strongly recommended heretofore, it is hoped that these two
wiU be provided for at the next session. The necessity for these
two new cutters is, of course, greater now than when originally recommended. The absence of a new vessel from the Pacific coast to replace the Perry, lost in the Bering Sea in 1910, makes it impossible
to have a first class vessel on the coasts of California and Oregon
SECRETARY OF THE TREASURY.
187
during the entire summer season, as the necessities of the Beriag
Sea patrol and other duties in Alaska during those months make it
imperative to withdraw all cruising vessels from the Pacific coast
to perform these more urgent duties. Maritime interests on that
coast have lodged frequent complaints of the absence of these cutters
at that time, and it is therefore agaia urged that Congress make provision for the construction of this much needed vessel. Time has
not improved the ,old anchorage patrol cutter Manhattan, and she
is now barely able to perform one-half of the regular duty which a
new vessel could reasonably be expected to perform. Supervision
of the anchorage of vessels ia the great port of New York is a most
important duty, and it can not be efficiently performed by this
antiquated and unseaworthy craft. My original recommendation
for the cost of a new vessel for this duty was $100,000. Duriag the
severe weather of the past winter there were a number of appeals from
the commercial interests ia the vicinity of New York for a vessel to
open up channels through the ice, as shipping was much hampered
by the frozen channel ways. In order that the new vessel may be
able efficiently to perform this important work it is recommended
that the appropriation be increased to $110,000, which wiU insure
the construction of a craft fit to cope with the ice in that section of
the country. '
~
Repairs to the various vessels of the service have been made during
the past fiscal year to the extent permitted by the available appropriation. The McCulloch has been reboUered and otherwise extensively repaired at the Mare Island NaVy Yard. During the progress
ofthe repairs it was found feasible to install in this vessel tanks to
carry about 500 barrels of oil. This is in addition to the coal supply.
carried in her bunkers, and arrangements are made so that she may
be transferred from oil burning to coal burning, or vice versa, in a
very short time. By this means her cruising radius has been increased
over 1,000 miles, thus adding greatly to her efficiency, and the vessel
is able to cover her ordinary cruising district with oil fuel alone.
During thefiscalyear the work of reboUering the Seminole was begun
and, by the adoption of water-tube boilers, it was found possible to
increase her otherwise limited coal capacity about 25 per cent. Extensive repahs were also made to the MohawTc at the service depot.
It is hoped that duriag the current fiscal year one other of the firstclass vessels can be given similar extensive repahs. In order to keep
the fleet in good condition it wiU be necessary hereafter to make
extensive repahs to at least two of the larger vessels every year.
The probability of a permanent supply of fuel oil on the Pacific coast
at reasonable cost makes ifc advisable to adopt oil fuel for vessels in
these waters as rapidly as the hmited means at hand Will permit, and'
188
REPORT ON THE FINANCES.
attention will be given this important matter at as early a date as
practicable.
During the past year, owing to the great improvement in radio
apparatus, it has been found necessary to equip five of the larger
vessels with the latest type of this now indispensable apparatus.
Such sets are more expensive than the origiaal equipment with which
these vessels were fitted, but the obsolete radio installations on other
cutters will be replaced with modern mechanism as rapidly as the
available appropriation will permit.
Service depot in AlasTca.
Attention is invited to the recommendation made last year for a
permanent depot at Dutch Harbor or Unalaska as a base for the
operations of the Revenue-Cutter Service, as well as for other maritime services of the Goverhment, in Alaskan waters. The developments of this Territory each year make it more and more important
that a depot of this kind be established to facilitate the work of various branches of the Federal Government. I t was pointed out in
my last annual report that such a station in Alaska would effect an
annual saving of $18,000 for the Revenue-Cutter Service alone.
Since the adoption of oil for fuel in one of the large cruising cutters
it has been demonstrated that a larger saving could be made by
having oil fuel stored ih quantities at a depot such as proposed. As
a matter of fact, the providing of facilities of this kind would make
it advisable to fit aU the vessels of the patrol fleet with oil-burning
apparatus, as the impossibility of obtaining fuel of this kind in Alaskan .
waters has been a leading factor in preventing the installation of oil
apparatus on those vessels.
Saving of life and property on interior navigable waters.
The recommendation of last year as to the advisability of asking
Congress for authority to construct and maintain three light-draft
revenue cutters for service on the Ohio and Mississippi Rivers and
their tributaries-for the purpose of saving life and property during
times of flood is repeated. Owing to fortuitous circumstances those
great inland waterways were not subject to the usual devastating floods during the fiscal year just closed, but the records of the
past show that these disasters are liable to occur at any time, and
there is no question but that three vessels, such as previously recommended, would be of the greatest value in the conservation of life
and property in times of stress. Further, there is undoubtedly a
larger field of usefulness for these cutters in the proper enforcement
of the navigation laws and the inspection and regulation of the vast
number of motor boats which has sprung up on these interior waters.
SECRETARY OF THE TREASURY.
189
as well as for the patrol of the numerous regattas for the protection
of tne lives of the spectators. Each year the requests for governmental supervision of these events under the existing laws are more
and more numerous, and it is impossible to meet the demands upon
the service with the limited facilities at hand. Aside from the
utihty of the proposed new revenue cutters in connection with rescue
work in times of flood, there is sufficient routine work in connection
with the regulation of traffic and enforcement of the navigation and
motor-boat laws to "warrant their continued maintenance in these
waters.
New cutter for the Panama Canal and vicinity.
The opening of the Panama Canal and the expected confluence of
a considerable proportion of the mariae traflic of the world to this
important thoroughfare makes it, in my opinion, highly essential,
that a first-class revenue cutter should be constructed for duty at that
point. ' There will undoubtedly be many instances where assistance
to vessels in distress, such as is now rendered by the revenue cutters
along our coasts, will be necessary, and many of the vessels using the
canal will be under the American flag. In addition, all vessels should
be boarded and examined from time to time in order to see that they
are properly documented and are complying with the navigation laws.
A ffi'st-class revenue cutter capable of efficiently performing these
duties will cost $350,000, and it is recommended that Congress be
asked to make the necessary authorization and appropriation for
such cutter.
Appointment of cadets.
The provisions of the last sundry civil bill, which increased the
number of cadets from 7 to 14, carried out the program which Congress
had vhtually agreed upon and keeps the recruiting of the commissioned personnel of the service on a satisfactory basis. I t is
recommended that this program be completed during the current
year, and the appointment of 21 cadets be authorized for the fiscal
year 1916, and that thereafter the total number of cadets allowed
be not increased until such time as the demands of the service may
require a greater number. During the past fiscal year the name of the
School of Instruction hsis been changed to the Revenue-Cutter Academy.
This appellation is much more in consonance with the standing of
this institution for the education of the cadets. The term of service
of engineer cadets has been increased from six months to one year,
as it is found that the latter period is none too long for the proper
preparation of this class of officers for the efficient performance of
their duties on shipboard..
190
REPORT ON THE FINANCES.
Line officers for engineering duty.
Owing to the large number of vacancies in the Engineer Corps, it
has been found necessary from time to time to detail certain third
lieutenants of the line to engineeriag duty. I n addition to the instruction in engineering which they received at the academy while
cadets, each third lieutenant detailed for active engineering duty
has been required to serve a probationary term under iastruction from
the regular enghieer officers attached to the vessel until such time
as he becomes sufficiently proficient to assume the responsibihty of a
regular engineering watch. Line officers thus detailed have, in
nearly every instance, entered upon these additional duties with
commendable zeal ahd shown such ability as to win the unstinted
approbation of the engineer officers with whom they have served.
The success of this plan has added much to the efficiency of the commissioned personnel because of the interchangeability of duties it
permits, and if the degree of success continues to obtain along these
lines it may be found advisable to require all junior officers to
qualify for duties both on deck and in the engine room.
DIVISION OF LOANS AND CURRENCY.
Public debt transactions.
Changes in interest-bearing debt of the United States:
Amount outstanding June 30, 1913
Postal savings bonds, fifth series, dated July 1, 1913
Postal savings bonds, sixth series, dated Jan. 1, 1914
$965, 706, 610
1,116, 880
1,129,-820
'.
Amount outstanding June 30, 1914
967,953,310
Interest on public debt.
Interest amounting to $21,205,670.85 on registered bonds of the
United States became due, involving the issuance of 133,349 checks.
Ninety-seven duplicate checks were issued.
Insular and District of Columbia loans.
The following table shows the changes in these loans:
PhUippine
Islands.
District of
Columbia.
$16,125,000
Amount outstanding June 30,1913
Increase.
'
:
^
Decrease.
.•
:
Amount outstanding June 30,1914
Porto Rico.
'
.
$1,525,000
700,000
$7,610,850
16,125,000
2,225,000
6,955,850
•..
655,000
191
SECRETARY OF T H E TREASURY.
Interest on the above loans amounting to $945,367 became due and
was certified to the Treasurer for payment.
Circulation.
The changes in the amounts of the several kinds of money in the
United States outside the Treasury between July 1, 1913, and July 1,
1914, and the amounts in circulation October 1, 1914, are shown in
the table following:
Comparative statement showing the changes in circulation.
In circulation-
$611,544,681
70,300,485
159,965,698
1,026,149,139
478,601,977
2,427,763
337,845,647
715,180,037
I n circulation
Oct. 1,1914.
$657,944,193
70,724,311
161,565,114
931,390,259
482,892,121
2,388,789
336,974,240
1,050,869,169
J u l y 1,1914.
Gold coin
.$608,400,799
S t a n d a r d silver dollars
72,127,193
S u b s i d i a r y silver
154,458,070
Gold certificates
, 1,003,997,709
Silver certificates
469,128,592
- T r e a s u r y n o t e s , a c t of J u l y 14,1890.
2,656,670
U n i t e d - S t a t e s notes
,
337,215,180
N a t i o n a l - b a n k notes
.',
715,754,236
Increase.
$3,143,882
Decrease.
J u l y 1,1913.
Total
N e t increase.
3,363,738,449
3,402,015,427
$1,826,708
5,507,628
22,151,430
9,473,385
228,907.
630,467
"574," i99'
2,629;814
40,906,792
38,276,978
3,694,748,196
National currency associations.
At the date of the last report (Nov. 1, 1913) 20 national currency
associatioas had been formed and approved by the department, with
338 member banks having an aggregate capital and surplus of
$676,385,220.. An association was formed at Pittsburgh in December, 1913, and 22 associations have been forraed and approved by
the department since August 1 of the present year. Accordingly
there are at this time, September 30, 1914, 43 associations with 1,936
member banks having an aggregate capital and surplus of $1,162,657,901. The National Currency Association of Central New York,
with headquarters at Syracuse, has been formed, but the organization
papers have not yet been presented to the department.. ..Associations are being formed in the States of Maine and Vermont. The
State of Wyoming remains unattached. The territory of practically
every association has recently been extended, until at this writing,
except in the three States noted above, it may be said that every
national bank in the United States is located, in the territory of a
a ational currency association and if it has the necessary qualifications is eligible for membership.
192
REPORT ON THE FINANCES.
The followmg table shows the status of the national currency
associations on September 30, 1914:
No.
Date of
approval.
Association.
Washington, D.C
City of New York. -.
City of Philadelphia
State of Louisiana
City of Boston
Georgia
City of Chicago
St. Louis
The T\vin Cities, St. Paul, Minn
City of Detroit
Albany. Rensselaer, and Schenectady
Counties, N . Y .
Kansas City and St. Joseph, Mo
City of Baltimore, Md
Cincinnati, Oliio
Dallas, Tex
Alabama
.Denver, Colorado Springs, and Pueblo
Los Angeles, Cal
Louisville, Ky
:
San Francisco, Cal
Pittsburgh, Pa
Cleveland, Ohio
Indiana
Richmond, Va
1
Buffalo of Western New York
North Carolina
Iowa
Omaha
State of Washington
Central Illinois
South Carolina
Northeastern Pennsylvania..
Fort Worth, Tex
Houston
Rochester, N . Y
Northern New York
City of Milwaukee
Rhode Island
Oregon
State of Connecticut
San Antonio, Tex
Florida
New Hampshire
Number
of banks.
July 18,1908
July 30,1910
Aug. 9,1910
Aug. 18,1910
Sept. 15,1910
Sept. 16,1910
Oct. 14,1910
Oct. 31,1910
....do
Nov. 28,1910
Dec. 12,1910
Dec. 14,1910
Dec. 20,1910
Dec. 22,1910
Jan. 9,1911
July 8,1911
Nov. 15,1911
Apr. 18,1912
Aug. 25,1913
Sept. 5,1913
Dec. 9,1913
Aug. 6,1914
Aug.^ 8,1914
Aug. 12,1914
Aug. 13,1914
Aug. 17,1914
Aug. 18,1914
do
Aug. 19,1914
Aug. 20,1914
Aug. 21,1914
Aug. 22,1914
Aug. ,24,1914
do
do
do
Aug. 26,1914
Aug. 29,1914
Aug. 31,1914
do
Sept. 9,1914
do
Sept. 14,1914
Total.
12
40
57
43
09
91
12
34
29
15
25
36
22
80
278
71
10
63
41
15
34
26
. 20
48
36
58
IfiO
18
12
12
47
12
152
41
20
12
18
12
15
42
•37
29
26
1,936
Capital.
$6,752,000
114,750,000
30,180,000
9,385,000
39,260,000
14,870,000
43,100,000
24,605,000
17,775,000
9,325,000
5,350,000
11,315,000
11,495,710
26,445,000
24,735,000
9,565,000
4,900,000
11,285,000
14,195,000
30,700,000
32,225,000
16,210,000
9,225,000
12,795,000
10,043,000
7,820,000
13,850,000
6,700,000
6,850,000
3,150,000
6,960,000
• 4,235,000
12,680,000
7,850,000
3,550,000
4,225,000
8,500,000
5,420,000
6,525,000
15,344,200
4,720,000
4,255,000
3,325,000
666,444,910
Surplus.
$5,128,000
126,835,000
47,888,000
6,187,865
28,174,000
9,845,500
26,690,000
11,588,500
13,290,000
5,300,000
• 5,276,000
5,848,000
8,267,210
14,166,500
13,506,200
6,205,800
4,942,500
4,648,000
6,655,000
18,220,000
24,792,500
8,886,500
4,135,000
9,129,500
8,443,500
3,220,750
6,760,333
4,021,000
. 2,315,000
2,000,000
2,525,800
6,275,000
6,414,083
3,666,950
3,007,700
3,275,0004,335,000
4,390.000
3,130,000
9,686,800
2,370,500
1,940,000
2,830,000
496,212,991
Paper custody.
The following table shows the paper handled during the year:
On hand
July 1,1913.
Distinctive paper for United States securities
and national-bank currency
Internal-revenue paper
Postage-stamp paper
Check paper.
United States bond paper
Parchment, artificial parchment, and parchment deed
Postal-savings cards..:
,
Customs-stamp paper
Miscellaneous papers
Received
from
contractors.
Sheets.
2,046,346
6,619,000
4,467,694
1,297,395
923,565
Sheets.
100,772,000
78,846,000
28,218,800
1,708,267
Sheets.
91,339,995
79,713,000
30,042,561
11,940,916
55,165
Sheets.
11,478,351
5,752,000
2,643,933
1,064,746
868,400
225,505
156,126
• 951,045
234,256
168,618
187,213
309,584
301,673
206,910
156,126
641,461
' 357,879
391,199
70,562
66,560
692,016
153,018
184,476
204,418,428
24,199,316
Issued to
On hand
bureau, etc. June 30,1914.
PHILIPPINE ISLANDS P A P E R .
Distinctive paper for silver certificates
Postage-stamp paper
Internal-revenue and check paper...:
Total
1,083,215
223,580
251,036
18,478,763
210,138,981
1 514,553 sheets issued to Division of Printing and Stationery.
193
SECRETARY OF T H E TREAS;URY.
The following, is a statement of United States securities, nationalbank notes, internal-revenue stamps, and postage stamps received,
count verified, and destroyed during the fiscal year 1914:
Description.
Sheets.
United States currencv redeemed
Internal-revenue stamps redeemed
National-bank notes redeemed i
United States securities mutilated..
National-bank notes mutilated
Internal-revenue stamps mutilatedPostage stamps mutilated..
Refunding certificates redeemed
Bonds, obsolete, destroyed
National-bank notes retired i
Staraps.
'...
1,658,018
3,581,982
545,600
1,879,640
9,556,000
135,255,400
924,593,000
16,521
15,579,743 • 1,061,506,418
Totals
Value.
Notes.
292,400,000
49,915,110
14,327,928
2,182,400
46
2,829,313
361,654,797
•
$941,918,600
2,580,510
461,590,617
460
7,678,920
26,852,200
1,440,621,307
1 Received by committee, but count not verified.
PUBLIC MONEYS.
The monetary operations of the Governmeat have been conducted
through the Treasurer of the United States, nine subtreasury ofiices,
the treasurer of the' PhUippiae Islands, the American Colonial Bank
of Porto Rico, and 1,679 national-bank depositaries. The amount of
public moneys held by the bank depositaries on June 30, 1914,
including funds to the credit of the Treasurer's general account.
United States disbursing officers, and money in transit, was
$99,954,724.57, an increase of $23,691,109.51 since June 30, 1913.
On June 30 there were 961 regular and 622 temporary depositaries,
138 were designated during tbe year, and 96 discontinued.
On November 1, 1914, the total number of depositaries was 1,558
and the amount held by them was $72,597,116.76.
DIVISION OF BOOKKEEPING AND WARRANTS.
The fiscal transactions recorded in this division during the year
ended June 30, 1914, were as follows:
The books of the division have carried open receipt and appropriation accounts during the year to the number of 7,300, which have
been charged and credited with all warrant entries affecting the
receipts and disbursements.
Approximately 7,400 active accounts of collecting and disbursing
officers were carried in the current personal ledgers of the division,
recording their transactions as to deposits of pubhc moneys and
expenditures made from moneys advanced to them.
A total of 103,029 receipt and *pay warrants, aggregating
$4,035,657,549.86, was issued during the year. Of this number
30,616 were for the receipt of moneys into the Treasury, and 72,413
for disbursements from the Treasury.
Of the above sum, warrants in the amount of $1,519,737,147.68,
representing receipts of $757,694,389.21 ahd disbursements of
64402°—FI 1914
13
194
REPORT ON T H E FINANCES.
$762,042,758.47, including pubhc debt items, were credited and
charged, respectively, to the general fund of the Treasury; warrants
representing $2,149,069,300 were issued for pubhc-debt receipts and
redemptions not affecting the general fund of the Treasury, the
moneys involved being held for the redemption of certificates and
notes for which the funds are respectively pledged; and warrants representing $366,851,102.18 were issued for adjustment of appropriation accounts, largely for the naval ^'General account of advances.''
The following table exhibits the totals of the receipts and disbursements of the year for the general fund:
Receipts.
$734,673,166.71
23,021,222.50
Total
Excess of receipts
(-1-) or of disbursements (—).
$700,254,489.71
34,826,941.76
26,961,327.00
757,694,389.21
Ordinary
Panama Canal
Public debt.
Disbursements.
762,042,758.47
-l-$34,418,677.00
— 34,826,941.76
— 3,940,104-. 50
— 4,348,369.26
This shows a surplus of ordinary receipts over ordinary disburse-ments of $34,418,677 and an excess of all disbursements over all
receipts of $4,348,369.26, taking into account public debt transactions
and payments from the general fund of the Treasury during the year
of $34,826,941.76 for the Panama Canal without sales of bonds'.
State bonds and stocTcs owned by the United States.
The following statement shows the nonpaying State bonds and
tocks, formerly in the Indian trust fund, now in the Treasury,
belonging to the United States:
Principal.
Interest
coupons due
and unpaid.
Louisiana .
North Carolina
Tennessee
.•
$37,000.00
58,000.00
335,666. 661
$17,220.00
88,140.00
157,830.51
Total
430,666.66i
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.
Three hundred and sixty-eight persons were arrested for counterfeiting during the year. Note counterfeiters were quite active, 24
new issues and 1 reissue being discovered in circulation, but the loss
to the public resulting from these enterprises was minimized by the
arrest of the criminals and the seizure of their plants soon after the
appearance of the first bill. The seizure of counterfeit notes in con-
SECRETARY OF THE TREASURY.
195
nection with these arrests swelled the total of this spurious currency
to $44,412.70, double that of the year before. Counterfeit coins to
the amount of $22,319.42 were taken out of circulation or captured
from the makers. One hundred and fifty-four plates, 4 dies, 152
molds and a great quantity of tools and materials used in counterfeiting were seized.
From one ambitious note maker 68 plates for 9 different counterfeit notes were captured. Another extensive counterfeiting conspiracy, suppressed in its infancy, contributed 25 plates and resulted
in the arrest and conviction of seven persons.
Vigorous warfare was waged against ''fake" secret-service operatives;. 19 of them were arrested for perpetrating more or less serious
frauds by the false representation of secret-service employment.
DIVISION OF PRINTING AND STATIONERY.
Printing and binding.
'' '
The appropriation for public printing and binding for the Treasury
Department for the fiscal year 1914 was $340,000. Extraordinary
demands for printing caused the department to ask for a deficiency,
and $20,000 was granted in the act of April 6, 1914, making the total
for the year $360,000. Notable increases of expenditures for printing
and binding over the preceding year were made for the following:
Internal Revenue Service, $27,000; Pubhc Health Service, $17,600;
Customs Service, $10,400; ComptroUer of the Currency, $3,000.
The amounts expended for printing and binding, by bureaus,
offices, and divisions, during the fiscal year 1914 were as follows:
Office of the Secretary:
Secretary and Assistant Secretaries
Chief clerk and superintendent
:
Disbursing clerk
'.
Division of Appointments.
Division of Bookkeeping and Warrants
Division of Customs...:
Division of Public Moneys
Division of Printing and Stationery
Division of Loans and Currency
Division of Revenue-Cutter Service
Division of Special Agents
Division of Secret Service
Government actuary
:
Section of surety bonds
.'.
•
2
$10,803.11
. 616. 29
309.18
1,101. 96
,.. 15, 330. 54
3,207. 78
781. 41
419. 51
1,060. 44
2,537. 31
92. 34
331.17
120. 47
237. 09
$36,948. 60
Office
Office
Office
Office
Office
Office
Office
of Comptroller of the Treasury
:
of the Comptroller of the Currency.
'.
of Auditor for the Treasury Department
of Auditor for the War Department
of Auditor for the Interior Department
of Auditor for the Navy Department
'
of Auditor for the State and other Departments
3, 990. 71
21,216. 22
801.53
671. 23
1,287. 66
2, 893. 50
732. 50
196
REPORT ON TFIE FINANCES.
Office of Auditor for the Post Office Department
Office of Treasurer of the United States
.'
Office of Treasurer of the United States (N. B. R. A.)
Office of Register of the Treasury
Office of Commissioner of Internal Revenue
Office of Director of Bureau of Engraving and Printing
Office of Supervising Architect
Office of Director of the Mint
Office of Surgeon General Public Health Service
Office of General Superintendent Life-Saving Service
Miscellaneous.'.
Reimbursable accounts other than N. B. R. A
Treasury service outside of Washington:
Customs
•::
Independent Treasury
National-bank depositaries
Life-Saving
Public Health
Revenue-Cutter
Internal Revenue
Mint and Assay.
Custodians, etc., of public buildings
Transportation companies
$5,113. 97 .
7,765. 00
8,258. 67
. . 259. 52
9,136. 42
5,898. 98
39, 300. 22
2,973. 38
52,293. 01
2, 968. 61
22,468. 91
3,721. 74
—
•,$191,75L78
59,942. 60
- 3,855.61
3,995. 52
1,214.59
2,854.69
2,371. 37
55,384. 65
3,897. 92
1, 667. 66
95. 58
•
135,280.19
Total expenditure
363,980. 57
Reimbursements
11,980. 41
Net expenditure
A net balance of
:. 352,000.16
:
-.
7,999. 84
Stationery.
Statement of the appropriation for stationery for the fiscal year
1914 and statements of the cost of the stock on hand and issues to
various offices and services of the department for the year follow:
Appropriation
Reimbursements:
Received
Not received
$126,000.00,
,
$5, 52l! 01
74. 62
—
5,595.63
Total.,
131, 595.63
Orders issued
128, 344. 25
Balance
3, 251.38
'
Stationery stock.
On hand July 1, 1913
Purchases
Total
Issues for the year
Inventory as of July-1, 1914
Inventory, 1915 value
36, 282. 81
128, 344. 25
164,627. 06
134, 315. 84
:
:
'
.'
30, 311. 22
30, 962. 36
SECRETARY OF THE TREASURY.
197
I S S U E S ON ACCOUNT OF APPKOPRIATION A N D STOCK.
Office of the Secretary:
Secretary and Assistant Secretaries
Chief clerk and superintendent
Division of Appointments
Division of Bookkeeping and Warrants
Division of Customs,
Division of Pubhc Moneys
•.
Division of Printing and Stationery
Division of Loans and Currency
'
Division of Revenue-Cutter Service
Division of Mail and Files
Division of Special Agents
Disbursing clerk
Government actuary
Section of surety bonds
Office of Auditor for the Treasury Department
Office of Auditor for the War Department
Office of Auditor for the Interior Department
Office of Auditor for the Navy Department
Office of Auditor for the State and other Departments
Office of Auditor for the Post Office Department
Officeof Comptroller of the Treasury
Office of Comptroller of the Currency
Office of Treasurer of the United States
Office of Register of the Treasury
Office of Supervising Architect
Office of Commissioner of Internal Revenue
Office of Surgeon General Pubhc Health Service
Office of General Superintendent Life-Saving Service.
Office of Director of the Mint
Secret Service.
Office of Director of the Bureau of Engraving and Printing
Account of the General Supply Committee
Independent Treasury Service
'
Mints and assay offices
Revenue-Cutter Service
Public Health Service
Life-Saving Service
Custodians of pubhc buildiiigs
Superintendents of construction of public buildings
Customs Service
Internal Revenue Service
. Total
*
I S S U E S FOR
-
t
:
-.
'.
'
:
:...
$2,247. ,48
339.18
144. 83
513. 02
540. 37
202. 90
1,063. 78
1,163. 68
438. 02
103. 37
192. 48
365. 28
3. 65 •
46. 63
465. 81
1,188.19
684. 63
452.48
213. 59
7,037. 36
522. 33
7,094. 40
11,108. 35
86. 71
3,424. 79
12, 774. 42
1,801. 50
140. 25
16L 98
268. 28
3, 726. 58
63. 96
5,102. 99
1, 055. 38
1,387. 85
3, 316. 01
671. 49
1, 861. 72
620. 77
35,113.66
21, 010. 06
128, 720. 21
REIMBURSEMENTS.
General Supply Committee
Treasurer of the United States (N. B. R. A.)
Postal Savings
:
Reserve Bank Organization Committee
Comptroller of the Currency
Customs (collector at San Juan, P. R.)
Total
:'. Total issues, 1914
Total issues, 1913
....
.•
-...:...
'
----
447. 72
'3,528. 69
162. 05
853. 36
341. 82
261. 99
5, 595. 63
134, 315. 84
107,190. 73
198
REPORT ON THE FINANCES.
Postage.
Out of an appropriation of $1,000 for the year for postage to prepay matter addressed to Postal Union countries and for postage for
the Treasury Department there was expended $998.65, the balance
being $1.35.
Materials for booTcbinder.
The appropriation for materials for the Treasury Department
bookbinder for the fiscal year was $250. The expenditures were
$244.81, leaving $5.19 unexpended.
Duplicating worTc.
'
The work of the duplicating machines proved, as in the past, to
be of great advantage to the department. Thousands of small circulars, letters, etc., were expeditiously duplicated. The machines
were of especial advantage hi the work connected with the office of
the Secretary and the Comptroller of the Currency.
Department advertising.
Two thousand five hundred and seventeen authorizations for advertishig were issued to newspapers and periodicals during the year.
This is a decrease oyer the previous year of 717 authorizations, with
a corresponding reduction in the cost of advertising of $3,500, the
amount expended for the fiscal year being $15,000, against $18,500
for the previous fiscal year. This reduction was effected by the use
of fewer technical journals, the advertismg having been confined
more closely to daily and weekly papers, with apparently as good
results as were obtained from the more frequent use of the technical
journals.
Addressing machines.
.
Since the last report, the efficiency of the addressing machine
equipment has been largely iacreased by the discardmg of old and
the substitution of new and up-to-date machines. In consequence^
the work is not limited to a certain size* of envelopes, as formerly, but
now all sizes of envelopes and labels are addressed oil short notice for
the various bureaus and offices of the departmei^t. There are 21
mailing lists in use, stencils for which are kept in readiness for delivery of addressed envelopes on call.
TABLES ACCOMPANYING THE REPORT ON THE FINANCES
199
TABLE A.—Statement ofthe outstanding principal ofthe public debt ofthe United States June 30, 1914.
Length of
loan.
OLD DEBT.
For detailed inf ormation 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 (6 Statutes, 228);
March 2,1839 (5 Statutes, 323); March 31,1840 (5 Statutes, 370); February 15,1841(5 Statutes, 411); January 31,1842 (5 Statutes, 469); August 31,1842 (5 Statutes, 581); and March 3, 1843 (6 Statutes, 614).
TREASURY NOTES OF 1846.
Act.of 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.
Act of February 11,1847 (9 Statutes, 125)
LOAN OF 1847.
Act of January 28,1847 (9 Statutes, 118)
TEXAN INDEMNITY STOtJK.
Act of September 9, 1850 (9 Statutes, 447)
LOAN OF 1858.
Act of 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..
f e t of March 2,1861 (12 Statutes, 198)
1 Included in old "debt."
When redeem- Rate of in- atPrice
which
able.
terest.
sold.
On demand.
5 and 6 per
cent.
Amount
authorized.
AmountiBBued.
Amount outstanding.
8151,610.26
Indeflnite .
1 and 2 years 1 and 2 years :^ of 1 to 6
per cent.
from date.
$51,000,000.00
847,002,900.00
(»)
ZP
o
1 year
1 year from ^ of 1 to 5 | P a r .
per cent.
date.
5 years
5 years from
. date.
5 per cent... P a r .
l a n d 2 years 1 and 2 years 5f and 6 per
from date.
cent.
Par.
1 year . . . : . . 1 year from 3 to 6 per
date.
cent.
Par.
Indefinite .. At the pleas- 6 per c e n t . . . P a r .
ure of the
Government.
«/an. J., xoKJo.... 6 per c e n t . . .
per ct.
pre.
Par
Jan. 1,1865..
14 years
5 percent...
10,000,000.00
7,687,800.00
(0
320,000.00
303,573.92
0)
23,000,000.00 2 26,122,100.00
(0
Indefinite
52,778,900.00
(1)
Indefinite
233,075.00
(0
H •
o
" z o , Z O U , i50U. UU
950.00
10,000,000.00
5,000,000.00
>
Ul
20,000.00
iio, v w , uuu. V
V
Jan. 1,1874..
5 per c e n t . . . Av. pre. .
of 3 ^
20,000,000.00
20,000,000.00
2,000.00
10 or 20 years Dec.31,,1880.,
6 per c e n t . . . (Av.)89.0J
25,000,000.00
18,415,000.00
5,000.00
15 years
60 days or 2
years.
35,364,450.00
60 days or 2 6 p e r c e n t . . . Par to Indefinite
years after
date.
ct. pre.
July 1,1881 ... 6 p e r c e n t . . . Par
20 years
2,800,000.00
1,090,850.00 I
2 Including reissues.
3 Including conversion of Treasury notes.
2,300.00
2,260.00
o
TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
bO
o
Length of
loan.
When redeemable.
Rate of interest.
After June 30,
1881.
Price
at which
sold.
6per c e n t . . .
Amount
authorized.
Amount outAmount issued.
standing.
LOAN OF JULY AND AUGUST, 1861.
The act of July 17,1861 (12 Statutes, 259), authorized the issue of 20 years.8250,000,000 bonds, with interest at not exceeding 7 per centum per
annum, redeemable after twenty years. The act of August 5,1861
(12 Statutes, 316), authorized the issue of bonds, with interest at 6 per
centum per annum, payable after twenty years from date, in exchange for 7-30 notes issued under the act of July 17, 1861.
LOAN OF JULY AND AUGUST, 1861.
Continued at 3^ per cent interest, and redeemable at the pleasure of the
Government.
OLD DEMAND NOTES.
Acts of July 17, 1861 (12 Statutes, 259); August 5, 1861 (12 Statutes, 313);
February 12, 1862 (12 Statutes, 338).
SEVEN-THIRTIES OF 1861.
Actof July 17, 1861 (12 Statutes, 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).
LEGAL-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 than five dollars; these notes to
be a legal tender as before authorized. The act of March 3, 1863
(12 Statutes, 710), authorized an additional issue of $150,000,000, of
such denominations, not less than one dollar, as the Secretary of the
Treasury might prescribe; which notes were made a legal tender
as before authorized. The same act limited the time in which the
$250,000,000.00 $189,321,350.00
Indefinite .
At the pleas- 3^ per cent.. P a r .
ure of the
Government.
Indefinite .
On demand...
$15,050.00
1,600.00
60,000,000.00 160,030,000.00
53,152.50
O
O
M
3 years.
Aug. 19' and
Oct. 1,1864.
7 ^ per cent. Av. pre. Indefinite .
of ^ ^ .
5 or 20 years. M a y l , 1867'... 6 per cent.
Indefinite .
On demand.
None .
Av. pre.
of^V
Par.
139,999,750.00
515,000,000.00. 514,771,600.00
450,000,000.00
9,350.00
107,150.00 '
346,681, Oie.'OO
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Treasury notes might be exchanged for United States bonds to July
1,1863. The amount of notes authorized by this act were to be in
lieu of $100,000,000 authorized by the resolution of January 17,1863
(12 Statutes, 822). The ^ct 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 df gold coin at the Treasury or at any subtreasury iu exchange for such notes; third, by procuring gold coin by the use of
said notes in accordance with the provisions of section 3700 of the
Revised Statutes of the United States. The above-mentioned act
also provides that if the Secretary of the Treasury is unable to
restore and maintain the gold coin in the reserve fund by the foregoing methods, and the amount of such gold coin and bullion in
said fund shall at any time fall below one hundred million dollars,
it shall be his duty to restore the same to the maximum sum of one
hundred and fifty million dollars by borrowing money on the credit
of the United States, and for the debt so incurred to issue and sell
coupon or registered bonds of the United States bearing interest at
the rate of not exceeding three per centum per annum, payable
quarterly, the bonds to be payable at the pleasure of the United
• States after one year from the date of their issue, and to be payable,
principal and interest, in gold coin of the present standard value,
the gold coin received from the sale of said bonds to be exchanged
for an equal amount of the notes redeemed and held for exchange,
and the Secretary of the Treasury may, in his discretion, use said
notes in exchange for gold, or to purchase or redeem any bonds of
the United States, or for any other lawful purpose the public interests may require, except that they shall not be used to meet deficiencies in the current revenues.
The act of March 4, 1907, section 2, provides that whenever and so
long as the outstanding silver certificates of the denominations of
one dollar, two dollars, and five dollars, issued under the provisions
of section seven of 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 public debt, and
for other Durposes," approved March fourteenth, nineteen hundred,
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TABLE A.—Statement ofthe outstanding principal of the public debt, etc.—Continued.
bO
o
Length of
loan.
When redeemable.
Rate of in- at Price
which
terest.
sold.
Amount
authorized.
Amount issued. Amount outstanding.
*
LEGAL-TENDER NOTES—Continued.
shall be, in the opinion of the Secretary of the Treasury, insufficient
to meet the public demand therefor, he is hereby authorized to issue
United States notes of the denominations of one dollar, two dollars,
and five dollars, and 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 notPS at any time outstanding shall remain as at present fixed by law: And provided
further, That nothing in this act shall be construed as affecting the
right of any national bank to issue one-third in amount of its circulating notes of the denomination of five dollars, as now provided by
•
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TEMPORARY LOAN.
Acts of February 25, 1862 (12 Statutes, 346); March 17, 1862 (12 Statutes, 370); July 11, 1862 (12 Statutes, 532), and June 30, 1864 (13 Statutes, 218).
Indefinite .. After 10 days'
notice.
4, 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
date.
6 per c e n t . . . Par
561, 753,241.65
3,000.00
50,000,000.00 1368,720,079.51
6,852,472.90
No limit
FRACTIONAL CURRENCY.
Acts of July 17, 1862 (12 Statutes, 592); March 3, 1863 (12 Statutes, 711), Indefinite .. On presentation.
and June 30, 1864 (13 Statutes, 220).
None
Par
LOAN OF 1863.
July 1, 1881... 6 per c e n t . . . Av. pre.
The act of March 3,1863 (12 Statutes, 709), authorized a loan of $900,000,000, 17 years
and the issue of bonds, with interest not exceeding 6 per centum per
of4xy^.
annum, and redeemable in not less than ten nor more than forty
years, principal and interest payable in coin. The act of J u n e 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 Zh per cent interest, and redeemable Indefinite .. At the pleas- 3^ per cent-. Par
ure of the
at the pleasure of the Government.
Government.
^
75,000,000.00
75,000,000.00
3,100.00
100.00
>
a
Ul
lyear
1 year
date.
2 years
2 years after
date.
5 per cent.
Acts of March 3, 1863 (12 Statutes, 710), and June 30,1864 (13 Statutes,
218).
TEN-FORTIES OF 1864.
3 years
3 years from
date.
Acts of March 3,1864 (13 Statutes, 13)
10 or 40 years Mar. 1, 1874.
Actof March 3, 1863 (12 Statutes 710)
after 5 per cent.
400,000,000.00
44,520,000.00
30,310.00
400,000,000.00
166,480,000.00
26,800.00
6 per cent
compound.
400,000,000.00
266,595,440.00
169,040.00
5 per c e n t . . . Par to 7
perct.
prem.
200,000,000.00
196,118,300.00
18,550.00
TWO-YEAR NOTES OF 1863.
Actof March 3, 1863 (12 Statutes, 710)
Par.
COMPOUND-INTEREST NOTES.
---
FIVE-TWENTIES OF 1864.
Actof June 30,1864 (13 Statutes, 218)
5 or 20 years. Nov.l, 1869..
6 p e r c e n t . . . Av. pre. 400,000,000.00
of 2 ^ ^ .
125,561,300.00
14,000.00
Actsof June 30, 1864 (13 Statutes, 218); January 28,1865 (13 Statutes,
426), and March 3, 1865 (13 Statutes, 468).
3 years..
JLO, ± O O /
June 15, 1868 •7^ per cent- Av. pre.
of2y|§^
[July 15, 1868
800,000,000.00
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SEVEN-THIRTIES OF 1864 AND 1865.
-rt-Ug.
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829,992,500.00
120,100.00
FIVE-TWENTIES OF 1865.
Acts of March 3,1865 (13 Statutes, 468), and April 12.1866 (14 Statutes, 31).. 5or 20 years. Nov. 1, 1870.
6 p e r c e n t . . . Av. pre. Indefinite
203,327,250.00
of 3^VTT.
'
19,850.00
CONSOLS OF 1865.
Actsof March3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5 or 20 years. July 1, 1870..
tei
>
6 per c e n t . . . Av. pre. Indefinite
ofl^^.
332,998,950.00
6 per c e n t . . . Av. pre. Indefinite ..
ofxB^o-
379,618,000.00
93,750.00
42,539,930.00
9,900.00
185,-165,000.00
6,000.00
Ul
d
CONSOLS OF 1867.
Actsof March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 6or 20 years. July 1, 1872.
S
CONSOLS OF 1868.
Actsof March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5or 20 years. July 1, 1873.
6 p e r c e n t . . . Av. pre. Indefinite
ofx^.
THREE-PER-CENT CERTIFICATES.
Actsof March2,1867 (14 Statutes, 558), and July 25,1868 (15Statutes, 183).. Indefinite . . On demand.
1 Including reissues.
3 percent... Par.
75,000,000.00
to
o
Length of
loan.
When redeemable.
Rate of interest.
Price
at which
s sold. •
Amount
authorized.
Amount issued.
Amount outstanding.
„FUNDED LOAN OF 1881.
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of, at
not less than par, in coin, either of the description of' bonds of the
United States described in the act of July 14, 1870 (16 Statutes, 272),
to the extent necessary for the redemption 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 ih
the act of July 14,il870 (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 tp
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 V10 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. Bpnds 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 5-20's, par for par. Pajrment 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. The act
of January 20,1871 (16 Statutes, 399), increases the 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, elept to exchange for the
bonds of this loan.
bo
o
TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
o
td
o
May 1, 1881.
5 per cent..
Par.
$517,994,150.00
$22,400.00
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$1,500,000,000
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of
^300,000,000 at 4i per centum, payable in coin of the present standard value, at the pleasure of the United States Government, 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 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.
15 years.
Sept. 1,1891... 4i per cent.. Par
185,000,000.00
23,660.00
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FUNDED LOAN OF 1891. (RESUMPTION.)
The act of January 14, 1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of,
at not less than par in coin, either of the descriptions of bonds of the
United States described in the act of July 14, 1870 (16 Statutes, 272),
for the purpose of redeeming, on and after January 1,1879, in cpin,
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.
4i per cent.
P a r to
l i per
ct.pre.
Indefinite .
fei
65,000,000.00
.^
o
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K
tei
) years.
July 1,1907... 4 per c e n t . . . P a r t o
i per
ct. pre.
710,430,950.00
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cj
594,900.00
(RESUMPTION.)
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary 30 years.
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of,
Sept. 1,1891..
(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 tbe 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. 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 210.
FUNDED LOAN OF 1907.
15 years.
July 1,1907 . . . 4 per c e n t . . P a r .
Indefinite . .
. 30,600,000.00
to
o
T A B L E A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
Length of
loan.
When redeem- Rate of inable.
terest.
Price
at which
sold.
Amount
authorized.
fcO
O
00
Amount issued.
Amount outstanding.
FUNDED LOAN OF 1907 (RESUMPTION)—Continued.
at not less than par, in coin, either of the description of bonds of
the United States described in the act of July 14,1870 (16 Statutes,
272), for the purpose of redeeming, on and after January 1, 1879, in
coin, at the office of the assistant treasurer of the United States in
New York, the outstanding United States legal-tender notes when
presented in sums of not less than fifty dollars.
Federal Reserve Bank of St. Louis
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GOLD CERTIFICATES.
The act of March 3,1863 (12 Stat., 711), authorizes the Secretary of Indefinite .
the Treasury to receivie deposits of gold coin and bullion in sums of
not less than twenty dollars, and to issue certificates therefor in
denominations of not less than twenty dollars each; the coin and
bullion deposited for or representing the certificates to be retained
in the Treasury for the payment of the same on demand. The 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 the Treasury for the redemption of United States
notes and Treasury notes shall fall and remain below one hundred
million dollars, the authority to issue certificates as herein provided
shall be suspended; and also, that whenever and so long as the aggregate amount of United States notes and silver certificates in the
general fund of the Treasury shall exceed sixty million dollars, the
Secretary of the Treasury may, in his discretion, suspend the issue
of the
further, that the Secrehttp://fraser.stlouisfed.org/certificates herein provided for; and issue such certificates in
tarv of the Treasurv mav. in his discretion,
On demand .
$1,080,974,869.00
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The act of 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, certifying their weight, fineness, and value, in amounts of not less than
one thousand dollars in value, and issue gold certificates therefor of
the description herein authorized. But the amount of gold bullion
and foreign coin so held shall not at any time exceed one-third of
the total amount of gold certificates at such time outstanding. And
section fifty-one hundred and ninety-three of the Revised Statutes
of the United States is hereby repealed.
Xfl
ts
to
o
SILVER CERTIFICATES.
The act of February 28,1878 (20 Statutes, 26, sec. 3), provides that any
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 com deposited for or representing the certificates shall be retained in the Treasury for the payment of the
same on demand. Said certificates shall be receivable for customs,
taxes, and all public dues, and, when so received, may be reissued.
The act of August 4,1886 (24 Statutes, 227), authorizes the issue of
silver certificates in denominations of one, two, and five dollars; said
certificates to be receivable, redeemable, and payable in like manner and for like purposes as is provided for by the act of 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
On demand... None .
Par.
No limit.
490,850,000.00
£
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TABLE A.—Statement of the outstanding principal ofthe public debt, etc.—Continued.
bO
I—l
Length of
loan.
When redeem- Rate of in- at Price
Amount
which . authorized.
terest.
able.
sold..
o
Amount issued. Amount outstanding.
SILVER CERTIFICATES—Continued.
" like volume of United States notes of less denomination, than ten
dollars shall from time to time be retired and canceled, and notes
of denominations of ten dollars and upward shall be reissued in
substitution therefor, with, like qualities and restrictions as those
retired and canceled.
'
td
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REFUNDING CERTIFICATES.
The act of February 26,1879 (20 Statutes, 321), authorizes the Secretary
of the Treasury to issue, in exchange for lawful money of the United
States, certificates of deposit of the denomination of ten dollars,
bearing interest at the rate of four per centum per annum, and convertible at any time, with accrued interest, into the four per centum
bonds described in the refunding act, the money so received to be
applied only to the payment of the bonds bearing interest at a rate
not less than five per centum, in the mode prescribed by said act.
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 Governnient.
FUNDED LOAN OF 1891, CONTINUED AT TWO PER CENT.
These bonds were issued in exchange for the four and one-half per
cent funded loan of 1891, by mutual agreement between the Secretary of the Treasury and the holders, and were made redeemable at
the pleasure of the Government.
LOAN OF JULY 12, 1882.
These bonds were issued in exchange for the five and six per cent
bonds which had been previously continued at three and one-half
per cent by mutual agreement between the Secretary of the Treasury and the hdlders, and were made redeemable at the pleasure of
Government.
the
LOAN OF 1904.
http://fraser.stlouisfed.org/
The act of St. Louis
Federal Reserve Bank of January 14.1875 (18 Statutes. 296). authorizes the Secretarv
Indefinite .. C o n v e r t i b l e
into 4 per
cent bonds.
No limit
4 p e r c e n t . . . Par
$40,012,750.00
$13,300.00
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Indefinite .. At pleasure of
the Government.
3iper cent.. Par
tei
.
50.00
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Indefinite .. At pleasure of
the Government.
2per c e n t . . . Par
Indefinite .. At pleasure of
the Government.
3per c e n t . . . Par
10 vears
Feb. 1. 1904... 5 ner c e n t . . . |117.223
25,364,500.00
4,000.00
200.00
I
inn.nnn.ono.no
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United States described in the act of July 14, 1870 (16 Statutes, 272),
for the purpose of redeeming, on and after January 1, 1879, in coin,
at the office of the assistant treasurer of the United-States in New
York, the outstanding United States legal-tender notes when presented in sums of not less than fifty dollars.
LOAN OF 1925.
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of at
not less than par, in coin, either of the descriptions of bonds of the
United States described in the act of July 14, 1870 (16 Statutes, 272),
for the purpose of redeeniing, on and after January 1,1879, in coin,
at the office of the assistant treasurer of the United States in New
York, the outstanding United States legal-tender notes, when presented in sums of not less than fifty dollars.
LOAN OF 1908-1918.
'The act of June 13, 1898 (30 Statutes, 467, sec. 33), authorizes the Secretary of the Treasury to borrow on the credit of the United States,
from time to .tin^e, as the proceeds may be required, to defray expenditures authorized on account of the war with Spain (such proceeds when received to be used only for the purpose of meeting
such expenditures), the sum of four hundred million dollars, or so
much thereof as rhay be necessary, and to prepare and issue therefor coupon or registered bonds o'f the United States in such form as
he may pi escribe, 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 OF 1930.
'The act of March 14,1900, section 11, authorizes the Secretary of the
Treasury to receive at the Treasury any of the outstanding bonds of
the United States of the five per cent loan of 1904, of the four per cent
funded loan of 1907, and of the three per cent loan of 1908-1918, and
to issue in exchange therefor an equal amount of coupon or registered
bonds of the United States, in such form as he may prescribe, in.denominations of fifty dollars, or any multiple thereof, bearing interest
at the rate of two per centum per annum, payable quarterly, such
bonds to be payable at the pleasure of the United States after thirty
years from the date of their issue. The principal and interest of
said bonds to be payable in gold cpin of the present standard value,
and to be exempt from the payment of all taxes or duties of the
United States, as well as from taxation in any form by or under state,
municipal, or local authority. The bonds to be issued at not less
t h a n par and numbered consecutively in the order of their issue;
and when payment is made the last numbers issued shall be first
Feb. 1,1925.
ri04.4946
4 p e r c e n t . . till.166
162,315,400.00,
118,489,900.00
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10 years .
After Aug. 1,
1908.
3 percent.
$400,000,000.00
198,792,660.00
3,945,460.00
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30 years
After Apr. 1,
1930.
2 percent.
839,146,340.00
646,250,150.00
646,250,150.00
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TABLE A.—Statement ofthe outstanding principal ofthe public debt, e^c—Continued.
CONSOLS OF 1930—Continued.
paid, and this-order followed until all the bonds are paid. Interest
to cease three months after any call made by the Government to
redeem.
TREASURY NOTES OF 1890.
The act of July 14, 1890 (26 Statutes, 289), directs the Secretary of the
Treasury to purchase, from tiiae to time, silver bullion to the aggregate amount Pf four million five hundred thousand ounces, or so
much thereof as may be offered, in each month, at the market price
thereof, not exceeding one dollar for three hundred and seventy-one
and twenty-five hundredths grains of pure silver, and to issue in payment for such'purchases of silver bullion Treasury notes of the United
Sta;tes, to be prepared by the Secretary of the Treasury, in such form
and of such denominationsj 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 treasurei; of the United States, and
when so redeemed may be reissued; but no greater or l,ess amount of
such notes shall be outstanding at any time than the cost of the silver bullion and tlie standard silver dollars coined therefrom, then
held in the Treasury, purchased by such notes; and such Treasurynotes shall be a legal tender in payment of all debts, public and private, except wher^e otherwise expressly stipulated in the contract,
and shall be receivable for customs, taxes, and all public dues, and
when so received may be reissued; and such notes, when held by any
national banking association, may be counted as a part of its lawful
reserve. That upon demand of the holder of any of theTreasury
notes provided fpr, the Secretary of the Treasury shall redeem the
same in gold or silver coin, at his discretion, it being the established
policy of the United States to maintain the two metals on a parity
with each other upon the present legal ratio, or such ratio as may be
provided by law.
The act of November 1,1893 (28 Stat., 4), repeals so much of the act of
July 14, 1890, as directs the Secretary of the Treasury to purchase
from time to time silver bullion to the aggregate amount of four
million five hundred thousand ounces, pr so much thereof as may
be offered in each month, at the .market price thereof, and to issue
in-payment for such purchases Tr'easury 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
Length of
loan. .
When redeemable.
Rate of interest.
Price
at which
sold.
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Amount
authorized.
Amount issued.
Amount outstanding.
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the manner and for the purposes named n 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. It also provides that it shall be the duty of the Secretary of the Treasury, as fast as silver dollars are coined under the
provisions of the acts of July 14,1890, and J u n e 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.
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PANAMA CANAL LOAN.
The act of June 28,1902 (32 Stat., 484, sec. 8), provides that the Secretary 10 years
of the Treasury is hereby authorized to borrow on the credit of the
United States from time to time as the proceeds may be required to 10 yeaffs
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 pre• scribe, giving to ail 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 21,19,05 (34 Stat., 5, sec. 1)', provides that the two per
cent bonds of the United States authorized by section eight of the act
entitled " A n act to provide for the construction of a canal connecting the waters of the Atlantic and Pacific oceans," approved June
twenty-eighth, nineteen hundred and two, shall have all the rights
and privileges accorded by law to other two per cent bonds of the
United States, and every national banking association having on
deposit, as provided by law, such bonds issued under the provisions
of said section eight of said act approved June twenty-eighth, nineteen hundred and two, to secure its circulating notes, shall pay to
' the Treasurer of the United States, in the months of January and
July, a tax of one-fourth of one per cent each half year upon the average amount of such of its notes in circulation as are based upon the
After Aug. 1,
1916.
After Nov. 1,
1918.
J u n e l , 1961..
2 percent.
Average
$103.513
2 per cent.
102.436
3 per cent.
102.582
$54,631,980.00
$375,200,980.00
30,000,000.00 134,631,980.00
50,000,000.00
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TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
Length of
loan.
When redeemable.
Rate of in- atPrice
which
terest.
sold.
Amount
authorized.
Amount issued.
Amount outstanding.
PANAMA CANAL LOAN—Continued.
deposit of said two per cent bonds; and such taxes shall be in lieu
of existing taxes on its notes in circulation imposed by section fiftytwo hundred and fourteen of the Revised Statutes.
The actof August 5, 1909 (36 Stat., 117, sec. 39), provides that the Secre-.
tary 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 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
ofthe Isthmian Canal Commission to cover the entire cost of the
canal from its inceptipn to its completion), and to prepare and issue
therefor coupon or registered bonds of the United States in such
form as he may prescribe, and in denominations of one hundred
dollars, five hundred dollars, and one thousand dollars, payable fifty
years from the date of issue, and bearing interest payable quarterly
in gold coin at a rate not exceeding three per centum per annum;
and the bonds herein authorized shall be exempt from all taxes or
duties of the United States, as well as from taxation in any form
by or under State, municipal, or local authority: Promded, 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 expenses of preparing, advertising,, and issuing the same; and the
authority contained in section eight of the act of June twentyeighth, nineteen hundred and two, for the issue of bonds bearing
interest at two per centum per annum, is hereby repealed.
The act of March 2,1911 (36 Stat., 1013), provides that the Secretary of
the Treasury be, and he is hereby, authorized to insert in the bonds
to be issued by him under section thirty-nine of an Act entitled "An
Act to provide revenue, equalize duties, and encourage the industries of the United States, and for other purposes," approved August
fifth, nineteen hundred and nine, a provision that such bonds shall
not be receivable by the Treasurer of the United States as security
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for the issue of circulating notes to national banks; and the bonds
containing such provision shall not be receivable for that purpose.
POSTAL SAVINGS BONDS.
Theact of June 25,1910 (36 Stat., 817, sec. 10) provides that'any depositor in
a postal savings depository may surrender his deposit, or any part
thereof, in sums of twenty dollars, forty dollars, sixty dollars, eighty
dollars, one hundred dollars, and multiples of one hundred dollars and
five hundred dollars, and receive in lieu of such surrendered deposits,
under such regulations as may be established by the board of trustees,
the amount of the surrendered deposits in United States coupon or registered bonds of the denominations of twenty 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 aimum, payable semiannually, and be redeemable at the pleasure of
the United States after one year from the date of their issue and payable
twenty years from such date, and both principal and interest shall be
payable in United States gold coin of the present standard of value: Provided, That the bonds herein authorized shall be issued orily (first) when
there are outstanding bonds ofthe United States subject to call, in which
case the proceeds of the bonds shall be applied 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 contauied in this Act: Provided further,
That the bonds authorizedby this Actshallbeissued by the Secretary of
the Treasury under such regulations as he may prescribe: And provided
further, That the authority contauied in section nine of this Act for the
investment of postal savings funds 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: And provided further, That no bonds authorized by
this Act shall be receivable by the Treasurer of the United States as se.curity for the issue of circulating notes by national banking associations.
NATIONAL-BANK NOTES (REDEMPTION ACCOUNT).
The act of July 14, 1890 (26 Stat., 289), provides that balances standing with the Treasurer of the 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 of the United States shall redeem from the general
cash in the Treasury the circulating notes of said banks which may
come into his possession subject to redemption, * * * and the
balance remaining of the deposits so covered shall, at the close of
each month, be reported on the monthly public-debt statement as
debt of the United States bearing no interest.
20 years.
1 year, after 2§ per cent., Par.
date.
Indefinite.
S4,635,820.00
S4,635,820.00
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2,912,499,269.16
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T A B L E B.—Statement ofthe outstanding principal of the public debt of the United States on the 1st of July of each year from 1856 to 1914, inclusive.
Year.
1856—Julyl..
1867
1858..
1859
1860
1861.
1862
1863
1864
1865
1865—Aug. 31
1866—July 1..
i867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880...
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
T o t a l Interestbearing d e b t .
762,761.77
. S31,
28,460,958.93
44,700,838.11
58,290,738.11
64, 640,838.11
90,380,873.95
365,304,826.92
707,531,634.47
1,359,930,763.50
2,221,311,918.29
2,381,530,294.96
2,332,331,207.60
2,248,067,387.66
2,202,088,727.69
2,162,060,522.39
2,046,455,722.39
1,934,696,750.00
1,814,794,100.00
1,710,483,950.00
1,738,930,750.00
1,722,676,300.00
1,710,685,450.00
1,711,888,500.00
1,794,735,650.00
1,797,643,700.00
1,723,993,100.00
1,639,567,750.00
1,463,810,400.00
1,338,229,150.00
1,226,563,850.00
1,196,150,950.00
1,146,014,100.00
1,021,692,350.00
950,522,500.00
853,990.00
829,313,110.00
/ .725,529,120.00
610,029,330.00
585,037,100.00
585,041,890.00
635, 202,060.00
716; 363.890.00
847,
D e b t o n w h i c h interest h a s ceased.
$209, 776.13
238; 872.92
21i; 042.92
206; 099.77
201, 449.77
199; 999.77
280, 195.21
473, 048.16
416, 335.86
1,245, 77L20
1,503, 020.09
935, 092.05
1,840, 615.01
1,197, 340.89
5,260, 18L00
3,708, 641.00
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
485.26
1,911, 805.26
1,815, •705.26
1,614, 875.26
2,785,
2,094, 060.26
240.26
1,851, 590.26
1,721, 890.26
1,636,
D e b t bearing n o
interest. 1
$158, 591,390.00
411, 767,456.00
455, 437,27L21
458, 090,180.25
461, 6 1 6 , 3 n . 5 1
439, 969,874.04
428, 218, IOL 20
408, 401,782.61
421, 131,510.55
430, 508,064.42
416, 565,680.06
430, 530,431.52
472, 069,332.94
509, 543,128.17
498, 182,411.69
465, 807,190.89
476, 764,03L84
455, 875,682.27
410, 835,74L78
388, 800,815.37
422, 721,954.32
438, 241,788.77
538, 111,162.81
584, 308,868.31
663, 712,927.88
619, 344,468.52
629, 795,077.37
739, 840,389.32
787, 287,446.97
825, 011,289.47
933, 852,766.35
1,000, 648,939.37
958, 854,525.87
995, 360,506.42
958, 197,332.99
920, 839,543.14
Outstandiag priacipal.
Cash in t h e Treasu r y J u l y 1.2
S31, 972,537.90
28; 699,83L85
44, 911,881.03
58; 496,837.88
64, 842,287.88
90, 580,873.72
524, 176,412.13
1.119, 772,138.63
1,815, 784,370.57
2 , ' " 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, 284,531.95
2,180, 395,067.15
2,205, 301,392.10
2,256 205,892.53
2,245, 495,072.04
2.120, 415,370.63
2,069, 013,569.58
1,918, 312,994.03
I , " " ' 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, 996,59L61
1,588, 464,144.63
1,545, 985,686.13
1,632, 253,636.68
1,676, 120,983.25
1,769, 840,323.40
$21,006,584.89
18,701,210.09
7,011,689.31
5,091,603.69
4,877,885.87
2,862,212.92
18,863,659.96
8,421,40L22
106,332,093.53
5,832,012.98
88,218,055.13
137,200,009.85
169,974,892.18
130,834,437.96
155,680,340.85
149,502,471.60
106,217,263.65
103,470,798.43
129,020,932.45
147,541,314.74
142,243,361.82
119,469,726.70
186,025,960.73
256,823,612.08
249,080,167.01
201,088,622.88
249,363,415.35
243,289,519.78
345,389,902.92
391,985,928.18
488,012,429.23
492,917,173.34
482,433,917.21
629,854,089.85
643,113,172.01
661,355,834.20
694,083,839.83
746,937,681.03
707,016,210.38
,732,940,256.13
774,448,016.51
814,543,069.70
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T o t a l d e b t less cash
ta Treasury.
$10,965, 953.01
9,998, 62L76
37,900, 191.72
53,405, 234.19
59,964, 402.01
87,718, 660.80
505,312, 752.17
1,111,350, 737.41
1,709,452, 277.04
2,674,815, 856.76
2,756,431, 57L43
2,636,036, 163.84
2,508,151, 211.69
2,480,853, 413.23
2,432,771, 873.092,331,169, 956.21
2,246,994, 068.67
2,149,780, 530.35
2,105,462, 060.75
2,104,149, 153.69
2,090,041, 170.13
2,060,925, 340.45
2,019,275, 43L37
1,999,382, 280.45
1,996,414, 905.03
1,919,326, 747.75
1,819,650, 154.23
1,675,023, 474.25
1,538,781, 825.15
1,438,542, 995.39
1,375,352, 443.91
1,282,145, 840.44
1,175,168, 675.42
1,063,004, 894.73
975,939, 750.22
890,784, 370.53
851,912, 751.78
841,526, 463.60
838,969, 475.75
899,313, 380.55
901,672, 966.74
955,297, 253.70
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1897.
1898.
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913
1914.
847,365,130.00
847,307,470.00
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
1,346,880.26
1,262,680.26
1,218,300.26
1,176,320.26
1,415,620.26
1,280,800.26
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
,655.64
968,960,
947,901, 845.64
944,660; 256.66
1,112,305; 911.41
1,154,770; 273.63
1,226,259; 245.63
1,286,718, 28L63
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
1,817,672, 665.90
1,796,531, 995.90
1,991,927, 306.92
2,136,961, 091.67
2,143,326, 933.89
2,158,610, 445.89
2,202,464, 78L89
2,264,003, 585.14
2,274,615, 063.84
2,337,161, 839.04
2,457,188, 06L54
2,626,806, 27L54
2,639,546, 241.04
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
831,016, 579.70
769,440; 503.76
836,607,071.73
1,029,249, 833.78
1,098,587; 813.92
1,189,153, 204.85
1,277,453, 144.58
1,296,771, 811.39
1,284,748, 291.87
1,372,726, 152.25
1,578,591, 306.51
1,688,673, 862.16
1,615,684,710.25
1,606,216, 652.79
1,749,816,268.23
1,840,799,176.88
1,887,640,858.52
1,885,242, 259.60
•
986,656,086.14
1,027,085,492.14
1,155,320,235.19
1,107,711,257.89
1,044,739, 119.97
969,457,241.04
925,011, 637.31
967,231, 773.75
989,866,771.97
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 Containing legal-tender notes, gold and silver certificates, etc.
2 Including gold reserve and coin set apart for redemption of certificates and treasury notes and exclusive of national balnk 5 per cent fund, outstanding warrants and checks,
and disbursing officers' balances.
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TABLE C.—Analysis ofthe principal ofthe interest-bearing public debt ofthe United States from July 1,1856, to July 1, 1914.
oo
Year.
2 percents.
1856—July 1...
1857.
•..
1858
1859
1860
1861
1862
1863.
1864
1865..
1865—Aug. 31..
1866—July 1...
1867
1868
1869
1870
1871'
1872
1873
:...
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897....
3 percents.
3i percents.
$64,000,000.00
66,125,000.00
69,550,000.00
45,885,000.00
24,665,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00
14,000,000.00 $460,461,050! 00
318,204,350.00 32,082,600.00
238,612,150.00
208,190,500.00
158,046,600.00
33,716,500.00
14,000,000.00
14,000,000.00
14,000,000.00
-
4 percents.
5 percents.
4J percents.
$57,926,lie. 57
105,629,385.30
77,547,696.07
90,496,930.74
618,127.98
121,341,879.62
17,737,025.68
801,36L23
678,000:00
678,000.00
678,000.00
678,000.00
678,000.00
'
•
$140,000,000.00
98,850,000.00 - 240,000,000.00
741,522,000.00 250,000,000.00
739,347,800.00 250,000,000.00
739,347,800.00 -250,000,000.00
739,349,350.00 250,000,000.00
737,942,200.00 250,000,000.00
737,951,700.00 250,000,000.00
737,960,450.00 250,000,000.00
737,967,500.00 250,000,000.00
737,975,850.00 250,000,000.00
714,315,450.00 222,207,050.00
-676,214,990.00 139,639,000.00
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
590,837,560.00 125,364,500.00
721,999,390.00 125,364,500.00
722,000,630.00 125,364,500.00
$3,632,000.00
3,489,000.00
23,538,000.00
37,127,800.00
43,476,300.00
33,022,200.00
30,483,000.00
30,483,000.00
300,213,480.00
245,709,420.63
269,175,727.65
201,982,665.01
198,533,435.01
221,586,185.01
221,588,300.00
221,588,300.00
274,236,450.00
414,567,300.00
414,567,300.00
510,628,050.00
,607,132,750.00
711,685,800.00
703,266,650.00
703,266,650.00
508,440,350.00
484,864,900.00
439,841,350.00
50,000,000.00
100,000,000.00
100,000,000.00
100,000,000.00
6 percents.
$28,130,761.77
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
N
Total interestbearing debt.
Annual interest 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
04,640,838.11 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
2,202.088,727.69 128,459,698.14
2,162; 060,522.39 125j 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 96,104,269.00
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 41,780,529.50
950,522,500.00 38,991,935.25
829,853,990.00 33,752,354.60
725,313,110.00 29,417,603.15
610,529,120.00 23,615,735.80
585,029,330.00 22,893,883.20
685,037,100.00 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
1
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1900.,
1901.,
1902.,
1903..
1904..
1905..
1906..
1907..
1908..
1909..
1910.
1191..
1912.
1913.
1914.
$307,125,350.
445,940,750.
445,940,750.
520,143,150.
642,909,950.
642,909,950.
595,942,350.
676,250,150.
700,882,130.
730,882,130.
730,882,130.
730,882,130.
r 730,882,130.
[
8 459,280.
' 730,882,130.
8 2,389,120.
730.882,130.
84,635,820.
198,678,720.00
128,843, 240.00
99,621,420.00
97,515, 660.00
83,107,060.00
77,135, 360.00
77,135,360.00
63,945, 460.00
63,945, 460.00
78,131, 960.00
63,945, 460.00
63,945, 460.00
65,981, 160.00
722,002,970.
722, 005,530.
517, 879,220.
419, 724,770.
368, 203,580.
291,906,150.
275, 112,130.
275, 113,030.
235 271,330.
154, 638/670.
118, 489,900.
118, 489,900.
118, 489,900.
118, 489,900.
»25,364,500.00
125,364,500.00
121,979,850.00
100,000,000.00
100,000,000.00
47,651,200.00
21,854,100.00
19,410,350.00
19,385,050.00
847,367,470.00
046,048,750.00
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
34,387, 408.80
40,347,872.80
33,645, 130.00
29,789, 153.40
27,542, 945.50
25,541,573.30
24,176,745; 00
24,176, 781.00
23,248, 064.00
21,628, 913.60
20,946, 270.41
21,275, 602.40
21,275,602.40
21,336, 673.40
113,945,460.00
118,489,900.00
963,776,770.00 22,787,084.40
113,945,460.00
118,489,900.00
965,706,610.00 22,835,330.40
^113,945,460.00
118,489,900.00
967,953,310.00 22,891,497.90
1 Continued at 2 per cent.
8 Postal savings bonds, 2i 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 iacluded ia the 4 per cents from 1862 to 1868, inclusive, with the exception of the amount outstandiag 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 amount outstanding as bearing 4 per cent interest on an average for the year.
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220
REPORT ON T H E FINTAKCES.
TABLE D.—Statement of the issue and redemption of loans and Treasury notes and of
deposits and redemptions in national-banh note account {by warrants) for thefiscal
year ended June SO, 1914.
^
E x c e s s of
E x c e s s of
issues a n d deredemptions.
posits.
Issues a n d deposits.
Legal-tender notes, acts of F e b . 25 a n d
J u l y 11,1862, J a n . 7 a n d Mar. 3,1863,
Mar. 14,1900
:
F r a c t i o n a l c u r r e n c y , a c t s of J u l y 17,
1862, Mar. 3,1863, a n d J u n e 30,1864
Gold certificates, a c t s of Mar. 3, 1863,
J u l y 12, 1882, a n d Mar. 14.1900. .
One-year n o t e s of 1863,act of Mar .3,1863.
F u n d e d loan of 1891, a c t s of J u l y 14,
1870, J a n . 21,1871, a n d J a n . 14,1875..
L o a n of 1904, a c t s of J a n . 14,1875, a n d
Mar. 14,1900
Silver certificates, a c t s of F e b . 28,1878,
a n d Mar. 14,1900
Refunding certificates, a c t of F e b . 26,
1879
:
!
N a t i o n a l - b a n k n o t e a c c o u n t , a c t of
J u l y 14,1890
T r e a s u r y n o t e s of 1890, a c t s of J u l y 14,
1890, a n d Mar. 14,1900
F u n d e d loan of 1907, a c t s of J u l y 14,
1870, J a n . 20,1871, J a n . 14,1875, a a d
Mar. 14,1900. . .
P o s t a l s a v i a g s b o n d s , a c t of J u n e 25,
1910
Redemptions.
$168,220,000.00
$168,220,000.00
. 2,137.00
$2,137.00
505,300,000.00
511,272,300.00
20.00
5,972.300.00
20.00
1,000.00
1,000.00
200.00
401,568,000.00 •
200 00
$7,300,000.00
270.00
6,949,917.50
221,000.00
105,500.00
-
270.00
26,852,200.00
221,000.00
19,902,282.50
105 500.00
2,246,700.00
1,097,236,982.50
Total
394,268,000.00
2,246,700.00
1,100,942,627.00
9,546,700.00
E x c e s s of i s s u e s : .
E x c e s s of r e d e m p t i o n s
N e t excess of r e d e m p t i o n s
DR.
July
1,1913
J u n e 30,1914
9,546,700.00
13,252,344.50
'
3,705,644.50
TABLE E.—Sinking fund account for fiscal year 1914.
T o balance from last
year
$869,885,041.46
T o 1 p e r cent o n t h e
p r i n c i p a l of t h e
public debt on
J u n e 30, 1913, less
coin certificates,
Treasury
notes,
national-bank
note redemption
a c c o u n t , a n d cash
available for red u c t i o n of t h e
d e b t , v i z , $1,170,-.
954,938,66
11,709,549.39
T o interest o n redemptions prior
t o fiscal y e a r 1914.. 48,960,658.22
T o interest on $109,127, a m o u n t of
debt paid during
fiscal y e a r 1914
19,100.32
930,674,349.39
13,252,344.50
J u n e 30,1914
CR.
B y p r i n c i p a l of
b o n d e d d;ebt redeemed in 1914...
$106,700.00
B y accrued.interest
thereon
18,015.80
B y fractional currency a n d notes
redeemed i n 1914..
2,427.00
B y accrued interest
thereon
306.10
B y balance
930,446,900.49
930,674,349.39
SECRETARY OF T H E TREASURY.
221
TABLE F.—Population, ordinary receipts and disbursements of the Government from
1837 to 1914i exclusive of postal, and per capita on receipts and per capita on
disbursements.
Year.
1837
1838
1839
1840
1841
1842
1843 (six months)
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
1883
1884
1885
1886
1887
1888
1889
1890..............
1891
1892
1893
1894
18951896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
• 1907
1908
1909
1910
1911
1912
1913....
1914
Population.
Ordinary
receipts.
15,656,000 $24,954,153.00
16,112,000
26,302,562.00
16,584,000
31,482,750.00
17,069,453
19,480,115.00
17,691,000
16,860,160.00
18,132,000
19,976,197.00
18,694,000
8,231, OOL 26
19,276,000
29,320,707.78
19,878,000
29,970,105.80
20,500,000
29,699, 967.74
21,143,000
26,467,403.16
21,805,000
35,698,699.21
22,489,000
30,721,077.50
23,191,876
43,592,888.88
23,995,000
52,555,039.33
24,802,000
49,846,815.60
25,615,000
61,587,031.68
26,433,000
73,800,341.40
27,256,000
65,350,574.68
28,083,000
74,056,699.24
68,965,312.67
28,916,000
29,753,000
46,655,365.96
30,596,000
52,777,107.92
31,443,321
66,054,599.83
32,064,000
41,476,299.49
32,704,000
51,919,261.09
33,365,000 112,094,945.51
34,046,000 243,412,971.20
34,748,000 322,031,158.19
35,469,000 619,949,564.38
36,211,000 462,846,679.92
36,973,000 376,434,453.82
37,756,000 357,188,256.09
38,558,.371 395,959,833; 87
39,555,000 374,431,104.94
40,596,000 364,694,229.91
41,677,000 322,177,673.78
42,796,000 299,941,090. 84
43,951,000 284,020,771.41
45,137, 000 290,066,584.70
46,353,000 281,000,642.00
47,598,000 257,446,776.40
48,866,000 272,322,136.83
50,155,783 333,526,600.98
51,316,000 360,782,293.00
52,495,000 403,525,250.00
53,693,000 398,287,582.00
54,911,000 348,519,870.00
56,148,000 323,690,706.00
57,404,000 336,439,727.00
58,680,000 371,403,277.00
59,974,000 379,266,075.00
61,289,000 387,050,059.00
62,622,250 403,080, 982.00
63,.947,000 '392,612,447.31
65,191,000 354,937,784.24
66,456,000 385,819,628.78
67,740,000 297,722,019.25
69,043,000 313,390,075.11
70,365,000 326,976,200.38
71,704,000 347,721,705.16
73,060,000 405,321,335.20
74,433,000 515,960,620.18
76,295,220 667,240,851.89
77,754,000 587,685,337.53
79,117,000 562,478,233.21
80,847,000 560,396,674.40
81,867,000 539,716,913.86
83,260,000 544,606,758.62
84,662,000 594,717,942.32
86,074,000 663,125,-659.92
87,496,000 601,060,723.27
88,926,000 603,589,489.84
I 90,363,000 675,511,715.02
93,983,000 701,372,374.99
95,656,000 691,778,465.37
97,337,000 724,111,229.84
99,027,000 734,673,166.71
P e r c a p - . O r d i n a r y disita on
bursements.
receipts.
$37,243,214.24
$1.59
L63
33,-864,714.56
L90
26,896,782.62
L14
24,314,618.19
-.96
26,481,817.84
LIO
25,134,886.44
.44
11,780,092.51
1.52
22,483,560.14
L51
22,935,827.79
1.45
27,261,182.86
1.25
54,920,784.09
L64
47,618,220.65
L37
43,499,078.39
L88
40,948,383.12
2.19
47,751,478.41
. 2.01
44,390,262.36
2.40
47,743,989.09
. 2.79
55,038,455.11
2.40
58,630,662.71
2.64
68,726,350.01
2.38
67,634,408.93
1.57
73,982.492.84
L72
68,993.599.77
L78
63,200,876.66
1.30
66,650,213.08
1.58
469,570,241.65
3.36
718,734,276.18
7.14
864,969,100.83
9.26 1,295,099,289.58
• 14.66
519,022,356.34
12.78
346,729,326.78
10.18
370,339,133.82
9.46
321,190, 597. 75
10.26
293,667,005.15
9.47
283,160,393.51
•8.98
270,559, 695.91
7.73
285,239,326.84
• 7.01
301,238,800.21
6.46
274,623,392.84
6.43
265,101,084.59
6.06
241,334,474.86
5.41
236,964,326. 80
5.57 • 266,947,883.63
6,65
264,847,637.36
7.00
259,651,638.81
7.68
257,981,439.57
7.41
265,408,137.54
6.36
244,126,244.33
5.76
260,226,935.11
5.86
242,483,138.60
6.33
267,932,179. 97
6.32
259,653,958.67
6.31
281,996,615.60
6.43
297,736,486.60
6.14
355,372,684.74
5.44
345,023, 330.58
5.81
383,477, 954.49
4.40
367,525,279.83
4.54
356,195,298. 29
4.65
352,179,446.08
4.85
365,774,159.57
5.55
443,368,582.80
6.93
605,072,179.85
7.43
487,713,791.71
7.56
509,967,353.15
7.11
471,190,857.64
6.93
506,089,022.04
6.59
532,237,821.31
•6.54
563,360,093.62
7.02
549,405,425.35
7.70
551,705,129.04
6.87
621,102, 390.64
6.79
662,324, 444.77
7.48
659,705,391; 08
7.46
654,137, 997.89
7.23
654,553,963.47
7.44
682,770,705.61
7.42
700,254,489.71
Per capita
on
disbursements.
$2.38
2.10
L62
L42
L51
L39
.63
L17
1.16
L33
2.60
2.18
L93
L77
1.99
L79
L86
2.08
• 2.15
2.45
2.33
2.49
2.25
2.01
2.14
14.35
21.54
25.40
37.27
14.63
9.58
10.01
8.51
7.61
7.16
6.66
6.84
7.04
6.25
.• 5.87
6.21
4.98
5.46
5.28
5.06
4.92
4.94
4.45
4.63
4.22
4.56
4; 32
4.60
4.76
5.56
5.29
5.77
5.43
5.16
5.01
. 5.10
6.07
8.14
6.39
6.56
5.96
6.26
6.50
6.77
6.49
6.41
7.10
7.45
7.30
.6.96
6.84
7.01
7.07
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 bythe Register of the Treasury in his reports for 1891, 1892, and 1893 (See 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 legal-tender notes, net gold, and available cash
in the Treasury at the end of eachmonth; the monthly redemption of legal-tender notes in gold and the imports and exports of gold, from July, 1896,
to June, 1914, inclusive.
Month.
Balance in
Net gold
general fund,
in Treasury. including
net gold.
^
Total for 12 months
July....
August
September
October
November
December
.-.
$42,088,468 1$13,059,259 $110,718,746 $256,158,473
243,346,401
100,957,561
36,701,677 110,139,580
241,154,457
124,034,672
11,995,290
26,579,535
117,126,524 233,572,762
33,978,277
17,695,447
225,357,098
131,510,353
33,260,720
18,050,024
137,316,544 228,320,380
23,812,665
2,044,449
215,362,421
30,269,389
1 5,952,395 144,800,493
212,837,256
148,661,209
28,796,057
14,395,060
222,045,606
151,786,464
27,212,998
9,004,664
153,340,890 228,090,517
32,072,097
5,740,038
230,113,813
144,319,563
29,109,259
688,132
140,790,738 244,466,202
22,934,695
13,650,013
347,721,705
365,774,160
118,052,455
39,027,364
19,023,615
21,-933,098
24,391,415
43,363,605
59,646,698
37,333,628
28,572,358
32,958,751
33,012,943
30,074,818
33,509,313
Total for 12 months
.
Surplus
receipts.
$29,029,209
25,562,097
24,584,245
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
1896—July
August
September.
October
Noveniber
December
1897—January
February
March
April
May..
June
July..
August...:
September
October
November
December
1898—January
February
March
April
:
May . . ;
June
Ordinary
disburseOrdinary ments, exclureceipts,
sive of postal,
exclusive of principal of
postal.
debt, and
premium.
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
5,552,766
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
! 047,248
,
43,847,109
41,782,708
39,778,070
39,630,051
38,900,916
41,404,794
74,263,475
56,260,718
64,223,921
53,982,277
49,090,981
41,864,808
130,416,366
114,478,010
114,445,851
114,352,226
110,190,066
1 460,014
Imports of
gold.
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'
254,844,215
294,487,085
307,557,504
300,238,276
292,376,790
294,764,695
$1,667,986
4,289,538
34,347,009
28,193,769
7,487,300
2,801,044
943,306
830,180
1,439,439
971,506
951,515
1,092,188
$11,931,436
1,972,544
93,555
368,007
468,010
431,826
442,355
353,147
575,205
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
2,682,405
6,493,414
6,162,681
30,708,320
32,579,858
13,322,111
3,330,612
bO
Exports of
gold.
85,014,780
140,817,699
144,216,377
147,663,105
153,573,147
157,363,851
160,911,547
164,236,793
167,623,182
174.684.136
181.238.137
171,818,055
167,004,410
bO
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
15,406,391
2,641,668
15,296,811
16,808,341
16,738,353
5,324,601
8,757,182
1,497,013
1,955,908
3,102,810
1,279,926
913,467
1,219,638
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1899—January..
February.
March
April
June.
Total for 12 months.
July
August
September.
October
November.
December .
1900—January . . .
February..
March
April
May
June
Total for 12 months- July
August
September:
October
November December .
1901—January
February..
March
April
May
June
Total for 12 months.
July
August
September.
October
November .
December..
41,774,930
37,979,333
57,030,240
41,611,587
44,786,01447,126,915
515,960,620
51,122,771
43,918,929
42,978,571
65,949,106
40,513,005
31,382,762
.19,347,841
15,939,596
14,051,669
1 24,337,519
4,273,009
15,744,153
274,584,676
269,103,513
284,043,164
263,127,533
267,584,094
284,488,516
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
218,857,546
220,557,185
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
567,240,852
487,713,792
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
53,979,653
50,500,199
39,169,971
47,993,638
41,278,661
40.204,622
40,109,707
38,880,636
40,762,862
41,968,246
42,136,561
33,045,147
587,685,338
509,967,353
52,307,591
39,351,498
32,310,736
40,645,936
40,198,917
37,318,998
77,717,985
12,749
6,042,628
12,123,687
9,186,017
. 5,517,860
9,742,967
249,955,831
258,456,786
251,635,354
259,346,494
257,539.887
262,800,534
327,368.877
329,971.356
319,919,880
325, 655,697
317,010,665
321,603,279
37,522,086
2,895,469
5,391,411
2,593,894
8,542,254
2,904,043
5,620,246
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
3,386,611
4,265.626
,1,859,274
2,520,456
2,249,038
1,772.834
3,260,743
3,272,739
• 18,084,938
806,572
441,962
677,207
410,533
.8,221,159
416,812
490,269
4,916,965
10,101,177
5,344,844
66,051,187
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
1,755,451
567,962
1,109,845
• 1,162,484
2,049,255
20,908,327
44,573,184
79,527,060
1 4,024,492 223,567,376
1811,443
218,263,969
° 6,134,355
230,131,162
3,632,429
242,670,175
7,065,854
243,235,735
6,641,886 • 246,561,322
7,410,580 -221,183,644
6,963,487
231,150,064
9,128,263
249,046,644
5,799,605
246,767,053
10,492,879
244,432,246
17,288,761
248,605,794
6,392,344
5,148,906
3,187,575
2,482,871
3,070,265
3,105,-686
88,954,603
605,072,180 .189,111,560
56,561,090
18,506,832
48,054,258
49,978,173
45,522,312
4,455,861
45,334,145
37,579,372
7,754,773
47,533,589
44,174,027
3,359,562
46,945,572 ' 40,769^ 848
6,175,724
46,759,104
39,145,560
7,613,544
48,012,165
39,189,097
8,823,068"
45,631,265
37,738,472
7,892,793
48,726,837
32,188,271
16,538,566
45,039,327
40,903,928 • 4,135,399
45,166,053
40,351,525
4,814,528
51,435,832
33,540,673
17,895,159
. 52,320,340
45,394,125
44,434,423
49,831,953
45,716,777
47,0-61,965 •
228,652,341
231,124,638
245,413,707
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
2,875,120
- 150,861
163,362
4,066,747
16,292,500
4,-744,123
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TABLE G.—Statement showing the ordinary receipts and disbursements ofthe Government by months, etc.—Continued.
Ordinary
disburseO r d i n a r y m e n t s , exclur e c e i p t s , Isive 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.
1902—January
February
March
April
May
June
Balance in,
g e n e r a l fund,
Net gold
in Treasury. includiag
n e t gold. .
$8,033,866
2,060,448
8,398,977
4,416,127
10,762,652
15,839,609
$239,040,401
238,821,209
244,858,050
242,945,286
246,554,393
253,801,291
$324,796,646
325.361,866
327,856,289
334,739,983
345,350,229
362,187,361
248,005,005
264,657,694
286,124,771
263,542,933
264,967,774
270,777,264
247,783,746
259,651,782
276,815,803
262,539,660
256,208,626
254,162,230"
353,974,599
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
$46,582,144
41, l b % 739
46,501,414
45,215,390
49,509,449
49,677,469
T o t a l for 12 m o n t h s
July
August
September
October
. November
December
1903—January
February
March
April
May
June
Surplus
receipts.
:
:
'-
T o t a l for 12 m o n t h s
July
August.
September
October
November
December
1904—January
February
. March-.
April
May
June
::....
-
-..
:
T o t a l for 12 m o n t h s ,
$38,548,278
39,099,291
38,102,437
40,799,263
38,746,798
33,837,859
562,478,233
471,190,878
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
17,507,877
5,492,202
• 11,025,583
4,486,297
562,728
10,617,556
3,364,094
5,277,430
447,848
1,562,287
3,626,973
13,790,316
560,396,674
506,089,022
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
1 7,776,613
6,828,133
6,545,855
1 4,947,266
1 2;735,193
10,491,787
1 6,784,184
3,242,635
3,072,101
1 4,480,843
15,664,913
11,293,399
539,716,914
632,237,821
7,479,093
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
373,068,505
374,699,996
370,919,188
813,287,516
322,051,568
$1,405,787
1,696,967
2,636,313
1,864,767
1,497,053
4,086,457
$1,973,675
8,665,480
4,432,946
2,844,214
1,968,407
391,526
48,568,960
'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
7,884,339
2,305,714
530,029
1,460,829
720,331
2,853,112
85,951
1,506,370
1,042,598
1,705,466
14,488,268
,12,507,588
44,982,027
64,307,652
611,576
852,678
969,819
963,213
692,595
747,592
588,370
895,407
761,499
529,422
688,060
215,414
E x p o r t s of
gold.
52,021,254
91,287,376
305,691
605,813
580,381
391,262
599,001
151,300
996,338
028,180
435,435
326,101
113,970
354,054
I m p o r t s of
gold.
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
i , 522,544
99,055,368
81,'459,986
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July
August
September.
October
November .
December..
1905—January . . .
February . .
March.
April
May
June
Total for 12 months.
July
August
September.
October
November .
December..
1906—January . . .
Febraary . .
March
April
May
June
Total for 12 months.
July
August.....
•September.
October
November .
December..
1907—January . . .
February..
March
April
May
June
Total for 12 months
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
39,778,182
43,758,933
47,950,777
64,019,115
61,131,604
40,391,358
52,500,873
49,434,318
41,315,731
49,488,299
41,151,234
44,985,127
48,339,465
46,048,144
34,687,523
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
18,561,283
1 2,289,211
13,263,254
544,606,758
563,360,093
61,591,481
50,600,327
40,510,622
54,589,836
46,211,544
42,830,311
45,671,353
41,409,095
43,665,323
45,141,796
43,124,646
34,001,856
112,318,347
1 3,109,895
9,740,537
1 4;097,144
.2,789, 325
7, 520,152
5, 018,743,
6,785, 633
6,965,846
148,928
4,855,378
, 21,365,225
594,717,942
549,405,425
63,483,563
45,997,502
39,154,801
52,678,473
46,642,880
44,497,456
45,732,517
43,983,148
40,150,934
45,324,832
45,940,845
38,475,021
663,125,659
663,125,659
551,705,129
'224,372,884
235,465,527
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
45,312,517
52,298,853
56,007,597
51,497,191
57,241,999
55,602,498
55,812,980
55,237,500
53,925,496
54,221,954
53,260,592
57,488,012
• 62,711,463
304,081,679
297,975,365
301,414,163
296,352,797
293,344,658
296,592,689
290,625,796
290,681,839
291,821,624
284,318,681
281,141,378
295,477,492
118,753,335
49,273.134
47,490,432
50,251,159
50,492,692
49,000,869
50,350,463
50,790,096
48,194,728
50,631,169
45,092,868
47,980,024
55,367,081
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
212,331,729
218,172,921
221,381,650
. 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
2,581,057
2,657,143
2,149,051
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
1,303,874
481,570
4,030,882
53,648,961
92,594,024
4,973,241
3,213,216
5,543,692
10,722,132
5,202,790
4,028,881
2,605,709
2,079,683
5,630,695
14,941,583
34,911,028
2,369,080
1,159,274
274,153
1,412,904
310,696
1,137,318
2,668,532
5,741,665
8,486,330
5,918,627
2,485,552
5,722,148
3,256,392
96,221,730
38,573,591
290,313,454
111,184,710
319,963,942
350,686,875
311,358,446
10,010,095
12,342, 390 313, 714,775 371,213,096
302,973, 951 373,300,810
4,563,526
381.470.287
8,959,618 •317.952.371
11,315,524
388,997,076
313,999,622
285,Oil, 577 394,708,206
9,504,983
400,154,655
9,942,348 310,617,216
402,868,003
310,760,992
14,071,020
7,935,760
296,040,433 - 401,388,342
407.629,665
11,647,167
292,821,224
422,061,445
24,236,442
304,619,431
9,834,333
7,972,868
31,431,038
27,250,852
8.935.27^
7,617,237
3,270,505
3,329,867
. 5,046,243
4,974,527
2,682,163
2,165,342
111,420,530
114,510,249
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
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51,399,176
1 Excess of disbursements.
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TABLE G.—Statement showing the ordinary receipts and disbursements of the Government by months, etc.—Continued
Month.
1907—July
August
September
0/itober
November
December
1908—January
February
March
April
May
June
^...,
T o t a l for 12 m o n t h s
July
August
September
October
November
December
Surplus
receipts,
,
Balance in
Net gold
general fund,
including
in Treasury.
n e t gold.
1 $4,958,459 $293,670,624 $388,574,188
5,431,235 . 284,300,724 386,660,408
389,551,314
6,792,014 280,-808,512
387,227. 019
237,987,850
13,439,949
3,904,972 245,500,558 • 400,551,014
419,519,991
1 5,540,922 249,344,971
416,417,301
1 4,255,008 217,475,100
418,845, 804
1 5,848,301 210,382,518
412,608,191
1 4,539,831 204,492,080
193,772,017
401,596,987
112,728,870
390,933,256
1 8,787,175 213,684,683
221,924,733
395,171,348
5,531,966
$55, 906,465
68, 226.282
51, 438,483
59, 028,246
45, 529,326
47, 283,828
49, 435.283
48, 324,900
44, 616,965
43, 919,321,
42, 698,053
53, 488,613
$60,864,924
52,995,047
44,646,469
45,588,297
41,624,354
52,824,750
53,690,291
54,173,201
49,156,796
56,648,191
61,485,228
47,956,647
60.1,060.723
621,102,390
1 20,041,667
189,846
680,639
224,558
304,825
908,715
197,210
259,139
675,568
654,602
278,212
416,058
900,118
1.
T o t a l for 12 m o n t h s
July
August
September
October
November
December
1909—January
February
March
April
May
June
Ordinary
disburseOrdinary ments, exclu
receipts,
sive of postal,
e x c l u s i v e of p r i n c i p a l of
postal.
debt, and
premium.
71,390,958
48,114,783
52,209,676
56,858,544
58,302,928
56,384,477
58,653,229
51,693,985
53,857,118
62,044,182
54,905,437
47,909,128
1 22,201,112
1 3,434,144
1 3,985,118
1 8,553,719
1 8,394,213
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
1 58,734,955
57,577,081
51,081,777
52,347,659
57,176,765
51,727,571
56,968,269
70,681,030
58,490,754
52,968,845
59,100,660
56,318,678
53,239,067
113,103,949
1 7,408,977
1 621,186
11,923,895
1 4,591,107
. 3,729,202
I m p o r t s of
gold.
$3,410,782:
3,223,772
2,759,019
4,512,466
63^574,871
44,448,515
10,799,484
2,847,133
3,649,407
2,561,197
3,101,002
3,449,673
148,337,321
230,238,004
214,915,576
222,058,504
232,051,793
228,201,751
232,703,457
204,776.864
234,094; 571
240,173,188
235,590,916
•224,263,038
227,698,852
353,628,173
339,890, i39
329,052,573
316,882,253
301,387,362
319, 501,417
299,701,585
291,263,813
283,934,071
277,433,835
269,901,309
276,375,428
235,720,333
237,184,857
242,873,342
254,735,467
250,567,638
241, 989,339
258,437,755
247,950,871
244,206,114
239,103,078
231,935,125
234,048,866
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
44,003,989
3,269,886
5,348,757
2,351,158
7,034,164
3,863,637
2,083,772
to
E x p o r t s of
•gold.
$7,478,366
4,596,879
1,503,836
3,716,258
td
615,169
1,004,441 ' tei
•n
444,200
o
1, 967,597
td
1,447,206
H
14,476,341
26,555,913
O
8,626,718
72,432,924
4,845,272
6,599,742
3,974,391
1,952,574
2,967,795
7,357,707
7,865,356
8,860,814
21,252,462
6,337,994
11,171,265'
8,346,446
91,531,818
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1910—January
February
March
April
May
June
50,322,176
50,278,783
60,151,772
53,153.520
51,608,384
83.117,958
:
^ Total for 12 months
1910—July
,
August
September
October
November
December
1911—January . . 1
. February
March
April
May
June
;.......
Total for 12 months.
1911—July
August
September
October
November
December1912—January
February
March
April
Mav
June
..
Totalfor 12 months.
52,046,922
49,238,877
51,597,331
53,807,033
48,179,671
54,036,523
675,511,715
659,705,391
58,817,953
54,969,254
55,983,578
55,266,442
58,471,175
67,689,458
52,005,193
50,390,629
58,465,359
51,091,962
61,232,444
86,988,928
' 68,411,709
58,538,788
• 52,527,006
58,560,323
54,231.830
52,798,711
52,271,910
50,051,017
51,649,855
52,558,029
55,908,354
.46,630,466
701,372,375
654,137,998
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
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
691,778,465
654,553,963
1 1,724,746
1,039,906
8,554,441
1653,513
3,428,713
29,081,435
220,256,764
226,656,329
247,576,175
244,001,134
229,620,847
242.411.286
230,960,864
230,571,813
238,885,265
233,462,139
232,165,417
256.894,676
47,234,377
116,093,440
15,483.814
5,529,816
1 4,133,125
1 460,493
1 756,297
1960,345
1,787,775
10,637,875
12,648,484
6; 118; 299
43,686,735
37,224,502
262,780,234
258,319,307
257,503,487
280, ISO, 440
285,303,171
276,029,643
235,654,356
239,947,601
254,136,930
253,187,522
244,189; 050
264,028,646
302,525,300
292,408,854
294,394,996
286,522,399
282,243,628
276,925,992
273,413, 503
271,892,704
281,534,096
275,613,948
276; 997; 5.58
317,152,479
118,663,215
10,282,649
12,818,606
3,192,341
. 4,250,259
4,313,600
4,976,632
9,540,830
5,805,844
4,119,063
4,524,835
5,014,740
4,767,714
828,451
3,150,423
1,822,476
750,330
1,376,Oil
1,330,400
923,676
424,733
505,615
• 1,505,634
6,817,149
- 3,074,755
73,607,013
242,356,224
239,523,208
240,984,016
235,688,932
236,683,886
239,393,472
235,466,829
235,525,708
239,454,526
235,705,902
236,477,947
290,176,926
6,163,132
2,937,134
1,815,815
36,283,625
718,678
1,598,347
43,339. 905
15,806,324
1 9,593.756 228,421,383
1 3,569,534 229,628,447
3,456,572
244,362, Oil
13,293,881 , 261,024,062
4,239,345
256,832,205
254,003, 671
4,890,747
1 266,717 220,261,901
227,178,354
339,612
6,815,504
231,726,269
11,466,067
220,749,280
5,324,090
206,383,234
40,358,462
233.533.255
2,131,357
3,063,116
4,373,885
2,100.918
3,143,338
4,575,917
22,609,653
2,594,653
4,105,331
4,704,096
4,102,427
3,458,321
4,707,330
5,141,243
2,937,274
4,335,678
3,892.599
3; 346; 491
5,611,057
48,936,500
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; 4.50; 899
7,171,035
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57,328,348
lExcess of disbursements.
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TABLE G.—Statement showing the ordinary receipts and disbursements ofthe Government by months, etc.—Continued.
Month.
1912—July
August
September..
October
November..
December..
1913—January
February...
March
April
May
June
T o t a l for 12 m o n t h s . .
1913-- J u l y
August
September.
October
November.
December..
1914—January
February.^
March
April
May
June
Total for 12 m o n t h s .
Ordinary
disburse-.
Ordinary
m e n t s , exclureceipts,
sive of p o s t a l ,
e x c l u s i v e of p r i n c i p a l of
postal.
debt, a n d
premium.
$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
$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
57,957,870
53,476,566
724,111,230
682,770,706
60,231,524
61,600,197
56,473,397
-64,196,633
55,515,133
53,152,436
54,477,847
43,633,857
54,803,891
50,488,807
•55,389,212
124,710,233
734,673,167
70,208,747
62,163,712
56,066,553
60,095,057
58,228,865
57, 761,643.
58,990,149
52,844,140
54,976,656
57,585,688
59,242,971
52,090,309
700,254,490
Surplus
receipts.
Balance i n
Net gold
g e n e r a l fund,
in Treasury.
including
net gold:
1 S743,184
13,110,649
1 2,763,699
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
$268,747,666
271,733,772
285,229,839
302,675,520
304,384,340
299,730y.929
255,750,031
262,745,118
267,930,180
265,188,309
253,778,072
258,363,327
$311,648,787
304,041,784
299,846,615
298,724,219
299,946,420
293,576,381
295,846,020
• 297,030,683
298,496,280
291,333,044
283,977,282
315,960,985
266,417,431
269,854,052
254,875,056
269,971,436
268, OSO,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
34,418,677
E x p o r t s of
gold.
$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
18,076,584
3,010,168
12,467,492
569,315
69,194,025
41,340,524
19,977,223
1 563,515
406, 844
4,101,576
1 2,713,732
14,609,207
1 4,512,302
1 9,210,283
1 172,765
17,096,881
1 3,853, 759
72,619,924
I m p o r t s of
gold.
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00
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, S35,202.
48,107,064
66,538,659
112,038,529
1 E x c e s s of d i s b u r s e m e n t s .
NoTEiT-The a b o v e figures a r e exclusive of d i s b u r s e m e n t s for t h e P a n a m a C a n a l , t h e first p a y m e n t s for w h i c h occurred in t h e fiscal y e a r 1903.
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 w e r e m a d e u p from t h e pairtial r e p o r t s p r i o r t o J u l y 1,1908; a n d b e i n g s u b j e c t t o c h a n g e b y s u b s e q u e n t c o n c e n t r a t i o n of
a c c o u n t s , 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 a r e t h e a c t u a l r e s u l t s , a s s h o w n b y c o m p l e t e r e t u r n s .
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229
SECBETAEY OF T H E TREASURY.
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 1914.^
Balance in
general fund,
including
gold reserve
since 1875.
Date.
1791—DecemJDer 31
1792—D ecember 3 1 .
1793—December 31
1794—December 31
1795—December 31
1796_December 31
1797_December 31
1798—December 31
1799—December 311800—December 31
1801—December 31
1802—December 31
1803—December 31
1804—December 31
1805—December 31
1806—December 31
1807—December 31
1808—December 31
1809—December 31
1810—December 31
1811—December 31
1812—December 31
1813—December 31
1814—December 31
181.5—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 3 1 '
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—D ecember 31
1841—December 31
1842—December 31
1843—June 30
1844—June 30
1845—June 30
1846—June 30
1847—June 3 0 . . . :
1848—June 30
1849—June 30
1850—June 30
1851—June 30
1852—June 30
$973,905.75 1853—June 30
783,444.51 1854—June 3 0 . .
753,661.69 1855—.Tune 30
. 1,151,924.17 1856—June 30
516,442.61 1857—June 30
888,995.42 1858—June 30
1,021,899.04 1859—June30
817,451.43 I860—June 30
1861—June 30
2,161,867.77
1862—June 30
2,623,311.99
3,295,391.00 1863—June 30
5,020,697.64 1864—June 30
1865—June 30
4,825,811.60
1866—June 30
4,037,005.26
3,999,388.99 1867—June 30
1868—June 30
4,538,123.80
...
9,643,850.07 1869—June 30
1870—June 30
9,941,809.96
3,848,056.78 1871—June 30.
1872—June 30
2,672,276.57
3,502,305.80 1873—June 3 0 .
3,862,217.41 1874—June 30.
5,196,542.00 1875—June 30.
1,727,848.63 1876—June 30
13,106,592.88 1 8 7 7 _ J u n e 3 0 '
1878—June 30
22,033,519.19
14,989,465.48 1879—June 30
1,478,526.74 1880—June 30
1881—June 3 0 .
2,079,992.38
1,198,461.21 1882—June 30
1,681,592.24 1883—June 30
....
4,193,690.68 • 1884—June 30
9,431,353.20 1885—June 30
1,887,799.80 1886—June 30.
5,296,306.74 1 8 8 7 - J u n e 30.
6,342,289.48 1888—June30...
6,649,604.31 1889—June 30
5,965,974.27 1890—June 30
2 4,362,770.76 1891—June 30
1892—June 30
4,761,409.34
3,053,513.24 1893—June 30.
i
911,863.16 1894—June 30 '.
10,658,283.61 1895—June 3 0 .
7,861,093.60 1896—June 30;
1897—June 30
25,729,315.72
1898—June 30.
45,756,833.54
3 6,804,953.64 1899—June 30
6,633,715.23 190(>_June 30.
- 4,683,416.48 1901—June 30.
1,704,561.80 1902—June 30
375,692.47 1903—June 30
1 9 0 4 ^ J u n e 30
2,079,908.13
11,195,156.21 1905—June 30
8,612,850.23 1906—June 30..:
8,110,649.86 1907—June 30
• 9,683,869.83 1908—June30.
5,446,382.16 1909—June 30
758,332.15 1910—June 30
3,208,822.43 1911—June 30
7,431,022.72 1912—June 3 0 .
'
1913—June 30
12,142,193.97
1914—June 30
15,097,880.36
...........
-;
.
"
Balance in
general fund,
including
gold reserve
since 1875.
, Date.
.'
.
•
:
$22,286,462.49
20,300,636.61
: 19,529,841.06
20,304,844.78
18,218,770.40
6,698,157.91
.
4,685,625.04
3,931,287.72
2,005,285.24
18,265,984.84
8,395,443.73
112,002,776.10
26,440,930.29
112,476,770.66
161,175,174.31
115,133,529.82
126,542,842.77
113,485,981.01
,...
91,739,739.00
74,437,358.54
59,762,346.64
72,159,597.17
63,274,721.71
'
58,947,608.99
91.694,008.29
.
177,498,846.71
367,054,575.14
168,299,404.40
182,678,977.44
162,323,331.14
161,382,637.70
165,046,380.59
182,622,360.17
232,099,178.05
: . 207,600,698.44
244,094,169.01
210,737,083.76
190,841,184.72
156,847,826.49
129,178,792.53
124,824,804.94
118,885,988.16
196,348,193.17
269,637,307.07
244,466,201.95
209,282.643.13
284,488;516.20
306,827,605.37
328,406,798.13
362,187,361.16
388,686,114.23
322,051,568.02
295,477,491.89
330,689,354.82
.
422,061,445.47
395,171,347.73
.
276,375,428.10
256,894,675.67
290,176,926.13
317,152,478.99
315,960,984.79
311,612,615.63
1 This statement Is madefrom warrants paid by the Treasurer of the United States to Dec. 31, 1821,
and by warrants issued after that date.
. 2 The unavailable funds are not included from and after this date.
8 The amount deposited with the States under act of June 23,1836, having been taken out ofthe control
of the Treasury Department by the act of Oct. 2,1837, Is not Included from and after this date.
TABLE I.—Receipts and disbursements of the UnitedStates.
bO
CO
RECAPITULATION OF RECEIPTS BY FISCAL YEARS:
o
O r d i n a r y receipts.
.
Miscellaneous.
Year.
Customs.
Internal
revenue.
Sales of p u b l i c
lands.
Direct t a x .
O t h e r miscellaneous items.1
Total ordinary
receipts.
Postal
revenue.
S u r p l u s (-I-) or
Total ordinary
deficit (—) on
receipts a n d
ordinary, receipts,
postal revenue. including postal
deficiencies.
1
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
:
:...
...
-
i
$4,399,473.09
3,443,070.85
4,255,306.56
4,801,065.28
5,588,461.26
6,567,987.94
7,549,649.65
7,106,061.93
6,610,449.31
9,080,932.73
10,750,778.93
12,438,235.74
10,479,417.61
11,098,565.33
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
$208,942.81
337,705.70
274,089.62
337,755.36
$4,836.13
475,289.60
83,540.60
575,491.45
644,357.95
11,963.11
779,136.44
443. 75
809,396.55
167,726.06
1,048,033.43
188,628.02
621,898.89
165,675.69
215,179.69
487.526.79
50,941.29
540.193.80
21,747.15
765,245. 73
20,101. 45
466,163.27
13,051.40
647,939.06
8,190.23
442,252.33
4,034.29
696,548.82
7,430.63
1,040,237.53
2,295.95.
. 4,903.06
710,427.78
4,755.04
835,655.14
1,662,984.82
1,135,971.09
1,287,959.28
4,678,059.07
1,717,985.03
5,124,708.31
1,991,226.06
2,678,100.77
955,270.20 , 2.606,564.77
229,593.63 • 3;274,422.78
1,635,871.61
106,260.53
1,212,966.46
69,027.63
1,803,581.54
67,665.71
916,523.10
34,242.17
984,418.15
34,663.37
1,216,090.56
25,771.35
21,589.93
1,393,785.09
$734,223.97
534,343.38
206,565.44
71,879.20
50,198.44
21,882.91
55,763.86
34,732.56
19,159.21
7,517.31
12,448.68
7,666.66
859.22
3,805.52
2,219,497.36
2,162,673.41
4,253,635.09
1,834,187.04
264,333.36
83,650.78
31,586.82
29,349.05
20,961.56
10,337.71
6,201.96
. 2,330.85
6,638.76
$4,409,951.19'
$10,478.10
3,669,960.31
17,946.65
4,652,923.14
• 59,910.88
' 5,431,904.87
356,749.97
193,117.97
6,119,334.59
8,420,329.65
1,372,215.98
8,688,780.99
480,099.29
7,979,170.80
216,787.81
7,546,813.31
157,227.56
223,752.10
10,848,749.10
12,945,455.95
444,574.15
14,995,793.95
1,540,465.86
131,945.44
11,064,097.63
11,826,307.38
139,075.53
40,382.30
13,560,693.20
51,121.86
15,559,931.07
38,550.42
16,398,019.26
21,822.85^
17,060,66L93
62,162.57
7,773,473.12
84,476.84
9,384,214.28
59,211.22
14,422,634.09
126,165.17
9,801,132.76
271,871.00
14,340,709.95
. 164,485.60 . 11,181,710.95
15,708,458.56
• 296,824.58
47,745,650.82
342,447.51
580,006.52
33,366,868.88
583,030.33
21,585,583.66
732,098.42
24,603,374.37
1,061,338.44
17,840,669.55
14,573,379.72
257,589.43
20,232,427.94
750,457.19
20,540,666.26
491,129.84
19,381,212.79
477,603.60
21,840,858.02
497,951.81
25i260,434.21
497,088.66
$4,481,247.12
$71,295.93
3,762,948. 71
92,988.40
103,883.19
4,756,806.33
5,561,090.74
129,185.87
163,794.54
6,283,129.13
195,043.44"
8,615,373.09
213,992.74
8,902,773. 73
233,144.73
8,212,315.53
264,850.39 . 7,811,663.70
280,806.06
11,129,555.16
13,265,900.76
320,444.81
326,831.65
15,322,625.60
359,952.41
11,424,050.04
• 389,711.49
12,216,018.87
422,129.07
13,982,822.27
446,520.34
16,006,451.41
16,882,153.71
, 484,134.45
'. 460,717.77
17,521,379.70
506,633.95
8,280,107.07
551,754.97
9,935,969.25
15,009,900.82
587,266.73
649,151.22
10,450,283.98
703,220.73
15,043,930.68
11,912,664.08
730,953.13
1,043,021.74
16,751,480.30
961,718.04
48,707,368.86
34,369,842.14
1,002,973.26
1,130,202.99 • 22,715,786.65
25,808,111. .76
1,204,737.39
1,111,760.72
18,952,430.27
15,631,681.82
1,058,302.10
21,349,983.30
1,117,555.36
21,670,880.61
1,130,214.35
20,578,511.72
1,197,298.93
23,147,111.61
1,306,253.59
26,708,094.25
1.447.660.04
-{-$1,312,498 64
- 4,599,909.44
+
805,993 24
—
865,917.17
— 1,190,266 19
-t- 2,629,678.82
-{- 2,680,153.74
-j371,584 48
— 1,749,004.82
+
34,778.09
-f .3,551,955.99
-f 7,019,541.88
-j- 3,111,811 03
+ 3,188,399.73
H- 4,546,344.36
-f 6,110,753.45
-t- 8,043,867.89
-f 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
-1-16,549,294.90
-1-13,375,976.41
-f 1,566,955.85
+ 3,091,370.37
— 444,865.34
— 1,276,173.14
-f 5,231,995.64
+ 5,834,036.27
892,489.85
+ 5,983,640.68
-1-8,232,574.99
teJ
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td
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W
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1827
1828...
1829
1830
1831
1832
1833
1834 ..:
1835.
1836
1837...
1838
1839
1840
1841
1842.
1843
1844
1845
1846
1847.
1848
1849
1850
1851
1852...
1853
1854
1855
1856
1857
1858
1859
I860 .
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
:
....
:
19,885.68 I
19,712,283.29
17,451.54
23,205,523.64
14,502.74
22,681,965.91
12,160.62
21,922,391.39
24,224,441.77
•6,933.51
28,465,237.24
11,630.65
29,032,508.91
2,759.00
16,214,957.15
4,196.09
19,391,310.59
10,459.48
23,409,940.53
. 370.00
11,169,290.39
5,493.84
16,158,800.36
2,467.27 !
23,137,924.81
2,553.32
13,499,502.17
1,682.25
14,487,216. 74
3,261.36
18,187,908.76
495.00
7.046,843.91
103. 25
26,183,570.94
1,777.34
27.528,112.70
3,517.12
26,712,667.87
2,897.26
23,747,864.66
375.00
31,757,070.96
375. 00
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
ag .'^82 i . ^ fi4
^*.
49,056,397.62
69,059,642.40
37,640,787.95
102,316,152.99 109,741,134.10
84,928,260.60 209,464,215.25
179,046,651.58 309,226,813.42
176,417,810.88 266,027,537.43
164,464,599.56 191,087,589.41
180,048, 426.63 158,356,460.86
194,538,374. 44 184,899,756.49
206,270,408.05 143,098,153.63
216,370,286.77 130,642,177.72
188,089,522.70 113,729,314.14
163,103,833.69 102,409,784.90
157,167,722.35 110,007,493.58
148,071,984.61 116,700,732.03
2,626.90 f 1,735,722.83
1,495,845.26
126.49
. 520,
• 2,218.81
1,018,308.75
602, 648.55
1,517,175.13
11,335.05
563, 227.77
2,329,356.14
16,980.59
3,210,815.48
1,074, 124.05
10,506.01
2,623,381.03
760, 410.61
6,791.13
3,967,682.55
394.12
945, 081.67
4,857,600.69
715, 161.82
19.80
14,757,600.75
1,266,452.95
4,263.33
24,877,179.86
2,538, 576.90
- 728.79
6,776,236.52
7,001, 444.59
1,687.70
3,730,945.66
6,410, 348. 45
7,361,576.40
755.22
979, 939. 86
3,411,818.63
2,567, 112. 28
1,365,627.42
1,004, 054. 75
1,335,797.52
451, 995.97
898,158.18
285, 895.92
1,075, 419. 70
2,059,939. 80
361, 453. 68
2,077,022.30
289, 950.13
2,694,452. 48
220, 808.30
2,498,355.20
612, 610.69
3,328,642.56
685, 379.13
1,688,959.55
2,064, 308. 21
1,859,894. 25
1,185, 166.11
2,352,305. 30
464, 249. 40
2,043,239.58
988, 081.17
1,667,084.99
1,105, 352. 74
8,470,798.39
827, 731. 40
11,497,049.07
1,116, 190.81
8,917,644.93
1,259, 920.88
3,829,486.64
1,352, 029.13
3,513,715.87
1,454, 596.24
1,756,687.30
1,088, 530.25
1,778,557. 71
1.023. 515.31
870= 658= d i
'915; 327.97
152,203.77 '"i;795;33L73'
3,741, 794.38
1,485,103. 61
167,617.17
49,590, 595.99
475,648.96
588,333.29
30,693, 916.49
1,200,573.03
996,553.31
66,903, 980.19
1,974,754.12
665,031.03
4,200,233.70 1 29,192, 365.70
1,163,575.76
39,680, 390.13
1,788,145.85
1,348,715.41
26,373, 628.03
765,685.61
4,020,344.34
28,236, 255.67
229,102.88
3,350,481.76
30,986, 381.16
580,355.37
2,388,646.68
24,518, 688.88
2,575,714.19
28,721, 800.94
3i5,'254.*5i
2,882.312.38
37,612, 708.54
1,852,428.93
19,411, 195.00
1,413,640.17
93,798.80 1 27,794, 148.11
1,129,466.95
22,966,363.96
24,763,629.23
24,827,627.38
24,844,116.51
28,526,820.82
31,867,450.66
33,948,426.25
21,791,935.55
35,430,087.10
50,826,796.08
24,954,153.04
26,302,561.74
31,482,749.61
19,480,115.33
16,860,160.27
19,976,197.25
8,231,001.26
29,320,707.78
29,970,105.80
29,699,967.74
26,467,403.16
35,698,699.21
30,721,077.50
43,592,888.88
52,555,039.33
49,846,815.60
61,587,031.68
73,800,341.40
65,350,574.68
74,056,699.24
68,965,312.57
46,655,365.96
52,777,107.92
56,054,599.83
41.476.299.49
51;919;261.09
112,094,945.51
262,711,865.33
327,283,518.68
557,817,230.34
477,001,523.47
398,369,440.36
369,564,545.47
411,253,971.24
383,323,944.89
374,106,867.56
333,738,204. 67
304,978,756.06
288,000,051.10
293,790,130.50
1,524,601.79
1,660,276.46
1,778,471.83
1,919,313.70
2,105,721.94
2,258,570.17
2,617,011.88
2,823,749.34
2,993,556.66
3,408,323.59
4,945,668.21
4,238,733.46
4,484,656.70
4,543,521.92
4,407,726.27
4,546,849.65
4,296,225. 43
4,237,287.83
4,289,841.80
3,487,199.35
3,880,309.23
4,555,211.10
4,705,176.28
5,499,984.86
6,410,604.33
5,184,526.84
5,240,724.70
6,255,586.22
6,642,136.13
6,920,821.66
7,353,951.76
7,486,792.86
7,968,484.07
8,518,067.40
8.349.296.40
S;299;820.90
11,163,789.59
12,438,253.78
14,556,158.70
14,436,986.21
15,297,026.87
16,292,600.80
18,344,510.72
19,772,220.65
20,037,045.42
21,915,426.37
22,996,741.57
26,471,071.82
26,791,360.59
28,644,197.50
24,490,965.75
26,423,905.69
26,606,099.21
26,763,430.21
30,632,542.76
34,126,020.83
36,565,438.13
24,615,648:89
38,423,643.76
54,235,119.67
29,899,821.25
30,541,295.20
35,967,406.31
24,023,637.25
21,267,886.54
24,523,046.90
12,527,226.69
33,557,995.61
34,259,947.60
33,187,167.09
30,347,712.39
40,253,910.31
35,426,253.78
49,092,873.74
58,965,643.66
55,031,342.44
66,827,756.38
80,055,927.62
71,992,710.81
80,977,520.90
76,319,264.33
54,142,158.82
60,745,591.99
64,572,667.23
49.825.595.89
60,219; 081.99
123,258,735.10
275,150,119.11
341,839,677.38
572,254,216.55
492,298,550.34
414,662,041.16
387,909,056.19
431,026,191.89
403,360,990.31
396,022,293.93
356,734,946:24
331,449,827.88
314,791,411.69
322,434,328.00
6,827, 196.00
8,368, 787.18
9,643, 573.75
9,702, 008.25
13,289, 004.18
14,578 500.39
10,930; 874.27
3,164; 365.32
17,857, 273.74
19,958 632.04
12,289 061.20
7,562: 152.82
4,585; 966.99
4,834, 402.86
9,621, 657.67
5,158, 689.19
3,549, 091.25
6,837, 147.64
7,034 278.01
2,438, 784.88
28,453, 380.93
11,919, 521.44
12,778 000.89
2,644, 505.76
4,803; 560.92
5,456, 563.24
13,843, 042.59
18,761, 886.29
6,719 911.97
5,330; 349.23
1,330, 903.64
27,327, 126.88
-:- 16,216, 491.85
7,146 275.82
- 25,173; 913.59
-417,650; 980.56
—606,639, 330.67
- 6 0 2 , 2 5 7 , 235.50
- 9 6 7 , 8 1 5 770.90
+ 38,794; 874.00
-f 130,272, 197.69
+ 28,030, 306.54
-f 48,373, 947.72
-f 117,596, 966.09
H-100,163, 551.'38
-1-103,547, 171.65
+ '. ". 879.33
-I- 3,739, 955.85H- 13,376, 658.26
+ 28,689, 045.91
-f
-f
+
+
+
+
-++
-f-t+
+
+
+
-
> I n c l u d i n g profits o n coinage, p a y m e n t s b y Pacific r a i l w a y s , t a x o n n a t i o n a l - b a n k circulation, forest reserve fund, h e a d t a x o n I m m i g r a n t s , fees, fines, a n d p e n a l t i e s , r e n t a n d sale
of Q o v e r m n e n t p r o p e r t y , D i s t r i c t ol C o l u m b i a r e c e i p t s , e t c .
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TABLE I.—Receipts and disbursements ofthe United States-^Contmued.
bO
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R E C A P I T U L A T I O N O F R E C E I P T S BY FISCAL YEARS—Continued.
Ordinary receipts.
Miscellaneous.
Year.
Customs.
1877.
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893,
1894
1895.
1896
1897,
1898,
1899,
1900,
1901,
1902.
1903.
1904,
1905.
1906,
1907.
1908.
1909.
1910.
1911.
1912.
1913.
1914
S130,.956, 493.07
130,170, 680.20
137,250, 047. 70
186,522, 064. 60
198,159, 676.02
220,410, 730.25
214,706, 496.93
195,067, 489.76
181,471, 939.34
192,905, 023.44
217,286, 893.13
219,091, 173. 63
223,832, 741.69
229,668, 584.57
219,522, 205.23
177,452, 964.15
203,355, 016.73
131,818, 530.62
152,158, 617.45
160,021, 751.67
176,554, 126.65
149,575, 062.35
206,128, 481.75
233,164. 871.16
238,585, 455.99
254,444, 708.19
284,479, 581.81
261,274, 564.81
261,798, 856.91
300,251, 877.77
332,233, 362.70
286,113, 130.29
300,711, 933.95
333,683, 445.03
314,497! 071.24
311,321, 672.22
318,891, 395.86
292,320j 014351
Internal
revenue.
Sales of public
lands.
$976,253.
$118,630,,407.83
110,581',624.74 • 1,079,743.
113,561,610.58
924,781.
1,373.92
124,009:
1,016,506.
135,264:,385.51
2,201,863,
,595.45
146,497:
4,753,140.
1,368.98
144,720:
7,955,864.
121,586: 072.51
9,810,705,
,725.54 . 5,705,986,
112,498:
,936.48
116,805:
5,630,999.
;,391.22
118,823:
9,254,286.
1,871.98
124,296:
11,202,017.
130,881 ,513.92
8,038,651.
,705.81
142,606;
6,358,272.
,249.44
145,686,
4,029,535.
,072.57
153,971;
3,261,875.
,623.93
161,027,
3,182,089.
,232.81
147,111,
1,673,637.
,672.02
143,421,
1,103,347.
,864.74
146,762,
1,005,523.
,574.29
146,688,
864,581.
,641.49
170,900,
1,243,129.
,161.51
273,437,
1,678,246.
,
295,327, 926.76
2,836,882.
,663.77
307,180,
2,965,119.
,122.10
271,880,
4,144,122.
,124.17
230,810,
8,926,311.
,119.45
232,904,
7,453,479.
,740.85
234,095,
4,859,249.
,212.91
249,150,
4,879,833.
,772.85
269,666,
7,878,811.
251,711, 126.70
9,731,560.
,643.59
246,212,
7,700,567.
1289,933,519.45
6,355,797.
,200.79
2322,529,
5,731,636.
3321,612, 199.66
5,392,796,
,965.65
4 344,416,
2,910,204.
5380,041, 007.30
2,571,774.
Direct t a x .
$30.85
1,516.89
160,141.69
108,156.60
70,720.75
108,239.94
32,892.05
1,565.82
Other miscellaneous items.
$30,687,068.20
15,931,830. 39
20,593,801.87
21,978,525.01
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,
.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
Total ordinary
receipts.
$281,250,222.78
257,763,878.70
272,330,241.21
333,526,500.98
360,782,292.57
403,525,250.28
398,287,581.95
348,519,869.92
323,690,706.38
336,439,727.06
371,403 277.66
379,266,074.76
387,050,058.84
403,080 982.63
392,6I2;447.31
354,937 •784.24
385,819, 628.78
297,722, 019.25
313,390; 075.11
326,976,200.38
347,721,705.16.
405,321,335.20
515,960, 620.18
567,240,851.89
587,685,337.53
562,478, 233.21
560,396, 674.40
539,716,913.86
544,606, 758.62
594,717,942.32
663,125 659.92
601,060,723.27
603,589,489.84
675,511,715.02
701,372,374.99
691,778,465.37
724,111, 229.84
734,673; 166.^71
Postal
revenue.
Surplus (-t-)or
deficit (.—) on
Total ordinary
receipts and ordinary receipts,
postalrevenue. including postal
deficiencies.
$27,531, 585.26 $308,781,808.04
29,277, 516.95 287,041,395.65
30,041, 982.86 302,372,224.07
33,315, 479.34 366,841,980.32
36,785, 397.97 397,567,690.54
41,876, 410.15 445,401,660.43
45,508, 692.61 443,796,274.56
43,325, 958.81 391,845,828.73
42,560, 843.83 366,251,550.21
43,948, 422.95 380,388,150.01
48,837, 609.39 420,240,887.05
52,695, 176.79 431,961,251.55
56,175, 611.18 443,225,670.02
60,882, 097.92 463,963,080.55
65,931, 785.72 458,544,233.03
70,930, 475.98 425,868,260.22
75,896, 993.16 461,716,621.94
75,080, 479.04 372,802,498.29
76,983, 128.19' 390,373,203.30
"82,499, 208.40 409,475,408.78
82,665, 462.73 430,387,167.89
89,012; 618.55 494,333,953.75
95,021, 384.17 610,982,004.35
102,354, 579.29 669,595,431.18
111,631, 193.39 699,316,530.92
121,848,047.26 684,326,280.47
134,224,443.24 694,621,117.64
143,582, 624. 34 683,299,538.20
152,826,585.10 697,433,343.72
167,932,782.95 762,650,725.27
183,585,005.57 846,710,665.49
191,478,663.41 792,539,386.68
203,562,383.07 807,151,872.91
224,128,657.62 899,640,372.64
939,252,198.59
237,879,823.60 938,522,481.25
246,744,015.88 990,730,755.49
266,619, 525.65
287,934, 565. 67 1,022,607,732.38
-t-$39,915,747.92
+ 20,799,551.90
-f 5,382,357.68
-f 68,678,863.62
,-fl01,130,653. 76
-t-145,543,810. 71
-M32,879, 444. 41
-1-104,393,625. 59 .
+ '63,463, 771. 27
+ 93,956,588. 56
•-f-103,471,097. 69
'4-119,612,116. 09
-1-105,053,443.24
-1-105,344,496.03
-f 37,239, 762. 57
+ 9,914,453. 66
+ 2,341,674.29
tei
- 69,803,260. 58
-- 42,805, 223.18
- 25,203,245. 70
- 18,052,454. 41
- 38,047,247. 60
- 89,111,559. 67
a
-1-79,527, 060.18
tei
+ 77,717,.984. 38
ZP
+ 91,287,375. 57
+ 54,307, 652. 36
+ 7,479,092. 55
- 18,753,335. 00
+ 45,312,516. 97
-fill, 420,530.88
- 20,041,667. 37
- 58,734,954. 93
+ 15,806,323. 94
+ 47,234,377.10
-f- 37,224,501.90
-f- 41,340,524.33
+ 34,418,677.00
1 Includes $20,951,780.97-corporation tax.
2 Includes $33,516,976.59 corporation tax.
s includes $28,583,303.73 corporation tax.
• Includes $35,006,299.84 corporation t a x .
»
6 Includes $10,671,077.22 corporation excise tax; $32,456,662.67 corporation income t a x , and $28,253,534.85 individual income t a x .
o
n
o
W
P u b l i c d e b t receipts..
P a n a m a Canal
receipts—proceeds of b o n d s
Proceeds of
- Premium
Total public
a n d p r e m i u m . b o n d s a n d other
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
..
o
. .
...
s/
$361,391.34
5,102,498.45
1,797,272.01
4,007,950.78
3,396,424.00
320,000.00
70,000.00
200,000.00
5,000,000.00
1,565,229.24
$361,391.34
5,102,498. 45
1,797,272.01
4,007,950.78
3,396,424.00
320,000.00
70,000.00
200,000.00
5,000,000.00
1,565,229.24
,
....'
•2,750,000.00
:
.
.
.
. . . .
o
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
1
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^
5,666,666.66
5,000,000.00
$32,107.64
6S6.09
40,000.00
5,000,000.00
5,000,000.00
E x c e s s of deposits to retire
national-bank
notes over
redemptions.
T o t a l of all
receipts.
S u r p l u s (-I-) or
deficit ( - ) on
all receipts.
$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
58,133,130.86
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
-1- $978,088.02
—
174,059. 44
60.66
+
432,050.82
596,725.64
+
430,957.17
-f
190,308.33
356,610.89
-f 1,624,430.85
-f
535,114.32
-f
744,381.90
-t- 1,776,281.60
—
151,246.00
733,072.08
1,602.72
-\571,440.70
+ 5,170,944.69
4311,762.86
- 6,092,235.17
— 1,175,016.46
-f
899,375.23
+
456,590.30
+ 1,402,133.60
— 3,464,115.10
4-11,678,010.38
4- 9,080,769.20
— 6,958,209.31
— 13,412,534.93
4692,170.44
—
932,961.78
4363,906.85
4- 2,506,031.71
4- 5,197,932.12
- 7,510,505.04
4- 3,322,394.60
4- 1,208,897.01
4352,582.03
— 714 890.28
310,963.86
4228,032.48
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TABLE I.—Receipts and disbursements ofthe United States—Continued.
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RECAPITULATION OF RECEIPTS BY FISCAL YEARS—Continued.
P u b l i c d e b t receipts.
P a n a m a Canal
receipts—proProceeds of
ceeds of b o n d s
Premium
Total public
and p r e m i u m . bonds and other
received.
debt.
securities.
Year.
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855...
1856
1857
1858
1859
I860
1861
1862
1863
1864
1865
1866
1867
1868
1869
-
'
:.
i
E x c e s s of d e posits to retire
national-bank
notes over
redemptlons.i
• .
.,
::..
. . . . .
-
:
:
i
1..J
:
..;
:..
$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
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
$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
$71,700.83
1,877,847.95
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
28,900,765.36
21,293,780.00
29,075,815.48
4,056,500.00
207,664.92
40,300.00
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
544,368,616.96
101,448,272.80
•
::::::::::::::::
T o t a l of all
receipts.2
S u r p l u s (-h) or
deficit ( - ) o n
all r e c e i p t s .
$30,632,542.76
34,126,020.83
36,565,438.13
24,615,648.89
38,423,643.76
54,235,119.67
32,892,810.40
43,258,116.06
39,824,682.52
29,613,184.76
34,927,203.92
< 39,331,782.54
25,078,635.88
35,435,843.56
34,259,947.60
33,187,167.09
59,248,477.75
61,547,690.31
64,502,069.26
53,149,373.74
59,173,308.58
55,077,642.44
66,844,128.88
80,057,929.29
71,993,510.31
80,977,720.90
76,323,164.33
77,859,458.82
89,742;449.71
85,359,475.23
91,720,936.53
589,979,942.49
898,444,442.11
1,363,338,222.81
1,816,335,674.63
1,184,504,884.32
978,955,827.43
.959,030,658.12
489,357,328.99
— $1,412,646.16
— 2,496,848.89
4- 9,377,724.77
2,896,938.63
4- 18,093,152.12
-h 20,525,189.27
7,660,545.78
—
627,984.50
— 2,426,789. 94
3,331,584.69
1,369,853.72
4720,154.21
4- 8,585,777.02
2,502,679.99
—
551,193.10
4- 1,478,847.28
— 5,251,916.09
3,434,303.15
4- 3,636,597.39
4- 3,331,702.05
4- 4,418,802.59
4- 1,256,583.57
+ 7,026,342.44
1,670,827.68
813,401.28
4- 1,330,557.67
— 2,305,374 80
— 11,689,520.78
— 1,904,677.28
—
213,717.82
— 2,015,672.95
4- 16,012,557.85
— 10,436,258.73
4- 97,919,902.71
—100,493,985.44
4-120,757,951.16
4- 29,995,625.29
- 38,051,314.22
4- 9,436,292.16
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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..
569,916.00
603,212.47
717,750.00
681,450.00
235,866.00
118,500.00
928,950.00
134,650.00
850,250.00
578,010.00
065,540.00
678,200.00
225,300. 00
t, 372,850. 00
1,404,650.00
58,150. 00
39,850.00
40,900. 00
48, 650. 00
24,350. 00
21,650.00
13,750.00
15,250. 00
22,900.00
), 014,250. 00
L, 165,0.50. 00
L, 168,800. 00
3,250. 00
5;950. 00
), 201,210. 00
117,770. 00
3,700.00
2,370. 00
2,050.00
2,600.00
2 750. 00
2,'650! 06
$31,210,817.95
25,367,768. 67
30,731,008. 21
8 18,102,170.04
33,189,104.15
5,100. 00
i 436,500. 00
,
31,571, 422.39
91,603, 212. 47
173,717, 750.00
38,681, 450.00
183,235,866.00
133,118, 500.00
305,734. 78 133,234, 684.78
156,195.80 141,290, 845.80
198,850, 250.00
1,496,943.25 619,074, 953.25
73,065: 650.00
110.00
678, 200. 00
225, 300. 00
304,372, 850. 00
1,404, 650. 00
58: 150. 00
39; 850. 00
40, 900. 00
650.
• 48: 00
24: 350.00
21: 650. 00
13: 750.00 $40,018,392.25
15: 250. 00
22: 900. 00
58,647, 545. 71
8,633,295.71
5,708,247.75
92,504, 394. 02
11,339,344.62
11,166,246.41 142,335, 046. 41
,250.00
4,356,614. 50
3:
,950.00
6,034,510. 00
5: 210. 00
5,324,234.50
199,201: 770.00
117; 700.00
3: 370. 00
12,650,160.00
2, 098.00
1,484,048. 00
1,486, 936. 00
455,336.00
457,
1,506.39
530, 324. 00
1,509,234.00
532,374. 00
1,514,334.00
15,436,500.00
10,408,537.00
5,023,165.50
24,797,980.00
5,255,715.00
459,280.00
,929,840.00
.118,940.00
459,280.00
1,929,840.00
3,118,940.00
462,597, 614.28
494,964, 202.78
569,740, 043.93
395,416 396.24
514,685; 693.88
447,909 911.69
455,669;012.78
450,072, 653.84
485,891, 645.65
921,447, 177.32
439,907, 630.32
398,245, 890. 54
"445,626,960.43
748,169, 124. 56
393,250, 478. 73
366,309, 700. 21
380,428, 000. 01
420,281, 787. 05
432,009, 901.55
443,250, 020. 02
463,984, 730. 55
498,576, 375. 28
425,883, 510.22
461,739, 521. 94
437,158, 291. 75
482,877, 597. 92
551,810, 455.19
434,747, 032. 39
500,374, 413. 75
815,507,
669,713, 448.85
699,320, 201.18
696,978, 230. 92
696,107, 810: 47
683,757, 215. 64
474. 20
773,591,636. 27
884,458,982. 94
858,141,635. 35
837,882,881.12
899, 640.372. 64
962,610,083.63
972,170,865.40
992,660,595.49
1,025,726,672.38
- 7,638,809.25
- 2 4 , 927,570.54
- 15,571,348.65
- 14,479,076. 24
4- 9,157,257.53
- 4,655,478.22
- 4,204.784.11
4- 29, 967,068.67
4-75, 651,808.00
4-144,575,084.77
-141, 485,744. 21
637,023.93
-+- 14,
- 20,736,144.84
- 1 178,462.55
,
+ 4,531,941. 09
+ 17,479,285.84
4- 49, 412,595.20
- 24,447,370.46
4- 36, 527,710. 58
- 33,503,357.76
- 19,601,877.53
- 34,132,372.10
- 27,673,266. 32
- 4,445,400. 21
- 5,703,914. 32
4- 46, 192,425. 01
4-104,580,230.86
- 25,071,091.91
948,849.60
- 61,791,521.35
4-100,
4- 23, 038.214.12
+ 21,215,743.65
4- 33,672,596.43
4- 26, 266,651. 54
- 66,634, 546. 21
- 28,574.076.13
4- 35, 211,862.93
4- 91, 372,090.65
- 26.890,097. 74
-118, 795,919.63
- 19,480,752.43
4- 33,501,368.58
4- 26, 975,552.86
+ 3,319,156.71
28,093.79
1 Only the annual 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.
3 Includes deposits of $17,641,634, for principal of bonds, only $2,035,700 of which were actually issued in 1911; the balance was issued in the fiscal year 1912.
NOTE.—The disbursements are stated by warrants paid to June 30, 1866, and by warrants issued since that date.
The disbursements for postal 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
Office Department.
»
Issues and redemptions of certificates and notes not affecting the cash ia general fund are excluded from the public debt figures in this statement.
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cm
TABLE I.—Receipts and disbursements of the United States—Continued.
bO
CO
RECAPITULATION OF DISBURSEMENTS BY FISCAL YEARS.
' 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
Civil a n d miscellaneous, exclusive
of postal deficiencies.
;
•
. .
•.
: . .
•.
:
. .
:
.
.. r
.
$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
2,592,02L94
- 2,223,121.54
1,967,996.24
2,022,093.99
7,155,308. 81
2,748,544.89
2,600,177.79
•
War Department.
$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
30,392.31
. 4,461,291. 78
3,111,.981.48
3,096,924.43
3,340,939.85
3,659,914.18
3,943,194.37
N a v y Department.
$61,408.97
410,502.03
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
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
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
$90,719.90
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
1,556,593.83
I n t e r e s t on t h e
' public 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
3,976,542.95
Total ordinary
disbursements,
exclusiveof
postal deficiencies.
-
$3,097,452.55
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
8,637,907.65
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
32,943,661.24
31,196,355. 92
19,990,892. 47
20,018,627.81
21,512,004.00
18,285,534.89
15,849,552.86
15,000,432.3014,706,629.99
20,273,702.64
15,857,217.34
17,037,859.22
td
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1827.
" 1828.
1829.
1830.
1831.
1832.
1833.
1834,
1835,
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874,
1875
1876
.1877,
1878
2,713,476.58
3,676,052.64
3,082,234.65
3,237,416.04
3,064,646.10
4,577,141.45
5,716,245.93
4,404,728.95
4,229,698.53
5,393,279.72
9,893,370.27
7,160,664.76
5,72^,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
6,349,309.35
5,628,629.29
12,885,334.24
16,043,763.36
17,888,992.18
16,462,727.01
15,309,318.01.
23,464,799.05
21,011,611.43
28,594,920.87
24,948,615.77
21,651,093.42
18,988,985.99
18,088,432.58
18,156,392.66
17,824,134.04
22,449,068.39
26,572,236.87
42,739,383.10
40,613,114.17
47,593,557.05
48,956,676.01.
51,078,551.25
48,392,882.35
55,350,666.23
55,809,757.42
67,837,635.06
80,427,548.90
63,859,056.88
68,507,120.68
52,756,193.59
47,424,309.65
3,948,977.88
4,145,544.56
4,724,291.07
4,767,128.88
4,841,835.55
5,446,034.88
6,704,019.10
5;696,189.38
5,759,156.89
11,747,345.25
13,682,730.80
12,897,224.16
8,916,995.80
7,095,267.23
8,801,610.24
6,610,438.02
2,908,671.95
5,218,183.66
5,746,291.28
10,413,370.58
35,840,030.33
27,688,334.21
14,558,473.26
9,687,024.58
12,161,965.11
8,521,506.19
9,910,498.49
11,722,282.87
14,648,074.07
16,963,160.51
19,159,150.87
25,679,121.63
23,154,720.53
16,472,202.72
23,001,530.67
389,173,562.29
603,314,411.82
690,391,048.66
1,030,690,400.06
283,154,676.06
95,224,415.63
123,246,648.62
78,501,990.61
57,655,675.40
35,799,991.82
35,372,157.20
46,323,138.31
42,313,927.22
41,120,645.98
38,070,888.64
37,082,735.90
32,154,147.85
4,263,877.45
3,918,786.44
3,308,745.47
3,239,428.63
3,856,183.07
3,956,370.29
3,901,356.75
3,956,260.42
3,864,939.06
5,807,718.23
6,646,914.53
6,131,580.53
6,182,294.25
6,113,896.89
6,001,076.97
8,397,242.95
3,727,711.53
6,498,199.11
6,297,177.89
6,455,013.92
7,900,635.76
9,408,476.02
9,786,705.92
7,904,724.66
8,880,581.38
8,918,842.10
11,067,789.53
10,790,096.32
13,327,095.11
14,074,834.64
12,651,694.61
14,053,264.64
14,690,927.90
11,514,649.83
12,387,156.52
42,640,353.09
63,261,235.31
85,704,963.74
122,617,434.07
43,285,662.00
31,034,011.04
25,775,502.72
20,000,757.97
21,780,229.87
19,431,027.21
21,249,809.99
23,526,256.79
30,932,587.42
21,497,626.27
18,963,309.82
14,959,935.36
17,365,30L37
750,624.88
705,084.24
576,344. 74
622,262. 47
930,738.04
1,352,419.75
1,802,980.93
1,003,953.20
1,706,444.48
5,037,022.88
4,348,036.19
5,504,191.34
2,528,917.28
2,331,794.86
2,514,837.12
1,199,099.68
578,371.00
1,256,532.39
1,539,351.35
1,027,693.64
1,430,411.30
1,252,296.81
1,374,161.55
1,663,591.47
2,829,801.77
3,043,576.04
3,880,494.12
1,550,339.55
2,772,990.78
2,644,263.97
4,354,418.87
4,978,266.18
3,490,534.53
2,991,121.54
2,865,481.17
2,327,948.37
3,152,032.70
2,629,975.97
5,059,360.71
3,295,729.32
4,642,531.77
4,100,682.32
7,042,923.06
3,407,938.15
7,426,997.44
7,061,728.82
7,951,704.88
6,692,462.09
8,384,656.82
6,966,558.17
5,277,007.22
4,629,280.28
.
976, 138.86
3,486,07L51
850, 573.57
3,098,800.60
2,542,843.23
949, 594. 47
1,912,574.93
1,363, 297. 31
1,373,748.74
1,170, 665.14
1,184, 422. 40
772,561.50
4,589, 152. 40
303,796.87
3,364, 285. 30
202,152.98
57,863.08
1,954, 7 n . 3 2
2,882, 797.96
2,672, 162.45
14,996.48
2,156, 057.29
399,833.89
3,142, 750.51
174,598.08
2,603, 562.17
284,977.55
2,388, 434.51
1,378, 931.33
773,549.85
839, 041.12
523,583.91
2,032, 008.99
1,833,452.13
2,400, 788.11
1,040,458.18
1,811, 097.56
842,723.27
1,119,214.72
1,744, 883.63
2,390,765.88
1,227, 496.48
3,565,535.78
1,328, 867.64
3,782,393.03
1,866, 886.02
2,293, 377.22
3,696,760.75
2,401, 858.78
4,000,297.80
1,756, 306.20
3,665,832.74
3,070,926.69
1,232, 665.00
2,314,464.99
1,477, 612.33
1,296. 229. 65
1,953,822.37
1,593,265.23
1,310, 380.58
1,219, 768.30
1,652,055.67
^ 2,637,649.70
1,222, 222.71
3,144,120.94
1,100, 802.32
1,034, 599.73
4,034,157.30
13,190,344.84
852, 170.47
24,729,700.62
1,078, 513.36 .
53,685,421.69
4,985, 473.90
77,395.090.3016,347, 621.34
133,067,624.91
15,605, 549.88
20,936, 551.71
143,781,591.91
23,782, 386.78
140,424,045.71
130,694,242.80
28,476, 621.78
28,340, 202.17
129,235,498.00
34,443, 894.88
125,576,565.93
117,357,839.72
28,533, 402.76
104,750,688.44
29,359, 426.86
414.66
107,119,815.21
29,038,
29,456, 216.22
103,093,544.67
100,243,271.23
28,257, 395.69
97,124,511.58
27,963, 752.27«
102,500,874.65
27,137, 019.08
16,139,167.16
16,394,842.05
15,184,053.63
15,142,108.26
15,237,816.64
17,288,950. 27
23,017,551.98
18,627,570. 23
17,572,813. 36
30,868,164.04
37,243,214.24
- 33,864,714.56
26,896,782.62
24,314,518.19
26,074,160.84
25,081,189.44
11,758,789.51
22,483,560.14
22,935,827.79.
26,450, 951.24
54,384,485.10
47,595,998.69
43,499,078.39
40,948,383.12
47,751,478.41
43,348.807.92
45,590.239.09
51,831,109.48
55,551,848.71
65,527,232.01
64,017.525.93
69,233,569.84
64,185,041.36
53,311,329.93
61,479,318.02
466,008.613.10
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
260,008,544.23
235,164,135.92231,210,932.78
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TABLE I.—Recdpts and disbursements of the UnitedStates—Continued.
CO
00
RECAPITULATION OF DISBURSEMENTS BY FISCAL YEARS—Continued.
Ordinary disbursements.
Year
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
Civil a n d miscellaneous, exclusive
of p o s t a l deficiencies.
..
'.
:
:
•
$60,968,031.00
51,642,529.76
60,520,686.05
57,219,750.98
68,603,519.03
70,920,433.70
82,952,647.80
65,973,277.83
78,763,578.54
69,896,223.67
76,795,144.53
74,528,219.58
105,306,395.41
95,790,498.90
97,786,004.08
93,693,884.07
82,263,188.42
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
War Department.
Navy Department.
$15,125,126.84
$40,425,660.73
13,536,984.74
38,116,916.22
15,686,671.66
40,466,460.55
15,032,046.26
43,570,494.19
15.283.437.17
48,911,382.93
17,292,601.44
39,429,603.36
16,021,079:67
42,670,578. 47
13,907,887.74
34,324,152.74
15,141,126.80
38,561,025.85
16,926,437.65
38,522,436.11
21,378,809.31
44,435,270.85
22,006,206.24.
44,582,838.08
26,113,896.46
48,720,065.01
29,174,138.98
46,895,456.30
30,136,084.43
49,641,773.47
31,701,293.79
54,567,929.85
28,797,795.73
51,804,759.13
27,147,732.38
50,830,920.89
34,561,546.29
48,950,267.89
58,823,984.80
91,992,000.29
63,942,104.25
229,841,254.47
55,953,077.72
13.4,774,767.78
60,506,978.47
144,615,697.20
67,803,128.24
112,272,216.08
82.618.034.18
118,619,520.15
102,956,101.55
115,035,410.58
117,550,308.18
122,175,074.24
110,474,264.40
117,946,692.37
97,128,469.36
122,576,465.49'
118,037,097.15
137,746,523.95
115,546,011.09
161,067,462.39
123,173,716.68
155,911,705.93
160,135,975.89 . 119,937,644.39
135,591,955.72
148,795,421.92
160,387,452.85 , 133,262,861.97
139,682,186.28
173,522,804.20
Pensions.
Indians.
$5,206,109.08
5,945,457.09
6,514,161.09
9,736,747.40
7,362,590.34
6,475,999.29
6,552,494.63
. 6,099,158.17
6,194,522.69
6,249,307.87
6,892,207.78
6,708,046.67
8,527,469.01
11,150,577.67
13,345,347.27
10,293,481.52
9,939, .754.21
12,165,528.28
13,016,802.46
10,994,667.70
12,805,711.14
10,175,106.76
10,896,073.35
10,049,584.86
12,935,168.08
10,438,350.09
14,236,073.71
12,746,859.08
15,163,608.41
14,579,755.75
15,694,618.11
18,504,131.60
20,933,869.44
20,134,8.39.80
. 20,306,158.90
20,215,075.96
.
$35,121,482.39
56,777,174.44
50,059,279. 62
61,345,193.95
66,012,573.64
55,429,228.06
56,102,2G7.49
63,404,804.03
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
Interest on the
public debt.
$105,327,949.00
95,757,575.11
82,508,741.18
71,077,206.79
59,160,131.25
54,578,378.48
51,386,256.47
50,580,145.97
47,741,577.25
44,715,007.47.
41,001,484.29
36,099,284.05
37,547,135.37
23,378,110.23
27,264,392.18
27,841,405.64
30,978,030.21
35,385,028.93
37,791,110.48
37,585,056.23
39,896,925.02
40,160,333.27
32,342,979.04
29,108,044.82
28,556,348.82
24,646,489.81
24,590,944.10
24,308,576.27
24,481,158.34
21,426.138; 21
21,803,836.46
21,342,978.83
21,311,334.12
•22,616,300.48
22,899,108.08
22,863,956.70
Total ordinary
disbursements,
exclusive of
postal deficiencies.
$262,174,359.04
261,776,637.36
255,756,000.15
257,981,439.57
265,333,634.36
244,126,244.33
255,685,324.53.
234,289,486.48
261,430,932.92
256,597,921.54
278,127,695.87
290,861,449.69
350,630,912.66
340,971,840.87
377,531,159.30
359,275,279.83
345,178,756.57
342,879,446.08
354.624.953.44
432,864,542.38
596,860,609.77
480,483,012.92
505,012,590.94
468,788,705.12
503,320,102.84
525.735.290.45
548,294,836.62
536,732,130.96
544,075,746.23
608,214,349.70
642,823,382.40
651,209,778.71
654,137,997.89
652,985,768.59
681,743,336.72
700,254,489.71
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Postal disbursements.
Year.
1791.
1792.
1793.
1794.
1795.
1796.
1797.
1798.
1799.
1800.
1801.
180218031804.
1805.
18061807.
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.
76,586.
74,161.
95,397.
125,038.
136,639.
156,588.
185,308.
184.835.
207,135.
248,141.
275,856.
316,312:
333,977.
386,115.
413,814.
418,916.
446,914.
505.115.
550,991.
517,920.
552,472.
635,411.
726,374.
743,755.
807,875.
917.128.
03i; 799.
114,032.
163,191.
177,526.
167,358.
158,777.
190,478.
238,912.
395,798.
481,619.
679,316.
872,704.
950.116.
006,742.
266,171.
Total ordinary
disbursements
and postal
Panama Canal
From Treasury Total postal service, includ- disbursements.
grants for
ing grants for
deficiencies. disbursements.
deficiencies
therein.
113. 66
586.60
161.03
397.53
03^.62
639.08
588.03
308.01
835.88
135.96
141.92
856.69
312.37
97123
115.52
814.45
916.03
914.80
115.94
991.22
920.73
472.53
411.72
374.86
755.61
875.15
128.85
799! 18
032. 59
191.33
526.28
358.96
777.49
478. 29
912.29
798. 78
619. 68
316. 45
704. 67
116.18
742.80
;m.66
$3,164,566. 21
8,346,456.35
3,921,090.93
6,393,219.57
7,434,639. 40
5,927 289.91
6,165;215.28
7,792,894.33
9,480,654.01
11,021 106.97
9,641,641.88
8,252,108.76
8,268,598.97
8,971,884.88
9,400,464.36
9,862,992.07
8,773,067. 40
9,508,327.88
10,785,862. 98
'9,025,744.59
8,695 961.16
20,833;243.80
32,317,263.86
35,447 300.28
33,687 416.85
32,004,231.07
20 nno not 00
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
19,655; 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, S8G,
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,
17,087,629.48
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
17,087,747.79
Excess of
national-bank
notes retired
over deposits
for retirement.
Total of all
disbursements.
$3,864,550.44
506.60
9,0,39,
0,554,139.00
9,136,990.70
10,276,278.77
8,504,415.92
8,782,465.40
8,768,926.42
. 11,187,
232.85
12,15Q,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
36,136,674.58
25,118,232.32
22,926,216.18
20,268,098.97
18,843,951.59
16,472,948.49
33,089,016.76
24,824,717.01
25,499, 197.24
24,138,383.72
27,138,795.97
26,917,063.07
26,535,
32,045,397.73
36,622 188.92
869.72
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TABLE 1.—Receipts and disbursements of the
bO
UnitedStates—Continued.
o
RECAPITULATION OF DISBURSEMENTS BY FISCAL YEARS—Continued.
,. P o s t a l d i s b u r s e m e n t s
Year.
F r o m postal
revenue.
1833
1834
1835-....
1836..
1837
1838...
1839
1840
1841.
1842
1843
1844
1845
1846
1847.:
1848
1849
1850.
1851
1852.........
1853
1854
.
1855. .
1856
1857.
1858.
1859
I860
1861
1862
1863
1864
1865...
1866
1867
1868
1869..
FRASER
Total ordinary
disbursements
a n d postal
service, i n c l u d - P a n a m a Canal
F r o m Treasury Total postal
i n g g r a n t s for d i s b u r s e m e n t s .
g r a n t s for
deficiencies
disbursements.
deficiencies.
therein.
$2,930,414.87 $25,947,966.85
$2,930,414.87
2,910,605.08
21,538,175.31
2,910,605.08
2,757,350.08
20,330,163.44
2,757,350.08
2,841,766.36
33,709,930.40
2,841,766.36
3,288,319.03
40,531,533.27
3,288,319.03
4,430,662.21
38,295,376.77
4,430,662.21
4,636,536.31
31,533,318.93
4,636,636.31
4,718,235.64
29,032,753.83
4,718,235.64
4,499,527. o r
30,981,345.45
4,907,184.61
$407,657.00
6,674,751.80
30,809,638.24
5,728,448.80
53,697.00
4,374,753.71
16,154,846.22
4,396,056.71
21,303.00
4,296,512.70
26,780,072.84
4,296,512.70
4,320,731.99
27.256.559.78
4,320,731.99
4,076,036.91
31,337,219.77
810,231.62
4,886,268.53
3,979,542.10
58,900,326.19
4,515,841.09
536,298.99
4,326,850.27
51,945,070.92
4,349,072.23
22,221.96
. 4,479,049.13
47,978,127.52
4,479,049.13
5,212,953.43
46,161,336.55
5,212,953.43
6,278,401.68
54,029,880.09
6,278„401.68
7,108,450.04
51,498,702.40
1,041,444.44
8,149,894.48
5,240,724.70
52.984.713.79
7,394,474.70
2,153,750.00
6,255,586.22
61,294,041.33
9,462,931.85
3,207,345.63
6,642,136.13 . 3,078,814.00 • 9,720,950.13
65,272,798.84
6,920,821.66
75,647,171.67
10,119,939.66
3,199,118.00
7,353,951.76
74,988,360.69
3,616,883.00 • 10,970,834.76
7,486,792.86
81,469,285.70
12,235,715.86
4,748,923.00
7,968,484.07
76,962,083.84
12,777,042.48
4,808,558.41
8,518,067.40
71,718,943.05
18,407,613.12
9,889,545.72
8,349,296.40
74,999,509:45
13,520,191.43
5,170,895.03
8,299,820.90
11,861,549.45 477,870,062.55
3,561,728.55
11,163,789.59
749,313.98
11,913,103.57 729,898,065.77
12,438,253.78
999,980.00
13,438,233.78 877,407,354.61
14,556,158.70
250,000.00
14,806,158.70 1,309,655,448.28
14,436,986.21
14,436,986.21 533,459,342.55
15,297,026.87
18,813,693.54 362,026,352.65
3,616,666.67
16,292,600.80
20,345,792.46 386,631,734.62
4,053,191.66
18,344,610.72
6,395,510.28
23,740,021.00 339,535,108.47
Digitized for
Public debt disbursements.
Redemption
olbonds
a n d other
securities.
Premium paid.
Total public
debt.
$1,239,746.51
5,974,412.21
328. 20
$1,239,746.51
5,974,412.21
328.20
21,822.91
5,590,723.79
10,718,153.53
3,912,015.62
5,315,712.19
7,801,990.09
338,012. 64
11,158,450.71
7,536,349.49.
371,100.04
5,600,067.65
13,036,922.54
12,804,478.54
3,656,335.14
654,912.71
2,152,293. 05
6,412,574.01
17,556,896.95
6,662,065.86
3,614,618.66
3,276,606.05
7,505,250.82
14,685,043.15
"13,854,250.00
18,737,100.00
96,097,322.09
178,982,635.07
388,010,965.49
605,456,311.68
530,229,114.10
576,120,500.11
603,449,086.68
138,711,248.31
21,822.91
5,590,723.79
10,718,153.53
3,912,015.62
5,315,712.19
7,801,990.09
338,012.64
11,158,450.71
7,554,580.92
371,100.04
5,600,067.65
13,036,922.54
12,887,344.35
3,656,335.14
724,625.90
2,322,356.47
6,833,072.65
20,434,715.64
7,534,113.25
3,999,991.56
3,640,178.44
8,079,693.90
14,685,043.16
13,854,250.00
18,737,100.00
96,097,322.09
178,982,635.07
388,010,965.49
607,174,211.79
530,287,590.61
586,933,849.49
610,450,237.72
140,385,928.36
BKcess of
national-bank
notes retired
over deposits
for retirement.i
$18,231.43
82,865.81
69,713.19
170,063.42
420,498. 64
2,877,818.69
872,047.39
385,372.90
363,572.39
574,443.08
1,717,900.11
58,476.51
10,813,349.38
7,001,151.04
1,674,680.05
• ',
T o t a l of all
disbursements.2
$27,187,713.36
27,512,587.52
20,330,491.64
33,709,930.40
40,653,356.18
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..
1890.
1891.,
1892.
1893.
1894.
1895.
1896.,
1897.,
1898.,
1899.
1900.
1901.
1902.,
1903.,
1004.
1905.,
1906.,
1907.,
1908.,
1909.,
1910.,
1911.,
1912..
19131914-.
19, 772,220.65
20, 037,046.42
21, 915,426.37
22, 996,741.67
26, 471,071.82
26, 791,360.69
28, 644,197.50
27, 531,586.26
29, 277,616.95
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
14."^. .582.624.34
152; 826; 585.10
167, 932,782.96
183, 585,005.57
191, 478,663.41
203, 562,383.07
224, 128,657.62
237, 660,705.48
246, 744,015.88
108,874.74
262, 558,102.62
283,
24,616, 799.86
25,168, 295.42
27,090, 426.37
28,487,216.67
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
74,503.18
43,325, 958.81
47,102, 454.41
4,541,610.58
52,142,074.97
8,193,652.02
55,338, 856.44
6,501, 247.05
55.751, 213.92
3,056: 037.13
60,044: 530.91
3,868: 919.73
67,757: 134.83
6,876 036.91
70,673: 557.80
4,741: 772.08
74,98i;965.69
4,05i: 489.71
81,843,788.35
5,946: 795.19
83.330, 479.04
8,250: 000.00
87,999. 669.91
11,016: 541.72
91,799,208.40
9,300: 000.00
93,814,668.86
11,149: 206.13
10,504: 040. 42 99,516,658.97
103,232,954.25
8,211' 570.08
7,230: 778.79 109,585,358.08
4,954: 762.21 116,585,955.60
. 2,402:152.52 124,250, 199.78
2,768: 919.20 136,993,362.44
6. .502:,530.86 1.50.085.1.55.20
167;S9i;
15; 065: 257.60 180,606,842.10
12,673: 294.39 191,214,077.34
7,629;382.81 204,366. 388.38
12,888,040.94 223,063,704.35
19,501,062.37 232,624, 445.44
8,495,612.37 237,660, 269.99
248,312, 705.48
1,568,194.88 263,136; 210.76
1,027,368.79 283,558, 243.53
102.62
4,844, 579.21
6,131,250.00
5,175, 000.00
6,490,475.00
4,714,044.71
7,211, 646.10
6,092,540.36
6,170,338.94
6,753,394.02
4,773,524.49
3,071,000.00
3,895,638.66
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
94'4,879,580.25
983,812,592.33
140,810,642.13
207,677,539.66
285,878,003.64
96,553,486.58
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
166,505,255.56
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
985.00
60.164 500.00
18.622.730.75
3; 918,
819.83
. '605,230.80
19,379,373.71
244,711.80
27,198, 618.71
30,373,043.00
38,093,929.04
34,356,750.00
31,419, 442. 41 15,434,687.00
33,911 673.37
760,925.00
37,063 515.33
246,496. 35
35,327; 370.66
120,616.03
41,741, 258 03
102,575.00
34,826; 941.76
109,127,00
15,996,555.60
9,016,794.74
6,958,266.76
5,105,919.99
1,395,073.65
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
1,257,678.01
1,417,479.53
225,095.97
470,236,423.53
156,807,197.73
619,891,773.32
216,694,334.39
585,311,392.58
292,836,270.30
409,895, 472.48
101,659,405.57
605,528, 436.35
177,818,564.32
452,565, 389.91
151,150,636.48
459,873; 796.89
166,128,514.80
420,105, 585.17
151,239,526.05
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,^08,866.61
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
127,950 368.15
395,482, 190.97
83,133,055.51
476,753, 377.78
138,581,151.00
483,586,608.08
124,968,023.56
632,708, 747.44
111,404,276.98
453,556,776.54
24,348,086.98 813,254,883.00
709,903.00
6,100,071^.50 • 466,184,922.16
442,862,206.07
256,447.20
436,685, 172.91
2,494,549.93
1,012,196.50
447,230,224.33
7,294,103.35
6,257,466.50
459,818, 124.30
11,378,502.00
562,323,263.35
29,942,062.00
714,715, 927.50
14.622,363.48
646,674,987.06
669,503.00
55,937,113.06
678,104,487.27
50,762,371.73
6,743,569.00
663,306,214.04
70,267,309.14
669,840, 564.10
27,515,952.82
2,001,161.00
750,392,020.41
19,880,308.76
4,526,766.00
724,010, 169.85
605,230.80
3,299,440.50
738,379,773.34
1,662,191.33
793,086, 892.29
30,598,138.97
885,031; 733.09
34,356,750.00
956,678,800.75
15,434,687.00
43,937,843.50
919,121, 125.07
760,925.00
614,478.00
929,108,715.05
246,496.35
945,195,312.54
8,449,346.50
120,616.03
438.78
102,575.00 • 2,618,025.50 989,341,578.69
109,127.00
6,949,917.50 1,026,698,
Ul
tei
O
O
tei
W
tei
>
ZP
1 Only the annual excess of redemptions over deposits included in this column.
2National-bank redemption fund herein includes only the annual excess of redemptions on account of national-bank redemption fund since 1890.
to
242
REPORT ONT T H E FINANCES.
T A B L E J.—Statement ofthe coin and paper circulation ofthe United States from 1860 to
1914, 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 and
Total money.
J u n e 30.
Treasury.
b a n k notes.
I860..
1861..
1862..
1863..
1864..
1865..
1866..
1867..
1868..
1869..
1870..
1871..
1872..
1873..
1874..
1875..
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1883..
1884..
1885-1886..
1887..
1888..
1889..
1890..
1891..
1892..
1893..
1894..
1895..
1896..
1897..
1898..
1899..
1900..
1901..
1902..
1903..
1904..
1905..
1906..
1907..
1908..
1909..
1910..
1911..
1912..
1913-.
1914..
$235,000,000
250,000,000
26,000,000
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
52,418, 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, yOl
1,092,391,690
1,100,612,434
1,152,471,638
1,112,956,637
1-, 131,142, 260
1,066,223,367
1,098,968,741
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
1,829,913,651
1,905,116,321
1,994,610,024
2,031,296,042
2,154,797,216
2,159,103,301
2,328,767,087
2.366,612,264
2,355,807,734
2,477,837,453
2,554,125,643
2,611,571,094
2,638,496,956
$207,102,477
202,005,767
333,4-52,079
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
7'51,363,213
781,024,781
773,273,609
738,264,550
697,216,341
687,743,069
676,372,713
691,186,443
701,723,691
705,423,050
703,496.526
686,180,899
665,750,948
655,691,476
625,898,804
599,043,337
558,059,979
532,651,791
564,837,007
621,076,937
672,684,935
706,618,677
704,460,451
702,364,843
692,989,982
675,788,473
681,550,167
732,348,460
748,206,203
733,353,107
779; 594,666
808,894,111
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
1,094,745,008
1,108,498,922
1,099,791,915
$442,102,477
. 462,005,767
358,452,079
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
763,053,847
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
1,805,577,418
1,819,359,557
1,799,975,033
1,906,770,271
2,073,574,442
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
3,115,561,007
3,378,764,020
3,406,328,354
3,419,591,483
3,555,958,977
3,648,870,651
3,720,070,016
3,738,288,871
Coin, b u l l i o n ,
and paper
money i n
Circulation.
Treasury, as
assets.
695.225 $435,407,262
448,405,767
3,600,000
334,697,744
23, 754,335
79, 473,245
695,394,038
35, 946,589
669,641,478
55, 426,760
714,971,860
80, 839,010
673,691,701
66, 208,541
662,126,128
36, 449,917
680,886,198
50, 898,289
665,573,364
47, 655,667
676,284,427
25, 923,169
718,616,114
24, 412,016
741,548,70822, 563,801
753,799,412
29, 941,750
776,083,03144, 171,562 754,101,947
63, 073,896
727,609,388
40, 738,964 • 722,314,883
60, 658,342
729,132,634
215, 009.098 '818,631,793
212, 168.099
973,382,228
235, 354,254 1,114,238,119
235, 107,470 1,174,290,419
242, 188,649 1,231,047,925
243, 323,869 1,243,9^5,-969
244, 864,935 1,293,061,836
308, 707,249 1,250,011,531
315, 873,562 1,317,539,143
319, 270,157 1,372,164,870
278, 310,764 1,380,361,649
265, 872,159 1,429,251,270
180, 353,337 1,497,440,307
150, 872,010 1,601,347,187
142, 107,227 1,596,701,065
144, 270,253 1,661,307,165
217, 391,084 1,601,968,473
293, 540,067 1,506,434,966
265, 787.100 1,640,983,171
235, 714,547 1,837,859,895
286, 022,024 1.904,071,881
284, 649.675 2,055.150.998
307, 760,015 2,175,307,962
313, 876,107 2,249,390,551
317, 018,818 2,367,692,169
284, 361,275 2,519,142,860
295, 227,211 2,587,882,653
333, 329,963 2,736,646.628
342, 604,552 2,772,956,455
340, 748,532 3.038,015,488
300, 087,697 3,106,240,657
317, 235,878 3,102,355,605
341, 956.381 3,214,002,596
364, 357,557 3,284,513,094
356 ,331,567 3,363,738,449
336, 273,444 3,402,015,427
Population..
31,443,321
32,064,000
32,704,000
33,365,000
34,046,000
34,748,000
35,469,000
36,211,000
36,973,000
37,756,000
38,558,371
39,555.000
40,596,000
41,677,000
42,796,000
43,951,000
45,137.000.
46,353,000
47,598,000
48,866,000
50,155,783
51,316,000
52,495,000
53,693,000
54,911,000
66,148,000
57,404,000
58,680,000
59,974,000
61,289,000
62,622,250
63,844,000
65,086,000
"66,349,000
67,632,000
68,934,000
70,254,000
71,592,000
72,947.000
74,318,000
76,303,387
77,754,000
79,117,000
80,487,000
81,867,000
83,260,000
84,662,000
86,074,000
87,496,000
88,926,000
.90,363,000
93,983,000
95,656,000
97,337,000
99.027.000
Circulation
per
capita.
$13.85
13.98
10.23
17.84
19.67
20.58
18.99
18.29
18.42
17.63
17.61
18.17
18.27
18.09
18.13
17.16
16.12
15.68
15.32
16.76
19.41
21.71
22.37
22.93
22.65
23.03
21.78
22.45
22.88
22.52
22.82
23.46
24.60
24.07
24.56
23.24
21.44
. 22.92
25.19
25.62
26.93
27.98
28.43
29.42
30.77
31.08
32.32
32.22
34.72
34.93
^ 34.33
34.20
34.34
34.56
34.35
N O T E 1.—Specie p a y m e n t s w e r e s u s p e n d e d - from 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 t h a t 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. T h i s e s t i m a t e d a m o u n t
is t h e o n l y c o i n i n c l u d e d i n t h e a b o v e s t a t e m e n t f r o m 1862 t o 1875, i n c l u s i v e .
N O T E 2.—In 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 , a n d is i n c l u d e d i n t h i s s t a t e m e n t , b e g i n n i n g
w i t h t h a t year.
•
N O T E 3.—The 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 b e g a n i n 1878, u n d e r t h e a c t of F e b r u a r y 28,1878.
N O T E 4.—Specie p a y m e n t s w e r e r e s u m e d J a n u a r y 1,-1879, a n d a l l g o l d a n d s i l v e r c o i n s , a s w e l l a s
g o l d a n d s i l v e r bulliori i n t h e T r e a s u r y , ' a r e i n c l u d e d i n t h i s s t a t e m e n t from a n d after t h a t d a t e .
N O T E 5.—For r e d e m p t i o n of o u t s t a n d i n g certificates a n e x a c t e q u i v a l e n t i n a m o u n t of t h e a p p r o p r i a t e k i n d s of m o n e y is h e l d i n t h e T r e a s u r y , a n d is n d 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 G o v e r n m e n t .
N O T E 6.—This t a b l e r e p r e s e n t s t h e c i r c u l a t i o n of t h e Unite.d S t a t e s as s h o w n b y t h e r e v i s e d s t a t e m e n t s of t h e T r e a s u r y D e p a r t n i e n t for J u n e 30 of e a c h of t h e y e a r s specified.
N O T E 7 . ^ - T h e D i r e c t o r of t h e M i n t m a d e a r e v i s e d 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 , a n d , as a
c o n s e q u e n c e of s u c h r e v i s i o n , t h e e s t i m a t e d s t o c k of g o l d i n t h e U n i t e d S t a t e s a n d of g o l d c o i n i n
c i r c u l a t i o n h a s b e e n r e d u c e d $135,000,000 i n t h e figures for 1907.
N O T E 8.—The D i r e c t o r of t h e M i n t in 1910 m a d e a r e v i s e d 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 , a n d , a s a c o n s e q u e n c e of s u c h r e v i s i o n , t h e r e w a s a r e d u c t i o n of $9,700,000.
N O T E 9.—The d e t a i l s of t h e f o r e g o i n g t a b l e , s h o w i n g t h e a m o u n t of e a c h k i n d of m o n e y i n c i r c u l a t i o n e a c h y e a r s i n c e 1860, a r e o m i t t e d ; b u t t h e y m a y b e h a d u p o n a p p l i c a t i o n t o t h e S e c r e t a r y of t h e
T r e a s u r y , D i v i s i o n of L o a n s a n d C u r r e n c y , w h e r e a p u b l i c a t i o n c o v e r i n g i n f g r m a t i o n o n t h e s u b j e c t
h a s b e e n p r e p a r e d for d i s t r i b u t i o n .
243
SECRETAEY OP THE TREASTTRY.
TABLE K.—Staternent of United States bonds and other obligations received and issued by
the office of the Secretary of the Treasury from July 1, 1913, to June 30, 1914.
Title of loan.
Funded loan of 1891, 4 | per cent, continued at 2 per cent
(act of July 14,1870)
Loan of 1904, 5 per cent (act of January 14,1875)
Funded loan of 1907,4 per cent (acts July 14,1870, and Jan.
20,1871)
Refunding certificates, 4 per cent (act Feb. 26,1879)
Consols of 1930, 2 per cent (act Mar. 14,1900)
Loan of 1908-1918, 3 per cent (act June 13,1898)
Loan of 1925, 4 per cent (act Jan. 14,1875)
Panama Canal loan, 2 per cent (acts June 28,1902, and
Dec. 21,1905), series 1916-1936
Panama Canal loan, 2 per cent (acts June 28, 1902, and
Dec. 21,1905), series 1918-1938
Panama Canal loan, 3 per cent (acts Aug. 5,1909; Feb. 4,
1910; and Mar. 2,1911), series 1911-1961
Postal savings bonds, 2^ per .cent (act June 25,1910):
First series, 1911-1931
Second series, 1912-1932
. Third series, 1912-1932
Fourth series, 1913-1933
Fifth series, 1913-1933
Sixth series, 1914-1934
:...
Total.
Received Received
for transfer for reand exdemption.
change.
Issued.
$1,000
200
$37,366,450
.7,895,380
13,128,500
105,500
270
Total transactions;
$1,000
200
105,500
270
$37,366,450
7,895,380
13,128,500
15,790,760
26,257,000
2,505,640
2,505,640
6,011,280
1,002,140
1,002,140
2,004,280
10,320,400
10,320,400
20,640,800
4,240
45,620
103,680
139,osp
97,600
37,800
4,240
45,620
103,680
139,080
1,214,480
1,167,620
8,480
91,240
207,360
278,160
1,312,080
1,205,420
74,893,230
147,646,730
72,646,530
.106,970
74,732,900
NOTE.—The above table previously has covered the period from Nov. 1 to Oct. 31. I t is now changed
to cover the period of the fiscal year in order to conform to other fiscal reports.
244
REPORT ON T H E FINANCES.
TABLE L . — Internal
Year ended
J u n e 30—
and customs receipt s and expenses of collecting, from 1858 to 1914.
Internal revenue.
Receipts.
Customs receipts.
E x p e n s e s of collecting.*
Dollars.
Dollars.
1858
{')
1859
1860
1861
1862
37,640,787.95
1863.
108,685.00
1864
: - 109,741,134.10
253,372.99
209,461,215.25
1865:
385,239.52
309,226,813.42
1866
5,783,128.77
266,027,537.43
1867
7,335,029.81
191,087,589.41
1868
8,705,366.36
158,356.460.86
1869
184,899,756.49 • 7,257,176.11
1870.
7,253,439.81
143,098,153.63
1871
7,593,714.17
130,642,177.72
1872
5,694,116.86
113,729.314.14
1873
5,340,230.00
, 102,409,784.90
1874
4,509,976.05
110,007,493.58
1875
4.289.442.71
116,700,732.03
1876
3.942.613.72
118,630,407.83
1877 .
3,556,943.85
110,581,624.74
1878
3.280,162.22
113,561,610.58
1879
3,527,956.56
124,009.373.92
1880
3,657,105.10
135.264,385.51
1881..
4,327,793.24
146,497,595:45
1882
4,097,241.34
144,720,368.98
1883
4,424,707.39
121,586,072.51
1884
4,216,847.26
112,498,725.54
1885
3.853.035.94
116,805,936.48
1886
3,578.679.42
118,823. 391.22
1887
.'
3,826,507.98
124.296,871.98
1888
3,626,038.91
130,881,513.92
1889
3,770,388.72
142,606,705.81
1890
•...
3,780,950.41
145..686,249.44
1891
4,003,485.65
153,971,072.57
1892
3,879,082.31
161,027,623.93
1893
4,144,927.02
1894
^... 147,111,232.81
3.749,029.22
143,421,672.02
1895
3,754,935.45
146,762,864.74
1896
3,84"6,887.55
146,688,574.29
1897
3,606,798.85
170,900,641.49
1898
3,705,256.95273,437,161.51
1899.4,350,543.05
295,327,926.76
1900
4,446,318.98
307,180.663. 77
1901
.4,404,986.68
271,880,122.10
1902...".
4,360,144.97
230,810,124.17
1903
4,496,479.28
232,904,119.46
1904
4,507,867.83
234,095,740.85
1905
4, 338.184.70
249,150,212.91
1906
4,391,660.65
269.666,772.85
1907 . :
4.641.169.95
251,711,126.70
1908
4,650,049.89
246,212,643.59
1909
4,547,715.05
6289,933,519.45
1910
5,008,191.77
6322,529,200.-79
1911
5.027.87L397321,612,199.66
1912
5,059,286.49
8344,416,965.65
1913
5,166,301.36
9380,041,007-30
1914.--5.542,353.55
i
Receipts.!
E x p e n s e s of collecting".*»
Dollars.
Dollars.
P e r cent.
2,903,336.89
41,789,620.96
6.94
3,407,931.77
49,565,824.38
6.85
6.27
3,337,188.15
53.187,511.87
7.18
2,843,455.84
39,582,125.64
6.67
3,276,560.39
49,056,397.62
(*)
4.60
3,181,026.17
69,059,642.40
. .23 102,316,152.99
4.09'
4,192,582.43
^ .18
6,415,449.32
84,928,260.00
6.39
1.87 179,046,65L58
5,342,469.99
2.98
2.77 176,417,810.88
.5,763,979.01
3.26
4.55 164,464,599.56
7,641,116.68
4.65
4.59 180,048,426.63
5,388,082.31
2.99
3.92 194,538,374.44
6,233,747.68
3.20
5.30 206,270,408.05
6,568,350.61 •
3.18
4.36 216,370,286.77
6,950,173.88
3.21
4.69 188,089,522'. 70
7,077,864.70
3.76
4.40 163.103.833.69
7,321,469.94
4.49
3.89 157,167,722.35
7,028,521.80
4.47
3.38 148.071.984.61
6,704,858.09.
4.63
2.99 130,956,493.07
6,501,037.57
4.96
2.96 130,170,680.20
5,826,974.32
4.47
3.10 137.250.047.70
5,477,421.52
3.96
2.95 186,522,064.60
6,023,253.53
3.23
3.20 198.159.676.02
6,383,288.10
3.22
2.80 220,410,730.25
6,506,359.26 '
2.95
3.06 214,706,496. 93
6,593,509.43
3.07
3.47 195.067.489.76
6,709 485.76
3.44
3.42 181,471,939.34
6,494,847.29
3.58
3.06 192.905.023.44
6,427,61'.. 67
3.33
3.22 217,286,893.13 • 6,855, SOL 74
3.16
2.92 219,091,173.63
7,156,187.77
3.27
2.88 223.832.741.69
7,030,487.00
3.14
2.65 229,668,584.57
6,859,986.09
2.98
2.75 219.522.205.23
6,964,367.09
3.17
2.52 177.452.964.15
6,646,276.05
3.74
. 2.57 203,355,016.736,756,790.98
'3.32
2.55 131.818.530.62
6,791,872.86
5.15
2.62 152.158.617.45
6,736,690.92
4.43
2.62 160,02i;751.67
7,237,796.40
4.52
2.46 176.554,126.65
7,075,372.05
4.01
2.17 149,575,062.35
7,152,276.58
4.78
7,361,562.83
. L 5 9 206,128.481.75
3.57
7,467,692.48
1.51 233.164.871.16
3.20
7,713,418.82
1.43 238,585,455.-99
3.23
7.967.472.89
1.60 254,444,708.19
3.13
8,468,710.19
L 9 5 284,479,581.81
2.98
8,665,636.37
1.94 261,274,564.81
3.32
9,115,499.44
1.85 261,798,856.91
3.48
8,997,669.41
L 7 6 300.251.877.77
3.00
9,436,762.68
1.72 332.233.362.70
2.55
9,580,626.25
L 8 5 286.113,130.29
3.85
10,261,073.33
1.85 300,711,933.95
3.41
10,665,770.12
1.73 333.683.445.03
3.20
11,015,254.24
1.55 314.497.071.24
3.50
10,804,979.15
1.57 311,321,672.22
3.47
10,286,613.95
1.50 318,891,395.86
3.23
9,804,771.72
L 4 6 292,320,014.51
3.35
P e r cent.
(*) ^
{*)
(4)
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.
1 Based on warrants issued during the year.
2 The cost of collecting the internal revenue embraces the following items: Salaries and expenses of
the Internal-Revenue Service, including collectors, deputy collectors, clerks, etc., and including
expenses incident to enforcing the provisions of law taxing oleomargarine; salaries and expenses of
revenue agents, surveyors of distilleries, gaugers, storekeepers, and miscellaneous expenses; paper
for internal-revenue stamps; expenses of detecting and punishing violations of internal-revenue
laws; and expenses of collecting the corporation and income tax.
3 The expenses of collecting the revenue from customs includes all sums drawn from the appropriation made by Congress for t h a t purpose. (See details, Table N.) The money is 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 of
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.
& Includes $20,951,780.97 corporation tax.
«Includes $33,516,976.59 corporation tax.
Includes $28,583,303.73 corporation tax.
«Includes $35,006,299.84 corporation tax.
»Includes
$10,671,077.22 corporation excise tax; $32,456,662.67 corporation income tax, and $28,253,534.85
iodividual income tax.
245
SECRETARY OF TPE TREASURY.
TABLE M.—Staterrient showing the aggregate receipts, expenses, average number of persons employed, and cost to collect internal revenue, fiscal year 1914-
Collection districts.
Alabama
Arkansas
First California
.
Sixth California
Colorado
Connecticut
,
Florida
Georgia
Hawaii
First Illinois
Fifth Illinois
Eighth Illinois
Thirteenth Illinois
Sixth Indiana
Seventh Indiana
Third Iowa
Fourth Iowa
Kansas
,
Second Kentucky
Fifth Kentucky
,
Sixth Kentucky
Seventh Kentucky
,
Eighth Kentucky
:
Louisiana
Maryland
Third Massachusetts
,
First Michigan
Fourth Michigan
Minnesota
First Missouri
Sixth Missouri
,
Montana
Nebraska
New Hampshire
First New Jersey.
Fifth New Jersey
,
New Mexico
First New York
Second New York
Third New York
Fourteenth New York
Twenty-first New York
Twenty-eighth New York....
Fourth North Caroliaa
Fifth North Carolina
North and South Dakota '.
First Ohio
Tenth Ohio:
Eleventh Ohio
Eighteenth Ohio.-.
Oklahoma
Oregon
First Pennsylvania
Ninth Pennsylvania.
Twenty-third Pennsylvania..
South CaroliQa'2
Tennessee.
Third Texas
Second Virginia
Sixth Virginia
'.
Washington
West Virginia
First Wisconsin
Second Wisconsin
Philippine Islands
Total.,
Expenses not included in above...'.
Total expenses fiscal year ended June 30,1914.,
Cost to collect $1
:
Aggregate receipts.
$604,,314.81
245: 021.53
9,515: 37L41
1,898; 582.94
1,189, 081.18
3,920, 527. 74
1,509, 908. 89
729, 779.04
246, 754. 46
15,947, 189. 78
33,535, 386.95
10,519, 698.96
759, 557.89
11,115, 583. 47
18,483, 213. 82
1,426, 390.34
73, 085.64
536, 679.12
4,405, 400.10
19,135, 444.79
4,324, 192.62
4,830, 894.26
2,709, 586.20
5,664, 435.17
9,516, 566. 41
9,116, 791.21
8,291, 237.55
1,058, 078.28
4,057, 510.48
11,343, 711.21
1,987, 807.37
1,115, 446.61
2,861, 077.15
1,160, 585.61
1,020, 569.04
12,808, 482.09
266, 361.94
13,656, 833.42
20,029, 403.21
15,091, 690.81
5,956, 376.32
3,878, 828.69
4,136, 180.01
5,531, 207.15
6,500, 797. 70
286, 108.36
16,298, 056.27
3,048, 281.34
1,397, 795. 69
4,287, 129.31
361, 169.88
956, 309.55
12,901, 916.70
6,151, 243.19
14,369, 373.10
236, 138.92
2^345, 515.52
2,025, 339.69
7,220, 016.73
1,265, 304.68
1,897, 104.66
2,084, 690.33
8,668, 138.19
1,326, 859.47
170, 779.51
380,008,893.96
Expenses.
$41,436.55
28,506.18
184,960.93
53,675.89
43,-109.38
56,647.98
, 37,370.45
46,710.52
13,780.03
116,304.35
204,576.10
84,270.48
19,831.93
98,117. 29
117,165. 25
42,977.82
1,781.48
21,824.48
107,514.41
381,263.75
95,067.16
155,528.35
147,717.35
61,703.29
187,945.23
113,016.73
51,476.83
21,977. "95
58,461.73
71,856.06
61,058.65
31,744.98
55,854.83
28,274.10
21,589.07
56,958.74
18,863.98
68,428. 46
103,006.26
73,773.05
60,666.88
49,759. 48
50,864.19
46,095.54
74,908.24
20,723.46
190,917.90
35,457.94
30,672.61
47,370.83
17,084.99
27,801.34
133,607.22
109,654. 75
213,137. 27
23,541.94
72,594.46
.43,186.32
75,894.06
74,863.04
43,971.40
47,944.46
76,613.58
35,234.44
4,788,694.39
Average
number Cost to
of per- collect
sons em$1.
ployed.
26
18
126
35
31
41
30
32
$0.069
.116
.019
.028
.036
.014
.025
.064
.056
.007
141
.006
58
.008
15
.026
71
.009
.006
78
.03
36
.024
G)
15
.04
79
.024
.02
293
.022
72
.032
134
. 054
113
.011
44
.02
143
.012
84
.006
35
. 021
18
.014
42
.006
50
.031
49
.028
26
.019
41
.024
21
.021
13
.004
40
.071
13
.005
51
.005
81
.005
55
.01
43
.013
36
.012
36
. 008
29
.011
44
.072
13
138 . .012
.012
28
.022
22
.011
38
.047
12
.029
21
.01
100
.018
85
.015
186
.10
15
.031
53
.021.
34
.01
53
.06
56
.023
32
.023
37
.009
65
27 • .027
3,549
3 $990,635.33
. < 5,779,329.72
0.0152
1 Included in number reported for third district of Iowa with which it was consolidated Aug. 1,1913.
2 South Carolina formed a part of the fourth district of North Carolina until Sept. 1,1913, when it was
reestablished as a separate collection district.
8 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 punishiag violations of internal-revenue laws, cost of paper for internal-revenue stamps, and
certain miscellaneous expenses, but which can not be apportioned among the several collection districts.
• < Based upon amounts actually paid and not upon warrants Issued.
TABLE N .—Statement of business ofthe customs districts and ports for the fiscal year ended June 30, 1914.
Vessels cleared.
Vessels e n t e r e d .
Districts and ports.
Foreign.
Alaska:
Ketchikan
Wrangell
Skagway
Eagle
F o r t y Mile
St. Michael
Nome
Unalaska
Cordova....
Sulzer
251
31
763
11
2
Foreign.
Domestic.
227
29
18
2
1
7
2
11
16
• 7
7
9
15
1
17
2
385
Total
Arizona:
Nogales. .
Lochiel.
Douglas
Naco
Yuma
721
8
6
-
841
364
9
191
83
3
• 79
73
.TiiTjftaii,,._,..
Total...
Domestic.
Documents
issued
to
vessels.
18
70
23
21
27
145
6
23
7
15
25
12
823
•
581
Consuinption.
Warehouse.
LT.
T. & E .
Miscella- ,
neous.
Mail.
3
3
129
291
7
45
9
47
28
5
1
86
23
238
86
34
4
18
23
2
1
.85
hj
O
1
8
O
433
71
89
79
, 330
96
26
37
93
576
5
26
11
17
t-H
o
53
2,793
.
Total
, E n t r i e s of m e r c h a n d i s e .
1,194
29
1,083
461
26
...
Buffalo:
Buffalo.
Niagara Falls
N o r t h Buffalo
Black R o c k F e r r y
North Tonowanda
Lewiston
Dunkirk
Youngstown
Olcott
N i g h t clearance
Tyanlrawanna
to
205
71
460
127
54
13,342
9,846
6,132
378
120
178
36
6
249
13
984
1,540
118
7,440
10,883
3,154
1,512
841
28
30,038
262
81
71
ZP
..
...
..
432
40
4
25
106
782
1
1
157
371
1,524
23
1
11
. 361
1,919
3,165
.
51
1,049
145
247'
22
5
25
83
783
3
1
157
341
1,667
1,775
38
4
11
378
388
52
4
3
2
4
1,518
873
1,085
129
3,472
392
2,642
21,477
Chicago:
Chicago
Peoria
Michiean Citv
6,137
290
5,985
15
32
3
6,169
293
6,025
Connecticut:
Bridfirenort
New London
New Haven
Hartford
Stamford
29
15
25
*
•
4
36
10
24
- 1
22
19
3
1
117
Total
72
17
8
8
2
11
8
•
3
3
4,080
13
64
511
392
27,382
4,093
64
511
49,197
71
723
11
759
927
80
138
33
49
2,671
128
.27
49.
292
105
183
107
687
. 8
- '.
Ambrose
0
8
Total
D u l u t h and Superior:
D u l u t h a n d Superior
Warroad
. .
Baudette
I n t e r n a t i o n a l Falls
Ranier
Gunflint L a k e
P i n e Creek
Isl6 R o v a l s
Two Harbors
•-
304
11
49,197
12
2
2
Dakota:
P e m b ina
Portal
Noyes
Neche
S t Tohn
Walhalla
Northerate
Hannah
Sarles
Hansboro
Souris
W^esthope
Antler
Sherwood
Kermit
27,168
214
40
153
Total
371
21
754
138
^
489
82
113
51
65
61
3,923
1
1;102
392
83
113
51
50
, 12
4,019
3
1.171
521
'687
3,548
3,557
325
140
37
4724
78
43
72
28
11
•54261
14
77
101
9,104
1,514
116
274
229.
4,735
4
7
' 315
^
3,542.
1
Ill
46
139
224
1
1
36
25
54
6
348
ZP
.
247
1
3
517
...
38
1,900
2,009
126
16
520
354
4
80
198
65
27
2
2
25
17
23
9
1
1
o
w
>
o
W
13
34
39
1
!
W
1
ZP
^
1
1
34
45
22
30
189
;>
pi
1
251
4,051
688
96
76
5
20
.519
116
2
902
618
116
151
22
221
1,026
2
1
•
•
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Continued.
to
CX)
Vessels entered.
Vessels cleared.
Districts ahd ports.
Foreign.
' Foreign.
Domestic.
89
10
.9
502
17
•35
65
13
9
492
. 15
37
969
Total
Consumption.
Warehouse.
LT. .
MisceUaneous.
Mail.
T . & E'.
5,580
788
5,737
8
521
6,891
1,581
391
• 536
."
2,508
Eastern Vermont:
Newport. .1
North Troy
Derby Line
Island Pond
Beecher Falls
377
Total
-
5
•69
922
1,137
119
1,538
9
118
17
165
8
9
9
118
17
486
13
65
5
74
.
- 377
o
s
o-
182
13,235
1,195
639
7,335
4,307
92
11
1,968
4
1
13
22
26,711
377
377
i
4
Total
103
2,458
14
100
•
>
o
El Paso:
El Paso
Columbus
2,752
710
83
15
36
22
•
T
"
....
'.
-.'. .
165
9
^22
58
12
26
23
74
8
41
1
36
626
163
21
204
31
77
21
1
10
123
32
601
144
22
253
26
76
132
•
8
15
78
23
299
44
5
13
26
21
199
. 53
15
185
2
264
30
119
140
357
3,462
Total
Florida:
Jacksonville
Apalachicola
Boca Grande
Carrabelle Cedar Keys . .
Fernandina
Key West
Miami
Port Inglis
Pensacola
St. Andrews
< E n t r i e s of m e r c h a n d i s e .
•
Duluth and Superior—Continued.
Ashland
Bayfield
Washburn .
Eagle Pass:
Eagle Pass
Del Rio
Presidio
Domestic.
Documents
issued
to
vessels.
264
30
119
140
357
278
24
1,527
2
46
9
1
2
1,378
124
147
1
3
4
179
52
1
432
. 35
2
773
11
ZP
77
16
2
162
233
156
1,528
700
127
40
120
29
726
1,359
681
1,095
3,486
912
179
41
2,138
861
546
502
.• • 747
334
116
2,084
209
191
212
93
109
4
19
10
374
115
175
240
404
41
32
33
304
3
139
5
2,789
142
549
355
510
451
13
29
71
1
7
11
1,401
45
1
1,419
116
>
o
33
'
45
-'
Total
Hawaii:
Honolulu,
Hilo
Kahului
IColoa .
Mahukona
149
128
30
726
60
244
62
63
18
15
620
28
16
815
• 321
664
87
1,112
28
29
258
23
11
6
11
44
3,373
99
2
2
170
13
4,687
31
309
44
3,476
170
13
4,687
31
6
2
2
. 263
20
11
5
10
133
6
309
140
1
793.
13
306
15
30
9
280
101
.208
16
589
16
•
141
38
833
61
"2
1,319
833
61
2
1,319
387
fei
>
387
179
trj .
w
387
83
53
. -
o
208
70
109
62
i
ZP
M
1,023
77
1,100
83
Tbtal
339
142
-
. .
Total
Total.!
789
138
Indiana:
Indianapolis
Kvansvilift '.
Kentucky:
Louisville
Paducah
506
•
Total.
Iowa:
Des Moines.
Sioux City
Dubuque
5
29
, , ,
-
42
158
Savfl.Tma.h....
BrilTi.«;winlc
4
591
Total
Georgia:
Atlanta
Darien
5
290
1,502
Total
Galveston:
Galveston
Dallas
Houston..
. . .
San Antonio
Texas City
Velasco.
.18
266
St. Augustine
Tarpon Springs
Tampa
180
22
28
2
.
.202
25
25
50
•ZP
d.
to
^^^
CD
to
TABLE 'N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Contmued.
Vessels cleared.
Vessels entered.
Districts a n d p o r t s .
Foreign.
Laredo:
- Laredo
Brownsville
Corpus Christi
Hidalgo
Rio Grande
Foreign.
Domestic.
E n t r i e s of m e r c h a n d i s e .
Consumption.
Warehouse.
LT.
T. & E .
Miscellaneous.
MaU.
•
;
63
Total
Maine a n d N e w H a m p s h i r e :
Portland
.
Houlton.
F o r t Fairfield
Mars Hill
Van Buren
Madawaska
Monticello
Machias
-.
Lubec
Boothbay
Bath
Limestone
Fort Kent.:
Bridgewater
Eastport
Calais
Bangor
Ellsworth
Rockland.,.
Vanceboro
Lowelltown.
Belfast.
Castine
Vinal Haven
South West Harbor
Portsmouth
St Luce
Moose R i v e r
S t o n i n g t o n a n d Deer Isle . M o u n t Desert F e r r y
Jonesport
Domestic.
Documents
issued
- to
vessels.
cn
O
61
63
1
236
403
1
5
204
436'
348
.
16
86
29
.76
. .
2
5.
10
55
9
71
8
3
26
5
127
4
59
144
281
121
111
54
61
218
•
.
,.
839
82
3
1
92
7
8
20
. 47
27
1
7
18
.
270
3
3
1
2
4
768
107
4
101
7
11
21
33
24
1
3
11
1
2
34
107
25
95
38
63
46
6
26
1
706
4
2
132
9
24
4
42
121
5,135
5
61.
27
74
2,153
1,316
59
576
1,031
264
27
141
712
32
O
524
r,757
864
135
507
37
295
25
5
3
100
97
239
9
o
80
4
55
211
229
594
829
1,568
73
1
81
5,629
748
1
6
20
25
48
90
90
1
22
.4.
197
314
139
35
66
57
46
1
3
4
1
1
1
2
1
1
31
1
1
3
43
5
1
2
42
40
363
3
5,262
2
3
662
122
5
1
205
8
3
1
1
24
3
457
1,527
. 9
.
3
8
88
6
8
38
1
23
1
1
pi
1-3
H
tei
t—t
"
A
>
o
ZIl
52
7
6
7
1
12
16
13
4
7
8
1,672
. -. - .
,..
693
1.521,
767
1,659
14,560
126
808
590
5,649
3,202
. 670
Total
Maryland:
Baltimore
A lexan dria
Washington
Crisfield .
Annapolis
61
11
8
6
Robbinston
Baring...
Cutler
Rockport
Millbridge
1,569
1
746
1,845
1,105
56
81
598
180
10,130
2
2,409
591
3,217
1,290
3,057
74
3,690
18
2,020
12,541
638
3,217
1,290
6,747
92
50,464
1
176
286
174
25
3
37
701
3,759
5,770
3,795
25,119
68
285
1
..
Total
:
Massachusetts:
Boston
Barnstable
Fall River
Gloucester
N e w Bedford. Plymouth
•.
Provincetown
Salem
Springfield
Vineyard H a v e n . . .
Worcester
..
671
-.
•
1,570
746
1,845
1,392
931
1,071
1,105
io
91
8
7
2
3
3
103
37
9
5
29
9
20
12
17
4
28
110
52
23
7
57
21
.
550
96.
23
334
104
4
56
49
-.
2
54
21
1 .
2
3
6
7
1,359
87
73
67
45
.
fei-
42
1,042
1,258
1,216
1,289
52,546
3,904
5,770
2,428
87742
43
49
78
687
.1,592
262
18
127
43
57
44
289
244
23,191
12,935
166
4
58
77
58
745
19
268
11
2,430
1,769
4
47
>
2
O
27
pi
73
1,515
252
14
iiS
47
• 72
49
2,508
871
41
53
51
101
694
H.
26
679
1,672
,
ZP
o
w
• 1
1
231
475
'47
1
-
Total
Michigan:
Detroit
Port Huron
Saginaw
Alpena
B a y City
Marine City
S t . Clair
Grand Rapids
Grand- H a v e n
Charlevoix
Ludington
Manistee
'
Manistique
Muskesron
St Joseph
S a u l t S t e . Marie
Cheboygan
Mackinaw
Detour
Escanaba
. .
•47
1,105
31
2,016
360
53
387
710
263
56
146
42
615
i
4
1
8
3
4
1,411
91
40
57
52
-
1,004
35
2,010.
360
52
387
710
209
35
155
49
613
430
9
51
120
485
4,072
44
11
,9,582
1,234
11
3
1
50
22
216
• 42
11
116
26,037
•4
328
136
73
g>
ZP.
3
2
6
2
2,874
71
.
88
»
3
10
89
3
18
1
500
to
cn
bo
cn
to
TABLE N.—Statement of business ofthe customs districts and ports for.the fiscat year ended June 30, 1914^(jontimie6..
Vessels entered.
Foreign.
Michigan—Continued.
Gladstone
Houghton
Marquette
Lake Linden
Munising.,..,.,
.-.-,St. Ignace
Frankfort
...,
MarysviUe. i
Total .'
'.
Foreign.
77
44
25
4
2
47
146
321
76
6
8
866
2
6,126
9,340
6,034
9,234
1
9
64
3
13
245
1
29
40,372
334
4,986
613
60
15
3
3
14
45
17
45
667
180
215
209
74
• 39
41
140
377-
950
260
484
691
6
8
616
1,773
704
13
134
211
28
28
•
129
•
1
;
11,864
1,218
10
45
51
5
2
14
4,533
, 10
117
6
722
1
1,328
2
1,449
13
426
2
. 1,478
Total
1,462
.428
1,478
2
3,515
6
722
1
398
349
112
39
8,806
533
2,332
1,420
3,461
323
398
500
8,806
533
2,332
1,420
3,465
323
•
O
>
"4
a
ZP
6
New Orleans: .
New Orleans
Morgan City
Vic:&burg
w
6
35
276
169
86
46
O
4,264
8,043
. 995
•245
•
4
,
147
65
.
Miscellaneous.
MaU.
2
834
Montana and Idaho:
Great Falls
Gateway
Eastport
.*.
Sweet Grass
PorthiU
:....
Peskan
Plentywood
Havre
Baylor
T. & E .
LT.
4
622
Total
13
Warehouse.
21
Minnesota: St. Paul and Minneapolis...
MobUe:
Mobile
Birmingham
.Gulfport
Scranton
Biloxi
Total
Domestic.
Documents
issued
to
Consumpvessels.
Domestic.
tion.
79
168
262
76
5
12
885
2
43
31
69
1
1
8
Entries of merchandise.
Vessels cleared.
Districts and ports.
New York:
NewYork
Albany
Greehnort
Newark
Patchogue
Perth Amboy
.
371,392
907
130
4,124
379
63
83
221
341
4,862
3,008
35
92
2,839
2,525
4,530
3
65
137
133
39
80
179
199
4,870
2,841
52
Total
N o r t h Carolina:
Wilmington
E l i z a b e t h City
Newbem
Manteo
Beaufort..
'
75
3
52
Total
Ohio:
Cleveland
Cincinnati
Columbus
Dayton
Toledo
Erie
Sandusky
Corry
Conneaut
Ashtabula
Fairport:
Lorain
Put-in-Bay
.4,722"
...
78
35
92
42,456'
51
1,501
86
5,211.
373,990
42,618
'64
58
42
20
67
196
196
138,838
793
305,860
26
652
132
370
151
312
45,667
140,434
306,330
8
251
45,292
5
25
190
74,627
°
74,627
27
ZP
27
8
.. . 750
2,188
959
1,952
66
84
.288
381
1,194
1,122
324
538
311
380
• 1,280
1,148
328
551
40
85
74
594
548
53
91
43
968
1,089
276
524
91
616
603
'
8
s20S
47
886
1,062
278
49791
3,,942
7,120
4,412
6,793
:
'
Total
Omaha:
Omaha
Lincoln
349
Total
12,020
691
15
27
2
26
10
1
42
4
264
1
8,467
160
240
53
10
111
115
25
283
169
81
9
36
4
o
9,156
607
ZP
1
^628
11
30
11
29
1
639
41
214
•38
3,893
7
1
W
7
348
^
Total-.-.
Oregon:
Portland
Astoria
Newport
7
393
, 219
24
41
9
2
3
754
-.
^
6,320
2,588
630
349
786
274
937
1
130
4
1
657
97
:
o
w
>
-
44
98
142
1,242
1,381
171
141
24
2,794
165
1,101
1,311
165
164
111
7-
2,973
26
2,577
282
2,999
27
6
214
•
38
27
3,899
7
bo
cn .
CO
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Continued.
Vessels cleared.
Vessels e n t e r e d .
Districts and ports.
Foreign.
Philadelphia:
Philadelphia
Wilmington . .
Lewes
Chester ..•
Somers P o i n t
Tuckerton
1,077
4
3
' 53
•.?
Domestic.
873
3
1
23
Foreign.
926
2
1
37
... . .
1,137
900
966
Pittsburgh : Pittsburgh
•
29,897
420
LT.
T. & E .
3,084
39,735
24
209
6
26
53
2,744
7
- 10
2,072
39,838
225
48
516
4
37
4
2
1,852
48
33
6
163
39
20
4
3
2
1
1
43
1,941
231
2,072
39
226
15
1,749
"
. 3,084
30,356
•
MisceUaneous.
MaU.
2,751
. 3,362
168
3,321
1,584
765
187
98
81
71
10
26
65
14
7
3
8
5Q
35
6
1
.
215
33
64
12
13
16
24
14
13
66
397
451
404
66
6,143
90
293
27
3
294
3
244
249
1,971
225
186
20
343
39
20
1
43
'.
188
90
• 84
1
5
66
5
5
7
39
4
Total
278
26
33
12
5
12
17
9
5
445
..
Total
Total
1,342.
166
Warehouse.
218
56
81
4
8
65
2
4
7
R h o d e Island:
Providence...
Newport
Rochester:
Rochester
Utica
Syracuse .
Cnarlotte
Oswego..
Fair Haven
Sodus Point
Consumption.
1,283
5
3
40
1,331
E n t r i e s of m e r c h a n d i s e .
Documents
issued
to
vessels.
•
Total
P o r t o Rico : i
San J u a n
Ponce
Mayaguez
Arecibo
Aguadilla
Guanica
Arroyo
Humacao.
Fajardo
Domestic.
bO
cn
293
30
297
. 493
2,196
186
20
382
21
3
2,356
498
583
821
240
292
442
8
3
1
127
144
27
3
7
3
'
.1,080
• 737
141
118
178
171
45
21
1,124
698
169
138
131
209
18
7
6
2,076
415
2,129
365
9
1
•
29
26,
4
4,502
745
30
324
13
O
pi
H
O
H
W
4
>
•4
O
ZP
Sabine:
Port Arthur.
Sabine
236
106
• 128
59
330
156
Total
342
187
Southern Cahfornia:
Los Angeles
Andrade
San Diego
Calexico
Campo
Tia Juana
Total
156
91
58
8
; 486
28
156
149
8
3,860
1
.794
526
64
109
223
14
3
15,045
676
21
16
803
80
11
468
5
358
645
50
931
5,354
261
15,518
2 660
82
504
57
277
88
161
266
iii
35
387
. 665
323^
388
123
307
52
72.
.
;
153
111
37
46
13
46
353
;
i
817
2
96*
5
2
136
30
2
o
St. Lawrence:
Ogdensburg...
Rouses Point
Malone
Fort Covington
Plattsburg
Champlain
Chateaugay
Mooers Junction
Cape Vincent
Alexandria Bay
Chaumont
Clayton
i\ yanao
Morristown
'
Waddington
:
138
30
Pi
676
508
1,327
56
75
3
1
13
143
23
12
1
o
47
4
359
• 72
148
105
353
5
290
1,546
1,360
423
39
232
8,883
18,395
8,912
5,506
4
174
648
510
1,545
565
95
47
2
1
1
435
4,087
1,177
623
490
51,464
145
1,730
2,602
195
186
244
21
4
42
5,344
1,335
329
727
471
11
4
9
10
5,792
4,057
61
29
311
7,008
1,209
4
19
9,910
31
.'.. .
470
485
. 3
60
464
515
3
60
1,410
•
-
22
513
23
6,777
Total
Total
.-.
295
275
369
593
-..
i '.
'
75
'.
>
2
153
-
ZP
o
w
2,129
1,321
Total
,
24
4
305
'
South Carolina:
Charleston.
Georgetown...,
Beaufort
St. Louis:
St Louis..
Kansas City
St. Joseph
Cairo
.
•
—
375
4,968
509
10
77
56
623
486
621
-
2
W
tei
H
W
tei
ZP
1 Porto Rico figures are not included in grand total.
2
89
1
2
Ol
cn
bO
TABLE N.—Statement of business of the customs districts and ports for the fiscal year ended June 30, iP:?4—Continued.
cn
05
Districts a n d p o r t s .
Foreign.
E n t r i e s of merchandise.
Vessels cleared.
Vessels entered.
Domestic.
Foreign.
Documents
issued '
to
Domestic.
vessels.
Consumj)tion.
Warehouse.
LT.
MisceUaneous.
MaU.
T. & E .
•
S a n Francisco:
San Francisco
Eureka
Port Harford..
Total
Tennessee:
Memphis
Nashville
Chattanooga..
KiioxviUe...
.
Total
681
17
78
879
76
50
656
45
108
1,557
39
31
1,538
23
56
20,158
2
2,686
776
.
1,005
809
l,-=627
1,617
20,160
2,686
98
.48
44
296
180
49
28
39
2
190
553
42
/
. .
....
U t a h a n d N e v a d a : Salt L a k e C i t y , . . .
-
661
3
19,705
664
1
87
40
45
25
289
10
197
301
80
1
81
2
1,198
558
2,323
1,050
1
2,105
159
1
85
814
3,767
2,624
3
74
48
11,765
2,934
16
14
14
1,741
611
1
274
307
58
3,374
1,756
2,265
1,172
2,262
1,360
95
70
26
26
3
17
2,117
388
155
36
112
176
434
1,311
• 104
60
19
34
4
7
1,309
204
54
129
51
130
1
116
17
48
86
109
2
15
21
7,802
1,938
21
38
96
3,537
134
:
2^9
4
2
54
923
112
'
4,481
23
502
1,816
464
177
26
122
200
444
. .
525
9
9.
80
176
466
.
4,481
112
42
489
171
433
1,209
513
107
101
-
1
2
388
6
70
5
32
41
35
8
2
15
3
135
9
o
pi
H
O
H
tei
14
9
42
20
550
250
49
1
103
219
pi
W
2,423
240
286
180
Total
Digitized for
5,254
19,652
53
308
^
.
Virginia:
Norfolk
Newport News
Richmond
Petersburg
Cape C h a r l e s . . . . ;
R e e d ville
Washington:
Seattle
Tacoma
Port Townsend.
E verett
BeUingham
Blaine
P o r t Angeles
'
Northport
Roche Harbor..'.
Aberdeen...
..
Anacortes
Sumas
FRASER
DanvUle
255
53
^ 5,254
129
2
>
a
tei
tp
^
M
^
^
to
1°
t=j
Friday Harbor
South Bend
Oroville
Spokane
Molson...
Chonaka
Laurier
Ferry
Kalama.....
224
4
. .
.
11
3,759
1
ie
5
2
1
22
3,787
11
1,760
3,8o8
1,601
1,668
16,099
389
6,917
217
23
3
29
•133
14,358
13,033
266
112
536
114
1,126
9,714
44
5
195
3
306
6
1,658
155
1
13
393
989
•
. 1
1
1
,
•
.
. .
.18,540
3,060
67
55
2
612
170
^
3
309
4
76
77
3.
5,973
493
915
350
33
15
1
1
1,635
762
279
1,488
553
725
6
9
8
10
3
11
3
28
6
18
,
9
240
20
91
51
44
12
2
: .
29
39,436
216
. 705
2,803
122
1,096
513
2,832
129
72
42
698
150
ZP
tei
O
W
tei
H
>
o
tei
H
5,905
480
916
351.
W
tei
19
.
. . .
1
.
1,637
759
269
1,482
-557
733
ZP
d
27
Total
Grand total
3
6
41
518
59
128
333
94
.
. .
Total
Wisconsin:
MUwaukee
Green B a y '.
Kenosha
Kewaunee.. .
L a Crosse . .
Manitowoc
. Marinette
Menominee
Racine
Sheboygan..,
Sturgeon Bay
5
7
. 182
,4
'
Total
:D W e s t e r n V e r m o n t :
H^
Burlington
^
St. A l b a n s
Alburg...
East Alburg
M
Swanton
•^
Highgate
Franklin
West Berkshire
Richford
East Richford..
WindmUl Point
1
6
. .
13,173
95
13,089
513
2,832
129
72
61
698
150
43,867
66,975
43,167
.65,941
25,977
845, 711
.65,469
119,905
94,247
385,130
339,867
to
Ol
to
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Continued.
cn
00
[Extension of items.]
C u s t o m s receipts."
V a l u e of i m p o r t s .
V a l u e of
exports.
Districts and ports.
Dutiable.'
Alaska:
Ketchikan
WrangeU..
Skagway
Eagle
F o r t y MUe
S t . Michael
Nome
Unalaska
Cordova
Sulzer
Juneau
.
Drawback
paid.
Estimated
duties.
$1,564.34
1,091.63
1,034.38
774.58
198.68
46.30
5,449.70
$9.95
D u t i e s , inF i n e s , penIncreased
c l u d i n g fines
alties, a n d
and addio n m a i l im- t i o n a l d u t i e s . forfeitures.
portations.
Another
customs
receipts.
$50.00
$254.50
217.92
914.04
488.73
.25
93.39
350.72
8.35
93.28
' L25
446.21
50.00
2,868.64
1,83L07
1,388.99
3,395.62
594.30
24.09
148.50
408.19
L25
22.20
67.88
.40
499.92
$10.10
$3.87
88.73
59.75
55.00
10.26
29.00
129.50
.40
, $99,618
:
Total
-..
Buffalo:
Buffalo
'.
N i a g a r a FaUs
N o r t h Bufi'alo
Black Rock Ferry . .
North Tonawanda
L e w i s t o n ._
'.
Dunkirk
Youngstown
Olcott
Total
.
:
. $973,268
31.75
4,505.09
18.47
67.32
467,781
973,268
41.70
14,664.70
206.45
265.95
304,522
2,780
123,649
147,743
4,203
'...:
$467,781
99,618
Total
Arizona:
Nogales
Lochiel
Douglas
Naco
Yuma
Free.
Excess de• posits refunded.
3,948,307
305
4,774,284
11,718,247
10,972
1,667,956
1,753.30
52,143.66
452.59
18,641*59
22,170.33
458.50
152.84
10.60
36.07
582,897
•
$84.63
.
967,391
4,755,041
122
1,489.86
57.65
20,452,115
7,390,510
3,300.81
84.63
93,866.67
199.51
5,820.99
7,198,818
5,305,002
•3,704,146
32,143
831,365
16,781
5,717
3,534
17,810,698
26,128,069
42,903,015
95,725
47,690.73
"37,140.86
1,923,381.31
207,902.42
166,003.04
1,449.12
26,416.72
632.56
•3,852.06
51.45
7.61
1,832.71
2.50
19,826.32
3,143.48
3,519.03
822.28
29.15
12,914,459
17,097,506
86,944,560
2,329,696.29
1,850.36
7,053
'
47,690. 73
37,140.86
•
20,815.58
• 68.15
,
4.45
10.70
,
26,488.83
851.43
o
tei
1,561.58
10,766,924
1,287,700
834,668
10,328
33
1,449
13,149
192*
16
tei
O
20,883.73
>
"A
•Q
tei
ZP
€l^icago:
Chicago
Peoria
28,566,479
68,838
..•.
Connecticut:
Bridsenort
New London
New Haven
Hartford
Stamford
.•
Norwalk
^
Greenwich
Total
Dakota:
Pembina
Portal
Noyes
I
Neche
St. John
Walhalla
Northgate
Mowbray
Hannah
Sarles
Hansboro...
Souris
Westhope
Antler
Sherwood
Kermit
Crosby
Ambrose
Total
D u l u t h a n d Superior:
D u l u t h a n d Superior
Warroad
Baudette
International Falls
Ranier
Gunflint L a k e
Indus
P i n e Creek
Isle R o y a l e
Two Harbors
.
.
8,686,895
239,305.03
281.18
41,797.52
10,932,668.02
51,135.84
137,615.40
143,264.05
89.90
14,720.28
22,269.85
54.31
9,995,586
8,686,895
239,586.21
41,797.52
10,983,803.86
137,615.40
143,353.95
14,720.28
22,324.16
396,050
Total
•Colorado: D e n v e r
9,954,450
41,136
28,635,317
'.
108,556
175,871.14
.10,392.27
916.99
38.10
157 04
374,754.67
999.16
100,637.86
451,873.20
3,888.04
21,308.10
1,116.20
223.60
103.51
232. 43
288.18
973.44'
263.39
296 13
715 56
321 11
967 11
2.00
17.00
1,177,393
10,995
348,936
1,374,187
14,953'
82,168
4,478
.
125,209
31,074
111,102
1,675,053
227,326
83,293
11,212
2,099.14
6,527
1,182.14
1.00
1,539.01
1,259.88
142.63
171.20
25.88
68.12
28,231.44
1,435.89
1,915.29
3,540.10
- 265.14
138.07
2.52
6.37
tei
3,013,110
2,264,269
6,527
4,321.74
29,735.45
954,577.23
847.72
6,834.56
269.76
2,318.91
71,145
347,829
218,386
39,431
7,938
1,443
5,257
1,879
6,316
7,009
5,408
1,744
100
3,902
18,772
1,720
5,043
7,442
470,520
4,396,094
4,030,510
176,398
58,877
3,385
5,315
4,798
13,407
5,831
8,400
; 530
17,227
75
6,215
1,835
2,061
14,591
• 6,709,709
13,995,934
14,880,473
1,071,294
425,143
31,235
144,311
2,086.79
2,497.33.
8,270.57
34,383.46
25,540.31
6,850.10
1,367.65
207.85
890.5,1
203.55
1,124.41
1,071.72
1,210.76
421.13
37.09
605.05
3.537.45
'337.23
982.67
1,370.83
69.77
36.19
546.21
1.00
11.89
112.60
6.00
21.40
5,534.63
6.69
, 23.90
216.00
62 30
88 20
59.60
25 80
15.05
3 20
10.00
750,764
.
ZP
9,216,069
37,258,099
2,086.79
2,497.33
88,412.34
118.47
699.10
6,541.47
1,803,151
21,814
14,931
6,852
428,473
496
284,493
31,602
95,012
73,463
1,640,754
68
6,423,535
365,765
217,266
192,165
5,036,946
2,177.84
131.82
25.32
8.00
•145.86
13,515.35
272,019.53
1,566.79
1,863.42
867.59
41,593.53
74.27
213.83
L25
•2,591.62
480.90
235
260
o
w
tei
'.
'
•
-
37.91
20,225
12.51
77.00
58.25
221.25
403.75
o
teJ
W
tei
Ul
146 60
'
6.05
42.44
d
410.75
17,818.87
76.78
40 48.
162 93
177.49
.06
.21
02
8 44
20.79
to
Ol
CD
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Continued.
V a l u e of i m p o r t s .
V a l u e of
exports.
D u l u t h a n d Superior—Continued.
Ashland
Bayfield
:
Washburn
$8
>
$106,300
Excess deposits r e funded.
Drawback
paid.
Estimated
duties.
D u t i e s , inFines, penInc
c l u d i n g fines . a n d r e a s eid
alties, a n d
add o n m a i l i m - t i o n a l d u t i e s . forfeitures.
portations.
$8.30
1.00
-.66
$2.40
$1,018,896
5,050
300
All other
customs
receipts.
2,275,960
$2,488.84
$13,515.35
$318,023.04
217.48
$2,634.06
$486.95
18,316.03
pi
tei
hd
O
pi
3,822,752
655,549
1,164,494
478,271
36,463
97,627
2,641.00
189.00.
126,229.00
26,466.00
13,384.00
134.00
46.00
893.00
4.00
4,741.00
2,221.00
1,834.00
1,687.00
2.00
9.00
O
5,642,795
612,361
2,641.00
189.00
166,079.00
180.00
897.00
8,796.00
1,698.00
. 596,349
32,289
38,185
516,263
63,140
3,039,871
77,445
47,933
3,081,203
834,438
17,253,524
253.36
5.90
3,325.36
78.76
1,281,844
83,486
93.64
'613.10
79,765.83
3,255.68
3,616.45
56,498.42
7,294.90
626.23
12.00
.2.50
874.12
10.50
,218.20
5L10
301.50
28.88
2.74
12.25
81.94
27.14
1,246,226
7,080,890
18,618,854
966.00
3,325.36
150,431.28
79.26
1,525.35
570.80
152 95
883,296
48,350
Total
Eastern Vermont:
Newport
North Troy..
Derby Line
Island P o n d
Beecher F a l l s
13,280,148 -
693,890
82,592
118,388
.
2,739,570
894,870
Eagle Pass:
Eagle Pass
Del R i o
' Presidio
4,801,743
973,869
3,002,296
46,505
15,409.12
94.02
105,389.39
13,247.75
1,370.88
1,676.39
3,504.84
6,188.98
5,775,612
3,048,801
15,409.12
94.02
118,637.14
1,370.88
1,676.39
3,504.84
6,188.98
1,779,270
1,956,197
278,164
805,127
175., 758
5.86
913.64
16,340.83
3,024.95
7.73
337.00
246.07
5.25
.72
1.80
644 57
44.57
1.10
73
353.09
460.40
. 2,550.28
•440;778.67
' • 753.32
4,691.91
229.20
4,813.09
47.95
75.83
46.40
4,363.17
•
. . . .
-.
:
Total
.50
tei
>
o
tei
.
Total
Florida:
JacksonvUle
Apalachicola
Boca G r a n d e
Carrabelle
Cedar K e y s
Fernandina
Key West . . .
Miami
•
Port Inglis..,
Pensacola
St. A
FRASERn d r e w s
Free.
507,618
Total
E l Paso:
El Paso.. .
Coliumbus
OS
o
Customs receipts.
• Districts and ports.
Dutiable.
ISO
Digitized for
931,646 .
:
45,982
47,765
;... .
3
1,600
1,142,446
3,259
3
14,983
. 50
151,237
27,888
1,867,128
.
4,987,594
4,747,346
77,647
1,213,100
21,363,974
489^604
460.85
39.20
.93
59.44
25.00
95 90
2,514.04
10.15
2.83
77.86
2.43
ZP
579.99
92.18
14,899.65
3,859.23
48,157.05
5,712.10
18,386.01
752.02
51.47
68.31
128.70
19,089.10
297.11
1,287.91
544.30
1,169.10
731.89
698.60
64,835.54
53.50
33,171.86
1,589.87
18,608.98
1,167,656.3^7
52,271.15
46,295.98
35,328.46
40,734.20
16,117.54
50,490.57
1,342,286.16
1,000.50
22,387.52
1,430.49
99,650.77
6,295.45
109.83
123,462.18
634.83
42,379.04
134.25
2.22
2,683.52
834.71
226.95
547.44
1,316.56
491.29
8,650.89
109.83
166,476.05
2,819.99
1,382.15
226.95
10,458.74
>
36,058.08
566.20
7,753.01
1,034,948.85
69,842.13
13,398.87
17,408.98
795.90
.1,370.77
8,673.60
37.90
o
tei
.
36,624.28
7,753.01
1,107,377.58
13,398.87
18,204.88
1,370.77
8,711.50
.
2,082.40
28.00
221.41
224,631.84
187,628.09
389.48
19.10
3,030.21
74.17
2,110.40
221.41
412,259.93
408.58
3,104.38
4,682,733
41,559,079
1,309.32
1,420.44
2,202,861.23
7,413,023
4,919
287,371
17,646
448,214
221,670,113
31,881.59
24,022,597
9,218.15
401.88
4,739.85
694.81
1,062.85
8,171,173
245,692,710
339,813
218
182,649
5,618,024
126,144
26,973
90,738,842
18,891,314
522,680
5,771,141
110,ti3S,073
6,295.45
3,601,606
262,693
902,207
5,366
10,245
13,182
2,300,942
18,549
45,538
40,048
3,877,481
.
1.06
873.48
4,101,981
Total
Georgia:
Savannah
Brunswick
Atlanta .
Darien
5,464,568
3,158,784
129,151
265,807
197,157
351,082
:
- 138
809,257
5,224,407
Total
Galveston:
Galveston
Dallas . . .
Houston
San Antonio
T e x a s City
3,171.93
1,734,897.78
2,405,077
917,818
568,341
51,648
275,770
32,623
619,989
308,393
15.24.
307.81
. 407,917
Total
Hawaii:
Honolulu
HUo
Kahului
Koloa
Total
Indiana:
Indianapoli.'?
E v a n s v i l l e - -.
Total
Iowa:
Des M o i n e s . . . i
Sioux City
Dubuque
Laredo:
i^aredo
^
Brownsvillft
Corpus Christi
Hi(mlgo
R i o G r a n d e City
..
ZP
tei
O
W
tei
Pi
2,586.60
•
502.11
52.46
554.5?
tei •
>
ZP
86,440
25,895
45,191
19,826
38,871
35,068
22,131
41.96
3''3.24
122.33
157,526
Total
K e n t u c k y : LouisvUle
Total.
26.07
42,813.43
3,301
4,012,830
St. Augustine
Tampa
93,765
22,131
537.53
387,204
653,416
265
747,186
540,104
3,745,689
59,586
34,627
473.84
5,068.36
55,899
56,220
1,405,814
1,185,964
722,038
344,343
448,525
1,349,830
4,106,684
5,127,192
5,782.79
33,500.50
9,789.17
18,503.64
301.47
169.33
. 177.85
.
455.99
24.83
93.66
152.61
2.25
3.54
4,224.18
1,029.75
61,793.31
648.65
3,957.25
4,618.47
124,474.65
90,924.64
2,475.88
26.90
1.55
2,312.22
1,543.17
6,569.14
979.91
41.69
33.84
2,410.77
1,622.60
4,224.18
3,930.92
11,582.42
4,746.19
K^
2,643.62
684.57
375.35
562.07
480.58
6,706.18
6,698.76
18.69
221.90
cj
pi
158.40
574.48
179,699.72
181.37
821.31
834,801
402,910
181.37
228,804,.23
2,504.33
to
TABLE N.—Statement of business of the customs districts and ports for the fiscal year ended June 30, 1914—Continued.
to
V a l u e of i m p o r t s .
V a l u e of
exports.
Districts a n d ports.
Dutiable.
Maine a n d N e w H a m p s h i r e :
Portland
Houlton
F o r t Fairfield
Mars HUl
Van Buren
Madawaska
Monticello
Lubec
Boothbay
Bath
Lime.^tone, - Fort Kent
. . . .
Bridgewater
.!....'.
Eastport
Calais. 1
Bangor
-.
Ellsworth.
Rockland
Vanceboro
L o w e l l t o w n . .1
Belfast.
Castine
VinaUiaven
:
South West Harbor
Portsmouth
St. L u c e
Moose R i v e r
S t o n i n g t o n a n d Deer Isle
Mount Desert Ferry.
Jonesport
Robbinston
'
Baring.
Rockport
MUlbridge.
:
Total
Customs receipts.
.
'.
$364,895
57,344
32,663
5,125
16,698
3,366
10,104
4,219
425
31,142
16,245
13,869
24,480
54,150
48,891
29,765
2
7,928
1,121,360
49,800
5,748
262
20,986
8,672
34,622
23
17
54
420
1,963,275
Free.
$1,066,860
73,890
63,254
5,897
167,456
2,278
2,963
25,161
3,260
' 56,216
3,546
18,052
5,754
506,746
453,066
17,430
900
151,627
3,722,031
44,041
909
51,975
31,364
21,994
26,191
702
2,129
1,743
2,769
13,612
1,337
281,757
2,786
956
$3,451,723
74,682
6,330
6,830,652
7,361,449
Excess deposits refunded.
Drawback
paid.
$1,995.14
^2,171.03
i,525
5.00
4,287
3,010
1,Q12
3,214
1,391
1,276,627
132,397
11,669
2,803
2,173,917
• 66,727
133,480
164
$66,670.85
7,400.21
3,647.04
708.97
1,862.19
425.12
1,226.47
327.30
•120.60
883.20
.1,812.381,385.92
'3,612.00
48,958.97
5,457.85
4,212.05
873.99
129,174.86
8,319.72
19.60
1,470.95
D u t i e s , inFines, penIncreased
c l u d i n g fines
a n d addialties, and
o n m a U i m - t i o n a l d u t i e s . forfeitures.
portations.
$332.76
9.97
27.99
17.02
20.10
$1,420.74
5.10
73.78
$2,460.17
250.00
145.91
4i.20
19.38
i67.66
8L39
10.50.
69.22
2.35
3,837.68
1.20
n.i9
' $1,990.37
373.20
63.70
14.53
67.83
20.57
4.91
3.89
30.97
3,612.14
4.04
53.09
14.95
49.85
475.45
1.97
.15
1.00
349.63
90.23
i n . 50
2.34
1
1,835.85
27.29
2.94
140.95
32.00
614.25
12.60
150.35
79.46
4,911.50
102.93
A!l o t h e r
customs
receipts.
657.82
2.11
3.00
-w
tei
O
pi
H
O
!^
M
tei
o
tei
837.63
32.30
3,777.96
1,076.09
3,567.35
588
2,101
ii,825
Estimated
duties.
42.80
35.25
107.19
.14
150.00
135.88
ZP
2.41
1.27
1.97
.32
110.00
.78
7.29
10.00
47.52
1,977
16.60
40.50
4.50
296,447.72
4,544.13
.
.32
1.68
1.20
20.35
.05
3,513.89.
2,218.55
8,984.73
4,723.71
== = = = = = = = = = =
7,242.04
/
Maryland:
Baltimore
Alexandria
Washington..
Total
Massachusetts:
Boston
Barnstable
Fall River
Gloucester
N e w Bedford
Plymouth
Provincetown.
.
. . .
Salem
Springfield..
Vineyard H a v e n .
Worcester
81,488.97
115,016,899
480
65,428,133
389,531.06
160,107.58
437,642
415,609
2,187,907
1,091
70,055
509,056
6,589
72
.
:
.
409,230
1,682
119,047,969
65,602,731
4,502j427
1,257,994
220,281
7,921
124,530
4,161
4,949
465,715
1,911
8,733,147
6,358,001
227,169
58,381,746
36,296,130
983
96,362
1,132
7,671
41,969
333,696
6,453
11,698
131,996
33,437
12,680
40,742
16,141
43,479
19,296
1
12
19,996
175,376
..
. .
MiTiTiAsrita: St. P a u l a n d Minneapolis
3,573,010
7,147
389,531.06
16,925.58 7,359.67
546.11
160,107.58
18,620.88
573.86
896.26
3.60
1,920.31
3,709.46
19.40
599.81
3,902,068.41
• 24,942.16
30,775.84
1,939.71
10,038.16
14,347,264.08
109,710.09
25.59
77.65
41.80
58.40
151,423.54
11,321.69
35,856.51
312.59
414.87
1.50
165. 97
52.99
2,855.10
14,861,442.99
110,808.46
155,865.61
11,322.37
37,875.96
12,119.50
30.24
37.68
16,255.00
1,132. 78
28.17
1,646.38
97.75
8,952.08
3,606.91
9.30
5.00
2,175,051.82
167,724.09
18,755.99
1,584.40
9,396.62
^ '329. 47
278.01
123,556.50
946.71
9,438.35
18.60
1,014.66
966.58
2.82
106.12
12.20
.15
.50
96.65
25.52
.68
458.46
.25
396.50
11.92
565.32
12.31
4.30
37.6.5
3.00
ZP
tei
o
w,
tei
o
tei
1^
M
560.00
9.02
63.83
7.00
3.18
1,950.72
13,803
128,137
31,415
265
1,591
27,066.38
12,099.14
3,707,816.62
97.80
194,153.99 •
25,850.62
12,105.71
15,727.44
1,192.35
44.22
2,696.68
382,385.66
86,088
80,167
272,255
Total
139,931.54
41,060,207
Total
Michigan:
Detroit
."
Port Huron . .
Saginaw
Alpina
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 Ste. Marie - ...-.
Cheboygan
Mackinaw
Detour
Escanaba.
•
Gladstone
Houghton
*
Marquette
109,685,150
384,103
12,843.02
74,176.23
81,488.97
20,269,482
91,764
74,235
7,060
256
38,112
910,785
109,685,150
139,931.54
19,885,379
39,665,735
5
...
13,854,326
978
423,991
14,279,295
..
tei
H
ZP
,
d
192.85
2,128.12
19: 44
2,914
7,786
125,168
488
5,366,518
93,494
11,223
200
761,958
215,790
76,523
372,117
934.86
94.49
6,949,595
19,607,556
101,856,154
30,388.27
18,620.88
2,564,498.72
12,465.17
18,725.68
1,744.13
13,360.11
3,242,376
3,064,034
,
20,944.19
9,753.53
1,007,315.36
18,015. 31
15,084.66
534.73
5,012.10
16,370.48
770.42
60.24
82.14
.
44,557
18.68
46,706.25
947.07
6.20
963.68
1,236.97
1.93
,
5.00
14.95
5.00
O
CO
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Continued.
V a l u e of i m p o r t s .
Dutiable.
. Free.
Mobile:
Mobile
'Birfninp'hq.m
Gulfport
Scranton
Biloxi
$413,506
18,330
12,933
76
Total
, 444,845
6,469,725
•8,419
383,593
117,346
26,521
650
31,936
15,465
3,472
851
119,711
" 1,201,473
421,223
• 188,003
1,387
67,380
25,885
2,902
7,370
588,253
2,035,334
$6,334,119
5,164
130,442
. Excess deposits r e , funded.
Drawback
paid.
$618.83
$7,327.53
Estimated
duties.
:
- .
$4,445.15
70.30
233.13
5.25
$94.32
55.15
16.20
5.40
1L73
$1,208.01.
95.41
L25
73,108.22
182.80
1,304.67
926. 46
4,753. 83
265. 97
66,712.88
21,660.43
- -3,164.59
77.59
5,231.81
2,719. 85
608.50
206.69
3,228.29
37.81
17.23
37.13
265. 79
574. 04
3,808.92
100,648.31
3,228.29
•
6,289,225
827,290
$63,226.08
8,556.30
1,316.34
9.50
50,846,553
247,316
2,566,961
418,680
15,594
16,407
618. 83
7,327.53
5.78
2,225.23
1,421.93
147.73
$898.70
27.76.
teJ'
^
25. 00
330.50
•
OPi
H
oK
tei'
3,264,958
' 368.31
42.23
1,486. 96
Total
N o r t h Carolina: W i l m i n g t o n
--
25,128,434
64,254,187
195,184,735
139,370.85
63,008.33
11,080,312.86
10,759. 42
20.46
106,227.44
5,122.86
13,513.50
64,254,187
195,184,735
139,370. 85 ,
63,008.33
11,080,312.86
10,779. 88
106,227. 44
5,122. 86
13,513.50
500,735,934
1,273,916
764,989
924,814'
-.-.
Q
tei
Ul
25,128,434
Total
All other
customs
receipts.
610.00
:
N e w Orleans:
NewOrleans
Morgan City a n d Calcasieu P a s s
New York:
New York
Albany
Newark
Perth Amboy
D u t i e s , inFines, penIncreased
c l u d i n g fines
and
on m a i l im- t i o n a l a d diie s . a l t i e s , a n d
dut
forfeitures.
portations.
8.25
$43,730,038
•
Montana and Idaho:
Great Falls
Gateway
Eastport
Sweet Grass
Porthill
Peskan
Plentywood
Havre
Baylor
Banff
Total
Customs receipts.
Valueof
exports.
Districts a n d ports.
to
o
528,870,155
1,091,255
1,135,085
5,828,218
861,852,009
2,946,382.66 2,316,548.71 195,319,830.11
410,063.99
214,932. 42
262,193.37
597,839.18
868. 66
872. 88
141.13
1,153,095. 64
2,185.57
4,673. 21
9,520.66
255,793.17
418,758
2,157,719
300,085.88
925. 21
2,812.32
6,193. 69
503,699,653
536,924,713
864,428,486
2,946,382.66 2,316,548.71 196,207,019.89
599,721.85
1,169,475.08
255,793.17
310,017.10
139,382
4,035,363
17,737.21
116.15
25,870,850-
172.61
\
3,654.44
Ohio:
Cleveland
Cincinnati
C o l u m b u s . _. , . . ,
Dayton
Toledo
Erie
Sandusky
Corry
CoTinef*.ut.
Ashtabula
Fairport
Lorain
--
- - ..
,
3,549,305
1,384.331
331,808
99,266
1,665,841
70,907
221,922
44,069
1,900
11,559
-
7,022,860
..
27,695.97
22,734.64
'
2,024,424
923,129
1,398,327
2,143,027
2,689,226
109,923
1,837,594
1,016,890.67 •
693,608.58
125,868.87
66,092.52
188,413.55
-. 15,544.46
23,289.13
1,219.60
723.59
101.35
841.07
6,260.13
2, OIL 58
112.61
64.20
155.20
229.58
229.71
6.00
28,947.47
630.45
328.38
136.81
185.83
117.33
17.70
16,729.78
9,134.21
1,203.94
372.15
2,576.72
54.30
108.71
5,658.88
2,132;593.39
" 30,363.97
30,179.81
5,658.88
9,069.01
'
22,734.64
7,380,908
Omaha:
Omaha
Tjinooln....-,
4,347,690
760,933
24,047
199,707
. 21,323
984.14
252.01
162,891.70
10", 415.59
2,593.07
40.43
360.50
211.78
3.06
63.30
L07
784,980
Total
221,030
1,236.15
173,307.29
2,639.50
572.28
3.06
64.37
-
Total
Oregon:
Portland
Astoria
Newport
1,566,345
1,676,278
82.137
140,500
426,165
298,662
59,234
7,292
71,308
19,769
27,695.97
18,148,516
..
Total,
PhUadelphia:
PhUadelphia
Wilmington
Lewes . Chester
Somers P o i n t
.
2,010.691
. 26;812
12,947,053
859,381
17,762.14
1,852,748
2,037,503
13,806,434
17,762.14
41,457,329
251,001
.'.
52,139,005
2,583,742
62,714,188
20,970
557,606
552,706.48
2,70L73
12,059.34
8.40
.84
12,732.42
8.70
710.41
4.90
2,214.11
645.95
3,265.09
555,408.21
12,068.58
12,741.12
715.31
2,860.06
17,360,770.07
23,200.00
106,721.90
4L04
124,860.90
1,339.03
1,492.57
15.01
119.13
5.50
39,453.89
131.05
L75
875.63
2,462,826
. . -.
:.....-
.
.
3,265.09
2,109.00
1,846,645
6,103
.
.
220,263.74
94,888.60
. . .
41,729,300
55,280,3.53
65,177,014
220,263.74
94,888.60
17,386,085.07
106,897.08
126,205.43
1,492.57
1,672,997
1,569,875
414,293
5,328.67
282.85
621,645,34
1,078.20
2,499.60
100.00
1,306,303
766,589
264,504
51,373
25,540
. 130.399
28,354
7,366
29,968
490,834
375,978
119,023
50;356
24,755
130,127
10,480
96
26,374
2,077,351
3,725,862
1,521,885 •
382,322
960,660
11,502
10,373.31
7,937.37
4,117.04
955.94
486.44
1,874.21
614.83
34.99
266.08
1,643.80
224.45
186.40
12,879..26
10,978.38
1,625.61
198.60
45.86
465.13
26.55
10.21
11.90
1,774.29
1,228,023
26,660.21
2,128.50
26,241.50
1,774.29
9,263.59
o
tei
H
tei
H
•>
zn
6,057.02
1,432.14
1,196.89
26.15
126.85
243.30
12.50
127.30
41.44
2,610,396
>
S
1,122.43
Porto Rico:
San Juan
Ponce
Mayaguez.
Arecibo
" Aguadilla
"
Guanica
Arroyo
.
Humabao
Fajardo
Pi
40,462.32
Pittsburgh: Pittsburgh
zn
tei
o
Total
Total
Kj
•
• 8,679,582
73.85
375,655.73
205,472.75
88,506.40
18,576.92
7,979.53.
35,950.30
13,069.33
4,729.49
10,822.18
13,288.04 •
899.56
473.74
760,762.63
14,685.59
19.75
4.50
.».:-
to
Ol
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Continued.
to
C5
0
Customs receipts.
V a l u e of i m p o r t s .
V a l u e of
exports.
Districts and ports.
E x c e s s deposits refunded.
•
Drawback
paid.
Dutiable.
Free.
$1,892,399
' 96,950
$253,900
49,617
$5,978
$3,615.95
$2,124.32
' 1,989,349
303,517
• 5,978-
3,615.95
1,585,'578
566,622
144,808
26,346
144,534
523,094
23,031
66,884
433,928
428,607
9, 208.12
88
1,150
2,750,520
2,537,317
593,297
183,262
2,467,976
1,476,694
6,064,396
Sabine: .
Port Arthur.
Sabine
94,672
8
780,823
1,046,960
Total
94,680
1,827,783
Rhode Island:
Providence
Newport.'.
Total
Rochester:
Rochester
Utica
Syracuse
Charlotte
Oswego.Fair Haven
Sodus P o i n t
'.
Total
S o u t h e r n California:
Los Angeles
Andrade
San Diego...
Calixico
. Campo
•.
Tin, .fiiana.. .
Total
S o u t h Carolina:
Charleston
Beaufort..
Total
Estimated
duties.
Fines, penD u t i e s , inIncreased
alties, a n d
c l u d i n g fines
and
on m a i l im- t i o n a l a d diie s . forfeitures.
dut
portations.
Allother
customs
receipts.
$389,877.67 .
38,258.85
$491.71
57.46
$5,217.68
3.66
$54.00
$95,327.20
32.22
2,124.32
428,136.52
549.16
5,221.34
54.00
95,359.42
9,814.79
466,801.84
181,574.22
37,577.68
2,454.51
8,441.79
609.99
202.62
75.89
15.029.24
1,527.82
260.47
24.28
14.54
•Pi
tei
o
1,505.00
514.'03
15.66
12.56
17.68
3.74
1.93
2,070.60
2.75
o
tei
.... .
9,208.12
9,814.79
696,852.79
912.78
16,832.07
18,064,834
6,058,694
19.35
2,378.53
14,419.41
13.40
22.84
38.40
30.00
215.99
178.63
24,123,528
19.35
2,378.53
14,432.81
22.84
38.40
30.00
394.62
26,559.65
25,729.80
272.2i
15®50
645.97
3.46
61.79
3,906.78
.98
629.55
375.42
47.36
667.44
26,847.36
26,379.23
2,572.62
5,627.53
561.55
19.18
578.95
561.55
19.18
578.95
H
tn
5^
O
tei
ZP
973,186
20,446
249,129
469,849
.33,106
239,545
19,173.68
1,385.32
299,422
158,521
9,283
4,955
1,416,935
1,084
276.860
• 925,846
8,848
36,672
705,904.47
584,35
1.78
192.46
68,305.26
. 22,011.80
3,319.25
1,691.37
2,242,298
2,666,245
1,985,261
20,749.76
1,579.56
801,232.15
36,136
5,490,440
20,829,740
125.4Q
5,490,440
20, ,829,740
1,770,117
-
36,136
.991.73
13,405.61.
,
ioo. 57
2,117.79
.52
152.38"
240.14
10.20
• 125.40
13,405.61
110.77
St. Lawrence:
Ogdensburg
Rouses Point
Malone
F o r t Covington
Plattsburc
Champlain . ;
C h a t e a u eaV
Mooers J u n c t i o n
Cape V i n c e n t
Alexandria Bay.
Ch an m o n t
Clayton.
Nvando
Morristown
W^addinffton
, 4,584.10
2,914.42
2,229.08
4,241.89
77.60
80.36
11.60
102,341.06
517,264.09
241.32
12,963.66
911.22
2,074.77
67,677.04
18,515.08
2,029,670.35
387,904.77
70,902.71
21,329.30
9,622.77
92.06
31,139.88
5,888.60
516.69
138.17
13.77
4,88O;70
4,612.45
91.59
909,032
67,677.04
18,515.08
2,488,477.83
31,044.13
37,545.17
151.94
.. 9,584.74
53,613,163
7,956
70,076,810
1,523,125
3,149,224
184,732.14
139,407.76
5,680,875.86
93,948.39
68.91
99,005.69
3,498.25
32,685.91
16,843,104
53,621,119
74,749,159
184,732.14
5,680,875.86
94,017.30
99,005.69
337,081
32;564
3,532
"° 13,072
31,623
21;607
34,806
241
5.096.52
'149.24
12.70
1.95
82,252.02
11,999.41
1,450.97
4,500.91
179.32
51.47
15.02
51.65
2,109.62
• 238.10
57.38
282.88
5,260.41
100,203.31
297.^46
2,687.98
26,047.19
3,107.35
523.04
27,669,713
6,673.163
2,742; 833
626,958
969
• 9,276
44,117
35,784
168,039
10,374
15,007
377,495
20,123
15,330
46,067
2,596,032
147,817
46,039
28,352
2,149,490
29,046
5,216
3,962,109
40,817,181
34,113,772
16,859.85
St. Louis:
St. Louis
K a n s a s Citv
St. Joseph...•.
5,230,460
909,260
171,665
1,721,951
1,425,076
93,564
909,032
Total
6,311,385
3,240,591
San Francisco:
S a n Francisco
Eureka
P o r t Harford
16,842,953
151
Total
:
...
4,240,689
14,238,473
12,408,889
864,252
,102,341.06
2.60
384.30
75.10
32.65
Total
•
149,290
75.
20.70
156.89
2,216.77
1.35
872.39
1,977.59
6,845.61
1,723.67
80.64
70.94
92.04
342.60
56,891.21
159,452.81
116,166.67
108,489.89
3,065.67
810.84
. 2,539.32
2,650.06
21,699.71
902.00
18.36
3,09.3.52
37,244.52
3.165.21
1,074.30
943,595
1,145,329
693,122
547,119
5,623
8,078
35,642
22,629
126,043
'6,974
• 1,856.45
17.39
23.50
17.76
29.25
42.43
• 2.89
315.00
10.00
.08
1,433.66
21.85
86.00
1.68
10.85
11.29
47.66
34.97
.11
12.33
6.00
18.44
16.34
ZP
tei
O
tei
.
Tennessee:
• Memnhis
NashvUle
Chattanooga
KnoxvUle
Total
. . . . .
U t a h a n d N e v a d a : Salt L a k e City
Virginia:
Norfolk
Newport News
Richmond
Petersburg
Total
34,794
34,794
386,249.
88,277
72,224
25,077
167,633
1,240,752
295,144
472,089
2,670,708
2,130,238
518,336
188,367
21,239,439
3,925,388
2,175,618
5,507,649
29,911,504
139,407.76
>
o ,
tei
H
W
tei
3,498.25
5.59
32,685.91
356.53
20.27
95.14
13.78
5.59
485.72
7,950.20
2,115.25
40,201.16
306,802.20
981,616.43
175,419.49
51. 59
39.65
91.42
15.06
6.50.79
4,176.66
950.54
156.97
17.20
149.21
.06
2,115.25
1,504,039.28
197. 72
6,777.99
323.44
I
>
d
w
ZP
2,213.70
2,398.87
1,372.89
2,280.82
7,950.20
H
8,266.28
4,746,677
to
to
T A B L E N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Continued.
Customs receipts.
V a l u e of i m p o r t s .
V a l u e of
exports.
Districts a n d ports.
Dutiable.
$21,616,443
20,891,807
577,549
31,082
139,729
1,373,097
15,816
25,981
24,870
254,630
1,623,278
18,120
360
25,191
137,749
6,850
19,858
2,274,138
31,105
5,690,377
49,087,653
.
Total
Western Vermont:
Burlington
St. A l b a n s .
Alburg.
East Alburg.
Swanton
Highgate .
Franklin
West Berkshire
Richford..
$4,051,716
1,348,657
6,720
1,726
26,782
120,695
5,973
3,581
3
2,188
63,149
2,978
1,145
2,734
583
.'
Free.
6
48,518
3,182
41
Washington:
Seattle
Tacoma....'
Port Townsend
Everett
BeUingham
Blaine
P o r t Angeles
Northport
Roche Harbor
Aberdeen
Anacortes
Sumas
DanvUle
Friday Harbor
South Bend.
OrovUle
Spokane
:.
Molson
Chopaka.
Laurier
Ferry
Kalama
1
-.
108,271
2,485,976
426,185
• 6,425
5,909
20,188
2,620
29,194
958,648
130,072
2,947,421
1,338,161
7,672
24,845
24,411
1,851
•' 38,179
4,266,596,
00
$21,142,937
19,780,111
696,231
636,729
848,117
5,899,248
783,790
483,073
8,631
1,071,188
197,747
.1,884,935
178,628
11,525
' 117,565
40,788
Excess deposits r e funded.
Drawback
paid.
$37,825.40
$16,521.19
Estimated
duties.
$1,169,399.83
428,258.61
3,881.07
449.59
1,145.67
21,698.62
792.26
509. 01
17.59
94.15
8,823.86
532.43
144. 70
D u t i e s , inIncreased, Fines, penc l u d i n g fines
and addi- alties, a n d
on m a l l imt i o n a l d u t i e s . forfeitures.
portations.
$38,567.51
15,054.73
n.26
44.12
,
1.35
19.76
6.89
22.13
3.60
.35
,
$2,932.42
508.84
163.32
10.12
$16,991.97
3,476.62
423.40
6.40
268. 75
717.50
4.00
88 58
6.20
37.00
135. 75
159.50
5 56
291.71
L44
25.14
3,597.95
5.40
550.23
229.35
6.75
•528.55
. 25,983.81
246. 93
204. 68
99.81
126.20
16,989
180,885
. 528,793
86,575
166,473
$20,694.55
11,029.33
7.74
7.90
9.50
835.23
1.88
All o t h e r
customs
receipts.
66.20
10.00
20.50
176.50
140. 75
624.50
90.25
.80
54,760,958
37,825.40
16,52L19
1,662,937.37,
57,360.98
33,436.26
3,910.25
23,383. 73
19
7,660,066
2,219,874
699.22
3,940.15
380.87
700.73
57.82
67.84
195.39
15,836.02
5,661.87
5.70
8.-35
801.80
337.08
60.00
6,334.14
198.62
14.16
2.14
28, eoi
32.60
951.72
8,566.36
426,573.60
70,665.06
996.99
772. 61
1,746.85
319. 39
1,750.07
135,914.62
6.30
9,019.42
69.20
, 259.66
1.77
.79
3'6.70
36.00
tei
O
pi
H
O
H
tei
a
tei
ZP
. /
East Richford
WindmUl Point . . .
Total
266
1,182
4,043,682
8,780,390
9,908,875
6,040.56
700. 73
647,345.60
125. 66
Wisconsin' Milwaukee.'.
1,555,228
1,886,240
98,329
4,123.21
3,409.39
566,547.27
753. 77
Grand total
"
40.05
315'
766,768,678 1,127,847,453 2,359,319,940
4,701,367.58 3,271,933.25 287,223,057.57
30,733.05
1,527.74
6,588.31
6,089.86
.512.00
2,891.74
1,335,115.33 2,250,278.57
361,349.36
870,039.75
,
NOTE.—Porto Rico figures not included In grand total.
ZP
tei
O
Pi
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H
tn
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CO
TABLE "N.^-Satement of business of the customs districts and ports for the fiscal year ended June 30, 1914—Continued.
to
.• [Extension of items.]
o
Commerce receipts.
,
Expenses.
.
Compilation of
statistics.
Average
number
of
persons
employed.
2,392.77
832. 73
1,402.39
624. 00
1,310.27
300. 00
12,423. 99
$711.26
2
1
5
4
2
2
2
1
2
1
9
$0.958
1.097
2.860
1. 654
16.116
19. 897
..502
48. 000
12. 423
5.660
2.452
21,925.17
22,361.95
• 711. 26
31
1.829
25,170. 73
3,084.59
7,788. 31
6,763. 74
3,136. 91
696. 82
75. 00
187.56
165. 62
75.00
18
2
5
5
2
45,944. 28
1,200. 00
32
50
4417
3
2
5
1
1
1
2
1
Districts a n d p o r t s .
Head tax.
Alaska:
Ketchikan
WrangeU
Skagway
Eagle
F o r t y MUe
S t . Michael
Nome
Unalaska
Cordova
Sulzer
.Tuneau,
. '
84.65
168: 00
All other commerce receipts.
$1,688.05
282.12
82.60
478.17
41.60
.24
243. 38
7.10
91.56
n.74
23.17
52.09
1,002.35
2,657. 22
^
-
3,718. 95
8.00
26.60
4.00
Total
Total
. 521.72
478.50
Total
$1,310.26
61.52
12.00
Arizona:
Nogales..
Lochiel
DouglasNaco
Yuma..
Buffalo:
'• Buffalo
Niagara Falls
N o r t h Buffalo
B l a c k R o c k F e r r y . . - . . ..-.
N o r t h Tonawa,nf]a
Lewiston
' Dunkirk
'
Youngsto"vvn. .
Olcott
N i g h t clearance
.'
Lackawanna
•
'
$72.00
Tonnage tax.
32. 00
'
$2,351.58
634.87
6,457. 81
1,940.13
3,207. 65
2,072.55
1,878. 43
336. 00
. • 653.38
E n f o r c e m e n t of
n a v i g a t i o n laws.
$2,349.70
1,178.70
1,940.17
1,815.00
1,130. 00
180.00
L40
3,784. 66
737. 33
*96.00
1,427. 50
597. 00
1,914.00
450. 00
547. 50
154. 50
1,560.00
128.33
2,547. 80
. 138,142.63
•11,396.82
3,125.00
2,542.80
3.60
15,834.76
--
Cost to
collect $1.
pi
tei
o
Pi
H
•O
!^
H
W
tei
61,881.99
48,006.84
20,560.67
1,980.28
1,106.25
2,799. 42
937.13
681. 05
159. 00
30.00
15,004.34
643.58
^186.84
-..
Collecting
revenue.
127
.
. 462
6.951
.361
.303
5.291
.462
.034
.235
.123
2.352
. . 064
7.445
.360
24.078
39.250
.063
>
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ZP
Chicago:
Chicago.
Peoria
2,908.00
2,908. 00
Colorado' D e n v e r
.028
.028
4,233.32
227
.028
600. 00
...
•... -
132.06
51.34
127. 86
4. 46
390. 44
40.38
12. 32
758. 86
Total
'. .
..:
39,363.89
143. 70
217. 4151.47
86.49
38.22
16.24
•39,917.42
7
.068
9
4
6
5
.038
2.422
.074
.017
.053
.011
.061
i.
. .
" Souris
Westhope
Kermit
.
D u l u t h a n d Superior:
D u l u t h a n d Superior.'.
Warroad
Baudette
I n t e r n a t i o n a l FaUs
Ranier
.. ..'......
Gunflint L a k e .
1,665.00
1,095.00
1,160.19
• ,500.00
46.7038.50
5.50
1,287.50
30,256.59
5,510.89
1,287. 50
:
550.70
22,843,24
4,709.20
3,457.00
3,426.50
4,062.58
1,256.50
276.50
379.00
24
.
6
4
6
208.00
832.00
832.00
.• 132.00
100.00
32. QO
30.00
0
^
40,480.30
Total
P i n e Creek
Isle R o v a l e
12,97L61
3,780.56
6,573.38
6,459.84
201. 61
205.14
64.45
10,333.90
4,384.80
6,515.60
1,325.50
1,357.50
1,425.50
1,267.50
1,277. 50
1,277. 50
1,277, 50
1,277.50
1,277.5.0
1,277.50
1.277.50
i ; 277.50
1,277.50
1,095.00
• 1,277.50
. .
. .
...
11,662.18
302,139. 74
12,169.18
12.00
Connecticut:
Bridgeport
New London. '
New Haven
' Hartford
Stamford
Norwalk
Greenwich
Ambrose
225
1
1
385.50
Total
Dakota:
Pembina
Portal
*
Noyes
Neche
St John
Walhalla
North eate
Mowbray
Hannah
Sarles
4,233.32
11,276.68
300,679.74
1,460.00
4,774.53
228.50
228.50
228.50 .
254.66
2,166.00
-
'
o
.036
.728
^ .151
.286
.202
L050
• 4.718
1.440
4.877
.949
. 866
1.055
3.033
34.514
2.110
.361
2.638
L114
.932
31
1,095.00
ZP
tei
.977
3.002
1.936
3.624
.097
16.973
1,316.666
9.974
3L750
tei
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tei
W
tei
>
ZP
.443
28
6
3
3
3
1
1
1
1
O
to
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June SO, 1914—Continued.
Commerce receipts.
Districts and ports.
Head tax.
Tonnage tax.
D u l u t h and Superior—Continued.
Two Harbors
Ashland
Bajrfleld
Washburn
All o t h e r comm e r c e receipts.
Collecting
revenue.
E n f o r c e m e n t of
n a v i g a t i o n laws.
$30.00
$145.64
57L40
40,440.52
7,528.53
C o m p i l a t i o n of
statistics.
Average
number
of
persons
employed.
Cost to
coUect $1.
2
3
1
1
$696.50
843.00
137.50
137.50
$20.00
.70
145.64
Total
$1,095.00
$33.190
79.363
6.645
. .938
63
.144
tei
o
Eagle Pass:
Eagle Pass
Del Rio
Presidio
.
.328
.265
.401
600.00
34
.324
600.00
67,015.00
52.00
Total
25
5
4
43,278.00
7,628.00
6,109.00
$52.00
Eastern Vermont:
Newport
• North Troy
Derby Line
Island P o n d ,
Beecher FaUs
Canaan
Quebec, P . Q. Station
Total
Expenses.
to
to
.90
.
LOO
21,413:08
1,946.40
2,225.90
14,854.84
3,186.65
939.01
5,893.30
3,120.00
18
2
2
13
3
1
4
.266
.558
.604
.257
.434
.90
LOO
50,459.18
3,120.00
43
.357
72.00
1,644.10
68,052.17
,
7,184.99
1,400.00
48
5
.668
.540
72.00
1,644.10
75,237.16
1,400.00
53
.576
2,745.67
145.95
324.86
153.84
55.00
643.48
3,903.25
5,486.39
657.50
18.75
18. 75
18.75
18.75
37.50
356.25
9
2
1
1
1
2
19
.363
L649
.321
2.413
328.677
.298
.060
.
H
O
tei
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tei
ZP
E l Paso:
E l Paso
Columbus
Total
Florida:
Jacksonville .
Apalachicola
Boca Grande .
Carrabelle
Cedar Keys
T'ftm fl.n rl in a.
Key West
28.00
8.00
-
8.00
1,948.00
•
4,088.88
821.20
3,696.64
418.94
3,295.04
825.80
317.50
713.47
20,829.34
3,830.65
. 1,662.47
957.25
1,38L02
'
572.87
1,216.97
6,669.79
826.77
220.17
2,084.02
198.47
80.20
4,353.41
2,168.00
5.50
25,400.06
2,451.39
18,460.00.
63,125.94
26,408.00
52,242.34
36.00
Galveston:
Galveston
Dallas
Houston
Port Lavaca
San Antonio
T e x a s City
Velasco
37.50
18.75
187.50
18.75
37.50
18. 75
525.00
1
1
5
1
1
1
54.
.128
276
.368
538
.408
44,282.44
924.09
869.11
5,038:51
1,037.12
261.77
784.37
8,288.87
13,833.67
78,234.86
33,494.86
1,970:00
99
.048
9,032.76
61,653.35
2,192.67
2,669.00
13,517.23
9,600.00
53
063
.041
035
1,084.16
•
1,723.90
277.24
4,033.80
2,801.00
26,484.00
53,966.24
9,385.00
73,349.82
14,562.32
9,600.00
32.00
Total....'
21,749.94
2,897.40
2,281.56
483.20
9,237.46
1,386.00
1,599.00
1,505.06
-
1
3
2
1
64
300.00
288.34
9
2
3
1
4,107.97
.'
.029
I
225.00
231.75
76.00
Georgia:
Savannah.
Brunswick
Atlanta ..
Darien
062
;
o
I
088
.354
075
1.595
.
24,733.92
2,828.63
13,345.43
3,225.00
1,505.06
15
.086
2,842.07
16.20
81,301.60
2,649.89
3,800.00
. 67.92
220.80
32.00
63.87
34,561.70
.
:
ZP
105
• .705
86.58
Total
n.oo
64
1
1
1
1
087
059
3 875
106
3,800.00
68
177.76
6
3
tei
o
tei.
.080
048
.017
240.00
H
W
tei
11.57
112.00
2,880.84
84,063.49
7,261.83
47.20
11,072.63
2,313.95
818.00
47.20
'13,386.58
818.06
177.76
9
034
4.00
-•
4,816.00
1,537.50
.. 305.83
300.00
302.50
691.90
3,884.78
959.81
1,232.91
938.66
36.50
145.00
300.00
3
1
1
146
099
.073
4.00
691.90
6,077.50
1,120.16
300.00
5
117
' -. -
Total
"
34,850.42
•-..
Indiana:
Indianapolis
EvansvUle
Total
1,168.15
75.. 00
.
Total
Hawau:
Honolulu
HUo
Kahului
Koloa
Mahukona
444.90
2,989.66
19,403.26
1,736.06
14,264.00
Miami
P o r t Inglis
Pensacola
St. A n d r e w s .
St. Augustine
T a r n o n Springs
Tampa
.
-
.
- ..
Iowa:
D e s Moines
Sioux City
Dubuque
Total
^
'
-
.'
,
>
ZP
to
-J
to
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Continued.
Expenses.
Commerce receipts.
Districts and ports.
Tonnage tax.
Head tax.
Kentucky:
Louisville
Paducah..
Enforcement of
navigation laws.
Compilation, of
statistics.
Cost to
coUect $1.
^
Maine and New Hampshire:
Portland
Houlton..'
Fort Fairfield
MarsHiU
:. . . .
Van Buren
Madawaska
•..
Monticello.. ..
Machias
Lubec
Boothbay
Bath
Limestone
^...
Fort K e n t . . . . . . 1
Bridgewater
Eastport
Calais
Bangor
Ellsworth ..
Rockland
'
Vanceboro
Lowelltown. i
. Belfast
....
Castine
Vinaihaven
$11,513.81
$1,125.00
648.00
$600.00
7
3,
$0,070.
248.00
.
Total
Collecting
revenue.
$248.00
Total.....
Laredo:
Laredo
BrownsvUle
Corpus Christi
Hidalgo
Rio Grande
All other commerce receipts.
.Average
number
of
persons
employed.
11,513.81
1,773.00
600.00
10
.073
1,198.00
^
1,428.80
28
17
1
5
5
..288
.222
.933
. .709
.606
$1,156.00
44.00
60.00
$1,833.84
565.21
39,056.20
20,910.36
1,217.55
6,892.18
5,368.68
1,260.00
1,833.84
565.21
73,444.97
1,428.80
1,198.00
56
20,235.60
1,685.00
5,989.85
2,173.00
50.00
24.00
57.74
105.82
94.88
267.90
92. i4
98.37
119.12
386.88
480.06
78.04
9.34
.34
.250.16
1,151.35
80.60
96.37
22.37
474.48
441.34
10.00
'16.98
45.22
47.84
88.49
45,916.68
6,788.73
4,509.35
1,313.50
3,055.09
1,497.70
1,337.50
237.00
1,204.00
297.50
1,468.73
1,466.50
1,642.48
1,334.85
7,100.67
8,490.69
4,454.25
201.49
295.70
9,794.26
3,181.73
546.76
383.30
234.50
41
4
3
1
2
1
1
1
2
1
3
1
1
1
7
9
2
1
2
8
3
1
1
1
.534
.850
1.145
1.773
1.422
2.597
1.021
7.490
3.281
4.382
.540
.793
.764
.369
,. . 174
1.535
.587
42.103
1.451
.074
.380
2.364
19.923
.617
Hd
O
pi
. 298'
8,256.00
w
tei
•
883.57
560.50
1,350.50
2,231.15
1,736.00
1,095.00
290.12
811.51
1,937.38
33.19
636.49
749.92
369.50
4.00
2.00
72.00
5.50
32.50
2.00
95.16
104.85
243.75
56.73
20.40
19.13
O
tei
a
tei
ZP
170.84
72.38
South West Harbor
Portsmouth
St. Luce
Moose R i v e r
S t o n i n g t o n a n d D e e r Isle
Mount Desert Ferry
Jonesport
'
Robbmston
Baring
Cutler
Rockport..:
MiUbridge.. •
1
591.80
949.19
1
2
L812
.508
1.131
.270
148.900
23.116
4.668
44.731
17.994
8.718
17.085
12.213
3,078.21
111
.393
202
2
14
2
1
.068
3.456
.094
19.73
117.40
765.00
643.76
639.00
574.80
4.89
24.89
101.36
.20
76.44
32.56
33.78
8,256.00
22,380.84
5,024.53
113,310.48
24,026.66
166,060.00
48,619.56
8,192.24
224.30
..°....
253,228.-23
33.81
19,146.77
174.79
30.00
12,250.37
304.21
774.00
1,573.13
270.00
4,620.00
19.72
23. i 2
12.88
640.43
548.00
.
• 166,060.00
48,639.28
8,416.54
272,613.60
15,171.71
4,620.00
221
.697
311,656.00
Total-.
106,275.52
65,395.40
152.30
142.33
809.68
338.94
234.24
91.11
699! 98
5.00
143.11
895,759.37
232.89
1,954.42
12,023.23
2,303.80
608.58
368.21
2,208.68
7,144.52
260.84
8,937.61
20,572.22
783.47
1,861.75
2,259.99
1,706.00
631.42
741.29
3,319.50
4.50
652.71
11,513.32
678
1
3
7
3
1
1
5
6
1
' 4
.061
5.719
.141
.984
.159
.587
6.743
1.390
.018
3.359
.092
32,532.85
11,513.32
710
.062'
2,500.00
1,175.00
95
44
1
1
1
1
2
3
3
1
1
1
1
1
.052
.275
• .060
.698
.012
3.556
2.430
.032
L180
137.736
.558
31.569
1.203
1.181
:
>
•
.'
8,468.66
'.
--
4.00
41.44
529.94
483.66
671.86
25.22
211.04
114.74
.
1 .
..
--
320,128.00
. 108,353.42
68,012.09
929,802.15
612.10
Total
183.46
1,014.65
1,513.29
1,002.10
115;00
100.13
91.00
522.00
1,095.00
764.70
156.19
17.28
14.82
n.04
Total
Michigan:
Detroit
Port Huron.
Saginaw
Alpina
B a y City
Marine C i t y
S t . Clair
Grand Rapids
Grand Haven
Charlevoix .
Ludington
Manistee..
. '.
Manistique
Muskegon
231.53
136.65
.24
.68
43.34
. 2.02
Maryland:
Baltimore
Alexandria
Washington
Crisfield
Annapolis
Massachusetts:
Boston
Barnstable
FaU R i v e r
Gloucester
N e w Bedford
Plymouth
Provincetown
Salem
Springfield
Vineyard Haven
'Wnroavteir
.
3,457.50
48.50
'101,470.06
41,990.77
746.05
404.25
504.50
582.75
1,345.75
4,047.67
614.23
41.40.
.
...
549.66
.
11,319.77
4,303.69
385.70
704. 75
619.75
589.50 691.50
590.25
244.00
547.50
438.00
122.00
546.00
tei
H
?
pi
Kl
0
tei
H.
W
w
H
W
tei
>
ZP
^
to
-^
<:J\
TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, ./i>./.^-^Continued.
to
Gi
Expenses.
Commerce receipts.
CompUation of
statistics.
Average
number
of
persons
employed.
$1,622.54
1
24
Districts and ports.
Head tax.
Michigan—Continued.
St. J o s e p h
S a u l t S t e . Marie
Chebovean
Mackinaw
Detour
•
Escanaba
Gladstone
Houghton
Marquette
Lake Linden
Munising
St. I g n a c e
Frankfort
.
Marysville
:
Total..
T o n n a g e tax.-
Total
Cost t o
collect $1.
$3.075
5.871
92.050
.050
2.432
L311
3,662.80
169,128.01
31,570.04
5,297.54
196
.079
• 260.00
80.38
37,608.97
900.00
1,600.00
25
.038
14
1
2
1
1
.201
.208
.210
1.601
7.862
19
.223
.80
12.40
;
728.46
$10.00
13,600.11
396.25
57.50
202.25
64.00
1,599.27
36.65
746,95
:.. .
O-
,
19,228.54
5,702^.61
' 10,613.62
449.90
1,412.28
436:24
135.40
13,343.00
1,753.82
1,263.30
713.52
116.50
5,274.24
8.88
1,618.45
866. 25
1,040.25
546.70
104.00
80.00
•.
Pi
tei
hJ
O
w
$666.00
:.
Total
E n f o r c e m e n t of
navigation laws.
$125.75
6,405.63
516.95
127.75
280.00
396.25
749.97
160.80
626.00
244.00
40.00
183.00
291.53
320.00
$102.20
:.
Minnesota: St. P a u l and Minneapolis..
Montana and Idaho:
Great F a l l s
Gateway.
Eastport
Sweetgrass
PorthUl
Peskan
Plentywood
Havre
Baylor
Banff.
CoUecting
revenue.
160,00
$35.98
:
Mobile:
MobUe .
Birmingham.
Gulfport
Scranton
Biloxi
All o t h e r commerce r e c e i p t s .
850.00
30,292.06
7,686.53
. 17,190.14
8,808.07
546.70
W
tei
tei
M
>
o
tei
ZP
.30
.40
10,504.80
• 3,395.05
4,231.38
2,646.35
1,934.08
2,035.25
1,994.45
1,264.30
1,064.00
535.00
.30
.40
29,604.66
-, .
,
i
1,200.00
1,200.00
6.
2
3
2
19
3^264
.051
.190
.757
24.704
.389
.733
2.077
5.147
.877
.291
N e w Orleans:
N e w Orleans
Morgan C i t v . .
Vicksburg
11,332.00
13,816.67
33.84
329,315.33
229.31
6,736.03
1,011.01
300.00
11,332.00
TotaL
New York:
New York
Albany
Greenport
Newark
Patchogue
Perth Amboy
. .
84,164.56
13,850.51
329,544.64
8,047.04
3,924,264.00
487,842.98
375,228.11
4,328,701.31.
10,380.22
48,313.30
459.66
3,924,264.00
N o r t h Carolina: .
Wilmington
E l i z a b e t h City
Newbern
Manteo
Beaufort
.
28.00
.;
7,061.68
492,155.96
376,934.32
4,354,919.59
52,530.56
249
2
1
.030
11.694
7,730.05
252
.030
54,237.22
3,262
. 7
1
7
2
6
.022
.025
• 2.047
.042
54,237.22
3,285
.022
509.67
720.00
1,901.59
1,086.00
.
8,776.38
6,405.80
902.66
185.00
50.00
5,520.34
135.00
.028
1,247.49
315.51
354.00
240.00
419.10
524.87
• 524 87
.253
1.705
7.080
3.104
Kt
8
.295
o
tei
36
17
2
2
5
2
6
2
2
2
2
1
.049
.036
.023
' .041
.031
.167
.146
1.901
2.011
1.001
15.752
6,405.80
1,272.66
5,520.34
2,576.10
232.50
80.00
5,532.14
625.50
18.16
1,049.12
25.,34
96.70
661.58
42.46
76.30
24.10
275.30
3. SO
8.40
.10
LOO
45,770.06
25,174.35
3,004.50
2,774.40
5,056.00
. 1,777.56
1,756.^27
547.35
685.90
204.98
53.25
3,223.26
702.40
86,804.62
13,346.53
1,708.67
78
.046
1
.. .
•
ZP
tei
o
pi
tei
4
1
1
1
1
1,329.90
28.00
.
1,001.36
7,312.37
417.68
_ ... -.
Total
Ohio:
Cleveland
Cinciimati
C o l u m b u s . .•
Dayton
T oledo
Erie
fia.nfln.«;kv
Conneaut
Ashtabula
Fairport
Lorain
P u t in Bay
704.85
3,853.32
Total
Total
'84,077.08
87.48
.
912.00
970.00
1,734.34
931.00
'
788.00
608.00
600.00
645.55
1,367.80
100.00
SS 9f^
•77!20
29.27
45.50
Omaha:
Omaha
Lincoln
8.00
7,65L11
1,873.78
39.00
318.00
4
2
8.00
9,524.89
39.00
318.00
6
tei.
tei
>
ZP
cl
H4
.048
.175
Total
tn
.056
to
TABLB^'N.—Statement of business ofthe customs districts and ports for thefiscal year ended June SO, 1914—Continned.
to
OO
Expenses.
C o m m e r c e receipts.
Districts a n d p o r t s .
Head tax.
Oregon:
Portland..
Astoria
Newport
Marsbfiftld
$1,496.00
52.00
•
-.
1,548.00
Total..
Philadelphia:
Philadelphia
Wilmington
Lewes
Chester
Somers P o i n t
Tuckerton
B ivalve
Seaford
255,132.00
Tonnage tax.
.$8,789.70
8,789.70 ,
96,241.46
441.52
:
5,205.58
All other commerce receipts.
Collecting
revenue.
E n f o r c e m e n t of
navigation laws.
CompUation of
statistics.
$50,890.31
.5,342.99
$6,900.00
5,771.54
430.00
530.90
$1,500.00
1,000.00
37
9
1
1
$0.101
.915
73.630
3,605.00
56,233.30
13,632.44
2,500.00
48
. 121
432
3
2
3
2
1
2
1
.029
.171
31.806
.521
1.628
o
3.607
w
446
. .030
63,885.95
160.42
31.30
.454.22
895.00
15,305.01
648.75
1,051.19
530.16
1,507.81
342.02
450.94
304.30
3,983.91
143.75
Pittsburgh: Pittsburgh
12,320.80
Porto Rico: i
San J u a n
Ponce.
Arecibo
Aguadilla
Guanica
Arroyo
Humacao
Fajardo
Total
65,551.89
160.00
519.729.49
24,424.17
12,070.12
1,214.82
277.90
205.54
303.14
584.36
4.56
22.16
L44
3,063.60
- 522.70
515.96
21.65
39.38
544.20
18.10
23.67
32.72
58,481.21
16,246.99
8,831.51
1,139.86
931.24
1,265.16
1,368.56
746.70
2,668.98
14,684.04
4,781.98
39,360.00
3,319.74
16.48
39,360.00
3,336.22
.
l
T o t a l . .Rhode Island:
Providence
Newport
101,888.56
'.
8,486.45
20,140.18
511,921.27
3,680.56
125.00
255,132.00
Cost to
collect $1.
$2,566.50
1,033.50
5.00
...
Total
Average
number
of
persons
employed.
8,486.45
1,890.00
210.00
•
w
•
17
36
16
9
1
1
1
1
1
3
pi .
1-3
tei
tei
.041
.148
.077
.104
.063
.115
.035
.109
.159
.258
3,096.41
855.08
464.79
59.99
49.01
66.58
72.04
39.30
140.47
1,400.00
91,680.21
4,843.67
1,400.00
69
.117
9,094.95
31.34
27,509.48
1,699.85
1,268.00
862. 99
960. 00
52. 31
21
2
•. 054
.068
9,126. 29
29,209.33
2,130.99
1,012.31
23
.055
^
teJ
tei
o
a
tei
ZP
Rochester:
Rochester
Utica
Syracuse .
Charlotte
Oswego...
Fair Haven
Sodus Point
200.00
1,277.50
1,810.22
2,259.72
774. 00
760. 91
3.20
5.50
1.90
LOO
22,095.90
5,209.18
V4,667. 96
1,729.36
2,833.67
74.00
8.75
2,219. 62
211. 60
36,618.82
6,004.85
36.00
4.00
19,428.18
4,373. 92
2,974.92
900. 94
5,463.91
852.17
3,34L07
520. 28
695. 00
94.20
6
1
.255
.268
40.00
23,802.10
3,875.86
6,316.08
3,861.35
. 789. 20
7
.257
88.00
13,136.41
1,308.52
1,650.00
17,36,7.54
1,645.76
51,139.25
1,167.55
10,385.23
5,114.13
1,679.55
6,709.30
3,629.17
40.00
921.65
2i.87
120. 00
35.00
38
1
9
3
1
5
.072
778.366
.127
.234
.409
2.693
228.00
30,503. 95
• 2,954.28
76,195. 01
4,550.22
1,826.87
57
.092
12.00
15,857.96
1,798.91
407.50
160.50
8,772. 48
731.04
2.00
5,117.27
346. 42
1,005.40
11
1
2
.452
.850
5.901
15,857.96
2^366.91
8,774. 48
6,469. 09
731. 04
14
.485
1,032.26
2,410. 06
568. 00
2.40
36,333. 20
14,327.50
13,474.56
4,094.50
1,295. 48
508.85
991.93
1,154.45
4,403. 48
1,701.10
"236.25
1,418.75'
4,002.10
1,194.00
1,036.00
1,500. 00
1,095.00
1,089.00
255.00
235. 00
180.00
50. 00
175.00
570.00
40.00
30
12
12
4
1
1
1
- 1
4
3
1
2
4
.636
.100
.118
.039
.418
.626
.420
.434
.235
1.789
15.498
.514
.114
.
Total.;...!
Sabine:
Port Arthur
Sabine
400.00
429. 92
1,653. 54
124.-96
11.20
.
;
Total
S o u t h e r n California:
Los Angeles
Andrade
San D i e g o . . . : . . .
Calexico
Campo
Tia J u a n a . . . .
1
'.1
.
20.00
80.00
Total
12.00
Total
.
.049
.028
.123
1.435
.501
6.493
45.595
1,900.41
31
.062
ZP
tei
o
h3
;>.
n.
o
tei
1-3.
S o u t h Carolina:
Charleston
Georgetown
Beaufort...
St. Lawrence:
Ogdensburg . .
Rouses Point
Malone. . .
F o r t Covington
Plattsburg.. .
Champlain
Chateaugay
Mooers J u n c t i o n
Cape V i n c e n t . . . . :
Alexandria Bay
Chaumont
Clayton. Nyando
:
622.9i
15
3
3
4
4
1
1
"
20.90
126. 60
. . . .
42.00
80.00
25.00
395.00
W
tei
H
>
ZP
<d\
I Porto Rico figures are not included in grand total.
to
CO
to
TABLE N.—Statement of business of the customs districts and ports for the fiscal year ended June 30, 1914—Continued.
00
o
Expenses:
Commerce receipts.
Districts and ports.
Head tax.
St. Lawrence—Continued.
Morristown
Waddington
Tonnage t a x .
Collecting
revenue.
Enforcement of
navigation, l a w s .
CompUation of
statistics.
Cost t o
collect $1.
$31.88
$110.00
L20
$2,030.14
995.65
$270.00
130. 00
$45. 00
5.00
2
.1
$0.707
.934
3,474.20
Total
St. Louis:
St. Louis
Kansas City
St. Joseph
Cairo
871..10
86,967.94
3,270.00
5,099.00
79
. 177
1,200.00
49
19
.030
.064
.035
$32. 00
20. 00
465. 60
60.00
, 10.00
60,055.98
25,933. 80
2,533.81
1,706.58
300.00
52.00
535. 60
88,523.59
2,168.58
1,200.00
70
San Francisco: - .
San Francisco
Eureka
Port Harford
372
1
1
.079
.906
.270
374
.083
4
1
1
1
. 097
.177
.705
'.228
635.39
7
.122
199.70
3
.134
13
21
7
5
1
1
1
.256
.075
.0999
.029
49
.039
2
37,012.00
184. 00
.'.
46,616. 00
1,344.42
3,890.38
9,732.36
195. 45
547.29
449,239.62
444.42
300. 00
21,889.66
1,180.42
900. 00
7,204.00
37,196. 00
51,850.80
10,475.10
449,984. 04
23,970.08
7,204.'00
90.00
Totali
7,018.96
. 1,857.38
986.26
1,049.99
825.96
218-: 51
116.03
10,912.59
1,160.50
Tennessee:.
Memphis
NashvUle
Chattanooga
Knoxville."
20.00
Total.....
110.00-
Utah and Nevada: Salt Lake City
Virginia:
Norfolk News .
J.
Newport
Richmond
Petersburg
Cape Charles.. . ;
ReedvUle
.
3,794.15
4.00
452.00
188.00
29,958.26
15,729?28
Total
16,089.60
23,240.23
9,320.12
4,968.74
2,295.24
1,800.00
289.00
200.00
369.35
320.38
235.86
2,657.70
•12,024.87
53,618.09
5,509.83
2, SOL 70
\
640.00
45,687.54
•
412.88
109.25 •
. 58.01
• 55.25
8,308.62
3,662.25
54.00
...
tej
o
w
.035
162. 00
Total
Chinp.otPii^gUfi
All other comm e r c e receipts.
Average
number
of
persons
employed.
144.00
•
o
W
tei
o
tei
ZP
Washington:
Seattle
Tacoma
Vancouver .
Port Townsend
Everett
Bellingham
Blaine
Port Angeles
Northport
.. <
Roche Harbor.
Aberdeen
Anacortes
Sumas
Danville
'Friday Harbor
South Bend
Oroville. Spokane
Molson
Chopaka
Laurier
Ferry
Kalama.
-..
13,188.00
7,452; 00
21,542.80
13,797.58
740.00
4,778.90
287. 72
316.00
449.96
1,390. 72
976.89
267.85
828.22
878.42
921.69
145.22
1,780.58
168.26
547.10
672.30
694.09
89.18
94.26
596.00
20.00
757.00
479.08
•
•
21,996.00
44,841.24
361.20
L88
^
TTighpratP.
Total..
20,771.27
20,100.00
7,400.00
6,200.00
1,000.00
2,400.00
1,800.00
1,100.00
2,400.00
1,200.00
300.00
200.00
200.00
1,000.00
300.00
200.00
240.66
1,700. 00
800.00
.091
.077
81
26
5
3
2
2
8
2
2
1
2
.427
2.643
1.060
.460
.845
4.718
.491
.837
1.617
.620
4.335
1.157.
.806
2.823
.145
4.036
3; 754
2.078 .
.5.027
.557
600.00
300.00
600.00
200.00
200.00
200.00
200. 00
200.00
200.00
52.24
164,845.75
39,992.24
11,300.00
1.52
.115
38.89
. 1,440.00
1,140.00
870.00
23
17
7
1
2
1
1
1
12
1
1
2.104
.043
.115
1.474
2.899
.537
2.823
.493
.097
20.973
3.526
.o
w
tei
>
Ki
o
tei.
Western Vermont:
Burlington
St. Albans
Alburg
East Alburg
Swanton..
Wisconsin:
Milwaukee
Green B a y . .
Kenosha.
Kewaunee
L a Crosse
Manitowoc
92,622.30
29,171.89
5,613.50
1,858.81
^
777.06
1,469.30
7,984.38
1,147.27
2,699.90
108.54
1,076.17
660.52
5,143.33
2,706.29
553.30
262. 25
1,391.78
4,408.35
1,531.08
1,097.02
1,307.96
1,254.75
93.70
Total
Franklin:
West Berkshire...
Richford
' E a s t Richford
WuidmUl Piont
10,423.88
3,231.05
:
32.847.93
17,759.89
7,908.91
1,484.55
2,264.62
937.92
906.84
901.45
13,023.16
• 840. 00
9.90
522. 21
1,140.00
147.48
3.40
149.36
364.60
78,885.17
561.10
4,590.00
67
26,859.17
.3,669.31
500.00
250.00
250.00
300.00
300.00
969.32
19
1
1
1
1
1
H
W
tei
>
ZP
n
.123
94...,90
tei
.054
1 Additional expenses: For accoimt of Department of Labor, $530; for account of Department of Agriculture, $1,300.
'-'
to
OQ
to
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1914—Continued.
00
to
. Expenses.
Commerce receipts.
Districts and ports.
'Read tax.
Wlsconsin-^Contlnued.
Marinette
Menominee
Oshkosh
Racine
Sheboygan
Sturgeon Bay
Total
Tonnage tax.
All other commerce receipts.
Collecting
revenue.
6,883.20
$969.32
30
. .453,887.55
182,518.87
7,392
Enforcement "of
navigation laws.
Cost to
coUect $1.
$302.64
16L25
250.00
300.00
300.00
300.00
.-
•
$94.90
Grand totali .
CompUation of
statistics.
Average
number
of
persons
employed.
$4,833,710.00
$1,338,973.63
$26,859.17
700,711.17
9,245,090.07
.
$0,058
Total expense of the customs service for fiscal year 1914
Deduct expense enforcement navigation laws. Department of Commerce
Deduct expense compilation of statistics. Department of Commerce
.,
Net cost of coUecting customs revenue for the fiscal year 1914.
Cost to collect $1, $0.0335.
:
$292,147,425.10
292,320,014.51
9,883,326.49
172,927.37
161,096.25
154,884.61
31,643.42
- 37,300.00
$453,887.55
182,518.87
••—
pi
o
1 Additional to this grand total for ' Expen.ses " is the following: District of San Francisco, for account of Department of Labor, $530; for account of Department of Agriculture,
Sl,300.
Estimated duties (including"duties and fines on maU importations and increased and additional duties) and tonnage coUected as reported by coUectors
Duties and tonnage covered into the Treasury by warrants ih the fiscal year 1914
NOTE,—Difference arising in adjustment of receipts by covering warrants and in the time the deposits entered the fiscal.year accounts.
Expenses reported by coUectors, as above, to June 30,1914
Add salaries and expenses of Board of General Appraisers
Add payments for detection of frauds for 1914 account to Sept. 14,1914
Add salaries and expenses special agents and special inspectors for fiscal year 1914 to Sept. 14,1914..
Add payments for traveling and misceUaneous expenses to Sept. 14,1914 '.
"
.
"Add $37,300, transferred from customs appropriation for stationery for the customs service
o
10,441,178.14
636,406.42
9,804,771.72.
W
tei
>
ZP
283
SECEETARY OF THE TREASURY.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise, collections, and expenses for the fiscal year ended June 30, 1914.
Districts and ports.
Alaska:
Juneau
Ketchikan..
WrangeU...
Skagway...
Eagle
Forty Mile..
St. Michael.
Nome
Unalaska...
Cordova
Sulzer
Entries.
Receipts.
Expenses.
93
92
152
621
130
34
9
42
$6,-332. 82
4,903.12
1,653.19
2,258. 75
2,345.21
198.93
146.79
6,528; 98
20.09
158.45
53.58
$15,528.02
4,701. 28
• 1,813.57
6,457.81
3,880.30
3,207.65
2,905.28
3,280.82
960.00
1,963.65
300.00
Total..
1,177
24,599.91
44,998.38
Arizona:
Nogales..
Lochiel..
Douglas.
Naco
Yuma...
1,770
29
1,217
668
26
55,932.75
453.84
22,114.10
22,872.58
607.40
25,867.55
3,159.59
7,975.87
6,929.36
3,211.91
3,710
101,980.67
47,144.28
1,984,225.34
211,792.88
169,522.07
1,449.12
.26,609.41
632.56
3,862.76
5L45
• 7.61
67,48L65
49,874.17
20,836.67
3,407.78
1,703.25
4,713.42
1,387.13
1,228.55
313.50
1,590.00
128.33
Total.
Buffalo:
Buffalo
Niagara FallsN o r t h Buffalo
Black R o c k F e r r y . .
North Tonawanda.
Lewiston
Dunkirk
Youngstown
Olcott
-Night clearance
.Lackawanna
24,368
22,311
9,404
378
123
178
42
6
•
Total.
56,810
2,398,153.20
152,664.45
Chicago:
Chicago
Peoria
Michigan C i t y .
81,324
238
11,253,445.60
51,280.05
316,189.74
1,460.00
385.50.
81,562
11,304,-725.65
318,035.24
187,387.54
12,769.18
416,007.18
2,013.27
103,451.96
456,730.89
4,632.11
21,541.77
1,147.28
15,924.11
4,875.56
7,733.57
7,959.84
248.31
243.64
69.95
1,005,524.46
37,054.9S
Total
Colorado: D e n v e r .
Connecticut:
Bridgeport
New London..
New H a v e n . . ,
Hartford
Stamford
,
NorwaUv
,
Greenwich
58
929
1,589
. 80
138
33
Total.,
3,711
Dakota:
Pembina..
Portal
Noyes......
Neche
St. J o h n . . .
Walhalla..
Northgate.
Mowbray..
Hannah...
Sarles..:..
Hansboro..
Souris
Westhope
Antler.....
Sherwood..
Kermit
Crosby
Ambrose..
Total.
781
5,819
5,790
465
157
38
47
24
91
" 77
111
28
11
88
306
30
107
290
14,483.48
34,515.54
.25,635.70
7,217.01
1,388.70
309.45
900.51
261.80
1,345.66
1,4.75.47
1,210.76
421.13
37.09
605.05
3,537.45
483. 83
982. 67
1,370.83
10,54L90
5,216.80
7,347.60
1,467.50
1,457.50
1,457.50
1,297.50
1,277.50
1,277.50
1,277.50
1,277.50
J . 277.50
1,277 50
1,277.50'
1,277.50
1,277.50
1,095.00
1,277.50
14,266
96,182.13
42,646i 30
284
REPORT OK THE FINANCES.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise, collections, and expenses for the fiscal year ended June SO, 1914—Continued.
Districts and ports.
Duluth and Superior:
Duluth and Superior.
Warroad
Baudette
International FaUs...
Ranier
Gunflint Lake
Indus
Pine Creek
Isle Royale
Two Harbors
Ashland.
Bayfield
Washburn
Total.,
Eagle Pass:
Eagle Pass.
Del Rio
Presidio....
Entries.
Total.
El Paso:
El P a s o . . .
Columbus.
Total.
Florida:
JacksonvUle....
Apalachicola...
Boca Grande...
Carrabelle
..
Cedar Keys
Fernandina
Key West..
Miami...Port Inglis
Pensacola
St. Andrews
St. Augustine..
Tarpon Springs,
Tampa
Total.
Galveston:
Galveston
Dallas
,
Houston
Lavaca
San Antonio..
Texas City...
Velasco
Total.
Georgia:
Savannah..
Brunswick.
Atlanta
Darien
Total.
Expenses.
2,290
269
296
450
7,281
$293,675.45
1,644.82
• 1,903:90
1,036.57
41,813.46
74.33
.21
37.93
8.44
20.79
10.70
2L00
146. 90
$28,712. 77
4,937.70
3,685.50
3,655.00
4,062.58
1,256.50
276.50
379.00
254.00
696.50
873.00
137.50
137.50
10,612
340,394.50
49,064.05
1,959
399
550
133,736.00
28,739.00
15,227.00
43,878.00
7,628.00
6,109.00
177,702.00
57,615.00
13,891
1,195
652
9,337
4,311
80,501.60
3,488. 62
3,682.30
57,756.48
7,332.54
24,533.08
1,946.40
2,225.90
14^854.84
3,186.-65
939.01
5,893.30
29,386
152,76L54
53,579.18
3,662
710
119,846.58
13,247.75
69,452.17
7,184.99
4,372
133,094.33
76,637.18
*2,'544"
27,455.97
1,019.45
4,030.60
579. 48.
56.80
6,592.70
459,935.61
16,615.49
3,213.59
26,024.35
1,96L96
3,385. 6^
5.50
1,823,518.11
9,974.54
1,68L22
1,293.50.
1,399.77
591.62
1,967.94
27,855.38
2,129.74
887.86
9,579.42
1,055.87
1,383.43
803.12
53,096.31
7,616
2,374,395; 23
113,699.72
257
381
1,340,748.02
52,773.23
80,899.06
260
508
38,289.93
43,980.44
84,770.58
2,192.67
2,894.00
231.75
4,033.80
3,101.00
288.34
4,796
1,656,590.68
97,512.14
913
24
1,768
150,038.16
4,508.94
64,260.89
150.45
12,128.52
1,599.00
4,107.97
240.00
2,706
208,958.43
18,075.49
Total.
Eastern Vermont:
Newport
North Troy
. Derby Line
Island Pond...
Beecher Falls..
Canaan
Quebec
Receipts.
1,875
2
9
2
3
6
2,815
170
2
147
41
285
SECRETARY OF THE TREASURY.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise, collections, and expenses for thefiscal year ended June SO, 1914—Continued.
Districts and ports.
Hawaii:
Honolulu...
HUo........
Kahului—
Koloa
Mahukona..
Entries.
Receipts.
Expenses.
8,274
99
2
2
$1,113,204.84
70,692.13
78.92
2,818.97
$89,917.60
4,187.39
305.83.
300.00
414.60
TotaL
8,377
1,186,794.86
95,125.32
Indiana:
Indianapolis..
EvansvUle...
i;256
126
228,553.64
187,821.-02
11,250.39
3,13L95
Total.
Iowa:
Des Moines.
Sioux City.Dubuque...
Total.
Kentucky:
LouisvUle.
Paducah..
Total.
Laredo:
Laredo
BrownsvUle
Corpus C h r i s t i . . . .
Hidalgo
Rio Grande City.
Total.
Maine a n d N e w H a m p s h i r e :
Portland
Houlton
F o r t Fairfield
Mars HUl
,
Van B u r e n . . . .
Madawaska
Monticello.
,
Machias
Lubec
Boothbay
i..
Bath
Limestone
Fort Kent
Bridgewater
Eastport
Calais
, Bangor.
Ellsworth
,
Rockland
Vanceboro
,
Lowelltown.
Belfast
Castine
,
Vinaihaven
South West Harbor
Portsmouth
St. Luce
i.Moose R i v e r .
Stonington a n d D e e r I s l e .
Mount Desert Ferry
Jonesport
Robbmston
Baring
Cutler
Rockport
:
» MUlbridge
Total.
416,374.66
171
333
35,106.47
9,985.58
18,778.69
5,123.44
996.31
1,377.91
992
63,870.74
7,497.66
2,602
189,553.19
13,238.81
648.00
2,602
189,553.19
13,886.81
3,068
1,408
61
618
1,156
139,63L51
94,-203.19
2,835.95
9,720.71
8,835.78
40,254.20
20,910.36
2,646.35
' 6,892.18
5,368.68
6,311
255,227.14
76,07L77
1,182
2,085
1,007
170
574
94
342
1
87
6
97
211
253
597
1,725
3,096
5,345
3
88
6,661
766
8
17
20
31
145
128
92
1
46
103,05L49
8,038.48
3,958.42
740.52
2,148.32
576.57
1,312.77
149.88
537.72
376.07
6,985.97
1,848.42
2,149.77
3,629.89
50,796.13
6,242.29
8,236.87
24.06
1,610.82
135,093.81
8,514.99
509.16
57. 84
978.35
437.08
4,095.59
1,338.06
3,703.55
5.91
. 33.18
156.38
24.52
60.85
87.72
47.38
44.87
54,079.53
6,838,73
4,533.35
1,313.50
3,055.09 •
1,497.70
1,341.50
1,122.57
lj764.50
1,648.00
3,771,88
1,466.50
1,642.48
1,340.35
8,869.17
9,587.69
4,839.53
1,013.00
2,337.93
10,071.20
3,238.46
1,203.65
1,152.35
604.00
794.99
2,081.30
1,513.29
1,002.10880.00
7.67.01
730.00
• 1,096.80
1,095.00
764.70
809.50
548.00
24,935
357,603.70
140,415.35
286
REPORT ON" THE FINANCES.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise, col
lections, and expenses for thefiscal year ended June 30, 1914—Continued.
Entries.
Districts a n d p o r t s .
Maryland:"
Baltimore
Alexandria
Washington
Crisfield
Annapolis....
Expenses.
18,359
2
6,164
...'..;
.".. •
Total
Michigan:
Detroit
• Port Huron
Saginaw
Alpina.
B a y City
Marine City
S t . Clair
Grand R a p i d s .
Grand Haven
^ Charlevoix
Ludington
Manistee
Manistique
Muskegon
S t . Joseph
S a u l t Ste. Marie
Cheboygan
Mackinac
Detour
Escanaba
Gladstone
Houghton
Marquette
Lake Linden.
Muniaing
S t . Ignace
Frankfort
Marysville
'.
.
15,138,902.83
177.89
27,097.22
14,504.61
25,182.66
2,110.65
164. 55
3,973.53
386,057.13
271.95
75,365.98
927,844.91
1,016.36
3,816.17
14,283.22
4,009.80
1,240.00
1,109.50
5,528.18
7,149.02
913.55
6,937.61
15,673,808.90
973,848.32
2,218,094.38
172,640.27
18,831.14
1,589.40
9,396.62
329.62
838. 51
123,726.00
1,020.63
115,289.83
47 469.46
1,131. 75
1,109.00
1,124.25
1,172.25
2,037.25
4,047.67
1,204.48
244.00
547. 50
438. 00
122.00
1,095.00
135. 75
21,628.28
913.20
185.25
482. 25
460.25
2,349.24
197.45
1,372. 95
244.00
40,00
183.00
291.53
480.00
39,759
16,035
199
4
58
408
195
919
• 41
;
:
...
;
292,405.31
961
.-
4,192,880.10
89,192
69
180
406
174
26
8
268
1,257
.
$270,098.60
^ 338.02
19,920.77
1,747.92
300.00
92,541
Total...
$3,981,956.48
97.80
210,825.82
24,525
.«
Massachusetts:
Boston...'
Barnstable
Fall River
Gloucester
N e w Bedford
Plymouth
Provincetown
Salfem
Springfield . .
Vineyard Haven
Worcester.,..
i
3
16
:
•
3,487
72
88
314
3
42
•
3.18
1,963.03
4.30
17,976.13 '
773. 42
60. 24 •
82.14
5.00.
46,723.13
81.18
1,046.75
...-
61,643
:
.'
Total
Montana and Idaho:
Great Falls
Gateway
Eastport.
Sweetgrass
P o r thfll
Peskan
Plentvwood....'.
Havre
Baylor
B anff
. .
-
•-.
40,108.97
722
160
20
5
14
•
205> 995.59
1,046,222.16
95,469;,41
8,777.16
13,724.58
986.29
147.13
19,163.94
1,762.70
2,881.75
1,579.77
1,156. .75
921
MobUe:
Mobile
Birmingham
Gulfport
Scranton
BUoxi
2,615,185.07
. 14,416
Total
Minnesota: St. P a u l a n d Minneapolis
Total
Receipts.
. 119,104.57
26,544.91
1,338
617
2,501
704
13
134
211
28
. 28
3,586.43
66,978.67
22,259,47
3,49.5,09
78,29.
5,231.81
2,719.85
608,50
206, 69
•
610,00
11,704.80
^,395.05
4,231.38
2,646,35
1,934.08
2,035,25• 1,994.45
1,264.30
1,064.00
535:00
5,574
105,774.80
30,804.66
287
SECRETAEY OF T H E TREASURY.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise, collections, and expenses for the fiscal year- ended June SO, 1914^-Gontinned.
Districts and ports.
Entries. •
New Orleans:
New Orleans
Morgan City and Calcasieu Pass
Vicksburg..
16,875 $11,325,161.83
4
141.78
Total
New York:
New York.
Albany
Greenport
Newark
Patchogue
Perth Amboy
16,879
$343,363.73
1,658.00
300.00
11,325,303.61
345,32L73
978,465 202,413,979.07
1,782
414,043.43
'
North Carolina:
WUmington
Elizabeth City
Newbem
Manteo
^...
Beaufort
282,903.53
4,431,251.83
10,380.22
509.67
9,496.381,901.59
8,147.68
983,666 203,335,381.37
>
224,455.34
1,109
.'.
Total
4,461,687.37
231
28,844.26
185.00
50.00
231
29,214.26
8,621.31
15,238
3,260
895
654
891
660
1,092
5
130
11
1
1,076,049.33
705,464.82
127,513,80
66,665,68
191,425.76
17,018.89
. 23,945.89
1,225.60
824.09
771.33
841.17
44.36
52,670. 00
25,799.85
3,004.50
2,774.40
5,968.00
2,847.56
3,490.61
22,837
2,211,790.72
101,859.82
1,343
121
165,919.63
10,674.87
8,008.11
1,873.78
i;464
176,594.50
9,881.89
7., 152
26
6
584,485.26
13,244,88
5.84
59,290.31
12,114.53
430.00
530.90
'.
135.00
Total
:
...
. . . . . . . . . . . . . .•
:
Total
'.
Omaha:
Omaha
Lincoln
Total
Oregon:
Portland
Astoria .
Newport
Marshfleld
Expenses.
2,310
•
Ohio:
tJleveland
Cincinnati
Columbus
'
Dayton
Toledo.
Erie
Sandusky
Corry
. .
Conneaut
Ashtabula
Fairport
Lorain
. . .
...
Put iu Bay
Receipts.
,.
^.
'
:....'.
.-
597,735.98
72,365.74
18,048,558.74
25,319.06
33.05
8,-664. 94
1,014.13
535,712.73
4,329.31
1,051.19
4,514.07
1,651.56
342.02
450.94
304.30
.'
125.00
78,326
-
,
18,083,714.92
548,356.12
4,098
638,9'!26.37
26,524.17
5,473
1,695
828
.191
108
81
72
24
26
424,788.06
220,520. 35
92,596.50
19,028.86
8,514.51
.37,787.29
13,131.04
4,917.33
10,909.68
62,977.64
17,102.07
9,296.30
1,199.85
980.25
1,331.74
1,440.58
786.00
2,809.45
8,498
Total
Total
7,184
75
53
,
Pittsburgh: Pittsburgh
Porto Rico: 1
Porto .
Ponce Rico
Mavaguez
-Ajecibo
Aguadilla
Guanica
Arroyo
Humacao
. Fajardo
1,567.25
1,551.10
842.25
698. 75
645.56
77„741
'457
Total
Philadelphia:
PhUadelphia
WUmington
Lewes
Chester
Somers Point.
Tuckerton
Bivalve
Seaford
7,292.70,
315.51
354.00
240,00
419.10
832,193. 62
97,923.88
1 Porto Rico figures not included in totals.
288
R E P O R T OlSr T H E
FINTAKCES.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise, collections, and expenses for thefiscal year ended June 30, 1914—Continued;
Districts and ports.
Rhode Island:
Providence.
Newport...
Entries.
Receipts.
Expenses.
2,540
265
$542,742.95
38,400.00
$29,737.48
2,615.15
Total.
2,805
581,142.95
32,352.63
Rochester:
Rochester...
_ Utica
Syracuse
.
Charlotte
Oswego
Fair Haven..
Sodus Point.
2,-778
1,092
621
853
266
484,146.07
183,818.69
.37,929.70
2,900.19
10,157.33
130.60
16.88
23,773.40
5,209.18
.4,667.96
4,162.49
5,093.39
848.00
769.66
Total.
5,614
719,099.46
44,524.08
37,165.74
5,470.89
9,499.98
1,466.65
Sabine:
Port Arthur.
.Sabine..
Total.
157
42,636.63
10,966.63
San Francisco:
San Francisco.
Eureka
. Port Harford..
48,666
111
6,003,374.46
1,792.78
4,437.67
480,163.28
1,624.84
1,200.00
Total.,
48,777
6,009,604.91
482,988.12
10,476
19,534
10,877
6,508
17
174
648
510
1,598
665
61,378.55
164, on. 55
123,139.42
110,573.92
3,094.92
812.52
2,550.17
2,66L35
22,128.59
1,073.57
18.47
3,147.93
38,684.18
3,315.50
1,209."72
39,027.20
16,458.50
14,563.-56
4,349.50
1,295.48
508.85
1,07L93
1,154.45
5,208.48
1,92L10
286.25
1,618.76
4,397.10
2,345.14
1,130.65
St. Lawrence:
Ogdensburg
Rouses Point
Malone
Fort Covington..
Plattsburg
Champlain......
Chateaugay......
Mooers Junction.
Cape Vincent....
Alexandria Bay.
Chaumont
Clayton....
Nyando
Morristown
Waddington
438
4,176
1,178
623
Total......
St. Louis; .
St. Louis
Kansas City.
St. Joseph'...
Cairo
56,322
537,800.36
95,336.94
11,905
5,873
• 403
2,087,656.00
408,122.36
71,613.05
62,962.56
26,233.80
2,533.81
162.00
Total.
18,181
2,567,39L4A
91,892.17
526
32,334.73
407.50
170.70
14,620.'79
346. 42
1,007.40
South Carolina:
Charleston.Georgetown.
Beaufort
Total.,
Southern California:
Los Angeles
Andrade
San Diego
!
Calixico
Campo
-i
Tia Juana
Total.
Termessee:
Memphis
NashviUe....
Chattanooga-.
KnoxviUe
Total...
Utah and Nevada: Salt Lake City.
15,974.61
528
19,821
1
2,524
1,203
114
1,043
778,751.42
L50
89,058.67
22,642.86
3,386.61
2,504.06
56,418.42
1,167.55
11,328.15
5,234.13
1,679.55
6,744.30
24,706
896,345.12
82,572.10
712
232
174
56
84,987.49
12,309.25
1,644.10
4,849.22
8j 257.80
2,185.14
1,160:30
1,105.24
1,174
103,790.06
12,708.48
2,663
29,681.58
3,99^.85
289
SECRETARY OF THE TREASURY.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise, collections, and expenses for thefiscal year ended June SO, 1914—Continued.
Districts and ports.
Vlrguiia:
NorfoUc
Newport News.
Richmond
Petersburg
Cape Charles...
ReedviUe
Chincoteague...
Entries.
Receipts.
Expenses.
591
1,771
1,124
4,955
$21,042.54
25,040.23
9,753.12
6,168.74
369.35
320.38
235.86
8,441
1,576,957.12
61,930.22
25,456
8,213
1,293,740.96
482,808.76
41
62
149
4,039
172
276
6
17
55
1,200
114
9
10,664.06
1,050.72
2,612.26
24,744.40
3,130.30
614.60
709.91
3,315.36
902.95
9,251.67
693.37
996.44
61
4,533
80
224
387
138
563.69
30,381.84
428.83
345.43
725.11
289. 40
93.70
118,922.30
37,57L89
5,613.60
4,558.81
2,777.06
2,769.30
11,384.38
2,647.27
2,899.90
348.54
2,776.17
1,460.52
5,743.33
3,006.29
1,153.30
462.25
1,591.78
4,408.35
1,73L08
1,297.02
1,507.96
1,454.75
62.24
45,222
1,868,637.10
216,137.99
207
17,184
13,367
267
112
536
114
1,129
11,418
44
16,316.71
443,013.16
76,40L08
1,006.71
780.96
1,746.85
321.16
1,826.36
145,230.40
40.05
150.88
34,326.82
18,899.89
8,778.91
1,484.55
2,264.62
937.92
906.84
90L45
14,163.16
840.00
632.11
44,378
686,834.32
84,036.27
3,923
Total.,
Washington:
Seattle
,
Tacoma
Vancouver
Port Townsend..
Everett
Bellingham
Blaine
,
Port Angeles....
Northport
Roche Harbor.-,
Aberdeen.......
Anacortes
Sumas
,
DanviUe
,
Friday Harbor..
South Bend
Oroville
Spokane
Molson
Chopaka
,
Laurier... t
Ferry
Kalama
$81,993.09
333,014.11
984,234.49
177,715.43
576,889.54
31,497.80
500.00
250.00
250.00
300.00
300.00
302.64
161.25
250.00
300.00
300.00
300.00
673.34
Total.
Western Vermont:
Burlington
St. Albans
Alburg
East Alburg
Swanton
Highgate
Franklin
West Berkshire.,
Richford
East Richford...
WindmUl Point.
Total.
Wisconsin:
MUwaukee
Green Bay
Kenosha
Kewaunee
La Crosse
Manitowoc...
Marinette
Menominee
Oshkosh
Racine
Sheboygan
Sturgeon Bay.
19
3,942
Grand total.
676,889.54
34,711.6£
1,850,329
Total.
298,913,235.38
9,883,326.49
1 Includes all customs receipts and collections for Department of Commerce,
64402°—FI 1914
19
APPENDIX TO REPORT ON THE
FINANCES
291
^PFEIS^DIX.
EEPORTS OF HEADS OF BUREAUS.
REPORT OF THE TREASURER.
TREASURY DEPARTMENT,
O F F I C E OF THE TREASURER,
Washington, October 15, 1914.
SIR: The transactions of the Treasury of the United States for the
fiscal year ended June 30, 1914, and its condition at the close of the
year are presented in the following report.
Comparison of the ordinary receipts and disbursements, classified
for the past two years, may be studied in the table following:
Ordinary receipts and disbursements for thefiscal years 1913 and 1914.
Account. ,
1913
1914
Increase.
Decrease.
RECEIPTS.
Customs
:
Internal revenue:
Ordinary
' Corporation and income tax
Lands
:
MisceUaneous
Receipts of the District of Columbia..
$318,891,395.86 $292,320,014.51
309,410,665.81
35,006,299.84
2,910,204.69
48,896,702.41
8,827,580.69
$26,571,381.35
308,659,732.56
71,381,274.74 $36,374,974.90
2,571,774.77
50,855,941.14 '"i," 959,'238.'73"
8,752,937.11
Total
723,942,849.30
Deduct moneys covered by warrant in
year subsequent to the deposit thereof..
337,590.05
734,541,674.83
38,334,213.63
505,970.59
723,605,259.25
734,035,704.24
38,502,594.17
505,970.59
637,462.47
131,491.88
724,111, 229.84
734,673,166.71
10,561,936.87
•291,813.52
592,014.73
978,380.09
113,949.60
220,460. 24
829,554.96
383,756. 70
169,340.97
027,368.79
469,027.70
610,837.19
423,632.19
,878,325.95
,841,210.79
13,468,827.66
564,134.36
5,253,911.78
60,139,856.78
2,237,069.37
860,873.02
22,656,130.62
2,236,202.24
338,429.92
"*74,'643.'58
168,380.54
Total
Add moneys received in fiscal year but
not covered by warrant
750,933.25
Net avaUable.
27,735,388.10
27,735,388.10
DISBURSEMENTS.
Legislative
Executive
State Department
Treasury Department
War Department, civU
Navy Department, civU
Interior, civU
Post Office Department proper
Postal deficiencies
Department of Agriculture.
Departments of Commerce and Labor
Department of Justice.
Inaej)endent offices
District of Columbia
22,208,141.12
14,727,786.45
10,188,151. 26
3,232,179.61
12,756,97L18
177,014.14
275,531.69
16,609.13
31,318.06
272,373.92
66,861.27
1,739,113.42
116,949.26
353,853.66
Total civU and misceUaneous
MUitary Establishment, including rivers
and harbors
Naval Establishment
Indian Service
Pensions
Interest on public debt
170,829,673.42
170,530,235.45
3,049,624.55
160,387,452.85
133,262,861.97
20,306,158.90
175,085,450.29
22,899,108.08
173,522,804.20
139,682,186.28
20,215,075.96
173,440,231.12
22,863,956.70
13,135,351.35
6,419,324.31
Total ordinary disbursements.
Net
Surplus
682,770,705.51
700,254,489.71
22,604,300.21
17,483,784.20
'"4i,'340," 524.'33
27,880.37
*i,* 974,'092.'82
1,027,368.79
235,480.93
"84*239'6i
'34*418,'677.'66'
3,349,062.52
91,082.94'
1,645,219:17
35,151.38
5,120,516.01
293
294
REPORT ON THE FINANCES.
There was a falling off of more than $26,000,000 in the,receipts
from customs, but notwithstanding this decrease the total ordinary
receipts attained a new maximum at $734,673,166.71, a net increase
of $10,561,936.87 over that of the preceding year. .
I n expenditures a slight decrease is recorded in the civil and miscellaneous, Indian Service, and interest on the public debt. The
decrease in pensions is more noticeable, while the Naval Establishment spent $6,419,324.31 more than in the preceding year, and the
Military Establishment $13,135,351.35 in excess, of its record for 1913.
The total ordinary receipts and disbursements for the past 10 years
may be studied in the subjoined statement:
Fiscal year.
1905..
1906
1907..
1908
1909...
1910
1911
1912
1913
1914...
Receipts.
. . . .
..
. . . .
.
.
.
Disbursements.
Surplus.
Deficit.
. . $544,606,758.62 $563,360,093.62
$18,753,335.00
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
20,041,667.37
603,589,489.84 662,324,444.77
58,734,954.93
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
734,673,166.71 700,254,489.71 34,418,677.00
THE PANAMA CANAL.
Uiider the conditions that have prevailed during the past fiscal
year an adequate balance has been maintained in the Treasury for
the ordinary operations as well as the special activities now under
way. Therefore the Secretary of the Treasury did not deem it
advisable to offer for sale additional bonds of the Panama Canal loan.
The expenses incurred in the construction of the canal during the year,
amounting to $34,826,941.76, were paid out of the general fund of the
Treasury, and the total net balance so expended to June 30, 1914, is
$214,452,055.08.
The proceeds of sales of bonds and. the disbursements on account
of the canal to the close of the fiscal year 1914 are set forth by years
in the table following:
\
Receipts and disbursements on account of the Panama Canal.
Proceeds of
U n i t e d States
b o n d s sold.
Fiscalyears.
1904 .
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
$31,210,817.95
25,367,768.67
30,731,008.21
. . . .
18,102,170.04
33,189,104.15
138,600,869.02 -
Total.....
Net
• 1
Disbursements
for P a n a m a
Canal.
$50,174,485.00
. 3.918,819.83
19,379,373.71
27,196,618.71
38,093,425.29
31,419,442.41
33,911,673.37
37,063,515.33
35,327,370.66
41,741,258.03
34,826,941.76
353,052,924.10
Excessof—
Receipts.
Disbursements.
$50,174,485.00
3,918,819.83
19,379,373.71
$4,014,199.24.
-
4,014,199.24
12,725,656.62
688,434.20
33,911,673.37
18,961,345.29
2,138, 266.51
41,741,258.03
'34,826,941.76
218,466,254.32
214,452,055.08
295
TREASURER.
RECEIPTS
AND DISBURSEMENTS ON ACCOUNT
DEPARTMENT.
OF THE
POST
OFFICE
The Post Office Department has inaugurated a series of reforms
resulting in improved efficiency, better facilities, and more economical administration. The postal revenues during the fiscal year 1914
were $301,968,424.80 and the disbursements, $299,815,756.90; of the
revenues, $3,800,000 was deposited in the Treasury as a surplus for
the fiscal year 1913.
The revenues and disbursements of the Post Office Department
are under the exclusive control of the Postmaster General. Of the
revenues stated in the foregoing $203,576,450.84 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 Revised
Statutes of the United States. The Post Office Department warrants
issued by the Postmaster General were drawn on the Treasurer of
the United States, b u t they are payable by any assistant treasurer
or regular national-bank depositary of the United States.
Attention is invited to a statement of the transactions relating to
the account for the service of the Post Office Department with the
Treasury during the fiscal year 1914 which will be found on page 328
of this report.
TRANSACTIONS IN THE PUBLIC DEBT. -
During the fiscal year 1914, deposits for postal savings bonds,
authorized by the act of June 25, 1910, were received to the amount
of $3,118,940. Uiider the provisions of the act of July 14, 1890,
deposits of lawful money of the United States to retire national-bank
notes were received amounting to $19,902,282.50, which, with the
deposits for the postal savings bonds, makes a total of $23,021,222.50
in actual cash received on account of the public debt, while the cash
disbursements on" account of the principal of matured loans and
fractional currency were $109,127, and for national-bank notes canceled and retired $26,852,200, a total disbursement for the public
debt of $26,961,327. The net result was an excess of disbursements
of $3,940,104.50.
The transactions relating to the replacing or retiring of the worn
and mutilated paper currency issued under the direct authority of
the Government are included in the account of the public debt.
Comparative details for the past two years may be studied in the
table following:
Receipts and disbursements on account of the public debt for 1913 and 1914.,
• Account.
1913
1914
Increase.
Decrease.
RECEIPTS.
Postal savings bonds..
..
Lawful money deposited to retire national-bank notes
Total
$1,929,840.00
$3,118,940.00" $1,189,100.00
. 21,471,010.00
19,902,282.50
23,400,850.00
23,021,222.50
$1,568,727.50
1,189,100.00
1,568,727.50
296
REPORT ON THE FINANCES.
Receipts and disbursements on account of the public debt for 1913 and 1914—Continued.
Account.
1913
1914
Increase.
Decrease.
RECEIPTS—continued.
Notes and certificates issued:
United States notes
Gold certificates
Silver certificates
Total
$163,000,000.00
468,510,000.00
403,952,000.00
AersTeeate .
.
. . .
Nlt..„.:::::::::::::::::::::::.::::::
$2,384,000.00
1,035,462,000.00
•
$168,220,000.00 $5,220,000.00
505,520,000.00 37,010,000.00
401,568,000.00
1,075,308,000.00 42,230,000.00
2,384,000.00
1,058,862,850.00
1,098,329,222.50 43,419,100.00
39,466,372.50
3,952,727.50
DISBURSEMENTS.
...
Total
Notes and certificates redeemed:
United States notes
Treasury notes
Gold certificates
' Silver certificates
Excess bf receipts
Excess of disbursements
106,990.00
2,137.00
26,852,200.00
5,960.00
• 592.00
2,763,164.50
26,961,327.00
2,769,716.50
163,000,000.00
.269,000.00
421,840,200. 00
401,951,000.00
:
168,220,000.00 5,220,000.00
221,000.00
511,272,300.00 89,432,i66.'66
394,268,000.00
7,683,000.00
987,060,200.00
Total
Aergregate
Net...
101,030.00
1,545.00
24,089,035.50
24,191,610.50
United States bonds retired
Fractional cm-rency retired
National-bank notes retired
1,073,981,300.00 94,652,100.00
7,731,000.00
1,011,251,810.50
1,100,942,627.00 97,421,816.50
89,690,816.50
7,731,000.00
47,611,039.50
48,000.00
2,613,404.50
I n a study of the foregoing table it will be observed that 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 the act of May 31, 1878. . In explanation of the
manner of issuing and redeeming gold certificates, silver certificates,
and Treasury notes of 1890, it may be said that for certificates issued
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
cerificates, silver certificates, and Treasury notes withdrawn from
the general fund, canceled, and retired, a like amount of the respective coins is leased from the trust funds and brought into the general
fund in their stead.
PUBLIC DEBT, 1913 AND 1914.
The outstanding principal of the interest-bearing debt at the close
of the fiscal year 1914 was $967,953,310, not including $872,240
deposits received for which postal savings bonds will be issued July
1. There was an increase of $2,246,700 caused by the issue of
postal-savings boiids.
^
»
The debt bearing no interest amounted to $370,282,090.16, a decrease of $7,059,043.50.
The certificates and notes issued on deposits of coin and bullion
(trust funds, act of Mar. 14, 1900) increased $1,326,700, and amounted
to $1,574,263,869 at the close of the fiscal year June 30, 1914.
297
TREASUREE.
Comparison of the public debt is made, by items, for the fiscal years
1913 and 1914 iii the statement following:
Public debt 1913 and 1914.
• Rate.
When payable.
Outstanding
June 30,1913.
Outstandiag
June 30,1914.
$646,250,150.00
63,945,460.00
118,489,900.00
84,631,980.00
50,000,000.00
4,635,820.00
967,953,310.00
1,659,550.26
53,152.50
346,681,016.00
22,092,806.00
6,854,609.90
1,552,560.26
53,152.50
346,681,016.00
15,142,888.50
6,852,472.90
377,341,134.66
'. -
P.ct.
$646,250,150.00
2 After Apr. 1,1930
AfterAug. 1,1908..'...
63,945,460.00
3
Feb. 1,1925
118,489,900.00
4
84,631,980.00
2 June 1,1916
' 60,000,000.00
3 J u n e l , 1961
2,389,120.00
2h J u l y l , 1931..
965,706,610.00
Interest-bearing debt:
Consols of 1930
i
Loan of 1908-1918
Loan of 1925
Panama Canal loan.
Do
Postal savings bonds
370, i282,090.16
1,086,727,169.00
483,550,000.00
2,660,000.00
1,080,974,869.00
490,850,000.00
2,439,000.00
Total
Debt bearing no interest:
Matured loans
Old demand notes .
United States notes
National-bank notes
Fractional currency
Total
On demand
. do"
do
do
do
Certificates and notes issued on deposits of coin and buUion (trust
funds, act Mar. 14,1900):
Gold certificates
SUver certificates
Treasury notes of 1890
On demand
.. .do
do
Total
1,572,937,169.00
1,574,263,869.00
Aggregate
2,915,984,913.66
2,912,499,269.16
PAYMENT OF INTEREST ON THE REGISTERED BONDS OF THE UNITED
STATES.
The interest on the registered bonds of the United States is paid
by checks prepared and mailed from the oflice of the Secretary of the
Treasury. Such checks bear a certificate as to the principal of bonds
registered in thename 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 office. These checks are drawn on the Treasurer of the United States, but are payable by any assistant treasurer
or regular national-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 the 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.
RESERVE AND TRUST FUNDS.
The holders of United States notes have not used them in withdrawing gold coin from the Treasury in unusual amounts duruig the
past fiscal year. Large amounts of these notes are shipped to the
Treasury annually for redemption with a request that tne proceeds
be returned in denomidations of $10 and above, and as sucn an exchange results in the use of gold certificates, it is recorded as a redemption in gold, therefore the transactions in the reserve fund
represent more truly exchanges to secure an accommodation in denominations of currency.^ The redemptions from the reserve fund
298
REPOET ON T H E FINANCES.
during the fiscal year were, in United States notes, $73,194,576, and in
Treasury notes $4,500, makiag a t o t a r of $73,199,076. Under the
provisions of the act of March 14, 1900, the redeemed notes were
exchanged for gold coin each day, and thereby the reserve was maintaiaed at the fixed amount of $150,000,000.
At the close of the fiscal year 1914 the trust funds amounted to
$1,574,263,869, of which $838,855,683 Was in gold coin, $242,119,186
in gold bulUon, and $493,289,000 in standard silver doUars.
The gold held against the outstanding gold certificates attained a
maximum at $1,163,728,869 on May 8, but owing to heavy withdrawals of gold for export during the latter part of the year it was
reduced by $82,754,000. The silver dollars held against outstanding
Treasury notes of 1890 and silver certificates increased $7,079,000.
The transactions in trust-fund obhgations during the fiscal year
1914 may be studied in the statement following:
Fiscal year 1914.
Outstandihg
June 30, 1913.
Issued.
Redeemed.
Outstanding
June 30,1914.
Gold certificates
SUver certificates
Treasury notes
$1,086,727,169
483,550,000
2,660,000
$505,520,000
401,568,000
$511,272,300
394,268,000
221,000
$1,080,974,869
490,850,000
2,439,000
Total
1,572,937,169
907,088,000
905,761,300
1,574,263,869
STATEMENT OF THE TREASURY OF THE UNITED STATES.
The holdings of moneys in the Treasury at the close of the fiscal
year 1914 amounted to $2,004,837,556.02 and from the revised figures
of the several funds, was set apart as follows:
RESERVE
FUND.
Gold coin and bullion
$150,000,000
TRUST F U N D S .
[Held for the redemption of the notes and certificates for which they are respectively pledged.]"
Gold:
C o i n . . . $837,379,263
Bullion 243,595,606
. Silver dollars
Silver dollars of 1890.
Total
$1, 080, 974, 869
490, 850, 000
2, 439, 000
1, 574, 263, 869
Gold
certificates
outstanding
$1, 080, 974, 869
Silver certificates outstanding
490, 850, 000
Treasury notes outstand. ing....
2,439,000
Total
1, 574, 263, 869
GENERAL FUND—CASH IN THE VAULTS.
After setting out from the assets of the Treasury the appropriate
kinds of money to meet the requirements of the reserve and trust
funds, the balances of each kind of money held belong to the general
fund of the Treasury, from which, however, must be deducted the
current liabilities.
*
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 the Treasury oflSces, and the demands against the same; the
second part shows the amounts of public moneys in national banks
8i.nd other depositaries to the credit of the Treasurer of the United
TEEASUREE.
299
States and of disbursing ofl&cers, and the demands against the same,
and finally the net balance in the general fund.
The assets in the general fund in the Treasury on June 30,1914, and
the demand liabUities outstanding on that date were as follows:
In Treasury offices:
Gold coin
$48,137, 240. 70
Gold certificates
54, 825, 730. 00
Standard silver dollars
4,682,993.00
Silver certificates
12, 248, 023. 00
United States notes
8, 835, 369. 00
• Treasury notes of 1890
11,237.00
National-bank n o t e s . . . :
9, 231, 218. 00
Certified checks on b a n k s . . . . . .
379, 907. 03
Subsidiary silver coin
22,040,989.10
Fractional currency:
243. 22
Minor coin
2,117,480.49
Silver bullion (at cost)
2,854,183.72
Interest on public debt p a i d . . .
9, 749. 30
Deduct current liabilities:
^^^^' ^^^' ^^^' ^^
National - bank
5 per cent
fund.
$28,793,173.29
Less notes in
.
process of red e m p t i o n . . . . 26,260,644.46
•:
2,532,528.83
. Outstanding
warrants
and
checks
8,056,673.44
Balance to credit of disbursing
officers
64,277,853.19
Post Office Department balance
8,379,505.94
Miscellaneous items
7,861,531.16
Board of trustees, Postal Saving System
1,677,472.20
92,785,564.76
Less warrants and checks not
cleared
11, 981, 205. 94
80,804, 358. 82
Working balance in Treasury offices
I n national-bank depositaries:
To credit of the Treasurer of the
United States
$60, 915, 638.13
To credit of disbursing officers.
8, 372, 731. 49
I n transit to Treasury offices... 15, 755,400. 00
$84, 570,004. 74'
85,043,769.62
I n treasury of Philippine Islands:
. To credit of the Treasurer of the
UnitedStates
To credit of United States disbursing officers
515,85L43
3, 379, 057. 95
3, 894, 909. 38
•rv J
X
XV 1.-TX-
Deduct current liabilities:
Outstanding warrants
Balances to credit of disbursing
officers....
88,938,679.00
'
'
144,278.77
11,751,789.44
11,896,068.21
Balance in banks and in treasury of Philippine Islands..,
Total balance in general fund June 30, 1914
Total balance in general fund June 30, 1913
Net decrease
77, 042, 610. 79
161, 612, 615. 53
165,^ 960, 984. 79
4, 348, 369. 26
300
EEPOET ON THE FINANCES.
AVAILABLE CASH BALANCE.
The available cash balance in the general fund at the close of the
fiscal year 1914 was $161,612,615.53, a decrease of $4,348,369.26 as
compared with that of the preceding fiscal year. This decrease is
verined 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 June 30, 1913.
$165, 960, 984: 79
Add excess of ordinary receipts over disbursements
, for 1914 (see p . 293)..:
$34,418,677.00
Deduct:
Excess of Panama Canal- disbursements over receipts (see
p . 294)
$34,826,941.76
Excess of public debt disbursements over receipts(see p.295).
3,940,104.50
38,767,046.26
4,348,369.26
Available (iash balance June 30, 1914
161, 612, 615. 53
I n previous years it has been deemed advisable to retain in the
vaults of the Treasury a safe working balance, and while no specified
amount has been fixed or agreed upon yet the sum of $50,000,000
has been suggested as a proper sum to keep in the Government vaults.
I n this connection attention is invited to the marked irregularity in
the receipts and disbursements as shown by the monthly reports, as
for instance, in July, 1913, there was a deficiency of $9,977,223, and
in June, 1914, a surplus of $72,619,924 was realized. In the face
of such wide fluctuations the necessity for ample available reserves
is apparent and the amount named is not excessive. The working
balance in the vaults of the Treasury at the close of the fiscal year
1914 was $84,570,004.74.
The balance in the Treasury at the end of each month from January, 1908, is stated in Table No. 19, page 351 of the appendix, and for
July 1 in each ^T^ear since 1906 in the subjoined statement:
Available cash balance (including the reserve fund), on the dates named.
AvaUable cash balance.
Dates.
Reserve fund.
July 1,1906.
July 1,1907
July 1,1908
July 1,1909
July 1,1910.
July 1,1911
J u l y l , 1912
July 1,1913
J u l y l , 1914,
$150,000,000
150,000,000
150,000,000
150,000,000
150, 000, 000
150,000,000
150,000,000
150,000, 000
150,000,000
General fund.
Total.
$180,689, 354.82 $330,689,354. 82
,
272,061 445.47 422,061,445.47
245,171, 347.73
395,171, 347.73
126,375; 428.10
276,375, 428.10
106,894, 675.67
256,894, 675.67
140,176, 926.13
290,176, 926.13
167,152,478.99
317,152, 478.99
315,960, 984.79
• 165,960;
984.79
311,612,615.53
161,612,
,615.53
301
TREASURER.
GOLD IN THE
TREASURY.
At the close of the fiscal year 1914 the gold holdings in the Treasury
amounted to $1,279,112,109.70, of which $985,516,503.50 was in coin.
The act of March 2, 1911, authorizes the issue of gold certificates
against gold bullion and foreign coin deposited in the Treasury.
These certificates differ in no particular from those issued against
United States gold coin and are payable in such coin. The mtent
and effect of the act are not to limit the free coinage of gold. The
mints continue to receive all the gold that is offered, and it enters into
circulation either in coin or in gold certificates. The effect is simply
to allow the Treasury to carry a portion of the reserves in bullion,
thus saving cost of coinage.
The total amount of gold in the Treasury on July 1 in each year
from 1906, set apart for the respective uses, is set forth in the statement following:
Gold in the Treasury.
Dates.
July
July
July
July
July
July
July
July
July
1,1906
1,1907
1,1908
1,1909
1,1910
1,1911
1,1912
1,1913
1,1914
Reserve.
For certificates in
circulation.
$150,000,000 $516,561,849
. 150,000,000 600,072,299
150,000,000 782, 976,619
150,000,000 815, 005,449
150,000,000 802, 754,199
150,000,000 930, 367,929
150,000,000 943-,435,618
150,000,000 1,003, 997,709
150,000,000 1,026! 149,139
General fund
(belonging, to
Treasury).
$140,489,841.30
154,619,431.14
71,912,063.18
. 77,698,852.02
92,411,286.24
83,533,254.56
114,028,646.22
108,363,326.87
102,962,970.70
Total.
051,690.30
904, 691,730.14
1,004,888,682.18
1,042,704,301.02
1,045,165,485.24
1,163,901,183.56
1,207,464,264.22
1,262,361,035.87
1,279,112,109.70
I t will be observed from the foregoing statement that apparently
the new product of our mines annually travels the well-worn road'to
the Treasury and that gold continues to accumulate therein. The
gold imported during the fiscal year amounted to $66,538,659, while
the exports of the precious metal aggregated $112,038,529, b u t in
spite of this drain there was a net increase of $16,751,073.83 in the
Treasury holdings of gold as compared with that of the preceding
year.
BONDS HELD AS SECURITY FOR NATIONAL BANKS.
At the close of the fiscal year 1914 the Treasurer held in trust
United States bonds to the amount of $740,796,910 as security for the
circulating notes of national banks. The securities pledged for the
safe-keeping of public deposits in the depositary banks amounted to
$63,711,350.
The kinds of bonds in the custody of the Treasurer of the United
States and the changes therein during the fiscal year 1914 are recorded
in the table following.
302
REPORT ON THE FINANCES.
Bonds held for national banks, close of June, 1913 and 1914, and changes during 1914.
-
Transactions d u r u i g 1914.
Rate.
K i n d s of b o n d s .
H e l d J u n e 30,
1913.
H e l d J u n e 30,
1914.
Deposited.
Withdrawn.
TO S E C U R E CmctTLATION.
United
United
United
United
United
"
States
States
States
States
States
Total .
P.ct.
4
3
2
2
2
loan of 1925
..
loan of 1908-1918..
consols of 1930
P a n a m a , 1936
P a n a m a , 1938
-
$32,724,500.00
21,765,400.00
604,379,350.00
52,719,360.00
28,940,640.00
$4,103,250.00
2,465,340.00
26,447,200.00
2,086,560.00
534,000.00
$3,974,450.00 $32,853,300. oo""
2,735,200.00 21,495,540.00
26,160,300.00 604,666,250.00
1,920,240.00 52,885,680.00
578,500.00 28,896,140.00
740,529,.250.00
35,636,350.00
35,368,690.00 740,796,910.00
4
3,780,100. do
1,313,200.00
1,184,600.00
3
3,710,400.00
17,425,000.00
11,862,201.00
1,511,000.00
527,ooo; 00
5,782,000.00
1,716,000. 00
948,000.00
1,770,000.00
867,000.00
10,000.00
11,737,600.00
1,712,300.00
2,683,900.00
4,856,150.00
139,500.00
195,000.00
768,000.00
667,000.00
95,000.00
443,000.00
107,000.00
847,300.00
5,455,000.00
3,980,500.00
370,500.00
176,000.00
726,000.00
348,000.00
85,000.00
120,000.00
56,000.00
17,440,714.20
4,575,400.00
14,653,900.00
12,737,850.00
1,280,000.00
546,000.00
5,824,000.00
2,035,000.00
958,000.00
2,093,000.00
918,000.00
10,000.00
15,006,814.20. 14,171,500.00
61,646,300.00
30,420,764.20
28,355,714.20
TO S E C U R E PUBLIC DEPOSITS.
H e l d b y t h e Treasurer of t h e
U n i t e d States:
U n i t e d States loan of 1925....
U n i t e d States loan of 19081918
U n i t e d States P a n a m a , 1961.
U n i t e d States consols of 1930.
U n i t e d States P a n a m a , 1936.
U n i t e d States P a n a m a , 1938.
P h i l i p p i n e loans
P o r t o Rico l o a n s . . . '
*
District of Columbia
T e r r i t o r y of H a w a i i
PhUippine Railway
Manila R a i l w a y
State, city, a n d railroad
Total
'
•
3
2
2
2
4
4
3.65
(1)
4
4
•
(1)
.
3,908,700.00
63,711,350.00
BONDS HELD AS SECURITY FOR POSTAL SAVINGS FUNDS.
The Treasurer of the United States held in trust at the close of the
fiscal year 1914, under the provisions of the act of June 25, 1910,
bonds and securities amounting to $71,964,831.41, as security for
postal savings funds deposited in 6,717 designated depositaries.
The kinds of securities held and the changes therein during the
year are recorded in the annexed statement:
Bonds held as security for postal savings funds, close of June, 1913 and 1914, and changes
during 1914.
T r a n s a c t i o n s d u r i n g 1914.
K i n d s of b o n d s .
Rate.
H e l d J u n e 30,
1913.
H e l d J u n e 30,
1914.
Deposited.
U n i t e d S t a t e s l o a n of 1925
U n i t e d S t a t e s l o a n of 1908-1918.
U n i t e d S t a t e s P a n a m a , 1961...-.
U n i t e d S t a t e s consols of 1930
U n i t e d S t a t e s P a n a m a , 1936
U n i t e d S t a t e s P a n a m a , 1938
P h i l i p p i n e loans
-.
P o r t o R i c o loans
-.
D i s t r i c t of C o l u m b i a
T e r r i t o r y of H a w a i i
S t a t e loans
M u n i c i p a l loans
C o u n t y loans
Miscellaneous loans
Total.
P.ct.
4
3
3
2
2
2
4
4
3.65
(0
$560, 900.00
618, 980.00
3,631, 500.00
859, 300.00
108, 000.00
35, 000.00
1,564, 000.00
1,483, 000.00
172, 000.00
1,148, 000.00
8,435, 400.00
31,290, 318.10
6,605, 580. 00
7,339, 083.32
63,851,061.42
1 Various,
Withdrawn.
$631,500.00
$85,500.00
136,500.00
148,000.00
268,500.00 .^.675,000.00
315,000.00
281,000.00
24,000.00
10,500.00
21,000.00
12,500.00
185,000.0075,000.00
234,000.00
169,000.00
15,000.00
47,000.00
215,000.00
106,000.00
3,274,500.00 1,826,400.00
8,235,923.14 3,958,003.15
1,670,000.00
853,000.00
1,921,800.00
787,050.00
17,147,723.14
9,033,953.15
$1,106, 900.00
607, 480.00
3,225, 000.00
893, 300.00
121, 500.00
43, 500.00
1,674, 000.00
1,548^ 000.00
140, 000.00
1,257, 000.00
9,883, 500.00
35,568, 238.09
7,422, 580.00
8,473, 833.32
71,964,831.41
TREASURER.
303
The following-described securities, at the respective values herein fixed, will be
accepted by the board of trustees as security for postal-savings deposits, viz:
(a) Bonds of the United States, of the Philippine Islands, of the District of Columbia,
and of Porto Rico, will be accepted at their par value.
(b) 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 j)eriod of 10 years previously has not
defaulted in the payment of any part of either principal or interest of any funded debt
authorized 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 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 authorized to be contracted by it,
and whose net funded indebtedness does notcexceed 10 per cent of tiie valuation of its
taxable property, to be ascertained by the last preceding valuation for the assessment
of taxes will be accej)ted at 75 per cent of their market value, but if such market value
is above par, they will be accepted at 75 per cent of their par value.
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 municipality) and the aggregate of the following items:
(1) The total of all sinking funds accumulated for the redemption of such grossindebtedness, 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 bf 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.
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.
Under a general authority in the postal savings law, the .trustees
of the Postal Savings System, have arranged to take over at par any
of the postal savings bonds that depositors may wish to turn back.
The first investment in these bonds was made on December 9, 1911,
when they were quoted in the open market at 92 J^ cents on the dollar.
Under the arrangement made by the trustees they have taken over
at par all of the bonds offisred by the depositors, and at the close of
the fiscal year 1914 the Treasurer of the United States held $449,360
of such bonds, which are registered in the name of the board of
trustees.
304
REPORT ON ^^HE FINANCES.
WITHDRAWAL OF BONDS TO SECURE ^CIRCULATION.
The deposits of lawful money of the United States to retire national
bank notes is hmited to $9,000,000 per month, under the provisions
of the act of March 4, 1907, b u t tms limit vras not reached in any
month during the fiscal year 1914. The national-bank notes outstanding on June 30, 1914, amounted to $750,671,899, a decrease
of $8,486,007 as compared with that of 12 months earher.
The deposits of lawful money and the amount of bank circulation
outstanding may be studied in the monthly statement annexed:
Deposits
of lawful
money.
July
August
September
October...
November.
December.
January...
NATIONAL
BANKS
Nationalbank notes
outstanding.
$1,457,040
3,813,347
1,520,645
781,000
536,688
1,871,500
2,900,147
Month.
$759,293,191
761,720,029
759,030,694
758,899,709
757,159,471
757,842,961
754,022,766
Month.
February.
March
AprU
May
June
'
Total
DESIGNATED AS DEPOSITARIES
STATES.
Deposits
of lawful
money.
Nationalbank notes
outstanding.
$1,698,210
1,673,720
569,000
2,114,795
966,190
$753,168,832
752,050,299
751,765,766
751,554,696
750,671,899
19,902,282
OF
THE
UNITED
The Secretary of the Treasury determines the number of such
depositaries and the amount of pubhc money required in each for the
transaction of the pubhc 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 pubhc money deposited with
them, and for the faithful performance of their duties as financial
agents of the Government. The regular depositaries receive and
disburse the pubhc moneys, while the special depositaries hold only
the moneys transferred to them from the Treasury. All of the 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 1913 and 1914 are here stated:
Regular.
Depositaries June 30,1913.
Depositaries June 30,1914.
Special.
•850
960
685
624
Total.
1,535
1,584
PUBLIC DEPOSITS IN NATIONAL BANKS.
The balance of public moneys in depositary banks at the close of
the fiscal year 1913 to the credit of the general fund was $69,746,133.15
and to the credit of postmasters and judicial officers $6,517,481.91,
making a total of $76,263,615.06.
The working balance in the vaults of the Treasury offices at the
beginning of the fiscal year 1914 was $71 ;052,925.96.
TREASURER.
305
During the month of July, 1913, there was every indication that
an increased amount of money would be required to facilitate the
movement and marketing of the crops, and on July 31 the Secretary
of the Treasury announced that he would at once deposit $25,000,000
to $50,000,000 in the banks of the South and West for this purposeupon the following terms: Deposits will be made only in national
banks located in such of thq, principal cities^f the several States as
the Secretary may designate. Such banks miist have an outstanding
circulation at the time of deposit equal to at least 40 per cent of the
amount authorized by law.
I t is'^uiiderstood that such deposits are made to prevent or initigate
the financial tension so com'mon at this period of the year incident to
the movement of crops, and that the funds received by the banks will
be used in good faith for this purpose and not for speculative or other
transactions. The banks receiving the deposits will be expected to
extend to the banks in smaller towns such accommodations as may be
consistent with sound and conservative principles of banking, and
that in all cases the rate of interest charged such banks will be moderate and reasonable. I t is impracticable imder existing conditions for
the Government* to extend these deposits to. the various smaller towns
and cities, therefore the depositaries selected are expected to act as
mediums of distribution in furnishing funds to the locahties in need
of them for the purpose stated, of transporting and marketing the
crops. As security for such deposits the banks receiving an allotment
must deposit with the Treasurer of the United States bonds of the
United States Government, of any issue, equal in amount to at least
10 per cent of the amount of the deposit. The remaining 90 per
cent may be secured (1) b}^ high-class State, municipal, or other
bonds which have been approved by the Secretary, and which, when
so approved, will be accepted as security at 75 per cent of their market
value; (2) by prime commercial or business paper approved by the
Secretary, and which, when so approved, will be accepted at d5 per
cent of its face value. All such paper must bear the indorsement of
the bank offering it.
The deposit of funds will in all cases, except where in the judgment
of the Secretary special conditions justify a variation of this rule, be
made in two instaUments of 50 per cent each of the amount allotted.
In the Southern States it is proposed to make a deposit of 50 per cent
of the allotment in August and 50 per cent in September.
WitMrawal of deposits.—All deposits wiU be payable on demand
and without previous notice, but in order to afford-the rehef intended
and to facihtate the movement and marketing of crops it is expected
that, except in cases where variations of this rule may be deemed
desirable by the Secretary, 25 per cent of the total deposit wiU be
withdrawn by the Government on January 15, 1914, 25 per cent on
'February 15, 1914, 25 per cent on March 15, 1914, and 25 per cent on
April 1, 1914. Banks shall have the right to return the deposits to
the Treasury at an earlier date if they so elect.
Interest and expenses of deposit.—The depositary bank will be required to pay 2 per cent interest on the average balance maintained
during the period of the deposit and must in addition pay such expenses as are incident to such deposit.
Under the foregoing terms deposits were made in the banks designated during August and September, and at the close of the latter
64402°—FI 1914
^20
306
REPORT ON T H E FINANCES.
month the balance in depositary banks to the credit of the general
fund was $78,259,089.10, and to the credit of postmasters and judicial
officers $6,947,909.70, making a total of $85,206,998.80.
As the designated banks quahfied as depositaries, by deposits of
approved securities, additional transfers were made from the Treasury
during October and November until about the 24th of the latter
month, when the pubhc deposits in the banks attained a maximum
for the year at $101,302,853.83, of which $94,448,245.84 was credited
to the general fund, and $6,854,607.99 to postmasters and judicial
officers.
The return to the Treasury of deposits by the banks in accordance
with the requirements stated in-the foregoing caused a gradual reduction of the pubhc moneys held by them monthly from December,
1913, to the close of April, 1914, when the balance to the credit of the
general fund was $51,196,144.82, and to the credit of postmasters
and judicial officers $7,510,772.56, making a total of $58,706,917.38.
Under provisions of law the greater part of the taxes in the District
of Columbia is paid during the month of May, and the collections are
deposited in the Treasury of the United States. A large part of the
money required for the purpose is withdrawn from local banks by the
taxpayers, and as it is not returned to circulation immediately, the
Secretary of the Treasury, in order to avoid a stringency in local
financial conditions, decided to temporarily increase the deposits of
pubhc moneys in local national banks by $3,138,000 and directed
that the transfers be made in four installments, as follows: 25 per
cent May 15 and a hke amount May 25, June 5 and 15, 1914. The
money to be divided among the several banks in proportion to the
total deposits therein and to be secured by bonds deposited with the
Treasurer of the United States. Of the amount so placed, the depositary banks were required to return to the Treasury 20 per cent
on or before July 15, 1914, 20 per cent on or before August 15, 1914,
10 per cent on or before September 15, 1914, and a hke sum on or
before the 15th of each succeeding month, making the final payment
on or before February 15, 1915. Interest at the rate of 2 per cent
per annum is required on this deposit.
The income and outgo of public moneys through the depositary
banks during the month of June is much larger than in other months
of the year owing to the provisions of law relating to the payment of
the corporation excise tax and the income tax. On the last day of
the fiscal year the collectors of internal revenue received payments
of these taxes until a late hour, and as a result the collections were
• deposited in the depositary banks, in many instances after banking
hours, and transfers thereof to Treasury offices could not be effected
until the succeeding business day. At the close of the month of
June, 1914, the banks held to the credit of the general fund
$76,671,038.13, and to the credit of postmasters and judicial officers
$8,372,731.49, making a total of $85,043,769.62.
GENERAL ACCOUNT OF THE TREASURER OF THE UNITED STATES.
The Treasurer receives and keeps the moneys of the United States
and disburses the same upon warrants drawn by the Secretary of the
Treasury, countersigned by the Comptroller of the Treasury, and
TREASURER.
307
not otherwise. He takes receipts for all moneys paid by him and
gives receipts for all moneys received by him; and all receipts for
moneys received by him are indorsed upon warrants signed by the
Secretary of the Treasury, without which warrant, so signed, no
acknowledgment for money received into the Public Treasury is
valid. He renders his accounts quarterly, or oftener if required,
and at all times submits to the Secretary of the Treasury and the
Comptroller of the Treasury, or either of them, the inspection of the
moneys in his hands.
As a matter of information, it may be said that all public moneys
paid into any subtreasury office, national-bank depositary, or other
depositary, are placed to the credit of the Treasurer of the United
States and held subject to his draft. The public moneys in the hands
of any depositary of public moneys may be transferred to the Treasury
of the United States or may be transferred from one depositary to toy
other depositary, as the safety of the public moneys and the convenience of the public service shall require.
The public moneys in any subtreasury, mint, 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 that the Treasurer of the United States
should have a representative on all such committees.
The system inaugurated February 1, 1913, for clearing warrants
and checks paid under the provisions of Department Circular No. 5,
was continued in operation during the greater part of the fiscal year
1914, but it was finaUy determined that it did not accomplish in a
satisfactory manner the purposes for which it was devisea. Under
thg direction of expert employees of the CivU Service Commission, a
plan was worked out, patterned after the practice of banking institutions handling large numbers of checks daily. This plan was thoroughly tested by practical demonstrations and it was conceded by
those familiar with the work to be well adapted for the purpose of
clearing checks. The new plan was put in practice on May 1, 1914,
and under its operation there has been no delay in clearing and
settling daily the accounts.
MONETARY STOCK.
The monetary stock of the country at the close of the fiscal year
1914 was $3,738,288,871, an increase of $18,218,855 as compared
with that of 12 months earlier. The growth in gold was $19^,894,956,
and in. silver $7,030,906, while national-bank notes decreased
$8,486,007 and Treasury notes $221,000. There was no change in
the volume of United States notes.
308
REPORT ON T H E FINANCES.
The detaUs for the past two years are stated here:
Monetary stock.
IThis statement represents the monetary stock of the United States, as shown by the revised statements
for June 30, 1912 and 1913.1
'
I n Treasury
and mints.
Kinds.
I n circulation.
T o t a l stock.
J U N E 30, 1913.
Gold coin a n d bullion
Silver dollars
S u b s i d i a r y silver
.
. .
$1,262,361,036 /
493,486,07020,737,926
.
$608,400,799
72,127;193
154,458,070
1,776,585,032
834,986,062
9,465,836
3,330
43,405,670
T o t a l metallic
U n i t e d States notes
T r e a s u r v notes of 1890
N a t i o n a l - b a n k notes
337,215,180
2,656,670
715,754,236
$1,870,761,835
565,613,263
175,195,996
2,611,571,094
^
346,681,016
2,660,000
759,157,906
52,872,836
Gold .certificates
Silver certificates
1,055,626,086
1,108,498,922
1,829,457,868
Total notes.
Aggregate metallic a n d notes
^1,890,613,^^148
3,720,070,016
82,949,460 / l , 003,997,709
469,128,592
14,421,408
•
T o t a l certificates
07,370,868
1,473,126,301
3,363,738,449
3,720,070,016
611,544,681
70,300,485
159,965,698
1,890,656,791
565,833,478
182,006,687
1,796,686,092
841,810,864
2,638,496,956
8,835,369
^ 11,237
35,491,862
337,845,647
2,427,763
715,180,037
346,681,016
2,439,000
750,671,899
44,338,468
Aggregate
. . .
J U N E 30, 1914.
Gold coin a n d bullion
Silver dollars
S u b s i d i a r y silver
1,279,112,110
495,532,993
22,040,989
;
T o t a l metallic
U n i t e d States notes
T r e a s u r y notes of 1890
N a t i o n a l - b a n k notes
,
:.
. .
Total n o t e s . .
-^Aggr.egate:,ine"tailic~and-notes
Gold certificates . .
Silver certificates
.
T o t a l certificates
:.
1,055,453,447
1,099,791,915
1,841,024,560
lV897^2'64>31i'-
3,738,288,871
54,825,730.
,12,248,023
1,026,149,139.
478,601,977
67,073,753
1,504,751,116
'3,4027015,427
Aggregate
•
3,738,288,871
RATIO OF GOLD TO THE TOTAL STOCK OF MONEY.
The annual growth in the volume of gold as compared with the
total stock of money since July 1, 1906, may be observed in the table
foUowing:
Ratio of gold to total stock of money from July 1, 1906.
€)
[From the revised statements of the Treasury Department.]
Total stock of
money.
July
July
July
July
July
July
July
July
July
1,1906..
1,1907.
1, 1908..
1,1909.,
1,1910.
1,1911.
1,1912.
1,1913.
1,1914..
Gold.
$3,069, 970,591 $1,475,706,765
1,466,389,101
3,115, 728,887
1,618,133,492
3,378, 764,020
1,642,041,999
3,406, 328,354
1,636,043,478
3,419, 591,483
3,555, 958,977 . 1,753,196,722
3,648. 870,650
1,818,188,417
3,720,070,016
1,870,761,835
3,738, 288,871
1,890,656,791
Per cent.
48.07
47.06
47.89
48.20
47.85
49.30
49.82
50.28
50.57
309
TREASURER.
MONEY IN CIRCULATION.
The growth in the volume of money in circulation during the year
was $38,276,978, and it amounted to $3,402,015,427 on June 30, 1914.
The element of gold coin and gold certificates increased $25,295,312,
silver coin and silver certificates took on an increment of $13,154,305,
and the United States notes and Treasury notes advanced $401,560,
while national-bank notes decreased by $574,199.
The money in circulation attained a maximum at $3,480,074,312
on June 1, 1914, and a per capita of $35.19 notwithstanding the
heavy drain upon the gold caused by exports of that metal during
the month of May. Owing to the disturbed conditions abroad the
export movement was continued during the month of June, resulting
in a very noticeable reduction of the money in circulation by the
close of the fiscal year 1914.
The kinds of money in circulation, the circulation per capita, and
the percentage of gold coin and certificates to the total circulation
may be studied from the subjoined table:
Money in circulation at the end of each fiscal year from 1906.
Money in circulation.
1906
1907..
1908
1909
1910
1911
1912
1913
1914
Gold coin
a n d gold certificates.
United
Statesnotes
Nationala n d T r e a s u r y b a n k notes.
notes.,
Silver coin
a n d silver
certificates.
$1,185,216,924
1,161,769,670
1,396,221,429
1,414,343,147
1,393,632,192
1,519,663,467
1,554,159,771
•1,612,398,508
1,637,693,820
Fiscal years.
$343,277,540 $548,001,238
589,242,125
348,245,590
631,648,680
344,359,852
665,538,806
344;, 321,682
686,659,535
338,450,395
687,701,283
342,226,378
705,142,259
340,612,891
339,871,850 " 715,754,236
340,273,410
715,180,037
$560,150,926 $2,736,646,628
673,699,(770 2,772,956,455
665,785,527 3,038,015,488
682,037,022 3,106,240,657
686,613,483 3,102,355,605
664,411,468 3,214,002,596684,598,172 3,284,513,093
695,713,855 3,363,738,449
708,868,160 3,402,015,427
Total;
Percentage of
Circu- gold coin
lation a n d cerper
tificates
capita. t o total
circulation.
32.32
32.22
34.72
34.93
34.33
34.20
34.34
34.56
34.35
43.30
41 90
45 95
45.53
44 91
47.28
47 31
47.93
48 14
CIRCULATION AND POPULATION.
Statistics relative to the money in circulation and the population,
by years, may be studied in the annexed table:
Increase in population and in circulation per capita.
Fiscal years.
1906
1907
1908
1909
1910
1911
1912
1913
1914
Moneyin
circulation.
$2,736,646,628
2,772,956,455
3,038,015,488
3,106,240,657
3,102,355,605
3,214,002,596
3,284,513,093
3,363,738,449
3,402,015,427
Population.
Circulation
per capita.
84,662,000
86,074,000
87,496,000
88,926,000
90,363,000
93,983,000
95,656,000
97,337,000
99,027,000
32.32
32.22
34.72
34.93
34.33
34.20
34.34
34.56
34. 35
^ Decrease.
P e r c e n t of P e r c e n t of
increase
increase
of popula- of circulation per
tion per
capita per
year.
year.
1.7
1.7
1.6
1.6
1.6
4.0
1.7
1.7
1.7
3.9
1.3
7.8
.6
1 1.7
1.3
.4
.6
1.6
310
REPORT ON THE FINANCES.
CONDITION OF THE UNITED STATES PAPER CURRENCY.
At the close of the fiscal year 1914 the total stock of paper currency in the United States amounted to $2,671,616,784, of which
the Government issued directly $1,920,944,885; and the national
banks $750,671,899. The $5 notes are very popular and the total
amounts of this denomination outstanding June 30, 1914, was
$550,146,802, of which the Government issued $412,951,117, and
the banks $137,195,685. National banks are precluded from issuing
$1 and $2 notes, and the issue of $5 notes is limited to one-third in
amount of the total circulation of the banks. If the option of onethird in $5 bills had been taken by all national banks the normal
supply of such bank bills on June 30, 1914, would have been
$250,223,960 instead of the amount reported, viz, $137,195,685.
National-bank notes are not available for ^^reserves,^^ and for this
reason large amounts of such circulation are returned to the Treasury
by the banks for redemption in order to replenish their ^^reserves.^'
Tne expense of transportation of the unfit notes to the Treasury in
such cases is borne by the bank of issue, while the return of the proceeds is at the expense of the owner of the notes. The owners of
Government paper currency sent to the Treasury for redemption
have to pay the transportation charges both ways, and the payment
of these charges under contract rates gives rise to a burden that does
not bear equally upon the banks and other business interests in the
different sections of the country, as for instance, the contract rates
from Chicago, St. Louis, and Boston to Washington are 20 cents per
$1,000, while such rates from Savannah, Charleston, Richmond, and
other southern cities to Washington are 60 cents per $1,000. It is
apparent that there is necessity for legislation that will equalize the
expense of redemption between the different sections of the country.
This may be accomplished through a more extended use of the registered mail. Banking institutions in all parts of the country are
resorting to this method of transportation with satisfactory results.
There can be no objection to the^same use of the registered mail by
the Government.
Laundering machines for cleaning United States paper currency
received for redemption, and rendering such currency nt for further
circulation are in use in the Treasury at Washington and in the subtreasuries at New York, Boston, Philadelphia, and Chicago. In the
Treasury at Washington all kinds of United States paper currency
are cleaned, while the subtreasury offices confine their efforts to
silver certificates of $5 and under. The washed notes are not equal
to new notes, neither will they give as much service, but it is believed
that the life of usefulness of the laundered notes will be prolonged at
a very small expense.
UNITED STATES NOTES.
The United States notes are the well-known ''greenbacks'^ or
''legal tenders,^' the first issue of which was authorized bythe act of
February 25, 1862. The total amount authorized was $450,000,000,
and the highest amount outstanding at any time was $449,338,902,
on January 30, 1864.
Under the opcT-ations of enactments by Congress authorizing the
canceling and retiring of these notes as they were received in the
311
TREASURER.
Treasury, the amount outstanding had been reduced more than
$100,000,000 when the process was finally stopped b y t h e act of May
31, 1878, which required the notes to be reissued when redeemed.
At that time the amoimt outstanding was $346,681,016, and it has
not been changed since, though $546,466,414 of these notes have been
redeemed in gold under the provisions of the act of January 15, 1875
(resumption act), and paid out again, a proceeding which was properly
designated as " t h e endless chain.'' The act of March 14, 1900,
modified the operations of the resumption act by requiring that the
notes redeemed shall not be paid out again until exchanged for gold,
and under this act $375,174,798 of the notes have been redeemed in
and exchanged for gold, making a total of $921,641,212 in gold that
has been paid in redemption of United States notes since January 1,
1879, and yet in spite of these payments the volume outstanding
remains the same as on May 31, 1878.
The United States notes issued and redeemed during the last fiscal
year were $168,220,000, and t h e transactions resulted in a noticeable
growth in the volume of notes of the denomination of $5 outstanding.
The amounts issued and redeemed, by denominations, during the
fiscal year 1914 are set out in the table following:
Fiscal year, 1914.
Denominations.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars
One thousand dollars
Five thousand dollars
Tp.n thousand dollars..
Total
ITnlmnwn^ dfistroypid .
Net
Outstanding
June 30,1913.
Issued.
$1,826,982
1,371,041
194,807,580 $129,460,000
95,937,496
36,960,000
10,064,892
1,687,225
.200,000
4,207,800
4,035,000
300,000
33,733,000
1,300,000
Redeemed.
Outstanding
June 30,1914.
$3,764
3,816
121,270,850
39,144,240
1,594,080
196,950
432,800
467,500
5,106,000
$1,823,218
1,367,225
202,996,730
93,753,256
8,470,812
1,690,275
3,775,000
3,867,500
29,927,000
10,000
10,000
347,681,016
1,000,000
168,220,000
168,220,000
347,681,016
1,000,000
346,681,016
168,220,000
168,220,000
346,681,016
TREASURY NOTES OF 1890.
The issue of Treasury notes of 1890 for the purchase of silver bullion
began on August 19, 1890, and from that date to November 1, 1893
(the date of the repeal of the purchasing clause of the act), the
Government had purchased 168,674,682.53 fine ounces, at a cost of
$155,931,001, for which Treasury notes had been paid.
Under provisions of existing law these notes have been retired as
they are received into the Treasury, and at the close of the fiscal year
1914 but $2,439,000 remained outstanding, offset by an equal amount
of standard silver dollars held in the trust funds for their redemption
when presented. The amount of each demonination issued, redeemed, and outstanding may be observed in Table No. 21 on page
354 of this report.
GOLD CERTIFICATES.
The gold certificates are issued in denominations of $10 and above
to $10,000, and furnish the larger denominations required in circulation. I n the channels of trade gold coin does not enter largely into
312
REPORT ON T H E FINANCES.
circulation except on the Pacific coast, but the people exercise the
option offered under existing law of depositing the coin in the Treasury and receiving in its stead the gold certificates which in recent
years have become so popular. The volume of gold certificates is
greater than that of any other kind of paper money in circulation.
The amount outstanding attained a maximum at $1,163,728,869 on
May 8, 1914, but owing to heavy withdrawals of gold for export the
amount was reduced to $1,080,974,869 by the close of the fiscal year
on June 30, 1914.
The transactions in gold certificates during the fiscal year 1914 are
set forth, by denominations, in the annexed table:
Denominations.
Fiscal year 1914.
Outstanding
June 30,1913.
Issued.
Ten dollars
Twenty dollars
'..
Fifty dollars
One hundred dollars.,
Five hundred dollars..
One thousand dollars.
Five thousand dollars.
Ten thousand dollars.
Total..
$288,406,110 $135,320,000
277,551,204
77,280,000
58,725, 255
16,800,000
84,149,600
24,600,000
18,299,500
6,700,000
64,945,500
21,500,000
76,730,000
33,500,000
217,920,000
189,820,000
1,086,727,169
Outstanding
June 30,1914.
Redeemed.
505,520,000
$141,170,450
87,537,150
16,866,000
20,789,700
3,662,000
19,377,000
36,770,000
185,100,000
$282, 555,660
267, 294,054
58, 659,255
87, 959,900
21, 337,500
67, 068,500
73, 460,000
222, 640,000
511,272,300
1,080,974,869
SILVER CERTIFICATES.
Silver certificates are issued largely in denominations of $1, $2, and
$5, and are in great demand during the greater part of the year. The
volume of the smaller certificates became somewhat redundant about
January, 1914, and were returned to the department for redemption,
and in order to pay for redemptions in kind it became necessary to
issue certificates of the denominations of $10, $20, and $50, however,
the act of March 4, 1900, limits the total amount of the denominations of $20, $50, and $100 to 10 per cent of the total volume of said
certificates. The resources of the department for the issue of silver
certificates is limited to the free silver dollars in the Treasury. The
total amount of silver certificates outstanding at the close of the
fiscal year 1914 was $490,850,000, an increase of $7,300,000 as compared with that of 1913.
The silver certificates issued and redeemed, by denominations,
during the last fiscal year are stated in the table following:
Fiscal year 1914.
Denominations.
Outstanding
June 30,1913.
Outstanding
June 30, 1914.
Issued.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars.
Five hundred dollars.
One thousand dollars
Total
Redeemed.
$178,855,129
66,159,623
219,065,077
11,805,271
3,804,970
3,394,210
422,720
21,000
22,000
$193,856,000
63,032,000
120,720,000
13,360,000
2,800,000
7,800,000
$193,031,002
65,284,198
130,415,500
4,171,300
607,700
714,900
39,900
500
3,000
$179,680,127
63,907,425
209,369,577
20,993,971
5,997,270
10,479,310
382,820
20,500
19,000
483,550,000
401,568,000
394,268,000
490,850,000
313
TREASURER.
CHANGES IN DENOMINATIONS.
The needs of business make constant demand for small bills as
instruments of local trade. The extension of habitation into remote
districts, multiphcation of lines of traffic, and the development of
industrial activities are some of the requirements that must be provided for by an annual increase of the smaller denominations of paper
money in circulation. The demand for such bills is urgent during the
first half of the fiscal year, b u t from January to^ July these small
denominations are. returned in great numbers to the Treasury for
redemption with requests for larger denominations in return.
The total amount of United States paper currency of each denomination issued, redeemed, and outstanding a t the close of the fiscal
year 1914 is stated in the table following:
Fiscal year 1914.
D enomiuations.
.Outstanding
J u n e 30, 1913.
Outstanding,
J u n e 30,191 i.
Issued.
•
Redeemed.
Total
..
U n k n o w n destroved
Net
$181,048,072
67,765,863
414,504,707
396,936,297
291,800,436
63,820,190
88,927,620
22,355,500
98,799,500
76,730,000
217,930,000
$193,856,000
63,032,000
250,180,000
185,640,000
80,080,000
24,800,000
24,600,000
'
7,000,000
22,800,000
33,500,000
189,820,000
$193,040,778
65,292,992
251,733,590
184,569,810
89,788,430
17,778,700
21,278,000
4,130,000
24,499,000
36,770,000
185,100,000
$181,863,294
65,504,871
412,951,117
398,006,487
• 282,092,006
70,841,490
92,249,620
25,225,500
• 97,100,500
73,460,000
222,650,000
1,920,618,185
1,000,000.
1,075,308,000
1,073,981,300
1,921,944,885
1,000,000
1,919,618,185
One dollar
.<
Two dollars.
. . . .
F i v e doUars
.,
T e n dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
. . . .
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
1,075,308,000
1,073,981,300
1,920,944,885
PIECES OF UNITED STATES PAPER CURRENCY OUTSTANDING.
The number of pieces of United States paper currency outstanding
generally increases monthly for the first six months of the fiscal year,
followed by a reduction in the number of pieces during the last half
of the year. The monthly variations may be studied from the following comparative statement of pieces outstanding, by months, for
the fiscal years 1913 and 1914.
Fiscal year 1913, outstanding. Fiscal year 1914, outstanding.
Months.
July
August...
September
October...
November
December.
January...
February.
March
April
May:
June
Number of
pieces.
331,009,946
336,404,037
343,583,145
342,643,988
346,471,441
351,425,617
347,504,385
343,821,000
347,337,622
349,741,218
353,155,771
354,461,922
Total value.
$1,875, 485,285
1,893,203,285
1,912, 097,185
1,895,800,185
1,908,418,185
1,925, 19,185
1,915,014,185
1,901,945,185
1 " ~ 839,185
185,185
843,185
1,912,618,185
1,920,
i,m,
Number of
pieces.
355,061,301
359,691,761
362,939,304
364,667,367
366,622,666
369,464,657
364,428,530
358,373,439
357,563,636
357,214,092
356,253,034
353,635,035
Total value.
$1,926, 447,185
1,940, 005,185
l,93i: 459,185
1,940, 903,185
1,953,763,985
1,955. 452,985
1,972; 840,985
1,964: 771,985
1,962; 402,985
1,976, 192,885
1,968; 322,885
1,921,944,885
314
REPORT ON T H E FINANCES.
PAPER CURRENCY, BY DENOMINATIONS, OUTSTANDING JUNE 30, 1914.
The amount of each kind of paper currency outstanding, by denominations, may be studied in t h e monthly statement for June, 1914.
Treasury
notes of
1890.
Nationalbank notes.
Gold certificates.
SUver certificates.
Denominations.
U n i t e d States
notes.
O n e dollar
T w o dollars.
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
One hundred dollars..
Five hundred dollars..
One thousand dollars..
Five thousand dollars.
T e n thousand dollars..
Fractional p a r t s . . .
$1,823,218
1,367,225
202,996,730
93,753,256
8,470,812
1,690,275
3,775,000
3,867,500
29,927,000
Total...
Unknown, destroyed..
347,681,016
1,000, COO
2,439,000
752,848,079 1,080,974,869 .490,850,000
1^2,176,180
2,674,792,964
3,176,180
346,681,016
2,439,000
750,671,899 1,080,974,869
2,671,616,784
Net
$359,949
230,221
584,810
703,600
329,870
12,650
131,900
86,000
10,665
$342,763
$179,680,127
163,786
63,907,425
137,195,685•
209,369,577
331,746,930 $282,555,660
20,993,971
231,079,920
267,294,054
5,997,270
20,651,300
58,659,255
10,479,310
87,959,900
31,504,150
382,820
21,337,500
88,500
20,500
67,068,500
22,000
19,000
73,460,000
222,640,000
53,045
-
490,850,000
Total. ^
$182,206,057
65,668,657
550,146,802
729,753,417
513,171,926
91,492,790
123,753,770
25,314,000
97,122,500
73,460,000
222,650,000
53,045
1 Redeemed but not assorted by denominations.
RATIO
OF
SMALL
DENOMINATIONS
TO
ALL
PAPER
CURRENCY.
The ratio of denominations of $10 and less to the total paper currency, by fiscal years since 1906, is recorded in the statement
following:
Denominations of $10 and less.
Dates.
July 1,1906,
July 1,1907,
J u l y l , 1908
J u l y l , 1909
J u l y l , 1910
July 1,1911
July 1,1912
J u l y l , 1913
July 1,1914
Total paper
currency.
$1,953, 712,245
2, 111,659,575
2,345, 130,802
2,375, 261,959
2,419, 600,310
2,538, 656,263
2,619, 224,099
2\ 681, 085,911
- 2,674,792,964
One
doUar.
Two
dollars.
Five
doUars.
Ten
dollars.
Total.
Per cent. Per cent. Per cent.' Per cent. Per ct.
2.51.
5.31
19.67
27.43
64.93
2.69
5.24
19.48
25.84
53.26
2.46
4.92
20.79
26; 00
54.19
2.44
5.33
19.84
25.77
53.40
2.54
5.93
20.62
26.53
55.62
2.45
6.02
20.39
26.28
65.16
2.46
6.25
20.55
26.33
65.65
2.53
6.76
20.82
27.15
57.28
2.45
6.81
20.56
27.28
57.11
COST OF PAPER CURRENCY.
Inquiries often reach the department relating to the production and
cost of the paper currency.
As a matter of information it may be stated that the paper used is
made by a secret process under Treasury supervision b y annual
contract under competitive bids. The Bureau of Engraving and
Printing, a branch of the department, designs, under the direction
of the Secretary, engraves, and prints the notes and certificates complete. This currency is delivered to the Treasurer in packages of
4,000 notes, the product of 1,000 sheets of paper. Such a package is
taken as the unit from which to reckon the cost.
315
TREASURER.
With the allowance for every item of expense attending the making,
the issue, and the redemption of this paper currency, it appears that
the average cost is as follows:
Total average expense of 4,000 notes issued
Total average expense of 4,000 notes redeemed
$52.50
8.54
Aggregate average expense of issue and redemption
61.04
I t appears from the foregoing that the average cost for each note is
about 1.526 cents. Calculations based upon these average expenses
of issue and redemption.indicate results that will be very close to the
actual cost of maintenance of the paper currency, and such cost for
the fiscal years 1913 and 1914 may be studied from the detaUs set
forth in the subjoined statement:
Total expenses of issue and redemption.
Number of
pieces.
Fiscal years.
1913.
Issued
Redeemed
.
...
Cdst per 1,000
pieces.
318,264,407
291,131,640
$13.125
2.135
Total cost.
$4,177,220.34
621,566.05
Total
Issued
Redeemed
4,798,786.39
1914.
. .
298,780,482
299,607,371
' . .
Total
13.125
2.135
3,921,493.82
639,661.73
4,561,155.55
:
United States paper currency .outstanding and cost of maintenance.
Cost of maintenance.
Fiscal years.
Amount outstanding.
Amount.
Per cent.
•
1913
1914
. $1,919,618,185
1,920,944,885
$4,798,786.39
4,561,155.55
0.249
.237
I n this connection attention is invited to the saving of abrasion on
the gold.and silver coins held in the Treasury against outstanding certificates and notes, which to.all intents and purposes is an offsetting
item against the cost of the paper currency issued directly by the
Government, though not so treated in the foregoing calculations.
AVERAGE LIFE OF PAPER CURRENCY.
The average lifetime of the pieces of paper money outstanding is
undoubtedly shortened by the increasing activities of such currency
in the channels of trade. This is particularly noticeable in the. current issue of the smaller denominations, $5 and under.
316
REPORT ON THE FINANCES.
The average lifetime of each note, in years by kinds, may be
observed in the annexed statement:
United
States
notes.
Denominations.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars
Five thousand dollars
Ten thousand dollars
Gold
Treasury - certifinotes.
cates.
1
. .
...
All denominations
3.13
3.23
2.79
3.60
5.96
6.15
6.14
3.81
4.22
.32
.16
1.75
1.88
2.96
3.73
4.01
3.73
3.62
3.25
...
2.21
1.73
3.15
3.46
3.57
3.46
3.30
1.92
1.59
1.91
2.36
Silver
certificates.
National-,
bank
notes.
1.05
1.22
1.87
3.35
3.98
2.97
2.78
1.88
1.41
4.44
4 52
2.71
2 53
2.92
3 89
3.83
5 10
3.32
1.28
2.76
PAPER CURRENCY PREPARED FOR ISSUE AND AMOUNT ISSUED.
The pieces of United States paper currency outstanding numbered 353,635,035 oh June 30,1914, of the total value of $1,921,944,885.
I t is incumbent upon the Treasury to maintain this great number of
pieces and to provide for the annual growth of the smaller bUls so.
much in demand. The reserve vault should be well stocked with
currency of the kinds and denominations authorized by law, in order
that it may be thoroughly seasoned before it is put in circulation.
I t is believed that with the improved facilities now in operation the.
output in future will be ample ior this purpose.
The number of pieces and amount of paper currency prepared for
issue and the amount issued since 1906 may be studied in the table
following:
Paper currency issued.
Prepared for issue.
Fiscal years.
1906
1907
1908
1909
1910
1911
1912
1913
1914
. .
. .
:
Number of
notes and
certificates.
..
Total value.
157,425,000 • $602,172,000
178,180,000 , 679,480,000
858^944,000
197,012,000
63^,320,000
206,898,000
809,579,600
235 210,400
957,744,000
268,450,000
990,096,000
301,302,000
903,716,000307,188,000
294,418,000 1,179,280,000
Average
value.
$3,825
3.813
4.359
3.080
3.441
3.567
3.286
2.941
4.005
Number of
notes and
certificates.
Total value.
172,930,548
173,093,911
188,999,912
202,746,192
240,990,922
267,207,9£
290,809,347
318,264,407
298,780,482
$629,826,000
698,273,000
804,326,000
764,510,000
767,115,600
913,540,000
916,852,000
1,035,462,000
1,075,308,000
"
^
Average
value.
$3.642
4.034
4.255
3.770
3.183
3.418
3.152
3.253
3.598'
•
I t will be observed from the foregoing that the pieces issued
during the year numbered 298,780,482, of the total value of
$1,075,308,000. The excess of pieces issued oyer those prepared
for issue during 1914 were drawn from the stock in the reserve vault
and consisted principally of the smaller denominations. The number of pieces and amount issued monthly for the fiscal years 1913
and 1914 are set out in the statement following.
TREASURER.
317,
United States paper currency issued during 'thefiscal years 1913 and 1914.
o
Months.
Fiscal year 1913.
N u m b e r of
notes a n d
certificates.
July
August
September.. .
October
November
December
January
February
March
April
May
June
Total value.
. Fiscal year 1914.
Average
value of
notes a n d
certificates.
N u m b e r of
notes a n d
certificates.
$74,774,000
85,066,000
81,360,000
92,080,000
79,430,000
96,652,000
94,870,000
74,022,000
80,878,000
87,958,000
96,772,000
91,600,000
$3,051
3.271
3.027
3.139
3.270
3.469
3.370
3.144
3.020
3.357
3.484
3.394
25,242,764
24,879,249
26,158,554
24,184,526
22,851,588
30,207,031
27,359,310
19,375,604
25,803,858
23,896,521
24,956,683
23,864,794
318,264,407
1,035,462,000
3.253
9.4
12.9
24,502,669
26,002,122
26,877,306'
29,328,778
24,284,613
27,854,516
28,144,055
23,538,549
26,781,873
26,197,840
27,768,548
26,983,538.
Total
P e r cent of increase
over preceding y e a r .
Total value.
Average
value of
notes a n d
certificates.
$86,198,000
81,914,000
94,520,000
86,022,000
79,976,000
90,516,000
130,912,000
69,126,000
80,280,000
92,766,000
93,608,000
89,470,000
$3,414
3.292
3.613
3.556
3.499
2.996
4.784
3.567
3.111
3.088
3.750
3.748
298,780,482
1,075,308,000
3.5C8
16.1
3.8
-
1 Decrease.
SUPPLY OF UNITED STATES PAPER CURRENCY HELD IN
RESERVE.
The pieces of United States paper currency held in the reserve
vault at the close of the fiscal year 1914 numbered 19,549,048, a net
decrease of 4,362,482 pieces as compared with like holdings of 12
months earlier. The outptit of the denominations of $1, $2, and $100
was not equal to the demand, hence recourse to the reserve was
necessary to supply such denominations required in circulation.
A comparison by number of pieces of each denomination and total
value of the United States paper currency held in the reserve vault
at the close of the fiscal years 1913 and 1914 may be observed in the
following statement:
Held June 30,1913.
Denominations.
OnedoUar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars..
Five hundred dollars,.
One thousand dollars.
Five thousand dollars.
Ten thousand dollars..
Order gold certificates.
Number of Total value. Number of Total value.
pieces.
pieces.
7,492,000
3,076,000
5,060,000
5,492,000
2,284,000
352,000
94,000
27,500
21,300
4,000
4,000
4,730
REDEMPTIONS
$7,492,000
6,152,000
25,300,000
54,920,000
45,680,000
17,600,000
9,400,000
13,750,000
21,300,000
20,000,000
40,000,000
47,300,000
23,911,530
Total
Held June 30,1914.
308,894,000
OF PAPER
3,104,000 $3,104,000
3,032,000
1,516,000
25,300,000
5,060,000
64,880,000
6,488,000
2,776,000 55,520,000
460,000 23,000,000
4,800,000
48,000
. 53,500 26,750,000
22,500,000
22,500
5,300 26,500,000
5,200 52,000,000
10,548 105,480,000
19,549,048
412,866,000
CURRENCY.
The redemption of currency during the fiscal year were about equal
to the issues. There were 299,607,371 pieces of United States paper
currency redeemed, an increase of 8,475,731 pieces, or 2.91 per cent.
318
REPORT ON THE FINANCES.
over those of the preceding 12 months. The pieces redeemed were
826,889 greater than those issued, while the amount was $1,326,700
less than the amount issued during the year.
o
The transactions, by months, for the fiscal years 1913 and 1914 are
recorded in the annexed table:
United States paper currency redeemed during thefiscal years 1913 and 1914.
Fiscal y e a r 1914.
Fiscal y e a r 1913.
Months.
July
August, . r
September
October
November
December .
January.'.
February
March
April. .
May
June
N u m b e r of
jnotes a n d
certificates.
i
•
TotalP e r cent of increase over
preceding v e a r
Total value.
Average
v a l u e of
notes and
certificates.
3.199
3.824.
3.177
3.700
3.264
24,643,388
20,248,789
22,911,006
. 22,456,468
20,896,282
27,365,046
32,395,437
25,430,696
26,613,661
24,246,064
25,917,690
26,482,844
$80,369,000
68,356,000
103,066,000
76,578,000
67,115,200
88,827,000
113,524,000
77,195,000
82,649,000
78,976,100
101,478,000
135,848,000
$3,261
- 3.375
4.498
3.410
3.211
3.246
3.504
3.035
3.105
3.257
3.915
5.129
3.o90
299,607,371
1,073,981,300
3.594
Average
v a l u e of
T o t a l v a l u e . notes a n d
certificates.
20,821,974
20,607,940
19,698,199
30,267,934
20,/t57,160
22,900,337
32,065,288'
27,221,933
23,265,250
23,794,245
24,353,996
25,677,384
$71,505,100
67,348,000
62,466,100
108,377,000
66,812,000
79,1:71,000
105,555,000
87,091,000
88,984,000
75,612,000
90,114,000
83,825,000
291,131,640
987,060,200
6.47
N u m b e r of
notes a n d
certificates.
15.58
$3,434
3.268
3,171
3.580
3.265
3.465
•
;L291
2.91
•
8.8
STANDARD SILVER DOLLARS.
At the close of the fiscal year 1914 the stock of standard silver
doUars was $565,833,478, of which $70,300,485 were ia circulation and
$495,532,993 were held in the Treasury, against which silver certificates to the amount of $490,850,000 were outstanding. The sUver
dollars are shipped to depositors therefor at the expense of the consignee for transportation charges when there is demand for same.
Such shipments average about $12,800,000 annually; however, the
silver doUars soon find their way back into the Treasury. The
amount in circulation at the close of the last fiscal year was less by
$1,826,708 than at the close of 1913.
SUBSIDIARY SILVER COIN.
The amount of subsidiary sUver coin in circulation at the close of
the last fiscal year was $159,965,698, and there were held as assets
in the.Treasury $22,040,989, the total stock bemg $182,006,687, an
increase of $6,810,691 as compared with that of 12 months earlier.
The amount of these coins shipped to depositors therefor average
about $22,000,000 annually, and such shipments are made at the
expense of the consignee for transportation charges.
The subsidiary silver coins are redeemable in lawful money of the
United States by the Treasurer or any Assistant Treasurer, and such
coins are paid over the counter of Treasury offices in exchange for
other kinds of money.
The growth in the general stock of subsidiary silver coins has averaged about $5,700,000 for each fiscal year since 1908.
319
TREASURER.
MINOR COIN.
The minor coins are in great demand, and though they form no
part of the stated stock of money in the United States, yet they are
an essential element of circulation in the channels of trade. They
are redeemable in the lawful money of the United States when
presented in sums or multiples of $20 to the Treasurer or any Assistant Treasurer.
The net addition made to the outstanding minor coin during the last
fiscal year was $1,137,674.71 in bronze cents, and $1,447,848.85 in
nickel 5-cent pieces, making a total of $2,585,523.56, while the older
coins decreased $934.97.
The amount of each denomination of minor coin outstanding at
the close of the fiscal years 1913 and 1914 is set out in the following
statement:
Fiscal year 1914.
Denominations.
Outstanding
Juhe 30,1913.
Outstanding
June 30,1914.
Coined.
Copper cents
Copper half cents,...
Copper nickel cents.
Bronze 1-cent pieces
Bronze 2-cent pieces
Nickel 3-cent pieces.
Nickel 5-cent pieces.
Total
$1,182, oao. 22
39,926.11
1,203,543.56
21,163,786.41
571,626.68
657,501.53
34,475,189.60
59,293,574.11
Remeited.
$115.73 $1,181,884.49
39,926.11
303.90 1,203,239.66
$1,160', 628.99 22,9(54.28 22,301,461.12
213.66
571,413.02
301.68
657,199.85
2,020,727.80 572,878.95 35,923,038.45
3,181,356.79
596,768.20
61,878,162.70
Minor coins are shipped to depositors therefor at the expense of the
consignee for transportation charges, and they are paid over the
counter a t Treasury offices in exchange for other kinds of money.
T l i A N S F E R S OF F U N D S FOR D E P O S I T S MADE IN N E W
YORK.
For many years past the cooperation of the Treasury has been
requested by banking institutions in the transf^ of large sums of
money between subtreasury cities, through the medium of the general account, to facihtate the supply of currency to be used in the
movement of crops or to meet other demands of business. When
such transfers can be made without detriment to the pubhc interest,
the requests are granted.
The following table gives the deposits in New York in calendar
years and the resultant payments in the several cities from 1909 to
June 30, 1914:
Transactions.
190&—Receipts
Paid by the Treasurer and assistant
treasurers of the United States:
Washington
Chicago
• Cincinnati
New Orleans
SanFrancisco....
. . . ..1
Total
Gold coin and
certificates.
$19,172,000.00
600,000.00
200,000.00
615,000.00
16,900,000.00
18,315,000.00
United States Silver dollars
notes.
and certificates.
$5,000.00
Total.
$19,177,000.00
450,000.00
$100,000.00
55,000.00
257,000.00
505,000.00
357,000.00
550,000.00
600,000.00
200,000.00
927,000.00
16,900,000.00
19,177,000.00
320
EEPOET ON THE FINANCES.
Gold coin and
certificates.
Transactions.
UnitedStates Silver dollars
notes.
and certificates.
$11,815,000.00
1910—Receipts
Paid by the Treasurer and assistant
treasurers of the United States:
Washington..
.
.
New Orleans
San Francisco
Total.
$11,815,000.00
400,000.00
3,146,000.00
7,360,000.00
$780,000.00
$129,000.00
780,000.00
129,000.00
400,000.00
4,055,000.00
7,360,000.00
Total....
10,906,000.00
loii—Receints
23,350,000.00
'23,350,000.00
Paid by the Treasurer and assistant
treasurers of the United States:
Washington
Chicago
. .
Cincinnati
New Orleans
Philadelphia
San Francisco
400,000.00
10,000,000.00
100,000.00
200,000.00
900,000. 00
11,750,000.00
400,000.00
10,000,000.00
100,000.00
200,000.00
900,000.00
11,750,000.00
Total
23,350,000.00
11,815,000.00
23,350,000.00
•
1912—Receipts
25,117,805.29
25,117,805.29
Paid by the Treasurer and assistant
treasurers of the United States:
Washington
New Orleans
Philadelphia
St. Louis
San Francisco
400,000.00
4,220,000.00
2,900,000.00
250,000.00
17,347,805.29
400,000.00
4.220,000.00.
2,900,000.00
250,000.00
17,347,805.29
Total
25,117,805. 29
25,117,805.29
1913—Receipts
13,818,958.33
13,818,958.33
Paid by the Treasurer and assistant
treasurers of the United States:
Washington
Chicago
Cincinnati
New Orleans
San Francisco
105,000.00
100,000.00
1,700,000.00
1,075,000.00
10,838,958.33
105,000.00
100,000.00
1,700,000.00
1,075,000.00
10,838,958.33
Total........
•
13,818,958.33.
,
Paid by the assistant treasurers of the
United States:
San Francisco
13,818,958.33
1,300,000.00
3,550,000.00
2,265,000.00
1914—Receipts—
In April
In May.
In June
Total
•
1,300,000.00
3,550,000.00
2,265,000.00
7,115,000.00
7,115,000.00
'* •
7,115,000.00
7,115,000.00
USE OF ORDER GOLD CERTIFICATES FOR EXCHANGE ON NEW YORK.
Previous to February 1, 1910, the banks in San Francisco, under
provisions of existing law, exchanged gold coin at the Subtreasury
or demand gold certificates of large denominations, which they sent
by registered mail to their correspondents in New York, thus effecting a transfer of funds at small cost to the banks. The demand gold
certificates were shipped from Washington to San Francisco by
express at the rate of $1.75 per $1,000, while order gold certificates
(incomplete) were sent by express in packages of $5,000,000 at a
total cost of only $15.
In order to eliminate the expense of transporting demand certificates to San Francisco, and at the same time to grant, to the banks
f
321
TREASURER.
in that city their rights under the law to deposit gold coin in exchange
for gold certificates, it was deemed advisable to issue to said banks
order gold certificates, series of 1900, and to make them payable by
the assistant treasurer of the United States, New York. Under this
lan an actual saving of expense was effected, even if it should later
ecome necessary to transport the gold coin so deposited to New
York, because the transportation charge on gold coin from San
Francisco to New York is less than the charge on demand gold certificates from Washington to San Francisco. However, there is
usuaUj^ a '^return movement^^ at certain seasons of the year, during
which it becomes desirable on the part of banks to_make deposits of
funds in New York, and to have payments made therefor in gold
coin at the Subtreasury in San Francisco.
The transactions, semiannually, since February, 1910, are recorded
in the statement following:
E
Period.
1910—February to June, inclusive..
July to December^ inclusive.
1911—January to June, inclusive...
July to December, inclusive.
1912—January to June, inclusive...
July to December, inclusive.
1913—January to Jime, inclusive...
July to December, inclusive..
1914—January to June, inclusive...
Order gold
Deposits In
certificates
New York for
issued in .
which paySan Francisco
ments were
and redeemed
made in
in New York. San Francisco.
$3,750,000
600,000
5,100,000
23,150,000
Aggregate..
3,000,000
5,200,000
2,900,000
1,400,000
1,200,000
$2,650,000
4,260,000
3,500,000
8,250,000
10,418,566
6,929,239
1,988,958
8,850,000
7,115,000
53,961,763
It wiU be observed that the deposits made in New York on account
of the return movement are $30,811,763 in excess of the payments
made for gold certificates issued at San Francisco. Tbis method
of using the order certificates is in the interest of good administration, and has made it possible to discontinue the shipments of demand
gold certificates from Washington to San Francisco, with a resultant
saving of transportation charges.
DEPOSITS OF GOLD BULLION AT MINTS AND ASSAY OFFICES IN THE
FISCAL YEARS 1913 AND 1914.
Thei facihties provided by the Treasury for marketing the new
product of gold buUion attracts to the' mints and assay^ offices the
greater part of the output of our mines. Under the provisions of an
act of Congress approved March 2,1911, the product oi our gold mines
and all imports of gold may be deposited in the mints and assay
offices, for which the fiill value thereof will be paid, either in coin or
by check on the Treasurer of the United States, and against the gold
so deposited and paid for, the Secretary of the Treasury may, in his
discretion, issue gold certificates.
64402°—FI 1914
21
322
REPORT ON THE FINANCES.
The new product of the mines or original deposits of gold buUion
at the mints and assay offices during the fiscal years 1913 and 1914
may be studied in the annexed statements:
Office.
1913
$1,493,553.40
54,101,615.95
21,075,876.26
65,612,158.65
897,328.15
724,853.37
1,495,788.35
1,008,940.29
29,244.45
7,290,951.52
4,951,640.57
595,520.36
i
•
$1,548,892.20
46,588,789.25
20,994,150.26
58,716,110.04
717,585.34
321,300.56
708,279.82
1,072,499.13
159,277,471.32
Philadelphia
San Francisco
Denver
New York
New Orleans
Carson
Helena . .
.
Boise
Charlotte (discontinued June 30,1913)
Deadwood
....
.......
Seattle
Salt Lake City
Total
1914
141,572,257.03
2,678,993.89
8,114,050.54
111,606.00
SHIPMENTS OF. CURRENCY FROM WASHINGTON.
The currency distributed from the Treasury in Washington to the
subtreasuries and to banks during the fiscal year 1914 amounted to
$935,952,146, agaiast $882,677,335 duriag the preceding 12 months.
The transactions duriag the past two years are compared in the
statement following:
Fiscal ^j^ear 1913.
N u m b e r of
paickages.
Total b y express
T o t a l b y registered m a i l . .
Aggregate.
N u m b e r of
packages.
Amount.
106,073
18,971
$878,703,859
3,973,476
103,485
18,869
$932,627,504
3,324,642
125,044
..
.'
Amoimt.
Fiscal year 1914.
882,677,335
122,354
935 952,146
RECOINAGE IN THE FISCAL YEAR 1914.
The worn gold, silver, and minor coias withdrawn from Treasury
offices and transferred to the mint for recoiaage duriag the fiscal
years 1913 and 1914 are set forth in detaU ia the subjoiaed table:
Fiscal year 1913.
Fiscal year 1914.
Denominations,
Face value.
Dbtible-eagles
Eagles
Half-eagles
Quarter-eagles
Three-dollar pieces
bne-doilar pieces
Total gold
Half-dollars
Quarter-dollars
Twenty-cent pieces
Dimes
Half-dimes
Three-cent pieces
Total silver
Minor coins
Aggregate
.
Loss.
$169,840.00
246,250.00
491,300.00
5,350. 00
15.00
44.00
912,799.00
Face value.
Loss.
$765,600.00
1,269,420.00
1,784,650.00
13,285.00
33.00
57.00
$8,470.62
113,595.00
147,146. 25
10.20
145,878. 70
400.30
44.55
3,833,045.00
$7,789.30
255,433.00
312,988.00
193. 00
303,197.40
727.20
136.05
407,075. 00
26,247.01
872,674. 65
134,284.00
6,941.41
596,657.50
7,413.54
1,454,158.00
41,659.04
5,302,377.15
75,071.78
59,868.94
TREASURER.
323
REDEMPTION OF NATIONAL-BANK NOTES.
During the fiscal year 1914 national-bank notes amounting to
3,756,602 were presented for redemption. This sum was 93.54
per cent of the average circulation outstanding, and was $30,867,602
more than was received during the previous year and was also the
largest amount presented during a year since the organization of the
national-bank redemption agency in 1874.
Of -the amount presented, 46.20 per cent came from banks located
in New York City. The number of packages received was 45,515,
and the number of notes 72,067,473. The average value of these
notes was $9.73, while that of the outstanding circmation was $10.18.
Of the average amount of $5 notes outstanding, 102.80 per cent
was redeemed; of the $10 notes, 97.42 per cent; of the $20 nbtes,
85.63 per cent; ofthe $50 notes, 76.58 per cent; and of the $100 notes,
60.16 per cent. The receipts for the first half of the fiscal year, July
to December, 1913, were 44.82 per cent of the total, those for the last
half, January to June, 1914, 55.18 per cent. The largest,amount presented during a month was $90,575,523, ia January; the smallest
$47,588,199, in November.
Payment was made for notes redeemed as follows: By Treasurer's
checks,.$307,672,643; by remittances of new United States currency,
$286,102,627, and gold, silver, and minor coin, $111,160; and by
credit of $110,739,394 in various accounts.
Notes assorted and dehvered amounted to $715,530,815, of which
sum $226,402,100, or 31.64 per cent, was fit for use and was returned
to banks of issue in 147,186 packages. The remainder, $489,128,715,
or 68.36 per cent, was unfit for use and was dehvered to the ComptroUer o f t h e Currency, $462,276,515'in 231,619 packages for destruction and reissue in new notes to banks, and $26,852,200 in 14,341
packages, for destruction and retirement from circulation.
Owing to heavy redemptions, the 5 per cent fund was overdrawn
during the whole year and payment for notes received, which is
always made on the day the contents of the remittances are verified,
was advanced by the Treasury out of the general fund. The largest
advance at one time was $33,235,135.29, on February 4, 1914. An
amendment to the department regulations was issued on May 9,
1914, requiring express charges to be deducted at contract rates from
the proceeds of remittances of national-bank notes sent in for redemption, which are fit for use. This caused a decrease in the amount of
notes forwarded to the Treasury and consequently the overdraft,
which was not entirely ehminated until August 10, was reduced from
$14,720,884.40 to $3,814,969.99 between May 9 and June 30.
The expenses of redemption, amounting to $529,013.36, as shown
in Table No. 60 in the appendix, have been assessed upon the banks
in proportion to the amount of their notes redeemed at the rate of
$0.74312036 per $1,000.
SPURIOUS ISSUES DETECTED IN 1914.
The Treasury offices receive vast sums of money of the various kinds
in circulation during each year and such receipts are subjected to a
close inspection. During the last fiscal year the experts rejected only
$9,347.72 in counterfeit coins and paper currency.
324
REPORT ON T H E FINANCES.
SPECIAL TRUST FUNDS.
There are several special trusts, consisting of bonds and other obhgations, of which the Treasurer of the United States is custodian
under provisions of law or by direction of the Secretary of the
Treasury.
The Idnds of bonds or obhgations held on each account and transactions therein during the fiscal year 1914 are set out in the statement following:
Fiscal year 1914.
Held June
30,1913.
Account and kinds.
Deposited.
State bonds-belonging to the United States:
$37,000.00
Louisiana State bonds
North Carolina State bonds
58,000.00Tennessee State bonds
.'
.335,666.661.
United States bonds held under special provisions
of law: Manhattan Savings Institution
75,000.00
Held for the Secretary of War: Captui-ed bonds of
the State of Louisiana
545,480.00
Held for the Secretary of the Treasury: Panama
R.R.notes . . . .
• 3,247,332.11
Held for the District of Columbia:
Bends for account of District conti-actors
156,360.00 $66,680.00
Chesapeake & Ohio Canal bonds
84,285.00
Board!^of audit certificates
'..
20,134.72
Held for the board of trustees. Postal Savings System: Postal savings bonds
117,460.00 331,900.00
Total
".
4,676,718.49§
398,580.00
Withdrawn.
Held June
30,1914.
$37,000.00
58,000.00
335,666.661
75,000.00
545,480.00
3,247,332.11
$53,710.00
169,330.00
84,285.00
20,134.72
53,710.00
5,021,588.491
449,360.00
The General Assembly of the State of Louisiana in July, 1912,
passed a joint resolution proposing an amendment to the constitution
of the State, authoriziag the board of liquidation of the State debt to
create a slaking fund and to provide for the payment in fuU out of
the first surplus accruing ia the sinking fund the amount of principal
and interest due on the bonds of the State, the face value of which
aggregates $37,000, and which are held by the United States as trustee for certain Indian funds. This proposition was submitted to the
qualified electors of the State and was ratified by them at the general
election on November 5, 1912.
The State of North Carolina has authorized and appointed commissioners to take under consideration a plan for settlmg the indebt-.
edness of that State to the United States, but Congress postponed
action on a measure providing for representatives on the part of the
Government.
Commissioners representing the Government and the State of Tennessee, under provisions of law, have now under consideration a plan
for settling with that State. I t is apparant that some progress has
been made toward a settlement with the three States named in the
foregoing for the impaid matured bonds of those States belonging to
the United States.
The bonds held for the Manhattan Savings Institution are in trust
for that institution as indemnity for certain stolen bonds, as provided
by act of December 19, 1878 (20 Stat., 589), and wfll be held for such
TREASURER.
325
time as, ia the judgment of the Secretary of the Treasury", wfll secure
the Treasurer of the United States against loss.
Recommendation has been made to Congress for authority to
return to the State of Louisiana the bonds of that State captured at
Shreveport by the Union forces during the War of the Rebellion,
now held as a special deposit by the Secretary of War.
The special trust held for the Secretary of the Treasury is composed of notes of the Panama Railroad Co. drawing 4 per cent interest
payable to the United States, and is security for money advanced for
the equipment and construction of said railroad.
The special trust held for the District of Columbia represents, first,
the moneys retained from contractors under provisions of law and
invested at the request and risk of said contractors, and second,
obligations that belong to the District of Columbia.
The special trust held for the board of trustees, Postal Saviags
System, consists whoUy of postal savings bonds, representiag investments made by said board, as described on page 17 of this report.
DISTRICT OF COLUMBIA.
The transactions of the Treasurer of the United States, ex officio,
commissioner of the sinking fund of the District of Columbia, and
which pertain to the affairs of the District, are fully set forth in a
separate report.
During the fiscal year 1914 the funded debt retired amounted to
$671,700, resulting in the reduction of the annual interest charges
by $26,312.84.
On July 1, 1878, when the Treasurer was charged with the duties
of the late commissioners of the sinkiag fund of the District of Columbia, the bonded debt was $22,106,650; since t h a t date 3.65 per cent
bonds have been issued, amounting to $1,254,050, makiag a total
debt of $23,360,700. This sum has been decreased by the operations of the sinkiag fund and otherwise $16,421,550, leaving outstanding June 30, 1914, $6,939,150 of bonds beariag 3.65 per cent
interest.
The annual interest charges on July 1, 1878, amounted to
$1,015,759.12 and on July 1, 1914, $253,369.31, showing a reduction
of $762,389.81.
The 10 per cent retention from District of Columbia contractors
settled during the year totaled $82,990.14, while the receipts from
the same source amounted to $71,778.67.
^
The balance held under this account on June 30, 1914, was
$241,596.71 and consists of United States and District of Columbia
bonds, purchased for, and by request of the contractors, $170,330^
at a cost of $176,673.20 and $64,923.51 cash.
The old securities of the District in the care and custody of the
Treasurer are:
Chesapeake & Ohio Canal bonds
Board of audit certificates
Total.
:
$84, 285. 00
20,134.72
104,419. 72
1 Of which $1,000 was received and sent to the office of the Secretary for transfer, but was not placed
in the custody of the Treasurer until July 1,1914.
326
REPORT ON THE FINANCES.
LEGISLATION RECOMMENDED.
I t is suggested t h a t recommendation to Congress be made in such
form as may be deemed advisable for legislation that wfll authorize
favorable action on the following subjects:
1. Gold certificates for $5.—There is necessity for increasing the
resources of the Treasury for the issue of small denominations of currency. I t is believed that the issue of gold certificates for $5 instead
of restricting, the issue as now to $10 and above wfll enable the department to respond to the demands for small denominations.
2. Increase of tlie 6 per cent hanJc-note redemption fund.-—^Experience
shows that the 5 per cent redemption fund is not adequate for the
purposes intended. For the greater part of the last fiscal year the
Treasury had to advance money for the redemption of bank notes
on the security of the notes themselves. As the notes are not obhgations of the Treasury, the banks should be required to deposit a
greater amount to provide for current redemptions.
S. Restriction on amount of $5 hanlc notes.—It appears t h a t national
banks located in commercial centers are not disposed to issue the full
amount of $5 notes authorized by law, while the banks located in the
interior or outlying sections of the country would largely increase the
amount of their $5 notes but for the limitation by statute. Therefore
it is believed that the repeal or modification of the provision limiting
the $5 notes to one-third in amount of the circulating notes of national
banks would be the means of increasing the amount of such notes in
circulation, and would accordingly reduce the demand upon the
Treasury for United States paper currency of small denonainations.
4. Removing limit on weigTit of registered package.—It is believed that
the removal of the limit on the weight of a package which may be sent
through the registered mail of the United States would facilitate a
greater use of this method of transportation; and if followed by an
enactment that will authorize the transportation of paper currency
to and from the Treasury or between Treasury offices by registered
mail insured, it would be in the interest of economical administration.
The duties which the immense transactions of the Government
impose on the Treasurer's office are many and involve great responsibility. Anxieties surround the proper conduct of such an office,
but the tasks and burdens have been smoothed and lightened by the
fidelity, the diligence, and ability exhibited in the hearty coopera(tion of every person in the office, and it is a pleasure to record this
acknowledgment due to each of them.
Respectfully,
JOHN BURKE,
Treasurer.
Hon.
WILLIAM G . MCADOO,
Secretary of tlie Treasury.
APPENDIX TO REPORT OF THE TREASURER.
No. 1.—Receipts and disbursements for thefiscal year 1914, as shown by warrants issued.
Receipts.
Account.
Customs
Internal revenue
Lands
Miscellaneous
District of Columbia
Miscellaneous series
Interior:
Civil
Pensions.'.'
Treasury
.Post Office Department proper
Postal deficiencies
War, civil
Navy, civil
War
Navy
Indians
Interest on public debt
8292,320,014.51
380,041,007.30
2,571,774.77
50,855,941.14
8,752,937.11
Disbursements.
Repayments Counter credits
from unexpended appro- to appropriations.
priations.
Aggregate
S539,776.65
1,963,739.25
S447,163.72
971,151.40
22,656,130.62
173,440,231.12
60,139,856.78
2,236,202.24
1,146,224.52
670.8S
76,395.18
312.80
2,237,069.37
860,873.02
173,522,804.20
139,682,186.28
20,215,075.96
22,863,956.70'
2,619,492.83
2,953,948.27
4,772,428.60
15,448.05
81.56
9,809.97
10,816.84
8,186,747.30
1,786,416.05
1,247,234.23
5,163.70
1,838.07
8,874.52
5,696,041.72
114,032,473.74
75,519.03
96.25
700,254,489.71
24,111,103.30
122,456,761.80
1,075,088,000.00
19,902,282.50
34,826,941.76
1,074,090,427.00
26,852,200.00
878,724.91
5,848,145.63
1,832,650,897.33
Total.
Postal savings bonds
Panama Canal
Public debt
Redemption national-barLk notes
$12,756,571.18
69,643,132.24
1,836,024,058.47
24,989,828.21
128,304,907.43
^
734,541,674.83
3,118,940.00
Nc. 2.'—Net ordinary receipts and disbursements for each quarter of the fiscal year 1914
as shown by warrants issued.
Account.
Customs.
Internal revenue
Lands
Miscellaneous
Total
Disbursements:
Civil and miscellaneous
War
Navy
Indians..
Interest on public
debt
Total
Excess receipts
Excess disbursements.
First quarter. Second quarter. Third quarter. Fourth quarter.
Total.
S86,988,240.97 §72,338,380.06
81,647,878.85 86,032,165.07
694,978. 71
633,874.21
12,305,287. 60 11,877,911.73
S67,547,638.40
71,358,364.59
652,798.74
13,939,456.52
S65,445,755.08
141,002,598.79
590,123.11
21,486,222.40
$292,320,014.51
380,041,007.30
2,571,774.77
59,608,878.25
181,636,386.13
170,882,331.07
153,498,258.25
228,524,699.38
734,541,674.83
107,846,735.00
37,180,340.04
34,052,683.47
5,144,815.77
98,972,180.22
28,609,429.72
36,972,395.96
5,612,88^.27
92,369,069.04
29,611,517.54
33,723,623. 75
4,418,389.96
94,704,074.47
28,199,924.74
34,933,483.10
5,038,987.96
393,892,058.73
123,601,212.04
139,682,186.28
20,215,075.96
5,721,331.49
5,716,887.37
5,717,.184.60
5,708,553.24
22,863,956.70
165,839,784.89
168,585,023.51
700,254,489.71
59,939,675.87
34,287,185.12
189,945,905. 77 175,883,775.54
8,309,519.64
5,001,444.47
12,341,526.64
327
328
REPORT ON THE FINANCES.
No. 3.—Receipts and disbursements for service of the Post Office Department for thefiscal
year 1914.
Fiscal year 1914.
Balance June
. 30,1913.
Office.
Receipts.
Washington
, $12,195,444.1
Deduct:
Surplus revenues deposited in the
Treasury, 1913
Disbursements.
$98,391,973.96 $100,039,306.06
Balance June
30,1914.
$10,548,112.72
3,800,000.00
Net receipts and disbursbments
by Treasury offices.,
—
Receipts and disbursements by postmasters for quarter ended—
Sept. 30,1913
Dec. 31,1913
Mar.31,1914
June 30,1914
98,391,973.96
50,323,946.52
51,408,023.91
50,596,479.95
51,248,000.46
50,^23,946.52
51,408,023.91
50,596,479.95
51,248,000.46
301,968,424.80
Total
-Net excess of receipts over disbursements
96,239,306.06
299,815,756.90
2,152,667.90
No. 4."—Post Office Department warrants issued, paid, and outstanding for thefiscal year
1914.
Fiscal year 1914.
Warrants drawn on—
Number Warrants outof warrants is- standing June
30,1913.
sued.
Treasurer of the United
States, Washington
Assistant Treasurer, of the
United States:
Baltimore.
Boston
;..
Chicago
Cincinnati
New Orleans
NewYork
Philadelphia
San Francisco
St. Louis
Total
Amount of
warrants
issued.
Amount of
warrants
paid.
345,108 . $5,558/430.48 $96,612,419.94 $100,053,778.74
367.35
1,106.56
18,266.73 •
241.94
535.97
201,949.77
183.99
10,503.41
866.77
345,108
5,792,452.97 • 96,612,419.94
Warrants outstanding June
30,1914.
$2,117,071.68
346.01
1,102.56
8,746.19
200.85
413.06
127,401.67
158.99
7,611.15
706.91
21.34
4 00
9,520.54
41 09
122.91
74,548.10
25.00
2,892.26
159.86
100,200,466:13
2,204,406.78
No. 5.—Distribution ofthe general Treasury balance, June 30, 1914.
Location.
Washington
....^
Baltimore
New York
Philadelphia
Boston
Cincinnati
.
Chicago
St. Louis
. - ..
New Orleans
San Francisco
Mints and assay offices
National banks
Treasury of Philippine Islands
In transit
Total Treasury balance
not
Treasurer's gen- Receipts by
covered
eral account.
warrants.
Balance, as
shown by warrants.
$83,123,156.00
12,064,451.46
172,071,655.82
22,759,764.40
10,808,503.10
23,428,812.42
97,524.285.72
44,643,866.37
28,900,104.52
86,594,728.-84
1,207,493,540.62
60,913,938.13
373,272.66
35,176,404.47
1,885,876,484.53
$637,462.47
$1,885,239,022.06
329
TEEASUEEE.
No. 6.—Assets and liabilities ofthe Treasury offices, June 30, 1914.
Washington.
Baltimore.
New York.
Philadelphia.
Boston.
ASSETS.
Gold coin
.".., $2,548,724.82
Gold bullion (bars)
Standard silver doUars. 157,185,688.00
Subsidiary silver coin..
1,311,164.56
United Statesnotes....
2,197,609.00
Treasury notes of 1890..
National-bank notes... 26,260,644.46
Gold certificates
4,686,230.00
Silver certfficates
3,156,7n. 00
Minor coin
41,119.96
Fractional currency
Certified checks on
banks
Interest on public debt
paid
:,
$2,969,683.68
204.00
3,383.90
1,794.85
3,132.00
Total cash assets. 197,387,891.80
12,272,881.93
177,943,127.53
23,905,191.18
11,509,111.73
182,782.48
4,340,707.42
390,235.15
188,545.55
4,010,099.09
13,960.00
1,423,117.10
691,374.00
484,850.00
837,863.99
11,687.99
107,647.19
63,817.63
27,213.08
101,238,694.86
208,430.47
5,871,471.71
1,145,426.78
700,608.63
172,071,655.82
22,759,764.40
10,808,503.10
177,943,127.53
23,9p5,19L18
11,509,111.73
New Orleans.
San Francisco.
$9,794,952.76
$59,614,831.78
14,827,707.00
615,405.85
230,567.00
1,052.00
903,725.00
2,327,880.00
428,571.00
21,927.99
24,113,914.00
1,071,381.88
73,962.00
1,003.00
1,374,069.00
470,500.00
115,685.00
3,371.15
46.56
29,151,788.60
86,839,749.12
•
4,830,570.00
404,583.20
57,805.00
614.00
387,005.00
3,192,910.00
367,229.00
62,278.05
$38,344,275.00 $14,314,145.47
15,993,461.26
6,339,154.00
83,980,945.00
499,227.18
6,661,205.60
235,085.00
3,860,295.00
993,285.00
23,209,170.00
4,362,856.00
154,243.74
100.00
239,610.00
1,310,100.00
815,361.00
150,617.02
96.66
$7,200,155.00
. 1,304,492.00
967,000.55
185,339.00
68.00
44,129.00
1,335,660.00
416,134.00
53,002.18
379,907.03
LIABILITIES.
Outstanding Warrants
and checks
Disbursing
officers'
balances
Post Office Department account . . .
Bank note 5 per cent
redemption fund
Other deposit and redemption accounts..
Board of trustees. Postal savings system...
Total agency account
Balance to credit of
mints and assay offices . ;
Balance general account
8,056,673.44
54,116,116.21
8,343,705.94
25,874,236.19
13,026,040.94
83,123,156.00
197,387,891.80
12,064,451.46
12,272,881.93
Cincinnati.
Total
Chicago.
• St. Louis.
• ASSETS.
Gold coin
$16,618,125.42 $78,900,882.63 $33,084,548.32
Gold bullion (bars)
8,281,733.00
Standard silver dollars.
1,882,527.00
4,018/366.00
Subsidiary silver coin..
2,773,848.00
2,800,024.02
716,692.60
United States notes....
891,500.00
247,600.00
172,307.00
Treasury notes of 1890..
8,500.00
1,366,500.00
30,400.00
National-bank notes...
779,095.00
4,577,000.00
9,621,490.00
Gold certificates
1,315.870.00
298,634.00
883,998.00
267; 788.00
Silver certificates
67,853.57
32,711.24
99,690.80
Minor coin
:
Fractional currency
Certified checks on
banks...
. . . .
Interest oa pubhc debt
paid
249.80
Total
• 23,996,248.26
100,173,324.27
45,568,361.92
984.75
330
REPORT ON THE FINANCES.
No. 6.—Assets and liabilities ofthe Treasury offices', June 30, 1914—Continued.
Cincinnati.
Chicago.
St, Louis.
New Orleans. San Francisco.
LLA.BILITIES.
Outstanding warrants
and checks
Disbursing
officers'
balances
Post Office Department account....
Other deposit and redemption accounts...
Board of trustees, postal savings system...
Total agency account
Balance to credit, of
mints and assay offices :
Balance general account...
Total.......
$276,854.82
$1,773,807.20
$664,607.20
$79,783.47
$139,493.29
54,920.00
709,790.00
165,476.00
143,700.00
235,661.02
165,441.35
94,412.35
28,200.61
105,526.99
567,435.84
2,649,038.55
924,495.55
251,684.08
245,020.28
23,428,812.42
97,524,285.72
44,643,866.37
28,900,104.52
86,594,728.84
23,996,248.26
100,173,324.27
45,568/361.92
29,151,788.60
86,839,749.12
No. 7.—Assets ofthe Treasury in the custody of mints and assay offices, June 30, 1914.
Boise City.
Carson City.
Deadwood.
Helena.
BULLION F U N D .
Gold coin
Gold bullion
.•
Standard silver dollars .
...
Subsidiary silver coin
Silver bullion
:...
Gold certificates
Minor coin
Balance with Treasm-er United States..
$96,014.60
$13,376.88
3.03
576.32
$22,627.77
$25,456.19
15,731.29
17,103.47
138,825.59
. 26,56L53
111, 748.92
Total
31,056.67
161,453.36
52,017.72
Salt Lake City.
Seattle..
New York. •
$1,628,998.48
$8,401.74
20,742,475.34
New Orleans.
BULLION F U N D .
Gold coin
Gold bullion
Standard silver dollars
Subsidiary silver coin .
Silver bullion
"
Gold certificates
.'
Minor coin
Balance with Treasurer United Statfes..
$864.34
77.93
513,694.42
$133,000.87
22,475,000.00
1,048.47
9,853.15
432,428.14
736,808.18
56,801.03
10,717.49
2,061,426.62
22,001,457.61
22,665,850.37
. Denver. •
Total
Philadelphia.
San Francisco.
Total. '
BULLION F U N D .
Gold coin
$416,955,015.00 $293,389,086.83 $11,773,675.00 $722,126,178.57
Gold bullion
76,698,118.89
10,818,770.77 167,422,440.81 277,602,144.94
Standard silver dollars
107,334,897.00 61,397,000.00
191,206,897.00
Subsidiary silver coin
:
2,157,383.20
1,728,554.20
334,440.33
4,220,455.66
Silver bullion
1,217,295.52
2,854,183.72
609,307.88
512,258.08
Gold certificates
9,600.00
24,320.00
33,920.00
Minor coin
17.42
17.43
.01
Balance with Treasurer United States..
1,350,640.58
366,623.08
4,867,024.44
8,018,400.48
Total bullion fund
498,388,070.61 414,271,559.77
246,306,838.66 1,206,062,197.80
MINOR COIN AND METAL F U N D .
Gold certificates..
Silver certificates.
Minor coin
Balance with Treasurer United States..
Aggregate assets. . .
'83,884.36
1,074.05
3,000.00
55.00
1,252,124.72
6,256.87
498,473,029.02
415,532,996.36
84,638.28
309.54
3,000.00
55.00
1,420,647.36
7,640.46
246,391,786.48 1,207,493,540.62
O^REASUEEE.
331
No. 8.—General distribution of the assets and liabilities ofthe Treasury, June 30, 1914.
Treasury
offices.
Mints and assay offices.
^
•
National
bank and
other '
depositories.
In transit.
Total.
ASSETS.
Gold coin
$263,390,324.93 $722,126,178.57
Gold bullion
15,993,461.26 277,602,144.94
306,765,096.00 191,206,897.00
Standard silver dollars
17,820,533.44
Subsidiary silver coin
4,220,455.66
2,854,183.72
Silver bullion
8,152.069.00
$683,300.00
United States notes
Treasury notes of 1890
11,237.00
32,378,462.46
National-bank notes
3,113,400.00
Gold certificates
52,046,810.00
36,920.00
2,742,000.00
55.00
1,135,001.00
Silver certificates
11,112,967.00
Minor coin...
.......
1,420,664.79
10,000.00
686,815.70
Fractional currency
243.22
379,907.03
Certffied checks on banks .
Interest on public debt
paid
9,749.30
Deposits in national
banks, etc
$73,183,279.00
Public moneys in transit
to or from national
banks
. •
15,755,400.00
$985,516,503.50
293,595,606.20
497,971,993.00
22,040,989.10
2,854,183.72
8,835,369.00
11,237.00
35,491,862.46
54,825,730.00
12,248,023.00
2,117,480.49
243.22
379,907.03
9,749.30
73,183,279.00
15,755,400.00
Total available as708,747,676.34 1,199,467,499.68 73,/83,279.00 23,439,101.00 2,004,837,556.02
sets
Balance with Treasurer
5,000,000.00 • 13,026,040.94
8,026,040.94
United States
Warrants and checks paid
11,981,205.94
but not cleared
11,981,205.94
•
•
Aggregate
708,747,676.34 1,207,493,540..62 73,183,279.00 40,420,306.94 2,029,844,802.90
LIABILITIES. "
Outstanding warrants and
checks
.
...
Disbursing officers' balances
Post Office Department
account
Bank note 5 per cent redemption account
Other deposit and redemption accounts
Board of trustees, postal
savings system
8,056,673.44
144,278.77
62,152,932.79
11,751,789.44
8,200,952.21
2,124,920.40
76,029,642.63
8,343,705.94
35,800.00
8,379,505.94
25,874,236.19
2,918,937.10
28,793,173.29
164,244.97
7,861,531.16
7,697,286.19'
1,677,472.20
1,677,472.20.
Total agency ac11,896,068.21 5,243,902.47 130,942,277.43
count
113,802,306.75
Balance to credit of mints
13 026.040.94
and assav offices
13,026,040:94
Balance general account.. 581,919,328.65 1,207,493,540.62 61,287,210.79 35,176,404.4/ 1,885,876,484.53
Aggregate
708,747,676.34 1,207,493,540.62 73,183,279.00 40,420,306.94 2,029,844,802.90
No. 9.—Available assets and net liabilities ofthe Treasury at the close of June, 1913 and
1914.
June 30,1913.
June 30,1914.
ASSETS.
Gold:
Coin
Bullion.
-'
$985,516,503.50
293,595,606.20
1,279,112,109.70
496,146,070.00
20,737,926.12
2,064,332.43
Total
Silver:
Dollars
Subsidiary coin
Bullion
$1,011,245,007.44
251,116,028.43
1,262,361,035.87
-
497 971 993'00
22,040,989.10
2,854.183.72
518,948,328.55
522,867,165.82
•
Total
332
REPORT ON T H E
FINANCES.
No. 9.—Available assets and net liabilities of the Treasury at ihe close of June, 1913 and
1914—Continued.
June 30,1913.
ASSETS—continued.
Paper:
United States notes
Treasury notes of 1890
National-bank notes
Gold certfficates
„
Silver certificates
June 30,1914.
-.
:
Total
111,412,221.46
1,997,166.63
276.87
343,190.58
80,235,995.03
11,000.52
Total
Other:
Minor coin
Fractional currency
Certified checks on banks
Deposits in national banks, etc
Interest on public debt paid
$8,835,369.00
11,237.00
35,491,862:46
54,825,730.00
12,248,023.00
150,243,704.20
.
$9,465,836.00
3,330.00
43,403,670.20
82,949,460.00
14,421,408.00
2,117,480.49
243.22
379,907.03
88,938,679.00
9,749.30
82,587,629.63
91,446,059.04
2,014,140,698.25
2,004,837,556.02
Agency account:
Outstanding warrants and checks
Disbursing officers' balances
Post Office Department account
Bank note 5 per cent redemption account
Other deposit and redemption accounts
Board of trustees, postal savings system.
34,828,988.96
100,018,638.98
6,452,334.59
28,092,127.73
. 10,618,605:32
2,540,446.92
8,200,952.21
76,029,642.63
8,379,505.94
28,793,173.29
7,861,531.16
1,677,472.20
Total
Less warrants and checks paid but not cleared
182,551,142.50
57,528,598.04
130,942,277.43
11,981,205.94
125,022,544.46
118,961,071.49
1,086,947,169.00
483,550,000.00
2,660,000.00
150,000,000.00
165,960,984.79
^ 1,080,974,869.00
490,850,000.00
2,439,000.00
150/000,000.00
161,612,615.53
Aggregate
LIABILITIES.
General account:
Gold certificates
Silver certificates
Treasury notes of 1890
Reserve fund
Balance
^
Total.
1,889,118,153.79
Aggregate
.^.
1,885,876,484.53
2,014,140,698.25
2,004,837,556.02
N o . 10.—Assets and liabilities ofthe Treasury in excess of certificates and Treasury notes
at the close of June, 1913 and 1914.
June 30,1913.
June 30,1914.
ASSETS.
Gold coin and bullion
Silver dollars and bullion
Subsidiary silver coin
United States notes
Treasury notes of 1890
National-bank notes
Minor coin
Fractional currency
Certified checks on banks
Deposit in national banks, etc.
Interest on public debt paid
Total.
$258,363,326.87
:...
:..
26,421,810.43
20,737,926.12
9,465,836.00
3,330.00
43,403,670.20
1,997,166.63
276.87
343,190.58
80,235,995.03
11,000.52
$252,962,970.70
19,785,199.72
22,040,989.10
8,835,369.00
11,237.00
35,491,862.46
2,117,480.49
243.22
379,907.03
88,938,679.00
9,749.30
440,983,529.25
430,573,687.02
125,022,544.46
150,000,000.00
165,960,984.79-
118,961,071.49
150,000,000.00
161,612,615.53
440,983,529.25
430,673,687.02
LIABILITIES,
Agency account
Reserve fund..
Available cash balance
Total....
333
TEEASTJEER.
No. 11.'—Estimated stock of gold coin and bullion, the amount in the Treasury, and the
• amount in circulation at the end of each month, from January, 1909.
Months.
1909—January:
Estimated stock
In the Treasury.
In circulation....
February:
Estimated stock.
In the Treasury.
In circulation....
March:
Estimated stock.
In the Treasury.
In circulation..'..
April:
Estimated stock.
In the Treasury.
In circulation
May:
Estimated stock.
In the Treasury.
In circulation
June:
Estimated stock.
In the Treasury.
In circulation...,
July:
Estimated stock,
In the Treasury.
In circulation
August:
Estimated stock.
In the Treasury.
In circulation...,
September:
Estimated stock
In the Treasury.
In circulation
October:
• Estimated stock.
In the Treasury.
In circulation....
November:
/
Estimated stock
In the Treasury.
In circulation—
December: /
Estimated stock.
In the Treasury.
In circulation...
1910—January:
Estimated stock
In the/Treasury.
In circulation
February:^
Estimate^ stock.
In the Treasury.
In circulation...,
March:
Estimated stock
In the Treasury.
In circulation
April:
Estimated stock
In the Treasury.
In circulation....
May:
Estimated stock.
In the Treasury.
In circulation...
June:
Estimated stock
In the Treasury.
In circulation...
July:
Estimated stock
In the Treasury.
In circulation...
August:
Estimated stock
In theTreasury.
In circulation...
Gold coin.
Gold bullion.
Total.
$1,538,476,008
932,531,108
605,944,900
$110,553,295
110,553,295
$1,649,029,303
1,043,084,403
605,944,900
1,543,640,861
933,661,502
609,988,359
113,075,248
113,075,248
1,656,725,109
1,046,736,750
- 609,988,359
1,531,914,472
923,621,813
608,292,659
113,507,584
113,507,584
1,645,422,056
1,037,129,397
608,292,659
1,557,115,972
947,826,635
609,289,337
92,373,570
92,373,570
1,649,489,542
1,040,200,205
609,289,337
1,576,806,675
971,562,999
605,243,676
68,094,058
68,094,058
1,644,900,733
1,039,657,057
605,243,676
1,574,906,904
975,569,206
599,337,698
67,135,095
67,135,095
1,642,041,999
1,042,704,301
599,337,698
1,563,453,111
966,646,676
696,806,435
74,358,016
74,358,016
1,637,811,127
1,041,004,692
• 596,806,435
1,556,714,542
968,875,785
687,838,757
79,781,241
79,781,241
1,636,495,783
1,048,657,026
587,838,757
1,563,011,877
964,568,877
598,443,000
83,821,624
83,821,624
1,646,833,501
1,048,390,501
598,443,000
1,561,651,476
962,878,301
598,773,175
87,062,655
87,062,655
1,648,714,131
1,049,940,956
- 598,773,175
1,551,702,508
947,741,192
603,961,316
93,203,715
93,203,715
1,644,906,223
1,040,944,907
603,961,316
1,541,100,375
934,887,962
606,212,413
97,008,446
97,008,446
1,638,108,821
1,031,896,408
606,212,413
1,540,260,782
936,746,130
603,514,652
99,702,013
99,702,013
1,639,962,795
1,036,448,143
603,514,652
1,541,073,698
943,174,760
697,798,938
101,110,148
101,110,148
1,642,083,846
1,044,284,908
597,798,938
1,544,213,200
950,127,482
594,085,718
104,649,952
104,649,952
1,648,863,152
1,054,777,434
594,085,718
1,515,679,850
923,865,142
591,814,708
104,842,241
104,842,241
1,620,522,091
1,028,707,383
591,814,708
1,525,000,144
930,045,336
694,954,808
102,428,170
102,428,170
1,627,428,314
1,032,473,506
594,954,808
1,531,074,997
940,197,004
690,877,993
104,968,481
104,968/481
1,636,043,478
1,045,165,485
590,877,993
1,530,837,770
939,172,332
691,665,438
120,912,080
120,912,080
1,651,749,850
1,060,084,412
591,665,438
1,540,829,608
948,144,600
592,685/008
135,350,316
135,350,316
1,676,179,924
1,083,494,916
692,685,008
334
REPORT ON THE FINANCES.
No. 11.—Estimated stock of gold coin and bullion, the amount in the Treasury, and the
amount in circulation atthe end of each month, from January, 1909-—Continued.
Months.
1910—September:
Estimated stock
I n the Treasury.
I n circulation...
October:
Estimated stock
In the Treasury.
I n Circulation...
November:
Estimated stock
I n the Treasury.
In circulation...
December:
Estimated stock
I n the Treasury.
In cir culation...
1911—January:
Estimated stock.
I n the Treasury.
I n circulation...
February:
Estimated stock
i n the Treasury.
In circulation...
March:
Estitnated stock.
I n the Treasury.
I n circulation...
April:
Estimated stock.
I n the Treasury.
I n circulation...
May:
Estimated stock.
I n the Treasury.
I n circulation...,
June:
Estimated stock.
I n the Treasury.
I n circulation...
July:
Estimated stock.
I n the Treasury.
I n circulation...
August:
Estimated stock.
I n the Treasury.
I n circulation....
September
Estimated stock.
I n the Treasury.
I n circulation...
October:
. Estimated stock.
I n the Treasury.
I n circulation....,
November:
Estimated stock.
I n the Treasury.
I n circulation...
December:
Estimated stock.
I n t h e Treasury.
I n circulation...,
1912—January:
Estimated stock.
I n the Treasury.
In circulation...
February:
Estimated stock.
I n the Treasury.
In circulation
March:
Estimated stock.
I n theTreasury.
I n circulation....
April:
Estimated stock.
I n the Treasury.
In circulation.^..
Gold coin.
Gold bullion.
Total.
$1,549,619,071
956,548,991
593,070,080
$133,778,979
133,778,979
$1,683,398,050
1,090,327,970
593,070,080
1,561,775,877
966,840,932
594,934,945
130,983,299
130,983,299
1,692,759,176
1,097,824,231
594,934,945
1,575,806,210
974,314,025
601,492,185
125,392,577
125,392,577
1,701,198,787
1,099,706,602
601,492,185
1,587,473,973
981,823,886
605,650,087
121,354,324
121,354,324
1,708,828,297
1,103,178,210
. 605,650,087
1,592,641,988
995,354,104
597,287,884
126,294,149
126,294,149
1,718,936,137
1,121,648,253
597,287,884
1,609,263,114
1,015,591,664
593,671,450
121,198,179
121,198,179
1,730,461,293
1,136,789,843
593,671,450
1,623,930,729
1,033,761,672
590,169,057
113,830,216
113,830,216
1,737,760,945
1,147,591,888
590,169,057
1,631,408,079
1,041,974,554
589,433,525
113,180,235
113,180,235
1,744,588,314
1,155,154,789
589,433,525
1,636,821,562
1,035,957,210
600,864,352
116,626,653
116,626,653
1,753,448,215
1,152,583,863
600,864,352
.1,628,918,138
1,039,622,600
589,295,538
124,278,584
124,278,584
1,753,196,722
1,163,901,184
589,295,538
1,628,496,372
1,038,265,552
590,230,820
135,610,731
135,610,731
i;764,107,103
1,173,876,283
590,230,820
1,627,640,691
1,034,154,933
593,485,758
147,854,063
147,854,063
1,775,494,754
1,182,008,996
593,485,758
1,625,959,188
1,030,824,729
595,134,459
156,804,787
156,804,787
1,782,763,975
1,187,629,516
595,134,459
1,624,405,372
1,029,988,211
594,417,161
167,154,228
167,154,228
1,791,559,600
1,197,142,439,
594,417,161
1,622,798,501
1,006,020,860
616,777,641
174,923,059
174,923,059
1,797,721,560
1,180,943,919
616,777,641
1,614,288,817
1,000,261,911
614,026,906
182,712,099
182,712.099
1,797,000,916
1,182,974,010
614,026,906
1,612,843,485
1,009,369,049
603,474,436
190,438,836
190,438,836
1,803,282,321
1,199,807,885
603,474,436
1,603,747,458
1,008,285,828
595,461,630
190,804,569
190,804,569
1,794,552,027
1,199,090,397
595,461,630
1,603,758,028
1,006,642,688
597,115,340
194,631,497
194,631,497
1,798,389,525
1,201,274,185
597,115,340
1,611,507,861
1,006,146,931
605,360,930
199,007,920
199,007,920
1,810,515,781
1,205,154,851
605,360,930
335
TEEASUEEE.
No. 11.—Estimated stock of gold coin and bullion, the amount i n the Treasury, and the
amount in circulation at the end of each month, from January, 1909—Coritinued.
Months.
i912—May:
Estimated stock..
In the Treasury..
In circulation
June:
Estimated stock..
In the Treasm'y..
In circulation
July:
Estimated stock..
In the Treasm'y..
In circulation
August:
Estimated stock.'.
In the Treasury..
•In circulation
September:
Estimated stock..
In tho Treasury..
In circulation
October:
Estimated stock..
In the Treasury..
In circulation
November:
Estimated stock..
In the Treasury..
In circulation
December:
Estimated stock..
In the Treasm'y.In cii'culation
1913—January:
Estimated stock..
In the Treasury..
In cii'culation
February:
Estimated stock..
In ttie Treasury..
In circulation
March:
Estimated stock..
I n the Treasury..
In circulation
April:
Estimated stock..
In tho Treasury..
In circulation
May:
Estimated stock..
In the Treasury..
In circulation
June:
Estimated stock..
In the Treasm-y,.
In circulation
July:
Estimated stock..
In the Treasury..
In circulation
August:
Estimated stock..
In the Treasury-..
In circulation....
September:
Estimated stock-.
In the Treasury..
In circulation....
October:
Estimated stock..
In the Treasury..
In circulation
November:
Estimated stock..
In the Treasury..
In circulation
December:
Estimated stock..
In the Treasury..
In circulation
Gold coin.
Gold bullion.
Total.
613 009.112
469,096
540,016
$200,027,283
200,X)27,283
$1,813,036,395
1,204,496,379
608,540,016
248,998
524,845
724,153
202,939,419
202,939,419
1,818,188,417
1,207,464,264
610,724,153
733,665
987,295
746,370
205,876,260
205,876,260
1,823,609,925
1,214,863,555
608,746,370
182,123
482,770
699,353
214,901,441
214,901,441
1,832,083,564
1,220,384,211
611,699,353
734,663
824,337
910,326
226,647,772
226,647,772
1,841,382,435
1,231,472,109
609,910,326
949,636
335,428
614,208
241,885,521
241,885,521
1,856,835,157
1,246,220,949
610,614,208
788,712
582,600
206,112
251,559,549
251,559,549
1,867,348,261
1,246,142,149
621,206,112
073,329
914,108
159,221
261,503,793
261,503,793
1,878,577,122
1,255,417,901
623,159,221
631,581
577,743
053,838
255,994,537
255,994,537
1,875,626,118
1,2.58,572,280
617,053,838
790,988
433,247
357,741
255,429,710
255,429,710
1,867,220,698
1,256,862,957
610,357,741
221,955
086,482
135,473
248,347,939
248,347,939
1,858,569,894
1,251,434,421
607,135,473
806,056
100,279
705,777
252,281,029
252,281,029
1,867,087,085
1,255,381,308
611,705,777
906,704
902,275
004,429
245,463,191 <
245,463,191
1,861,369,895
1,251,365,466
610,004,429
645,807
245,008
400,799
251,116,028
251,116,028
1,870,761,835'
i;262,361,036
608,400,799
395,858
380,245
015,613
252,597,600
252,597,600
1,872,993,458
1,266,977,845
606,015,613
821,973
255,078
566,895
261,618,203
261,618,203
1,881,440,176
1,275,873,281
605,566,895
569,037
834,007
735,030
272,869,208
272,869,208
1,895,438,245
1,284,7C3,215
610,735,030
919,249
441,048
478,201
.282,982,267
282,982,267
1,901,901,516
1,291,423,315
614,478,201
737,965
523,176
214,789
294,760,478
294,760,478
1,917,498,443
1,284,283,654
633,214,789
1,619, 466,495
985 526,339
633; 940,156
304,894,011
304,894,011
1,924,360,506.
1,290,420,350
633,940,156
336
REPORT ON THE FINANCES.
No. 11.—Estimated stock of gold coin and bullion, the amount in the Treasury, and the
amount in circulation at the end of each month, from. January, 1909—Continued.
Months.
Gold coin.
1914—January:
Estimated stock.
In the Treasury.
In circulation...
February:
Estimated stock.
In the Treasury.
In circulation...
March:
Estimated stock.
In the Treasury.
In circulation...
April:
Estimated stock.
In the Treasury.
In circulation...
May:
Estimated stock
In the Treasury.
In circulation...
' Jime:
Estimated stock.
In the Treasury.
In circulation...
Gold bullion.
Total.
$1,612,351,123
1,001,541,269
610,809,854
$304,462,433
304,462,433
$1,916,813,656
1,306,003,702
610,809,854
1,619,256,944
1,007,349,353
611,907,591
301,011,804
301,011,804
1,920,268,748
1,308,361,157
611,907,591
1,621,312,295
1,015,670,170
605,642,125
305,866,923
305,866,923
1,927,179,218
1,321,537,093
605,642,125
1,635,522,039
1,022,750,586
612,771,453
307,040,068
307,040,068
1,942,562,107
1,329,790,664
612,771,453
1,632,425,128
1,016,993,548
615,431,580
298,916,981
298,916,981
1,931,342,109
1,315,910,529
615,431,580
1,597,061,185
985,516,504
611,544,681
293,595,606
293,595,606
1,890,656,791
1,279,112,110
. 611,544,681
No..12.—Estimated stock of silver coin, the amount in the Treasury, and the amount in
circulation at the end of each month, from January, 1909; also silver other than stock
held in the Treasury^
Standard
dollars.
1909—January:
Estimated stock
In the Treasury..
In circulation
February:
Estimated stock
In the Treasury
In circulation • .
March:
Estimated stock
In the Treasury
In circulation
April:
Estimated stock
In the Treasury
In circulation
May:
Estimated stock
In the Treasury
In circulation
lune:
Estimated stock
In the Treasury
In circulation
July:
Estimated stock.
In the Treasury
In circulation
August:
Estimated stock
In the Treasury
i n circulation
September:
Estimated stock
In the Treasury
In circulation. October:
F s t i m a t e d R^.ock .
In the treasury
In circulation
8,761,650
153,845,035
25,957,101
127,887,934
717, 706,847
518,136,398
199,570,449
8,828,567
154,608,399
26,899,135
127,709,264
718,539,211
519,600,129
198,939,082
8,384,577
158,587,115
27,250,163
131,336,952
722,572,927
520,495,749
.202,077,178
8,151,328
159,408,546
27,076,748
132,331,798
723,470,265
519,150,567
204,319,698
8,457,393
564,090,812
492,203,124
71,887,688
'..
719,413,952
516,487,913
202,926,039
159,428,122
26,571,114
132,857,008
723,518,934
518,774,238
204,744,696
8,352,521
564,139,812
491,582,831
72,556,981
;
155,622,140
24,855,000
130,767,140
564,061,719
492,073,819
71,987,900
. .
$9,205,407
563,985,812
493,245,586
.70,740,226
. . ....
$718,122,364
513,864,135
204,258,229
563,930,812
492,700,994
71,229,818
. .
$154,387,552
22,899,998
131,487,554
563,861,812
• 492,179,297
71,682,515
. ..
Total.
563,791,812
491,632,913
72,158,899
:
Subsidiary
silver.
$563,734,812
490,964,137
72,770,675
Months.
155,766,307
25,270,932
130,495,375
719,906,119
516,853,763
203,052,356
8,306,678
664,188,812
490,610,083
73,678,729
160,026,753
21,577,881
138,448,872
724,215,565
512,187,964
212,027,601
8,127,316
664,242,719
489,858,862
74,383,857
160,276,491
17,952,453
142,324,038
724,619,210
607,811,315
216,707,895
8,083,667
Other silver
items held.
337
TREASURER.
No. 12.—Estimated stock of silver coin, etc.-—Continued.
Standard
dollars.
Months.
Subsidiary
silver.
1909—November:
$564,294,719 $161,304,633 $725,599,352
Estimated stock.
In the Treasury..
489,696,312
15,963,689 505,659,901
145,341,044 219,939,451
In circulation
74,698,407
December:
564,334,719
Estimated stock162,801,137 727,135,856
In the Treasury..
489,571,644
15,832,549 605,404,193
In circulation
74,763,075
146,968,588 221,731,663
1910—January:
Estimated stock.
564,382,719 163,336,105 727,718,824
490,923,733
19,703,483 610,627,216
In the Treasury..
73,458,986 143,632,622 217,091,608
In circulation
February:
564,426,719
Estimated stock.
163,815,886 728,242,605
491,625,374
In the Treasury..
21,389,008 513,014,382
In circulation
72,801,345
142,426,878 215,228,223
March:
664,476,719
Estimated stock.
161,343,971 725,820,690
In the Treasury..
491,859,453
21,384,171 513,243,624
In circulation
72,617,266
139,959,800 212,577,066
April:
725,992,025
564,519,719
161,472,306
Estimated stock.
491,852,354
21,594,391 613,446,745
In the Treasury..
139,877,915 212,545,280
In circulation
72,667,365
May:
564,665,719
164,753,394 729,319,113
Estimated stock.
492,132,945
21,367,285 613,-500,230
In the Treasury..
72,432,774
In circulation
143,386,109 215,818,883
June:
Estimated stock.
564,605,608 1155,158,748
719,764,256
492,172,994
In the Treasury..
19,575,017 511,748,011
72,432,614
In circulation
135,683,731 208,016,245
' July:
664,644,719
155,405,862
Estimated stock.
720,050,581
492,488,565
20,377,827 512,866,392
In the Treasury..
72,156,154 135,028,035 207,184,189
In circulation
August:
664,690,608
Estimated stock..
155,434,038
720,124,546
491,913,795
20,366,533
In the Treasury..
512,280,328
72,776,713 135,067,505 207,844,218
In circulation
September:
664,731,508
720,049,014
Estimated stock.
155,317,606
90,733,547
18,820,064
609,553,611
In the Treasury..
473,997,961 136,497,442 '210,495/403
In circulation
October:
664,759,508
156,146,796
720,906,304
Estimated stock.
489,701,229
16,995,517
506,696,746
In the Treasury..
75,058,279
139,151,279
214,209,558
In circulation
November:
156,646,852
564,783,508
Estimated stock.
721,330,360
14,974,568
489,255,870
604,230,438
In the Treasury..
141,672,284
217,099,922
75,527,638
In circulation
December:
564,805,608
157,864,053
Estimated stock.
722,669,661
489,011,089
15,401,350
604,412,439
In the Treasury..
218,257,122
75,794,419
142,462,703
In circulation
1911—January:
564,851,508 168,186,894 723,038,402
Estimated stock.
19,091,685
490,527,211
509,618,896
In the Treasury..
139,095,209
74,324,297
213,419,506
In circulation
February:
156,369,541
.664,889,508
721,259,049
Estimated stock.
20,661,890 511,649,022
490,987,132
In the Treasury..
135,707,651
73,902,376
209,610,027
In circulation
March:
664,920,508
158,646,029
Estimated stock.
723,466,537
491,474,556
20,935,886
In the Treasury..
512,410,442
73,446,952
137,610,143
In circulation
211,056,095
April:
664,958,508 158,882,981 723,841,489
Estimated stock.
21,278,864
491,903,105
513,181,969
In the Treasury..
73,055,403 137,604,117 210,659,520
In circulation
May:
564,991,508
159,201,448
724,192,956
Estimated stock.
21,388,360
513,535,509
492,147,149
In the Treasury..
137,813,088
210,657,447
In circulation
72,844,359
June:
159,607,364
565,033,367
724,640,731
Estimated stock.
513,772,959
21,185,641
492,587,318
In the Treasury..
210,867,772
138,421,723
72,446,049
. In circulation
' A revised estimate adopted, making a reduction of $9,700,000.
64402°^ri 1914-
-22
Other silver
items held,
$7,788,748
6,901,631
7,158,382
6,989,241
7,035,125
6,867,448
6,940,790
7,217,834
6,832,816
6,947,233
6,853,363
7,104,040
7,045,344
6,573,911
6,528,480
7,065,139
7,171,816
7,193,226
'7,'187*374
338
REPORT ON THE FINANCES.
No. 12.—Estimated stock of silver coin, etc.—Continued.
Months.
1911-July:
Estimated stock
In the Treasury.
In circulation...
August:
Estimated stock
In the Treasury.
In circulation...
September:
Estimated stock
In the Treasury.
In circulation...
October:
Estimated stock
In the Treasury.
In circulation...
November:
Estimated stock
In the Treasury.
In circulation...
December:
Estimated stock.
In the Treasury.
In circulation...
1912—Januarj^: .
Estimated stock
- In the Treasmy.
In circulation...
February:
Estimated stock
In the Treasury.
In circulation...
March:
Estimated.stock
In theTreasury.
In circulation...
April:
Estimated stock
In the Treasury.
In circulation...
May:
. . Estimated stock
In the Treasury.
In circulation...
June:
Estimated stock
In theTreasury.
In circulation...
July:
Estimated stock
In the Treasury.
In circulation...
August:
Estimated stock
In the Treasury.
In circulation...
September:
Estimated stock
I n t h e Treasury.
In circulation...
October:
Estimated stock
In the TreasuryIn circulation...
November:
Estimated stock
In the Treasury.
In circulation...
December:
Estimated stock
In the Treasury.
In circulation...
1913—Januarj^:
Estimated stock.
In the Treasury.
In circulation...
February:
Estimated stock.
I n t h e Treasury.
In circulation.-.
Standard
dollars.
Subsidiary
silver.
$565,059,508
492,833,659
72,225,849
$159,709,862
21,153,059
138,556,803
$724, 769,370
513' 986,718
21b; 782,652
$7,276,937
565,076,508
492,604,703
72,471,805
160,617,839
21,093,644
139,524,195
725 694,347
513: 698,347
211 996,000
6,783,939
565,111,508
491,526,216
73,585,292
162,'804,189
19,537,456
143,266,733
727, 915,697
5ii: 063,672
216; 852,025
6,605,677
565,141,367
490,931,067
74,210,300
161,264,426
18,617,856
142,646,570
726, 405,793
509. 548,923
216; 856,870
6,097,082
565,168,367
490,925,423
74,242,944
164,080,387
17,490,432
146,589,955
729, 248,754
508; 415,855
220; 832,899
5,557,907
565,186,367
490,647,776
74,538,591
165,789,312
18,016,294
147,773,018
730, 975,679
508: 664,070
222; 311,609
4,762,138
565,222,367
492,116,937
73,105,430
164,667,449
21,775,660
142,891,789
729, 889,816
513: 892,597
215; 997,219
4,534,173
565,239,367
492,688,795
72,550,572
167,332,556
23,468,394
143,864,162
732, 571,923
516: 157,189
216; 414,734
4,473,648
565,269,367
494,740,904
70,528,463
.165,073,658
24,306,074
140,767,584
730; 343,025
519, 046,978
211; 296,047
4,713,877
565,301,367
494,884,971
70,416,396
165,763,883
24,738,979
141,024,904
731, 065,250
•519: 623,950
211' 441,300
4,821,793
565,322,367
494,961,344
70,361,023
169,884,577
25,584,334
144,300,243
735, 206,944
520: 545,678
214; 661,266
4,640,489
565,349,020
495,009,446
70,339,574
170,588,205
25,554,007
145,034,198
735, 937,225
520: 563,453
215; 373,772
5,000,858
565,368,367
494,830,659
70,537,708
170,680,698
25,530,820
145,149,878
736, 049,065
520; 361,479
215; 687,586
5,206,799
565,395,367
•494,326,706
71,068,661
171,425,508
25,308,849
146,116,659
736, 820,875
519: 635,555
217; 185,320
4,907,803
565,424,367
496,449,306
68,975,061
171,749,957
23,100,165
148,649,792
737, 174,324
519; 549,471
217 624,853
5,296,650
565,442,020
491,842,930
73,599,0.90
172,078,534
20,498,062
151,580,472
737, 520,554
340,992
• 512;
225; .179,562
5,423,182
565,465,(020
491,274,226
74,190,794
173,340,756
19,300,084
154,040,672
738; 805,776
510; 574,310
231,466
4,762,152
565,481,020
490,952,022
74,528,998
174,538,163
17,814,855
156,723,308
740; 019,183
508 766,877
23i: 252,306
4,139,180
565,505,020
492,256,283
73,248,737
174,667,638
20,621,533
154,046,105
740, 172,658
512, 877,816
227, 294,842
4,449,634
565,536,020
492,968,177
72,567,843
174,897,996
21,662,760
153,335,236
740, 434,016
514' 530,937
225' 903,079
"4,'555,'i87
Other silver
items held.
339
TREASURER.
No. 12.—Estimated stock of silver coin, etc.—Continued.
Months.
1913—March:
Estimated stock.
I n t h e Treasury.
In circulation...
April:
Estimated stock.
In the Treasury.
In circulation...
May:
Estimated stock.
In the Treasury.
In circulation...
. June:
Estimated stock.
In the Treasury.
In circulation."..
July:
Estimated stock.
In the TreasuryIn circulation...
August:
Estimated stock.
I n t h e Treasury.
In cii'culation...
September:
Estimated stock.
In the Treasury.
In circulation...
October:.
Estimated stock.
In the Treasm'y.
In circulation...
November:
Estimated stock.
In the Treasury.
In circulation...
December:
Estimated stock.
In the Treasury.
In circulation...
1914—January:
Estimated stock.
In the Treasury.
In circulation...
February:
Estimated stock.
In the Treasury.
In circulation...
March:
Estimated stock.
In the Treasury.
In circulation...
April:
Estimated stock.
In the Treasury.
In circulation...
May:
Estimated stock.
In the Treasury.
In circulation...
June:
Estimated stock.
I n t h e Treasury.
In circulation...
Other silver
itemis held.
Standard
doUars.
Subsidiary
silver.
Total.
$565,556,020
493,269,843
72,286,177
$174,981,948
21,865,085
153,116,863
$740,537,968
515,134,928
225,403,040
565,569,020
493,372,856
72,196,164
175,087,365
21,624,333
153,463,032
740,656,385
514,997,189225,659,196
175,299,876
565,590,020
493,494,137 . 21,179,158
72,095,883
154,120,718
740,889,896
514,673,295.
226,216,601
4,719,810
$4,609,071
565,613,263
493,486,070
72,127,193
175,195,996
20,737,926
154,458,070
740,809,259
514,223,996
226,585,263
4,724,332
565,633,020
493,459,589
72,173,431
175,582,664
'20,174,519
155,408,145
741,215,684
513,634,108
227,581,576
4,786,288
565,649,020
493,129,262
72,519,758
175,645,870
19,493,192
156,152,678
741,294,890
512,622,454
.228,672,436
4,765,712
565,666,263
492,381,773
73,284,490
175,617,585
17,829,718
157,787,867
741,283,848
510,211,491
231)072,357
4,636,036
565,683,263
491,671,111
74,012,152
176,239,292
15,753,104
160,486,188
741,922,555
507,424,215
234,498,340
4,512,126
565,699,263
491,629,463
74,069,800
177,470,510
14,411,274
163,059,236
743,169,773
506,040,737
237,129,036
4,471,221
565,718,263
491,313,043
74,405,220
178,306,350
14,036,410
164,269,940
744,024,613
505,349,453
238,675,160
4,159,608
565,734,263
493,027,602
72,706,661
178,931,955
18,057,610
160,874,345
744,666,218
511,085,212
233,581,006
4,793,788
565,754,263
493,559,703
72,194,560
179,530,024
19,293,038
160,236,986
745,284,287
512,852,741
232,431,546
5,241,912
565,772,263
494,156,794
71,615,469
180,060,441
20,295,772
159,764,669
745,832,704
514,452,566
231,380,138
5,466,188
565,792,263
494,761,028
71,031,235
180,764,269
21,358,200
159,406,069
746,556,532
516,119,228
230,437,304
6,322,762
565,813,263
495,133,181
70,680,082
181,200,647
21,571,234
159,629,313
747,013,810
516,704,415
230,309,395
5,846,759
665,833,478
495,532,993
-70,309,485
182,006,687
22,040,989
159,965,698
747,840,165
517,573,982
230,266,183
"5,"293,'i84
340
REPORT ON THE FINANCES.
No. 13.;—United States notes. Treasury notes, and national-bank notes outstanding, in
the Treasury, and in circulation at the end of each month, from January, 1909.
Months.
1909—January:
Outstanding
^In theTreasury.
In circulation...
February:
Outstanding
In theTreasury.
In circulation
March:
Outstanding
In the Treasury.
In circulation...,
April:
Outstanding
In theTreasury.
In circulation —
May:
Outstanding
In theTreasury.,
In circulation —
June:
Outstanding.
In the Treasury.,
In circulation —
.. July:
Outstanding....,
In theTreasury.,
In circulation
August:
Outstanding
In theTreasury..
In circulation
September:
Outstanding
. In theTreasury..
In circulation
October:
Outstanding
In the Treasury..
In circulation
November:
Outstanding
In theTreasury..
In circulation
December:
Outstanding.....
In theTreasury..
In circulation
1910—January:
Outstanding
In theTreasury..
In circulation
February:
Outstanding
In the Treasury..
In circulation
March:
Outstanding
In the Treasury..
In circulation
April:
Outstanding
In the.Treasury..
In circulation
May:
Outstanding
In theTreasury..
In circulation
Juhe:
Outstanding
In theTreasury..
In circulation
July:
Outstairding
In the Treasury..
In circulation
United
States notes.
Treasury
. notes.
Nationalbank notes.
$346,681,016
8,661,996
338,019,020
$4,525,000
15,276
4,509,724
$676,673,092 $1,027,879,108
37,762,721
46,439,993
638,910,371
981,439,115
346,681,016
10,922,510
335,758,506
4,468,000
15,336
4, 452,664
678,285", 600 1,029,434,616
30,686.733
41,624,579
647,598,867
987,810,037
346,681,016
7,552,169
339,128,847
4,398,000
11,193
4,386,807
684,407,615
22,816,033
661,591,582
1,035,486,631
30,379,395
1,005,107,236
346,681,016
5,902,751
340,778,265
4,329,000
. 8,481
4,320,519
687,408,227
25/263,392
662,144,835
1,038,418,243
31,174,624
1,007,243,619
346,681,016
7,158,209
339,522,807
4,274,000
8,812
4,265,188
688,183,115
25,425,734
662,757,381
1,039,138,131
. 32,592,755
1,006,545,376,
346,681,016
6,562,749
340,118,267
4,215,000
11,585
4,203)415
689,920,074
24,381,268
665,538,806
1,040,816,090
30,955,602
1,009,860,488
346,681,016
7,752,582
338,928,434
4,169,000
12,879
4,156,121
695,354,164
27,406,977
667,947,187
1,046,204,180
35,172,438
1,011,031,742
346,681,016
6,905,751
339,775,265
4,120,000
12,-25
4,107,275
698,845,474
26,902,024
671,943,450
1,049,646,490
33,820,500
1,015,825,990
346,681, oro
4,278,924
342,402,092
4,071,000
7,165
4,063,835
702,807,459
23,641,951
679,165,508
1,053,559,475
27,928,040
1,025,631,435
346,681,016
4,501,054
342,179,962
.4,034,000
12,465
4,021,535
703,940,756
17,944,644
685,996,112
1,054,655,772
22,458,163
1,032,197,609,
346,681,016
4,459,267
342,221,749
3,982,000
4,530
3,977,470
707,433,457
17,709,371
689,724,086
1,058,096,473
22.173,168
1,035,923,305
346,681,016
7,814,753
338,866,263
3,942,000
8,162
3,933,838
710,354,253
23,240,419
687,113,834
1,060,977,269
31.063.334
1,029,913,935
346,681,016
8,402,096
338,278,920
3,894,000
9,751
3,884,249
709,879,333
37,293,444
672,585,889
1,060,454,349
45,705,291
1,014,749,058
346,681,016
5,906,422
340,774,594
3,850,000
20,286
3,829,714
710,022,868
30,426,739
679,596,129
1,060,553,884
36,353,447
1,024,200,437
346,681,016
5,861,746
340,819,270
3,800,000
18,019
3,781,981
717,258,996
21,596,041
695,662,955
1,067,740,012
27,475,806
1,040,264,206
346,681,016
6,857,287
339,823,729
• 3,757,000
15,560
3,741,440
713,461,586
25,396,364
688,065,222
1,063,899,602
32,269,211
1,031,630,391
346,681,016
6,835,513
339,845,503
3,711,000
10,797
3,700,203
712,242,841
29,373,061
682,869,780
1,062,634,857
36,219,371
1,026,415,486
346,681,016
11,893,146
334,787,870
3,672,000
9,475
3,662,525
713,430,733
29,771,198
683,659,535
1,063,783,749
41,673.819
1,022,109,930
346,681,016
8,789,039
337,891,977
3,632,000
712,029,468 1,062,342,484
11,046
45,466,114
36,666,030
3,620,954 1 676,363,438 1 1,016,876,369
Total.
341
TREASURER.
No. IZ.-—'UnitedStates notes, Treasury notes, etc.—Continued.
Months.
1910—August:
Outstanding...
In the Treasury.
In circulation..
September:
Outstanding
In the Treasury,
In circulation..
October:
Outstanding...
In the Treasury.
In circulation..
November:
Outstanding...,
In the Treasury.
In circulation...
December:
Outstanding
In the Treasury,
In circulation..,
1911—January:
Outstanding
In the Treasury.
In circulation...
February:
Outstanding
In the Treasury.
In circulation...
March:
Outstanding
- In the Treasury.
In circulation...
April:
Outstanding
In the Treasury.
In circulation...
May:
Outstanding
In the Treasury,
In circulation...
June:
Outstanding
In the Treasury,
In circulation...
July:
Outstandiag
In the Treasury.
In circulation...
August:
Outstanding
In the Treasury.
In circulation...
September:
Outstanding....
In the Treasury.
In circulation...
October:
Outstanding
In the Treasury,
In circulation...
November:
Outstanding
In the Treasury.
In circulation...
December:
Outstanding
In theTreasury.
In circulation...
1912—January:
Outstanding
In theTreasury.
In circulation...
February:
Outstanding
. In the Treasury,
In circulation...
United
States notes.
Treasury
notes.
Nationalbank notes.
$346,681,016
6,320,278
340,360,738
$3,587,000
10,719
3,576,281
$717,321,051 $1,067,589,067
35,598,345
41,929,342
.681,722,706 1,025,659,725
346,681,016
5,325,879
341,355,137
3,546,000
8,775
3,537,225
720,795,606
29,810,242
690,985,364
1,071,022,622
35,144,896
1,035,877,726
346,681,016
5,496,564
341,184,452
3,518,000
7,442
3,510,558
724,874,308
18,805,902
706,068,406
1,075,073,324
24,309,908
1,050,763,416
346,681,016
6,169,091
340,511,925
3,494,000 .726,855,833
20,430,734
9,626
706,425,099
3,484,374
346,681,016
9,268,762
337,412,254
3,472,000
10,507
3,461,493
727,705,981
23,614,689
704,091,292
346,681,016
8,532,313
338,148,703
3,426,000
10,877
3,415,123
726,445,388 1,076,552,404
37,863,433.
46,406,623
688,581,955 1,030,145,781
346,681,016
5,718,382
340,962,634
3,388,000
9,749
3,378,251
728,935,041
31,472,797
697,462,244
1,079,004,057 •
37,200,928
1,041,803,129
346,681,016
5,665,946
341,015,070
3,357,000
12,724
3,344,276
729,152,916
27,560,025
701,592,891
1,079,190,932
33,238,695
1,045,952,237
346,681,016
10,660,527
336,020,489
3,319,000
" 8,743
3,310,257
728,144,518
30,356,824
697,787,694
1,078,144,534
41,026,094
1,037,118,440
346,681,016
11,664,414
335,016,602
3,286,000
10,194
3,275,806
728,478,011
30,964,360
697,513,651
1,078,445,027
42,638,968
1,035,806,059
346,681,016
7,691,894
338,989,122
3,246,000
8,744
3,237,256
.728,194,508 1,078,121,524
40,493,225.
48,193,863
687,701,283 1,029,927,661
346,681,016
5,032,726
341,648,290
3,218,000
9,315
3,208,685
732,824,016
42,774,016
690,050,000
1,082,723,033
47,816,057
1,034,906,975
346,681,016
4,249,310
342,431,706
3,201,000
15,227
3,185,773
737,206,748
43,430,951
693,775,797
1,087,088;764
47,695,488
1,039,393,276
346,681,016
4,926,284
,341,754,732
3,166,000
10,251
3,155,749
737,788,358
41,068,954
696,719,404
1,087,635,374
46,005,489
1,041,629,885
346,681,016
4,768,101
341,912,915
3,138,000
9,868
3,128,132
739,165,313
33,166,353
705,998,960
1,088,984,329
37,944,322
1,051,040,007
346,681,016
5,868,032
340,812,984
3,111,000
8,230
3,102,770
346,681,016
8,730,716
337,950,300
3,093,000
14,386
3,078,614
740,603,187
35,366,945
705,236,242
346,681,016
9,547,034
337,133,982
3,057,000
11,651
3,045,349
741,661,968' 1,091,399,984
47,855,918
57,414,603
693,806,050 1,033,985,381
346,681,016
9,567,341
337,113,676
3,040,000
12,386
3,027,614
744,272,273
38,963,623
705,308,650
Total.
1,077,030,849
26,609,451 .
1,050,421,398
1,077,858,997
. 32,893,958
1,044,965,039
739,764,346 1,089,556,362
29,800,608
35,676,870
• 709,963,738 1,053,879,492
1,090,377,203
44,112,047
1,046,265,156
1,093,993,289
48,543,350
1,045,449,939
342
REPORT ON THE FINANCES.
No. 13.— United States notes. Treasury notes, etc.—Continued.
Months.
1912—March:
Outstanding
In the Treasury.
In circulation...
April:
Outstanding
In the Treasury.
In circulation...
May:
Outstanding
In the Treasury.
In circulation...
June:
Outstanding
In the Treasury.
In circulation...
July:
Outstanding
In the Treasury.
In circulation...
August:
Outstanding....
In the Treasury.
In circulation...
September:
Outstanding
In the Treasury.
In circulation...
October:
Outstanding
In the Treasury.
In circulation...
November:
Outstanding
In the Treasury.
In circulation...
December:
Outstanding....
In theTreasury.
In circulation...
1913—January:'
Outstanding
In the Treasury.
In circulation...
February:
Outstanding
In the Treasury.
In circulation...
March:
. Outstanding
In the Treasury,
In circulation...
April:
Outstanding
In the Treasury,
In circulation...
May:
Outstanding...
In the Treasury
In circulation...
June:
Outstanding...
In the Treasury
In circulation...
July:
Outstanding...
In the Treasury,
In circulation..
August:
Outstandmg...
In the Treasury
In circulation..
September:
Outstandirig
In the Treasury,
In circulation..
October:
Outstandmg...
In the Treasury,
In circulation..
United
States notes.
Treasury
notes.
Nationalbank notes.
$346,681,016
8,880,271
337,800,745
$3,010,000
11,004
2,998,996
$744,871,283 $1,094,562,299
34,887,276
43,778,551
709,984,007 1,050,783,748
346,681,016
9/625,444
337,055,572
2,978,000
8,183
2,969,817
745,720,348
33,623,681
712,096,667
1,095,379,364
43,257,308
1,052,122,056
346,681,016
8,657,798
338,023,218
2,957,000
14,110
2,942,890
745,492,672
35,937,196
709,555,476
1,095,130,688
44,609,104
1,050,521,584
346,681,016
8,983,695
337,697,321
2,929,000
13,430
2,915,570
745,134,992
39,992,733
705,142,259
1,094,745,008
48,989,858
1,045,755,150
346,681,016
8,497,777
338,183,239
2,911,000
12,573
2,898,427
744,905,941
42,711,981
702,193,960
1,094,497,957
51,222,331
1,043,275,626
346,681,016
8,067,352
338,613,664
2,884,000
8,454
2,875,546
746,501,307
40,879,280
705,622,027
1,096,066,323
48,955,086
1,047,111,237
346,681,016
5,295,957
341,385,059
2,855,000
8,740
2,846,260
747,779,654
36,770,326
711,009,328
1,097,315,670
42,075,023
1,055,240,647
346,681,016
4,137,102
342,543,914
Total.
-2,836,000 ' 749,348,859 1,098,865,875
10,113
27,700,595
31,847,810
721,648,264 1,067,018,065
2,825,887
346,681,016
5,824,179
340,856,837
2,813,000
8,440
2,804,560
750,185,776
27,800,403
722,385,373
1,099,679,792
33,633,022
1,066,046,770
346,681,016
6,995,837
339,685,179
2,797,000
10,115
2,786,885
750,972,246
30,787,771
720,184,475
1,100,450,262
'37,793,723
1,062,656,539
346,681,016
9,971,816
336,709,200
2,773,000
7,089
2,765,911
750,481,769
46,623,063
703,858,706
1,099,935,785
56,601,968
1,043,333,817
346,681,016
7,729,631
338,951,385
2,742,000
9,843
2,732,157
751,117,794
39,756,894
711,360,900
1,100,540,810
47,496,368
1,053,044,442
346,681,016
8,560,513
338,120,503
2,722,000
6,886
2,715,114
752,059,332
33,648,311
718,411,021
1,101,462,348
42,215,710
1,059,246,638
346,681,016
8,456,369
338)224,647
2,709,000
13,766
2,695,234
753,076,674 1,102,466,690
36,495,987
44,966,122
716,580,687, 1,057,500,568
346,681,016
7,845,947
338,835,069
2,688,000
9,639
2,678,361
755,294,066 1,104,663,082
40,620,480
48,476,066
714,673,586 .1,056,187,016
346,681,016
9,465,836
337,215,180
2,660,000
' 3,330
2,656,670
759,157,906
43,403,670
715,754,236
1,108,498,922
52,872,836
1,055; 626,086
346,681,016
8,057,253
338,623,763
2,645,000
4,361
2,640,639
759,293,191
48,402,190
710,891,001
1,108,619,207
56,463,804
1,052,155,403
346,681,016
7,436,157
339,244,859
2,629,000
3,19'5
2,625,805
761,720,029
49,789,651
711,930,378
1,111,030,045
57,229,003
1,053,801,042
346,681,016
6,854,562
339,826,454
2,607,000
4,250
2,602,750
759,030,694
49,353,596
709,677,098
1,108,318,710
56,212,408
1,052,106,302
346,681,016
5,279,603
341,401,413
2,590,000
6,126
2,583,874
758,899,709
36,283,469
722,616,240
1,108,170,726
41,569,198
1,066,601,527
343
TREASURER.
No. 13.—United States notes. Treasury notes, etc.—Continued.
Treasury
notes.
Nationalb a n k notes.
$2,574,000
7,786
2,566,214
$757,159,472 $1,106,414,488
30,614,870
36,401,191
726,544,602 1,070,013,297
346;681,016
6,640,146
340,040,870
2,555,000
4,947
2,550,053
757,842,961
31,363,386
726,479,575
1,107,078,977
38,008,479
1,069,070,498
346,681,016
11,544,256
335,136,760
2,539,000
- -7,916
2,531,084
754,022,766
52,673,172
701,349,594
1,103,242,782
64,225,344
1,039,017,438
346,681,016
7,471,326
339,209,690
2,519,000
6,765
. 2,512,235
753,168,831
45,318,126
707,850,705
1,102,368,847
52,796,217
1,049,572,630
346,681,016
5,214,427
341,466,589
2,501,000
8,841
2,492,159
752,050,299
38,363,644
713,686,655
1,101,232,315
43,586,912
1,057,645,403
346,681,016
6,271,854
340,409,162
2,481,000
8,693
2,472,307
751,765,766
38,757,559
713,008,207
1,100,927,782
45,038,106
1,055,889,676
346,681,016
6,688,925
339,992,091
2,460,000
9,195
2,450,805
751,554,696
31,820,091
719,734,605
1,100,695,712
38,518,211
1,062,177,501
346,681,016
8,835,369
337,845,647
1913—November:
Outstanding
I n the Treasury
In circulation..
December:
Outstanding...
I n the Treasury
In circulation..
1914—January:
Outstanding...
I n t h e Treasury,
In circulation..
February:
Outstanding
I n the Treasury
In circulation..
March:
Outstanding
I n the Treasury
In circulation..
April:
Outstanding...
I n the Treasury
In circulation..
May:
Outstanding...
I n the Treasury
In circulation..
June:
Outstanding
In the Treasury,
In circulation..
United
States n o t e s .
$346,681,016
5,778,535
340,902,481
Months.
2,439,000
11,237
2,427,763
750,671,899
35,491,862
715,180,037
1,099,791,915
44,338,468
1,055,453,447
Total.
No. 14:.—Gold certificates and silver certificates outstanding, in the Treasury, and in circulation at the end of each morith, from January, 1909.
Months.
1909—January:
Outstanding
I n the Treasury,
In circulation...
February:
Outstanding
I n the Treasury,
I n circulation,,.
March:
Outstanding
In t h e T r e a s u r y
In circulation...
April:.
Outstanding
In the Treasury,
In circulation...
May:
Outstanding
In the Treasury,
I n circulation..:,
June:
Outstanding....
In the Treasury.
I n circulation^,.
July:
Outstanding....
I n the Treasury
I n circulation...
August:
Outstanding
In the Treasury.
In circulation...
September:
Outstanding
I n the Treasury.
I n circulation...
Cold certificates.
$864,263,869
•25,956,330
838,307,539
Silver certificates.
Total.
$480,898,000 $1,34.5,161,869
19,535,237
45,491,567
.461,362,763 1,299,670,302
880,341,869
47,699,690
812,642,179
484,754,000
13,342,608
471,411,392
1,345, 095,869
61, 042,298
1,284, 053,571
844,617,869
47,661,660
796,956,209
483,365,000
6,607,037
476,757,963
1,327, 982,869
54, 268,697
1,273, 714,172
846,698,869
42,089,580
804,609,289
482,547,000
5,965,203
476,581,797
1,329, 245,869
48, 054,783
1,281, 191,086
842,855,869
27,461,850
815,394,019
486,390,000
6,987-, 843
479,402,157
1,329, 245,869
34, 449,693
1,294, 796,176
852,751,869
37,746.420
815,005,449
484,414,000
6,696,676
477,717,324
1,337,165,869
44,443,096
1,292,722,773
852,034,869
46,750,510
805,284,359
487,008,000
9,794,233
477,213,767
1,339,042,869
56,544,743
1,282,498,126
859,392,869
47,920,700
811,472,169
487,586,000
9,501,446
478,084,654
1,346,978,869
57,422,146
1,289,656,723
864,162,869
68,645,710
805,517,159
484,826,000
6,135,169
479,690,831
1,348,988,869
63,780,879
1,285,207,990
344
REPORT ON THE FINANCES.
No. li.—Gold certificates and silver certificates, etc.—Continued.
Months.
1909—October: ,
Outstanding
.
In the Treasury.
In circulation
November:
Outstanding..;..
In the Treasury.
In circulation
December:
Outstanding
In the Treasury.
In circulation..-..
1910—January:
Outstanding
In the Treasury.
In circulation
February
Outstanding
In the Treasury.
In circulation
March:
Outstanding
In the Treasury.
In circulation
April:
Outstandiag
In the Treasury.
In circulation
May:
Outstanding
In the Treasury.
In circulation
June:
Outstanding..;..
In the Treasury.
In circulation
July:
Outstanding
- In theTreasury.
In circulation
August:
Outstanding
In, the Treasury.
In circulation
September:
Outstanding
In the Treasury.
In circulation....
October:
Outstanding
In the Treasury.
In circulation
November:
Outstanding
In the Treasury.
In circulation
December:
. Outstanding
In the Treasury.
In circulation
1911—January:
Outstanding
In the Treasury.
In circulation
February:
Outstanding
In the Treasury.
In circulation
March:,
Outstanding
In the Treasury.
In circulation
April:
Outstanding
In the Treasury.
In circulation
May:
Outstanding:....
In the Treasury.
In circulation
Cold certificates.
$874,656,869
79,451,380
795,205,489
Silver certificates.
Total.
$487,687,-000 $1,362,243,869
6,792,111
85,243,491
481,794,889 1,277,000,378
884,339,869
93,962,600
790,377,269
.487,038,000
6,928,407
-481,109,693
874,792,869
84,885,800
789,907,069
487,355)000
12,965,542
474,389,458
1,362,147,869 .
97,851,342
1,264,296,627
866,808,869
50,617,490
816,191/379
484,665,000
10)624;977
474,040,023
1,351,473,869
61,242,467
1,290,231,402
858,472,869
485,775)000
. 40,844,290
6,537,927
817,628,579 .479,237,073
1,344,247,869
47,382,217
1,296,865,652
1,371,377,869
99,891,007
1,271,486,862
852,877,869
45,676,610
807,201,259
489,834,000
5,688,438
484,145,562
1,342,711,869
51,365,048
1,291,346,821
851,665,869
66,959,620
784,706,249
489,798,000
5,947,355
483,850,645
1,341,463,869
72,906,975
1,268,556,894
857,003,869
54,151,210
802,852,669
489,317,000
8,053,089
481,263,911
1,346,320,869
62,204,299
1,284,116,570
862,936,869
60,182,670
802,764,199
489,117,000
10,519,762
478,597,238
1,352,053,869
70,702,432
1,281,351,437
870,697,669
38,934,640
831,663,029
489,474,000
12,810,624
476,663,376
1,360,071,669
51,745,264
1,308,326,405
889,811,669
35,945,200
853,866,469
485,939,000
10,267,573
475,671,427
1,375,750,669
46,212,773
1,329,537,896
895,178,669
49,212,710
846,966,969
484,667,000
6,238,487
479,418,513
1,379,835,669
• 54,451,197
1,325,384,472
899,859,669
63,059,500
836,800,169
489,068,000
5,691,589
483,376,411
1,388,927,669
68,751,089
1,320,176,680
910,354,669
67,480,272
842,874,397
488,190,000 1,398,544,669
• 7,462,688
74,942,860
480,727,412 1,323,601,809
922,855,669
73,681,030
849,174,639
486,671,000
11,237,501
474,333,499
1,408,426,669
84,918,531
1,323,508,138
937,757,669
36,371,317
901,386,352
480,003,000
10,692,058
469,310,942
1,417,760,669
47,063,375
1,370,697,294
940,079,669
30,468,180
909,611,489
478,686,000 1,418,765,669
. 6,485,117
36,953,297
472,200,883 1,381,812,373
950,380,669
34,515,050
915,865,619
474,096,000
6,673,373
467,422,627
1,424,476,623
41,188,490
1,383,288,246
967,232,669
32,827,160
934,405,509
472,632,000
6,610,877
466,021,123
1,439,864,663
39,438,039
1,400,426,637
983,158,669
36,958,040
946,200,629
468,436,000 1,451,594,669
. -6,848,232
42,806,272
462,687,768 1,408,788,397
345
TREASURER.
No. 14.—Gold certificates and silver certificates, etc.—Continued.
Months.
1911—June:
Outstanding
In.the Treasury.
In circulation...
July: . '
Outstandihg
In the Treasury.
In circulation...
August:
Outstanding
In the Treasury.
In circulation...
September:
Outstanding
In the Treasury.
In circulation...
October:
Outstanding....
In the Treasury.
In circulation
November:
Outstanding
In the Treasury.
In circulation...
December:-> Outstanding
In the Treasury.
In circulation...
1912—January:
Outstanding
In the Treasury.
In circulation...
February:
Outstanding
In the Treasury,
In circulation...
March:
Outstanding
In the Treasury.
In circulation...
April:
Outstanding
In the Treasury
In circulation...
- May:
Outstanding
In the Treasury
In circulation...
June:
Outstanding
In the Treasury.
In circulation...
July:
Outstanding
In the Treasury
In circulation...
August:
Outstanding
In the Treasury
In circulation...
September:
Outstanding
In the Treasury
In circulation...
October:
Outstanding
In the Treasury
In circulation...
November:
Outstanding
In the Treasury
In circulation...
December:
Outstanding
In the Treasury
In circulation...
Cold certificates.
$994,870,669
64,502,740
930,367,929
Silver certificates.
Total.
$463,499,000 $1,458,369,669
9,955,304
74,458,044
.453,543,696 1,383,911,625
991,457,669
80,361,620
911,096,049
467,646,000
6,845,366
460,700,634
1,459,003,669
87,206,986
1,371,796,683
994,338,669
70,648,980
923,689,689
466,411,000
6,062,089
460,348,911
1,460,749,669
76,711,069
1,384,038,600
1,002,070,669
71,944,640
930,126,029
464,051,000
5,610,683
458,440,317
1,466,121,669
77,555,323
1,388,566,346
997,062,669
80,100,670
916,961,999
484,281,000
8,590,586
475,690,414
1,481,343,669
88,691,256
1,392,652,413
1,002,579,669
106,938,921
895,640,748
490,453,000
7,001,027
483,451,973
1,493,032,669
113,939,948
1,379,092,721
1,010,956,369
104,012,002
906,.944,367
489,166,000
11,138,716
-478,027,284
1,500,122,369
115,150,718
1,384,971,651
1,035,612,369
71,458,840
964,153,529
484,594,000
15,934,925
468,659,075
1,520,206,369
87,393,765
1,432,812,604
1,025,723,369
66,580,573
959,142,796
477,919,000
10,235,603
467,683,397
1,603,642,369
76,816,176 ,
1,426,826,193
1,028,432,369
81,295,114
947,137,255
487,163,000
12,307,624
474,855,376
1,515,595,369
93,602,738
1,421,992,631
1,034,296,36^
82,329,040
951,967,329
486,191,000
10,883,976
475,307,024
1,520,487,369
93,213,016
1,427,274,353
1,034,895,369
74,588,040
960,307,329
483,223,000
11,489,859
471,733,141
1,518,118,369
86,077,899
1,432,040,470
1,040,057,369
96,621,751
943,435,618
481,549,000
12,324,600
469,224,400
1,521,606,369
108,946,351
1,412,660,018
1,037,068,269
90,952,380
946/115,889
487,825,000
15,077,673
472,747,327
1,524,893,269
106,030,053
1,418,863,216
1,053,126,269
104,475,830
948,650,439
489,512,000
17,665,069
471,846,931
1,542,638,269
122,140,899
1,420,497,370
1,065,408,169
119,165,899
946,242,270
496,153,000
13,785,334
482,367,666
1,561,561,169
132,951,233
1,428,609,936
1,056,017,169
112,471,740
943,545,429
489,266,000
7,516,864
481,749,136
1,545,283,169
119,988,604
1,425,294,565
1,008,346,169
126,588;300
941,757,809
489,578,000
9,542,337
480,035,663
1,557,924,169
136,130,697
1,421,793,472
1,084,434,169
490,787;000 1,575,221,169
128,747,197
141,561,655
12,814,458
955,686,972 . 477,972,542 1,433,659,514
.
346
REPORT ON THE FINANCES.
No. 14.-^G^oZc? certificates and silver certificates, etc.—Continued.
Cold certificates.
Months.
1913—January: t
• Outstanding
In the Treasury..".
. In circulation
February:
Outstanding
In the Treasury
In circulation
March:
Outstanding
In the Treasury
In circulation
April: Outstanding
In the Treasury
In circulation
May:
' Outstanding
In the Treasury
In circulation
June:
Outstanding
In the Treasury
In circulation..
July:
Outstanding
In the Treasury
In circulation.. •.
August:
Outstanding
In the Treasury
In circulation
September:
Outstanding
In the Treasury
In circulation.
October:
Outstanding
In the Treasury
In circulation
November:
Outstanding
In the Treasury
In circulation
December:
Outstanding
In the Treasury
In circulation
1914—January:
Outstanding
In the Treasury
In circulation
February:
Outstanding
In the Treasury
In circulation
March:
Outstanding
In the Treasury
In circulation
April:
Outstanding
In the Treasury
In circulation
May: ,
Outstanding
In the Treasury
In circulation
June:
Outstanding
In the Treasury
In circulation
".
$1,086,351,169
83,528,920
1,002,822,249
Silver certificates.
Total.
$478,209,000 |$1,564,560,169
14,344,733
97,873,653
463,864,267 1,466,686,516
1,082,198,169
88,080,330
994,117,839
483,067,000
15,685,730
467,381,270
1,562,474,169
97,505,505
1,464,968,664
483,550,000
14,421,408
469,128,592
1,570,497,169
97,370,868
1,473,126,301
483,869,000
13,290,883
470,578,117
1,576,121,169
104,982,638
1,471,138,531
487,853,000
16,056,827
471,796,173
1,589,695,169
111,879,767
1,477,815,402
1,091,006,169
61,178,010
1,029,828,159
490,165,000
11,429,278
478,735,722
1,581; 171,169
72; 607,288
1,508; 563,881
1,098,995,16977,543,290
1,021,451,879
491,637,000
11,557,269
480,079,731
1,590, 632,169
89, 100,559
1,501; 531,610
1,111,984,969
95,781,571
1,016,203,398
491,524,000
13,834,731
477,689,269
1,603; 508,969
109, 016,302
1,493; 892,667
1,115,755,969
.87,778,450
1,027,977,519
489,461,000
11,755,978
477,705,022
1,605. 216,969
99; 534,428
1,505; 682,541
1,138,711,
48,778,
1,089,933,
483,909,000
15,670,813
468,238,187
1,622, 620,969
64, 449,004
1,558, 171,965
1,140,698,
46,212,
1,094,486,
473,873,000
12,497,052
461,375,948
1,614, 571,969.
58, 709,327
1,555,862,642
1,142,471,
47,928,
1,094,543,
469,749,000
8,944,558
460,804,442
1,612, 220,969
56; 873,208
1,555, 347,761
1,158,997,
38,574,040
1,120,423,
467,033,000
10,329,883
456,703,117
1,626,030,869
48, 903,923
1,577, 126,946
1,138,602,
32,849,
1,105,753,
l,
-J.
.\
.^
"
1,555,795,169
96,410,642
1,459,384,527
1,101,842,169
95,822,940
1,006,019,229
i
480,597,000
11,405,472
469,191,528
1,092,252,169
91,691,755
1,000,560,414
:
1,543,436,169
. 95,322,373
1,448,113,796 .
1,086,947,169
82,949,460
1,003,997,709
: .•
474,826,000
10,216,445
464,609,555
1,079,407,169
81,819,775
997,587,394
.-
1,068,610,169
85,105,928
983,504,241
1,075,198,169
85,005,170
990,192,999
....
469,324,000 1,551,522,169
8., 401,306
- 96,481,636
460,922,694 .1,455,040,533
479,579,000
13,176,783
.466,402,217
1,618, 181,869
46, 026,033
1,572, 155)836
1,080,974,
54,825,
1,026,149,
490,850,000
12,248,023
478,601,977
1,571,824,'869
67, 073,753
1,504, 751,116-
347
TEEASXTKEE.
"i^o. 16.—Estimated stock of all kinds of money at ihe end of each month-, from January,
1908.
[I^otes include United States notes. Treasury notes, and national-bank notes.l
Months.
1908—January...
February.
March
April
May
June
July.
August
, September
October...
November.
December.
1909—January...
February..
March
April
May
June
July
August
September
October...
November.
December.
, 1910—January...
February..
March
April
May
June
July!
August
September
October...
November.
December.
1911—January...
February..
March....
April
May
June
July
August
September
October...
November.
December.
1912—January...
February..
March....
April
May
June
July......
August
September
October...
November.
December.
1913—January...
February.,
March
April
May..
June
July
August.*..,
September
October...
November.
December.
1914—January...
February.
.March
^ April
^ May
...
June
Gold.
,600,
,848'
,565
267
,.013
133
299558
681
358
Silver.
$704
706
707
707
706
710
710
711
709
714
714
716
718
719
717
718
722
723
" 723
719:
724:
724
725:
727
727,
728:
725:
725:
729:
719
?2o:
936
461
760
588
448:
196:
107'
494:
763:
559:
721
000:
282:
552
389:
515
036
188
6O9:
083:
382:
835:
348:
577
626
220
569
087;
369
761
993
440:
438:
901
498:
360:
8I3:
;268:
,179:
,562:
,342:
/656:
720:
720
720:
721
722:
723:
721
723
723
724
724
724
725:
727:
726:
729:
730:
729:
732:
730:
731:
735:
735:
736'
736:
737:
737:
738:
740
740:
740
740;
740,
740,
740,
741
741
741
• 741
743
744
744
745:
745:
746:
747:
747:
Notes.
047,
047:
048:
049;
050,
049;
043,
036,
027,
017,
018,
028,
027;
029,
035,
038,
039
040;
046,
049,
053,
054,
058,
060,
060,
060,
067
063;
062
063
062;
067,
071
075,
077,
077,
07'6
079,
079,
078
078
078;
082,
087,
087
088;
089,
090,
091,
093,
094,
095,
095,
094,
094
096,
097,
098;
099,
100,
099,
100.
101:
102,
104;
108,
108,
111,
108,
108,
106,
107:
103'
102
101:
100
100
Aggregate.
$3,380. 452,108
918,614
390,430
653,082
932,711
764,020
336,263
606,891
005,801
079,734
136,961
116,912^
030,775.
573,677
615,534
446,996
611,791
328,354
534,241
048,392
608,541889,113
602,048
221,946
135,968
880,335
423,854
413,718
382,284
591,483
142,915
893,537
469,686
738,804
559,996
356,855
526,943
724,399
418,414
574,337
086,198
958,977
599,505
277,865
375,046
919,722
526,676
353,798
572,121
117,239
294,849
960,395 •
374,027
870,650
156,947
970,762
872,429
221,586
833,829
040,567
734,561
195,524
570,210
210,160
922,873
070,016
828,349
765,111
040,803
994,796
082,704
464,090
722,556
921,882
244,237
046,421
051,631
288,871
348
REPORT ON THE FINANCES.
•No. 16.—Estimated amount of all kinds of money in circulation at the endof each month,
from January, 1908.
Months.
190&—January...
February..
March
April
May
June
July
August
September,
October...
November.
December.
1909—January...
February..
March
:
April
May
June
July
. August
September
October...
November.
December.
1910—January...
February..
March
April
May
June
July
August
September,
October...
November.
December.
1911—January...
February..
March.....
April
May.......
•June
July
August
September,
October...
November.
December.
1912—January...
February..
March.
April
May
June
...
.
July
August
• September.
October...
November.
December.
1913—January...
February..
March
April
May
June
July
August
September.
October i . .
November.
December.
1914—January...
. February..
• March
. April
May
June
Gold.
SOver.
$641,496,096
633:;, 804,057
629;1,732,705
628;1,168,888
618,1,620,761
813;;, 244,810
615,.,788,276
619;1,990,263
615 ,955)118
6io;/060,562
616,i, 998,061
619,1,317,841
605.,944,900
>
609;l 998,359
608,1,292,659
609,1,289,337
605,i, 243,676
599,•,337,698
.696,i, 806,435
587,',838,757
698;1,443,000
.,773,175
603;,961,316
;606,1,212,413
603;,614,652
597 ,798,938
694 ;085,718
591,814,708
594 ,954,808
590;1,877,993
691;)665,438
592; ,685,008
593, ,070,080
594 ,934,945
601,492,185
6O5;,650,087
597,',287,884
593: ,671,450
590;1,169,057
1,433)525
,•589,
600;',864,352
589,1,295)538
590,1,230)820
5931,485,758
595;1,134,459
.'594 ,417,161
616;•,777,641
614 ,026,906
1,474,436
6O3;
595,.,461,630
597, ,115,340
6O5;,360,930
608, ,540,016
610, ,724,153
6081,746,370
611,699,353
6O9;1,910,326
610,1,614,208
62i; ,206,112
623:1,159,221
6I7; ,053,838
1,357,741
. 610;
607; ,135,473
,705,777
611;/004,429
610,1,400,799
608;1,015,613
606;1,566,895
605;/735,030
610,1,478,201
6141,214,789
633:1,940,156
633:1,809,854
6IO;,907,591
6111,642,125
6O5;/771„453
612,,431,580
615;,544,681
.611;
$220,258,147
213,928,137
209,631,136
205,291,654
199,486,183
200,606,822
197,967,870
198,896,669
199,108,224
206,403,946
208,474,033
207,506,958
204,258,229
202,926,039
199,570,449
198,939,082
202,077,178
-204,319,698
204,744,696
203,052,356
212,027,601
216,707,895
219,939,451
221,731,663
217,091,608
215,228,223
212,577,066
212,645,280
215,818,883
. 208,016,245
207,184,189
207,844,218
210,495,403
214,209,558
217,099,922
218,257,122
213,419,506
209,610,027
211,056,095
210,659,520
210,657,447
210,867,772
210,782,652
•211,996,000
216,852,025
216,856,870
220,832,899
222,311,609
215,997,219
216,414,734
211,296,047
211,441,300
214,661,266
215,373,772
215,687,686
217,185,320
217,624,853
225,179,562
225,231,466
231,252,306
227,294,842
225,903,079
225,403,040
225,659,196
226,216,601
226,585,263
227,581,576
228,672,436
231,072,357
234,498,340
237,129,036
238,675,160
233,581,006
232,431,646
231,380,138
230,437,304
230,309)395
••230,266,183
Notes.
Certificates.
$1,009,665,457 $1,223,042,999
' 1,007,081,179 ' 1,237,853,268
. 994,564,847 1,248,522,048
989,249,199 1,283,584,460
977,698,372 1,240,378,973
978,008,532 1,248,255,324
973,241,830 1,258,984,671
978,783,144 1,281,736,832
981,724,313 1,281,511,708
990,887,282 1,291,148,231
997,702,100 1,294,386,839
992,792,596 1,272,898,308
981,439,115 1,299,870,302
987,810,037 1,284,053,671
1,005,107,236 1,273,714,172
1,007,243,819 1,281,191,086
1,006,545,378 1,294,796,176
1,009,860/488 1,292,722,773
1,011,031,742 1,282,498,126
1,015,825,990 1,289,556,723
1,025,631,435 1,285,207,990
1,032,197,609 1,277,000,378
1,035,923,305 1,271,486,862
1,029,913,935 1,264,296,527
1,014,749,058 1,290,231,402
1,024,200,437 1,298,865,652
1,040,264,206 1,291,346,821
1,031,630,391 1,268,556,894
1,026,415,488 1,284,116,670
1,022,109,930 1,281,351,437
1,016,878,369 1,308,326,405
1,025,659,725 1,329,537,896
1,035,877,726 1,325,384,472
1,050,783,418 1,320,176,580
1,050,421,398 1,323,601,809
1,044,965,039 1,323,508,138
1,030,146,781 1,-370,697,294
1,041,803,129 1,381,812,372
1,045,952,237 1,383,288,248
1,037,118,440 1,400,426,632
1,035,806,059 1,408,788,397
1,029,927,861 1,383,911,625
1,034,906,975 1,371,796,683
1,039,393,276 1,384,038,600
1,041,829,885 1,388,566,346
1,051,040,007 1,392,652,413
1,053,879,492 1,379,092,721
1,046,265,158 1,384,971,651
1,033,985,381 1,432,812,604
1,045,449,939 1,426,826,193
1,050,783,748 1,421,992,631
1,052,122,056 1,427,274,353
1,050,521,584 1,432,040,470
1,045,755,150 1,412,660,018
1,043,275,628 1,418,863,218
1,047,111,237 1,420,497,370
1,055,240,847 1,428,809,938
1,067,018,065 1,425,294,565
1,068,048,77(^ 1,421,793,472
1,062,858,539 1,433,859,514
1,043,333,817 1,466,886,516
1,053,044,442 1,455,040,533
1,059,248,638 1,448,113,796
1,057,600,568 1,459,384,527
1,056,187,018 1,484,968,864
1,055,626,088 1,473,128,301
1,052,155,403 1,471,138,631
1,053,801,042 1,477,815,402
1,052,106,302 1,508,563,881
1,066,601,527 1,501,531,8ld
1,070,013,297 1,493,892,607
1,069,070,498 1,505,882,541
1,039,017,438 1,558,171,965
1,049,572,630 1,555,862,842
1,057,845,403 i 1,555,347,761
1,055,889,678 1,577,126,948
1,062,177,601 1,572,155,836
1,055,453,447 1,504,751,116
Total.
$3,094,362,699
3,092,666,641
3,080,450,734
3,086,294,101
3,038,182,289
3,038,015,488
3,045,962,647
3,077)406,908
3,078,299,361
3,008,498,021
3,117,581,033
3,092,315,703
3,091,312,546
3,684,778,006
3,088,684,616
3,098,663,124
3,108,682,406
3,106,240,857
3,095^080,999
3,098,273,826
3,121,310,026
3,124,879,057
3,131,310,934
3,122,154,638
3,125,586,720
3,134,093,250
3,138,273,811
3,104,547,273
3,121,305,747
3,102,355,805
3,124,052,401
3,155,728,847
3,184,827,681.
3,180,084,499
3,192,615,314
3,192,380,386
3,211,550,465
3,226,896,978
3,230,465,635
3,237,638,117
3,258,116,255
3,214,002,596
3,207,717,130
3,228,913,834
3,242,182,715
3,254,968,451
3)270,582,753
3,267,575,322
3,288,269,840
3,284,152,496
3,281,187,766
3,296,198,639
3,305;763,336
3,284,513,093
3,288,572,798
3,296,493,280
3,311,386,782
3,328,108,400
3,337,277,820
3,350,727,580
3,354,389,013
3,344,345,795
3,339,898,947
3,354,250,088
3,357,378,710
3,363,738,449
3,356,891,123
3,365,855,775
3,402,477,570
3,417,109,878
3,434,249,789
3,447,388,355
3,441,580,283
3)449,774,409
3,450,015,427
3,478,225,379
3,480,074,312
3,402,015,427
349
TEEASXJREB.
N o . 1*7.—Assets ofthe Treasury other than gold, silver, notes, and certificates atthe end of
each month, from January, 1908.
Months.
I'goS-^ J a n u a r y . . .
February.
March
April
May
June
July.
August....
September
October...
November.
December.
11909-^January...
February.
March
April
my
June
July
August....
September
October...
November.
December.
1910—January...
February.,
March
April
MKy
June
July
August
September.
October...
November.
December.
1911—January...
February.,
March
April
M^y
June
July
Aueust
September.
October...
November.
December.,
1912—January...
February..
March
April
Mjy.......
. June
"July
August
September,
October
November.
- December.,
1913—January...,
February..
•
March......
April
,
May
Jurie
July
August
September.
October....
November.
December..
1914—January....
February..
March
April
May
June
...
Minor coin
Fractional
currency.
,685,027
$75
,995,907
129
,826,075
47
,771,583
117
,869,089
85
,164,307
141
,077,284
75
,096,834
125
,896,359
92
,685,449
135
,306,071
97
,023,737
239
,360,179
103
,423,955
165
802,819
35
,745,130
59
582,133
146
,607,433
79
430,978
118
,923,098
63
,972,344
63
519,743
125
222,515
59
060,531
• 110
,167,889
183
192,280
87
022,457
136
148,185
138
257,024
78
936,199
131
144,107
127
922,151
85
882,828
134
652,188
83
583,325
100
499,538
137
880,763
96
417,100
127
351,229
53
182,994
77
990,174
127
979,184 12,302,030
883,208
694,419
757,755
819,745
464,244
401,672
202,826
1,003,306
873,867
817,838
434,516
699,486
797,922
1,058,487
050,105
1,074,287
330,084
1,039,299
571,412
658,055
689,355
741,798
388,925
723,619
239,191
896,538
069,.781
695,804
933,270
748,559
760,666
910,803
203,922
861,271
877,126
704,473
345,416
844,999
246,430
955,914
358,700
10,690
717,150
61,917
930,574
16,358
997,167
343,468
972,362
915,058
828,161
238,702
6.52,513
286,345
326,015
180,582
123,767
422,012
087,314
471,737
733,472
337,580
789,323
650,234
877,887
439,714
905,680
255,524
048,-954
504,781
117,481
380,150
Deposits
in national
banks.
Deposits in B o n d s a n d
t r e a s u r y of
interest
Philippine
paid.
Islands.
$238,190,042. $4,004,169
230,515,443
2,996,970
202,662,622
4,064,367
200,713,219
3,366,421
164,912,412
2,451,942
160,357,000
1,971,066
130,660,745
5,448,751
128,907,343
8,455,-226
129,925,200
4,687,105
131,693,492
4,029,818
130,111,806
4,769,987
123,928,4.38
5,009,728
100,511,200
4,323,011
72,343,825
3,472,902
70,518,470
4,428,338
71,159,294
4,135,946
72,948,080
4,282,808
71,662,801
2,770,878
54,022,748
5,901,272
51,651,531
5,032,190
50,804,.523
4,800,898
49,497,854
6,107,048
49,069,718
5,883,025
47,926,877
5,831,183
48,353,942
4,725,884
48,818,090
4,243,930
47,603,386
4,857,190
48,944,681
4,481,524
50,841,325
4,728,896
52,209,588
3,470,650
48,390,919
8,228,862
48,765,121
8,110,363
48,047,442
5,128,254
47,898,287
6,421,814
47,868,364
8,197,665
47,135,285
8,427,103
46,695,234
6,437,838
48,687,652
6,194,992
46,732,832
5,281,144
46,393,015
4,929,019
49,828,771
5,564,013
47,647,665
3,748,800
49,244,763
7,249,867
48,684,242
4,504,172
48,588,692
7,208,288
48,200,874
8,334,028
47,820,242
6,138,300
47,768,604
5,853,794
47,439,242
6,470,553
46,748,305
5,318,837
44,961,011
4,923,814
44,.839,428
6,047,267
47,525,400
5,659,006
48,506,185
4,544,196
47,924,685
5,051,665
47,417,809. 6,020,499
47,136,906
6,506,882
46,787,010
6,739,170
46,798,058. 6,849,320
46,524,543
6,269,211
46,580,888
8,380,564
49,068,482
4,847,339
47,731,531
5,192,919
48,239,524
5,326,282
52,314,252
5,570,176
76,263,615
3,972, .380
64,369)295
4,828,638
60,747,275
4,886,001
85,206,999
4,625,571
98,069,011
4,241,272
99,472,168
4,998.150
92,302,428
7,53i;i82
84,701,289
8,559,222
74,085,499
5,671,678
83,040,181
5,632,374
68,706,917
4,516,329
81,006,148
4,782,822
85,043,770
3,894,909
$15,537
32,014
11,784
22,738
37,736
33,221
21,707
17,174
9,768
18,978
27,818
26,098
23,526
24,988
. 18,087
24,688
69,070
18,663
26,378
9,115
4,579
14,854
26,718
8,8305,994
48,045
17,253
27,569
16,470
12,097
. 28,994
14,521
12,052
15,586
20,108
9,008
18,495
25,179
18,028
22,265
10,668
7,678
11,7^9
14,801
7,466
6,067
50,378
10,280
8,969
21,833
4,037
4,560
9,561
34,623
5,191
30,344
13,425
5,738
20,349
2,528
7,282
86,20956,927
13,748
87,531
11,000
i I n c l u d i n g certified checks o n b a n k s from a n d after t h i s d a t e .
9,749
Total.
$243,874,850
235,540,483
209,564,875
206,874,078
170,271,264
165,525,735
139,208,582
138,478,702
137,518,522
138,407,872
137,215,579
130,988,238
107,218,019
78,265,835
77,765,749
78,065,117
79,870,237
77,059,854
62,381,490
58,615,987
57,382,397
57,130,222
66,182,035
54,627,531
54,253,892
64,102,432
53,500,422
52,602,077
56,843,593^
56,628,663
65,792,809
65,812,221
54,070,710
54,987,938
54,669,562
54,071,087
54,032,424
54,305,050
53,363,284'
52,507,370
56,393,753
55,683,357
59,084,036
55,780,715
57,650,360
57,747,101
56,500,825
55,766,680
58,773,173
55,211,187
53,258,245
54,120,722
56,625,120
56,195,548
58,117,270
56,234,237
.56,339,042
56,203,385
55,732,920
,54,377,881
55,159,149
58,203,374
54,348,787
55,348,819
59,918,891
82,587,830
72,085,353
67,700,139
91,771,428
103,816,880
106,014,097
101,392,661
93,331,563
82,196,734
70,990,156
65,384,450
88,342,485
91,446,059
350
REPORT ON THE FINANQES.
No. 18.—Assets ofthe Treasury at the end of each month, from January,, 1908.
Gold.
Months.
1908—January
February...
March..
April
May.:
June
July
August......
September..
October.....
November..
December...
1909—January
'.
February...
March
April
May
June
July
August.... September..
October
November..
December...
1910—January
February...
March
April
M^y
June
July
August.....
September..
October
November..
D e c e m b e r . ...
1911—January
February...
March
April
May
June
....
July
August
September..
October...?.
November..
December...
1912—January
February...'
March....:..
April
May
June
:
• July
August
September..
October
November..
December...
1913—January
February^..
March
April
'...
May
June
July
August
September..
October
November..
December...
1914—January
February...
March
April
- May......:..
June
Silver.
$987,104,459 $493,825,528
1,002,044,417
502 731,605
1,012,832,909
509 170,570
1,011,098,496
513 7,43,865
997,383,172
518 061,532
1,004,888,682
•521 205,020
1,014,511,613
523 038,379
1,021,568,685
522 729,618
1,027,726,268
520 312,041
1,039,298,182
517 990,265
1,041,846,090
516 031,279
1,034,563,966
518 303,410
1,043,084,403
523 069,542
1,046,736,750
525 249,563
1,037,129,397 . 526 964,965
1,040,200,205
527 984,706
1,039,657,057
528 647,077
1,042,704,301
527 607,960
1,041,004,692
527 126,759
1,048,657,026
525 160,439
1,048,390,501
520 315,280
1,049,940,958
515 894,972
1,040,944,907
513 448,649
1,031,896,408
512 305,824
1,036,448,143
517 785,598
1,044,284,908
520 003,623
1,054,777,434
520 278,749
1,028,707,383
520 314,193
1,032,473,506
520 441,027
1,045,165,485
518 965,845
1,060,084,412
519 969,208
1,083,494,916
519 227,563
1,090,327,970
516 406,.976
1,097,824^231
513 800,786
1,099,706,602
511 275,782
1,105,178,210
510 986,350
1,121, 648,253
516 147,376
1,1.36,789,843
518 052,008
1,147,591,888
519 475,.581
1,155,154,789
520 353,785
1,1.52,583,863
520 728,735
1,163,901,184
520 960,333
1,173,876,283
5^1 263,655
1,182,008,996
520 482,286
1,187,-629,516
517 669,349
1,197,142,439
515 646,005
1,180,943,919
513 973,762
1,182,974,010
513 426,208
1,199,807,885
518 426,770
1,199,090,397
520 630,837
1,201,274,185
523 760,855
1,205,154,851
524 445, 743
1,204,496,379
525 186,167
1,207,464,264
525 564,311
1,214,863,555
525 568,278
1,220,384,211
524 543,358
1,231,472,109
524 846,121
1,246,220,949
517 764,174
1,240,142,149
515 336,462
1,2.55,417,901
512 906,057
1,258,572,280
517 327,450
1,256,862,957
519 086,124
1,251,434,421
519 743,999
1,255,381,308
519 '677,375
1,251,365,466
519 393,105
1,262,361,036
518 948,328
1,266, 977,845
518 420,396
1,27.5,873,281
517 388,166
1,284,703,215
514 847,527
1,291,423,315
511 936,341
1,284,283,654
510 511,958
1,290,420,350
509 509,059
1,306,003,702
515 879,000
1,308,361,157
518 094,653
1,321,537,093
519 918; 752
1,329,790,654 . 521 441,990
1,315,910,529
522 •551,174
1,279,112,110
522 867,166
. Notes.
Certificates.
$37,918,321 $.51,876,870
40,593,356
49,237,601
53,763,524
40,538,823
60,229,515 • 47,104,409
72,502,161
59,407,896
73,988,401
49,018,545
70,431,177
43,848,298
60,070,980
43,598,037
45,336,030. .48,742,163
26,342,926
48,484,638
20,806,093
57,001,030
35,552,585
76,790,561
46,439,993
45,491,567
41,624,579
61,042,298
30,379,395
54,268,697
31,174,624
48,054,783
32,592,755
34,449,693
30,955,602
44,443,096
35,172,438
56,544,743
33,820,500
57,422,146
27,928,040
63,780,879
22,458,163 ^85,243,491
22,173,168
99, 891,007
31,063,334
97,851,342
45,705,291
61,242,467
36,353,447
47,382,217
27,475,806
51)365,048
32,269,211
72,906,975
36,219,371
62,204,299
41,673,819
70,702,432
45,466,115
51,745,264
41,929,342
48,212,773
35,144,896
54,4,51,197
24,309,908
68,751,089
26,609,451
74,942,860
32,893,958
84,918,531
46,406,623
47,063,375
37,200,928
36,953,297
33,238,695
41,188,423
41,026,094
39,438,037
42,638,968
42,806,272
48,193,863
74,458,044
47,816,057
87,2§6,986
47,695,488
78,711,069
46,005,489
77)555,323
37,944,322
88,691,256
35,676,870 113,939,948
44,112,047 115,150,718
57,414,603
87,393,765
48,543,350
76,816,176
43,778,551
93,602,738
43,257,308
93,213,016
44,609,104
86,077,899
.48,989,858 108,948,351
51,222,331 106,030,053
48,955,088 122,140,899
42,075,023 132,951,233
31,847,810 119, 988,604
33,633,022 136,130,^697
37,793,723 141,561,655
56,601,968
97,873,653
47,496,368
96,481,636
42,215,710
95,322,373
44,966,122
96,410,642
48,476,066
97,505,505
52,872,836
97,370,868
56,463,804 104,982,638
57,229,003 111,879,767
56,212,408
72,607,288
41,569,198
89,100,559
36,401,191 109,616,302
38,008,479
99,534,428
64,225,344
64,449,004
52,796,217
58,709,327
43,586,912
56,873,208
45,038,106
48,903,923
38,518,211
46,026,033
44,338,468
67,073,753
Other. '
Total.
$243,874,850 $1,814,050,028
235,540,463
1,830,147,442
209,564,875
1,825,888,701
206,874,078
1,839,050,383
170,271,264
l,817,a36,025
165,525,735
1,814,626,383
139,208,562
1,791,038,029
138,476,702 .1,788,442,022
137,518,522
1,779,835,024
138,407,672
l,s770,503,683
137,215,579
1,772,900,071
130,988,238
1,796,198,760
107,218,019
1,765,303,524
78,265,835
1,752,919,025
~ 77,765,749
1,726,508,203
78,06.5,117
1,725,479,435.
79,870,235
1,715,218,819
77,059,854
1,722,770,813
62,381,490
1,722,230,122
58,615,987
1,723,676,098
57,382,397
1,717,797,097
57,139,222. 1)730,876,804
56,182,035
1,732,639,766
54,627,531
1,727,744,439
54,253,892
1,715,435,391
•54,102,432
1,702,126,627
53,500,422
1,707,397,459
52,602,077
1,706,799,839
56,843,593
1,708,181,796
56,828,663
1,733,138,244
55,792,809
1,733,057,808
55,812,221
1,-746,676,815
54,070,710
1,750,401,749
54,987,938
1,759,873,952
54,669,562
1,767,204,257
54,071,067
1,786,048,116
54,032,424
1,785,298,051
54,305,050
1,783,301,126
53,363,284
1,794,857,871
52,507,370
1,808,480,075
56,393,753
1,815,151,591
55,683,357
1,863,196,781
59,084,036
1,889,247,017
55,780,715
1,882,878,554
57,650,360
1,886,510,037
57,747,101
1,897,171,123
56,500,825
1,901,035,124
55,766,680
1,911,429,883
66,773,173
1,919,818,196
55,211,167
1,900,291,927
53,258,245
1,915,674,574
64,120,722
1,920,191,840
56,625,120
1,918,994,689
56,195,548
1,947,160,332
56,117,270
1,953,'801,487
56,234,237
1,972,257,791
56,339,042
1)987,683,528
56,203,385
1,972,024,922
55,732,920
1,988,975,250
54,377,881
2,002,057,217
55,159,149
1,985,534,500
58,203,374
1,976,130,459
54,348,767
1,963,065,270
55,348,619
1,971,784,066
59,918,891
1,976,659,033
82,587,830
2)^014,140,698
72,085,353
2,018,930,038
67,700,139
2,030,070,356
91,771,428
2,020,141,868
103,816,880
2,037,846,293
106,014,097
2,046,827,202
101,392,661
2,038,864,977
93,331,563
2,043,888,613
82,196,734
2,020,158,088
70,990,156
2,012,906,121
65,384,450
2,010,559,123
68,342,485
1,991,348,432
91,446,059
2,004,837,566
TREASURER. '
351
No. 19.—Liabilities ofthe Treasury at the end of each month, from January, 1908.
Months.
•" 1908—January..
February...
. March
April
May
June...-.
July
August
September..
October
November..
December...
1909—January
February...
March
April
May
June
July
August
.
September..
October
November..
December...
1910—January
February...
March
April
May
June
July
August....'.
September..
October
November..
December...
1911—January
Febmary...
March
April
May
June
July..
Au.soist
September.
October
November..
December...
1912—January
February..,
March
April
M:ay.. .•
June
July
August
September.
October
November.
December..
1913—January
February..
March
April
May
June
July
August
September.
October
November.
December..
1914—January
Febmary..
March
April
May
June..
Certificates
and Treasury notes.
Agency
account.
Balance.
Total.
280,319,869 $117,862,858 $416,417,301 $1,814,600, 028
418,845; 804 1,830,147; 442
292,409,869
118,891,769
412,-608,191
292,298,869
1,825,
120,961,641
701
401,596,988
315;>840,869
1,839;050; 363
121,612,506
390,933,256
304,854,869
1,817,636; 025
121,847,900
395,171,348
302, 255,869
1,814,626; 383
117,199,166
353,628,173
307, 715,869 129,693,987
1,791,038; 029
339,890,139
330,179,869
1,786,442, 022.
116,372,014
335, 020,869
1,779,635 024
115,561, ,582 329,052,573
316,882,253
344,315,869
1,770,503 683
109,305,561
301,387,362
356,036,869
1,772,900; 071
115,475,840
319,501,417
354, 084,869
1,796,198 760
122,612,474
299,701,585
349, 686,869
1,765,303 524
115,915,070
291,263,813
1,752,919; 025
349, 563,869 112,091,343
283,934,071
1,726,508; 203
110,193,263
332,380,869
277,433,835
1,725,479; 435
114,470,731
333,574,869
269,901,309
1,715.216. 819
111,795,641
333,519,869
276,375,428' 1,722; 770:813
105,014,516
341,380,869
258,437,755
1,722,230; 122
120,580,498
343, 211,869
247,950,871
1,723,676; 098
124,626,358
351,098,869
244,206,114
1,717,797, 097
120,531.114
3.53,059,869
239,103,078
1,730,676: 804
125,295,857
366,277,869
231,935,125
1,732,639; 766
125,344,772
375,359,869
234,048,866
1,727,744, 439
127,605,704
366,089,869
230,960,864
1,715,435: 391
129,106,658
355,367,869
230,571,813
1,702,126; 627
123,456,945
348,097,869
238,885,265
1,707,397, 459
122,000,325
346,511,869
233,462,139
1,796,'799, 839
128,116,831
345,220,869
232,165,417
1,708,181 796
125,984,510
350, 031,869
256,894,675
1,733,136: 244
120,515,700
355,725,869
242,356; 224 1,733,0^7: 808
126,997,915
363,703,669
239,523,208
1,746,676: 815
127,815,938
379,337,669
240,984,016
1,750,401 749
383,381,669 - 126,036,064
235,688,932
1,759,673: 952
131,539,351
392,445,669
236,683,886
1,767,204 157
12s,481,602
402,038,669
239,393,472. 1,786,048: 116
134,755,975
411,898,669
235,466,829
1,785,298: 051
128,644,553
421,186,669
235,525,708
1,783,301' 126
125,621,749
422,153,669
239,454,526
1,794,857: 871
127,569,676
427,833,669
235,705,902
1,8C
129,590,504
075
443,183,669
236,477,947
123,792,975
454,880,669
1,815; 15i: 591
290,176,926
111,404,186
461,615.669
1,863,196: 781
302,525,300
124,500,048
462,221,669
1,8S9,247: 017
292,408,854
463, 950,669 126,319,031
1,882,678: 554
294,394,996
122,827,372
469,287,669
1,886,510: 037
286,522,399
126,167,055
484,481,669
1,897,171 123
282,243,628
122,647,827
496,143,669
1,901,035 124
276,925,993
131,288,301
503,215,369
1,911,429: 663
273,413,503
123,139,324
523,263,369
1,919,816; 196
271,892,703
121,716,855
506,682,369
1,900,291 927
281,534,096
115,535,109
518,605,369
1,915,074; 574
275,613,947
.523; 465,369 121,112,324
1,920,191 640
276,997,558
118,921,742
521,075,360
1,916,994; 669
317,152,479
105,472,484
524,535,369
1,947,160, 332
311,648,787
114,348,431
527,804,269
1,953,801 487
304,641,784
122,093,738
545,522,269
1,972,257; 791
299,846,615
123,420,744
564,416,169
1,987,683, 528
298,724,219
125,181,534
548,119,169
1,972,024, 922
299,946,420
126,291,661
560,737,169
1,986,975: 250
293,576,381
130,462,667
578,018,169
2,002,057: 217
295,846,020
122,3.55,311
567,333,169
1,985,534' 500
297,036,683
124,829,607
554,264,169
1,976,130: 459
298,496,280
118,410,821
546,158,169
1,963,065: 270
291,333,044
121,94"6,853
;558,504,169
1,971,784, OPO
283,977,281
127,519,583
,565,162,169
1,976,659: 033
315,960,985
125,022,544
,573,157,169
2,014,140; 698
282,263,620
157,900,247
,578,766,169
2,018,930, 036
277,211,119
160,535,068
592,324,169
2,030,070, 356
273,416,613
162,947,084
;583,778,169
2,020,141 866
274,923,503
169,700,821
593,222^169
2,0.37,846: 293
171,278,121 • 269,466,112 2,046,827: 202
606,082,969
169,238,690
261,854,318
607,771,969
2,038,864 977
163,967,376
254,761,268 •2,043,888: 613
;825,159,969
160,200,571
242,866,548
,617,090,969
2,020,158: 088
157,268,732
240,915,420
614,721,969
2,012,906, 121
151,809,740
230,237,514
;628,511,869
2,010,559, 123
146,555,550
224,151,013
620,641,869
1,991,348, 432
311,612,616
; 574,263,869 118,961,071
2,004,837: 556
352
REPORT ON THE FINANCES.
No. 20.— United States notes of each denomination issued, redeemed, and outstanding at
the close of eachfiscalyear from 1907.
Denominations.
Issued during year.
T o t a l issued.
Redeemed
d u r i n g year.
Total redeemed.
Outstandmg.
$10,535.00
11,660 00
1,022,790.00
96,910,975.00
3,719,190.00
480,250.00
1,035,600.00
630,000.00
1,199,00 .'.00
$186,488,771.80
185,341,.678.20
586,901,645.00
1,029,093,534.00
511,116,138.00
143,573,275.00
185,489, 750.00
212,162,000.00
394,908,000.00
19,990,000.00
39,990,000:00
$1,875,388.20
1,421,369.80
6,620,115.00
283,757, 706.00
17,566,262.00
3,441,925.00
6,224,250.00
. 7,114,000.00
19,640,000.00
10,000.00
10,000.00
1907.
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d d o l l a i ' s . . . . .
F i v e h u n d r e d dollars
One t h o u s a n d doUars
Five thousand dollars.
T e n t h o u s a n d doUars
$700,666
104,320,000
$lS8,364,160r
186,763,048
593,521,760
1,312,851,240
528,682,400
147,015,200
191,714,000
219,276,000
414,548,000
20,000,000
40,000,000
Net
• 1908.
105,020,000
3,842,735,808
105,020,000.00
3,495,054,792.00
1,000,000.00
347,681,016.00
1,000,000.00
105,020,000
Total
TT'nkno'wn, riftstrnyp.d
3,842,735,808
105,020,000.00
3,496,054,792.00
346,681,016.00
•
"' '^fe
188,364,160
186,763,048
671,741,760
78,220,000.
22,480,000 .1,335,331,240
531,562,400
2,880,000
147,015,200
193,914,000
2,200,000
219,626,000
350,000
432,028,000
17,480,000
20,000,000
40,000,000
14,046.00
13,344.00
9,523,650.00
102,919,770.00
3,275,240.00
466,150.00
1,108,800.00
1,860,000.00
4,419,000.00
10,000.00
186,502,817.80
185,355,022.20
596,425,295.00
1,132,013,304.00
514,391,378.00
144,039,425.00
186,598,550.00
214,022,000.00
399,327,000.00
20,000,000.00
39,990,000.00
1,861,342.20
1,408,025.80
75,316,465.00
203,317,936.00
17,171,022.00
2,975,775.00
7,315,450.00
5,604,000.00
32,701,000.00
123,610,000
3,966,345,808
123,610,000.00
3,618,664,792.00
1,000,000.00
347,681,016.00
• 1,000,000.00
123,,610,000
3,966,345,808
123,610,000.00
3,619,664,792.00
346,681,016.00
One doUar
T w o dollars
F i v e doUars
. 50,520,000
T e n doUai'S
54,440,000
T w e n t y doUars
4,320,000
Fifty doUars '.
One h u n d r e d doUars
1,060,000
F i v e h u n d r e d d o U a i - s . . . . _ 2,300,000
One t h o u s a n d doUars
20,300,000
F i v e t h o u s a n d dollars
T e n t h o u s a n d doUars
188,364,160
186,763,048
722,261,760
1,389,771,240
535,882,400
147,015,200
194,974,000
221,926,000
452,328,000
20,000,000
40,000,000
11,396.00
12,414.00
37,871,840.00
84,440,590.^00
4,657,160.00
365,200.00
1,450,400.00
. 544,000.00
3)458,000.00
186,514,213.80
185,367,436.20
634,297,135.00
1,216,453,894.00
519,048,538.00
144,404,625.00
188,048,950.00
214,566,000.00
402,914,000.00
20,000,000.00
39,990,000.00
1,849,946.20
1,395,811.80
87,964,625.00
173,317,346.00
16,833,862.00
2,610,575.00
6,925,050.00
7,360,000.00
49,414,000.00
Total...
UIlkno^vn, d e s t r o y e d
132,940,000
4,099,285,808
132,940,000.00
3,751,604,792.00
1,000,000.00
347,681,016.00
1,000,000.00
132,940,000
4,099,285,808
132,940,000.00
3,752,604,792.00
346,681,016.00
188,364 160
186,763,048
800,451,760
1,432,751,240
543,322,400
147,015,200
196,304,000
221,926,000
452,328,000
20,000,000
40,000 000
7,391.00
7,334.00
51,364,295.00
66,502,900.00
4,192, 280.00
302,950. 00
1,428,850.00
943,000.00
5,191,000.00
186,521,604.80
185,37.4,770.20
685,661,430.00
1,282,956,794.00
523,240,818.00
144,707,575:00
189,477,800.00
215,509,000.00
408,105,000.00
20,000,000.00
39,990,000.00
• 1,842,555.20
1,388,277.80
114,790,330.00
149,794,446.00
20,081,582.00
2,307,625.00
6,826,200.00
.. 6,417,000.00
44,223,000.00
,129,940,000
4,229,225,808
129,940,000.00
3,881,544,792.00
1,000,000.00
347,681,016.00
1,000,000.00
.129,940,000
4,229,225,808
129,.940,000.00
3,882,544,792.00
346 681,016 00
One doUar
T w o doUars.
F i v e doUars
T e n doUars
T w e n t y doUars
Fifty dollars.
One h u n d r e d doUars..:...
F i v e h u n d r e d doUars
One t h o u s a n d doUai'S
F i v e t h o u s a n d dollars
T e n t h o u s a n d doUars
Total
Unkno^vn, d e s t r o y e d
Net
10,000.00
1909.
Net
10,000.00
1910.
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty aollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
Five thousand dollars..
T e n t h o u s a n d dollars
Total
Unkno^vn, destroyed
^et
78,190,000
42,980,000
7,440,000
1,330,000
10,000.00
353
TEEASUEEE,
N o . 20.— United States notes of each denomination issued, redeemed, and outstanding at
close of each fiscal year from 1907—Continued.
Issued during year.
Total issued.
Redeemed
during year.
$188,364,160
186,763,048
912,311,760
1,465,751,240
543,322,400
147,015,200
196,304,000
221,926,000
454,328,000
20,000,000
40,000,000
$5,964.00
6,026.00
74,902,160. 00
60,988,890. 00
4,453, 460. 00
281,100. 00
1,312,900.00
1,216,500.00
3,693,000.00
146,860,000'
4,376,085,808
146,860,000. 00
4,028,404,792.00
1,000,000.00
347,681,016.00
1,000,000.00
146,860,000
4,376,085,808
146,860,000.00
4,029,404,792.00
346,681,016.00
188,364,160
186,763,048
1,019,491,760
1,508,231,240
543,322,400
147,015,200
196,304,000
221,926,000
454,328,000
20,000,000
40,000,000
5,597.00
7,293.00
89,878,240.00
50,147,630. 00
3,435,690. 00
• 185,150. 00
816,900. 00
730,500.00
4,453,000.00
186,533,165.80
185,388,089.20
850,441,830. 00
1,394,093,314.00
531,129,968. 00
145,173,825.00
191,607,600. 00
217,456,000.00
416,251,000.00
20,000,000.00
39,990,000.00
1,830,994.20
1,374,958.80
169,049 930 00
114,137,926.00
12,192,432.00
1,841,375.00
4,696,400.00
4,470,000. 00
38,077,000.00
149,660,000
4,525,745,808
149,660,000. 00
4,178,064,792. 00
1,000,000.00
347,681,016.00
1,000,000.00
149,660,000
Denominations.
4,525,745,808
149,660,000.00
4,179,064,792.00
346,681,016.00
188,364,160
186,763,048
1,155,011,760
1,535,711,240
543,322,400
147,015,200
196,304,000
221,926,000
454,328,000
20,000,000
40,000,000
4,012.00
3,918.00
109,762,350.00
45,680,430.00
2,127,540. 00
154,150.00
488,600. 00
435,000.00
4,344,000.00
186,537,177.80
185,392,007.20
960,204,180. 00
1,439,773,744.00
533,257,508. 00
145,327,975.00
192,096,200. 00
217,891,000.00
420,595,000.00
20,000,000.00
39,990,000. 00
1,826,982.20
1,371,040.80
194,807,580.00
95,937,496.00
10,064,892.00
1,687,225.00
4,207,800.00
4,035,000.00
33,733,000. 00
163,000,000
4,688,745,808
163,000,000. 00
4,341,064,792. 00
1,000,000.00
347,681,016.00
1,000,000. 00
163,000,000
4,688,745,808
163,000,000.00
4,342,064,792.00
346,681,016.00
188,364,160
186,763,048
1,284,471,760
1,572,671,240
543,322,400
147,215,200
196,304,000
222,226,000
455,628,000
20,000,000
40,000, OOP
3,764.00
3,816. 00
121,270,850.00
39,144,240. 00
1,594,080. 00
196,950. 00
432,800.00
467,500. 00
. 5,106,000.00
186,540,941. 80
1,823,218. 20
1,367,224.80
185,395,823. 20
1,081,475,030. 00 202,996,730: 00
1,478,917,984.00
93,753, 256.00
534,851,588.00
8,470,812.00
1,690,275.00
145,524,925.00.
3,775,000.00
192,529,000.00
3,867,500.00
218,358,500.00
425,701,000.00
29,927,000.00
20,000,000. 00
39,990,000. 00
10,000.00
168,220,000
4,856,965,808
168,220,000.00
4,509,284,792.00
1,000,000. 00
347,681,016.00
1,000,000.00
168,220,000
4,856,965,808
168,220,000.00
4,510,284,792.00
346,681,016.00
Total
redeemed.
Outstanding.
1911.
One dollar
T w o dollars
F i v e dollars
. .
T e n dollars
T w e n t y dollars
Fifty doUars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d doUars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars .
Total
U n k n o w n , destroyed
Net
$111,860,000
33,000,000
2,000,000
$186,527,568. 80
$1,836,591.20
185,380,796.20
1,382,251.80
760,563,590.00 151,748,170.00
1,343,945,684.00 121,805,556.00
527,694,278. O
O 15,628,122.00
144,988, 675. O
O
2,026,525.00
• 190,-790,700.00.
5,513,300.00
216,725,500.00
5,200,500. 00
411,798,000.00
42,530,000.00
20,000,000.00
39,990,000. 0 0 .
10,000.00
1912.
One dollar
T w o dollars
F i v e doUars
'..
T e n dollars
T w e n t y doUars
Fifty doUars
One hundred dollars:....
F i v e h u n d r e d dollars
One t h o u s a n d d o l l a r s . . .
F i v e t h o u s a n d d o l l a r s . . .•
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
Net
107,180,000
42,480,000
10,000.00
1913. Ohe dollar
T w o doUars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
Net...
135,520,000
27,480,000
10,000. 00
1914.
One doUar
T w o dollars
•
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars..'.
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
• Net
129,460,000
36,960,000
200,000
366,666
1,300,000
64402°—FI 1914-
-23
354
REPORT ON T H E FINANCES.
N o ; 21.— Treasury notes of 1890 of each denomination issued, redeemed, and outstanding
atthe close of each fiscalyear from 1908.
Denominations.
1908.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars..
One thousand dollars.
Issued durRedeemed
ing year. Total issued. during year.
Total
redeemed.
$28,606
26,154
210,790
432,350
202,900
4,100
43,100
58,000
$64,269,619
49,509,856
119,595;805
102,921,940
34,864,830
1,152,450
17,730,700
52,408,000
447,435,000
Total.
$64,704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,000,000
52,568,000
1,006,000
442,453,000
1909.
23.557
20.558
184,005
320,220,
167,460
2,300
31,900
17,000
64,293,176
49,530,414
119,779,610
103,242,160
35,032,290
1,154,750
17,762,600
52,425,000
767,000
443,220,000
64, 704,000
49: 808;000
120: 740,000
104: 680,000
35: 760,000
1: 175,000
18: 000,000
52; 568,000
15,467
15,748
117,925
226,020
122,940
1,900
28,000
15,000
64,308,643
•49,546,162
119,897,535
103,468,180
35, i55,230
1,156, 650
17,790,600
52,440,000
447,435,000
543,000
443,763,000
64, 704,000
49, 808,000
120, 740,000
104, 680,000
35, 760,000
1, 175,000
18, 000,000
52, 568,000
10,989
10,776
86,605
181,360
98,920
2,450
21,900
13,000
64,319,632
49,556,938
119,984,140
103,649,540
35,254,150
1,159,100
17,812,500
52,453,000
447,435,000
426,000
444,189,000
64, 704,000
49, 808,000
120, 740,000
104, 680,000
35, 760,000
1, 175,000
18, 000,000
52, 568,000
10, 762
9,318
67,700
131,990
70,880
1.350
21,000
4,000
64,330,394
49,566,256
120,051,840
103-, 781,530
35,325,030
1,160,450
17,833,500
52,457,000
447,435,000
317,000
444,506,000
64, 704,000
49, 808,000
120, 740,000
104, 680,000
35, 760,000
1,175,000
18, 000,000
52, 568,000
7,645
6,545
56,110
111.050
55,600
1.050
19,000
12.000
447,435,000
Total.
64, 704,000
49, 808,000
120, 740,000
104, 680,000
35, 760,000
1,175,000
18, 000,000
52, 568,000
447,435,000
One dollar
Two dollars
Five dollars
..•.
Ten dollars...
Twenty doUars
Fifty dollars
One hundred dollars..
One thousand dollars.
269,000
444,775,000
' 64,704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,000,000
52,588.000
6,012
4,978
47,240
83,820
49,500
850
15,600
13,000
64,344,051
49,577,779
120,155,190
103,976,400
35,430,130
1,162,350
17,868,100
52,482.000
447,435,000
221,000
444,998,000
i9io:
OnedoUar
Two dollars
,..
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars..
One thousand dollars.
Total.
1911.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars..
One thousand dollars.
Total.
1912.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars..
One thousand dollars.
Total
1913.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars..
One thousand dollars.
Total.
1914.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars..
One thousand dollars.
Total
Outstanding.
355
TEBASTJEEEi
No. 22.—Gold certificates of each denomination issued, redeemed, and outstanding at the
close of each fiscal year from 1909.
$39,480,000
45,360,000
6,600,000
14,000,000
1,850,000
15,500,000
23,000,000
148,920,000
$147,280,000
620,560,000
141,800,000
213,434,300
105,894,000
316,181,000
704,040,000
1,458,980,000
$31,261,540
69,893,560
12,396,800
16,806,600
3,690,500
11,758,000
6,505,000
109,580,000
$40,884,380 $106,395,620
. 387,855,456 232,704,544
96,929,045
44,870,955
143,426,050
70,008,250
88,210,000
17,684,000
246,987,500
69,193,500
605,395,000
98,645,000
1,245,880,000 213,100,000
3,708,169,300
261,892,000
2,855,567,431
88,868,000
66,640,000
12, 200,000
19,600,000
950,000
8,700,000
86,220,000
236,148,000
687,200,000
154,000,000
233,034,300
106,844,000
324,881,000
704,040,000
1,545,200.000
42,600,470
65,471,280
10,931,800
17,212,450
3,247,000
10j505,0O0
14,265,000
108,610,000
83,484,850. 152,663,150
453,326,736 233,873)264
46,139,155
107,860,845
72,395; 800
160,638,500
15,387,000
91,457,000
67,388,500
257,492,500
84,380,000
619,600,000
1,354,490,000 190,710,000
3,991,347,300
272,843,000
3,128,410,431
862,936,869
128,080,000
86,560,000
17,400,000
21,600,000
4,550,000
9,000,000
16,500,000
125,210,000
364,228,000
773,760,000
171,400,000
254,634,300
111,394,000
333,881,000
720,540,000
1,670,410,000
69,327,600
71,518,800
11,440,700
16,238,100
2,959,000
9,-101,000
5,085,000
91,290,000
152,812,450
524,845,536
119,307,545
176,876,600
94,416,000
266,593,500
624,745,000
1,445,780,000
211,415,550
248,914,464
52,092,455
77,757, 700
16,978,000
67,287,500
95,795,000
224,630,000
408,900,000
4,400,247,300
276,966,200
3,405,376,631
994,870,669
108,080,000
83,360,000
17,000,000
20,400,000
3,950,000
9,500,000
6,000,000
107,470,000
472,308,000
857,120,000
188,400,000
275,034,300
115,344,000
343,381,000
726,540,000
1,777,880,000
93,060,250
75,777,500
14,039,400
18,030,150
2,689,000
10,022,000
0,775,000
90,180,000
245,872,700
600,623,036
133,346,945
194,906,750
97,105,000
276,615,500
631,520,000
1,535»96O,0OO
226,4.35,300
256,496,964
55,053; 055
80,127,550
18,239,000
66,765,500
95,020,000
241,920,000
355,760,000
4,756,007,300
310,573,300
179,360,000
103,680,000
19,400,000
24,400,000
4,100,000
10,500,000
10,000.000
117,070,000
651,668,000
960,800,000
207,800,000
299,434,300
119,444,000
353,881,000
736,540,000
1,894,950,000
117,389,190
303,261,890
82,625,760
683,248,796
15,727,800
149,074,745
20,377,950
215,284,700
4,039,500'
101,144,500
12,320,000
288,935,500
28,290,000
659,810,000
141,070,000 1,677,030,000
468.510,000
Total.
Redeemed
during year.
283,178,000
1909.
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars.
Ten thousand dollars..
Issued during year.
Total
redeemed.
Total issued.
294,710,000
Denominations..
5,224,517,300
421,840,200
Outstanding.
852,601,869
1910.
Ten dollars..:
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand doUars..
Ten thousand dollars..
Total.,
1911.
Ten dollars
Twenty dollars
Fifty doUars
One hundred'dollars-..
Five hundred dollars..
One thousand dollars..
Five thousand doUars.
Ten thousand dollars..
Total.
1912.
Ten doUars -.
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars..
One thousand dollars..
Five thousand dollars.
Ten thousand dollars..
, Total.
3,715,949,931 1,040,057,369
1913.
Ten dollars
Twenty dollars
Fifty dollars
Ono hundred doUars...
Five hundred dollars..
One thousand doUars..
Five thousand doUars.
Ten thousand doUars..
Total.,
288,406,110
277,551,204
58,725,255
84,149,600
18,299,500
• 64,945,500
76,730,000
217,920,000
4,137,790,131 1,086,727,169
1914.
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred doUars..
One thousand dollars..
Five thousand dollars.
Ten thousand dollars..
Total.,
135,320,000
786,988,000
77,280,000 1,038,080,000
16,SOO, 000
224,600,000
24,600,000
324,034,300
6,700,000
126,144,000
21,500,000
375,381,000
33,500,000
770,040,000
189,820,000 2,084,770,000
505,520,000
5,730,037,300
141,170,450
504, 432,340 282,555,660
87,537,150
770, 785,946 267,294,054
16,866,000
165, 940,745 . 58,659,2.55
20,789,700
236, 074,400
87,959,900
- 3,662,000
104, 806,500
21,337,500
19, .377,000 •808, 312,500
67,068,500
36,770,000
696, 580,000
73,460,000
185,100,000 1,862, 130,000 222,640,000
511,272,300
4,649,062,431 1,080,974,869
356
REPORT ON T H E FINANCES.
No. 23.—Silver certificates of each denomination issued, redeemed, and outstanding at the
close of each fiscalyear from 1909.
Issued during year.
Denominations.
1909.
O n e doUar
T w o dollars
F i v e doUars
T e n doUars
T w e n t y dollars
F i f t y dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d doUars
T o t a l issued.
Redeemed
dm-ing year. .
$127,768,000 $1,043,456,000 $116,432,634.00
49,595,506:00
49,832,000
507,864,000
124,980,000 1,851,740,000 142,599,070. 00
10,053,290.00
25,680,000
608,994,000
3,863,900.00
299,826,000
84,650,000
4,140,300.00
8,600,000
81,540,000
100,800.00
16,650,000
2,500. 00
8,000,00
32,490,000
Total
redeemed.
Outstanding,
$919,314,839.90 $124,141,160.10
451,583,763.60 56,280,236.40
1,605,729,787. .50 246,010,212.50
575,172,179.00 33,821,821.00
288,916,610.00 10,909,390.00
72,148,440. 00 12,501,500.00
686,620.00
80,853,380.00
16,622,000.00
28,000.00
-35,000.00
32,455,000.00
336,860,000
4,527,210,000
326,796,000.00
4,042,796,000.00 484,414,000.00
151,907,600
56,020,000
136,270,000
7,800,000
1,195,363,600
563,884,000
1,988,010,000
616,794,000
299,826,000
86,650,000
81,540,000
16,650,000
32,490,000
135,229,421.00
52,538,064.00
138,718,915.00
14,723,550.00
3,188,800.00
4,802,950.00
83,400.00
1,500.00
8,000.00
1,054,544,260.90 140,819,339.10
504,121,827.60 59,762,172.40
1,744,448,702.50 243,561,297.50
589,895,729.00 26,898,271.00
7,720,590.00
292,105,410.00
9,698,610.00
76,951,390.00
603,220.00
80,936,780.00
26,500.00
16,623,500.00
27,000.00
32,463,000.00
353,997,600
4,881,207,600
349,294,600.00
4,392,090,600.00 489,117,000.00
167,736,000
60,184,000
129,860,000
1,363,099,600
624,068,000
2,117,870,000
616,794,000
299,826,000
86,650,000
81,540,000
16,650,000
32,490,000
158,077,985.00
59,367,820.00
148,878,345.00
11,707,100.00
1,891,300.00
3,411,750.00
59,200. 00
2,500. 00
2,000.00
1,212,622,245.90 150,477,354.10
563,489,647.60 60,578,352.40
1,893,327,047.50 224,542,952.50
601,602,829.00 15,191,171.00
293,996,710.00
5,829,290.00
80,363,140.00
6,286,860.00
544,020.00
SO, 995,980. 00
24,000.00
16,626,000.00
32,465,000.00
25,000.00
357,780,000
5,238,987,600
383,398,000.00
4,775,488,600.00 463,499,000.00
186,460,000
65,152,000
145,580,000
14,240,000
1,549,559,600
• 689,220,000
2,263,450,000
631,034,000
299,826,000
86,650,000
81,540,000
16,6.50,000
32,490,000
175,609,919.00
62,876,236.00
142,944,765.00
8,673,560.00
1,340,620.00
1,869,100.00
63,800.00
2,000.00
2,000.00
1,388,232,164.90 161,327,435.10
626,365,883. 60 62,854,116.40
2,036,271,812.50 227,i78,187.50
610,276,389. 00 • 20,757,611.00
4,488,670.00
29.5,337,330.00
4,417,760.00
82,232,240.00
. 480,220.00
81,0.59,780.00
22,000.00
16,628,000.00
23,000.00
32,467,000.00
411,432,000
5,650,419,600
393,382,000.00
5,168,870,600.00 481,549,000.00
O n e doUar
204,048,000
T w o dollars
..,
68,664,000
131,240,000
F i v e dollars
T e n doUars
;
T w e n t y dollars
•...
Fifty doUars
O n e h u n d r e d doUars
F i v e h u n d r e d dollars
1,753,607,600
757,884,000
2,394,690,000
631,034,000
299,826,000
86,650,000
81,540.000
16,650;000
32,490,000
186,520,307.00
1,574,752,471.90 178,855,128.10
65,358,493.00
691,724,376.60 66,159,623.40
139,353,110.00
2,175,624,922.50 219,065,077.50
8,952,340.00
619,228,729.00 11,805,271.00
3,804,970.00
683,700.00 .. 296,021,030.00
3,394,210.00
1,023,5.50.00
83,255,790.00
422,720. 00
57,.500. 00
81,117,280.00
21,000.00
1,000.00
16,629,000.00
22,000.00
1,000.00
32,468,000.00
403,-952,000
6,054,371,600
401,951; 000.00
5,570,821,600.00 483,550,000.00
193,856,000
63,032,000
•120,720,000
13,360,000
2,800,000
7,800,000
1,947,463,600
820,916,000
2,515,410,000
644,394,000
302,626,000
94,450,000
81,540,000
16,650,000
32,490,000
193,031,002.00
65,284,198.00
130,415,500.004,171,300.00
607,700.00
714,900.00
39,900.00
500. 00
3,000.00.
1,707,783,473.90 179,680,126.10
757,008,574.60 63,907,425.40
2,306,040,422.50 209,369,577.50
623,4.00,029.00. 20,9.93,971.00
296,628,730.00
5,997,270.00
83,970,690.00 10,479,310.00
81,157,180. 00
382,820.00
20,500.00
16,629,500.00
19,000. 00
32,471,000.00
401,568,000
6,455,939,600
394,268,000.00.
5,965,089,600.00 490,850,000.00
Total
1910.
O n e doUar
T w o dollars
F i v e doUars
T e n dollars
T w e n t y dollars
F i f t y dollars
O n e h u n d r e d dollars . .
F i v e h u n d r e d dollars
O n e t h o u s a n d doUars
2,000,000
Total
1911. O n e doUar
T w o doUars
F i v e doUars
T e n doUars .
..
T w e n t y dollars
F i f t y dollars
O n e h u n d r e d doUars
F i v e h u n d r e d doUars
O n e t h o u s a n d dollars
.j
T o t a l ..'.
1912".
O n e dollar
T w o dollars
F i v e dollars
T e n dollars
*
T w e n t y dollars
F i f t y dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d doUars
Total
1913.
Total
....
1914.
O n e dollar
T w o dollars
F i v e doUars
T e n doUars
T w e n t y dollars
Fifty dollars
O n e h u n d r e d dollars
F i v e h u n d r e d doUars
O n e t h o u s a n d dollars
Total
l
357
TEEASUREE.
No. 24i.-^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 1907.
Issued during year.
Denominations
T o t a l issued.
Redeemed
d u r i n g year.
Total
redeemed.
Outstanding.
1907.
One dollar
T w o doUars
Z
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
. ..
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
:
One t h o u s a n d dollars
Five thousand d o l l a r s —
T e n t h o u s a n d dollars
$951,534,327.70
$101,996,000 $1,061,924,160 $95,008,371.00
591,769,285.80
48,752,000
648,539,048 40,943,864.00
154,660,000 2,315,921,760 164,605,490.00 •2,018,341,862.50
104,360,000 1,992,085,240 101,971,665.00 1,693,704,603.00
94,800,000 1,363,228,400 48,180,260.00 1,085,950,154.00
17,600,000
285,384,610.00
340,840,200 11,981,150.00
22,400,000
396,285,380.00
475,088,300 15,857,200.00
5,100,000
4,407,000.00
309,655,500.00
333,870,000
11,500,000
704,732,500.00
785,987,000 11,157,000. 00
• 25,005,000
2,050,000.00
602,715,000.00
684,040,000
112,100,000 1,211,740,000 86,740,000.00 1,065,500,000 00
$110)389,832.30
56,769,762.00
297,579, 897.50
298,380,637.00
277,278,246. 00
55,455,590. 00
78,802,920. 00
24,214, 500. 00
81,254,500. 00
81,325,000.00
146,240,000.00
Net
698,273,000 11,213,264,108 582,902,000.00
9,705,573,223.00 1,507,690,885.00
1,000,000.00
1,O0O,OOO..OO
698,273,000 11,213,264,108 582,902,000.00
Total
U n k n o w n , destroyed
9,706,573,223.00 1,506,690,885.00
1908.
106,832,000
Ono dollar
46,064,000
Two dollars..
. .
203,320,000
F i v e dollars
139,040,000
Ten dollars..
79,120,000
T w e n t y dollars
18,600,000
F i f t y dollars .•
17,800,000
One h u n d r e d dollars
6,450,000
Five hundered d o l l a r s —
31,780,000
One t h o u s a n d dollars
17,000,000
F i v e t h o u s a n d dollars
138,320,000
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
Net..".
1,168,756,160
694,603,048
2,519,241,760
2,131,125,240
1,442,348,400
.359,440,200
492,888,300
340,320,000
817,767,000
701,040,000
1,350,060,000
102,120,315.00 1,053,654,642.70
115,101,517.30
45,083,850.00
57,749,912.20
636,853,135. 80
340,090,142. 50
160,809,755.00 2,179,151,617.50
321,448,267.00
115,972.370.00 1,809,676,973.00
66,320,660.00 1,152,270/814.00
290,077, 586.00
12,347,650.00
297,732,260. O . 61,707,940. 00
O
15,415, 900.00
411,701,280.00
81,187,020. 00
5,-505,500.00
315,161,000. 00
25,159,000.00
14,679,000.00
719,411,500. 00
98,355,500.00
16,175)000.00
82,150,000.00
618,890,000 00
110,790,000. 00 . 1,176,290,000. 00
173,770,000.00
804,326,000 12,017,590,108 665,220,000.00 10,370,793,223. 00 1,646,796,885.00
1,000,000.00
1,000,000.00
804,326,000 12,017,590,108 665,220,000.00 10,371,793,223.00 1,645,796,885.00
.
1909.
O n e dollar
T w o dollars. . .
Five d o l l a r s . . .
Ten dollars.
Twenty dollars. .
F i f t y dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n destroyed
Net
:
127,768,000
49,832,000
175,500,000
119,600,000
49,680,000
15,200,000
15,060,000
4,150,000
. 35,800,000
23,000,000
148,920,000
1,296,524,160
744,435,048
2,694,741,760
2,250,725,240
1,492,028,400
374,640,200
507,948,300
344,470,000
853,567,000
724,040,000
1,498,980,000
116,467,587. 00
49,628)478.00
180,654,915. 00
126,075,640.00
78,582,080.00
16,904,600.00
18,389,700.00
4,237,000.00
15,370,000.00
6,505,000.00
109,580,000. 00
1,170,122,229.70
6S6,481,613.80
2,359,806,532.50
1,935,752,613.00
1,230,852,894.00
314,636,860.00
430,090,980.00
319,398,000.00
. 734,781,500.00
625,395,000.00
1,285,870,000.00
126,401,930.30
57,953,434.20
334,935,227.50
314,972,627.00
261,175,506.00
60,003,340.00
77,857,320:00
25,072,000.00
118,785,500.00
98,645,000.00
213,110,000.00
764,510,000 12,782,100,108 722,395,000.00 11,093,188,223.00 1,688,911,885.00
1,000,000.00
1,000,000.00
764,510,000 12,782,100,108 722,395,000.00 11,094,188,223.00 1,687,911,885.00
1910.
1,448,431,760
800,455,048
2,909,201,760
2,390,373,240
1,566,108,400
388,840,200
528,878,300
345,420,000
802,267,000
724,040,000
1,585,200,000.
135,252,279.00 1,305,374,508.70
52,561,146.00
739,042,759.80
190,201,135.00 2,550,007,667.50
124,052,940.00- 2,059,805,553.00
72,975,300.00 1,303,828,194.00
16,039,600.00
330,676,460.00
18,752,700.00
448,843,680.00
4,191,500.00
323,589,500.00
15,719,000.00
750,500,500.00
14,265,000.00
639,660,000.00
108,610,000.00 1,394,480,000.00
143,057,251.30
61,412,288.20
359,194,092.50
330,567,687.00
262,280,206.00
58,163,740.00
80,034,620.00
21,830,500.00
111,766,500.00
84,380,000.00
190,720,000.00
One doUar
T w o doUars
F i v e doUars
T e n doUars
T w e n t y doUars
Fifty doUars .
One h u n d r e d doUars
F i v e h u n d r e d doUars
One t h o u s a n d doUars
F i v e t h o u s a n d doUars
T e n t h o u s a n d doUars
151,907,600
56,020,000
214,460,000
139,648,000
74,080,000
14,200,000
20,930,000
950,000
8,700,000'
Total
U n k n o w n , destroyed
767,115,000 13,549,215,708 752,620,600.00 11,845,808,823.00 1,703,406,885.00
1,000,000.00
1,000,000.00
Net
86,220,000
-
767,115,600 13,549,215,708 752,620,600.00 11,846,808,823.00 1,702,406,885.00
358
REPORT ON THE FINANCES.
No. 24—Amount of United States notes, etc.—Continued.
•Issued d u r i n g year.
Denominations.
T o t a l issued.
Redeemed
d u r i n g year.
Total
redeemed.
Outstanding.
1911.
One doUar
T w o doUars
F i v e doUars
T e n doUars
'...
T w e n t y doUars
Fifty doUars:
One h u n d r e d dollars
..
F i v e . h u n d r e d doUars.
One t h o u s a n d d o U a r s . . . . .
F i v e t h o u s a n d dollars
T e n t h o u s a n d doUars
Total
:
Unlaio"wn, destroyed
..
$167,736,000 $1,616,167,760 $158,094,938.00 $1,463,469,446.70
798,427,381.80
60,184,000
800,639,048 59,384,622.00
241,720,000 3,150,921,760 223,867,110.00 2,773,874,777.50
161,080,000 2,551,453,240 142,204,950.00 2,202,010,503.00
86,560,000 1,652,668,400 77,962,480.00 1,381,790,674.00
406,240,200 15,142,000.00
345,818,460.00
17,400,000
466,475,780.00
550,478,300 17,632,100.00
21,600,000
327,767,500.00
349,970,000
4,178,000.00
4,550,000
763,309,500.00
873,267,000 12,809,000.00
11,000,000
740,540,000
644,745,000.00
5,085,000.00
16,500,000
125,210,000 1,710,410,000 91,290,000.00 1,485,770,000.00
$152,698,313.30
62,211,666.20
377,046,982.50
349,442,737.00
270,877,726.00
60,421,740.00
84,002,520.00
22,202,500.00
109,957,500.00
95,795,000.00
224,640,000.00
913,540,000 14,462,755,708 807,650,200.00 12,653,459,023.00 1,809,296,685.00
1,000,000.00
1,000,000.00
913,540,000 14,462,755,708 807,650,200.00 12,654,459,023.00 1,808,296,685.00
Net
1912.
1,802,627,760 175,626,278.00
925,791,048 62,892,847.00
3,403,681,760 232,890,705.00
2,716,253,240 152,013,430.00
1,736,028,400 80,624.690.00
423,240,200 16,095,000.00
570,878,300 18,931,850.00
353,920,000
3,421,500.00
882,767,000 14,481,000.00
746,540,000
6,775,000.00
1,817,880,000 90,180,000.00
O n e doUar
T w o doUars
F i v e doUars
T e n doUars
:
T w e n t y doUars . . '
Fifty doUars
One h u n d r e d doUars
F i v e h u n d r e d doUars
One t h o u s a n d doUars
F i v e t h o u s a n d doUars
Ten thousand doUars....'.
186,460,000
65,152,000
252,760,000
164,800,000
83,360,000
17,000,000
20,400,000
3,950,000
9,500,000
6,000,000
107,470,000
T o t a l .'.
U n l c n o w n , destroyed
916,852,000 15,379,607,708 853,932,300.00 13,507,391,323.00 1,872,216,385.00
1,000,000.00
1,000,000.00
1,639,095,724.70
861,320,228.80
3,006,765,482.50
2,354,023,933.00
1,462,415,364.00
361,913,460.00
485,407,630.00
331,189,000.00
777,790,500.00
651,520,000.00
1,575,950,000.00
163,532,035.30
64,470,819.20
396,916,277.50
362,229,307.00
273,61^3,036.00
61,326,740.00
85,470,670.00
22,731,000.00
104,976,500.00
95,020,000.00
241,930,000.00
916,852,000 15,379,607,708^ 853,932,300.00 13,508,391,323.00 1,871,216,385.00
Net
1913.
One dollar
T w o dollars
F i v e doUars
T e n doUars .
T w e n t y doUars
Fifty doUars . .
One h u n d r e d doUars
F i v e h u n d r e d doUars
One t h o u s a n d doUars
F i v e t h o u s a n d doUars
T e n t h o u s a n d doUars
T o t a l . ...,
U n k n o w n , destroyed
204,048,000
68,664,000
266,760,000
206,840,000
103,680,000
19,400,000
24,400,000
4,100.000
10,500;000
10,000,000
117,070,000
2,006,675,760
994,455,048
3,670,441,760
2,923,093,240
1,839,708,400
442,640,200
595,278,300
358,020,000
893,267,000
756,540,000
1,934,950,000
186,531,964.00
65,368,956.00
249,171,570.00
172,133,010.00
85,492,600.00
16,906,550.00
20,943,050.00
4,475,500.00
16,677,000.00
28,290,000.00
141,070,000.00
1,825,627,688.70
926,689,184.80
3,255,937,052.50
2,526,156,943.00
1,547,907,964.00
378,820,010.00
506,350,680.00
335,664,500.00794,467,500.00
679,810,000.00
1,717,020,000.00
181,048,071.30
67,765,863.20
4-14,504,707.50
396,936,297.00
291,800,436.00
63,820,190.00
88,927,620.00
22,355,500.-00
98,799,500.00
76,730,000.00
217,930,000.00
1,035,462,000 16,415,069,708 987,060,200.00 14,494,451,523.00 1,920,618,185.00
1,000,000.00
1,000,000.00
1,035,462,000 16,415,069,708 987,060,200.00 14,495,451,523.00 1,919,618,185.00
Net
1914.
One doUar
T w o doUars
F i v e doUars
T e n doUars
^
T w e n t y dollars
Fifty doUars
One h u n d r e d dollars
F i v e h u n d r e d doUars
One t h o u s a n d doUars
F i v e t h o u s a n d doUars
T e h t h o u s a n d doUars
Total
U n k n o w n , destroyed
Net
193,856,000
63,032,000
250,180,000
185,640,000
80,080,000
24,800,000
24,600,000
7,000,000
22,800,000
33,500,000
189,820,000
2,200,531,760'
1,057,487,048
3,920,621,760
3,108,733,240
1,919,788,400
467,440,200
619,878,300
365,020,000
916,067,000
790,040,000
2,124,770,000
193,040,778.00
65,292,992.00
251,733,590.00
184,569,810.00
89,788,430.00
17,778,700.00
21,278,000.00
4,130,000.00
24,499,000.00
36,770,000.00
185,100,000.00
2,018,668,466.70
991,982,176.80
3,507,070,642.50
2,710,726,753.00
1,637,696,394.00'
396,598,710.00
527,628,680.00
339,794,500.00
818,966,500.00
716,580,000.00
1,902,120,000.00
181,863,293.30
65,504,871.20
412,951,117.50
398,006,487.00
282,092,006.00
70,841,490.00
92,249,620.00
25,225,500.00
97,100,500.00
73,460,000.00
222,650,000.00
1,075,308,000 17,490,377,708 1,073,981,300.00 15,568,432,823.00 1,921,944,885.00
1,000,000.00
1,000,000.00
1,075,308,000 ^17,490,377,708 1,073,981,300.00 15,569,432,823.00 1,920,944,885.00
35^
TEEAStrRER.
No. 25.—Amount of paper currency of each denomination outstanding at the close of each
fiscal year from 1907.
Legal-tender
notes.
Denominations.
Certificates.
National-bank
notes.
Total.
1907.
Total
U n k n o w n , destroyed
:
Net
$108,051,458
55,024,094
289,604,597
12,432,521
258,613,914
51,987,015
72,266,270
17,100,500
61,396,500
81,315,000
146,230,000
$344,249
164,708
113,826,705
247,378,750
183,971,240
18,239,300
39,705,100
93,000
24,000
$110,734,082
56,934,470
411,406,602
545,759,387
461,249,486
73,694,890
118,508,020
24,307,500
81,278,500
81,325,000
146,240,000
353,669,018
1,000,000
:
$2,338,375
1,745,668
7,975,300
285,948,116
18,664,332
3,468,5756,536,650
7,114,000
19,858,000
10,000
10,000
1,154,021,869
603,747,052
2,111,437,937
1,000,000
352,869,016
O n e dollar
T w o dollars
F i v e doUars
T e n doUars
T w e n t y dollars
Fifty doUars
O n e h u n d r e d dollars
F i v e h u n d r e d doUars
O n e t h o u s a n d doUars
F i v e t h o u s a n d dollars
T e n t h o u s a n d doUars
1,154,021,869
803,747,052
2,110,437,937
1908.
O n e doUar
T w o dollars
F i v e doUars
T e n dollars
T w e n t y doUars
Fifty dollars
O n e h u n d r e d doUars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d doUars
T e n t h o u s a n d doUars
.
..
2,295,723
>1,706,170
76,460,860 •
205,075,996
18,068,192
, 2,998,325
7,584,750
5,604,000
32,861,000
. .
10,000
112,805,795
56,043,742
263,829,282
116,372,271
272,011,394
58,709,615
73,602,270
19,555,000
65,494,500
82,150,000
173,760,000
343,878
164,470.
147,594,415
288,381)100.
202,533,280
18,369,150
40,787,300
93,000
24,000
115,445,396
57,914,382
487,684,557
609,829,367
492,610,868
80,077,090
121,974,320
25,252,000
98,379,500
82,150,000
173,770,000
.
352,663,016
1,000,000
... .
Net
1,294,133,869
898,290,593
2,345,087,478
1,000,000
351,663,016
Total
TTnk-nown, dftstroyp-d
1,294,133,869
898,290,593
2,344,087,478
343,613
164,322
136,436,440
297,260,690
200,682,100
16,857,300
38,016,200
91,OCO
23,000
126,745,544
58,117,756
471,371,667
612,233,317
461,857,606
76,860,640
115,873,520
25 163 000
118,808^500
98,645,000
213,110,000
1909.
O n e doUar
T w o doUars
F i v e dollars
:
T e n dollars
T w e n t y doUars
'.
Fifty dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars .
T e n t h o u s a n d doUars
:
...
2,260,770
1,673,198
88,925,015
174,755,188
17,561,572
2,630,825
7,162,450
7,360,000
49,557,000
10,000
Total
U n k n o w n , destroyed . . .
124,141,161
56,280,236
246,010,212
140,217,441
243,813,934
57,372,515
70,694,870
17,712,000
69,228,500
98,645,000.
213,100,000
351,896,016
1,000,000
689,874,665
2,378,786,550
1 000 000
350,896,016
1,337,015,869
. 689,874,665
2 377 786 550
2,237,912
1,650,116
11.5,632,795
151,006,266
20,686,352
2,325,975
7,035,600
8,417,000
44,351,000
140,819,340
59,762,172
243,561,297
179,561,421
241,593,854
55,837,765
72,999,020
15,413,500
67,415,500
84/380,000
190,710,000
343,610
164,320
139,864,175
311,269,990
211,974,920
16,033,000
36,383,000
90,000
23,000
143,400,862
61,578,608
499,058,267
841,837,677
474,255,128
74,196,740
116,417,620
21,920,500
111,789,500
84,380,000
190,720,000
351,353,016
1,000,000
1,352,053,869
718,146,015
12,762,892
2,419,552,900
3,762,692
350,353,016
^ Net
1,337,015,869
1,352,053,869
713,383,323
2,415,790,208
1910.
O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y doUars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars.
°.
Total
TTnVno'wn, d e s t r o y e d .
Net
10,000
1 Redeemed but not assorted by denominations.
360
REPORT ON THE FINANCES.
No. 25—Amount of paper currency of each denomination outstanding at the close of each
fiscal year from 1907—Continued.
Legal-tender
notes.
Denominations.
1911.
O n e dollar
T w o dollars
'
F i v e dollars
T e n dollars
Twentv dollars...
.
Fifty dollars
O n e h u n d r e d dollars •
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
Five thousand dollars...:
T e n thou,sa.nd dollars -
$2,220,959
1,633,314
152,504,030
122,836,016
16,132,972
.2,042,425
5,700,800
- 5,200,500
42,645,000
Certificates. . N a t i o n a l - b a n k
notes.
Total.
$343,610
164,320
140,678,555
317,935,200
217,732,020
16,148,850
36,194,900
90,000
23,000
350,927,016
1,000,000
1,458,369,669
729,310,455
11,165,070
2,538,607,140
2,165,070
349,927,016
1,458,369,669
728,145,385
2,536,442,070
2,204,600
1,616,703
169,738,090
115,036,396
12,627,402
1,855,925
4,862,900
4,470,000
38,188,000
16i;327,436
62,854,116
227,178,187
247,192,911
260,985,634
59,470,815
80,607,770
18,261,000
66,788,500
95,020,000
241,920,000
343,588
164,312
141,565,470
328,508,870
224,856,140
16,-373,800
35,032,350
89,500
23,000
163,875,624
64,635,131
538,481,747
690,738,177
498,469,176
77,700,540
120,503,020
22,820,500
104,999,500
95,020,000
241,930,000
350,610,0161,000,000
1,521,606,369
746,957,030
• 11,872,722
2,619,173,415
2,872,722
349,610,016
1,521,606,369
745,084,308
2,616,300,693
2,192,944
1,606,239
195,439,630
96,724,916
10,444,262
1,700,725
4,355,300
4,035,000
33,832,000
178,855,128
66,159,624
219,065,077
300,211,381
281,356,174
62,119,465
84,572,320
18,320,500
64,967,500
76,730,000
217)920,000
,343,587
164,312
143,751,670
331,208,900
230,391,800
19,587,900
34,855,550
89,000
23,000
181,391,659
67,930,175
558,256,377
728,145,197
•522,192,236
83,408,090
123,783,170
22,444,500
98,822,500
76,730,000
217,930,000
350,341,016
1,000,000
1,570,277,169
760,415,719
11,309,820
2,681,033,904
2,309,820
349,341,016
1,570,277,169
759,105,899
2,678,724,084
.2,183,167
1,597,446
203,581,540
94,456,856
8,800,682
1,702,925
3,906,900
3,867,500
30,013,000
179,680,127
63,907,425
209,369,577
. 303,549,631
' 273,291,324
69,138,565
88,342,720
21,358,000
67,087,500
73,460,000
222,640,000
342,763
163,786
137,195,685
• 331,746,930
231,079,920
20,651,300
31,504,150
88,500
22,000
182,206,057
65,668,657
550,146,802
72'9,753,417
513,171,926
91,492,790
123,753,770
25,314,000
97,122,500
73,460,000
222,650,000
350,120,016
1,000,000
1,571,824,869
752,795,034
1 2,176,180
2,674,739,919
3,176,180
349,120,016
.-
$150,477,355
60,578,352
224,542,952
226,606,721
254,743,754
58,379,315
78,301,720
17,002,000
67,312,500
95,795,000
224,630,000
1,571,824,869
750,618,854
2,671,563,739
'..
10,000
Total
U n k n o w n , destroye<i
Net
$153,041,924
62,375,986
517,725,537
667,377,937
488,609,746
76,570,590
120,197,420
22,292,500
109,980,500.
95,795,000
224,640,000
1912.
O n e dollar
T w o dollars
F i v e dollars
T e n doUars
T w e n t y dollars
Fifty dollars
O n e h u n d r e d dollars
F i v e h u n d i ' e d dollars
O n e t h o u s a n d dollars . .
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
.
;..
....
10,000
.
Total.
U n k n o w n , (ip.'stroyp.ii
Net
1913.
O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
.One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
'
:
...
10,000
Total
U n k n o w n , destroyed
Net
1914.
O n e dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
Net
. .
.'
.
:
10,000
1 Redeemed but not assorted by denominations.
361
TEEAStTBER.
N o . 26.—Old demand notes of each denomination issued, redeemed, and outstanding
J u n e 30, 1914.
.
.
T o t a l issued.
Denominations.
Total .
redeemed.
Outstanding.
$21,800,000
20,030,000
18,200,000
..
$21,778,692.50
20,010,295.00
18,187,860.00
$21'307.50
19,705.00
12,140.00
60,030,000
F i v e dollars .
T e n dollars
T w e n t y dollars
Total..
Redeemed •
d u r i n g year.
59,976,847.50
53,152.50
N o . 27.—Fractional currency of each denomination issued, redeemed, and outstanding
J u n e 30, 1914.
Total issued.
Denominations.
Redeemed
during year.
Total
redeemed.
Outstanding.
Three cents
Five cents
Ten cents
,
Fifteen cents
Twenty-five cents.
Fifty cents
$601,923.90
5,694,717. 85
82,198,456. S
O
5.305,568.40
139; 031,482.00
135,891,930.50
$3.00
22.00
300. 00
18.00
800. 50
993.50
$511,727. .35
3,836,281.34
77,143,673.83
5,065,638.84
134,766, 243.41
132,140,103. 45
$90,196.55
1,858,436.51
5,054,782.97'
239,929.56
4,265,238.59
3,751,827.05
Total
,
Unkno'ffTi, destroyed..
368,724,079. 45
2,137.00
353,463,668. 22
32,000.00
15,260,411. 23
32,000.00
8,724,079.45
2,137.00
353,495,668. 22
15,228,411.23
Net
,
N o . 28.—Comi^ound-iiUerest notes of each denomination issued, redeemed, and outstanding
J u n e 30, 1914.
T o t a l issued.
Denominations.
Redeemed
d u r i n g year.
Total
redeemed.
Outstanding.
$23,285,200
30,125,840
60,824,000
45,094,400
67,846,000
39,420,000
T e n dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
Total...
.
.
$23,265,530
30,094,270
60,762,900
45,062,600
67,835,000
39,416,000
$19,670
31 570
61,100
31 800
11,000
4 000
266,595,440
266,436,300
159 140
N o . 29.- -One and two year notes of each denomination issued, redeemed, and outstanding
J u n e 30, 1914,
T o t a l issued.
Denominations.
T e n dollars
T w e n t y dollars
Fifty d o l l a r s .
One h u n d r e d dollars
Five hundred dollars... .
One t h o u s a n d dollars
.
-.
$20
Total
redeemed.
Outstanding.
$6,194,000
16,427,860
20,932,350
37,788,600
40,300,500
89,289,000
$6,000
12,140
13,250
15,800
1,.5O0
19,000
211,000,000
Total
U n k n o w n destroyed . .
Net
. . . .
$6,200,000
16,440,000
20,945,600
37,804,400
40,302,000
89,308,000
Redeemed
d u r i n g year.
'
20
210,932,310
10,590
67,690
10, .590
211,000,000
20
210,942,900
57,100
362
REPOM o n a?HE tlHANCES.
No. 30.— United States paper currency of each class, together with one and two year notes
and compound-interest notes, issued, redeemed, and outstanding June 30, 1914.
Issued
during year.
Class.
Total issued.
Redeemed
during year.
, Total redeemed.
Outstanding.
$60,030,000.00
$59,976,847.50
Old demand notes
$53 152.50
$168,220,000 4,856,965,808. 00 $168,220,000.00 4,510,284,792.00
346,681,016.00
United States notes
447,435,000.00
221,000.00
444,996,000.00
2,439,000.00
Treasury notes of 1890.
505,520,000 5,763,037,880.46 511,272,300.00 4,682,063,011.46 1,080,974,869.00
Gold certificates..
401,568,000 6,455,939,600.00 394,268,000.00 5,965,089,600.00
Silver certificates..:
490,850, CDO. 00
1,473,625,000.00
1,473,625,000.00
Currency certificates
Fractional currency . . .
368,724,079.45
2,137.00
353,495,668.22
15,228,4n. 23
One and two year notes.
211,000,000.00
. 20.00
210,942,900.00
57,100.00
Compound - i n t e r e s t
266,595,440.00
notes
266,436,300.00
159,140.00
1,075,308,000 19,903,352,807. 91 1,073,983,457.00 17,966,910,119.18 1,936,442,688.73
Total
No. 31.— United States notes and Treasury notes redeemed in gold from Jan. 1, 1879, to
June 30, 1914, also imports and exports of gold, byfiscalyears, from 1897. '
U n i t e d States
• notes.
T o t a l t o J u n e 30, 1896
Fiscal year 1897
F i s c a l year'1898
F i s c a l year 1899
F i s c a l year 1900
Fiscal year 1901
F i s c a l year 1902
F i s c a l year 1903
F i s c a l year 1904
Fiscal year 1905
F i s c a l year 1906
F i s c a l year 1907
F i s c a l year 1908
F i s c a l year 1909
Fiscal year 1910
Fiscal year 1911
F i s c a l year 1912
;
T o t a l for fiscal year 1913.
,
,
June
T o t a l for fiscal year 1914
Aggregate t o J u n e 30, 1914.
I m p o r t s of
gold.
$506,263,545
78,201,914
24,997,963
25,642,265
35,598,337
24,223,111
18,757,180
8,267,245
11,555,044
11,858,254
11,645,005
12,792.165
21,320,012
20,015,941
11,704,892
22,892,795
45,498,305
$85,014,780
120,391,674
88,954,603
44,573,184
66,051,187
52,021,254
' 44,982,027
99,055,368
53,648,961
96,221,730
114,510,249
148,337,321
44.003,989
43,339,905
73,607,013
48,936,500
891,233,9.73
5,184,175
5,251,451
4,344,385
4,980,979
3,745,567
4,074,762
8,608,515
5,243,780
8,497,421
5,585,690
7,352,438
6,891,794
:
1913—July
August
September
October
• November
December
1914—January
February
March
April
May
Total.
780,395,679 110,638,294
:
T o t a l t o J u n e 30, 1912
1912—July
August
September
October
November
December
1913—January
February
March
April
May
June
Treasury
nbtes.
$426,190,220 $80,073,325
68,372,923
9,828,991
22,301,710
2,696,233
18,645,015
8,997,230
28,637,501
6,960,836
23,776,433
446,678
17,482,590
1,274,390
7,154,718
1,112,327
11,081,068
473,976
11,517,579
340,675
11,432,195
192,810
12,690,887
101,278
21,278,307
41,705
19,984,536
31,405
11,695,012
9,880
22,844,635
48,160
45,490,330
7,955
Periods.
67,850,957
5,686,248
6,628,428
5,617,520
3,766,220
4,127,579
8,732,389
10,338,980
5,086,957
6,194,021
7,819,868
4,803,326
6,393,040
73,194,576
14,110
3,040
, 20
30
10
1,010
80
27,510
20
-^22,000
67,830
4,500
4,500
E x p o r t s of
gold.
$40,361,580
15,406,391
37,522,086
48,266,759
53,185,177
48,568,950
47,090,595
81,459,986
92,594,024
38,573,591
51,399,178
72,432,924
91,531,818
118,563,215 <
22, .509,653
.57,328,348
5,198,285
5,254,491
4,344,405
4,981,009
3,745,577
4,075,772
8,698,595
5,271,290
6,497,421
5,585,710
7,374,438
6,891,794
3,747,869
5,576,900
4,200,682
11,887,492
4,474,480
11,397,007
8,210,360
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
18,076,584
3,010,168
12,467,492
569,315
67,918,787
69,194,025
77,762,622
5,686,248
8,628,428
5,617,520
3,766,220
4,132,079
6,732,389
10,338,980
5,086,957
6,194,021
.7,819,868
4,803,326
8,393,040
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
6j914,056
9,078,778
2,832,049
407,386
16,835,202
48,107,064
73,199,078
,66,538,659
112,038,529
921,641,212 110,710,824 1,032,351,838
363
a?REASUREB.
No. 32.—Treasury notes of 1890 retired by redemption in silver dollars and outstanding,
together with the silver in the Treasury purchased by such notes, for each month, from
January, 1908.
Months.
1908—January.....
February...,
March
April
May
June
July
August
September..
October
November..,
December...
1909—January
February...,
March
AprU
May
,.
. June....
July
August
September..
October
November..
December...
1910—January
February...
March
April
May
June
July
August
September..
October
November..
December..
1911—January
February...
March
April
.-.,
May
June
July
August
September.
October
November..
December..
1912—January
February...
March
AprU
May
June
July
August
September.
October
November..
December..
1913—January
February...
March
April
May.-.
June
July
August
September.
October
November..
December..
1914—January
February...
March
AprU
May
June
Bullion in
Retired by
redemption. Outstanding. . Treasury.
$79,000
81,000
79,000
88,000
82,000
88,000
79,000
56,000
80,000
62,000
56,000
53,000
71,000
57,000
70,000
89,000
55,000
59,000
46,000
49,000
49,000
37,000
52,000
40,000
48,000
44,000
50,000
43.000
46,000
39,000
40,000
45,000
41,000
28,000
24,000
22,000
46,000
38,000
31,000
38,000
33,000
40,000
28,000
17,000
35,000
28.000
27,000
18,000
36,000
17,000
30,000
32,000
21,000
28,000
* 18,000
27,000
29,000
19,000
23,000
16,000
24,000
31,000
20,000
13,000
21,000
28,000
15,000
16,000
22,000
17,000
16,000
19,000
16,000
20,000
18,000
20,000
21,000
21,000
$5,400, 000
5,319, 000
5,240, 000
5,152, 000
5,070 000
4,982 000
4,903, 000
4,847, 000
4,767, 000
'4,705, 000
4,649, 000
4,596, 000
4,525, 000
4,468 000
4,398, 000
4,329, 000
4,274 000
4,215, 000
4,169, 000
4,120, 000
4,071, 000
4,034, 000
3,982. 000
3,942, 000
3,894, 000
3,850, 000
3,800, 000
3,757, 000
3,711, 000
3,672, 000
3,632, 000
3,587, 000
3,546, 000
3,518, 000
3,4.94 000
3,472, 000
3,426, 000
3,388, 000
3,357, 000
3,319, 000
3,286 000
3,246, 000
3,218, 000
3,20i: 000
3,166, 000
3.138 000
000
3, in;
3,093 000
3,057,000
3,040,000
3,010,000
2,978, 000
2,957,000
2,929, 000
2,911,000
2,884, 000
2,855,000
2,838, 000
2,813, 000
2,797: 000
2,773;000
2,742,000
2,722, 000
2,709,000
2,888, 000
2,660, 000
2,645,000
2,629, 000
2,607, 000
2,590, 000
2,574, 000
2,555, 000
2,5.39,000
2,519, 000
2,501, 000
2,481, 000
2,480, 000
2,439, 000
DoUars in
Treasury.
$5,400,000
5,319,000
5,240,000
5,152,000
^ 5,070,000
4,982,000
4,903,000
4,847,000
4,767,000
4,705,000
4,649,000
4,596,000
4,525,000
4,468,000
4,398,000
4,329,000
4,274,000
4,215,000
4,169,000
. 4,120,000
4,071,000
4,034.000
3.982,000
3,942,000
3,894,000
3,850.000
3,800,000
3,757,000
3,711,000
3,672,000
3.632.000
3,587 000
3,546,000
3,518,000
3,494,000
3,472.000
3,426,000
3,388,000
3,357,000
3,319,000
3,286,000
3,246,000
3,218,000
3,201,000
3,166,000
3,138,000
3,111,000
- 3,093,000
3,057,000
3.040,000
3,010,000
2,978,000
2,957,000
2,929,000
2,911,000
2,884,000
2,855,000
2,836,000
2,813,000.
2,797,000
2,773,000
2,742.000
2,722,000
2,709,000
2,688,000
2,660,000
2,645,000
2,829,000
2,607,000
2,590,000
2 574,000
2,555,000
2,539,000
2,519,000
2,501,000
2,481,000
2,460,000
2,439,000
364
REPORT ON T H E FINANCES.
No. 33.—Transactions between the subtreasury and clearing house in New York during
"
each month from January, 1908.
Months.
1908—January...
February.,
March
-April
May.".
June
July
,
August
September
October...
November.
December.
1909—.January...
February..
March
April
May
June
July
August
September
October...
• November.
December.
1910—January...
February.,
March
April
May
June
July
August
September
October...
November,
December.
1911—January...
• February.
March
April
May
June
July
August
September
October...
November.
December.
1912—January...
February.
March....
April
May
June
July
August
September
October...
November,
December.
1913—January...
February.
March
April
May
June
July......
August
September
• October...
November,
December.
1914—January...
February.
March
April
May
..
June
Checks sent to
clearing house.
$20 287, 286.27
26 608, 121.64
24 802, 630.15
23 037, 257. 40
26 176, 221.18
25 848, 826.01
30 710, 802.27
24 764, 721.78
34 207, 314.96
39 809, 942.01
33 263, 633.61
36 101, 209.32
27 6.53,803.30
32 800, 185.60
29 194, 692.33
27 900, 695.19
27 685, 647.20
29 989, 716.96
38 .556,891.36
35 OSS, 909.68
34 719, 0.56.26
40 407, 778.12
34 698, 563.49
33 641, 116.03
29 625. 659.28
33 826, 200.42
36 925, 209.97
30 105, 731.00
29 587, 059.09
38 220, 632.87
38 559, 024.19
36 809, 686.59
37 042. 021.66
42 180, 426.38
36 216, 997.44
40 035, 153.67
33 738, 920.42
32 346, 711.71
47 809, .502.10
44 964. 301.72
44 012, 773.26
67 033, 327.47
83 169, 881.74
62 20.?,0.54.18
57 123, 358.88
64 495. 971.78
65 776, 164.00
62 816, 124.78
60 5.5S,007. 63
64 523, 064.00
61 993, 854.30
61 444, 590.54
64 023, .321.39
67 776, 496.56.
73 064, 112.40
66 999, 009.14
59 092, 185.41
72 811, 862.98
65 719, 146.17
65 559, 117.40
61 844, 90S. 72
62 027, 287.28
54 224, 912.28
49 955, 878.13
48 907, 447.12
61 7.51,207.27
72 921, 382.56
68 727, 701.75
59 494, 102.60
69 158, 499.93
56 577, 651.45
63 398, 930.01
57 262, 737.74
54 030. 371.96
63 300. vS30.24
56 923. 287.07
56 S78. 299. 73
73 070, 490. 45
Checks received
. from clearing
house.
$57
52
.55:
65:
66;
67
76;
65,
.50,
63
.53:
55:
78:
.55'
59;
58
57:
56;
64,
57:
46;
51
49;
53
64:
53'
.53;
52
55:
53
63
65
43
52
55
60;
72,
58,
60,
66
61
68
69;
63,
54
65
60;
61
SI
59;
54
62:
63:
54'
62:
59;
45,
65,
59,
63,
90;
52
45;
45,
46,
.55,
53
5o;
48,
50,
48,
49;
70,
50,
• 5o;
54
68;
53
Balances due
subtreasury.
775.26
$1,677,327.92
932.49
884.92
276,154.23
686.07
169.30
270.04
674.93
1,00,3,190.58
055.05
"'992,'ii3.'86'
444.32
323,03.5.57
916.35
1,276,882.14
192.51
937,570.28
115.58
859.97
805,731.89
637. 63
666.37
309. 45
410.09
626. 57
2.51.30 , 8.30,639.44
1,264,695.09
969.22
1,638,285.52
901.42
1,738,431. .35
719.54
130. 75
177,748. J
283.55
717. 44
360,531.22
898.89
759,050.44
053.97
222. " 8
i
019.04
1,707,748.80
343.44
2,408,770.18
104.24
277.61
127,1.69.35
S'OS. 00
2,876,96.5.81
729.30
1,325,377.86
710. CO
396,654.48
625.39
1,467,260.90
564.46
957.99
577.46
1,890,498.46
687.15
231, 206.04
480. 46
1,294,893.05
189.82
8,694.216.76
681.92
18,871, 484.72
173.77
8,733,424.36
695.68
7,768,820.58'
590.49
6,305,723.76
931.60
8,279,4.53.25
121.47
8,530,337.00
153.19
2,120; 953.95
276. 48 .10,843,687.59
.506.15
10,800, 655.17
252.95
4,916,843.86
358.77
7,612,207.60
211.26
16,317, 526.91
033.88
14,009,925.98
264.91
14,42S; 4.39.95
749.80
14,393, .594.39
737.94
10,897, 187.33
798.51
10,892, 149.17
9,336,952.50
669.20
866.46
1,669,142.62
839.61
13,066, 708. OS
394. 71
12.406, 740.11
120.99
8,925,665.28
163. OS
7,575,345.34
131.76
11,718, 292.27
901.21
20,159, 9.55.43
547.25
20,269, 527.13
928.63 . 12,103,
608; 69
459.72
20,843,216.53
261.45
11,591, 909.65
801.56
17.56i; 026. 40
576.35
i;886,346.15
228.55
9,186,818.15
448.70
15,583, 164.14
077.60
8,587, 145.84
330.71
-6,^86, 447.97
961.39
22,591, 281.11
Balances due
clearing house.
$36 797,
27 282,
31 087,
42 887,
40 379,
41 369,
47 275,
40 408,
17 510.
23 771,
21 266,
20 678,
.50 687,
23 785.
30 473.
31 062.
29 628,
26 .157,
26 996.
24 168,
13 197,
12 cS46,
14 861,
19 773.
35 062,
19 955,
17 .386,
22 124,
25 484,
16 897,
27 418,
28 710,
9 793.
11 894,
19 723,
22 027,
38 691.
26 083,
14 191,
21 74S,
18 962,
10 532,
5 441,
8 165,
5 305,
7 164,
2 571.
6 918,
23 528,
6 129,
3 632,
6 226,
7 376,
3 306,
3 336,
7 157,
315.
3 991,
4 35S.
7 038,
30 021,
3 579,
3 775.
4 505,
5 053.
5 325,
993,
1 943,
1 4.53,
1 826,
3 450,
3 240,
14 701,
6 112,
2 584,
8 051.
8 603.
2 892,
365
TEEASUEEE.
No. 34.—Amount of each kind of money used in settlement of clearing-house balances
against the subtreasury in New York during each month, from January, 1908.
Months.
Gold corn;
1908—January
February..
March
April
May
June
July
August
September.
October
November.,
December..
1909—January
February..
March
April
May
June
July
August
September.
October
November.,
December..
1910—January
February..
March
April
May
June
July
August
.
September.
October
November.,
December..
1911—January
February..
March
April
May
June
July
August
September.
October
November.
December..
1912—January
February..
March
April
May
June
July
August
September.
October
November.
December..
1913—January
February..
March
April
May
June
July
August
September.
• October
November.
December..
1914r—January
February..
March
April-.
.
May
June
United
notes
68,
400,
228,
013,
634,
166,
890,
472,
162,
976,
153,
097,
703,
,761,
483,
132,
465,
495,
073,
374,
345,
178,
060,
113,
094,
'901,
!, 007,
91,
283,
:, 691,
748,
462,
., 032,
1,
365,
305,
4,
71,
518,
528,
129,
• 32,
26,
6;
6,
6;
7,
15,
1,
8,
38,
21,
%
5,
5,
3,
5,
3,
43,
3,
26,
4,
1,
2,
4,
1,
3,
2,
Treasury
notes.
Gold certificates.
$38,
27,
31,
41,
40,
34,
44,
40,
17,
23,
21,
20,
46,
11,
19,
25,
24,
22,
21,
16,
5,
7,
4,
14,
33,
17,
13,
19,
23,
14,
25,
26,
8,
10,
18,
20,
38,
25,
12,
21,
18,
9,
6)
• 7,
5,
7,
2,
6;
23,
6,
3,
6;
7,
3,
3,
7,
3;
4,
7,
30,
3,
3;
4,
5;
5;
1,
1,
1,
3;
3,
14;
6,
2.
6:
Silver certificates.
Total.
$36, 797,489
27, 282,139
3i; 087,409
42, 887,429
379,948
• 40,
41, 369,444
47, 275,083
40, 408,333
17, 510,243
23, 771,010
21, 266,441
20, 678,477
50, 687,057
.23,785,184.
30, 473,974
31, 062,614
29, 628,763
26, 157,910
26, 996,999
24, 168,755
13, 197,131
12, 846,373
14, 861,567
19, 773,916
35, 062,028
19, 955,230
17, 386,894
22, 124,492
'25, 484,960
16, 897,459
27, 418,850
28, 710,760
9: 793,252
l l i 894,681
723,367
19, 027,733
22, 691,644 .
38, 083,246
26: 191,574
14;
21, 748,591
18, 962,800
532,059
10, 441,2855, 165,544
s: 305,157
5: 164,342
7: 571,221
2; 918,334
6, 528,100
23, 129,900
6, 632,307
3, 226,506
6, 376,245
7 306,242
3; 336,847
3, 157,696
7, 315,159
3,991,062
358,802
4 038,504
7, 021,100
30, 579,260
3, 775.123
3, 505,908
4, 053,061
6, 325,217
5, 993,474
1,943,373
1 453,435
1,826,176
3, 450,520
3, 240,898
14, 701,185
6, 112,675
2, 584,783
051,956
o: 603,479
892,752
366
REPORT ON T H E FINANCES.
No. 35.—Balance in the Treasury ofthe United States; amount in Treasury offices, and
amount in depositary banks, at the end of each calendar year from the adoption of the
Constitution in 1789 to 1842, and at the end of each fiscal year thereafter to 1914..
B a l a n c e in t h e T r e a s u r y . i
Dates.
In Treasury
offices.
1789—Dec. 3 1 . . .
1790—Mar. 3 1 . . .
June 3 0 . . Sept.30...
Dec. 3 1 . . .
1791—June 3 0 . . .
Sept.30...
Dec.31...
1792—Mar. 3 1 . . .
June 3 0 . . .
Sept. 3 0 . . .
Dec. 3 1 . . .
1793—Mar. 3 1 . . .
June 3 0 . . .
Dec.31...
1794—Dec. 3 1 . . .
1795—Dec. 3 1 . . .
1796—Dec. 3 1 . . .
1797—Dec. 3 1 . . .
1798—Dec. 3 1 . . .
1799—Dec. 3 1 . . .
1800—Dec. 3 1 . . .
1801—Dec. 3 1 . . .
1802—Dec. 3 1 . . .
1803—Dec. 3 1 . . .
1804—Dec. 3 1 . . .
1805—Dec. 3 1 . . .
1806—Dec. 3 1 . . .
1807—Dec. 3 1 . . 1808—Dec. 3 1 . . .
1809—Dec. 3 1 . . .
1810—Dec. 3 1 . . .
1811—Dec. 3 1 . . .
1812—Dec. 3 1 . . .
1813—Dec. 3 1 . . .
1814—Dec. 3 1 . . .
181.5—Dec. 3 1 . . .
1816—Dec. 3 1 . . .
1817—Dec. 3 1 . . .
1818—Dec. 3 1 . . .
1819-Dec. 3 1 . . .
1820—Dec. 3 1 . . .
1821—Dec. 3 1 . . .
1822—Dec. 3 1 . . .
1823—Dec. 3 1 . . .
1824—Dec. 3 1 . . .
1825—Dec. 3 1 . . .
1828—Dec. 3 1 . . .
1827—Dec. 3 1 . . .
1828—Dec. 3 1 . . .
1829—Dec. 3 1 . . .
1830—Dec. 3 1 . . .
1&31—Dec. 3 1 . . .
1832—Dec.31...
1833—Dec. 3 1 . . .
1834—Dec. 3 1 . . .
183.5—Dec. 3 1 . . .
1836—Dec. 3 1 . . .
1837—Dec. 3 1 . . .
1838—Dec. 3 1 . . .
1839—Dec. 3 1 . . .
1840—Dec. 3 1 . - . .
1841—Dec. 3 1 . . .
1842—Dec. 3 1 . . .
1843—June 3 0 . . .
1844—June 3 0 . . .
$10,490.54
700,000.00
1,025,610.63
1,268,827.82
691,097.04
1,414.029.62
205.330.74
380.199.04
669.889.11
390,199.04
In depositary
banks.
239.61
60, 613.14
155, 320.23
349, 870.23
570, 023.80
571, 699.00
679, 579.99
973, 905.75
751, 377.34
623, 133.61
420, 914.51
783; 212.37
1,035, 973.09
561, 435.33
753, 661.69
1,151, 924.17
516, 442.61
888, 995.42
1,021, 899.04
617, 451.43
2,161, 867.77
2,623: 311.99
3,295: 391.00
5,020, 697.64
4,825, 811.60
4,037, 005.28
3,999, 388.99
4,53S: 123.80
9,843; 850.07
9,941, 809.96
3,848, 056.78
2,672, 276.57
3,502, 305.80
3.862; 217.41
5,196, 542.00
• 1,727, 848.63
13,106, 592.88
22,033, 519.19
14,989: 465.48
1,478, 526.74
2,079, 992.38
1,198, 461.21
1,681, 592.24
4,193, 690.68
9,431, 353.20
1,887, 799.80
5.296, 306.74
8,342, 289.48
6,649, 804.31
5,965, 974.27
4,362, 770.76
4.761, 409.34
3,053, 513.24
911, 863.16
10,858; 283.61.
7.861, 093.60
25,729, 315.72
45.056, 833.54
5,779. 343.01
5.364, 887.61
3,992, 319.44
290, 532.18
170, 361.73
•1,699, 709.09
10,525, 267.10
8,222, 851.19
Total.
Number
of
depositary
banks.
239.61
60, 813.14
155: 320.23
349: 870.23
570; 023.80
582, 189.54
679: 579.99
973: 905.75
751: 377.34
623, 133.61
420: 914. .51
783: 444.51
1,035, 973.09
561; 435.33
753, 661.69
1,151, 924.17
516, 442.61
888: 995.42
1,021: 899.04
617: 451.43
2 , i 6 i : 867.77
2,623: 311.99
3,295: 391.00
5,020: 697.64
• 4,825: 811.60
4,037; 005.26
3,999, 388.99
4,538: 123.80
9,643: 850.07
9,94i; 809.96
3,848, 056.78
2,672, 276. .57
3,502, 305.80
3,862: 217.41
5,196; 542.00
1,727, 848.63
13,106, 592.88
22,033: 519.19
14,989, 465.48
1,478, 526.74
2,079: 992.38
1,198: 461.21
i,68i: : 592.24
4.193: ,690.68
9,431 ,353.20
1,887: 799.80
5,296: 306.74
6,342; 289.48
8,649, 604.31
5,965: 974.27
24.362; 770.76
4,761, 409.34
3,053, 513.24
911, 863.16
10,658: 283.61
7,86i: 093.60
25,729, 315.72
- 45,756, 833.54
3 6,804, 953.64
6^633 715.23
4.683, 416.48
1,704, .561.80
375, 692.47
2,079, 908.13
11,195 1.56.21
8.812 ,850.23
1 T h i s s t a t e m e n t is m a d e from w a r r a n t s p a i d by t h e Treasurer of t h e U n i t e d States t o Dec. 31,1821, a n d
b y w a r r a n t s issued after t h a t d a t e .
2 T h e unavaUable funds are n o t included from a n d after this d a t e .
8 T h e a m o u n t deposited w i t h t h e S t a t e s u n d e r a c t of J u n e 23, 1836, h a v i n g b e e n t a k e n o u t of t h e control
o f t h e T r e a s u r y D e p a r t m e n t b y t h e a c t of Oct. 2,1837, is n o t i n c l u d e d from a n d after t h i s d a t e .
TREASURER.
367
No. 35.—Balance in the Trersury of the United States, etc.—Continued.
Balance in t h e Treasury.
Dates.
I n Treasury
offices.
1845—Jime 30.
1846—June 30.
1847—Juhe .30.
1848—June 30.
1849—June 30.
1850—June 30.
1851—June 30.
1852—June 30.
1853—June 30.
1854—June 30.
1855—June 30.
1856—June 30.
1857—June 30.
1858—June 30.
1859—June 30.
1860—June 30.
1861—June 30.
1862—June 30.
1863—June 30.
1864—June 30.
1865—June 30.
1866—June 30.
1867—June 30.
1 8 6 8 - J u n e 30.
1869—June 30.
1870—June 30.
1871—June 30.
1872—June 30.
.1873—June 30.
1874—June 30.
1875—June 30.
1876—June 30.
1877—June 30.
1878—June 30.
1879—June 30.
1880—June 30.
1881—June 30.
1882—June 30.
1883—June 30.
1884—June 30.
1885—June 30.
1886—June 30.
1887—June 30.
1888—June 30.
1889—June 30.
1890—June 30.
1 8 9 1 - J u n e 30.
1892—June 30.
1893—June 30.
1894—June 30.
1895—June 30.
1896—June 30.
1897—June 30:
1898—June 30.
1899—June 30.
1900—June 30.
1901—June 30.
1902—June 30.
1903—June.30.
1904—June 30.
1905—June 30.
1906—June 30.
1907—June 30
1908—June 30,
1909—June 30
1910—June 30
1911—June 30,
1912—June.30,
1913—June 30,
1914—June 30,
$725, 199:04
768, 000.00
5,446, 382.16
758, 332.15
3,208, 822.43
7,431, 022.72
12,142, 193. 97
15,097, 880.36
22,286, 462.49
20,300, 636.61
19,529, 841.06
20,304, 844. 78
18,218, 770.40
6,698 157.91
4,685: 625.04
3,93i: 287. 72
2,005; 285. 24
18,265, 984.84
8,395, 443.73
72,022, 019.71
2,374, 744.10
78,352, 599.12
135,270, 243.53
92,353, 732.20
117,944, 915.43
105,279, 800.67
84,819, 993.41
61,93.5, 763.46
52,528, 793.53
64,723, 6.30.48
- 51,712, 042.19
51,427, 414.23
84,394, 007.01
130,570, 578.15
159,020, 734.90
160,528, 170.50
173,974, 146.61
152,941, 618.24
151,579, 255.91
1.54,557, 552.96
171,851, 780.21
218,277, 107.25
188,625, 383.03
189,395, 440.65
167,646, 333.'23
164,061, 481.40
135,448, 137.-33
118,728, 662.52
114,862, 278.94
108,462, 220.55
18.5,369, 687.37
258,221, 832:: 65
232,304, 043.90
175,438. 942.32
214,193, 189. 26
214,206, 233.65
234,964,,115.04
245,045 797.03
248.685. 097. .53
217,.591, 9 9.57
230,674, 025.59
2t9,95S 296.77
265,257, 49:^.51
247,479, 310.94
215,94?: 902.41
216,26.^: 0S6.09
254,128:, 166.7.5
279,2.39 692.85
246,214, 851.64
234,941, 577.40
I n depositary
banks.
$7,385,450.82
8,915,869.83
39,980, 756.39
24,066: 186.19
34,124 171.54
25,904: 930.78
22,779: 797.62
8,597, 927. 34
8,206, 180.34
6,919, 745.59
12,501, 595.08
7,233, 551.11
7,4.35; 966." 69
11,562, 679.52
7,520, 194.76
7,299, 999.28
46,928: 268. 56
208,033, 840. 247,771, 233.90
8,704, 830.83
9,381, 712.90
9,803, 381.79•
10,488, 827.63
10,770, 579.96
13,822, 070.80
18,975, 315.41
54,698, 728.36
43,090, 750.53
26,779, 103.32
21,399, 689.16
10,450, 130.01
9,962, 526.00
10,423, 767.61
10,978, 505. 80
11,415, 474.42
12,162, 158.05
33,843, iOO.81
70,295, 326.94
92,621, 371.72
93,442, 683.09
117,141, .564.13
140,001, 016. 70
104,459, 638.45
04,803, 4C6.30
80,731, 058.05
166,803, 951.96
147,692, 036.;9
60,427, 5'>5.69
40,631, 589.58
36,048, 759.38
37,912, 786.14
69,746, 133.15
76,671, 038.13
Total.
$8,110,
9,683, 869.83
5,446; 382.16
758, 332.15
3,208 822. 43
7,431 022. 72
12,142; 193.97
15,097, 880. 36
22,286, 462.49
20,300; 636.61
19,529, 841.06
20,304; 844. 78
18,218, 770. 40
6,698 157. 91
4,685: 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: 529.82
126,542; 842.77
113,485, 981.01
91,739: 739.00
74,437: 358. 54
59,762 346.64
72,159: 597.17
63,274: 721.71
58,947: 608.99
91,694, 006.29
177,498: 846. 71
367,054 575.14
168,299 404.40
182,678 977.44
162,323 331.14
161,382 637. 70
165,046 380.59
182,622: 360.17
232,099: 178.05
207,600 698.44
244,094, ie9.01
210,737 083. 76
190,841 184. 72
156,847 826.49
129,178 792.53
124,824 804.94
118,885 988.16
196, ,348;193.17
269,637 307.07
244,466 201.95
209,282, 843.13
284,488, 516. 20
306,827: 605. 37
328,406: 798.13
362,187, 361.16
388,686, 114.23
322,051' 568.02
295.477, 491.89
3.30.8S9 354.82
422,061 445.47
395.171 347.73
276,375, 428.10
256,894 875.67
290,178, 926.13
317,152, 478.99
315,960; 984.79
311,812, 615.53
Number
of
depositary
banks.
204
330
382
385
370
276
148
159
163
158
. 154
145
143
145
124
127
131
130
134
140
135
132
160
200
290
270
205
185
159
160
155
160
160
168
172
357
442
448
577
713
842
837
928
1,255
1,436
1,414
1,380
1,362
1,353
1,5.35
1,584
368
REPORT ON T H E FINANCES.
No. ^Q.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1914.
REGULAR DEPOSITARIES.
To the credit
' ofthe
Treasm-er of
the United
States and
United States
disbursing
officers.
Titles of banks.
ALABAMA.
First National Banlc, Alexander
City
First National Banlv, Anniston
First National Bank, Birmingham..
Traders' National Banlc, Birmingham
Bank of Mobile, National Banlcing
Association, Mobile
First National Bank, Montgomery..
TaUadega National Bank, TaUadega.
First National Bank, Tuscaloosa
City National Banlv, Tuscaloosa
I
CALIFORNIA—continued.
$10,000.00
19,717.91
125,000.00
70,211.49
49,240.19
50,000.00
9,782.23
36,226.04
9,684.10
ALASKA.
First National Bank, Fairbanlcs
First National Bank,. Jiineau
149,848.07
100,000.00
AEIZONA.
First National Bank, Douglas
First National Banlc, Nogales
National Banlc of Arizona, Phoenix..
Phoenix-National Banlc, Phoenix...
Prescott National Bank, Prescott...
Arizona National Banlc, Tucson
Consolidated National Bank, Tucson.
Yuma National Bank, Yuma
22,057.82
31,510.89
20,000.00
30,000.00
50,000.00
25,000.00
50,000.00
46,567.68
ARKANSAS.
First National Bank, Fort Smith
Merchants National Bank, Fort
Smith
England National Bank, IvittleRock.
Exchange National Banlc, Little
Rock
German National Banlc, Little Rock.
First National Banlc, Paragould
Mercantile National Banlc, San
Francisco
Wells, Fargo-Nevada National Bank,
San Francisco
.'
Union National Bank, San Luis
Obispo
•Whittier National Bank, Whittier...
First National Bank, Woodland
$90,940.72
574,856.11
9,612.45
8,003.45
10,000.00
COLORADO.
First National Bank, Colorado
Springs
First National Bank, Denver
Colorado National Bank, Denver....
Denver National Banlc, Denver
Federal National Bank, Denver
Hamilton National Banlc, Denver...
United States National Bank, Denver.
First National Bank, Durango
Morgan County National Bank, Fort
Morgan
First National Bank, Greeley
First National Bank, La Junta
First National Bank, Montrose......
First National Bank, Pueblo
Mercantile National Bank, Pueblo..
Logan County National Bank, Sterling
•,
19,344.07
23,738.92
13,852.94
First-Bridgeport National BanlCj
Bridgeport
City National Banlc, Bridgeport
Windham County National Bank,
Danielson
Charter Oak National Bank, Hartford
Hartford National Bank, Hartford...
First National Bank, Meriden
Second National Bank, New Haven.
Thames National Bank, Norwich...
20,000.00
306,305.68
292,225.22
348,752.25
14,119.57
22,424.10
24,431.79
75,000.00
10,000.00
9,727.699,391.00
. 50,000.00
79,003.88
11,059.72
20,000.00
CONNECTICUT.
96,904.41
15,000.00
10,000.00
CALIFORNIA.
Calexico National Banlc, Calexico
First National Banlc, Eureka
First-National Bank, Fresno
Farmers' National Banlc, Fresno
First National Banlc, Los Angeles...
Merchants National Banlc, Los Angeles
First National Banlc, Napa..
First National Bank, Oakland
Central National Bank, Oakland
Citizens National Banlc, Riverside..
California National Banlc, Sacramento
National Bank of D. O. MiUs & Co.,
Sacraniento
First National Bank, San Diego
Marine National Bank, San Diego
Merchants National Bank, San Diego.
United States National Bank, San
Diego
Anglo & London-Paris National
Bank, SanFrancisco
Banlc of California, National Association, San Francisco
Crocker National Bank, San Francisco
Titles of banks.
To the credit
pfthe
Treasurer of
the United
States and
United States
disbursing
officers."
10,000.00
75,000.00
40,000.00
25,000.00
300,241.21
10,007.11
9,476.10
25,000.00
13,379.20
23,438.11
87-823.12
43,913.63
40,000.00
18,176.56
20,088.54
8,375.41
153,431.19
100,000.00
14,328.52
89,673.01
50,000.00
9,361.17
99,997.45
25,000.00
25,000.00
100,000.00
25,000.00
DELAWARE.
Central National Bank, Wilmington.
Union National Bank, Wilmington.
40,000.00
69,711.45
DISTRICT OF COLUMBLA..
American National Bank, Washington
Commercial National Bank, Washington
District National Bank, Washington
Federal National Bank, Washington
Franklin National Bank, Washington
--•
Lincoln National Bank, Washington
•
National Bank of Washington,
Washington
:...."
National Metropolitan Banlc, Washington
Riggs National Bank, Washington..
329,466.17
713,101.28
353,580.47
220,164.87
148,000.00
289,995.00
640,341.89
562,722.68
72,648.65
369
TEEASUEEE.
No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30^.1914—Continued.
REGULAR DEPOSITARIES—Continued.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
Titles of banks.
Titles of banks.
To the credit
ofthe
Treasurer of
the United
States and
United States
, disbmsing
officers.
ILLINOIS—continued.
First National Bank, Bradentown..
First National Bank, Fernandina...
Citizens National Bank, Fernandina,
First National Bank, GainesvUle
Florida National Bank, Gainesville":
Gainesville National Bank, Gainesville
,
Atlantic National Bank, JacksonvUle
Barnett National Bank, Jacksonville
Florida National Bank, JacksonvUle.
First National Bank, Key West
Island City National Bank, Key
West
First National Bank, Madison
Ocala National Bank, Ocala
,
Peoples National Bank, Orlando
First National Bank, Pensacola
American National Bank, Pensacola.
Citizens and Peoples National Bank,
Pensacola
'.
.
National Bank of Commerce, Pensacola
,
First National Bank, Tampa
,
Exchange National Bank, Tampa..,
Albany Natiohal Bank, Albany
Citizens First National Bank, Albany
Georgia First National Bank, Athens
Third National Bank, Atlanta
Fourth National Bank, Atlanta
American National Bank, Atlanta...
Atlanta National Baiik, Atlanta
Fulton National Bank, Atlanta
Lowry National Bank, Atlanta
National Bank of Brunswick, Brunswick
Third National Bank, Columbus
First National Bank, Elberton
Citizens National Baiik, Macon
Commercial National Bank, Macon..
First National Bank, Marietta
First National Bank, MilledgevUle..
First National Bank, Rome
Exchange National BaiUc, Rome
National Bank of Savannah, Savannah
First National Bank, Valdosta
$10,000.00
9,943.28
8,568.-54
19,857.00
14,917.74
19,541.99
60,000.00
59,218.86
59,981.17
96,752.61
'25,000.00
10,017.93
10,000.00
10,000.00
24,844.13
21,437.60
40,770.74
25, oo'o. 00
124,923.95
- 48,835.94
14,875.16
19,408. 46
34,994.00
50,000.00
153,652.50
23,309.85
125,438.15
99,625.58
150,628.77
10,000.00
9,894.24
10,197.44
26,030.01
49,987. 79
24,239.16
10,291.56
8,922.06
15,000.00
143,318.00
25,000.00
IDAHO.
First National Bank, Blackfoot
Boise City National Bank, Boise....
Pacffic National Bank, Boise
Exchange National Bank, Coeur
d'Alene
HaUey National Bank, HaUey
First National Bank, Lewiston
First National Bank, Rupert
25,820.56
104,712.82
9,696.63
24,820. 49
15,000.00
19,092.87
12,351.68
First National Bank, Champaign....
Champaign National Bank, Champaign
First National Bank,- Chicago
First National Bank of Englewood,
Chicago
Continental and Commercial National Bank, Chicago
Corn Exchange National Bank, Chicago
^
Fort Dearborn National Bank, Chicago
Jefferson Park National Bank, Chicago
National Bank of the Republic, Chicago
National City Bank:, Chicago..:
First National Bank, DanvUle
DanvUle National Bank, DanvUle...
Palmer National Bank, DanvUle..,.
MUlikin National Bank, Decatur
First National Bank, De Kalb
Dixon National Bank, Dixon
First National Bank, Duquotn
Drovers National Bank, East St.
Louis
Southern Illinois National Bank,
East St. Louis
:
First National Bank, EdwardsvUle..
City National Bank, Evanston
Ayers National Bank, JacksonvUle..
First National Bank, Joliet.
WUl County National Bank, Joliet..
First National Bank, Litchfield
First National Bank, Mt. Carmel
American National Bank, Mt. Carmel
'.
First National Bank, NashvUle
Edgar County National Bank, Paris.
Farmers National Bank, Pekin
German-American National Bank,
Pekin
—
Herget National Bank, Pekin
First National Bank, Peoria
Central National Bank, Peoria
Commercial-German National Bank,
Peoria
Illinois National Baiik, Peoria
Merchants National Banlc, Peoria...
Quincy National Bank, Quincy
Ricker National Bank, Quincy
Manufacturers .^National
Bank,
Rockford
Rockford National Bank, Rockford..
Peoples National Bank, Rock Island.
Rock Island National Bank, Rock
Island
."
First National B-ctiik, Springfield
Illinois National Bank, Springfield..
State National Bank, Springfield....
First National Bank, Sullivan
$7,747.70
15,000.00
1,730,563.44
19,757.13
604,092.81
447,301.80
200,000.00
9,666.83
204,000.00
241,117.30
70,385.98
71,815.74
74,915.19
24,995.39
10,000.00
10,000.00
10,000.00
23,887*47
21,381.02
10,000.00
7,126.71
19,820.43
17,4f8.45
10,000.00
9,942.00
9,195.80
10,000.00
8,984.23
10,000.00
200,000.00
200,000.00
. 200,000.00
374,944.00
270,827.35
399,422.40
400,000.00
375,000.00
29,095.32
40,000.00
9,878.52
20,000.00
25,000.00
25,000.00
30,000.00
24,768.67
.. 24,994.23
10,000.00
ILLINOIS.
First National Bank, Amboy
First National Bank, ArenzvUle
First National Bank, Barry
First National Bank, BellevUle
State National Bank, Bloomington .
64402°—FI 1914
24L
10,000.00
25,000.00
10,000.00
25,000.00
25,190.00
Bedford National Bank, Bedford...
Citizens National Bank, Bedford
Bloomington National Bank,Bloomington
Boone ville National Bank, BooneviUe.
8,847.05
10,267.01
10,000.00'
9,678.83
370
REPORT ON THE FINANCES.
No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1914—Continued.
REGULAR DEPOSITARIES—Continued.
Titles of banks.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
IOWA—continued.
INDIANA—continued.
First National Bank, Corydon...
Corydon National Bank, Corydon...
. First National Bank, Crawfordsville.
First National Bank, El wood
Bankers National Bank, Evansville.
Citizens National Bank, Evansville..
City National Bank, Evansville
Old State National Bank, Evansville
First National Bank, Fort Wayne..
Hamilton National Bank, Fort
Wayne
Citizens National Bank, Franklin...
Central National Bank, Greencastle.
First National Bank, Hammond
Citizens German National Bank,
Hammond
Continental National Bank:, IndianapoUs
.Fletcher American National Bank,
Indianapolis
Indiana National Bank, Indianapolis
Merchants National Bank, IndianapoUs
National City BaiUc, Indianapolis...
Howard National Bank, Kokomo...
First National Bank, Lafayette
Dearborn National Bank, Lawrenceburg
Peoples National Bank, Lawrenceburg
Firs'-^ National Bank, Linton
First National Bank, Marion
Marion National Bank, Marion
Citizens National Bank, Martinsville.
Delaware County National Bank,
Muncie
Second National Bank, New Albany.
Farmers National Bank, Princeton..
Peoples-American National Bank,
Princeton
Second National Bank, Richmond..
Citizens National Bank, South Bend.
South Bend National Bank, South
Bend
First National Bank, Terre Haute...
McKeen National Bank, Terre
Haute
Terre Haute National Bank, Terre
Haute
:
First National Bank, Vevay
First National Bank, Vincennes
Second .National Bank, Vincennes..
German National Bank, Vincennes..
Washington National Bank, Washton..
$8,605.44
9,999.39
10,000.00
8,373.45
23,452.85
21,165.11
21,810.35
60,000.00
• 35,000.00
35,000.00
9,762.00
9,796.86
125,000.00
125,000.00
15,060.92
70,000.00
300,000.00
199,613.68
43,582.44
10,000.00
10,000.00
75,000.00
124,699.39
10,000.00
9,708.63
229,249.48
19,876.29
7,340.42
18,964.17
24,712.17
41,463.22
10,000.00
25,444.74
23,436.09
199,905.38
200,000.00
199,450.01
8,647.28
75,000.00
75,000.00
100,000.00
12,637.15
IOWA.
Citizens National Bank, BeUe Plaine.
First National Bank, Boone
,
First National Bank, Burlington
Merchants National Bank, Burlington
•
Cedar Rapids National Bank, Cedar
Rapids
Merchants National Bank, Cedar
: .Rapids
,...,,.,,,,,,,,
,
Titles of banks.
10,000.00
8,903.25
30,000.00
30,000.00
20,000.00
24,33L3'9
Commercial National Bank, Charles
City
City National Bank, Clinton
First National Bank, CouncU Bluffs.
First National Bank, Davenport...-..
Citizens' National Bank, Des Moines.
Des Moines National Bank, Des
Moines
Iowa National Bank, Des Moines
VaUey National Bank, Des Moines...
SecondNationalBank, Dubuque
First National Bank, Forest City
First National Bank, Mason City
First National Bank, Ottumwa
Ottumwa National Bank, Ottumwa.
Red Oak National Bank, Red Oak . .
Shenandoah National Bank, Shenandoah
Security National Bank, Sioux City .
Washington National Bank, Washington
KANSAS.
Exchange National Bank, Atchison.
National Bank of Commerce, Dodge
City
First National Bank, Hutchinson
Commercial National Bank, Hutchinson
Citizens National Bank, Independence
Northroup National Bank, lola
•..
First National Bank, Junction City..
Lawrence National Bank, Lawrence.
First National Bank, Leavenworth..
Leavenworth
National
Bank,
Leavenworth
Union National Bank, Manhattan...
First National Bank, MarysviUe.....
First National Bank, Pittsburg
National Bank of Sabetha, Sabetha..
Central National Bank, Topeka
Merchants' National Bank, Topeka..
KENTUCKY.
American National Bank, Bowling
Green
Citizens National Bank, Bowling
Green
CarroUton National Bankj Carrollton.
First National Bank, Covington
;
Citizens National Bank, Covington..
German National Bank, Covington..
Citizens National Bank, Danville
Farmers National Bank, Danville...
First-Hardin National Bank, Elizabethtown
State National Bank, Frankfort
Henderson National Bank, Henderson
:
First National Bank, Jackson
Anderson National Bank, Lawrenceburg...,
-.
Lawrenceburg National Bank, Lawrenceburg
Mariou National Bank, Lebanon ,,,,
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers."
371
TEEASUEEE.
No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1914—Continued.
REGULAR DEPOSITARIES—Continued.
Titles of banks.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
KENTUCKY-continued.
Fayette National Bank, Lexington ..
First and City National Bank, Lexington
Phoenix ahd Third National Bank,
Lexington
First National Bank, LouisvUle
American National Bank, LouisvUle.
Citizens' National Bank, Louisville..
National Bank of Commerce, LouisvUle
National Bank of Kentucky, LouisviUe
Southern National Bank, LouisvUle.
Union National Bank, LouisviUe
State National Bank, MaysviUe
Morganfield National Bank, Morganfield
First National Bank, Owensboro
National Deposit Bank, Owensboro ,
City National Bank, Paducah
First National Bank, Paris
First National Bank, Somerset
LOUISIANA.
First National Bank, Morgan City..
^Commercial National Bank, New
Orleans
Hibernia National Bank, New Orleans
New Orleans National Bank, New
Orleans
Whitney-Central National Bank,
New Orleans
Commercial National Bank, Shreveport
>•..
MAINE.
First National Bank, Augusta
First National Bank, Bangor
Bucksport National Bank, Bucksport
First National Bank, Houlton
Norway National Bank, Norway
Chapman National Bank, Portland..
Portland National Bank, Portland . .
MARYLAND.
First National Bank, Baltimore
Citizens National-Bank, Baltimore.
Merchants-MechaJiics National B ank,
Baltimore
National Bank of Baltimore, Baltimore
'.
National Bank of Commerce, Baltimore
.National Exchange Bank, Baltimore
National Marine Bank, Baltimore...
National Union Bank of Maryland,
Baltimore
Western National Bank, Baltimore.
Farmers & Merchants National
Bank, Cambridge
National Bank of CockeysvUle,
Cockeysville
First National Bank, Cumberland..
Second National Bank, Cumberland,
Titles of banks.
To the credit
ofthe
Treasurer of .
the United
States and
United States
disbm-sing
officers.
MARYLAND—continued.
36,871.85
149,256. 60
150,000. 00
197,041. 63
Patapsco National Bank, EUicott
Gity
Citizens National Bank, Frederick...
Farmers & Mechanics National
Bank, Frederick
Second National Bank, Hagerstown.
Salisbury National Bank, Salisbury.
Towson National Bank, Towson
50,000. 00
MASSACHUSETTS.
$40,000. 00
41,000.00
153,587. 88 Andover National Bank, Andover..
152,516.58 First National Bank, Attleboro
474,291. 26 First National Bank, Boston.
15,000. 00 Second National Bank, Boston
Fourth-Atlantic National Bank,
Boston
9,654. 00 Merchants National Baiik,Boston..
59,623.13 Mutual National Bank, Boston
59,134. 81 National Shawmut'Banlc, Boston...
14,362.14 National Union Bank, Boston
10,000.00 Webster & Atlas National Bank,
14,812.54
Boston
Wintlirop National Banlc, Boston...
Massasoit-Pocasset National Bank,
Fan
:.
10,706. 94 Safety River National Bank, Fitch- .
Fund
burg
56,319. 26 Westminister National Bank, Gardner
23,540. 53 Gloucester National Bank, Gloucester
105,817.63 Holyoke National Bank, Holyoke...
National City Bank, Lynn
' 431,048. 43 First National Bank, Marlboro.
Peoples National Bank, Marlboro...
50,000.00 Mechanics National Bank, New
Bedford
Merchants National Bank, New
Bedford
47,606. 29
50,000.00 Merchants National Bank, Newburyport
'9,958.55 First National Bank of West Newton, Newton
12,817.98 Northampton
National
Bank,
9,887. 42
Northampton
23,449. 79 Merchants National Banlc, Salem...
114,905. 38 Third National Bank, Springfield...
Springfield National BaiUc, Springfield
Ware National Banlc, Ware
173,147.73 Union Market National Bank,
160,179.13
Watertown.
:...,
First National Bank, Webster
505,135.56 AVellesley National Banlc, Wellesley.
480,046.46 Mechanics National Bank, Worcester
Merchants National Bank:, Worces62,599.76
ter
127,107.17
18,766.42
MICHIGAN.
57,836.11
45,448.01
• 9,565.71
8,826.00
40,000.00
40,000.00
National Bank of Commerce, Adrian
Alpena National Bank, A l p e n a . . . . .
Central National B ank, B attle Creek
Old National Bank, Battle Creek....
First National Bank, Bay City
First National Bank, Charlotte
First and Old Detroit National
Bank, Detroit
$6,626.47
29,254.46
29,610.68
23,065.56
10,000.00
9,929.61
10,199.27
10,000.00
299,995.04
98,525.87
61,363.81
119,199.38
5,251.90:
280,166.33
50,000,00
48,346.25
1,462,156.41
15,477.32
13,721.74
'" 9,999.88
22,796.43
10,000.00
20,000.00
10,000.00
9,419.75
40,000.00
20,051.95
10,000.00
48,715.25
10,000.00
10,000.00
90,097.30
22,693.32
20,000.00 .
33,064.19
10,000.00
9,627..75
40,000.00
29.18
9,910.00
10,001.00
16,962.01
17,635.51
50,000.00
'10/000.00
446,688.72
372
REPORT ON T H E FINANCES.
No. 36.—National banks designated as depositaries of public moneys^ with the balance
held June 30, 1914—Continued.
REGULAR
Titles of banks.
DEPOSITARIES-Contmued.
To the credit
ofthe
Treasurer of
the Uinted
States and
United States
disbursing
officers.
MISSOURI—continued.
MICHIGAN—continued.
National Bank of Commerce, Detroit
Fourth National Bank, Grand Rapids
Grand Rapids. National City Bank,
Grand Rapids
Old National Bank, Grand Rapids..
Houghton National Bank, Houghton]
Miners National Bank, Ispheming
Peoples National Bank, Jackson..,
First National Bank, Kalamazoo..
Capital National Bank, Lansing....
City National Bank, Lansing
First National Bank, Manistique
First National Bank, Marquette
First National Bank-, Marshall
First National Bank, Menominee
Negaunee National Bank, Negaunee.
First National Bank, Petoskey
First National Exchange B ank. Port
Huron
d.
Second National Bank, Saginaw
First National Bank, Sault Ste.
Marie
First National Bank, Traverse City..
$20,029^21
60,00 .00
70,000.00
39,559.42
24,512.69
50,000.00
15,000.00
25,000.00
9,465.62
13,382.43
10,062.16
24,914.85
9,955.10
15,000.00
10,000.00
9,670.98
49,263.47
75,000.00
22,187.95
11,499.12
MINNESOTA.
Merchants National Bank, Crookston
.
First National Bank, Dawson
First National Bank, Duluth
American Exchange Natiohal Bank,
• Duluth
Citizens National Bank, Faribault..
First National Bank, M:inneapolis. .
Northwestern National Bank, Minneapolis
Security National Bank, Minneapolis.
Northfield National Bank, Northfield
National Farmers Bank, Owatonna.
First National Bank, Rochester
Union National Bank, Rochester
First National Bank, St. Cloud...! .
First National Bank, St. Paul
American National Bank, St. Paul .
Capital National Bank, St. P a u l . . .
Merchants National Bank, St. Paul.
First National Bank, Sleepy Eye....
First National Bank, Wabasha
First National Bank, Waseca
First National Bank, Winona
18,803. 45
10,000.00
150,000.00
47,889.00
I'0,000. 00
148,088.33
21,209. 04
40,493.45
10,487.50
10,000.00
8,143.14
7,933.67
10,802. 80
399,814.80
44,896.00
197,407. 98
1,018,290.03
10,550. 00
9,928.64
8,672.19
13,133. 96
MISSISSIPPI.
First
First
First
First
First
National Bank,
National Bank,
National Bank,
National Bank,
National Bank,
GreenvUle...
Greenwood.
Gulfport
Meridian
Vicksburg...
20,000.00
14,996.49
14,820. 48
25,000. 00
99,863. 68
MISSOURI.
First National Bank, Kansas City...
Drovers National Bank, Kansas City.
Gate City National Bank, Kansas
City....:
National Reserve Bank, Kansas City.
Titles of banks.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
200,000.00
24,411. 69
50,000.00
188,713. 85
Southwest National Bank of Commerce, Kansas City
Traders National Bank, Kansas City
First National Bank, St. Joseph... .
Burnes National Bank, St. Joseph. .
German-American National Bank,
St. Joseph
Third National Bank, St. Louis
Central National Bank, St. Louis...
Mechanics-American National Bank,
St. Louis
MercantUe National Bank, St. Louis.
Merchants-Laclede National Bank,
St. Louis
National Bank of Commerce, St
Louis
*
.
State National Bank, St. Louis
Third National Bank, Sedalia
Citizens National Bank, Sedalia
$249,655.84
44,554. 85
49,950.24
23,673. 09
29,753.54
. 50,000.00
99,882.26
100,000.00
101,307.33
217,457.57
150,000. 00
483,796.80
7,855.83
10,000.00
MONTANA.
Merchants National Bank, BUlings.,.
Yellowstone NationalBank, BUlings.
Commercial National Bank, Bozeman
First National Bank, Butte
First National Bank, Glendive
First National Bank, Great Falls....
Ha\Te National Bank, Havre
American National Bank, Helena...
National Bank of Montana, Helena.
Conrad National Bank, Kalispell
First National Bank, Lewisto^vn
First National Bank, MUes City......
State National Bank, MUes City
First National Bank, Missoula
Western Montana National Bank,
Missoula
.'.
United States National Bank, Red
Lodge
14,128.95
40,000.00
15,144.08
75,000. 00
15,000.00
50,000.36
25,17L14
72,410.17
124,192. 90
25,000.00
25,000.00
49,415. 24
45,336.20
39,219. 26
74,575.13
10,000.00
NEBRASKA.
Alliance National Bank, Alliance
CommercialNationalBank, Fremont.
First National Bank, Lincoln
Central National Bankj Lincoln
City National Bank, Lincoln
National Bank of Commerce, Lincoln
First National Bank, Mitchell
Citizens National Bank, Norfolk
Norfolk National Bank, Norfolk
First National Bank, Omaha
City National Bank, Omaha
Corn Exchange National Bank,
Ornaha
Merchants National Bank, Omaha..
Nebraska National Bank. Omaha. .
Omaha National Bank, Omaha... .
United States NationalBank,Omaha.
Scottsbluff National Bank, Scottsbluff.....
Live Stock National Bank, South
0 maha
Packers National Bank, South
Omaha
.
First National Bank, Wisner
15,000.00
10,000:00
54,810.46
41,603. 80
24,643. 32
12,433. 66
15,000. 00
10,000.00
9,812. 35
98,665.09
44,527.10
47,784. 66
90,189. 53
99,489. 07
256,069. 69
100,000.00
10,000.00
22,849.44
23,524.58
10,000.00
373
TE.EASUEEE.
No. 36.—National banks designated as depositaries of public moneys, with thc balance
held June 30, 1914—Continued!
REGULAR
rities of banks.
DEPOSITARIES-Contmued.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbm-sing
officers.
Titles of banks.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
NEW YORK—continued.
Farmers and Merchants National
^ Bank, Reno...
,
NEW
$50,000.00
HAMPSHIRE.
Claremont National Bank, Claremont
First National Bank, Concord
National State Capital Bank, Concord
Strafford National Bank, Dover
First National Bank, Manchester....
Amoskeag National Bank, Manchester
Manchester National Bank, Manchester
:
;.:..:.
Merchants National- Bank, Manchester
Souhegan National Bank, MUford...
First National Bank, Portsmouth...
New Hampshire National Bank,
Portsmouth
10,000.00
50,598.78
8,872. 43
9,920.89
9,293. 33
25,088.06
25,000. 00
9,905. 64
9,456. 61
173,696. 02
19,684.14
N E W JERSEY.
Bridgeton National Bank, Bridgeton
First National Bank, Camden
Camden National Bank, Camden...
National State Bank, Elizabeth
First Natioiial Bank, Guttenberg....
First National Bank, Jersey City
National Iron Bank, Morristown
Essex County National Bank, Newark
National Newark Banking Co., Newark
Union Natiohal Bank, Newark
Orange National Bank, Orange..'...
Passaic National Bank, Passaic
First National Bank, Paterson......
Paterson National Bank, Paterson.'.
First National Bank, Perth Amboy.
First National Bank, Princeton.....
Rutherford National Bank, Rutherford
First National Bank, Trenton
24,594.94
14,566.98
25,000.00
34,539.00
9,814.81
125,000.00
25,000.00
6,723.01
22,922.34
125,000.00
8,933.24
12,233.73
50,000.00
30,000.00
40,000.00
• 7,802.68
10,000.00
124,664.46
N E W MEXICO. -
First National Bank, Albuquerque..
State National Bank, Albuquerque..
First National Bank, Carlsbad
First National Bank, Roswell
Citizens National Bank, Roswell
First National Bank, Santa Fe
First National Bank, Tucumcari
115,346.98
50,035.10
14,469.76
12,279.32
9,779.35
28,087.69
11,183.71
Black River National Bank, Lowville.
.'
$10,000.00
First National Bank, Mamaroneck..
9,716.87
Second National Bank, New York...
100,232.11
American Exchange National Bank,
New York
148,514.89
Bank of New York National Banking Association, New York
131,258.63
Battery Park National Bank, New
York
25,000.00
Chase National Bank, New York
' 100,000.00
Chatham & Phenix National Bank,
New York
.199,026.71
Citizens Central National Bank,
New York
104,008.57
Coal & Iron National Bank, New
York.
,
4,186.84
Garfield National Bank, New -York..
49,038.11
Gotham National Bank, New York. 3,435,664.97
Hanover National Bank, New York.
120,624.33
Harriman National BaiUc, New York
50,000.00
Lincoln National Bank, New York..
6,474.51
Mechanics & Metals National Bank,
New York
1,696,05L44
Merchants • Exchange
National
Bank, New York
:
97,463.14
Merchants National Bank, New
York
102,826.86
National Park Bank, New York
550,000.00
New York County National Bank,
New York
'.
'
49,414.39
First National Bank, Northport
9,1961.15
State National Banlc, North Tonawanda
25,000.00
National Bank of Norwich, Norwich.
9,963.18
National Bank of Ogdensburg, Ogdensburg
50,000.00
Wilber National Bank, Oneonta
15,000.00
First National Bank, Oswego
...
45,915.40
PeekskUl National Bankj Peekskill..
60,000.00
Westchester County National BaiUc,
PeekskUl
100,151.17
Plattsburg National Bank, Plattsburg
38,649.98
Lincoln National Bank, Rochester...
74,701.21
Traders' National Bank, Rochester..
"725,246.42
First National Bank, Syracuse
49,834.53
Third National Bank, Syracuse
35,821.20
Commercial National Bank, Syracuse
• 60,000.00
National State Banlc, Troy
'
24,597.35
First National Bank, Utica
30 217.13
Second National Bank, Utica
50;000.00
Utica City National Bank, Utica
25,000.00
30,000.00
First National Bank, Waterloo
Watertown National Bank, Watertown
24,974.38
N E W YORK.
NORTH CAROLINA.
First National Bank, Albany
National Commercial Bank, Albany.
Nassau National Bank, Brooklyn...
National City Bank, Brooklyn
Third National Bank, Buffalo
Marine National BaiUc, Buffalo
Second National Bank, Elmira......
Merchants National Bank. Elmira..
First National Bank, Highland Falls
Niagara County National Bank,
Lockport
90,000.00
150,000.00
200,243.73
148,518.98
149,031.35
224,975.00
30,000.00
9,995.80
6,497.93
10,000.00
American National Bank, Asheville:
First National Bank, Bmlington
Charlotte National Bank, Charlotte..
Commercial National Bank, Charlotte
First National Bank, Durham
Citizens National Bank, Durham...
First National Bank, Elizabeth City.
Greensboro National BanJc, Greensboro
30,000.00
10,000.00
25,000.00
75,000.00
60,000.00
60,000.00
15,195.81
60,000.00
3Y4
REPORT ON T H E FINANCES.
No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1914~Gontmued.
REGULAR DEPOSITARIES—Continued.
Titles of banks.
To the credit
ofthe
Treasurer of
the United'
States and
United States
disbursing
officers.
Titles of banks.
NORTH CAROLINA—continued.
OHIO—continued.
Commercial National Bank, High'
Point
^
First National Bank, Lumberton...
Citizens' National Bank, Raleigh
Commercial National Bank J.^aleigh.
Merchants National Bank, Raleigh..
First National Bank, StatesviUe.....
American National Bank, Wilmington
Murchison .National Banlc, .Wilmington
Peoples National Bank, WinstonSalem
First National Banlc, Portsmouth...
Central National Banlc, Portsmouth.
Farmers National Bank, Salem
Commercial National Bank, Sandusky
First National Exchange Bank,
Sidney
,
Citizens National Bank, Springfield.
Citizens National Bank, Tippecanoe City
First National Bank, Toledo
Second National Bank, Toledo
Champaign National Bank, Urbana,
First National Bank, Wilmmgton...
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
$25,000.00
10,000.00
75,009.85
49,877.77
63,752.05
40,000.00
23,798.56
75,000.00
150,000.00
$41,209.74
27,488.62
22,453.56
25,000.00
8,684.66
9,812.69
8,604.34
50,000.00
75,000.00
20,768.04
10,736.96
N O R T H DAKOTA.
OKLAHOMA.
First National Banlc, Bismarck
City National Bank, Bismarck
Dakota National Banlc, Dickinson..
Merchants National Bank, Dickinson
First National Bank, Fargo
Fargo National Bank, Fargo
Seco'nd National Banlc, Minot
First National Bank, WiUiston.
First-Second National Bank, Akron.
National City Bank, Akron
First National Bank, Athens..
First National Bank, Barnesville
First National Bank, BeUaire
Farmers and Merchants National
Bank, BeUaire
First National Banlc, ChiUicothe....
First National Bank, Cincinnati
Second National Bank, Cincinnati..
Fourth National Banlc, Cincinnati..
Fifth-Third National Banlc, Cmcinnati
:
Atlas National Bank, Cinciimati
Citizens National Bank, Cincinnati.
German National Bank, Cincinnati.
. Market National Banlc, Cincinnati..
First National Bank, Cleveland
Bank of Commerce, National Association, Cleveland
Central National Bank, Cleveland...
Union National Bank, Cleveland
Central National Bank, Columbus..
City National Bank, Columbus
Commercial National Bank, Columbus.
Hayden-Clinton National Bank, Columbus
New First National Bank, Columbus
Coshocton National Bank, Coshoctonl
Third National Bank, Dayton
City National Bank. Dayton
Teutonia National Banlc, Dayton...
First National Banlc, Hamilton
Second National Banlc, HamUton...
First National Banlc, Ironton
Lancaster National Bank, Lancaster.
Merchants' National Bank, Middletown
,
Citizens National Bank, New Philadelphia
First National Bank, Norwood
25,197.34
10,000.00
15,379.47
10,000.00
100,000.00
8,419.04
50,000.00
15,000.00
25,456.80
9,392.04
23,603.39
10,000.00
10,000.00
17,293.34
25,000.00
201,000.00
200,560.86
188,071.72
208,604.16
46,328.19
.200,451.47
146,689.18
166,818.79
748,892.21
150,000.00
36,120.50
48,683.35
100,000.00
14,564.42
First NationalBank, Altus
First National Banlc, Alva
-..
First National Banlc, Ardmore
Ardmore National Bank,_ Ardmore..
First National Bank, Chickasha
Citizens National Baiik, Chickasha..
First National Banlc, Clinton
...
Cordell National Bank, Cordell
Duncan National Bank, Duncan
First National Bank, Durant
Citizens National Bank, El Reno
Enid National Bank, Enid
National Baiik of Commerce, Frederick
First National Bank, Guthrie
First National Banlc, Lawton
City National Bank, Lawton
American NationalBank, McAlester
First National Bank;, Muskogee
Commercial National Bank, Muskogee
Oklahoma Stockyards National
Banlc, Oklahoma City
Security National Bank, Oklahoma
City
Western National Bank, Oklahoma
City
First National Bank, Pauls Valley..
Arkansas Valley National Bank,
Pawnee .;
Shawnee'National Bank, Shawnee..
Central National Bank, Tulsa
First National Banlc, Woodward., i.
Astoria National Bank, Astoria
First National Bank, Baker Cit-y
100,118.23 First National Bank, Burns
97,845.09 Benton County National Bank, CorvaUis
10,076.00
200,000.00 First National Bank, Hermiston
150,000.00 Hillsboro National Bank, HUlsboro.
32,800.00 First National Bank, Klamath Falls.
46/921.22 La , Grande National Bank, La
Grande
14,438.57
29,635.12 First National Bank, Lakeview
9,734.01 First National Baiik, Portland
Lumbermen's National Bank, Porte
75,000.00
land
Merchants National Bank, Portland.
. 10,000.00 United States National Bank, Port8,935,57
land
,
42,632.70
10,000.00
14,750.71
9,116.43
15,000.00
9,993.84
8,912.14
8,858.63
9,703.67
9,696.96
9,840.44
14,982.46
10,876.85
10,246.06
75,000.00
74,004.74
9,902.04
10,000.00
75,000.00
75,000.00
8,241.07
5,579.12
50,000.00
8,787.21
8,899. 54 •
6,432.85
9,863.74
25,488.66
24,441.21
25,000.00
14,390.00
9,907.00
14,995.17
8,136.62
7,918.41
14,640.00
14,894.99
299,127.69
96,973.84
95,917.86
254,348.00
375
TREAS-UEEB.
No. ZQ.^National banks designated as depositaries of public moneys, with the balance
held June 30, 1914.—Continued
REGULAR DEPOSITARIES-Contmued. .
Titles of banks.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
Titles of banks.
PENNSYLVANIA.
PENNSYL VANIA—continued.
Merchants National Bank, AUentown
First National Bank, Altoona
Ashland National Bank, Ashland...
First National Bank, BlairsviUe
Miners National Bank. Blossburg...
First National Bank, Canton
National Bank of Catasauqua, Catasauqua
National Bank of Chambersburg,
Chambersburg
'.
Valley National Bank, Chambersburg
Peimsylvania National Bank, Chester
County National Bank, Clearfield...
First National Bank, DanvUle
First National Bank, Dunmors
First National Bank, Easton
Monroe County National Bank, East
Stroudsburg
First National Bank, Erie
First National Bank, Fleetwood
First National Bank, Greencastle...
W e s t m o r e l a n d National Bank,
Greensburg
First National Bank, Greenville
First National Bank, Harrisburg...
Harrisburg National Bank, Harrisburg
Honesdale National Bank, Honesdale
First National Bank, Houtzdale:...
Conestoga NationalBank, Lancaster.
Northern National Bank, Lancaster.
Peoples National Bank, Lancaster..
National Bank of Malvern, Malvern.
Grange National Bank, Mansfield...
First. National Bank, McKeesport..
Maytown National Bank, Maytown.
New First National Bank, Meadville.
Second National Bank, Meyersdale.
Citizens National Bank, Meyersdale.
Union National Bank, MinersvUle..
First NationalBank, Montrose
..
First National Bank, Nanticoke
First National Bank, OU City
Lamberton National Bank, OU City.
Farmers National Bank, Oxford
First National Bank, Patton
First National Bank, Perkasie
First National Bank, Philadelphia..
Second National Bank, Philadelphia
Ninth National Bank, PhUadelphia.
Tenth National Bank, PhUadelphia.
Bank of North America, Philadelphia
Corn Exchange National Bank,
PhUadelphia
Farmers & Mechanics National
Bank, Philadelphia
Manayunk National Bank, PhUadelphia
•
Market Street National Bank:, PhUadelphia
National Bank of Germantown,
PhUadelphia
National Bank of the Northern Liberties, Philadelphia
National Security Bank, Philadelphia
Perm National Bank, Philadelphia..
Quaker City National Bank, Philadelphia
,
Southwark National Bank, PhUadelphia ;
,
Tradesmen's National Bank, Philadelphia
First National Bank of Allegheny,
Pittsburgh
First-Second National Bank, Pittsburgh
Columbia National Bank, Pittsburgh
Exchange National Bank, Pittsburgh
'.
German National Bank, Pittsburgh.
Mellon National Bank, Pittsburgh...
Merchants National Bank, PottsvUle
Miners National Bank, PottsvUle
First National Bank, Reading
Reading National Bank, Reading
Third National Bank, Scranton
Traders National Bank, Scranton...
Union National Bank, Scranton
Market Street National Bank, Shamokin
First National Bank, Shenandoah...
First National Bank, Spring Grove..
Stroudsburg
National
Bank,
Stroudsburg
Tamaqua National Bank, Tamaqua.
First National Bank, Tyrone
Blair County NationalBank, Tyrone
Farmers and Merchants Nationa:
Bank, Tyrone
Warren National Bank, Warren
Peoples National Bank, Waynesboro,
Citizens National Bank,Waynesburg.
First National Bank, Wilkes-Barre..
Second National Bank,Wilkes-Barre.
Luzerne County National Bank,
. Wilkes-Barre
West Branch National Bank, W illiamsport
First National Bank, York
York County National Bank, York..
To the credit
of the
Treasurer of
the United
States and
United States
disbursing
officers.
$25,000.00
50,000.00
10,000.00
10,000.00
9,495.63
9,079.73
14,930.17
19,271.18
9,935.87
15,000.00
.15,000.00
24,824.21
9,794.19
24,999.98
10,342.77
49,956.26
10,000.00
10,000.00
25,000.00
10,000.00
46,712.41
42,357.68
10,731.44
13,395.17
59,995.16
9,902.30
25,000.00
10,347.36
10,000.00
10,000.00
10,000.00
25,000.00
9,768.77
9,583.53
9,569.90
9,902.50
24,647.84
19,869.14
10,000.00
10,501.87
10,000.00
9,500.00
985,423.23
.13,115.81
25,000.00
21,953.70
$94,137.82
72.697.06
200,000.00
20,693.52
19,718.23
78,667.15
151,000.00
225,000.00
29.249.07
25,078.76
500,000.00
9,876.08
25,000.00
25,300.00
50,000.00
39,363.38
50,000.00
24,627.30
10,999.72
9,944.00
10,000.00
46,797.61
10,000.00
17,069.28
9,896.90
9,451.70
8,795.41
9,878.44
10,000.00
65,000.00
25,000.00
17,032.45
10,000.00
50,000.00
25,000.00
RHODE ISLAND.
Aquidneck National Bank, Newport
Merchants National Bank, Providence
National Exchange Bank, Providence
200,000.00
133,732.29
44,048.54
93,529.98
SOUTH CAROLINA.
150,000.00
87,348.20
26,415.39
47,872.99
8,661.29
28,815.52
First National Bank, Aiken
Planters National Bank, BennettsvUle
First National Bank, Charleston
Bank of Charleston, National Banking Association, Charleston
...
Peoples National Bank, Charleston..
Carolina National Bank, Columbia..
Palmetto National Bank, Columbia.
Carolina National Bank, Darlington.
9,312.51
20,160.00
98,287.55
14,609.80
48,295.32
20,000.00
100,000.00
10,000.00
376
REPORT ON THE FINANCES.
No, 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1914—Continued.
REGULAR DEPOSITARIES-Contmued.
Titles of banks.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
- SOUTH CAROLINA—continued.
First National Bank, Florence
Fourth National Bank, GreenviUe..
First National Bank, Lancaster
National Union Bank, Rock H U l . . .
Peoples National Bank, Rock HUl..
Central National Bank, Spartanburg
First National Bank, Sumter
TEXAS—continued.
$10,000.00
15,000.00
25,000.00
25,000.00
8,668.81
19,429.39
10,793.36
• SOUTH DAKOTA.
First National Bank, Aberdeen
Aberdeen National B a n k . Aberdeen.
Dakota National Bank, Aberdeen,..
Whitbeck National B a n k , Chamberlain
First National B a n k , Deadwood
Gregory N a t i o n a l B a n k , Gregory
First National Bank, Huron
First National Bank, Lemmon
F i r s t N a t i o n a l B a n k , MitcheU
MitcheU N a t i o n a l B a n k . M i t c h e U . . .
First National Bank Pierre
Pierre National B a n k , Pierre
First National Bank, R a p i d City....
M i n n e h a h a N a t i o n a l B a n k , Sioux
Falls
S i o u x Falls N a t i o n a l B a n k , Sioux
Falls
First National Bank, Yankton
24,448.45
24,364.48
28,474.59
15,933.84
97,453.59
49,848.40
14,359.99
14,782.57
15, OOO. 00
25,503-. 12
15, OOO. 00
14,857.18
13,362.17
79,663.27
17,605.00
lO, 000.00
TENNESSEE.
First National Bank, B r i s t o l . . . .
14,295.68
First National Bank, Chattanooga..
128,347.78
Citizens N a t i o n a l B a n k , C h a t t a n ooga
48,636.92
Hamilton National Bank, Chattanooga
20,813.61
F i r s t N a t i o n a l B a n k , ClarksvUle
24,866.50
Manufacturers N a t i o n a l B a n k , H a r riman
24,709.96
Security N a t i o n a l B a n k , Jackson
15,000.00
City N a t i o n a l B a n k , J o h n s o n C i t y . . .
10,050. OO
U n a k a National B a n k , Johnson City. .
99,204.18
American National Bank, KnoxvUle
19,788.84
City N a t i o n a l B a n k , K n o x v U l e
75,000.00
E a s t Tennessee N a t i o n a l B a n k ,
KnoxvUle
87,545.08
Holston National Bank, KnoxviUe..
25,912.52
American National Bank, Lebanon..
9,404.92
Lebanon National Bank, L e b a n o n . .
10,000.00
First National Bank, Memphis
136,887.99
N a t i o n a l City B a n k , M e m p h i s
35,224.51
Fourth a n d First National Bank,
NashvUle
'
149,491.73
A m e r i c a n N a t i o n a l B a n k , NashvUle.
100,183.34
B r o a d w a y N a t i o n a l B a n k , NashvUle
o 50,793.55
C u m b e r l a n d Valley N a t i o n a l B a n k ,
NashvUle
74,013.46
Hermitage National Bank, Nashv U l e . . .-.
49,962.09
First National Bank, Tullahoma
15,788.28
TEXAS.
Ainerican National Bank, Austin.'..
Austin National Bank, Austin..
First National Bank, Beaumont
American National Bank, Beaumont
Gulf National Bank, Beaumont
I
Titles of banks.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
149,419.73
75,254.96
155,684.26
52,700.00
63,100.00
First National Bank, BrownsvUle...
Merchants National Bank, BrownsvUle
Corpus Christi National Bank, Corpus Christi
American Exchange NationalBank,
Dallas
City National Bank, Dallas
Merchants National Bank, Dallas...
First National Bank, Del R i o . . .
First National Bank, Eagle Pass
First National Banlc, El Paso
City National BaiUc, El Paso
First National Bank, Galveston
City National Bank, Galveston
National Bank of Commerce, Houston
South Texas Commercial National
Bank, Houston
:
Union National Banlc, Houston
Laredo National Bank, Laredo
Marshall National Banlc,Marshall...
Collin County National Bank, McKinney
First National Bank Mt. Pleasant...
First National Bank, Orange
Orange National Bank. Orange
First National Bank, Paris
American National Bank, Paris
First National Banlc, Port Arthur...
First National Bank, San Angelo
San Antonio National Bank, San
Antonio
:
Merchants and Planters National
Bank, Sherman
First National Bank. Texas City
Texas City National Bank, Texas
City
Victoria National Bank, Victoria
Citizens' National Bank, Waco
$21,042.71
11,783.98
9,428.90
134,974.01
88,434.19
23,406.40
8,929.24
23,378.01
149,920.34
20,903.91
50,000.00
49,395.75
49,891.07
50,000.00
33,625.45
18,778.73
10,000.00
9,487.00
10,000.00
29,000.00
14,825.00
24,769.65
9,225.33
24,065.64
20,000.00
295,722.05
00,325.94
10,000.00
60,000.00
10,000.00
' 39,957.00
UTAH.
First National Bank, Ogden...'.
Pingree National Bank, Ogden
Utah National Bank, Ogden
;.
Continental National Bank, Salt
Lake City
Deseret National Bank, Salt Lake
City
'.
National Bank of the Republic, Salt
Lake City
National City Bank, Salt Lake City..
95,121.50
19,365.92
45,883.46
5, 648.94
99,480.76
150,000.00
17,647.37
VERMONT.
Peoples National Bank, Barre
Merchants National Bank, Burlington
Lyndon ville National Bank, Lyndon ville
Montpelier National Bank, Montpelier
;•
National Bank of Newport, Newport
First National Bank, St. Johnsbury.
First National Bank, Springfield
10,000.00
22,685.45
10,000.00
20,000.00
40,533.98
19,134.54
10,000.00
VIRGINIA.
First National Bank, Abingdon
First National Bank, Alexandria
Citizens National BaiUc, Alexandria.
39,950.00
44,525.59
25,000.00
377
TEEASUEEE.
No. 36.—National banks designated as depositaries of public moneys, with the balance
held June 30, 1914—Continued.
REGULAR DEPOSITARIES—Continued.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
Titles of banks.
WEST VIRGINIA—continued.
VIRGINIA—continued.
Dominion National Bank, Bristol...
First National Bank, Clifton Forge..
Second National Bank, Culpeper
Culpeper National Banlc, Culpeper..
First National Banlc, Danville
National Bank of Danville, DanviUe.
Virginia National Bank, Danville...
Front Royal National Bank, Front
Royal
First National Bank Hampton
Lynchburg National Bank, Ljoichburg
Peoples National Bank, Lynchburg.
First National Bank, M:artLnsville...
First National Bank, Newport NCAVS
National Bank of Commerce. Norfolk
Norfolk National Bank, Norfolk
Virginia National Bank, Norfolk
Virginia National Banlc, Petersburg.
First National Bank, Portsmouth...
First National BaiUc. Richmond
American National Bank, Richmond
Manchester National Banlc, Richmond
Merchants' National Bank, Richmond
Planters National Bank, Richmond.
First National Bank, Roanoke
National Exchange Bank, Roanoke..
Boston National Bank, South Boston
National Valley Bank, Staunton
First National Bank, Wytheville
$19,344.81
10,000.00
• 9,134.03
9,888.17
25,000.00
9,615.57
15,000.00
24,596.15
10,591.63
75,000.00
24,562.22
9,471.18
62,074. 77
464,541.08
459,697.60
19,623.42
30,690.57
15,519.81
100,227.23
150,000.00
25,000.00
101,211.48
142,708.54
17,348.48
30,454.62
10,000.00
25,000.00
10,473.44
WASHDTGTON.
First National Bank, Bellingham...
Bellingham National Bank, Bellingham
First National Bank, North Yakima.
First National Bank, Okanogan
First National Bank, Port Townsend
First National Banlc, Seattle
Dexter-Horton National Bank, Seattle
Mercantile National Bank, Seattle..
National Bank of Commerce, Seattle
Seattle National Bank, Seattle
Exchange National Bank, Spokane.
Fidelity National Bank, Spokane...
National Bank of Commerce, Spokane
:
'
Old National Bank, Spokane
First National Bank, Sunnyside
National Bank of Tacoma, Tacoma..
Vancouver National BaiUc, Vancouver
First National Bank, Walla Walla..
W E S T VIRGINIA.
30,000.00
24,802.40
50,012.49
16,289.81
93,362.18
42,704.75
154,110.57
24,319.90
44,887.22
100,000.00
73,886.09
20,000.00
38,811.62
75,211.41
15,000.00
210,000.00
42,092.93
15,000.00
Second National Banlc, Parkersburg.
Parkersburg National Bank, Parkersburg
National Exchange Bank,-Wheeling.
$25,000.00
8,894.64
127,815.02
WISCONSIN.
First National Bank, Antigo
Citizens National Bank, Appleton...
Ashland National Banlc, Ashland...
First National Banlc, Baraboo...
Old National Bank, Beaver D a m . . .
Union National Bank, Eau Claire...
First -National B ank, Elkhorn
Commercial National Bank, Fond
du Lac
Fond du Lac National Bank, Fond
du Lac
Kellogg National BarLk, Green Bay.
McCartney National Banlc, Green
Bay
Rock County National Bank, Janesville
Batavian National Bank, La Crosse.
National Bank of La Crosse, La
Crosse
First National Bank. Madison
Commercial National Banlc, Madison
National Bank of Manitowoc, Manitowoc
First National Banlc, Milwaukee..:
National Exchange Bank, Milwaukee
Wisconsin National Bank, Milwaukee
:
Old National Bank, Oshkosh
First National Bank, Ripon
German National BanJc,"Ripon
First National Bank of the City of
Superior, Superior
National Bank of Waupun,Waupun.
First National Bank, Wausau
9,349.29
10,000.00
15,609.81
10,784.97
9,475.85
10,000.00
10,000.00
19,779.63
10,305.33
30,000.00
20,000.00
10,000.00
15,000.00
10,000.00
49,960.06
7,510.25
10,000.00
200,072.04
239,595.96
208,991.74
14,995.47
8,069.02
10,000.00
40,000.00
9,999.50
10,000.00
WYOMING.
First National Bank, Cheyenne
Citizens National Bank, Cheyenne..
Stock Growers National Bank,
Cheyenne
First National Bank, Evanston
First National Bank, Lander
,
First National Bank, Powell
,
First National Bank, Rock Springs,
108,310.39
20,000.00
8,429.53
14,910.65
10,000.00
First National Bank of Hawaii,
Honolulu
572,170.09
73,745.78
25,000.00
ADDITIONAL DEPOSITARIES.
^
Citizens National Bank, Charleston.
Empire National Bank', Clarksburg..
Merchants National Bank of West
Virginia. Clarksburg
Union National Bank, Clarksburg...
First National Bank, Grafton...
First National Bank, Huntington...
First National Bank, Kenova
Old National Bank, Martinsburg
First National Bank, Parkersburg..
Titles of banks.
To the credit
ofthe
Treasurer of
the United
States and
United States
disbursing
officers.
100,570.62
20,000.00
14,404.50
13,909.55
25,000.00
44,508.40
8,037.38
50,000.00
25,000.00
PHILLPPESTE ISLANDS.
Treasury of the PhUippine Islands,
Manila...:
3,894,909.38
PORTO RICO.
American Colonial Bank of Porto
Rico, San Juan
Total.
205,924.81
71,893,279.00
378
REPORT ON T H E FINANCES.
SPECIAL DEPOSITARIES.
Number.
State.
Alabama
Arizona
Arkansas
California
Colorado
Cnnnftcticnt. ,
,. .
Delaware
District of C o l u m b i a
Florida:
Georgia
Idaho.
lUinois . . ^
Indiana
Iowa
Kansas
•
Kentucky
Louisiana Maine
Maryland
Massachusetts
Michigan ....
Minnesota
Mississinni.
.
10
1
3
16
6
7
1
4
3
15
6
30
30
41
31
16
55
16
17
10
13
5
15
To t h e credit of
t h e Treasurer
of t h e U n i t e d
States.
$10,000
1,000
3,000
16,000
6,000
7,000
1,000
670,000
3,000
15,000
6,000
30,000
30,000
41,000
31,000
16,000
5,000
5,000
16,000
17,000
10,000
13,000
'5,000
15,000
Montana.
Number.
State.
Nebraska....
Nevada
New Hampshire
N e w Jersey
N e w Mexico
New York.
N o r t h Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania,- _
Rhode Island
S o u t h Carolina
South Dakota
Ten^nessee.
Texas
Vermont
Virginia
. .
Washington
W e s t Virginia
Wisconsin
Wyoming.
Total
To t h e credit of
t h e Treasurer
of t h e U n i t e d
. States...
21
2
8
8
2
41
8
1
46
6
7
82
1
4
1
2
20
5
19
3
11
14
6
$21,000
2,000
8,000
8,000
2,000
41,000
8,000
. 1,000
46,000
8,000
7,000
• 82,000
1,000
4,000
1,000
2,000
20,000
5,000
19,000
3,000
11,000
14,000
6,000
624
.•
1,290,000
RECAPITULATION.
:
:
RegiUar depositaries
Special depositaries
Total
....'
$71,893,279.00
1,290, O O 00
O.
73,183,279.00
No. 37.—Receipts and disbursements ofpublic moneys through national-bank depositaries
by fiscalyears from 1901.
Fiscal years.
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
...
.
.
•
.
'
Receipts.
F u n d s transF u n d s transea
fen'ed to baiUcs.^ ferredyto aT rk s .s u r y
b b n
$313,373,160.38 $125,443,007.56
157,041,571.84
281.234;091.57
2O1,897,430..60
244;947,528.71
176,189,611.66
251,970,862.51
134,884,137.86
251,255,327.39
233,200,148.62
267,418,788.43
349,196,379.80
313,824,771.09
297,371,652.98
293,869,490.31
192,639,939..96
300,924,352.92
226,151,893.16
342,600,932.99
235,563,144.18
377,280,054.97
224,961,946.42
378,597,729.27
474,167,662.26
464,820,349.19
578,885,652.05 1,046,050,145.07
$413,853,457.60
388,229,463.27
388,539,946.66
414,301,175.71
36.S,S89,7S5.82
427,142,930.07.
516,805,991.82
544,589,160.96
502,286,495.43
510,782,592.86
539,491,903.99
530,597,076.26
871,295,113.87
1,603,205,463.23
Warrants paid
by banks.
$24,141,398.97
26,347,319.10
35,445,560.08
49,400,676.71
56,905,851.58
57,548,415.23
60,142,265.16
65,763,897.28
79,016,707.39
78,348,522.81
77,822,223.75
70,093,031.83
48,644,079.04
17,682,179.36
Balance.
$93,657,444.47
117,356,325.51
140,215,778.08
104,674,399.83
85,018,227.68
80,945,819.43
167,018,713.34
147,906,798.17
60,167,888.23
39,791,598.71
35,320,670.12
38,190,237.72
57,239,056.26
61 287 210 79
379
TBEASTJUER..
No. ^S.—Number of national banks with semiannual duty levied, by fiscal years, and
number of depositaries with bonds as security at close of each fiscal year from 1901.
Number Bonds held
to secure cirof b a n k s .
culation.
Fiscal years.
1901 "
1902
1903
1904..
1905
1906
1907
1908
1909
1910
1911
1912
1913.'
1914:
.-
4,187 $326,119,230
4,553
317,038,530
5,014
375,068,770
5,409
416,016,690
5,782
468,-066,940
6,138
520,605,210
6,538
558,364,660
6,827 - 628,172,130
7,020
660,689,070
7,207
686,974,880
7,337. 698,532,060
7,42.8
724,493,740
7,532
740,529,250
17,526
740,796,910
Number
of depositaries.
Semiannual
d u t y levied.
$1,599,22L08
1,633,309.15
1,708,819.92
1,928,827.49
2,163,882.05
2,509,997.80
2,806,070.54.
3,090,811.72
3,190,543.04
3,463,466.68
3,567,037.21
3,690,313.53
3,804,762.29
3.889,733.17
B o n d s held
t o secure
deposits.
Total bonds
held.
448
577
713
• 842
837
927
1,255
1,436
1,414
1,380
1,382
1,354
1,478
1,584
$105,765,450
124,718,650
152,852,020
112,902,550
80,404,950
95,575,725
193,244,052
180,,459,419
81,244,071
51,774,700
50,206,800
48,309,500
61,848,300
63,711,350
$431,884,680
441,757,180
627,9^0,790
528,919,240
548,471,890
616,180,935
751,608,712
. 808,631,549
741,933,071
738,749,580
748,738,860
772,803,240
802,175,550
804,508,260
'
1 Number of banks having bonds on deposit with Treasurer.
No. 39.— United States bonds retired, from' May, 1869, to June 30, 1914.
T i t l e of loans.
L o a n of 1847
B o u n t y - l a n d scrip
L o a n of F e b r u a r y , 1S61
Oregon w a r d e b t
L o a n of J u l y a n d A u g u s t , 1861
F i v e - t w e n t i e s of 1862
L o a n of 1863
F i v e - t w e n t i e s of March, 1864
F i v e - t w e n t i e s of J u n e , 1864
F i v e - t w e n t i e s of 1885
Consols of 1865
Consols of 1S67
Consols of 1868.
. . .
T e x a s i n d e m n i t y stock
L o a n of 1860
L o a n of 1S5S
Ten-forties of 1S64 . . .
F u n d e d loan of 1881
F u n d e d loan of 1891
F u n d e d loan of 1907
L o a n of J u l y a n d A u g u s t , 1861, continued
•
L o a n of 1863
F u n d e d loan of 1S81 c o n t i n u e d
L o a n of J u l y 12,1882
L o a n of 1908-1918
F u n d e d loan of 1891 c o n t i n u e d
B o n d s issued t o Pacffic railroads:
Central Paci&c
;...
U n i o n Pacffic
K a n s a s Pacific
Central B r a n c h , U n i o n Pacffic
W e s t e r n Pacific
Sioux City & Pacffic
L o a n of 1904
,
L o a n of 1925..
Total
R a t e of
interest.
P e r ct.
6
6
0
0
0
G
G
G
G
G
G
•
G
G
5
- 5
5
5
5
4^
4
Redeemed.
$47,900
1,175
7,798,000
685,950
12,932,400
430,418,100
4,684,700
2,382,200
69,868,900
157,697,450
205,287,400
310,108,700
37,478,750
232.000
7,022,000
8,041,000
192,459,250
72,867,850
81,045,950
62,038,850
3§
3^
3^
3
3
2
25,8.S5,120
27, 236,512
6,303,000
1,600,000
1,970,560
1,628,320
19,372,000
$10,612,000
256,800
48,776; 700
57,155,850
19,854,250
1,119,800
43,459,750
36,023,350
118,950,550
62,846,950
4,794,050
Converted
and
exchanged
$27,091,000
380,500
12,218,650
9,586,600
8,703,600
6,568,600
256,650
13,957,000
2,089,500
43,599,000143,518,200
236,575,400
127,595,600
37,226, 200
109,155,250
305,581,050
6
6
6
6
6
6
5
4
Purchased.
•441,728,950
13,231,650
292,349, G O
O
2,913,540
132,449,900
25,408,200
2,350,060,337
8,543,650
43,825,500
72,071,300
882,325,340 1,032,683,500
Total.
$47 900
1,175
18,410,000
942,750
61,709,100
514,664,950
24,538,950
3,882,500
125,547,300
203,307,400
332,941,550
379,524,250
42,529,450
' 232,000
7,022,000
19,998,000
194 5-^8 750
116,466; 850
224,564,150
740,343,200
127,595,600
50,457,850
401,504,S50
305,581,050
135,363,440
25,408,200
25,885,120
27,236,512
6,303,000
1,600,000
1,970,560
1,628,320
99,986,950
43,825,500
4,265,569,177
"380
KEJPOET ON T H E
FINANCES.
No. 40.—Seven-thirty notes issued, redeemed, and outstanding June 30, 1914.
Total redeemed.
Redeemed
Total issued. Redeemed to during year.
Jime 30,1913.
Issue.
Outstanding.
July 17,1861.
Aug. 15,1864
June 15,1865.
July 15,1865.
$140,094,750
299,992,500
331,000,000
199,000,000
$140,085^ 400
299,947,200
330,970,200
198,955,000
$140,O'85,400
299,947,200
3.30,970,200
198,955,000
$9,350
45,300
29,800
45,000
Total..
970,087,250
969,957,800
969,957,800
129,450
No. 41.—Refunding certificates, act of Feb. 26, 1879, issued, redeemed, and outstanding.
How payable.
Issued.
Redeemed Total retired Outstandduring
to June
iag.
year.
30,1914.
$58,500
39,954,250
To order
To bearer
Total . .
. . .
$270
$58,480
39,940,970
$20
13,280
40,012,750
270
39,999,450
13 300
N o . 42.—Checks issued by Treasurer's office for interest on registered bonds during the
fiscalyear 1914.
Title of loans.
Amount.
Philippine loan of 1914-1934 (L. P.).
PhiUppine loan of 1915-1935 (P. L B . ) . . . .
PhiUppine loan of 1915-1935 (M. S. & W.)
Philippine loan of 1918-1938 ( P . L B . ) . . . .
PhiUppine loan of 1917-1937 (M. S. & W.)
Phihppine loan of 1918-1938 (M. S. & W.)
PhiUppine loan of 1919-1939 (P. I. B . ) . . . .
Philippine loan of 1921-1941, Cebu
Porto Rican gold loan of 1920-1927
Porto Rican gold loan of 1922-1937
Porto Rican gold loan of 1933-1943
District of Columbia 3.65 per cent bonds..
Total
945,367.00
No. 43.—Interest on 3.65 per cent bonds ofthe District of Columbia paid during thefiscal
year 1914.
Where paid.
Treasury United States, Washington '.
Coupons.
Checks.
Total.
$15,213.19
$239,093.25
$254,306.44
381
TBEASUE.EE,.
No. 44.—Coupons from UnitedStates bonds, and interest notes paid during thefiscal year
1914, classified by loans.
' .
Title of loans.
Number
of
coupons.
Amount.
24
18
3
1
1,356
81,778
251,484
20,420
$72.00
370.50
3.22
.57
3,363.00
686,329.00
559,468.20
74,028.00
Five-twenties of 1862
Cn-n.«!ol.«? of 1865
Two-year notes of 1863
Funded loan of 1891
Funded loan of 1907..
Loan of 1925
Loan of 1908-1918 . . .
Consols of 1930
Panama Canal loan of 19181936
Panama Canal loan of 19181938
518
Panama Canal loan of 19111961
Postal Savings loan:
First series
Second series
ThUd series
Fourth series
FUth series!
529.20
1,685
Number
of
coupons.
. Title of loans.
.
Total
Amount.
45,200
$301,881.00
111
1,950
2,070
2,505
820
111. 75
1,981.50
2,682.50
3,429.25
1,219.00
7,271.30
409,939 1,642,739.99
No. 45.—Bonds and other securities retired from the sinking fund during the fiscal year
1914, and total from May, 1869.
Title of loans.
War-bounty scrip
Loan of I860
Loan of February, 1861
Oregon war debt
Loan of July and August, 1861
Five-twenties of 1882
Loan of 1863
Ten-forties of 1864
Five-twenties of March, 1864.
Five-twenties of June, 1864
Five-twenties of 1865
Consols of 1865
Consols of 1867
Consols of 1868
Funded loan of 1881
Funded loan of 1891
Funded loan of 1907
-.
Loan of 1904
Loan of July and August. 1881, continued.
Loan of 1863, continued
Funded loan of 1881,' continued
Loan of July 12,1882
Loan of 1908-1918
Funded loan of 1891, continued
Loan of 1925
Treasury notes prior to 1846
Treasury notes of 1881
Temporary loan certfficates, act of 1862
Certfficates of indebtedness, act 1862
Certfficates of indebtedness of 1870
0 ne-year notes of 1863
Two-year note of 1863
Compound-interest notes
Seven-thirties of 1861
Seven-thirties of 1864-65
Fractional currency
United Statesnotes
Old demand notes
Refunding certfficates
Certfficates of indebtedness
Total.
Retired
during
fiscal
year.
From May, 1869.
Redeemed.
Purchased.
Total.
$175.00
$175.00
10,000.00
10,000.00
3,000.00 $10,612,000.00
10,615,000.00
258,800.00
1,550.00
258,350.00
78,450.00 48,776,700.00
48,855,150.00
30,047,400.00 24,029,150.00
54,078,550.00
23,100.00 19,854,250.00
19,877,350.00
691,700.00
891,700.00
361, 600.00
361,600.00
11,072,100.00 18,356, 100.00
29,428,200.00
1,982,450.00 16,866, 150.00
18,848,800.00
65,450.00 48,166, 150.00
48,231,800.00
78,700.00 32,115, 600.00
32,192,300.00
2,213,
00
21,350.00
2,235,150.00
25,091,550.00 43,599, '000.00
68,690,550.00
50,784,900.00 46,274, 850.00
97,039,750.00
$105,500 60,620,000.00 134,291, 400.00 194,911,400.00
8,543j 850.00
200 19,372,000.00
27,915,850:00
56,633,000.00
58,633,000.00
37,220,300.00
: 37,220,300.00
43,710,300.00
43,710,300.00
168,892,750.00
168,692,750.00
2,396,800.00
2,396,800.00
25,408,200.00
25,408,200.00
1,000
43,825,500.00
'43,"825,"566.'66'
110.00
110.00
200.00
200.00
110.00
110.00
1,000.00
1,000.00
878,000.00
878,000.00
20
5,395.00
5,395.00
1,700.00
1,700.00
30,500.00
30,500.00
1,500.00
1,500.00
13,400.00
13,400.00 28,283,410.03
26,263,410.03
2,137
29,090,564.00
29,090,564.00
• 3,315.00
3,315.00
11,040.00
11,040.00
"'"276"
13,936,500.00
13,936,500.00
109,127
601,821,819.03
502,040,850.00 1,103,662,669.03
382
REPORT ON THE FINANCES.
No. -^6.—Public debt June 30, 1913, and June 30, 1914, and changes during the year.
Title ofloans.
R a t e of
interest.
Outstanding
J u n e 30,1913.
Issued d u r i n g
tho year.
Retired durmg
t h e year
Outstanding
J u n e 30,1914.
INTEREST-BEARING DEBT.
L o a n of 1925
L o a n of 1908-1918
Consols of 1930.
P a n a m a Canal loan oi49161936
. •
P a n a m a C a n a l loan of 19181938
P a n a m a Canal loan of 1961..
Postal'savings loans:
First, second, t h i r d , a n d
fourth series
Fifth a n d s i x t h s e r i e s . . .
P e r cent.
4 • $118,489,900.00
3
63,945,460.00
2
646,250,150.00
$118,489,900.00
63.945,460.00
646,250^150.00
54,631,980.00
54,631,980.00
30,000,000.00
50,000,000.00
30,000,000.00
50,000,000.00
2
2h
2h
Total
2,389,120.00
$2,246,700.00
965.706,610.00
2,389,120.00
2,246,700.00
2,246,700.00
967,953,310.00
D E B T ON W H I C H I N T E R E S T
H A S CEASED.
Old d e b t
T^toO
L o a n of 1847
6
T e x a n i n d e m n i t y stock
•
5
L o a n of 1858
5
Five-twenties of 1862
6
F i v e - t w e n t i e s of J u n e , 1864 .
6
Five-twenties of 1865
6
Ten-forties of 1864
.'
5
Consols of 1865
6
Consols of 1867
6
Consols of 1868
6
L o a n of F e b r u a r v , 1861
6
F u n d e d loan of ISSI. '
5 .
F u n d e d l o a n of 1881, cont i n u e d -.
Oregon w a r d e b t
L o a n of J u l y a n d A u g u s t ,
1861
6
L o a n of J u l y a n d A u g u s t ,
1861, c o n t i n u e d
3^
L o a n of 1863 (ISSl's)
6
L o a n of 1863, c o n t i n u e d
3i
L o a n of J u l y 12,1882
3
F u n d e d loan of 1891
•
4;i
F u n d e d loan of 1891, contmued
2
L o a n of 1904
5
F u n d e d loan of 1907
:...
4
T r e a s u r y notes of 1861
6
Seven-thirties of 1861
One-vear n o t e s of 1863
Two-year n o t e s of 1863
5
Compound-interest n o t e s . . .
6
Seven-thirties of 1864-65
Certfficates of i n d e b t e d n e s s .
T e m p o r a r y loan
T h r e e p e r cent certificates... 4 to 6
Refunding certificates
3
4
• Total
f
I*
?*
':
151,610.26
950.00
20,000.00
2,000.00
107.150.00
14;000.00
19,850.00
18,550.00
57,400.00
93,750.00
9,900.00
5,000.00
22,400.00
•
1
.
""
.
151,610.26
950 00
20,000.00
2,000.00
107,150.00
14,000.00
19,850.00
18,550.00
57,400.00
93,750.00
9,900.00
5,000.00
22,400.00
50.00
2,250.00
50 00
2,250.00
15,050.00
15,050.00
1,600.00
3,100.00
100.00
200.00
23,650.00
1,600.00
3,100.00
100.00
200 00
23,650.00
5,000.00
13,250.00
700,400.00
2,300.00
9,350.00
30,3.30.00
26,800.00
159,040.00
120,100.00
3,000.00
.. 2,850.00
5,000.00
13,570.00
$1,000.00
.200.00
105, .500.00
270. .00
4,000.00
13,050.00
594.900.00
2,300.00
9,350.00
3O;310.O0
28,800.00
159,040.00
120,100.00
3,000.00
2,850.00
5,000 00
13,300.00
1,659,550.26
106,990.00
1,552;560.26
20.00
D E B T B E A R I N G NO
INTEREST.
Old d e m a n d notes
U n i t e d States n o t e s ..."
N a t i o n a l - b a n k notes, red e m p t i o n account
•..
F r a c t i o n a l currency
53.152.50
346,681,016.00
168,220,000.00
53,152.50
168,220,000.00 • 346,681,016.00
22,092,806.00
6,854,609.90
19,902,282.50
26,852,200.00
2,137.00
15,142, SSS. 50
8,852,472. SO
375,681,584.40
188,122,282.50
195,074,337.00
368,729,529.00
1,086,727,169.00
483,550,000.00
2,660,000.00
505,520,000.00
401,568,000.00.
511,272,300.00 1,080,974,869.00
490,850,000.00
394,268,000.00
2,439,000.00
221,000.00
Total
1,572,937,169.00
907,088,000.00'
905,761.300.00 1,.574,263,869.00
Aererreerate
2,915,984,913.66 1 097,456,982.50 1,100,942,627.00 2,912,499,269.16
Total
CERTIFICATES AND T R E A S U R Y NOTES.
Gold certificates
Silver certificates
T r e a s u r y notes of 1890..
383
TREASURER.
No. 47.—Public debt, exclusive of certificates and Treasury notes, at the end of each month
from January, 1908.
Months.
1908—January...
February..
March
AprU
May
June
July
August
September.
October...
November.
December.
1909—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1910—January...
February..
March.....
AprU
May
June
July
August
September.
October...
November.
December.
1911—January...
February..
March
AprU
May
June
July
August
September.
October.,
November.
December.
1912—January...
February..
March
AprU
May
June
July
August
September.
October...
November.
December.
1913—January.,.
February..
March
AprU
May
June
July.......
August
September.
October...
November.
December.
1914—January...
February..
March
. AprU
May
June
Interest
bearing.
897:
897;
897,
897;
897:
897:
897;
897
-883:
912;
913
913
913
913
913
913;
913,
913,
913,
913,
913,
913;
913:
913:
913:
913:
913:
913:
913:
913:
913:
913:
913:
913:
913
913:
913:
913:
913:
915:
939;
963
963
963
963;
963
963;
963
963;
963,
963,
963,
964,
964
"964
964;
964,
964:
965:
965:
965:
965:
965:
965:
966:
966;
966,
966,
966
966:
967;
967,
967,
967,
967,
967,
Matured.
United States
notes and
fractional currency.
,990 $5,107, 205.26 $353,597, 732. 78
,990
4,887: 095.28 353,597, 732.78
,,990
4,675: 215.26 353,597, 132.78
•990
4,500; 695.26. 353,597, 112.78
,,990
4.291, 305.26 353,597, 112. 78
1, 990
4.130, 015.26 353,597, 112.78
;,990
3,943, 745.26 353,596, 672.78
;,990
3,867, 625.26 353,596, 672.78
,990
3,823, 195.26 353,596, 672. 78
,,990
3,738, 235.28 353,596, 222.78
',490
3.647, 265.28 353,596, 222. 78
1,850
3,448, 935.26 353,596, 222. 78
',490
3,373, 705.26 353,595, 655. 78
',490
3,338, 485.26 353,595, 655.78
',490
3.292, 355.26 353,595, 655.78
• 490
3.131, 115.26 353,595, 655.78
,490
2.987, 115.26 353,595, 085.78
• 490
2,883, 855.26 353,595, 085.78
,490
2,814, 475.26 353,595, 085. 78
',490
2,793, 625.26 353,594, 607.78
•,490
2,761, 285.26 353,594, 192.78
,490
2,686, 895.26 353,594, 010.78
',490
2,378, 325.26 353,594, 010.78
-,490
2,365, 725.26 353,594, 010.78
',490
2,322, 295.26 353,594, 010.78
-,490
2,262, 865.26 353,593, 520.78
,490
2,246, 445.26 353,593, 520.78
,490
2,237, 275.26 353,593, 520.78.
,490
2,209, 815.26 353,593, 120.78
, 490
2,124, 895. 26 353,593, 120.78
,490
2,074, 105.26 353,593, 119.43
,490
2,069, 545.26 353,592, 734.43
•,490
2,063, 685.26 353,592, 734.43
,490
2,056,985.26 353,592, 734.43
,490
2,042, 255.26 353,592, 734.43
',490
1,995, 045.26 353,592, 734.43
,490
1.988, 095.26 353,592, 734.43
,490
1,961, 635.26 353,592, 204.43
,490
1,918, 715.26 353,592, 204.43
,490
1,905,910.26 353,592, 204.43
,490
1,893, 750.26 353,591, 689.43
689.43
i,190
1,879,830.26 353, .591,
1,890
1,872, 780.26 353,591, 678.40
1,390. 1,866,410.26 353,591, 318.40
,390
1,854, 780.26 353,591, 318.40
^,390
1,851, 810.26 353,591, 318.40
,390
1,824,500.26 353,591, 318.40
S390
1,821,830.26 353,590, 938.40
1,770
1,818, 220.26 353,590, 938.40
1,770
1,814, 750.26 353,590, 938.40
1,770
1,805,240.26 353,590, 938.40
:,770
1,770, 230.26- 353,590, 453.40
,770
1,765,210.26 353,590, 453.40
:,770
1,760, 450.26 353,590, 453.40
,630
1,731,010.28 353,590, 128.40
,630
1,728;510.26 .353,590, 128.40
,630
1,728,360.26 353,590, 128.40
,630 . 1,706,
870.28 353,590, 128.40
,630
1,695,450. 28 353,589, 708.40
,630
1,695,070.26 353,589, 708.40
,610
1,678,390. 26 353,589, 708.40
,,610
1,677, 650.26 353,589, 163.40
1,610
1,675,590. 26 353,58.S,908.40
1,610
1,864,580.26 353,588, 778.40
1,610
1,660,900.26 353,588, 778.40
1,610
1,659,550.26 353,588, 778.40
i,490
1,654^^ 660.26 353,588, 323.40
1,490
1,652, 120.26 353,588, 323.40
1,490
1,651, 100.26 353,588, 008.40
1,490
1,649,040.26 353,588, 008.40
1,490
1,847, 180.28 353,588, 008.40
1,490
1,641, 720.28 353,587, 989.40
1,310 - 1,641,510.28 353,587, 614.40
1,310
1,639,300.26 353,587, 614.40
1,310
1,636, 190. 26 353,587, 266.40
1,310
-^1,815,310. 26 353^ 587,266.40
1,310
1,810, 720. 26 353,586, 641.40
1,310
1,552, 560.26 353,586, 641.40
National-bank
notes, redemption account.
. Total.
$51,597, 010.20 $1,309,055 938.24
62,028, 732.40
1,319,267 550.44
66,553, 189.10
1,322,329: 527.14
71,162, 425.00
1,326, 764223.04
71,879, 462.50
1,327,271 870.54
72,459, 284.50
1,327,690; 402.54
57,393, 588.00
1,312,437, 996.04
48,808, 438.00
1,303,776. 726.04
42,642, 365.00
1,297,316, 223.04
39,069, 430.00
1,293,657, 878.04 •
50,259 945.00
1,290,820, 923.04
46,905; 160; 00
1,316,851 168.04
43,550, 967.50
1,313,827; 818.54
40,700, 127.50
1,310,951 758.54
36,505, 089.50
1,306,710; 590.5433,373 397.00
1,303,417, 658.04
30,131; 227.00
1,300,030, 918.04
28,518, 941.00
1,298,315, 372.04
26,822, 058.50
1,296,549; 109.54
25,772, 358.50
1,295, 478,
081.54
25,870, 008.50
1,295,542, 976.64
25,549, 038.00
1,295,147, 432.04
26,428, 931.00
1,295,718, 757.04
26,943, 473.00
1,296,220: 699.04
28,447, 722.00
.1,297,6SI: 518.04
30,126, 090.50
1,299,299:•966.64
31,938, 253.00
1,301,095: 709.04
30,197, 470.50 .1,299,345: 756.54
29,467, 880.50
1,298,58S: 306.54
27,904, 463.00
1,296,939: 969.04
27,452, 118.00
1,296,436: 832.69
30, 730,387. 75
1,299, 710:157.44
32,628,771.76
1,301,602: 681.45
33,529, 205.50
1,302,496: 415.19
33,151, 133.00
1,302,103: 612.69
34,326, 668.00
1,303,231 937.69
33,496, 928.00
1,302,395: 247.89
35,830, 168.00
1,304,701: 497.69
35,849. 623.00
1,304,67S: 032.69
36,462, 740.50
1,305,27S: 345.19
34,753, 468.00
1,303,556: 397.69
178.00
1,303,984: 887.69 .
. 33,160,
1,326,111 021:66
31,387, 673.00
1,348,592;"686.66
30,016, 568.00
1,347,593 134.16
28,802, 645.50
1,346,848 636.66
28,056, 118.00
1,346,414 959.16
27,639, 750.50
1,344,976 020.18
26,203, 861.50
1,345,344 643.68
26,158, 715.00
1,344,897; 271.18
25,714, 812.50
1,347,033, 481.18
27,860, 532.50
1,346,250, 866.16
27,113, 412.50
1,344,754, 833.18
25,622, 399.50
1,343,838, 505.16
24,710, 831.50
1,343,235 512.16
23,282, 743.50
1,342,545 969.66
22,595, 701.00
1,342,334 379.66
22,384, 261.00
493.50
1,342,108; 122.16
^ 22,179,
1,341,587, 229.68
21,670, 441.00
1,341,059, 782.16
21,143, 373.50
1,341,524, 8'07.16
20,550, 098.50
1,343,844, 502.16
22,871 078.50
1,343,630, 389.86
22,859; 281.00
1,342,942; 002.16
21,982, 033.50
1,342,495,489.66
21,539, 201.00
1,343,047, 744.66
22,092, 806.00
1,342,857 207.18
20,790, 733.50
1,343,783: 964.86
21,720, 031.00
1,342,656: 174.86
20,593, 576.00
1,340,896; 422.16
18,835, 883.50
1,339,540: 534.6-8
17,481, 856.00
1,339,262: 465.66
17,209, 266.00
1,341,010: 918.18
17,828, 483.50
1,339,884: 968.16
16,704, 743.50
1,339,781 735.16
16,804, 968.50
1,338,741 582.68
15,585, 676.00
l,339,28i: 892.68
16,131, 221.00
1,338,235: 400.16
15,142,888.50
384
REPORT ON THE FINANCES.
No. 48.—Lawful money deposited in the Treasury each month of the fiscal year 1914 for the
redemption of national-bank notes.
Retirement account.
5 per cent
account.
Months.
Total.
Insolvent and
liquidating
Reducing.
1913—July
,
August
September
October...,
November.
December.
1914—January...
February..
March. . . .
AprU
May
,
June
$52,881,906.02
49,891,920.28
42,997,363.47
59,103,982.90
50,126,538.93
55,368,076.90
81,603, 899.54
65,167, 841.15
66,270,582.48
65,803, 428.36
83,878, 114.31
58,099,502.67
$283,300.00 $1,173,740.00
115,297.50 3,698,050.00
88,895.00 1,451,750.00
33,250.00
747,750.00
74,187.50
462,500.00
25,000.00 1,846,500.00
445,447.50 2,454,700.00
344,660.00 1,353,550.00
1,212,320.00
461,400.00
81,000.00
488,000.-00
1,127,295.00
987,500.00
708,690.00
257,500.00
$54,338, 946.02
53,705, 267.78
44,518, 008.47
59,884: 982.90
50,663; 226.43
57,239 576.90
64,504: 047.04
66,866: 051.15
67,944: 302.48
66,372: 428.36
65,992: 909.31
59,065: 692.87
Total...,
691,193,157.01
4,519,342.50 15,382,940.00
711,095,439.51
No. 49.—Disbursements from redemption accounts of national banks each month of the
fiscal year 1914.
For notes
redeemed.
Months.
1913—July
August
September
October
November.
December.
1914—January...
February..
March
AprU
May
Juhe
$55,100, 490.00
48,480, 930.00
49,676, 455.00
58,736, 602.50
51,896, 600.00
54,099, 900.00
72,977, 885.00
85,148, 175.00
87,266, 252.50
66,485, 722.50
67,521, 310.00
55,405, 927.50
Total...,
712,796,250.00
Transfers and
repayments.
Total disbursements.
Balance.
$209,490.14 $55,309,980.14 $41,291,076.26
287,142. G
O 48,768,072.90 46,228, 271.14
95,206.61 49,771, 881.61 40,974, 618.00
167,819.89 58,904, 422.39 41,955, 178.51 •
521,909.49 52,418, 509.49 40,199,895.45
444,405.66 54,544, 305.66 42,895, 166.89
362,375.02 73,340, 260.02 34,058, 953.71
162,580.65 65,310, 755.65 35,614,249.21
186,831.11 67,453, 083.61 36,105, 468.08
236,796.76 88,722, 519.26 35,755: 377.18
190,270.68 87,711,580.66 34,036: 705.83
149,095.09 55,555,022.59 37,547: 375.91
3,013,923.98
715,810,173.!
No. 50.—Result ofthe count of national-bank notes receivedfor redemption, by fiscal years,
from 1900.
Fiscal year.
1900
1901
1902
1903
1904.
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
Claimed by
0"wners.
$96,982,607.88
147,486,577.93
171,512,752.90
196,788,126.51
282,141,930.23
308,298,760.03
296,292,884.95
240,314,680.86
349,634,34L42
461,522,201.92
502,498,993.94
551,531,595.52
649,954,710.29
675,888,999.60
706,758,601.74
0
"Overs." "Shorts." Referred and Counterrejected.
feit.
$8,092.25
19,903.52
7,269.23
29; 339.97
18,489.38
61,102.05
41,359.06
28,540.10
41,978.85
83,100.36
74,856.24
73,285.11
87,491.45
101,414.18
180,418.21
$11,885.80
20,620.30
6,999.40
12,998.30
30,839.28
19,032.80
35,882.00
31,794.80
39,976.70
99,060.05
87,264.80
24,929.89
32,869.23
31,981.18
117,137. 40
$750,902.15
340, •635.30
• 462,958.75
439,173.50«
385,635.85
1,521,902.10
1,121,987.50
1,474,686.55
1,085,529.22
1,967,445.85
2,885,195.31
2,089,931.50
2,983,863.09
2,834,307.05
2,189,355.74
$1,706.00
1,432.00
1,754.00
1,901.00
1,307.00
1,308.00
1,685.75
1,567.00
1,130.50
1,300.75
910.05
1,815.60
2,514.35
1,439.60
1,409.10
Express
charges.
Net proceeds.
$124.70
143.95
174.62
200.40
250.81
261.75
268.95
316.85
403.15
487.53
598.45
502.26
390.70
418.40
3,293.45
$96,228,281.48
147,143,649.90
171,048,135.38
198 361 193 28
261,742,386.65
306,817,357.43
295,174,419.81
238,834,864.76
348,549,280.70
459,537,008.30
499,599,883.57
549,487,701.38
647,022,564.37.
673,122,267.55
704,625,824.26
385
IREASUEER.
No. 51.—National-bank notes outstanding at. the end of each month, and amount and per
cent of monthly redemptions, from January, 1901.
Redemptions.
Redemptions.
Months.
Outstanding.
Amount.
Per
cent.
1901—January
$346,821,871 $19,482,754 5.82
February... 348,655,255 12,799,120 3.67
March
350,101,405 12,358,859 3.53
AprU
350,764,257 11,305,800 3.22
May
351,582,590 14,188,094 4.04
June
353,742,187 13,415,238 3.79
July
356,152,903 13,378,875 3.76
August
357,419,155 14,336,572 4.01
September.. 358,830,548 8,792,245 2.45
October
359,911,683 11,384,984 3.18
November.. 359,720,711 11,087,009 3.08
December... 360,289,726 13,351,267 3.71
1902—January
359,444,615 20,863,764 5.80
February... 358,434,867 14,999,349 4.18
March
357,476,407 14,610,899 4.09
April..,
356,987,399 15,450,660 4.33
May
356,747,184 17,243,753 4.83
June
356,872,091 16,369,881 4.59
July
358,984,184 15,334,968 4.27
August
361,282,691 13,213,682 3.66
September.. 366,993,698 11,242,551 3.06
October...... 380,476,334 12,483,910 3.28
November.. 384,854,514 13,600,790 3.53
4.82
December... 384,929,784 18,557,201 6.35
1903—January
383,973,546 24,364,960 3.64
F e b m a r y . . . 382,798,845 13,916,434 3.78
March
382,519,258 14.446,393 4.35
April
391,151,728 17,012,685 5.06
May
406,443,205 20,576,357 5.24
June
413,670,650 21,679,690 5.50
July
417,346,487 22,953,412 4.50
August
418,587,975 18,856,085 4.00
September.. 420,426,535 16,830,510 4.17
October...... 419,610,683 17,488,970 3.24
November.. 421,106,979 13,654,484 5.19
December... 425,163,018 22,080,483 6.92
1904—January
426,857,627 29,541,701 4.88
February... 430,324,310 21,006,260 4.96
March
434,909,942 21,567,430 5.44
AprU
437,080,573 23,783,648 5.76
May
445,988,565 25,702,888 6.38
June
449,235,095 28,676,063 6.03
July
450,206,888 27,138,361 5.51
August
452,516,773 24,922,175 3.99
September.. 456,079,408 18,187,050 4.42
October
457,281,500 20,200,160 4.84
November.. 460,679,075 22,291,957 5.89
, December... 464,794,156 27,355,322 7.63
1905—January
467,422,853 35,687,232 5.27
February... 469,203,840 24,706,431 5.67
March
475,948,945 26,964,598 5.09
AprU
481,244,945 24,505,427 5.58
May..
488,327,516 27,265,778 5.87
June
495,719,806 29,074,269 5.08
July
•.. 603,971,395 25,624,807 4.47
August
512,220,367 22,912,285 3.69
September.. 516,352,240 19,073,610 3.93
October
524,408,249 20,612,165 4.04
November.. 533,329,258 21,561,971 4.59
December... 540,914,347 24,832,551 6.76
1906—January
543,230,080 38,710,959 4.31
February... 550,803,895 23,716,730 4.87
March
554,866,967 27,021,045 4.09
AprU
558,648,282 22,758,848 4.93
May
659,129,660 27,590,918 4.26
June
561,112,360 23,876,995 3.88
July
561,481,045 21,766,334 3.30
August
569,852,303 18,804,632 2.53
September., 673,903,108 14,538,106 2.64
October
583,171,985 15,370,970 2.61
2.84
November.. 593,380,649 15,483,851 5.32
December... 696,162,469 16,903,960 3.40
31,730,178 3.05
1907—January
696,197,569
February... 696,343,022 20,296,954 3.59
March
, 597,212,063 18,187,816 3.70
AprU
599,913,840 21,522,289 3.88
May
601,940,550 22,278,235 4.27
June
, 803,788,690 23,431,356 3.69
603,395,886 25,748,794 3.20
July
604,058,321 22,285,888
August
September.. 603,987,114 19,329,739
64402°—FI 1914- -25
Months.
Outstanding.
1907—October....
November.
December-.
1908—January
February..
March
AprU
May
June
July
August
September.
October
November.
December..
1909—January
February,.
March
April
May
June.'.
July
August
September.
October....
November.
December..
1910—January
February..
March.....
April
May
June
July
August
• September.
October
November.
December..
1911—January
February..
March
April
May.:
June
July
August
September.
October
November.
December..
1912—January
February..
March
April
Miay
June
July
August
September.
October
November.
December.,
1913—January
February..
March
April
May
,
June
July
August
September.
October
November.
December.
1914—January....
February..
March
AprU
,
May
,
June
,
$609,980,467
656,218,196
690,130,895
695,402,762
695,674,519
696,407,355
697,645,698
698,449,517
698,333,917
692,088,991
685,326,108
675,612,327
665,844,192
667,178,177
877,068,165
676,673,092
678,285,600
684,407,615
687,408,227
688,183,115
689,920,074
695,354,164
698,845,474
702,807,459
703,940,756
707,433,456
710,354,253
709,879,333
710,022,868
717,258,996
713,461,586
712,242,841
713,430,733
712,029,468
717,321,051
720,795,606
724,874,308
726,855,833
727,705,981
726,445,388
728,935,041
729,152,916
728,144,718
728,478,011
728,194,508
732,824,016
737,206,748
737,788,358
739,165,313
739,764,346
740,603,187
741,661,968
744,272,273
744,871,283
745,720,348
745,492,672
745,134,992
744,905,941
746,501,307
747,779,654
749,348,859
750,185,776
750,972,246
750,481,769
751,117,794
752,059,332
753,076,874
755,294,066
759,157,906
759,293,191
761,720,029
759,030,694
758,899,709
757,159,471
757,842,961
754,022,766
753,168,832
752,050,299
751,765,768
751,554,698
750,871,899
Per
Amount. cent.
$19,955,863
7,749,861
11,738,620
43,425,863
29,627,608
38,949,474
42,491,474
43,212,118
45,121,039
38,319,375
29,442,768
24,776,186
27,507,778
27,801,459
34,874,210
56,627,458
37,227,225
42,637,791
46,125,141
48,247,752
47,935,059
46,403,870
36,939,830
31,890,067
31,759,154
33,253,015
43,484,347
60,864,575
41,570,159
39,917,273
45,222,008
46,299,971
44,894,723
45,504,817
39,504,676
32,366,779
31,268,843
35,036,595
41,371,476
64,785,436
46,524,453
49,353,908
51,487,162
54,006,009
60,321,441
54,003,825
49,174,135
40,026,992
41,248,347
46,646,904
54,363,693
77,819,645
50,283,920
53,149,946
55,320,499
65,929,473
61,987,331
59,666,461
54,271,136
41,816,565
48,103,770
46,030,678
52,532,627
79,753,664
51,790,011
53,306,522
61., 163,185
66,525,360
60,929,020
61,250,730
52,458,530
49,570,226
48,120,447
47,588,199
57,761,920
90,575,523
58,810,420
61,207,678
68,323,823
60,276,925
54,812,182
3.27
L18
1.70
6.24
4.26
5.59
8.09
6.19
8.46
5.54
4.30
3.6-7
4.13
4.17
5.15
8.37
5.49
6.23
6.71
7.01
6.95
6.87
5.29
4.54
4.51
4.70
6.12
8.57
5.85
5.56
6.34
6.50
6.29
6.39
5.51
4.49
4.31
4.82
5.69
8.92
6.38
6.77
7.07
7.41
8.28
7.37
6.67
5.43
5.58
6.31
7.34
10.49
6.76
7.14
7.42
8.84
8.32
8.01
7.27
6.59
6.42
6.14
7.00
10s 63
6.90
7.08
8.12
8.80
8.02
8.07
6.89
6.53
6.34
6.29
7.62
12.01
7.54
8.14
§.82
8.02
7.30
386
REPORT ON T H E FINANCES.
'No. b2.^Redemptions and deliveries of national-bank notes ,each month of the fiscal
year 1914.
.
Redemptions.
Total
$55,257,715.00
48,907,800.00
49,471,995.00
60,029,485.00
52,955,367.50
54,099,900.00
72,981,185.00
65,148,175.00
67,286,252.50
86,485, 722.50
67,521,310.00
55,405,927.50
704,625,824.26
1913—July
August
September
October
November
December
1914—January
February
March
April
May
June
.:
Deliveries on
redemption
accounts.
$60,872,389.02
50,311,511.15
51,620,134.30
47,844,436.13
48,987,208.59
54,167,487.21
93,514,246.13
57,450,323.41
80,811,830.94
66,423,847.55
60,191,038.12
54,831,371.71
Months.
715,530,815.00
Deposited in
Treasury.
Onhand
charged to 5
• per cent
account.
On h a n d
unassorted.
$123,690:00
$2,577,340.00 $41,311,892.22
62,831.00
2,150,470.00 43,079,842.37
72,910.00
2,354,930.00 44,950,611.67
60,308.00 ' 1,062; 067. 50 33,798,137.30
98,791.00
3,300.00 28,791,954.89
202,730.00
3,300.00 28,656,812.10
209,662.00
4 8 , 9 8 3 , 5 n . 23
91,785.00
41,193,874.84
89,073.00
34,650,380.08
68,060.00
34,520,445.13
81,769.00
27,108,404.25
73,204.00
26,260,644.46
1,232,613.00
.
No. 53.—Redeemed national-bank notes delivered from the Treasury each month of the
_fiscal year 1914.
F o r r e t u r n to F o r destruction F o r destruction
b a n k s of issue.
a n d reissue. a n d r e t i r e m e n t .
Months.
1913—July
August
September
October
November
December
1914—January
February
March
AprU
May
June
....
Total
Total.
Balance.
$18,367,850.00
15,100,500.00
15,245,750.00
17,358,000.00
16,264,800.00
18,727,350.00
22,945,500.00
20,684,700.00
22,541,.450.00
22,814,350.00
23,634,350.00
14,939,700.00
$34,130,952.50
30,923,250.00
31,579,145.00
40,134,772.50
34,799,852.50
35,228,460.00
47,754,75.5.00
41,861, .525.00
42,951,307.50
42,283,080.00
42,317,710.00
38,511,705.00
$2,759,112.50
2,884,050.00
2,647,100.00
2,538,692.50
1,890,715.00
2,144,090.00
2,280,930.00
2,821,950.00
1,773,495.00
1,588,292.50
1,569,250.00
1,954,522.50
$55,257,715.00 $43,889,232.22
48,907,800.00 45,230,312.37
49,471,995.00 47,305,541.67
80,029,465.00 34,860,204.80
52,955,367.50 28,795,254.89
54,099,900.00 28,660,112.10
72,981,185.00 48,983,511.23
65,148,175.00 41,193,874.64
67,268,252.50 34,650,380.08
86,485, 722.50 34,520,445.13
67,521,310.00 27,108,404.25
55,405,927.50 26,260,644.46
228,402,100.00
462,276,515.00
26,852,200.00
715,530,815.00
No. 54.—Assets and liabilities of the 5 per cent redemption fund of national banks at the
end of each month of thefiscal year 1914.
LiabiUties.
Assets.
Months.
1913—July
August
September..
October.....
November..
December..
1914—January
February...
March
April
May
June
On de- Nationalposit in bank notes
Treasury. on hand.
Expenses
paid.
Total.
$43,889,232
$43,889,232
' 45,230,312
45,230,312
•47,305,542
47,305,542
34,860,205
34,860,205
28,795,255 $165,894 28,961,149
28,860,112
28,880,112
48,983,511
48,983,511
41,193-, 875
41,193,875.
34,850,380
34,660,380
34,520,445
34,620,445
27,108,404
27,108,404
28,280,844
26,260,844
To
national
banks.
To . On other
Treasury. accounts.
$20,600,343 $20,773,385 $2,615,504
24,508,240 18,533,327 2,188,745
20,381,042 24,530,224 2,394,276
23,119,295 10,639,124 1,101,786.
6,200,017
43,092
22,718,040
2,941,841
25,885,901
32,370
32,722,549
16,230,470
30,492
18,909,506 22,253,507
30,862
19,500,600 16,118,523
31,357
31,424
20,169,701 14,319,320
9,169,824
17,-906,486
33,0953,814,970
22,404,487
41,187
387
TBEASUBEE.
No. 55.—National-bank notes received for redemption from the principal cities and other
places, by fiscal .years, from 1900, in thousands of dollars.
Boston.
PhUadelphia.
Baltimore.
Chicago.
Cincinnati.
St.
Louis.
$52,707
81,263
86,749
98,550
141,660
159,432
150,087
102,279
193,292
236,101
234,110
262,105
327,793
321,857
$12,427
19,467
18,672
19,543
22,834
24,416
22,656
18,087
20,075
29,435
35,492
37,920
47,704
61,725
$8,390
9,097
10,788
14,306
18,688
21,483
20,422
17,778
20,437
28,887
36,640
36,199
43,314
43,866
$2,633
4,747
5,635
.7,009
9,338
11,788
10,789
9,222
7,941
10,301
11,661
11,549
13,007
14,035
$4,804
8,562
14,192
18,739
21,910
26,798
28,160
27,677
30,512
47,504
63,397
69,373
71,262
77,380
$1,218
1,644
3,198
4,449
6,417
7,724
8,321
7,285
8,026
12,342
11,712
11,981
14,281
15,644
$2,320
6,008
12,847
9,311
12,301
18,572
13,764
13,044
16,147
28,288
30,286
29,799
29,867
32,105
1913. •
July
Aug
Sept
Oct
Nov
Dec
28,975
23,876
21,067
21,013
21,281
28,808
8,131
4,929
4,812
5,080
4,757
4,762
3,805
3,339
3,512
3,520
2,458
3,606
1,372
1,150
904
1,039
890
978
7,134
7,349
6,049
5,602
6,212
6,471
1,482
1,362
1,268
1,413
1,217
1,411
3,099
1,513
2,122
1,780
1,878
1,988
1914.
Jan
Feb
Mar
Apr
May
June
46,659
25,778
26,977
28,649
27,225
26,204
6,424
3,998
4,109
5,004
5,390
5,276
5,137
3,154
3,725
4,338
3,492
2,951
1,746
1,168
1,343
1,702
1,653
1,844
11,829
7,583
7,350
8,635
6,940
5,819
1,951
1,337
1,271
1,602
1,456
1,447
326,510
46.20
60,470
8.56
43,037
6.09
15,5892.20
86,873
12.26
17,217
2.44
Fiscal
years.
1900
1901
1902
1903
1904
1905
1906
1907.......
1908.......
1909
1910
1911
1912
1913
:
Total,fiscal year
1914....
Percent...
New
York.
Other
New
Orleans. •places.
•
$710 $11,773
1,528 15,171
2,271 17,517
3,176 21,347
4,034 24,960
5,372 32,734
5,348 36,748
6,418 38,525
5,896 47,308
7,838 •60,848
6,586 72,715
7,710 84,896
6,797 95,930
7,135 102,142
747
778
552
386
551
538
Total.
$96,982
147,487
171,869
198,430
262,142
308,299
296,293
240,315
349,834
461,522
502,499
551,532
649,955
675,889
8,506
8,163
9,4S4
S,.387
8,344
9204
61,251
52,459
49,570
48,120
47,588
.57,762
6,175
4,585
5,283
, 5,253
4,247
3,476
1,421 • 9,434
8,309
900
1,037 10,113
957 10,184
9,171
703
7,139
856
90,576
56,810
81,208
66,324
60,277
54,812
41,397
5.86
9,426 106,438
15.06
L33
706,757
100.0
No. 56.—Disposition made ofthe notes redeemed at the national-bank redemption agency,
by fiscalyears, from 1900.
Delivered t o t h e ComptroUer of
t h e Currency.
Fiscal years.
Returned to'
b a n k s of issue.
Deposited in
Treasury.
Balance on
hand.
For destruction For destruction
a n d reissue.
and retirement.
1900 .
1901
1902
1903
1904
-1905
1906
1907.....
1908
1909.
1910
1911....
1912
1913
1914
$25,620,660
57,668,715
57,303,520
62,563.430
92,025; .555
106,286,870
88,930,700
43,140,205
. 62,194,650
89,829,100
118,015,100
107,017,870
198,550,800
218,884,750
226,402,100
$49,006,445.00
71,432,232.60
89,848,745.00
104,604,265.50
1.36,444,405.00
174,417,382.50
184,561,827.50
168,940,465.00
196,449,107.50
321,445,552.50
343,545,282.50
398,279,110.00 .
417,932,800.00
426,431,860.00
462,276,515.00
$17,909,793.00
18,626,437.50
20,085,274.50
26,272,086.00
30,936,971.00
25,857,368.00
24,724,135.00
25,454, 254.50
39,535,156.50
89,562,083.00
32,288, 770.50
34,978,840.00
28,527,7n. 50
24,089,035.50
26,852, 200. 00
$111,699.00
122,883.13
148,477.00
174,808.50
291,351.00
308,547.50
267,45150
295,300.00
469,965.00
532,949.00
640,328.00
610,141.50
738,723.50
950,249.55
1,232,613.00
$6,787,132.32
6,080,514.09
9,944,832.95
12,691,238.23
14,735,342.88
14,682,532.31
11,372,838.12
12,377,478.38
62,277,880.08
20,645,203.88
25,755,606.45
34,359,346.33
35,631,875.70
38,398,248.20
26, 260,644.46
388
REPORT ON T H E FINANCES.
No. 57.—Mode of payment for notes redeemed at the national-bank redemption agency, by
fiscal years, from 1900.
Fiscal years.
Treasurer's
checks.
United States
currency.
1900
$28,433,009.35 $55,877,983.30
65,935,811.50 58,986,976.54
1901
1902
61,870,406.50 74,811.828,26
8 3 , 5 4 6 , 5 n . 10 95,919,863.47
1903.........
95,594,893.78 123,598,051.41
1904
107,599.546.95 146,513,677.16
1905
122,852,833.45 123,371,141.71
1906
126,576,021.21 62,747,460.05
1907...
172,719,195.75 123,985,04.5.30.
1908
219,617,316.49- 165.668, .342.33
1909...
171,238,564.95 250,279,31134
1910
192,124,524. 68 280,827,485.49
1911...
1912
241,465,409. 01 319,249, 866.07
230, 238,150.96 352.869.975.89
1913...
307,672,642.92 286.102.626.90
1914
Gold, silver, Credit in genand minor
eral a c c o u n t . .
coin.
$78,301.35 .$11,380,978.28
41,954.90 21,508,997.10
46,770. 80 33,603,045.00
47,084.45 36,178,517.50
31,829. 60 • 41,360,57L40
81,430.80 50,629, 868.00
109,491 20 46,96.5,078.53
151,594.40 47,676, 609. 25
190,323. 65 48,732,300.17
187,978.58 65,451,853.20
239,198.18 65,740,145.68
121,080. SO 61,092,783.79
142, SS9. 00 66,815,692. 70
122,709.65 72,110,519.47
111, 159.80 94,359,812.77
Credit m
redemption
account.
Total.
$456,009. 20 ' $96,226,281.48
.669,909.88
147,143,649.90
716,084.80
171,048,135.38
669,216.76
196,361,193.28
1,1.57,040.46
261,742,386.65
306,817,357.43
1,992,834.52
1,875,874.92
295,174,419.81
238,834,864.76
1,683,179.85
348,549, 289.70
2,922,415.83
459,537,008.30
8,611,517.70
499,599,883.57
12,102,665.42
549.487,70138
15,321,826.62
647; 022,564.37
19,548,706.99
673,122,267. 55
17,780,911.58
16,379,581.87
704,625,824.28
No. 58.—Deposits, redemptions, assessments for expenses, and transfers and repayments
on account of the 5 per cent redemption f u n d of national banks, by fiscal years, from
1900.
Fiscal years.
1900
1901...
1902.
1903...
1904..•
1905
1906
1907...
1908
1909
1910
1911...
1912
1913...
1914
Deposits.
$78,354,882.88
131,535,726.84
148,687,860.75
169,458,351.28
230,952,146.79282,914,986.56
279,186,849.35
214,858, 638.72
260,878,988.70
415,116,821.67
465,351,212.01
505,754,509.59
617,425,172.82
649,688,803.99
691,193,157.01
Assessments. Transfers a n d
repayments.
Redemptions.
$74,872,477.50
128,928,835.00
147,010,875.00
167,643,585.50
228,324,620.00
280,998,292.50
272,996,587.50
212,082,400.00
261,197,305.00
409,517,715.00
461,232,132.50
505,809,020.00
818,160,280.00
644,913,365.00
685,944,050.00
$121,420.28
122,544.28
153,334.03
158,409.72
178,484.24
223,672.88
249,350.38
248,742.28
234,.300.86
271,934.30
398,612.85
442,668.78
437,838.01
504,688.24
520,422.42
Balance.
$1,021,918.07 $11,140,721.93
723,459.79 12,901,609.70
1,622,486.52 12,802,774.90
1,176,007.51 13,285,123.45
1,351,77L62 14,384,414.38
977,191.78 15,100.243.78
1,570,711.55 19,470,443.70
1,480,983.67 20,516,956.49
2,347,492.91 17,418,846.62
2,387,908.44 20,376,110.55
1,875,725.54 22,420,851.67
1,820,609.03 20,103,063:45
1,280,294.59 17,649,823.67
1,751,270.04 20,169,304.38
2,493,501.56 22,404,487.41
No. 59.—Deposits, redemptions, and transfers and repayments on account ofthe retirement
redemption account, by fiscalyears, from 1900. . .
Deposits.
Fiscal
years.,
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909...
1910
1911...
1912.....
1913
1914....
Redemptions.
Insolvent a n d
liquidating.
$3,776,188.00
2,795,986.00
8,314,110.50
10,029,185.50
8,027,813.00
15,862,474.00
19,207,485.10
11,029,187.00
30,743,532.00
14,841,244.50
14,341,980.00
19,898,587.50
8,753,905.00
3,756,470.00
4,519,342.50
Reducing.
Transfers a n d
repayments
Balance.
Total.
$14,626,480.00 $18,402,646.00
10,861,289.00
13,657,275.00
25,232,209.50
33,546,320.00
17,181,070.00
27,210,255.50
18,879,475.00. 26,907,088.00
8,301,895.00
24,164,169.00
17,487,742.50
36,675,207.60
22,224,662.50
33,253,849.50
37,112,837.50
67,856,369.50
30,780,495.00
45,621,739.50
17,332,312.50
31,674,292.50
20,334,017.50
40,232,605.00
13,324,410.00
20,078,-316.00
17,714,540,00
21,471,010.00
15,382,940.00
19,902,282.50
$17,909,793.00
18,826,437.50
20,085,274.50
26,272,086.00
30,936, 971.00
25,857,368.00
24,724,135.00
25,454,254.50
39,535,156.50
89,562,083.00
32,288,770.60
34,976,840.00
28,527,711.50
24,089,035.50
26,852,200.00
$1,162,356.00 $35,147,878.50
774,406.50 29,404,309.50
793,385.50 42,071,969.50
2,958,830.50 40,053,•308.50
496,883.00 35,526,542.50
1,606,241.50 32,227,102.00
1,542,535.80 42,835,639.00
2,776,429.50 47,658,804.50
3,520,733.00 72,459,284.50
28,518,941.00
27,904,483.00
33,160,228.00
24,710,83150
22,092,808.00
15,142,888.50
389
TREASURER.
No. 60.—Expenses incurred in the redemption of national-bank notes, by fiscal years, from
1900.
Office of Treasurer of the
• UnitedStates.
Fiscal
years.
1900..i
1901
1902
1903
1904 .
1905
1906
1907
1908
1909
1910
1911
1912.......
1913.
1914
Charges
for transportation.
Salaries.
Station- Continery, print- gent exing, and penses.
binding.
Office of ComptroUer of
the Currency.
Sta- ContinSalaries. tionery. gent expenses.
Total.
Rate
of expense
per
$1,000.
$669.19 $16,812.72
$31,767.33 $70,173.58 $3,56194
$122,984. 76 $1.33558
77108 18,272.76
55,549.75 , 70,7&3.34 2,859.25
148,236.18 .9956
69,957.96
70,761.90 4,621.51 1,791.61 16,683.35
153,796.33 .92444
67,998.88 83,012.84 4,893.88 1,982.19 18,790.03
174,477.62 .90262
95,580.12 97,737.26 8,055.20 2,917.01 16,803.54
219,093.13 . 84718
111,56120 104,739.87 7,506.28 2,668.15 21,497.76
247, 973.26 . 80993
104,477.20 118,288.39 6,790.10 3,600.92 19,767. 63
250,924.24 .84528
73,10156 123,145.38 5,909.36 3,16183 28,332.39
233,850.52 .98815
104,685.82 124,950.19 8,508.90 1,226.50 31,47100
270, 840.21 .90366
147,020.70 199,338.89 10,748.36 8,929.29 30,707.91
398,743.15 . 79782
171,073.57 212,988.04 12,036.34 8,009.16 29,985.99
4.34,093.10 . 88066
168,463.38 218,410.82 8,761 70 .14,728.49 31,683.35
$1,334.58 443,380.12 .81977
235,825.34 213,688.99 10,58153 6,228.59 38,2n.45
1,199.31 505,735.21 .78233
244,616.74 217,96197 9,818.89 3,484.04 41,823. 72
537.57 517,842.93 .77293
253,509.21 218,16100 11,787.38 2,692.18 42,352.33 '$34i.'82
269.48 629,013.36 . 74312
No. 61.—General cash account of the national-bank redemption agency for the fiscal year
1914, and from July 1, 1874.
F o r fiscal year. F r o m J u l y 1,1874.
DR.
B a l a n c e from p r e v i o u s year
:
N a t i o n a l - b a n k notes received for r e d e m p t i o n
" Overs"
$38,-398,248.20
706,756,60174
180,418.21
745,335,268.15
8,464,525,093.0
226, 402,100.00
489, 128,715.00
1, 232,613.00
2, 182,254.77
3,293.45
1,409.10
7,100.97
117,137.40
26, 260,644.48
2,599,961,996.00
5,657,815,089.80
141,218,75173
38,171,736.38
92,180.13
100,786.30
202,383.51
901,524.98
28,280,644.46
745,335,268.15
Total
$8,463,326,893.80
1,198,199.29
8,464,525,093.09 "
CR.
National-baiik notes forwarded t o b a n k s of issue
N a t i o n a l - b a n k notes delivered t o ComptroUer of t h e Currency
Money deposited in T r e a s u r y
Packages referred a n d m o n e y s r e t u r n e d
E x p r e s s chai'ges d e d u c t e d
Counterfeit notes r e t u r n e d
U n c u r r e n t notes r e t u r n e d or discounted
** S h o r t s "
,
Cash balance J u n e 30, 1914
Total
No. 62.—Average amount of national-bank notes redeemable and amount redeemed, by
fiscalyears, from 1900.
Out of deposits for retirement.
Out of 5 per cent fund.
Fiscal years.
Average
redeemable.
1900
1901
1902
1903
1904
1905
1908..:
1907
1908..
1909
1910
191L
1912
1913
1914
. . . .
Redeemed.
$38,424,466
31,258,712
35,966,721
43,179, 711
38,920,347
32,798,435
38,019,161
47,075,-981
57,388,822
44,837,970
28,243,118
33,441,142
28,062,282
22,087,585
17,877,010
Average
redeemable.
Redeemed,
fit for use.
$17,909,793 $223,869,280 $25,62O,'860
18,626,437 308,625,545
57,668,715
20,085,275 322,207,220
57,303,520
26,272,086 339,993,484
62,563,430
30,936,971 389,988,135
92,025,655
25,857,368 435,487,040
108,286,870
24,724,135 500,046,284
88,930,700
25,454,255 542,369,618
43,140,205
39,535,158 805,084, 732
82,194,650
89,562,083 635,828,337
89,629,100
32,288, 770 679,876,209 118,015,100
34,976,840 691,489,927
107,017,870
28,627,711 711,878,462 . 198,550,800
24,089,035 728,819,192. 218,884,760
28,852,200 737,721,349 226,402,100
Redeemed,
unfit for use.
$49,006,445
71,432,232
89,648,745
104,604,266
138,444,405
174,417,383
184,561,828
168,940,465
198,449,108
321,445,552
343,545,283
398,279,110
417,932,800
428,431,860
462,278,515
. Total
redeemed.
$74,627,105
129,100,947
146,950,265
167,167,696
228,469,960
280,704,253
273,492,528
212,080,670
258,843,758
411,074,852
461,580,383
•505,296,980
616,483,800
645,316,810
688,678,815
390
REPORT ON T H E FINANCES.
No. 63.—Percentage of outstanding national-bank notes redeemed and assorted each fiscal
year from 1904, by geographical divisions.
1906
1907
1908
1909
1910
1911
1912
66.49
89.61.
70.73
73.78
86.82
80.27
87.78
55.31
59.40
80.18
85.33
78.32
88.43
73.10
41.54
42.19
44.91
45.52
51.62
53.59
50.51
43.59
43.83
47.17
47.21
60.96
54.44
54.98
74.41
76.76
79.81
82.21
97.18
81.59
98.79
76.17
81.38
83.56
85.04
91.34
89.53
95.35
79.06
83.61
83.89
88.17
90.14
96.39
95.56
96.56
102.88
96.72
105.12
118.95
110.88
111.31
114.27
114.51
104.18
118.73
141.82
122.12
118.88
77.39
67.10
47.36
49.31
86.63
87.18
89.08
106.89
120.49
89.24 74.54 70.13
101.62 114.02 83.60
89.17 104.52 89.33
62.13 68.89 60.72
: . 81.97 78.18 73.47
. 61.10 66.87 65.01
64.15 82.23 79.86
134.30 143.86 111.89
74.24 88.77 75.88
46.04
47.23
57.70
47.00
62.87
64.05
83.11
75.57
60.83
54.31 98.23
54.07 100.09
60.07 121.25
48.44 82.54
51.55 90.18
51.87 82.99
57.25 93.77
63.75 98.04
63.03 105.57
92.15
95.77
119.79
80.28
104.44
88.87
95.74
99.94
100.74
93.59
104.87
119.99
84.06
105.58
93.81
98.74
104.34
103.32
112.02
133.31
148.64
100.72
119.88
111.02
113.92
116.54
125.12
114.49
149.63
157.68
95.85
123.82
112.97
110.54
115.96
122.19
92.75
96.82
117.48
120.80
89.18
80.63
,67.38
75.98
82.12
89.19
9 5 . 5 1 - 103.45
80.96
89.97
73.17
75.67
72.15
76.74
57.28
83.92
56.58
63.82
57.38
66.46
81.67
71.76
60.43
64.99
53.68
61.35
63.08
69.25
47.85
43.68
100.10
90.72
96.42
112.77
94:71
82.49
80.27
64.87
68.80
71.47
74.40
69.47
69.57
72.83
92.50
104.40
88.05
100.58
120.65
105.31
90.31
91.08
81.64
67.75
67.35
77.68
69.97
66.90
79.32
42.63
64.88
. . . 67.93
70.38
69.65
87.66
. . . 67.54
80.56
Maine
New Hampshire
Vermont
Massachusetts
Boston
Rhode Island.
Connecticut
73.25
New England
NewYork
New York City
N e w Jersey
Penn.sylvania
Philadelphia
Delaware
Maryland
Baltimore..
D i s t r i c t of Columbia
80.46
Eastern
Virginia
W e s t Virginia N o r t h Carolina.
S o u t h Carolina
Georgia..'.
Florida
Alabama
Mississippi
Louisiana
N e w Orleans
Texas
Arkansas
Kentucky ..
Tennessee
P o r t o Rico
1913
1905
1904
Divisions.
....
88.70
74.56
49.75
53.20
94.60
53.26
51.59
54.84
82.29
58.56
49.83
47.66
48.92
39.25
74.87
41.82
32.20
42.24
38.63
67.25
69.85
60.39
69.24
77.37
60.88
55.80
54.16
51.10
41.99
84.28
48.24
40.27
48.19
45.02
55.90
58.02
52.02
55.73
6130
52.55
46.86
44.08
50.71
40.43
71.09
39.75
33.60
42.32
41.85
65.90
44.58
38.44
43.58
45.19
41.02
40.70
35.23
37.01
44.28
66.04
30.80
28.62
33.52
35.99
37.05
56.25
49.70
58.73
58.33
54.65
45.75
54.66
43.66
46.63
48.79
45.68
40.82
40.44
43.68
67.15
82.35
71.54
86.25
88.40
78.58
78.98
78.19
83.30
70.42
76.14
59.46
57.28
57.21
63.83
71.80
•
47.55
Southern
Ohio
Cincinnati
Indiana
Illinois
Chicago
Michigan
Wisconsin
Minnesota...
Iowa
Missouri... .
St. Louis
:
Middle
North Dakota
South Dakota
Nebraska
Kansas... .
Montana
Wyoming
Colorado .1
N e w Mexico
Oklahoma
Indian Territory
Western
Washington
Oregon
California
San Francisco
Idaho...
Utah
Nevada
Arizona
Alaska......
Hawaii...'.
54.84
46.83
37.63
48.36
69.18
67.45
41.75
52.43
35.88
35.50
56.69
34.42
30.70
34.43
35.62
28.83
51.58
48.15
53.43
40.81
40.27
55.31
39.35
34.64
39.70
40.30
4134
53.44
40.76
40.23
34.85
35.93
38. 68
34.38
27.80
32.72
33.18
32.32
42.38
34.27
30.96
29.24
30.02
31.82
28.70
24.52
28.44
27.52
27.65
37.84
38.12
36.37
33.59
33.98
26.93
31.68
29.99
32.81
31.51
37.56
36.41
55.83
87.69
50.92
49.93
49.10
47.13
47.00
50.97
43.07
50.61
54.99
5160
. 55.68
49.82
50.55
48.09
44.25
42.21
43.69
42.72
46.16
51.74
51.63
75.59
81.83
85.40
65.82
60.68
68.12
74.79
62.28
67.11
55.79
81.40
64.62
59.01
48.28
53.98
46.70
52.78
52.42
58.44
49.60 - 62.83
55.06
58.03
63.61
71.31
60.37
70.64
83 58
60.92
56.54
53.06
52.84
53.14
52.67
56 35
72.83
39.59
43.96
36.75
30.75
33.90
48.47
55.84
8107-
59.71
34.83
35.91
35.30
34.54
37.80
38.33
40.43
44.84
34.90
39.48
40.70
36.30
37.32
41.42
40.09
41.74
35.87
49.23
50.22
49.54
32.97
32.82
30.90
34.42
35.03
35.20
32.17
42.44
37.88
38.20
24.99
27.08
26.04
27.78
'29.06
27.55
30.93
31.71
30.18
30.72
34.42 5 1 8 3
43.58
32.85 . 43.44
40.28
30.07 44.72
43.00
33.02 45.44
43.97
34.33 51.31
46.31
37.47 53.92
51.67
33.65 53.89 • 48.09
39.86 52.03
5L38
41.29 69.31
66.39
50.69
47.28
47.77
47.51
.52.81
57.93
6140
55.81
69.97
55.73
53.42
53.05
53.55
59.95
66.19
60.24
65.52
67.81
53 90
53.34
53 78
51 23
59 39
84 95
80 77
59 04
66 02
36.79
40.78
33.81
28.41
34.45
50.07
46.78
51.26
58.05
57 34
44.08 47.03
51:22 57.48
48.72 52.13
46.33 45.20
38.45 42.27
43.98 40.84
28.47 46.03
49.65 48.40
18.40 26.80
139.99 . 96.57
35.62
46.53
48.25
38.49
33.56
35.15
45.14
43.35
14.29
88.31
31.74
33.39
35.66
33.89
28.63
3103
44.71
36.38
26.32
60.55
33.66 51.78
44.92 65.25
44.99 73.35
37.82 65.87
34.90 51.42
38. 71 55.19
58.21 67.71
50.19 65.74
32.32 48.80
59.55 116 23
47.64
56.9372.53
59.98
47.60
54.62
61.39
62.59
37.52
209.41
51.87
63.38
60.63
62.73
68.13 • 85.76
70.66
78.86
54.78
58.70
56.77
86.27
60.22
76.60
65.37
73.83
43.68
46.24
166.25 ISO.15
60 69
72 88
86 99
72 19
82 78
66 95
73 79
73 08
50 24
177.70
Pacific
47.57
49.10
42.35
34.40
4134
66.02
62.48
65.88
76.88
75.67
UnitedStates
60.52 -65.84
55.21
40.27
44.87
72.85
70.03
75.09
86.91
88.96
391
TREASURER,
No. 64.—Average amount of national-bank notes outstanding and the redemptions, by
fiscal years, from 1875 {the first year of the agency).
Redemptions.
Years.
Average
outstanding.
Redemptions.
Years.
Amount.
1875........ $354,238,291 $155,520,880
344,483,798 209,038,855
1878
321,828,139 242,885,375
1877
320,825,047 213,151,458
1878
324,244,285 157,656,845
1879 . . .
339,530,923
61,685,678
1880
348,314,471
59,850,259
1881
359,736,050
78,089,327
1882
359,868,524 102,699,877
1883
347,746,363 128,152,572
18S4
327,022,283 150,209,129
1885
314,815,970 130,296,807
1888
293,742,052
87,689,687
1887
265,622,892
99,152,364
1888^.
230,648,247
88,932,059
1889
196,248,499 ' 70,256,947
1890
175,911,373
67,460,619
1891
172,113,311
89,825,046
1892
174,755,35.5
75,845,225
1893
205,322,804 105,330,844
1894
Per cent.
43.90
80.8S
75.47
68.48
48.62
18.13
17.22
2L15
28.53
38.27
45.93
4L.38
•29.85
37.32
38.55
35.80
38.34
40.45
43.40
6L30
Average '
outstanding.
Amount.
1895
$207,880,409
1896
217,133,390
1897
232,888,449
189S
228,170,874
1899
239,287,873
1900......... 260,293,746
1901
339,884,257
1902
358,173,941
1903
383,173,195
1904
428,888,482
1905.
468,285,475
1906
538,065,425
1907
589,445,599
1908
682,473,5.54
1909
880,888,307
1910
707,919,327
1911
724,911,069
1912
739,940,744
1913..,.".... 750,906,777
1914
755,598,359
Per cent.
$86,709,133
108,260,978
113,573,776
97,111,687
90,838,301
96,982,608
147,488,578
171,869,258
198,429,621
262,141,930
308,298,760
296,292,-885
240,314,681
349,634.341
481,522,202
502,498,994
551,531,598
849,9.54.710
875,889:000
708,756,802
4L71
49.85
48.76
42.56
37 96
37.25
43.39
. 47.98
51.26
8L12
65 84
55.07
40.77
52.78
67 80
70.98
76.08
87.84
90.01
93.54
No. 65.-—Changes during thefiscal year 1914 inthe force employedin the Treasurer's office..
Total force June 30, 1913:
Regular roll
Agency roll—
303
215 .
Detailed force
.
Details discontinued
Postal savings roll
Total force June 30, 1914
Changes during year:
Discontinued
Died
Resigned
Transferred from.
Detailed from
Details discontinued
Appointed.
,.
Transferred to
!
Reappointed
Detailed to
518
128 646
39
14
25
621
•
6
7
17
23
16
39
8
45
5
89
No. 66.—Appropriations made for the force employed in the Treasurer's office and salaries
paid during thefiscalyear 1914.
Roll on which paid.
Appropriated:
Expended.
Regular roll
Reimbursable roll (force employed in the redemption of na
tional currency)
Reimbursable roll (expenses postal-savings system)
$345,890.00
$338,000.00
$7,890.00
222,520.00
18,800.00
218,16100
18,001.09
- 4,359.00
798.01
585,210.00
572,182.09
13,047.91
Aggregate
Balance unexpended.
REPORT OF THE DIRECTOR OF THE MIHT.
TREASURY DEPARTMENT,
BUREAU OF THE M I N T ;
Wasliington^ D. C, October I4, 1914SIR: In compliance with the provisions of section 345, Eevised
Statutes of the United States, I am submitting herewith a report
covering the.operations of the mints and assay offices of the United
States for the fiscal year ended June 30, 1914, being the forty-second
annual report of the Director of the Mint. I am also submitting for
publication in connection therewith the annual report of this bureau
upon the production and consumption of the precious metals in the
United States for the calendar year 1913.
OPERATIONS OF THE MINTS.
The three coinage mints, located at Philadelphia, Denver, and San
Francisco, have been in operation as usual during the fiscal year, and
there is little out of the ordinary, to report concerning them. The
transfer from Frank M. Downer, retiring superintendent of the Denver
Mint to his successor, Thomas Annear, and from Frank A. Leach,
retiring superintendent of the San Francisco Mint, to his successor,
Thaddeus W. H. Shanahan, were made during the fiscal year, but
so early t h a t they were covered by the last report. On July 21, 1914,
John H. Landis, who had been superintendent of the Philadelphia
Mint since April 30, 1902, was succeeded by Adam M. Joyce, of Philadelphia. The count of coin in this mint is not yet concluded. .
The most notable change in technical operations during the year
was the return at the Philadelphia Mint to the use of city gas for
general melting purposes. This was brought about by the rise in
the price of naphtha, which was the raw material from which the mint
plant produced, the supply of gas used for the last 10 years or more.
A new system of mixing air with the city gas and regulating the pressure has been installed, from which it is believed important results
will be realized.
N E W Y O R K ASSAY OPEICE.
Attention is again earnestly .directed to the need for increased
appropriations for the New York assay ofiice. The receipts of bullion a t this office exceeci those at any other assay office or mint in
the service, and its earnings from charges on bullion and the sale of
by-products last year exceeded all expenditures under the appropriations by approximately $30,000. I t was the only office of the
service that was self-supporting last year. I n view of this state of
393
394
REPORT ON T H E FINANCES.
affairs the institution is fairly entitled to appropriations sufficient to
maintain good service to the public and properly safeguard the immense values t h a t are being handled there. The force is frequently
overworked and in some cases is underpaid, numerous resignations
having occurred during the past year for thig reason. The labors
of the institution require skilled men and the responsibilities require
picked men, and it is discouraging to those charged with the conduct
of aflfairs to be obliged to lose tried and capable employees because
they are underpaid.
T H E W E S T E R N ASSAY O r P I C E S .
The differences between the House of Representatives and Senate
over the policy of maintaining the western assay offices resulted last
year in a compromise upon appropriations t h a t was satisfactory to
neither body and inconsistent with good administration. The assay
offices should be either abolished or given adequate appropriations.
The responsibilities that attach to the officers and employees of these
institutions are very considerable. They receive important amounts
of gold bullion, determine its value, and draw drafts on the Treasury
for the payments. These functions should be intrusted only to capable and experienced men of technical education, and the Government
should expect to pay them fair compensation. Considerable amounts
of bullion are on hand at times and a proper watch force should be
employed. If these precautions are too costly, the offices should be
abohshed and the public informed that it must do business with the
mints direct.
Last year, as a result of the controversy between the two bodies
of the Congress, the appropriation for the transportation of bullion was
reduced to $10,000 and was all exhausted before the close of October.
As the matter had been brought to the attention of the Congress in
extra session, and it had failed to supplement the appropriation,
there seemed to be nothing for the department to do but stop buying
bullion at the assay offices. I t was finally arranged, however, t h a t
where depositors would pay the express charges on their bullion to
the mint the assay office might assay it and pay for it. At Seattle
the chamber of commerce assumed payment of the transportation
charges.
The business of all the other assay offices was materially affected
by this situation. The appropriation for the transportation of bullion
during the current year is $20,000 and will certainly prove inadequate.
The appropriations for contingent expenses are smaller than they
should be, and it will be impossible to maintain the offices on a plane
of efficiency unless a more liberal policy is adopted.
APPROPRIATIONS, EXPENSES, AND INCOME.
• Amounts appropriated for the fiscal year totaled $1,154,130,
which, together with unexpended balances of permanent appropriations amounting to $12,700.13 and reimbm-sements within the service
and from other Government services of $84,795.45, aggregated an
available total of $1,251,625.58.
The total expenses chargeable to appropriations were $1,138,303.36;
those chargeable to income were $22,365.35; aggregate, $1,160,668.71.
The income, including $5,421,960.63 seigniorage, realized by the
Treasury from the mint service totaled $5,957,157.58.
395
DIRECTOR OF THE M I N T .
Income and expenses are itemized below:
Income.
Mint charges on bullion
- $297, 328. 81
Proceeds of stock medals and proof coins sold.
6, 773. 97
Charges for manufacture of special medals. '
9, 359. 76
Charges on foreign coinage executed.
67, 970. 58
Charges for work done for other institutions
:
6, 871. 33
Refund on account of reduction in contract price of electricity
•..
593. 78
Receipts from special assays of bullion and ores
3, 342. 00
Surplus bullion recovered (including 87 cents minor)
48, 919. 84
Gain on bullion shipments to Government refineries
|634. 90
• Less contra losses
283.80
• .
.
351.10
Commission on telephone calls
2. 63
Cashier's surplus and interest thereon.
.'
519. 93
Proceeds of sale of old material
2,364. 99
Proceeds of sale of by-products
90, 798. 23
535,196.95
3, 013, 060. 36
2,408, 900. 27
Seigniorage on subsidiary silver coinage
Seigniorage on minor (nickel and bronze) coinage.
5, 957,157. 58
Expenses.
Salaries of officers and clerks
,
Wages of workmen
:
Contingent expenses (including equipment), less amount to reimburse
wastage and loss on sale of sweeps
;..
Wastage of operative departments (gold and silver)
Loss on operative sweeps sold
Freight on bullion and coin shipments between mints and assay offices
277,135. 97
611,403. 91
224, 240.10
13, 049. 42
2, 486. 30
9, 987. 66
1,138,303.36
2,107. 77
20, 257. 58
Wastage of operative departments (minor metal) ^
Expenses of distributing minor coin ^.
1,160,668.71
EMPLOYEES
AND EXPENDITURES OF THE
YEARS.
MINT
SERVICE
OVER
20
In last yearns report a statement was given showing the number of
officers and employees in each office of the mint service on July 1,
1913, and 20 years earher. This statement is now repeated and the
number of employees on July 1, 1914, added:
Julyl,
1893. „
Institution.
387
174
16
107
31
67
13
10
3
3
July 1,
1913.
July 1,
1914.
-
- ,
^..
.
Total
I Payable from, the seigniorage on minor coinage.
313
119
95
14
4
91
6
5
18
I
.
-. -. -
329
115
93
14
5
92
8
5
5
19
4
14
5
19
3
14
829
Philadelphia
San Fra,no,i«!Cf>...
Oenvfir New Orleans
Carson
New York
. .
Helena
Boise
St. Louis
Charlotte
Deadwood
Seattle
Salt Lake
, . '.
Bureau
701
688
396
REPORT ON T H E FINANOES.
The amount of business handled in each of the three fiscal years,
1893, 1913, and 1914, is shown by the following figures, which cover
the most important facts of the operations:
^
Item.
1914
Gold deposits
I
Operating e x p e n d i t u r e s
I n c o m e from charges, b y - p r o d u c t s , e t c . . . .
N e t operating expenditm'es
Gold b a r s m a d e for tho arts
Gold b a r s m a d e for certificate reserve
Coinage:
Value
Pieces
Bullion t r e a t e d in refineries: F i n e ounces.
$46,449,841 $161,131,878
1,344,005
1,175,750
198,257
482,317
893,433
1,176,620
38,011,583
12,996,491
101,677,121
43,685,179
97,280,875
5,419,134
37,539,375
195,070,039
11,501,738
$146,298,555
1,160,955
535,480
625,474
39,767,944
75,064,734
38,704,080
206,934,573
10,679,942
I t will be seen that more than three times as much gold bullion
was received and handled during each of t h e fiscal years 1913 and
1914 as in 1893, and twice as many pieces were coined. Twice as
much bulhon was treated m the refineries and three times as many
jewelers' bars were made. The only respect in which the operations
of 1893 exceed in magnitude those of the two later years is in value
of the coinage, and this is due to the fact that the law now allows
gold bars, duly stamped, to be carried in the Treasury reserves.
No certificate bars appear in the statement for 1893.
Although the value of coinage was greater in 1893, the labor
upon coinage was much greater in the later years, owing to the greater
number of pieces coined, and to the fact that in the former year
blanks for the one and five cent pieces were purchased ready made
of outside contractors.
The gains in economical administration shown by these statements are due in the main to the installation of new labor-saving
equipment, designed and built in the mints.
UNCLAIMED DEPOSITS.
The books of the San Francisco Mint show the following unpaid
deposits now of long standing and for which probably no claim will,
ever be made:
Date.
1858, J u n e q u a r t e r
1858, D e c e m b e r quarter."
1883, S e p t e m b e r q u a r t e r
Depositor.
H . J . Peters..
Jos: B a k e r . . .
J . N . Souther
$127.87
333.27
151.96
The weigh clerk's original receipts for gross ounces of bullion,
'^ value to be ascertained," were issued, but no other form of obligation is outstanding. After the value was ascertained certificates
of deposit wei^e filled out in favor of the parties named for the amounts
stated, but never passed out of the hands of the superintendent of
the mint.
During the March quarter of 1882 the New York assay office
received from Thomas F . . Davis 180.90 ounces (standard) of silver
bullion, which was deposited foj* return in fine bars. The deposit
has never been called for and the foregoing amount of silver bullion
DIRECTOR OF T H E M I N T .
397
is held in the New York assay office to the credit of the said Davis,
at the (1882) value of $1 per ounce, $180.90.
.
Other similar unpaid deposits of long standing are in the possession of mint service officers.
There is no way by which the accounts can be relieved of these
items, the Comptroller of the Treasury having held under date of
June 7, 1913, that section 306, Revised Statutes, does not cover
items of this character.
I recommend that legislation be enacted that will permit the
clearing of these and similar items in the future from the accounts.
The matter has been submitted to the Treasurer, of the United
States, and with his approval the following paragraph has been
prepared for the accomplishment of the purpose:
At the expiration of each fiscal year, upon the recommendation of the Director
of the Mint, all moneys representing the values of bullion or uncurrent coin in the
possession of mint service officers remaining unclaimed for three years or longer,
shall be covered into the Treasury of the United States by warrant, and be carried
to the credit of the parties who are entitled to receive pay therefor, and into the
appropriation account denominated '^Outstanding liabilities."
EXHIBIT AT THE PANAMA-PACIFIC EXPOSITION.
The mint service will maintain a working exhibit at the PanamaPacific Exposition, showing coinage operations complete from pig
metal to the finished piece. I t has not yet been determined whether
coin and medals or only medals will be struck, but the striking of
medals fully exhibits the methods of coinage. Most of the machinery installed in the exhibit will be borrowed from the San
Francisco Mint, and coinage operations at this mint will in consequence be restricted in some degree while the exposition is open.
. ESTIMATES FOR THE FISCAL YEAR 1 9 1 6 .
The total of estimates for the mint service for the fiscal year 1916,
including the bureau office in Washington, is $1,177,580, which
compares with estimates of $1,217,83^0 for the fiscal year 1915 and
appropriations for the latter year of $1,147,380.
As already stated above, the appropriations for the support of
several of the assay offices during the current year are too small to
allow of their being conducted in a proper manner. Either the
appropriations should be increased or the offices should be abohshed.
I n making comparison between appropriations since the fiscal year
1912 with appropriations for prior years it should be understood
that in former years the income derived from charges upon bulUon
and sale of by-products was directly available for use in payment of
expenses, thus supplementing the annual appropriations, while
since 1912 this has been paid into the general fund of the Treasury as
a miscellaneous receipt. The income during the fiscal year 1914
thus applicable under former practice to current expenses, amounted
to $385,669.23.
APPROPRIATIONS FOR 1 9 1 4 .
The amounts appropriated for conducting the mint service during
thefiscal year 1914 totaled $1,154,130, to which should be added the
reimbursements for work done for the Phihppine and San Salvador
Governments and for United States Government institutions, etc.,
398
REPORT ON T H E FINANCES.
amounting to $84,798.12; also unexpended balances of permanent
appropriations amounting to $12,700.13; this gives the total amount
available for use during the fiscal year 1914 $1,251,628.25.
The expenditures from above funds (including the reimbursements
noted) total $1,138,306.03, to which a few minor unsettled bills may
be added.
The unexpended balance totals $120,718.19, from which should
be deducted a deficiency of $7,395.97, giving net unexpended balances of $113,322.22. Of the unexpended balances $12,700.13 (permanent appropriation balances) continues to be available until
used, and the remainder, $108,018.06, reverts to the surplus fund of
theTreasury.
The ^deficiency occurred at the Denver Mint and was occasioned
by loss of precious metals in refinery operations. Prior to the fiscal
year 1913 such losses were paid from the earnings, but are now
payable from our annual appropriations.
Ajypropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1914»
Annual appropriations.
.. I t e r a s a n d offices.
Salaries.
Office Director of Mint:
Appropriated.Expended
Permanent appropriaContinFreight
Wages of
tion
gent
on b u l l i o n
workmen.
e x p e n s e s . a n d coin. balances.!
$5,600.00 $10,000.00
3,532.33 3 9,987.68
$25,580.00
2 25,580.00
U n e x p e n d e d balance
2,067.67
Mint a t Philadelphia:
Appropriated
Reimbursed
12.34
2,080.01
85,850.02
83,601.54
45,577.79
.2,248.48
48,200.00 122,500.00
15,629.00
40,000.00
7,814.50
210,700.00
23,443.50
48,200.00 138,129.00
45,785.26 115,580.22
U n e x p e n d e d balance
65,000.00
20,850.02
72,300.00 339,883.01
67,353.24 294,305.22
47,814.50
42,452.93
234,143.50
203,818.41
30,325.09
4,946.76
Mint a t S a n Francisco:
Appropriated
Reimbursed...
Available for use
Expended
U n e x p e n d e d balance
Available for use
Expended
$41,180.00
39,099.99
72,300.00 $300,000.00
39,883.01
Available for use
Expended
Mint a t Denver:
Appropriated
Reimbursed
Total.
$4,873.24
442,173.24
60,733.03
4,873.24
502,906 27
445,260.00
4,873.-24
57,646.27
(866.40)
2,414.74
-.
.-
Unexpended balance...
Assay office a t N e w Y o r k :
Appropriated
Reimbm'sed
Available for use
Expended
U n e x p e n d e d balance
5,361.57
47,-200.00
'
22,548.78
94,000.00
14.65
35,000.00
10.49
343.01
176,543.01
25.14
47,200.00
45,374.45
94,014.65
90,835.01
35,010.49
42,406.46
343.01
176,568.15
178,615.92
1,825.55
3,179.64
4 7,895.97
343.01
2,0Jf.7.77
51,100.00
80,000.00
60,000.00
593.78
7,483.88
198,583.88
593.78
51,100.00
50,008.60
80,000.00
79,197.17
60,593.78
58,683.10
7,483.88
199,177.66
187,888.87
. 1,091.40
802.83
1,910.68
7,483.88
11,288.79
1 New machinery and appliances at Philadelphia and Denver mints; equipment of assay office at New
York; total available for future use.
'
2 $4,400 paid employees detailed to other Treasury offices.
3 Chargeable, as indicated in parentheses, to the various offices; this appropriation practically exhausted
3.^ months after beginning of fiscal year.
4 Deficiency $7,395.97 caused by wastage of precious metals in operation.
399
DIEECTOB OF .THE M I N T .
Appropriations, reimbursements, expenditures, and balances, all offices, fiscal year 1914Continued.
Annual appropriations.
I t e m s a n d offices.
Permanent appropriaContin-.
Freight
tion
on b u l l i o n
gent
balances.
expenses. and coin.
Salaries.
$7,900.00
7,900.00
$7,200.00
7,113.00
$3,000.00
1,508.33
87.00
2,000.00
1,996.78
1,000.00
937.88
62.12
2,500.00
2,500.00
1,000.00
607.93
Unexpended balance
M i n t a t Carson C i t y :
Appropriated
Expended
4,200.00
4,200.00
U n e x p e n d e d balance
Assay office a t H e l e n a :
Appropriated
• Expended
5,400.00
5,127.77
U n e x p e n d e d balance
Assay office a t Boise:
Appropriated
•Expended
272.23
.-
:
4,200.00
4,200.00
$18,100.00
16,521.33
($289.68)
1,578.67
7,200.00
7,134.66
(221.80)
65.34
.
(640.50)
2,000.00
2,000.00
U n e x p e n d e d balance
1,000.00
951.41
7.200.00
7,151.41
(612.15)
48.59
48.59
5,000.00
4,916.65
2,000.00
1,981.26
500.00
408.44
U n e x p e n d e d balance
. 83.35
18..74
31.56
13,050.00
13,050.00
22,000.00
14,695.25
Assay office a t Seattle:
Appropriated
.•
Expended
Unexpended balance
8,900.00
8,235.70
664.30
392.07
Assay office a t D e a d w o o d :
Appropriated
Expended
•
(1,247.60)
7,500.00
7,366.35
133.65
6,500.00
4,368.17 (6,036.38)
41,550.00
32,113.42
7,304.75
U n e x p e n d e d balance
T o t a l s , e n t i r e service:
Appropriated
Reimbursed
•
U n e x p e n d e d balance
4,200.00
3,640.00
2,000.00
1,200.00
1,000.00
257. 30
800.00
742.70
2,102.70
288,330.00 636,200.00 219,600.00
55,526.66 29,268.79
;
2,131.83
560.00
Assay office a t Salt L a k e C i t y :
Appropriated
Expended
Available for use
Expended
Total.
1,491.67
3.22
M i n t a t N e w Orleans:
Appropriated
Expended
W a g e s of
workmen.
10,000.00 $12,700.13 1,166,830.13
84,795.45
288,330.00 691,726.86 248,868.79
277,135.97 611,403.91 239,-775.82
10,000.00
9,987.66
11,194.03
80,322.75
9,092.97
9,436.58
7,200.00
5,097.30
(73.15)
12.34
12,700.13 1,251,625.58
1,138,303.36
12,700.13
113,322.22
CONSOLIDATED INCOME AND EXPENDITURES.
A complete statement of the income and expenditures of the
Treasury on account of the mint service, including seigniorage on
the silver and minor coins, is shown in the statement following.
Corisolidated statement of income and expenditures of the entire mint service for the fiscal year 1914.
EARNINGS.
EXPENDITURES.
C o m p e n s a t i o n of employees:
M i n t s a n d assay offices—
Salaries a p p r o p r i a t i o n
Wages, a p p r o p r i a t i o n
'.
D e d u c t i o n on b u l l i o n deposits:
P a r t i n g a n d refining charges
Melting charges
A s s a y i n g a n d s t a m p i n g charges
Alloy charges
F i n e - b a r charges.
•.
$251,655.97
611,405.44
$862,961.41
B u r e a u of t h e Mint—Salaries a p p r o p r i a tion
^
236,244.83
9,987.66
246,232.29
B u r e a u of t h e M i n t , c o n t i n g e n t a p p r o priation
. $204,102.33
40,391.09
8,857. 77
13,033.35
30,944. 27
$297, 328.81
3, 342.00
6, 773.97
25,580.00
$888,541.41
E q u i p m e n t , stores, a n d other expenses:
•Mints a n d assay o f f i c e s Contingent appropriation (including
$13,049.42 operating waste of precious metals a n d $2,486.30 loss on
assay v a l u e of precious m e t a l s cont a i n e d t n o p e r a t i v e sweeps s o l d ) — .
F r e i g h t on bullion a n d coin s h i p m e n t s b e t w e e n m i n t s a n d assay
offices, a p p r o p r i a t i o n
O
O
3,532.33
249,764.62
Special assays of b u l l i o n a n d ores
Proceeds of sale of stock m e d a l s a n d
Reimbursements
to
appropriations:
F o r m a n u f a c t u r e of m a c h i n e r y
a n d a p p l i a n c e s for Government institutions
F o r m a n u f a c t u r e of special
medals.
F o r m a n u f a c t u r e of. P h i l i p p i n e
coinage.'.
F o r m a n u f a c t u r e of S a n , Salv a d o r coinage
F o r r e d u c t i o n of c o n t r a c t p r i c e
of electricity
.•
proof coin
Contingent.
Wages.
Total.
S
$1,697.90
$5,173.43
$6,871.33
O
7,452.87
1,906.89
15,829.00
23,443.50
11,709.74
32,817.34
44,527.08
55,526.66
84,795.45
n
9,359.76
7,814.50
593.78
29,268.79
o
593.78
T o t a l earnings
N e t e x p e n d i t u r e s , t o profit a n d loss s t a t e m e n t , b e l o w .
84,795.45
392, 240. 23,
748, 065. 80
1,138,306.03
1,138,306.03
PROFITS.
N e t expenditures,, fi'om e a m u i g s a n d e s x p e n d i t u r e s s t a t e m e n t , a b o v e
N e t r e v e n u e s from m i n t service
:
746,065.80
4,796,486.20
Seigniorage:
O n s u b s i d i a r y silver coinage
$3,013,060.36
O n m i n o r (nickel a n d bronze) c o i n a g e . . . $2,407,351.70
Less—
Operating waste
$1,732.81
Cost of d i s t r i b u t i o n . . . . 20,257.58
21,990.39 2,385,361.31
On minor recoinage..:
Less loss on s a m e .
1,548.57
374.96
1,173.61
5,399,595.28
>
o
Surplus bullion recovered:
From deposit melting room, grains and
sweeps
From coining operations
From melting and refining operations
From gain on shipments (difference in
assays, etc.)
Less losses on shipments
O
$634.90
283.80
Gain on light-weight and mutilated coin pmchased for recoinage .
Proceeds of sale of by-products (platinum, etc.)
Proceeds of sale of old materials
Commission on telephone calls.
:
Cashier's surplus and interest thereon
CD
29,235.86
118.45
19,433.31
6,542,552.00
49,138.72
132.22
90,798. 23
2,364.99
2.63
519.93
5,542,552.00
O
O
O
O
402
REPORT ON T H E
FINANCES.
GOLD-CERTIFICATE
BARS.
At the close of the fiscal year 1914 refined gold bars, duly stamped
with their weight, fineness, and value, in accordance with the provisions of the act of Congress approveci March 2, 1911, providing for
the issue of gold certificates against gold bullion and foreign gold
coin, were held at the several mints and the assay office at New York
. as follows:
San Francisco Mint
Denver Mint
New York Assay Office
•
: . . $127, 354, 014. 91
53,604,597.68
580, 486. 51
Total
..:....
181,539, 099.10
DEPOSITS OF GOLD BULLION.
The value of all gold bullion contained in original deposits at the
mints and assay offices during the fiscal year 1914 was $146,296,555.30. The redeposits during the year, consisting of bullion transferred from one office to another, and bars bearing the stamp of one
of the mints or assay offices, amounted to $14, 560,082.68. The value
of the gold bullion and uncurrentdomestic and foreign coin received,
including redeposits, amounted to $160,856,637.98, which was the
total of gold receipts at all offices.
Statements which show the classification of deposits, the source of
domestic bullion by States and Territories, and the receipts at the
several offices of the_ service Appear in tabular form in this volume
elsewhere.
DEPOSITS OF FOREIGN BULLION AND COIN.
Foreign gold bullion containing 918,088 fine ounces, of the value of
$18,978,572, and foreign gold coin containing; 157,798 fine ounces',
of the value of $3,261,967, were deposited, which was received from
the following countries:
C r u d e bullion.
Country.
Fine
ounces.
British Columbia
N o r t h w e s t T e r r i t o r y . •.
Yukon
O n t a r i o a n d Quebec
N o v a Scotia.;
Mexico
Central America.
S o u t h America
West Indies
Germany
Australia
Great B r i t a i n
Janan
France
,
Russia..
Spain
Turkey
Sweden..'
A-ustria-Hungary
. .
Holland
Unclassified
Total
81,300
13
9,050
168,480
385
13,503
87,319
155,778
147
1,298
23
•
Coining
value.
$1,287,185
269
187,082
3,482,792
7,960
279,133
1,805,045
3,220,218
• 3,040
28,833
- 476
Refined bullion.
Fine
ounces.
Coining
value.
Coining
value.
$175,835
292,530
6,047,129
60,430
53
1,209
$1,249,198
"1,095
24,992
1,713
35,411
118', 043
2,440,164
2,893
957
138
12,064
67,081
3,223
8,693
472
30
29
38
490
59,803
19,782
2 811
2491385
1,388,887
66 625
179,899
9 757
620
599
i'
. . .
10,280,033
Fine
ounces. .
8,506
. .
497,296
Coin.
420,792 • 8,698,539
157,798
• 785
10,129
3,261,967
403
DIRECTOR OF THE M I N T .
DEPOSITS AND PURCHASES OF SILVER.
The deposits of silver at the mints and assay offices during the
fiscalyear ended June 30, 19.14, for return to depositors in fine or
unparted bars, with the weight and fineness" stamped thereon, aggre- ,
gated 2,928,833.89 fine ounces. The United States assay office at
New York received the greater part of these deposits.
The Government of- the Philippine Islands deposited at the United
States mint at San Francisco silver coins issued under the act of
March 2, 1903, containing 143,793 fine ounces, for recoinage into
coins of reduced weight and fineness as authorized by the act of June
23, 1906.
The purchases and deposits of silver bullion at the mints and
assay offices of the United States during the fiscal year 1914 were as
follows:
.
Items.
Fine ounces.
Commercial bars purchased
-....
Unrefined deposits, partings, charges, and fractions
Mutilated and uncurrent coins
Assay coins and surplus bullion
For return of fine bars.
Philippine coins transferred for recoinage
Cost.
4,824,966.58
1,300,799.32
1,812.92
12,935.37
2,928,833.89
143,792. 73
9,213,140. 81
Total-
$2,826,796.92
746,390.03
1,037.50
7,738. 53
1,685,796.29
71,897.31
5,339,656.58
DEPOSITS OF FOREIGN SILVER BULLION AND COIN.
Foreign silver bullion containmg 527,233 fine ounces and foreign
silver coin containing 85,041 fine ounces were received from various
countries, as follows:
Crude
bullion.
Country.
British Columbia
Yukon
Ontario and Quebec
Mexico
Central America
South America
Germany
Spain
:
Unclassified
..
Total
-.
i
•
Coin.
Fine ozs. Fine ozs.
37,558
2,999
54,482
296,028
74,159
• 79,723
56,314
72
222
57
10,660
527,233
85,041
No deposits of refined foreign silver bullion were received during
the fiscal year.
•
404
REPORT ON THE FINANCES.
COINAGE.
The domestic coinage during the fiscal year 1914 amounted to
199,934,493 pieces of the value of $36,047,386.24, as follows:
PhHadelphia.
San Francisco.
Denomination.
• Pieces.
Pieces.
Value:
Value.
•
Gold:
D o u b l e eagles
Eagles
Half eagles
Q u a r t e r eacles
12,280
21
:
$245,600.00
210.00
701,000
72,000
$14,020,000.00
720,000.00
172,000
Minor:'
5-cent nickel
1-cent bronze
-.
14,740,000.00
156,543.50
1,674,268.25
2,060,107.70
774,000
387,000.00
1,690,000
169,000.00
3,890,919:45
2,464,000
556,000.00
35,952,558 '
96,185,899
T o t a l silver
773,000
313,087
6,697,073
20,601,077
. . .
675,810.00
27,611,237
Silver:
Half dollars
Q u a r t e r dollars
Dimes
430,000.00
- 184,301
T o t a l gold
1,797,827.80
961,858.99
1,807,000
5,944,000
90,350.^00
59,440.00
132,138,455
'
T o t a l coinage
2,759,486.79
7,751,000
149,790.00
159,933,993
Total minor
7,326,218.24
10,988,000
15,445,790.00
Denver.
Total.
Denomination.
Pieces.
Gold:
D o u b l e eagles
Eagles
Half eagles
Q u a r t e r eagles
Pieces.
Value.
560,500
$11,210,000.00
1,273,780
' 72,021
172,000
430,000.00
560,500
11,210,000.00
1,517,801
26,825,810.00
4,046,000
7,818,000
1,011,500.00
781,800.00
1,087,087
10,743,073
30,109,077
543,543.50
2,885,768.25
3,010,907.70
11,864,000
1,793,300.00
41,939,237
6,240,219.45
2,655,000
13,933,000
132,750.00
139,330,00
40,414,556
116,062,899
2,020,727.80
1,160,628.99
:
T o t a l gold
Silver:
Half dollars
Q u a r t e r dollars
Dimes
^
T o t a l silver
Minor:
5-cent nickel .•
1-cent bronze
Value.
.
...
$25,475,600.00
720,210.00
Total minor
16,588,000
272,080.00
156,477,455
3,181,356.79
Total c o i n a g e . . .
29,012,500
13,275,380.00
199,934,493
36,047,388.24
The approximate amount of copper used in the above coinage was 571.950 tons, of which 5.963 tons were
used in alloying gold, 20.898 tons in alloying silver, and 545.089 tons were used in minor coinage.
405
DIRECTOR OF THE M I N T .
In addition to the regular coinage, silver coins were manufactured
at the mint in Philadelphia for the Government of Salvador, as
follows:
Denomination.
Value.
Pieces.
V a l u e in
U n i t e d States
subsidiary
silver coin.
2,100,020
1,400,000
1,500,020
2,000,020
..
".
. •.
Total
Pesos.
2,100,020
350,005
150,002
100,001
$2,100,020.00
324,726.S8
139,168.52
92,778.71
7,000,080
Pesos . . .
25 centavos
10 c e n t a v o s .
5 centavos
2,700,028
2,656,894.11
NOTE.—The peso piece is 0.900 fine and the 25, 10, and 5 centavo pieces are 0.835 fine.
For the government of the Philippine Islands there were manufactured at the mint at San Francisco silver and bronze coins as
follows:
Denomination.
Value in
Metal conU n i t e d States s u m e d in •
subsidiary
coinage.
silvercoin.
Pieces.
705,000
1,570,438
.
Grand total
$93,999.90
104,895.82
F i n e ozs.
67,997.25
75,734.37
298„043. 80
50,000.00
198,895.72
125,000.00
143,731.62
2 833,333.33
7,275,438
Total s i l v e r . . .
Bronze: 1 centavo
Pesos.
141,000.00
157,043.80.
2,275,438
5,000,000
Silver:
20 centavos
10 centavos
Value.
348,043.80
223,895.72
2 Troy ounces.
1 Value ih United States coin.
PURCHASE OF MINOR COINAGE METAL FOR DOMESTIC USE.
There was purchased during the fiscal year 1914, 19,843,468.81
ounces of minor coinage metals for use in domestic coinage, at a
cost of $240,000.47, which was delivered at the coinage mints as
follows:
Purchase of minor coinage metal for domestic use.
Philadelphia.
San Francisco.
• Metal.
T r o y ounces.
Copper
Silicon copper
P h o s p h o r copper
Tin..
Zinc
Nickel
.
...
Cupro-nickel
Mutilated bronze coin
Mutilated nickel coin
Total
-
13,854,166.64
3,835.42
145.83
..:
...
Cost.
$148,375.00
69.70
2.60
291,535. 42
1,458,333.33
557,068.75
707.58
112.29
1,209.46
36,500.00
8,111.84
6.80
1.15
16,165,905.26
190,276.55
T r o y ounces.
Cost.
1,473,321.92
$15,922.27
29,852;07
30,187.49
.384,583.33
811 07
104.82
8,959.81
1,897,944.81
25,797.97
406
REPORT ON T H E FINANCES.
Purchase of minor coinage metal for domestic use^Continued.
Denver. 1
Total.
Metal.
Troy ounces.
Cost.
1,418.93
260.00
5,370.00
$179,174!'29
69.70
2.60
2;230.00
1,574.28
50,829. 81
6,111.84
6.80
1.15
23,925.95
19,843,468.81
240,000.47
$16,877.02
44,027.08
58,333.33
218,750.00
1,779,618.74
Total
Cost.
16,785,996.89
3,835.42
145. 83
73,879.15
380,056. 24
2,041,666.66
557,068.75
707.58
112.29
1,458,508.33
Copper
:
Silicon copper
Phosphor copper
Tin
Zinc
Nickel
Cupro-nickel
Mutilated bronze coin
Mutilated nickel coin
Troy ounces.
1 Period July 1,1913, to July 31,1914.
FOR PHILIPPINE ISLANDS^ COINAGE.
Minor coinage metals were purchased for dehvery at the mint at
San Francisco for Philippine Islands' coinage as follows:
. Metal.
Copper . . .
Tin
Zinc.. .
.
Troy ounces.
..
Cost.
685,445.83
22,553.12
21,875.00
Total
$7,073.80
601. 20
80.63
729,873.95
,
'7,755.63
There were no purchases made during the fiscal year 1914 of prepared blanks fot use in minor coinage.
DISTRIBUTION OF MINOR COINS.
The amount of minor coins distributed was $2,640,448.52 and the
expenses for distribution, including the cost of bags, twine, seals, and
tags were $20,257.58, as follows:
Denomination.
5-cent nickels
1-cent bronze .
Total distribution
Expenses of distribution:
Transportation
Bags
Seals
Drayage
Twine
Total.
From Philadelphia.
From San
Francisco,
From
Denver. 1
$1,424,862.50
860,745. 44
$105,206.45
46,498.19
$284,243.00
• 118,892.94
$1,814,311.95
826,136.57
2,085,607.94
151,704.64
403,135.94
2,640,448.52
8,422.18
843.55
15,759.82
4,258.06
227. 70
7.50
4.50
7,337.64
3,614.51
227. 70
4.50
11,179.85
4.50
I Period July 1,1913, to July 31,1914.
7.50
9,073.23
Tbtal.
20,257.58
DIBECTOE OP THE MINT,
407
MINOR COINAGE, ISSUED, MELTED, AND AMOUNT
Denomination.
Philadelphia:
Copper c e n t s . . .
Copper half cents
Copper-nickel cents
B r o n z e 1-cent p i e c e s . . .
B r o n z e 2-cent pieces
N i c k e l 3-cent p i e c e s . . . .
N i c k e l 5-cent p i e c e s . . . .
Total
Melted.
Outstanding
J u n e 30,1914.
$448,076.44
87,665,410.15
.
$1,562,887.44
39,928.11
2,007,720.00
21,853,078.28
912,020.00
941,349.48
39,112,423.70
88,429,405.01
278,460.00
245,374.23
33,085.77
232,950.00^
182,506.45
50,443.55
5.05
1,267.83
11.52
13.80
5,743.00
511,410.00
..
$1,562,887.44
39,928.11
2,007,720.00
22,301,154.72
912,020.00
941,349.48
39,900,352.40
427,88a 68
83,529.32
7,041.00
420,870.05
364,160.00
879,260.00 •
29,710.00
19,090.00
1,400.00
31,700.00
262, J60.00
847,560.00
San Francisco:
Copper cents
B r o n z e 1-cent p i e c e s . . .
B r o n z e 2-cent pieces
N i c k e l 3-cent pieces
N i c k e l ^-cent p i e c e s . . . .
Total
Denver:
Bronze 1-cent p i e c e s . . .
Nickel 5-cent p i e c e s . . . .
Total
On hand.
Issued.
Coined.
OUTSTANDING.
393,870.00
• 898,350.00
$380,997.90
787,928.70
-804,480.34
476,603.25
340,595.48
284,135. 83
3,952,195.45
$1,181,889.54
39,926.11
1,203,239.68
21,376,475.03
571,424.54
657,213.65
35,160,228.25
1,238,005.14
6,239,008.23
60,190,396.78
244,108.80
176,783.45
1,292,220.00
1,243,420.00
48,800.00
33,100.00
1,210,320.00
69,469,040.15
. . .
Grand t o t a l . .
68,100,705.89
1,368,334.48
6,279,149.23
81,821,586.83
Deduct $30.37, value of old minor coins melted at San Francisco Mint for the net amount outstanding,
viz, $61,821,556.46
'
'
The uncurrent minor coins melted at each mint are not necessarily
the coins of former coinage of any particular mint.
WORK OF THE GOVERNMENT
REFINERIES.
Bullion was operated upon by the refineries connected with the
mints at San Francisco and Denver and the assay office at New
York during the fiscal year 1914 as follows:
S e n t t o refinery.
R e t u r n e d from refinery.
Institution.
Gold.
Silver.
Gold.
Silver.
F i n e ounces.
1,498,353.539
2,199,614.425
2,720,818.234
Total
F i n e ounces.
390,821.42
1.493,884.51
2,376,470.12
F i n e ounces.
1,498,337.415
2,199,285.397
2,720,636.395
F i n e ounces.
393,681.11
1,493,401.63
2,377,097.90
8,418,788.198
S a n Francisco
Denver!
New York
4,261,156.05
6,418,259.207
4,264,180.84
A p p a r e n t gain.
A p p a r e n t loss.
Institution.
Gold.
F i n e ounces.
S a n Francisco
Denver 1
New York
Total
Silver.
F i n e ounces.
2,859.89
Gold.
627.78
F i n e ounces.
16.124
329.028
181.839
3,487.47
528.991
1 From August 29,1913, to July 31,1914.
Silver.
F i n e ounces.
462 88
482.88
408
EEPORT OK THE FINANCES.
'
Bullion upon which charges were collected and bullion owned by the Government.
BulUon upon which charges
for parting were collected.
Institution.
Gold.
Bullion owned by the Gov. ernment retained by the
refinery for parting purposes upon which no
charges were imposed.
Silver.
Gold.
Silver.
Total.
Gold.
Fine ounces. Fine ounces. Fine ounces. Fine ounces. Fine ounces.
607,139.909
275,014. 84 891,213.630
115,806.58 1,498,353.539
278,965.27 2,078,608.594 1,214,899.24 2,199,614.425
123,005.831
1,038,358.109 2,197,589.79 1,682,460.125
178,880.33 2,720,818.234
San Francisco
Denver 1
NewYork
Total
1,768,503.849
2,751,569.90 4,650,282.349
feY-PRODUCTS
Fine ounces.
390,821.42
1,493,864.51
2,376,470.12
4,261,156.05
OF R E F I N E R I E S .
Sponge
palladium.
Osmiridium.
Sponge platinum.
Institution.
1,519,586,15 6,418,786.198
Silver.
Electrolytic
copper.
Total.
San Francisco .
Denver 1
New York
Ounces.
188.14
72.85
1,868.00
Value. Ounces. Value. Ounces. Value. Pounds. Value.
Value.
$7,061.88
2.78 $97.30
5,513.85 $818.05 $7,975.23
3,278'. 25
3.95 $165.90 1,024.36 172.88 3,617.01
112.10 4,708.00
79,456.00
84,164.00
(2)
(2)
Total
2,108.99
89,796.13
^ 2.78
97.30
116.05 4,873.90 6,538.21 988.91 95,756.24
1 From August 29, 1913, to July 31, 1914.
2 All copper recovered is in the form of crude settlement bars and slabs.
EXCHANGE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION.
The value of the fine gold bars exchanged for gold coin and bullion,
monthly, by the United States Mint at Philadelphia and assay office
at New York for the fiscal year 1914 was as follows:
Exchanged for gold coin.
Exchanged for gold bullion.
Months.
Philadelphia,
Total.^
Philadelphia.
New York.
Total.
$7,145,902.18
2,378,468.93
3,130,031.98
3,172,384.48
2,624,144.77
2,289,561.65
$7,533,347.73
2,836,899.00
3,619,018.59
3,644,941.89
2,870,627.52
2,320,047.85
$17,636.78
22,290.00
19,414.47
26,584.70
24,488.15
32,347.39
$301,291.75
.284,008.84
311,889.91
343,126.23
292,983.48
295,358.20
$318,928.53
•306,298.84
331,304.38
369,710.93
317,471.63
327,703.59
,634,418.93
634,418.93
10,546,723.11 10,548,723.11
4,797,436.82 4,797,436.82
2,584,19189 2,584,192.89
8,493,5^8.53 8,493,548.53
3,934,517.20 3,934,517.20
1914
January..
February.
March
April.....
May
June
Total.
$387,445.55
460,432.07
488,986.61
472,557.41
246,482.75
30,486.20
1913
July
August..
September
October
November
December
New York.
29,293.77
22,911.76
22,698.46
22,664.72
27,689.26
33,612,33
323,144.46
251,274.55
297,225.09
277,893.15
259,397.50
271,110.37
352,438.23
274,186.31
319,923.55
300,557.87
287, D86..76
304,722.70
2,086,390.59 59,729,329.47 61,815,720.06 301,631.79
3,508,701.53 3,810,333.32
MINT OF THE UNITED STATES AT PHILADELPHIA.
The mint was in operation throughout the year. The particulars
as to deposits and coinage appear in tables elsewhere.
409
mSECTOR 0]? THE MINT.
ASSAYING DEPARTMENT.
The operations of this department during the fiscal year 1914 were
as follows:
Samples operated on.
Item.
Gold.
Silver.
4,198
136
Deposits
Ingots^.
Bullion samples and ore assays.
Assayer's bars
Coiner's bars
Sweep samples
Superintendent's bars
Silver purchases
Gold and
silver.
561
2,547
208
41
31
8
98
3,680
Total.
4,066
3,108
The number of assays made was as follows:
Deposits (gold and silver)
Ing.ots (gold and silver)
Special assays
Purchases
Nickel and bronze.
Sweeps
-
-
:
39,543
6,415
2,390
4,551
:.
74
53,2 8
Total.
The average cost per assay during.the year was $0,414.
I n addition to the above, 530 ounces of proof gold and 1,380
ounces of proof silver were made.
Of the 136 melts of gold ingots made in the melting and refining
department, 44 were returned for remelting, although within the
standard fineness required by law, to be thoroughly mixed. Of the
2,547 melts of silver ingots, 1 was condemned and 1 returned for
remelting.
The fineness of the gold melts passed was:
. 15 melts at
34 melts at
33 melts at
10 melts af
900
899.9
899.8
899.7
The fineness of the silver melts passed was:
25 melts at
51 melts at
,
222 melts at
292 melts at
632 melts at
515 melts at
427 melts at.
84 melts at
46 melts at
900
899.75
899.50
899.25
899
898.75
898.50
898.25
898
2,294
92
I n addition to the above, 251 melts of silver'ingots were made for
Salvador coin 835 fine.
MELTING AND REFINING DEPARTMENT.
During the fiscal year this department received from the superintendent bullion containing 357,726.826 fine ounces in gold, the
coinage value of which being $7,394,869.79. The amount of silver
received was 9,050,382.32 fine ounces, the coinage value being
$7,274,244.79.
•
'
/ .
•
Upon settlement of the accounts of the melting and refining department there was found a gain in both the gold and silver bullion.
I n the gold account the surplus amounted fco 338,840 fine ounces,
and of silver a surplus of 2,171.54 fine ounces was found.
410
REPORT ON T H E FINANCES.
I n both accounts, the surplus this year can be largely traced to
recoveries from tons of old iron kings, accumulations of many years,
t h a t were considered too base to work and were put aside as containing values in the aggregate, but-troublesome and expensive to rid
of iron. This year all this accumulation was granulated, treated
with dilute sulphuric acid, the residue dried and melted, the resulting base bars naving an average combined fineness of gold and silver of 500.
Sweep cellar operations.
Number
barrels.
Department.
Net
weight.
Gold.
Silver.
Pounds. Fine ozs. Fine ozs.
77.782 • 8 4 0 . 0 3
29,758
78.235
123.19
7,374
10.078
3,004
72.28
Melting and refining,
Superintendent's
Coining
:
I n bronze 24,714 pounds were treated and 21,652 ounces in grains
recovered.
In cupro nickel 29,572 pounds were treated and 31,024 ounces in
grains recovered.
Ingot melts made.
Number
made.
Metal.
Gold
Silver ...
Bronze... 1
Nickel
Total
:
"
•
.
..
.....
.
Ounces,
melted.
136
493,195.500
2,547 9,278,523.96
6,174 17,909,751.18
3,428 11,119,783.79
12,285
38,801,254.430
Condemned.
9
9
I n the last year's report was noted the advent of the changed system of ingot making in the minor coinage metal melting room, and
the molding of a larger bar of approximately six times the weight of
the old mgot.
The equipment of five turntables is now installed and being operated daily, our total production of minor coin ingots being made
from these large molds. After about nine months' service of this
improved mold we are in a position to state positively that it efficiently fills our requirements, showing no appreciable warpage, and
maintains a sufficiently close joint upon clamping to prevent unusually large fins appearing upon bars.
I t was originally planned that 1 turntable would serve only 2
furnaces, its 11 molds bemg filled 5 times per day per furnace, or
make 100 bars. I t has been found that the molds are good for
heavier demands than this, and no appreciable depreciation noted
when used for double this service. We realize it is better, however,
to maintain a lower average temperature, and therefore try to arrange our pourings so as to distribute the work evenly to all turntables.
I n my last report I referred to the tests under way to determine
a suitable oil furnace. These tests are at an end and no recommendation for an oil-burning equipment has been made.
DIRECTOR OF T H E
411
MINT.
Another line of investigation being authorized, I was enabled to
get facts and figures by actual tests here upon our own furnaces,
which resulted in a recommendation t h a t we contract with the
Solas Co. of New York to install their machine and equip our fur-,
naces, etc., with burners for use under their system of mixing gas
and air. This recommendation being approved and sufficient
funds being available, t h e contract has been let, and I expect in the
next 60 days to see our mint equipped with this new, cheaper, and
more efficient system of burning city gas, which will be fully described in the next report.
The ventilation of the minor coinage metal melting room, I hope,
will be pronouncedly improved by the installation of three 48-inch
direct-connected exhaust fans, placed at well-tlistributed points in
the arches of the windows some 15 feet above the floor. I n warm
weather the heavy atmosphere surcharged with smoke, vapor, and
carbonaceous matter resulted in untold hardship upon the melters,
and these fans should greatly alleviate this condition by inducing
proper circulation and ridding the melting room of these high-temperature gases.
COMPARATIVE
TESTS
IN
MELTING CUPRO
NICKEL).
NICKEL
(75
CUPRO, 2 5
In regular No. 6 A. G. W. furnace, city gas as fuel, with 22
ounces air pressure, against same furnace and same fuel mixed and
delivered by Solas system at 2.45 pounds air pressure, and mixture
at machine being 3.1 parts air to 1 of city gas.
Start.
Heat No. 1:
Regular,
Selas
Heat No. 2:
Regular
Selas
Heat No. 3:
Regular
Selas
Heat No. 4:
Regular
Selas
Heat No. 5:
Regular
Selas
i
Total, complete melting
period:
Regular
Selas
End.
Time.
Ounces
melted.
5.55
6.00
10.35
8.39
4.40
2.39
3,400
3,584 •
10.35
8.39
1.05
10.20
2.30
1.40
3,400
3,940
3.20
1.05
• 10.20 11.49
2.15
1.29
3,431
3,931
11.49
1.21
1.32
3,931
1.21
2.50
i.29
4,590
5.55
6.00
3.20
2.50
9.25 10,231.50
8.50 19,978
Cubic
Cost
Cubic feet gas per
Pounds feet gas per
1,000
melted. used. hour, pounds
average. metal.
701.50
1,369.80
5,230
8,575
565
744
$7.45
4.79
I t wiU be noted upon first consideration of this table that the speed
of the furnace is as 3 is to 5 + , as in the Selas furnace 5 fuU melts
were taken out in 8 hours and 50 minutes, as against 3 melts in our
-regular furnace in 9 hours and 25 minutes. This speed, which is
synonymous with high temperature, makes it possible to melt cheaper
with this system, though the consumption pt gas per hour is as 565
is to 744 cubic feet.
412
REPORT ON THE FINANCES.
. Upon a four-heat run and test of this Selas system the figure $5.19
cost per 1,000 pounds of metal melted was secured. The average
for two days' run of 5 heats and 4 heats gives the figure $4.97 as the
fuel cost per 1,000 pounds of inetal melted. This figure is exactly
33.28 per cent less than $7.45, the assumed normal working fuel cost
as we are at present operating. A No. 80 specification crucible was
used in the regular test, and a No. 70 special extra high in the Selas.
A comparison with the melting periods upon oil fuel furnaces, will
show the speeds secured in these Selas tests were equally good as oil
fuel can give.
COINING D E P A R T M E N T .
During the fiscal year ended June 30, 1914, this mint coined double
eagles, eagles, quarter eagles, half doUars, quarter dollars, dimes,
5 and 1 cent pieces, and, in addition, pesos and centavos were coined
for the Government of Salvador.
During the year the coining department received from the superintendent 99,517.635 fine ounces of gold for coinage, which was
operated upon and from which there was produced 32,692.309 fine
ounces of coin in double eagles, eagles, and quarter eagles of the value
of $675,810, or 184,301 pieces. This, and 63,066.654 fine ounces in
chppings, condemned coin, blanks, bars, and sweeps were dehvered
to the superintendent prior to settlement, and there was dehvered
in settlement 3,765.240 fine ounces in blanks. The entire operation
showed a surplus of 5.655 fine ounces of the value of $116.90. The
percentage of coin to the amount of metal operated upon was 34.78.
The lower percentage on the amount operated upon is due to the
blanks of the smaller denominations not being weighed or adjusted.
The pieces were first struck, and then weighed after coinage.
During the same period the coining department also received from
the superintendent for coinage 8,661,413.27 fine ounces of silver, of
which 8,605,042.49 fine ounces were operated upon and from wliich
there was produced 2,814,490.47 fine ounces, of the value of
$3,890,919.45, or 27,611,237 pieces in subsidiary coin; and 1,921,784.74
fine ounces of coin of the value of $2,656,694.11 in United States subsidiary coin, or 7,000,080 nieces for the Government of Salvador
together with 3,868,299.23 fine ounces in chppings, condemned coin,
blanks, bars, and sweeps were returned to the superintendent prior
to settlement, and 56,570.78 fine ounces in ingots were dehvered at
settlement. Upon this operation there was a wastage of 454.92 fine
ounces of the value of $266.68, being 5.29 per cent of the legal
aUowance.
The percentage of coin produced to the amount operated upon was
55.04. A large percentage of the foreign coin made, being of a lower
fineness than the domestic coin, reduced the percentage of the coin
produced to the amount operated upon and increased the percentage
of wastage. This department during the same period received
10,917,659.50 ounces of-nickel ingots, from which there was produced
from the ingots operated upon 5,778,546.18 ounces of 5-cent pieces,
of the face value of $1,797,627.80 or 35,952,556 pieces, aU of which
and 3,604,399.20 ounces of chppings, condemned coin, and blanks
were dehvered to the superintendent prior to settlement.
413
DIRECTOR OF T H E M I N T .
There was also dehvered at settlement 1,422,676.90 ounces in
ingots and blanks. On the entire operation there was a wastage of
12,037.22 ounces of the value of $170.22. The percentage of coin
produced from ingots operated upon was 60.86. There was also
dehvered to this department during the same period 17,210,615.20
ounces of bronze ingots, from which there was produced from the
metal operated upon 9,617,949.10 ounces of 1-cent coin, of the face
value of $961,858.99 or 96,185,899 pieces. This amount, together
with 6,058,441.10 ounces of chppings, condemned coin, and blanks
was dehvered prior to settlement. ,
The amount returned at settlement was, ingots 1,257,794.90
ounces, good blanks 266,687.50 ounces, and condemned blanks
1,330 ounces. The wastage on this operation amounted to
8,412.60 ounces, of the value of $82.55. The percentage of wastage
was 52.73. The percentage of good coin produced to the amount
operated upon was 60.28. In addition to the bulhon received for
coinage the foUowing shows the amount used in the manufacture of
medals: Of the 657.139 fine ounces of gold received, 298.015 fine
ounces were used in the manufacture of medals, which, together
with 358.211 fine ounces in clippings and fihngs, were dehvered to
the superintendent prior to the settlement. The amount of silver
received was 2,785.15 fine ounces, of which 1,389.32 fine ounces were
used in the manufacture, of medals, and that amount, with 1,408.96
fine ounces in chppings and fihngs, were dehvered prior to settlement.
The gain in gold and silver in the manufacture of medals is included
in the surplus and loss in gold and silver coinage.
As will D seen by the above, on the operation of 34,146,869.36
C
ounces of metal for coinage and 3,442.29 ounces of buUion for medals
there were produced 166,934,073 pieces of coin, of the value of
$9,982,910.35, and 969 gold and silver medals.. Upon this entire
operation the wastage or loss amounted to $402.55.
Total amount of domestic coin for fiscalyear ended June 30, 1914.
Items.
Gold
..
.. •
Silver
5-cent nickel
1-cent bronze
Value.
184,301
27,811,237
35,952,556
96,185,899
:
*
• $675,810.00
3,890,919.45
1,797,827.80
961 858 99
159,933,993
^
Total
Pieces.
.7,326,216.24
In addition the following coin was made for the Government of
Salvador:
Item.
Pesos
25 centavos
10 centavos
5 centavos
Piedes.
.•
Total
Value.
2,100,020 $2,100,020.00
1,400,020
324,726.88
1,500,020
139,168 52
2,000,020
92,778.71
7,000,080
2,658,694.11
414
REPORT ON T H E
FINANCES.
ENGRAVING DEPARTMENT.
AU the dies used in coining operations in all the mints are made
in the engraving department at Philadelphia. The embossedenvelope dies used by contractors supplying envelopes for the Post
Office Department smd postal savings bank are also made here;
also dies for Army and Navy and "other authorized public medals.
The mint is reimbursed for the actual expenditures for labor and
materials on these medal accounts.
The number of dies prepared for United States coinage last year
was 2,711. In addition 160 dies were made for Philippine coinage,
232 for the Government of Salvador, 97 for the Post Office Department, 57.for medals, and 30 master dies and hubs; in all 3,287, as
follows:
Philadel- San .FranDenver.
cisco.
phia.
Denomination.
Gold:
D o u b l e eagles
Eagles
Half eagles
Q u a r t e r eagles
50
10
20
20
20
20
20
' 70
• 30
80
80
160
20
120
260
20
10
20
10
105
194
• 474
400
50
309
759
680
655
60
50
68
54
808
759
1,335
110
122
1,567
-
Total
Silver:
Half dollars
Q u a r t e r dollars
Dimes
•
-
'
Total
Minor:
5 cents
1 cent
•.
Total
Philippine:
20 centavos;
10 centavos
1 centavo
40
20
50
235
30
40
80
150
49
51
88
44
49
51
88
44
--
232
Total
G r a n d total coinage dies.
Proof dies
Master dies a n d h u b s for coinage
U n i t e d States embossed-envelope dies
Medal dies
30
40
80
150
:
Total
Salvador:
Pesos
25 centavos
10 centavos
5 centavos
Total.
232
•
3,081
'22
30
97
57
-.
'.
'.
"
'
Total
\
3,287
T H E STATE O F T H E NUlk^ISMATIC COLLECTIONS.
Progress in building up the collection of coins and medals at the
mint during the past fiscal year, though at all times necessarUy slow
and almost negligible' when compared with the rapid growth of
similar collections.in other countries, was nevertheless better than in
any previous year, . This was of course due to a more generous
allowance for purchase fund. Marked improvements have also been
DIEECTOE OF T H E M I N T .
415
made in the facilities intended to render the exhibition of selected
coins more instructive to visitors.
The accessions of coins and medals for the year amounted to 403
specimens of all kinds, of which 352 were coins ^nd 51 medals. The
following is an analysis of these accessions:
As to metals:'
CoinsGold
Electrum
Silver
Billon
Nickel
Bronze
MedalsGold
Bronze
'.
3112
277
8
3
21
As to period:
CoinsAntique
Medieval
Modem
Oriental
MedalsModem
47
80
239
" 6
51
1
50
As to the geographical distribution of the coins acquired, 212
specimens came from various countries of the Western Hemisphere,
the remainder from European countries, except for. the few oriental
coins.
^
An interesting and noteworthy group of medals acquired the past
year consists of 31 portrait pieces of typical North American Indians,
the work of the American sculptor, Mr. Edward Sawyer. The
studies and sketches for these medals were made by Mr. Sawyer at
the various Indian agencies and reservations in Arizona, Montana,
Oklahoma, and South Dakota. The majority of the portraits are
of elderly pure-blood Indians, and because such pure types of the
race are rapidly vanishing these medals wiU have for the future considerable ethnological value.
The demand for the small guidebook which was published last
year has been fairly satisfactory if not fully up to the expectations
which requests for such a work had warranted. The second edition
of the larger catalogue of the collection was exhausted and a third,
considerably enlarged, has now been brought out,
MACHINE SHOP.
In addition to the regular repairs and the upkeep of the machinery
and apphances the following work was done for this mint: Sixteen
pairs 01 counting boards; 1 set of weights for 5-foot balance, from
.01 to 300 ounces; 55 large ingot molds for bronze coinage; 1 cadmium
cutting machine for assayer; 2 turntables for new ingot-casting
device; 1 old roUing mill rebuilt and fitted up with 50-horsepower
motor; 2 conical copper colanders; 4 washing-machine cones; 44 large
ingot;molds for nicKel coinage; one 6-foot balance; 3 assayers' hand
clipping shears; 6 gas meters instaUed in order to get the accurate
gas ^consumption in the various departments. A complete exhibit
of minting processes was prepared, shipped, and operated by mint
employees at the New York Electrical Exposition. The operations
consisted of melting the pig metal into an ingot and passing it through
the various processes until a finished bronze metal was struck from
the: coining press. Plans have been made for the layout of the
Panama-Pacme Exposition at San Francisco, and the necessary
machinery to be sent from this mint is well under way. Two 10-beam
automatic weighing machines are under construction in our shops
and are about 70 per cent completed.
During the same period the foUowing work was done in the shops
for other institutions: Two automatic weighing machines for the
416
REPORT ON T H E FINANCES.
New York and Chicago subtreasuries were designed and built. These
machines have four beams and each beam has two discharge boxes
underneath the machine to receive the two separations which the
machine is weighing. They are equipped with a motor generator
which makes a very complete drive and also furnishes the current
for the magnet controls.
Mint of the United States at San Francisco, Cal.: Two complete
ratchet feeds for cutting press; 8 sets of sectional double eagle collars;'
4 sets of toggle for gold collar device; 2 automatic coin-feeder devices
for nickels and cents; 6 assayers' hand clipping shears; 5 baskets complete, and repair parts for automatic weighing machines; 10 Philippine coin collars.
Mint of the United States at Denver, Colo.: Twenty-four dime
collars; 12 quarter-dollar collars; 12 coUars for bronze coinage; 6 sets
of double eagle sectional coUars; 1 set of dressing tables for milhng
machines.
Smithsonian Institution: Seventeen silver disks.
Rock Island Arsenal: Twenty-four silver strips.
Punches, beds, and collars for Salvador coinage.
PROOF COINS AND MEDALS.
The following table shows the number of proof coins and medals
and their nominal value manufactured during the fiscal year:
Articles.
Nominal
value.
Gold medals
Silver medals
Bronze medals...
Gold proof coins.
Silver proof coins
Minor proof coins
$6,-688.35
1,568.56
7,706.26
1,182.50
728.15
94.96
Total
17,868.78
NUMBER OF EMPLOYEES.
The total number of employees in this mint at the close of the
fiscal year was 313, distributed in the several departments as follows:
General
Assayer's
Melting and refining
Coining
Engraver's
Total
.'.
152
11
46
96
8
313
A large "number of visitors from all States of the Union and from
foreign countries visited the mint during the year, 85,239 having been
shown through the building by the guides.
417
DIRECTOR OF T H E M I N T .
MINT OF THE UNITED STATES AT SAN FRANCISCO.
The following changes, occurred during the year: On August 14,
1914, Mr. T. W. H. Shanahan assumed the superintendency made
vacant by the resignation of Mr. Frank A. Leach; Mr. E. J. Wagor,
formerly foreman of the refinery, was promoted to the position of
superintendent of the melting and refining department on October
I, 1913, vice Mr. E. R. Leach, resigned.
During the year this mint received 8,927 gold and silver deposits
and 389 redeposits from the Carson mint, containing 2,269,311.664
fine ounces of gold of the value of $46,910,835.26, and 1,137,597.68
fine ounces of silver at a subsidiary coinage value of $1,572,625.09.
The'details covering classification of bullion and source of origin
are set out in tables appearing in another part of this report.The receipts of gold bullion were as follows:
Deposits
Uncurrent United States coin transferred
Surplus bullion recovered
Redeposits
:
:
$46,586,177.17
2,738.60
10,652.21
311,267.28
,
Total
46,910,835.26
The disposition of the gold bullion shown above was as follows:
Bars paid depositors
Sold in sweeps
Bars exchanged for coin.
Coinage
Wastage
.'
$10,144.13
5,643.08
104,017.99
14,740,000.00
913.17
,
Total
.,
14,860,718.37
Balances, receipts, and disbursements.
Balance on June 30, 1913, a§ per report
Surplus bullion pertaining to fiscal year 1913, taken up after close of that year
Receipts fiscal year 1914, per above. .•
,
$134,214,700.15
5,214.02
48,910,835.28
181,130,749.43
14,860,718.37
Disbursements fiscal year 1914, per above
Ledger balance June 30, 1914
'.
168,270,031.06
The purchases, deposits, and redeposits of silver bulhon at this
mint during the fiscal year 1914 were as follows:
Items.
Fine silver purchased
Unrefined deposits, partings
Surplus bullion, sweeps, bars, proof, etc
For return in fiiie bars
Philippine Island coins transferred for recoinage.
Mutilated and uncurrent coins
Total original deposits
Redeposits
Total silver
64402°—FI 1914- -27
Fine ounces. . Cost.
502,566.03
188,088.64
4,371.31
229,247.63
143,794.18
38,404.30
$295,964.37
96,080.24
2,571.86
132,970.25
71,898.49
50,199.74
1,084,462.07
53,135.61
849,854.95
30,789.58
1,137,697.6
680,424.53
418
REPORT ON T H E FINANCES.
Bars manufactured during the year. ••
Fine ounces.
Items.
Value,
Gold:
Certificate
' For exchange for gold c o i n . . . .
For payment to -depositors
1,243,766.888 $25,710,943.41
104,017.99
5,031.870
10,144.13
490. 731
Total gold bars
Silver: For payment to depositors.
1,249,289. 489 25,825,105..53
132,850.80
229,041.49
The gold certificate bars on hand at this mint June 30, 1914,
amounted to $127,354,014.91.
For. the government of the Philippine Islands this mint manufactured during the fiscal year 1914 silver and bronze coin as follov/s:
Denomination.
Pieces.
Value.
Value in
United
Metal conStates sub- sumed in
sidiary
coinage.
coin.
Silver:
20 centavos •
10 centavos
705,000
1,570,438
Pesos.
141,000.00 $93,932. 69
157,043. 80 104,750.92
Fine ozs.
67,948,56
75, 774. 20
Total silver
Bronze: 1 centavo.
2,275,438
5,000,000
298,043. 80 198,683. 61 143,722. 76
50,000. 00 1 25,000. 00 2 833,798. 89
Total coinage
7,275,438
348,043. 80 223,683. 61
2 Troy ounces.,
1 Value in United States minor coin.
The purchase of minor coinage metals during, the year for t b e ,
manufacture of minor coin for the United States and the government
of the Philippine Islands was as follows:
For United States minor For Philippine Islands
coin.
minor coin.
Metal.
Troy ounces.
Copper
Tin
Zinc
Nickel
: '.
.. .
Total
Cost.
Troy
ounces.
1,-473,321.92 $15,922.27- 685,445.83
29,852.07
811.07 22,553.12
104.82 21,875.00
30,187.49
8,959.81
364,583.33
1,897,944.81
25,797.97
729,873.95
Cost.
$7,073.80
601.20
80 83
7,755.63
From October, 1908, to June 30, 1914, bronze 1-centavo pieces
have been coined for the government of the Philippine Islands from
new metal purchased and from old Spanish copper coins deposited
for recoinage as follows:
1 centavo from—
New metal purchased
Minor coins for recoinage
Total 1-centavo coinage
•
Vailue. F185,233.00
59,061.12
:
,,......
244^ 294.12
419
DIR;ECTOR O F T H E MINT.
ASSAY DEPARTMENT.
The operations of this department for the fiscal year were as
follows:
Number of saihples-operated oh.
Item.
Gold.
16,822
894
36
838
28
508
1,468
632
.194
1,266
98
. 34
52
30
64
21
189
20
32
122
Total.
2,067
8
37
21
186
20
3
28
838
30
836
1,858
1,572
198
1,266
108
34
52
38
101
42
375
40
35
150
23,344
Deposits
Redeposits
Exchange bars
Purchase bars
Return bars
Anode melts
Mint fine melts
Ingot melts.,
Crude mass melts.
Fine mass melts
Experimental bars.
Bullion assay samples
Superintendent's grains bars.
Coiner's settlement bars
Assayer's bars
Sweeps
.'
General Land Oflice samples
Forest Service samples
"..
Secret Service samples...
Bureau of the Mint samples..
Silver.
4,092
27,436
50
4
328
390
940
2
Total
18,889
Number of assays made and segregated.
Number.
68,112
4," 928
188
251
891
129
Gold
Silver
Sweeps
Bureau of the Mint
General Land Office
Forest Service
Total
74,477
Mint fine gold determinations.
Fineness.
998.7
.8
.9
999.0
.1
.2
.3.
A...
5
.6
Total
Melts.
1
1
7
13
13
19
31
64
44
8
199
Deposits
Redeposits......
Purchases.
Ingots
Refinery
Miscellaneous
Total
'.
:
74,477
Mint fine silver determinations.
Fineness.
998.0
.25
.5!
999.0
.25
.5....
• .75
1,000.0
Total.......
- Number.
52,381
2,751
3,044
2,026
8,415
5,860
Melts.
4
2
.1
19
7
59
3
2
97
420
REPORT ON T H E FINANCES.
Ingot melts.
Passed on
first
melting.
Melts.
Remelted.
Condemned.
Total.
287
316
52
60
Gold ingots
Silver ingots
Philippine 20 centavos
Philippine IO centavos
Total
298
337
52
80
715
Finenesses of ingot melts.
Philippine coinage.i
Domestic coinage.
Gold ingots.
Silver ingots.
1 at
35 at
107 at
105 at
38 at
9 at
1 at
20 at
82 at
88 at
96 at
35 at
• 15 at
1 at
899. 7
899.8
899.9
900.0
900.1
900. 2
9O0.-3
898.8
899.1
899.3
899.5
899.8
900.0
900. 2
337 3
298 2
20 centavos.
6 at
12 at
14. at
10 at
5 at
5 at
748. 2
748. 5
748. 7
748. 9
749. 2
749.5
52
1 Average fineness of Philippine subsidiary, 748.830.
10 centavos.
5
14
7
14
10
8
2
at
at
at
at
at
at
at
748.2
748.5
748. 7
748.9
749.2
749.5
750.0
60
2 Average, 899.959.
3 Average, 899.364.
The following table shows the coinage during the fiscal year 1914:
DOMESTIC COINAGE.
Denominations.
Gold..
-----
Pieces.
773,000, $14,740,000.00
---
2,484,000
-
Total minor
90,350.00
59,440.00
7,751,000
Minor:
5 cents
1 cent
556,000.00
1,807,000
5,944,000
Silver.
Total
Value.
149,790.00
10,988,000* • 15,445,790; 00
'
P H I L I P P I N E COINAGE.
Silver
Bronze.
Total
:
--
2,275,438
5,000,000
F298,043.80
50 000.00
7,275,438
348,043.80
During the year the guides took 20,145 visitors through the mint.
On June 30, 1914, there were 119 officers and employees in the mint,
as follows:
General department
Coining department
Melting and refining department
Assay department
Total....
61
• 19
29
10 119
DIRECTOR OF T H E
MINT OF THE UNITED
421
MINT.
STATES AT
DENVER.
' This niint was in operation throughout the fiscal year. On August
29, 1913, Frank M. Downer was succeeded by Thomas Annear as
superintendent and Arthur R. Hodgson by Frank E . Wheeler as
assayer.
There were purchased during the year minor coinage metals containing 1,779,618.74 troy oiAnQes, at a cost of $23,925.95. Of the
minor coins struck during the year there were distributed $403,135.94,
the expenses of which amounted to $9,073.23 for transportation,
bags, and drayage.
The annual settlement of the accounts was completed on July 31,
1914.
ASSAY DEPARTMENT.
The operations of this department during the fiscal year 1914 were
as follows:
Melts and samples operated on.
Items.
Deposits
Redeposits
Exchange bars
Return bars.:
Purchase
-.
Anode melts
Mint fine melts
Ingot melts
Consolidated melts
Experimental samples
Bullion assay samples
Copper melts
Superintendent's grain bars
Melter and refiner's settlement...
Coiner's bars
Assayer's bars
Coin sam^^les.
Sweep samples
Forest Service samples
Nickel and bronze ingot samples..
Grain bars
Bureau of the Mint
Total.
Number of actual assays made
Number of cupels made
Number of pieces of lead cut and rolled..
Gold.
3,468
1,872
58
1
237
230
102
6
352
15
1
9
5
5
17
265
107
126
19
11
117
7,023
Silver. Total.
11
2
1,732
244
143
677
247
2
2
564
4,484
4,316
1,872
69
3
1,732
481
373
779
6
599
15
5
9
13
7
19
829
107
126
19
11
117
11,507.
60,213.
67,890
56,500
42:2
REBORT ON THE FINANCES.
The reported fineness, of the refined gold and silver were as follows:
Dejterfrninatipns.
Fine go,l$iv
Fine silver.
Melts.;
999.2
.3
.4
.5
.6
.7
\
-
-
-
-
'-
;
Fineness-.
1
Finen_ess.
999
999i
999^
999f
33
22
55
33
Total....
143
•
--
Total
8
12
82
93
36
- 230 -
Melts.
I>TGOT EINENESS,
The reported finenesses of gold and silver ingot melts were as
follows:
Gold ingots.
Silver ingots.
Fineness.
899.7
.8
.9
900.0
.1
.2
Remelts
Melts.
7
29
31
22
5
1
. 7
:
:
Total
Fineness.
898.5- . . . . . \
.6
.7
.8
.9
.. .
899.0
.1
.2
.3
.4....
.5
.6
.7...
:
.8
.9
900.0
, Remelts
102
Total
Melts.
8
- 55
1
64.
'
t
H8
77
1-17'
74
. 45"
41
27
17
7
12
8
4.
2
1
!
677
MELTING AND REFINING DEPARTMENT.
The superintendent of the melting and refining department received from, the superintendent of the mint-during the period from
August 29, 1913, to July 31, 1914, inclusive:
Gold account:
In buUion
Returned prior to settlement
Returned at settlement
1,882,500.429
1,115,706.884
;.
Operating wastage
Silver account:
In buUion
Returned prior to settlement
Returned at settlement...-.
Surplus
."
'.
Fine ounces.
2,998,588.630
2,998,207.313
381.317
4,211,179.77
2,485,722.84
1,728,720.35
—
4,212,443.19
1,283.42
DIRECTOR OF THE MINT.
423
. Refinery operations, covering a period of nine months, were as
follows:
Gold account:
Delivered to the refinery
Returned prior to settlement
Returned at settlement
Fine ounces.
2,199,614.425 '
2,000,861.294
198,424.103
:— 2,199,285.397
Operating wastage
329.028
Silver account:
Delivered to the refinery.
Returned prior to settlement
Returned at settlement
Operating wastage
-.
'
1,369,750.53
123,651.10
T
.
"
1;493,884.51
1,493,40L83
.-
482.88
The refinery also returned 1,024.36 pounds copper, 72.85 troy
ounces platinum, and 3.95 troy ounces palladium.
The refinery earnings were as follows:
Charges coUected on buUion treated
By-products (estimated value)
Total
...-
S92,090.55
3,617.01
95,707.58
'.
Minor coinage metal.
Received:
Redelivery settlement metal of August 28, 1913
Copper
~
.
.Tin
;
Zinc
Nickel.
Clippings
.•
Condemned coin and blanks
,
Total
^
Troy ounces.
1,116,365.33
1,458,508.33
>.
44,027.08
'....
58,333.33
218^ 750.00
479,789.40
29,750.60
3,405,524.07
Returned:
I n g o t s p r i o r t o s e t t l e m e n t { g j ^ ; ; ; - ; ; ; : ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; • ; ; ; ; ; ; ; ; ; ; ; ; ; - ; ; ; ; ; : ; ; ^^JJ^\'}ltl^
Metalin settlement
-.
.1,549,756.59
operative wastage.:
'.'
6,811.48
Total
'.
3,405,524.07
COINING DEPARTMENT.
During the fiscal year 1914 the coining department operated upon
gold, silver, nickel, and bronze, as follows: 812,365.578 fine ounces
gold, producing 542,283.750 fine ounces of coin valued at $11,210,000;
1,922,138.82 fine ounces silver, producing 1,297,279.22 fine ounces of
coin valued at $1,793,300; 762,583 troy ounces nickel, producing
426,815.60 troy ounces of coin valued at $132,750, and 1,952,478
troy ounces' bronze, producing 1,462,596.50 troy ounces of coiii
valued at $139,330. The total coinage for the fiscal year was
$13,275,380.
•During the last six months we have been using carbon tetrachloride
instead of grain alcohol for cleaning rolls. I t has been found very
satisfactory and is less expensive.
Visitors to the number of 67,027 witnessed coining operations from
the balconies.
On.June 30 there were 2 officers' and 93 employees of this mint,
divided as follows among the departments:
General
Assay
Coining.
Melting and refining
Total....
'
48
9
16
22
95
424
REPORT ON THE FINANCES.
UNITED STATES ASSAY OFFICE AT NEW.YORK.
This assay office and refinery were in operation throughout the
fiscal year, but on account of the continued delay in erecting the new
building on Wall Street the employees continued to perform their
duties under most trying and disadvantageous conditions.
The total revenue of this office during the fiscal year 1913-14
amounted to $213,416.06, and the total expenditures, including
salaries, wages, and contingent expenses, amounted to $188,798.12,
or a surplus revenue of $24,617.94.
Notwithstanding this financial showing, however, the modest
estimates submitted for increased appropriations, although approved
by the Treasury Department, failed of allowa^ce. The constant
growth of the business of the office makes it absolutely necessary
that more money shall be provided to meet the expenses.
During the year 72,880.965 fine ounces of gold and 271,517.87
fine ounces of silver were transferred to the mint at Philadelphia.
Gold bars were issued to depositors for domestic use in payment
for bullion for $3,508,701.53, ^and gold bars were exchanged for gold
coin for domestic use in the arts, etc., for $30,650,685.99, showing a
total increase of $453,856.07 compared with the previous year.
.Gold bars were exchanged for gold coin for export for $29,078,643.48,
showing a decrease of $12,284,830.41. The amount received for the
exchange of gold bars for gold coin amounted to $27,149.61, showing
a decrease of $4,738.81.
MELTING A N D R E P I N I N G
DEPARTMENT.
The melter and refiner received, operated upon, and delivered gold
and silver bullion during the fiscal year 1914 as follows:
Receipts and deliveries by the superintendent of melting and refining.
Gold a c c o u n t .
Receipts:
'
.
S e t t l e m e n t m e t a l , J u n e 30,1913
Deposits a n d p u r c h a s e s
S u r p l u s U n i t e d S t a t e s light-weight coin
Redeposits^
U n c u r r e n t coin
T r a n s f e r s from P h i l a d e l p h i a
Total....
Deliveries:
. Gold certificate b a r s
Commercial (fine) b a r s
Sweeps..:"
B a l a n c e J u n e 30,1914
'
.'
•.
•
Total
Wastage
...
T o t a l '.
Surplus
F i n e ounces.
483,416.04
2,839,944.68
3,433,844.268
3,333,534.63
1,034,578.311
2,027,335.169
1,558.762
370,030.713
•
SUver a c c o u n t .
F i n e ounces.
536.024. 225
2,84i;509.159
2.360
29,419.820
26,591. 954
96. 750
Items.
2,879,847. 66
3,786.^6
450,569.20
3,433,500.955
143.313
9,973.93
200.00
3,334,203.52
3,433,644. 268
,
688. 89
DIRECTOR OF THE MINT.
425
By-products of refinery, United States assay office at New' York, fiscal year 1914.
Classification.
Platinum
Palladium
.
Total value
Weight.
Ounces.
1,868
112
•.
.
Value.
$79,458
4,708
84,184
Silver bullion sent to the refinery upon which refining charges
were collected contained by assay 2,197,589.79 fine ounces, and
silver owned by the Government returned to the refinery for parting
urposes, upon which no parting charges were collected, contained
y assay 178,880.33 fine ounces. All copper recovered during.the
year is unrefined and in the form of settlement bars and slabs.
E
ASSAYER S DEPARTMENT.
During the fiscal year 1914, 121,529 assays were made upon 4@,551
samples, divided as follows:
Items.
Deposits..
Redeposits
Refinery..
Specials...
Tlie average cost per assay up to May 1, the time of the instaUation of a new cost system, was $0.230231.
The deposit and redeposit samples represented 11,573 melts gold
and 2,046 melts silver; the refinery samples, 322 melts fine gold and
522 melts fine silver, 321 melts gold anodes and 813 melts silver
anodes; the remainder settlement melts, sweeps, and other refinery
assays. Of the special assays 5,964 were from samples representing
678 articles of jewelry, manufacturer's samples, etc., deposited for
the determination of gold and silver fineness, a number of them
being used in legal proceedings for the enforcement of acts relative
to the stanip ing of goods with karat fineness. The remainder were
assays made for the Mint Bureau and experimental ones looking
toward improvement of assay processes.
Over 104,000 cupels wefe made, the silver disks used in alloying ,
assays for parting were rolled and cut and the fineness stamped upon
all the fine gold and silver bars manufactured.
The number of officers and employees at this assay office at the
close of the fiscal year was as follows:
General department
Assayer's department;
Melter and refiner's department
Total
33
14
44
^...:
91
426
REPORT ON THE FINAl^CES.
THE ASSAY OFFICE OF THE UNITED STATES AT SEATTLE, WASH.
The total number of deposits of gold dust and bullion received
during the fiscal year was 1,828 weighing 393,086.392 fine ounces of
the value of $8,249,272.60.
The origin of these deposits is shown below:
Source.
Alaska:
Circle
Cooks I n l e t . . .
Copper R i v e r
Eagle
Iditarod
Koyukuk
Kuskokwim
Nome.
S o u t h e a s t Alaska
Tanana
Total coining
value.'
SUver.
Gold.
Fine ounces. Fine ounces.
365.40
1,637.411
1,439.91
10,006.776
2,235.65
13,485.908
174.09
933.864
8,685.38
52,964.803
323.46
7,689.336
231.82
923.051
111,630.404
12,525.33
3,814.875
890.44
107,142.120
16,458.20
:...
T o t a l for Alaska
Califori^ia..
I d a h o . ^-...
Montana
Oregon
:
Washington...
B r i t i s h Columbia
British Colurabin, r e f i n e d . . .
Yukon Territory
•Jewehy, etc
U n i t e d S t a t e s gold coin
Deposit melting-room grains.
Redeposits
$34,353.42
208,848.96
281,869.04
19,545.34
1,106,886.40 •
159,399.83
19,401.63
2,324,919.98
-80,091.42
2,237,572.98
310,228.548
31.319
262. 487
75. 838
1,717.742
954. 082
60,299.907
- 8,505.695
9,049.779
1,368.682
21.150
23.154
548. 009
8,472,889.00
653.98
5,533.05
1,583.19
41,776.38
20,187.17
1,297,890.01
175,828.32
.191,217.79
29,462.18
437. 20
485. 76
11,328.59
393,086.392
Total..
43,327.68
- 4.73
77.37
1L20
4,533.75
336.04
37,167. 22
.00
2,996.41
845.63
.00
. 5.15
.00
89,305.18
8,249,272.60
Statement of gold deposits from the opening of the institution on July 15, 1898, to the
close of business June 30, 1914:.
N u m b e r of deposits
Troy ounces
A v o r d u p o i s tons
Coining v a l u e . ^
.'
:.,
53,125
12,800,581.52
438.6
$219,812,307:36
ORIGIN OF THE FOREGOIN.G.
A IcjoV'Cv •
Nome.
Tanana
Iditarod
Balance of
Total for Alaska
Canada:
B r i t i s h Columbia
Yukon Territory
'•
All o t h e r sources
Total
•
:
:
$51,188,691.88
45,082,851.61
4,524,611.59
11,924,999.01
:
.•
:
:
^
.-
$112,721,154..09
i
17,367,318.30
86,986,192.59
2,557,844.38
219,612,307.36
427
DIRECTOR OF T H E M I N T .
The following table shows the number, weight before and after
melting, loss in melting, and percentage of loss of the various classes
of deposits received.
Character of deposit.
Deposits.
Weight
before
melting.
Weight
after
melting.
Loss in Percentage of
melting.
loss.
Ounces.
Ounces.
Ounces. Ounces.
845 427,883.10 427,565.23
317.87
0.07
543 46,489.33 44,949.67 1,539.66
3.31
188
8,370.96
7,838.48
532. 48
6.38
82.42
108
1,201.39
1,283.81
6.41
173 17,145. 88 16,414.84
731.04
4.28
30
548.27
548.27
91
4, .307. 71
4,353.50
45.79
1.05
280.39
257.28
8.24
•30
23.11
23.45
23.45
22
Bars '.
Dust
Retort
Nuggets
•---.
Mixed deposits
RedepositS;
Jewelry, bars, and scrap
Dental, bars and scra,p..
United States gold coin.
Total
1,828
508,378.69
503,108.32
3,272.37
The average fineness of regular deposits being 0.781 gold, and 0.1774 silver.
For convenience in shipping to the mint for coinage, 986 bars, each
under 400 ounces in weight and aggregating 51,728.62 ounces Troy,
were melted into 56 large bars.
Summary of work done in the melting department during the year.
Items.
Regular deposits
Mass melts
Special bullion assays
Granules, bars
Chips, barsD . M. R. G. bars
D. M, R. G. consolidation
Slag bar
Settlement, bar
Rem.Qlts for reassays
:..
•-..
bar
--..
Total
Number of
melts.
Weight
before
melting.
Ounces.
,776 505,806.97
56 51,732.27
27
3,467.40
10
292. 42
12
1,382.20
11
41.32
1
31.94
1
'3.49
1
9.85
28 14,644.63
1,923
577,392.49
Weight
after
melting.
Ounces.
502,534.60
51,705.84
2,420.43
284.78
1,358.86
38.88
31.85
. 3.33
9.71
14,605.52
572,993.40
Summary ofthe work done in the assaying department during the year.
Quartation silver manufactm-ed
Cupels manufactured
Bullion assays made
Ore assays made for gold and sUver
Ore assays made for base metal
Slag assays from melting room
Special buUion assays
Mutilated; domestic gold coins tested
.ounces..
450
number.. 18,000
d o — 12,476
do.—
248
do
194
.do
48
.do
131
do
72
There were 19 persons, male, employed at the close of the current
year.
ASSAY OFFICES AT DEADWOOD, HELENA, BOISE, SALT LAKE CITY, NEW
ORLEANS, AND CARSON.
These offices were open throughout the year as usual for deposit
of bullion, and the details of their operations will be found in tables
of the appendix to the report on the operations of the mint.
428
REPORT ON THE FINANCES.
Deposits, expenses, income, and employees, by institutions.
Number of—
Institution.
Deposits.
Redeposits.
Value of gold
and silver
deposits.
Income.
$14,344,708.02 $3,812,197.41
48,483,460.35
518.388.79
36,965,84L87 1,386,484.86
83,839,263.06
220,885.88
783.955.23
2,264.35
333,161. 67
•2,324.21
1,132,593.40
3,730.50
1
730,803.84
1,943.32
2,774,689.18
4,856.04
8,249,272.60
30
3,836.53
121,259.00
549. 51
Philadelphia
San Francisco
Denver
New York
i.
New Orleans
Carson City...
Boise...
Helena
Deadwood
Seattle
Salt Lake City
, 8,436
8,927
4,335
13,319
518
649
901
444
193.
1,798
167
37
389
1,872
298
Total
39,887
2,627
177,759,008.22
5,957,441.38
Expenses.!
EmFreight
on bul- ployees
hon and June 30,
coin.
1914.
S458.697.24 $866.40
204,281. 81
187,949.90
187,888.87
16,811.01
289.68
221.80
7,356.46
812.15
7,783.56
8,876.20
640.50
8,789.60 1,247.80
38,257.95 8,036.38
5,170.45 ^ 73.15
.313
119
95
91
14
4
5
6
5
19
3
9,987.66
674
1,131,842.85
1 Includes freight on bullion and coin.
OPERATIONS OF THE MELTER AND REFINERS AND THE COINERS, FISCAL
YEAR 1914.
The quantity of metals operated upon in the different departments
of the mints and assay office at New York during the fiscal year 1914
aggregated 12,893,780 fine ounces of gold and 30,304,883 fine ounces
of silver. There were also operated upon at the coinage mints
67,383,960 ounces of minor coinage metal. The figures in the table
following are the actual figures as obtained at the settlements of the
accounts:
GOLD.
Amount
Amount
Institution and department. delivered by returned to
• superinsuperintendent.
tendent.
Philadelphia Mint:
Melting and refining
Coining
San Francisco Mint:
Melting and refining
Coining
Denver Mint:
Melting and refining
Coining
New York assay office:
Melting and refining
Total:
• Melting and refining
Coining
.'.
Grand total
Fine ozs.
483.478.468
100,174.774
Fine ozs.
483,817.308
100, ISO. 429
Amount
operated
upon.
Surplus.
Wast-
Fine ozs.
Fine
ozs.
Percentage
Wast- of good
age per coin
pro1,000
ounces duced
operto
ated amount
upon. operated
upon.
Fine ozs.
483,817.308 338.840
93,987.765
5.855
34.78
3,889,561. .476 3,890.076.777 3,890,078.777 515.301
2,Oil,668.285 2,011,624.110 1,520,421.570
48.89
2,998.588.630 2,997,207.313 2,769.941.170
770,886.684 770;872.936 701,891.154
381.317
13.728
3,433,644.268 3,433,500.955 3,433,844.268
143.313
10,805,272.842 10,804,802.353 10,577,479.523 854.141 524.630
2,882,729.723 2,882,877.475 2,318,300.489
5.855 67.903
13,688,002.565 13,887,279.828 12,893,780.012 859.796
i Period Aug. 29,1913, to July 31,1914.
582.533
.137
.019
88.75
429
DIRECTOR OF T H E M I N T .
SILVER.
Amount
Amount
Institution and department. delivered by returned to
superinsuperintendent.
tendent.
Philadelphia Mint:
Melting and refining..
Coining
,.
San Francisco Mint:
Melting and refining.:
Coining
Denver Mint:
Melting and refining i.
Coinng
:..
New York assay office:
Melting ahd refining..
'
.. Total:
Melting and refining..
Coining
Grand total..-.
Amount
operated
upon.
Surplus.
Wast-
Fine
Fine ozs.
Fine ozs.
Fine ozs.
ozs. Fine ozs.
9,618,224.89 9,620,396.43 9,620,398.43 2,171.54
8,864,198.42 8,663,743.72 8,605,042.49
454.70
1,908,583.21 1,912,810.40 1,912,810.40 4,247.19
1,038,-315.06 1,036,206.41 881,438.18
4,211,179.77 4,212,443.19 4,029,520.84 1,263.42
2,589,843.04 2,589,290.22 1,922,138.82
3,333,534.83 3,334,203.52 3,333,536.63
Percentage
Wast- of good
age per coin
pro1,000
ounces duced
operto
ated amount
upon. operated,
upon.
0.052
55.04
108.65
.123
6L95
'552.'82
'.'287
"67." 49
668.89
19,071,502.50 19,079,853.54 18,896,264.30 8,351.04
12,292,358.52 12,289,240.35 11,408,819.47
l,118.r
31,363,859.02 31,369,093.89 30,304,883.77 8,35L04 1,116.17
NICKEL.
Philadelphia Mint:
Melting and reflning.
Coining
San Francisco Mint:
Melting and refining.
Coining
Denver Mint:
Melting and refining
Coining
Total:
Melting and refining.
Coining
Grand total...
Troy
ozs.
Troif'ozs'.
41; 091.25
12,037.22
3.164
1.287
1,010.854.94 1,008,043.24 1,008,043.24,
560,492.00
560,170.08 424,979.40
2,811.70
321.92
2.789
.758
1,516,456.42 1,515,287.72
901,225.00 900,591.40
776,898.90
762,553.00
1,168.70
633.60
1.506
.831
71.09
15,514,870.00 15,469,798.35 14,772,510.68
12,379,376.50 12,366,383.76 10,682,551.20
45,071.85
12,992.74
27,894, 246.50;27,836,182.11 25,455,061.88
58,084.39
Troy ozs.
Troy ozs.
Troy ozs.
12,987,558.6412.9,48.467.39 12,987,568.54
10,917,659.5010,905,622.28 9,495,018.80
BRONZE.
Philadelphia Mint:
Melting and refining.
Coining
San Francisco Mint:
Melting and refining.
Coining
—
Denver Mint:
Melting and refining
Coining
Total:
Melting and refining.
Coining
Grand total
18,494,981.0218,438,473.25! 18,494,981.02
17,210,615.20 17,202,202.60 15,952,820.30
58,507.77
.8,412.80
3.055
.527
60.28
2,803,164.^91 2,799,996.83 2,799,996.83
2,227,668.80 2,226,303.99 2,130,032.50
3,168.08
1,362.81
1.131
.639
66.92
1,889.067.65 1,883,424.87 1,088,717.40
1,465,000.20 1,464,648.05 1,462,350.30
•5,642.78
454.15
5.188
.310
"74.'84
23,187,213.58 23,121,894.95 22,383,895.25
20,903,282.20 20,893,052.64 19,545,203.10
65,318.63
10,229.56
44,090,495.78 44,014,947.59 41,928,898.35
75,548.19
1 Period Aug. 29,191-3,-to July 31, 1914.
430
REPORT ON THE FINANCES.
WASTAGE AND LOSS ON SALE OF SWEEPS.
The value of the precious metals wasted in the metallurgical and
mechanical department was $14,782.23. A loss of $2,486.30 occurred
from the difference between the assay value of the bullion contained
in sweeps sold-and the amount received for the same, as described in
the following table:
Mint at—
Wastage, by departments.
Phlladel- San FranDenver.
,phia.
cisco.
Gold wastage:
Melting and refining department..
Coining department.... —
Silver wastage:
Melting and refining department..
Coining department
-...
Nickel wastage:
Melting and refining department..
Coining department
Bronze wastage:
Melting and refining department..
Coining department
Gold loss on sale of sweeps:
Melting and refining department..
Coining department
SUver loss on.sale of sweeps:
Melting and refining department..
Coining department
:.
$913.17
Assay .
office at
New
York.
Total.
18,064.79 $2,962.54 $11,027.33
1,368.34
455.1'7
$266.68
653.75
49.14
4.12
887.39
180.75
13.94
6.21
193.43
14.08
'761.85
102.82
286.75
37.68
379.13
1,023.17
594.90
2,263.95
37.88
25.88
3.08
33.21
55.17
87.33
181.59
3.08
1,988.39 1,473.40 10,181.97
Total wastage'and loss..
322.92
57.18
6.41
554.48
82.55
Reimbursement, wastage:
From contingent appropriation'
From minor-coinage profits
Reimbursement, loss oh sale of sweeps: From contingent appropriation.
64.15
581.07
170.22
3,824.77
17,288.53
1,842.88 2,962.54
260. 75
13,^049.42
1,'732.81
266.68
1,388.32
977.32
83.74
333.39
412.34
1,078.34
662.23
2,-486.30
1,988.39 1,473.40 10,181.97
3,824.77
17,268.53
GAIN FROM OPERATIONS.
The gains from operations on bulhon during the fiscal year 1914
amounted to $139,981.75, as follows:
Mint at-^
Character of gains.
PhUadel- San Fran- Denver.
phia.
cisco.
Assay
ofiice at
New
York.
Minor
"assay
'offices.
. Total.
Surplus bullion recovered by operative
$8,394.34 $10,021.00 $773.53 $362.89
officers
:
$19/551.76
Value of deposit melting-room grains and
5,214. '25 1,868.48 5,181.44 14,862.00 [$2,111.69 :29,235.86
sweeps
,
Net gain on bullion shipped from assay
offices for coinage
:
351.10
351.10
Gain on light-weight gold coin purchased
132.22
48.79
for coinage
2
83.34
90,798.23
10,277.25 2,487.74 78,033.24
Receipts from sale of by-products
Total
Less wastage and loss on sweeps.^
Net gain from bullion operations.
13,691.93
22,164.82
8,442.71 93,308.92
2,462.79, 140,069.17
17,268.53
122,800.64
481
DIRECTOR OF THE M I N T .
Receipts and disposition of gold bullion, fiscal year 1914.
RECEIPTS.
.
Institution.
Uncm-rent
United States
coin t r a n s ferred for
recoinage.
Deposits.
PhUadelphia
§ a n Francisco
Denver
New York
New O r l e a n s . . :
Carson City
Plelena
B oise
Deadwood
Seattle
Salt L a k e C i t y .
$1,853,55118
46,584,808.61
20,985,487.55
59,255,468.89
768,687.85
321,125. 76
708,232. 78
1,072,188.95
2,678,790.83
8,125,337. 69
111,524.86
142,465,205.73
Total
$3,801,762.31
2,738.51
3,804,500.82
Surplus
bullion
recovered.
Redeposited
receipts from
mints and
assay offices.
$10,630.30
17,382. 23
5,942.13
8,345.65
240.11
174. 84
• 189.09
587. 27
203.26
478.64
81.14
$1,510,378.06
311,121.93
12,091,287.20
. 835,307.79
44,234.66
Total.
14,548,335.43
$7,178,324.85
46,916,049.28
33,082,896.88
59,899,122.33
768,927.96
321,300.60
708,662.30
1,072,776.22
2,878,993.89
8,125,816.33
111,606.00
1280.45
160,882,278.84
1 Proof metal.
DISPOSITION.
The disposition of gold bulhon contained in the above table is as
follows:
Bars paid
depositors.
Institution.
S h i p p e d to
m m t s for
coinage.
Sold in
sweeps.
B a r s exchanged for
coin.
Coinage executed.
Wastage.
• Total.
P h i l a d e l p h i a . . . . $301,631.79
$1,899.87 $2,101,236.82 .$675,810.00
10,144.13
S a n Francisco
5,643.08
104,017.99 14,740,000.00 !S9L3.17
20,706.18
14,970. 97 26,403,056.66 11,210,000.00"- 937.22
Denver
New York
3,509,636.25 $1,508,583.25 31,401.48 59,729,329,47
13,702. 74
11,493.02
New Orleans.
864,296.52
1
Carson City
320,381.26
Helena
708yl32.14
Boise
1,072,776.27
2,703,084.62
Deadwood
7,542,752. 72
Seattle
111,326.41
Salt L a k e City
$3,080,578.48
14,860,718.37
37,649,871.01
84,790,853.19
675,789.54
320,381.26
708,132.14
1,072,776.27
2,703,084.62
7,542,752.72
111,326.41
3,853,811.35 14,629,333.19 53,915.40 88,337,640.94 26,625,810.0015,553.13 133,515,884.01
Total
BALANCES, RECEIPTS, AND DISBURSEMENTS.
Balances of gold bulhon on hand June 30, 1913, and receipts,
disbursements, and balances, June 30, 1914, at the mints and assay
offices are shown in the following table:
B a l a n c e on
J u n e 30,1913.
Institution.
PhUadelphia
S a n Francisco
Denver
New York
N e w Orleans
Carson City
Helena
Boise
Deadwood
Seattle.
Salt L a k e C i t y . .
Total .
:.
.
R e c e i p t s during fiscal year
1914.
Total.
$8,723,034.81
134,214,700.15
81,623,115.18
24,372,690.05
12,540.12
492. 78
762.98
100.05
24,339.02
1,008.42
576.95
$7,178,324.85
48,916,049.28
33,082,696.88
59,899,122.33
768,927.96
321,300.60
708,662.30
1,072,776.22
2,678,993.89
8,125,816.33
111,606.00
$13,899,359.66
181,130,749.43
114,705,812.04
84,271,812.38
781,488.08
321,793.38
709,425.28
1,072,876.27
•2,703,322.91
8,126,824.75
112,182.95
$3,080,578.48
14,860,718.37
37,849,871.01
64,790,653.19
675,789.54
320,381.28
708,132.14
1,072,776.27
2,703,084.62
7,542,752.72
111,326.41
$10,818,781.18
168,270,031.06
•77,056,141.03
19,481,159.19
105,678.54
1,412.12
1,293.14
100.00
238.29>
584,072.03
856.54
246,973,350.49
160,862,276.84
407,835,827.13
133,515,864.01
274,319,763.12
Disbursements
during fiscal
y e a r 1914.
B a l a n c e on
J u n e 30, 1914.
432
REPORT ON T H E FINANCES.
LABORATORY OF THE BUREAU OF THE MINT.
From the coinage of the calendar year 1913 the assayer of this
bureau tested 116 gold and 186 silver coins, all of which were found
within the legal requirements as to weight and fineness.
In the gold coins the greatest deviation in fineness above standard
(the legal hmit being 1 above or below) was 0.3, while the greatest
deviation below was 0.4.
The greatest deviation in fineness of silver coins above standard
(the limit being 3 above or below) was 1.3, while the greatest deviation
below was 1.5.
.
The foUowing table and statement summarizes these assays: .
Philadelpliia.
Denver.
S a n Francisco.
Total.-
Fineness.
Gold.
898 5
.7
9
899.1
.3
.6
.7
.8
.9
900.0
.1
2
.3
.4
.7
. .9
901.1 - .
.3
• Total
1
2
2
'
-
Silver.
Gold.
Silver.
Gold.
Silver.
Gold.
- •
1
1
4
10
11
17
24
11
7
. 2
.....
18
23
36
4
1
1
2
7
4
1
4
6
8
8
6
3
1
1
"is"
8
1
2
15
19
21
35
15
9
8
3
5
3
1
2
2
1
1
9
28
41
42
10
24
17
Q
1
1
82
..-.
.
Average fineness
10
2
4
7
2
4
1
6
Silver.
108
18
46
20
30
116
.186
899.95
900.05
899.99
900.23
/ 899.83
900.25
899.92
900.18
During the year the plan of having samples representing certificate
bars made at the various offices and forwarded to the bureau for test
assaying was inaugurated. In general, samples from every fifth melt
of such oars have been assayed at the bureau.
The bureau assayer has carried on an extensive investigation into
methods of determining silver and base metal in gold bullion and the
results have been pubhshed in the Journal of Industrial and Engineering Chemistry for August and September, 1914.
PROCEEDINGS OF THE ASSAY COMMISSION, 1 9 1 4 .
The following-named gentlemen were designated as commissioners
to test and examine tho weight and fineness of the coins reserved at
the several mints during the calendar year 1913, pursuant to the provisions of section 3547 of the Revised Statutes:
Hon. Fred E . Lewis, House of Representatives; Mr. Miller S. Bell,
Milledgeville, Ga.; Prof. William G. Brown, University of Missouri;
Mr. George Burnham, jr., Philadelphia, Pa.; Mr. Frank P . Drane,
Charlotte, N. C.;.Mr. Powell Evans, Philadelphia, Pa.; Mr. L. A.
433
DIRECTOR OF T H E M I N T .
Fischer, Bureau of Standards, Washington, D. C ; Mr. Hennen Jennings, Washington, D. C ; Hon. James F. Manning, Albany, N. Y.;
Mr. Leonard P . Morgan, Philadelphia, Pa.; Hon. John F . Shafroth,
United States Senate; Dr. Owen Louis Shinn, University of Pennsylvania; Mr. Frank L. Shup, Newton, 111.; Prof. Francis H. Smith,
University of Virginia; Prof. L. B . Spinney, Iowa State College;
Prof. A. E . Vinson, University of Arizona.
The commission met at the mint a t Philadelphia on February 11,
1914, and Hon. Fred E . Lewis was elected chairman.
The following committees were appointed by the chairman with
the approval of the commission:
Committee on counting.—Mr. Frank L. Shup, chairman; Messrs.
Bell, Evans, and Morgan.
Committee on weighing.—Mr. Louis A. Fischer, chairman; Messrs.
Shafroth, Spinney, and, Drane.
Comm.ittee on assaying.—Dr. Owen Louis Shinn, chairman; Messrs.
Brown, Jennings, Vinson, and Comings.
^
>
The committee on counting reported that the packages containing
the pieces reserved by the several mints for the trial of coins, in
accordance with section 3539 of the Revised Statutes, were delivered
t o , t h e m , and.upon comparison with the transcripts kept by the
Director of the Mint were found to be correct. After verification of
the packages, the coins were delivered to the committee on weighing
and assaying.
The coins reserved by the mints for the purposes of the assay
commission were as follows:
,
.
:
i
Gold.
Silver.
Institutions.
Pieces.
Philadelphia.
San Francisco
•.
Denver.
•San Francisco, Philippine coinage
Value.
1,350 $7,587.50
264 3,640.00
285 6,700.00
Pieces. . Value.
2,972
219
287
390
$331.85
92 50
101.00
58 30
The committee on weighing reported that they have examined
sample coins selected at random from those reserved by the several
mints. The weighing was done on a balance made by Henry Troemner, of Philadelphia. The weights employed were furnished by the
Director of the Bureau of Standards, and were accompanied b y a
certificate stating their variation in mass from the standards fixed
by law. The balance was carefully tested and found to be sufficiently
accurate without making corrections.
Certain of the working standards of the mint, selected at random,
were intercompared with the following results: 500 ounces =300
ounces+ 200 ounces+ 0.0014 ounce; 300 ounces = 200 ounces+ 100
ounces —0.0002 oiince; 200 ounces = 100 ounces+ 50 ounces +
30 ounces+ 20 ounces+ 0.0001 ounce. The 2 ounces+ 10 ounces
were found equal to the standard Troy pound to within 1 part in
1,000,000; and the 20 centavo and,the 10 centavo weights used in
testing the Philippine silver coins were likewise found to be in satisfactory agreement with the other standards of the mint.
64402°—FI 1914
28
434
'
REPORT ON THE FINANCES.
The committe on assaying reported receiving and making assays
of coins reserved from the United States Mints at Philadelphia, San
Francisco, and Denver representing deliveries made by the coiners
during the calendar year 1913.
The results of the assays made of the individual coins and of the
same in mass are given in the following schedules. From these it
will be seen that the highest assay value of the gold coinage at the
different mints (the limit of tolerance being one one-thousandth) is
at—
Philadelphia
San Francisco
Denver
:
900.2
900.2
900.1
,
The lowest assay value, of the gold coinage at the different mints
(the limit of tolerance being one one-thousandth) is at—
Philadelphia
San Francisco
Denver
:
899.8
899.8
899.8
The highest assay value of the silver coinage at the different mints
(the limit of tolerance being three one-thousandths) is at—
Philadelnhia.
San Francisco.
Denver
900.2
900.4
900.4
The lowest assay value of the silver coinage at the different mints
(the limit of tolerance being three one-thousandths) is at—
Philadelphia
San Francisco
Denver
:
:
898.4
898.4
898,6
The highest assay value of the Philippine silver coinage is at—
San Francisco (subsidiary)
750.7
The lowest assay value of the Philippine silver coinage is at—
San Francisco (subsidiary)
748.8
The committee tested the quartation silver and found it to be,
for assay purposes, free from .gold, and the lead used in the assay of
gold bullion to be free from gold and silver. The acid used in the
humid assay of silver was found to be free from chlorine.
The balances used were tested and found to be correct.
The committee therefore deemed the assays exhibited in the accompanying schedules to be entirely trustworthy.
The following report submitted by the committee on resolutions
was unanimously adopted:
Whereas the Annual Assay Commission, appointed by the President of the United
States to examine and test the weight and fineness of the gold and silver coins reserved by the different mints of the United States, has met in the city of Philadelphia on Februarjr 11 and 12, 1914; and
Whereas the commission having completed its labors, begs to offer the following
resolutions:'
First. That the assay demonstrated the value of the gold and silver coinage at the
different mints for the year 1913 was within the limit of tolerance.
Second. That the commission also renews the recommendations of former commissions with reference to the maintenance and increase of the national coin collection at the Philadelphia Mint, and that.^the commission further recommends that an
official souvenir mint medal, to commemorate the completing of the canal across the
Isthmus of Panama,, be struck to be sold to the public, and that the proceeds from
DIRECTOR OF T H E
435
MINT.
8uch sales be devoted to t h e extension of the collection, under t h e supervision of the
Secretary of t h e Treasury; and
Third. T h a t t h e t h a n k s of the commission be heartily tendered to Hon. George E .
Roberts, Director of t h e Mint, to Mr. Leonard P . Morgan, secretary of t h e commission,
to Mrs. Virginia Carpenter, and to t h e various officials a n d employees of t h e m i n t for
t h e m a n y courtesies extended t h e commission during its session.
Respectfully submitted.
FRED E . LEWIS,
Chairman.
A. E . VINSON.
F R A N K L . SHUP.
L O U I S A. FISCHER,
Secretary.
MOVEMENT OF GOLD FROM THE PORT OF N E W YORK.
The superintendent of the United States assay ofl&ce at New York
has prepared the following table, giving exports of gold through the
port of New York:
Statement of United States gold coin and gold bullion exported from the port of New
York to Europe during thefiscal year ended June 30, 1914.
Country.
Date.
Amount.
1913.
July 7 France
9 . do
do
14
do
16
18 . . . . do
18 Holland
Dec 4 Haiti
8 Holland
.
1914
Jan 5
13
20
27
Feb. 2
10
17
24
Mar. 2
3
May 5
11
11
11
18
18
500
2,007,304
2,003,584
.- 2,004,280
2,014,310
- 2,001,904
....
2,014. 555
2,020,556
500
2,000,456
1,000,684
1,011,207
. . . 1,018,913
2,020,159.
500
2,000,000
. do
France
do
. . . . do
do
do
. . . . do
do
Holland
France
do
. . . . do
Germany
France
Holland
France
. .
Rate
of exchange.
13,026,219 U. 8705
1,993,353 .4. 8690
1,564,835 4.8880
1,551,322 4. 8675
4. 8650
321,310
500 4.8845
200,000
500 "4." 8550
4.8800
4. 8680
4.8635
4.8630
4.8575
4. 8575
4. 8580
4.8590
4.8580
4. 8580
"4. 8765
4. 8800
4.8800
4.8800
4. 8825
4. 8825
Country.
Date.
1913.
May 22
25
26
29
June 1
2
8
8
9
11
11
12
15
15
15
16
18
18
18
19
22
23
25
26
France
England
France
do
Holland
France
do
Holland
France
do
England
France
Holland
France
England
France
England
. . . .do
France
do
.....do
do
do
do
.
.Rate
of exchange.
Amount.
.
... .
$2,010,890 $4 8855
2,000,000 4. 8880
5,000,000
4 8870
503,303 4 8835
500 4.8830
4.8860
"2,163,849
4,000,000 ^ 4. 8875
600 4 8875
7,500,000
4.8885
. . 3,014,210
4 8875
221,411 4.8875
6,000,000
4.8900
500 4 8895
5,000,000
4. 8895
244,400
4. 8895
5,500,000
4 8900
488,800
4. 8900
342,160
4 8850
1,000,000 4.8850
1,487,351 4. 8825
1,490,080 4 8810
8,590,342
4.8820
1,542,717 4 8820
.
966,507
4. 8790
Total..
87,844,731
Recapitulation of gold exports to Europe.
France.
Belgium.
Holland.
United states coin
Foreign coin
Bullion
$46,415,215
$100,000
37,588,522
221,310
$4,000 $2,000,000 $1,018,913 $200,000
1,075,360
221,411
Total
83,003,737
321,310
Classification.
4,000
England. Germany.
3,298,771
Haiti.
1,018,913 200,000
Total.
$48,738,128
1,075,360
38,031,243
87,844,731
436
REPORT ON THE FINANCES.
During the same period there were shipped to other points:
United States coin^.
^
Foreign coin
Total
Total gold exports to Em-ope
,
$3,032, Oil
226,925
$3,258,936
87,844,731
!
Grand total gold exports
...'.
:
91,103,687
The imports during the same period were as follows:
From Europe:
United States coin
Foreign coin..'
Foreign bullion
Bullion in ore
'
'
-
Total gold imports from Europe
From other ports:
United States coin.
Foreign coin
Foreign bullion
Bullion in ore
$154,094
792,357
2,829,963
40,915
$3,817,329
2,467,881
2,250,051
'12,518,522
198,807
Total gold imports from other points
.."...
17,435,261
Grand total gold imports
5l, 252,590
NET EXPORTS, UNITED STATES GOLD COIN.
The net exports of United States gold coin since 1870 were as
follows:
Imports and exports of United States gold coin since 1870.
Fiscal years.
Jan. 1 to June 30—
1870
1871
1872
1873
1874...
1875
1878
1877
1878
,1879
1880
1881
1882
1883
:...
1884
1885
1886
1887
1888
1889
1890.
1891.........
1892
1893..
Imports.
Exports.
$12,768,501
55,491,719
40,391,357
35,661,863
28,766,943
59,309,770
27,542, 881
21,274,585
8,427,251
4,120,311
1,687,973
1,741,364
29,805,289
4,802,454
12,242, 021
2,345,809
5,400,978
3,550,770
3,211,399
4,143,939
3,951,736
67,704,900
42,841,963
101,844,087
64,303,840
Fiscal years.
Jan. Ito June 30—
Contiaued.
1896.
1897.
1898..
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913.
1914.
Total
Net exports
Imports.
$10,752,
10,189,
57,728,
40,593,
. 7,779,
8,659,
3,311,
3,870,
1,519,
5,780,
2,236,
35,251,
44,445,
44,929;
4,842,
2,050,
6,041,
6,283,
13,941,
28,048,
464,115,928
Exports.
$55,096,639
77,789,892
23,848,535.
8,402,216
27,419,737
30,874,511
8,425,947
9,370,841
18,041,860
15,882,424
54,409,014
20,573,572
22,632,283
28,246,170
66,126,869
86,329,314
20,651,278
25,877,378
34,238,021
86,997,030
1,341,784,990
877,649,064
1 Imports of United States gold coin not separately given prior to the fiscal year 1878.
437
DIRECTOR OF T H E M I N T .
STOCK OF MONEY IN THE UNITED STATES.
On June 30, 1914, the stock of domestic coin in the United States
was $2,347,340,350, as shown by the following table:
Official table of stock of coin in the United States June 30, 1914.
Items.
Gold.
$1,619,845,807
Estimated stncV of coin JiiTie 30 1913
Net imports United States coin, fiscal year 1914
Coinage, fiscal year 1914
Silver.
- $743,489,259
1,545,414
6,240,219
28,825,810
Total
1,646,271,817
Total
$2,363,115,068
1,545,414
32,886,029
751,254,892
2,397,528,509
4,762,261
875,727
5,637,988
3,600,000
40,948,171
Less:
United States coin melted for recoiaage, face value,
fiscal year 1914
United States coin used in the arts, estimated, fiscal vear 1914
United States coin, net exports, fiscal year 1914
•
Total.
100,000
3,800,000
40,948,171
49,210,432"
975,727
50,186,159
1,597,061,185
750,279,165
2,347,340,350
.
Estimated stock of coin m United States Juhe 30,1914..
NOTE.—The number of standard silver dollars coined to June 30, 1914, was 570,272,610, which, added to
the Hawaiian dollar coiaage, 500,000, plus the number imported from the Philippine Islands, 150,000, and
the number returned in Government transport?, 496,859, equals 571,419,469. - Since July 1, 1898, the number of standard silver dollars exported in transports has been 2,495,000; and siace 1883 the number melted
to June 30, 1914, has been 196,850; and the number of Hawaiian dollars melted to June 30, 1914, has been
455,141 a total disposition of 3,146,991, leaviag in the United States on Jime 30, 1914, 588,272,478 standard
silver aollars and 182,006,687 dollars in subsidiary silver coias.
Bullion in mints and assay offices, June 30, 1914.
Bullion.
Gold
Silver
.
Total
Value.
-
$274,550,538
3,284,544
•
277,835,082
Metallic Stock, June 30, 1909, 1910, 1911, 1912, 1913, and 1914Coin and bullion. June 30,1909. June 30,1910. June 30,1911. June 30,1912. June 30,1913. June 30, 1914.
Gold . . .
Silver
Total
:.
. . . $1,640,567,131 $1,835,424,513 $1,753,134,114 $1,812,858,241 $1,868,819,157 $1,871,611,723
727,078,304 . 732,002,448
741,184,095
745,585,964
733,250,073
753,563,709
2,373,817,204
2,362,502,817
2,485,136,562
2,554,040,336
2,812,205,121
2,625,175,432
Ownership of gold aiid silver in the United States June 30, 1914Silver coia and bullion.
Ownership.
Gold coia
and.bullion.
Silver
dollars.
SubsidiSilver
ary coia. bullion.
Total
silver.
Total gold
and silver
coia and
bullion.
United States Treasury (free)
$233,917,'903 1119,370,016 $22,040,9891$3,284,544 $44,695,5491 $278,613,452
United States Treasury (for certi478,601,977 1,504,751,118
ficates outstandhlg
1,026,149,139 478,601,977
35,897,845 185,193,174
National banks (June 30,1914)
149,295,329 14,293,420 2i,'604,'425
National banks (for cleariag-house
99,964,000
certificates)
99,984,000
362,285,352 56,007,065 138,361,273
Private banks and individuals
194,368,338 658,853,690
Total
1,871,811,723 568,272,478 182,006,687 3,284,544 753,563,709 2,625,175,432
438
BEPOET ON THE FINANCES.
Location of moneys of United States June 30, 1914.
In Treasury.
Money.
^In national
banks
June 30,1914.
In other banks
and ia
circulation.
Total.
METALLIC.
$274,550,538
3,284,544
985,516,504
497,971,993
22,040,989
. . . .
Total metallic
1 $249,259,329
14,293,420
21,804,425
$362,285,352
56,007,085
138,381,273
$274,550,538
3,284,544
1,597,081,185
568,272,478
182,006,887
1,783,384,588
Gold bullion.
Silver bullion
Gold coin
.
Silver dollars
Subsidiary silver coin
285,157,174
558,853,690
2,825,175,432
8,835,369
11,237
35,491,862
177,490,398
2 61,934,099
160,355,251
2,427,783
653,245,938
346,681,016
2,439,000
750,671,899
1,099,791,915
.
PAPER.
Legal-tender notes (old issue)
Legal-tender notes (act July 14,1910)...
National-bank notes
.
Total notes
Grand total
239,424,495
818,028,952
321,728,740
129,823,852-
704,420,399
348,778,125
67,073,753
451,552,592
1,053,198,524
1,894,778,789
Total certiflcates
44,338,468
64,825,730
12,248,023
.....'
Gold certificates
Silver certificates, .i
978,134,281
2,425,881,186
3,724,987,347
1 I n c l u d e s $99,964,000 gold cleariag-house certiflcates.
2 I n c l u d e s $12,274,371 of t h e i r o w n , h e l d b y different n a t i o n a l b a n k s .
Estimated, stock of gold and silver in the United States and the amount per capita at the
close of each fiscalyear since 1873.
T o t a l stock of coin a n d b u l lion.
Fiscal year ended J u n e 30—
Gold.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
1880.
1881.
1882.
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892
1893,
1894
1895.
1896
1897
1898
1899
1900
1901
1902
1903
1904
1.905
1906
1907
1908
1909
1910
1911
1912
1913
1914
P e r capita.
Population.
41,877,000
42,796,000
43,951,000
45,137,000
46,353,000
47,598,-000
48,866,000
50,155,783
51,316,000
• 52,495,000
53,693,000
54,911,000
56,148,000
57,404,000
58,680,000
59,974,000
61,289,000
62,622,250
63,975,000
65,520,000
66,946,000
68,397,000
89,878,000
71,390,000
72,937,000
74,522,000
76,148,000
76,891,000
77,754,000
79,117,000
,80,847,000
81,867,000
83,259,000
84,862,000
86,074,000
87,496,000
88,926,000
90,383,000
93,983,000
95,658,000
97,337,000
99,027,000
$135 000,000
147, 379,493
121 134,908
130,' 056,907
167, 501,472
213, 199,977
245, 741,837
351, 841,206
" 478, 484,538
506, 757,715
542, 732,063
545, 500,797
588, 697,036
. 590, 774,461
854 520,335
705, 818,855
880, 063,505,
895, 563,029
646, 582,852
684, 275,335
597, 697,885
827 293,201
636, 229,825
599, 597,964
696, 270,542
861' 514,780
982 865,505
1,034: 439,264
1,124; 652,818
1,192',,395,607
1,249; 552,756
1,327, 672,872
1,357, 881,186
1,472, 995,209
1,466; 056,832
1,815, 140,575
1,640, 587,131
1,635, 424,513
1,753, 1.34,114
1,812 ', 856,241
1,886, 619,157
1,871, 611,723
Silver.
$8,149,305
10,355,478
19,367,995
36,-415,992
58,464,427
88,047,907
117,528,341
148,522,678
175,384,144
203,217,124
233,007,985
255,568,142
283,478,788
312,252,844
352,993,566
388,811,108
420,548,929
483,211,919
522,277,740
570,313,544
615,861,484
624,347,757
625,854,949
628,728,071
634,509,781
637,872,743
639,286,743
647,371,030
881,205,403
670,540,105
877,448,933
882,383,277
886,401,168
687,958,920
705,330,224
723,594,595
733,250,073
727,078,304
732,002,448
741,184,095
745,585,984
753,583,709
Gold.
Silver.
$3.23
3.44
2.75
2.88
3.81
4.47
5.02
7.01
9.32
9.85
10.10
9.93
10.48
10.29
11.15
11.70
11.09
11.10
10.10
10.15
8.93
9.18
9.10
8.40
9.55
11.56
12.64
13.45
14.47
15.07
15.45
18.22
18.31
17.40
17.03
18.48
18.45
18.10
18.65
18.95
19.17
18.90
$0.15
.24
.44
.81
1.21
1.85
2.40
2.98
3.41
3.87
4.34
4.65
5.05
5.44
8.00
6.44
6.88
7.39
8.18
8.70
9.20
9.13
8.97
8.81
8.708.58
8.40
8.42
8.50
8.48
8.38
8.33
8.24
8.12
8.20
8.27
8.26
8.05
7.79
7.75
7.66
7.61
Total
metallic.
3.68
3.19
3.69
4.82
6.32
7.42
9.97
12.73
13.52
14.44
14.58
15.53
15.73
17.15 18.20
17.95
18.49
18.26
18.85
18.13
18.31
18.07
17.21
18.25
20.12
21.04
21.87
22.97
23.55
23.83
24.55
24.55
25.52
25.23
26.73
. 26.70
26.15
28.44
28.70
26.83
28.51
439
DIRECTOR OF THE M I N T .
Stock of gold in the United States.
Coin ia
national
banks.
Comptroller's report.
Coin in
Treasury.
Bullion ia
Treasury.
$55, 518,587
60, 972,107
45, 382,484
41, 912,188
76, 661,703
122, 136,831
129,920,099
$15,669,981
9,539,738
8,258,706
9,589,324
10,962,189
8,323,372
5,318,376
$3,818,088
5,536,088
3,710,882
3,225,707
6,308,283
8,191,952
21,530,846
$30,000,000
39,807,488
31,895,660
44,533,218
39,058,592
39,767,529
53,601,228
$105,006,634
115,855,419
89,047,532
99,260,417
131,988,727
178,419,684
210,368,549
95, 790,430
61, 481,245
84, 639,865
,119,523,136
152, 608,393
171,553,205
75, 434,379
187, 196,598
182, 618,983
227, 854,212
248, 401,951
228,220,604
196;634,081
156,662,452
73, 624,284
91, 781,176
83, 186,960
121, 745,884
152, 488,113
141,070,022
257, 306,"368
328, 453,044
417,343,064
458, 159,776
478,970,232
647,281,358
862 153,801
737; 877,337
788, 467,889
924;316,981
934, 803,233
982 586,379.
1,001, 413,292
995; 209,422
987, 678,101
Year.
61,999,892
93,789,822
88,726,018
•51,501,110
65,687,190
63,182,982
72,938,221
81,431,262
123,145,136
97,456,289
67,265,944
87,645,934
83,575,643
81,826,630
84, a31,966
47,106,968
29,443,955
54,648,743
45,279,029
140,049,456
143,078,146
153,094,872
123,735,775
159,971,402
209,436,811
49,187,017
101,183,778
156,542,687
182,937,138
111,041,339
97,347,289
120,728,077
183,088,870
258,857,948
303,585,254
98,104,792
92,184,943
101,115,387
75,328,033
73,447,061
76,170,911
96,741,747
97,781,405
99,162,377
78,224,18'8
84,418,468
80,361,784
91,889,590
100,991,328
151,233,989
151,117,047
147,308,401
181,828,050
187,808,644
263,888,745
203,700,570
199,350,080
190,172,340
178,147,097
170,547,258
195,111,219
196,680; 998
188,096,624
203,289,045
209,185,761
213,990,955
227,977,878
235,184,404
240,452,237
232,798,904
48,843,424
150,085,854
210,775,833
234,205,711
228,296,821
215,813,129
313,346,322
223,199,885
245,145,579
248,218,193
235,434,571
274,055,833
253,765,288
242,621,832
281,940,012
248,787,867
242,644,897
251,010,816
252,419,033
288,891,578
293,387,872
307,870,474
318,388,468
324,252,498
332,730,989
325,261,922
327,549,686
376,008,787
457,995,462
411,605,432
392,507,842
378,745,080
379,941,280
385,717,711
380,631,888
302, 738,538
397, 541,684
485, 257,101
480, 555,990
520, 019,465
528, 700,227
558, 480,669
589, 609,128
650, 072,055
649, 752,882
633, 518,934
648, 284,155
825, 864,582
582, 102,242
591, 430,251
. 538,793,058
502, 684,013
589, 233,493
637, 794,819
831, 899,801
897, 472,754
988, 768,470 .
1,049,839,847
1,120,530,773
1,191, 885,290
1,218,821,516
1,287,568,283
1,458,323,415
1,812, 689,332
1,656,149,513
1,638,849,319
1,710,035,214
1,799,827,846
1,880,237,316
1,904,694,145
Cola ia circulation.
Total stock
of gold.
Fiscal year June 30;
1873
1874
1875
1876
1877
1878
1879
Calendar year:
18791
1880
1881
•1882
1883
1884
1885
1888
1887
1888
1889
1890
1891
1892
1893
1894
1895
1898
1897
1898
1899
. 1900
1901
1902
1903
1904
1905
1908
1907
1908
1909
1910
1911....
1912
1913
1 Six months ending Dec. 31,1879.
STANDARD SILVER DOLLARS USED IN SUBSIDIARY SILVER COINAGE.
There were purchased as bullion and melted at the mints and assay
offices 785 mutilated silver dollars during the fiscal year 1914, which
were used in the manufacture of subsidiary silver coin.
The following have been used since 1883:
Fiscal yeai'S.
1883
1884
1885 .
,1888
1887
1888
1889
1890
I89I
Amount.
Fiscalyears.
$821
1892
1893
1894
1895
8,292 1896
14,055 1897
31,042' 1898
11,977 189910,800 1900
1,850
. . .
'
Amount.
$42,881
10,500
15,055
18,580
2,034
1,898
1,365
1,734
1,341
Fiscal years. Amount.
Fiscal years. Amount.
1901
1902
1903
1904
1905
1906 . .
1907
1908:
1909
1910
1911
1912
1913
1914
$1,786
1,893
1,777
, 1,304
2,298
909
1,548
1,170
1,293
:...
. . . .
$961
1,320
1,024
4,757
785
Total...
196,850
440
REPORT ON T H E
FINANCES.
RECOINAGE OP UNCURRENT UNITED STATES SILVER COIN.
The table following shows the face value of abraded subsidiary coin
transferred and purchased for recoinage, the amount of new coin made
therefrom, and the loss since 1891:
. Fiscal years.
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906.
1907
1908
1909
1910
1911
1912
1913
1914
Face value.
$910,046.69
7,118,802.78
7,618,198.25
7,184,472.17
4,361,781.36
4,827,141.46
3,197,998.50
6,109,772.32
8,584,304.26
. 5,261,070.35
3,832,280.69
3,333,437.06
3,008,747.98
2,828,384.90
' 1,964,476.11
1,414,963.90
1,142,184.00
1,182,982.08
977,321 23
814,361.57
583,538.44
678,457.94
414,035.30
875,727.40
..
:
. . . .
•
. . .
...
:
-
:
.Total
Loss.,
•
$881,680.41
6,937,886.02
7,381,289.58
6,924,753.05
4,181,820.73
4,377,258.40
3,048,86L64
5,820,159.18
8,098,485.18
4,950,088.96
3,613,021.59
3,141,548.04
2,829,890.71
2,656,104.21
1,839,219.24
1,322,834.27
1,084,826.39
1,086,69L94
912,300.40
758,895.55
544,539.09
634,101. 94
388,026.37
815,800.49
$48,366.28
180,716.76
236,908.67
259,719.12
199,940.83
249,883.06
149,136.86
289,613.16
485,819.08
310,981.39
219,259.10
191,889.02
178,857. 27
172,280.69
125,256.87
92,129.83
77,357.81
78,290.12
65,020.83
55,666.02
38,999.35
44,358.00
28,008.93
59,926.91
78,004,266.72
. .
:
V a l u e of n e w
coia p r o d u c e d .
74,169,883.36
3,834,383.36
The loss on the recoinage of $4,762,261 in worn and uncurrent gold
coins was $37,962.71 and the net loss on the recoinage of $875,727.40
in worn and uncurrent silver coins was $59,926.91.
The Treasuiy was reimbursed from the appropriation for that purpose the following losses on uncurrent coin transferred during t h e
fiscal year 1914 for recoinage:
Uncurrent gold coias
Uncurrent silver coins
Uncurrent minor coins
Total
,
:
$7,789.30'
59,868.94
7,413. 54
:
,..
75,071.78
UNITED STATES GOLD IN CANADA.
The holdings of United States gold coin by the Keceiver General
of the Dominion of Canada on December 31, 1913, was $106,642,969.
VALUES OF FOREIGN COINS.
The following values calculated by the Director of the Mint were
proclaimed by the Secretary of the Treasury under the provisions of
section 25 of the act of August 27, 1894, as the basis for estimating
the value of foreign merchandise exported to the United States duringthe quarter beginning October 1, 1914:
441
DIRECTOR OF T H E M I N T .
Values offoreign coins.
Country.
Argentine Republic.
• Austria-Huagary.
Belgium
Legal standard.
Gold.
Monetary unit.
Peso
Crown
....do
Gold and silver F r a n c ,
Bolivia.
Gold...
Boliviano
Brazil...
....do.
Milreis.,.-
Chile..
Pound sterling
.do.
Dollar
LOOO
.do.
.do.
.do.
Colon
Dollar
Cordova
.465
LOOO
1.000.
Silver.
Gold.
China.
Silver.
Colombia.
Gold.
Denmark.
Ecuador..
Egypt....
Remarks. I
$0. 965 Currency: Depreciated
paper, convertible at
44 per cent of face
value.
.203
.193 Member of L a t i n
Union; gold is the
. actual standard.
12^ bolivianos equal 1
.389
pound sterling.
.540 Currency: G o v e r n ment p a p e r . Exchange rate about 25
cents to the milreis.
.do.
British Colonies in Australasia and Africa.
Canada
Central American States:
CostaRica
British Honduras
Nicaragua
Guatemala..'.
Honduras.
Salvador..
.
Value in
terms of
U.S.
money.
.do.
.do.
.do.
Peso.
.do.
Amoy
Canton
Cheefoo
...
Chin Kiang...
Fuchau
Haikwan
(customs).
Hankow
T a e l . . . Kiaochow.
Nankin
,
Niuchwang...
Ningpo
Peking.
,
Shanghai.Swatow
Takau
/rientsin
Yuan
Dollar.,
(Hongkong...
. . d o . British
[Mexican
.do-..
Crown
Sucre
Pound (100 piasters)..
Finland.
France..
...-do
Mark
Gold and siR^'er Franc
German Empire.
Great Britain
Greece
Gold
Mark
do
Pound sterling
Gold and silver Drachma
.365
.652
.650
.624
.637
.603
.664
Currency: Inconvertible, paper, exchange
rate, 16 to 18 pesos
equal $1.
Currency: Banknotes.
Currency: Convertible
into silver on demand.
Currency: Inconvertible paper; exchange
rate, approximately,
SO. 14.
.610'
.632.646
.612
.627
.836
.596
.603
.657
.632
.475
.429
- .429
.432
1.000
.268
'.487
4.943
. 193
.193
Currency: Inconvertible paper; exchange
rate, approximately
$102 paper to $1 gold.
The actual standard is
the British pound
sterling, which is
legal tender for 97^
piasters.
Member of L a t i n
Union; gold is the
actual standard.
.238
4. 8665
.193 Member of L a t i n
Union; gold is the
actual standard.
1 The exchange rates shown under this heading are recent quotations and given as an indication of the
values of currencies which are fluctuating in their relation to the legal standard. They are not to take the
place of the consular certificate where it is available. Exchange rates since Aug. 1 have had violent fluctuations.
442
REPORT ON T H E FINANCES.
Value offoreign coins—Continued.
Country.
Legal standard.
Monetary unit.
Value in
terms of
U.S.
money.
Remarks.
Currency: I n c o n v e r t i ble p a p e r ; exchange
Haiti.
Gold.
Gourde
$0,965
India (British).
....do
Rupee.
.324
Italy
Gold and silver I L i r a . . .
.193
Japan...
Liberia..
Gold...
....do.
Yen....
Dollar.
LOOO
liexico..
.do.
Peso...
.498
Netherlands...
Newfouiidland.
Norway."...
Panama
Paraguay
..
....do.
....do.
do.
do.
Silver..
Florin.
Dollar.
Crown.
Balboa.
Peso...
.402
L014
.268
1.000
.398
Persia..
Gold and silver Kran..
Peru
Philippine Islands.
Portugal
Gold...
do.
do.
Libra..
Peso. -.
Escudo
4. 8685
.500
L080
Roumania
Russia
Santo Domingo.
Servia
Siam
—
Spain
do
do
do
do
....do
Gold and silverl
Leu
Ruble..
Dollar.
Dinar..
Tical...
Peseta.
.193
.515
LOOO
.193
.371
.193
Straits Settlements.
Sweden
Switzerland
Gold...
....do.
do.
Dollar.
Crown.
Franc..
.567
.268
.193
.170
Turkey
.do.
Piaster.
.044
Uruguay...
Venezuela..
.do.
.do.
Peso...
Bolivar
1.034
rate, approximately,
$0.2941.
15 rupees equal 1
pound sterling.
Member of L a t i n
Union; gold is the
actual standard.
Currency: Depreciated
silver token coins.
Custoins duties are
collected in gold.
Mexican exchange rate
fluctuating and uncertain.
Currency: Depreciated
paper, exchange rate
1,550 per cent.
This is the value of the
gold kran. Currency
is silver circulating
above its metallic
value; e x c h a n g e '
value of silver kran,
approximately,
$0.0875.
Currency: Inconvertible paper; exchange
rate, approximately,
$0.9394.
Valuation is for the
gold peseta; currency
is silver circulating
above its metallic
value; erchange
value, approximately, $0.1794.
Member of L a t i n
Union; gold is the
actual standard.
100 piasters equal to the
Turkish £.
443
DIRECTOR OF THE M I N T .
Changes in the value offoreign coins during 1914.
Value, 1914.
Monetary unit.
Countries.
Jan. 1.
Argentine Republic
Central American S t a ^ s .
China
Do
Do
Do
Do
Do
Do....
Do....
Do....
Do....
Do....
Do....
Do....
Do....
Do....
Do....
Do....
Do...Do....
Do.-..
Paraguay.,
Silver peso
do
Silver tael, Amoy
Silver tael. Canton
Silver tael, Cheefo
Silver tael. Chin Kiang.,
Silver tael, Fuchau
Silver tael, H a i k w a n
(customs).
Silver tael, Hankow
Silver tael, Kiaochow
Silver tael. Nankin
.
Silver tael, Niuchwang
...
Silver tael, Ningpo
Silver tael, Pe'king
Silver tael, Shanghai
Silver, tael, Swatow
Silver tael, Takau
,
Silver tael, Tientsin
Silver dollar (Yuan)...:
Silver dollar, Hongkong
Silver dollar, British
Silver dollar, Mexican
Silver peso
Apr. 1.
Julyl.
$0. 9647
.434
' .711"
.709
.679
.894
.657
.723
$0. 9647
.422
.692
.890
.661
.676
.640
.704
1.9647
.422
.691
.690
.661
.676
.640
.704
.665
'.889
.704
.867
.883
.693
.649
.657
.715
.889
.518
.467
.487
.471
.434
.647
.670
.685
.849
.865
.674
.632
.639
.898
.670
.504
.455
.455
.458
.422
.647
.670
.885
.849
.865
.874
.632
.639
.896
.670
.504
.455
.455
.458
.422
.Oct. 1.
$0. 965
.422
.652
.650
.824
.637
.603
.664
.810
.832
.846
.612
.627
.638
.596
.603
.657
.632
.475
.429
.429
.432
.398'
The foregoing report, covering the operations of the mints and
assay ofl&ces of the United States for the fiscal year ended June 30,
1914, is respectfully submitted.
GEO. E .
ROBERTS,
Director of the Mint.
Hon.
W. G. MCADOO,
Secretary qf the Treasury.
APPENDIX TO REPORT ON THE
No. 1.-—Domestic production, deposits, ana purcnases of
Philadelphia.
Location a n d description of deposits.
1
9
^
(1
5
e,
7
R
9
10
n
r?
13
14
I'l
16
17
18
Alaska:
Circle
Cooks I s l a n d
. '
Copper R i v e r
Eagle"
.
.
Fairbanks .
F o r t y Mile
Iditarod
:
Kodiak Island
Kougaroh
K o w K o w Creek
Koyukuk
Kuskokwini . _
Nome
Q n i n h a g a k . .. _
Southeast Alaska
Tanana
Yukoi;i
'
Unknown
F i n e ozs.
I...
.
.
.
•17
.127.879
25.488
.-
_.
87.113
'.. ; ... .
... .
78.248
•...
317,451
210.397
.-. -. .
-.. '.
190.797
39.815
52,478.192
8,525.834
40,13LO32
181,329.051
1,72L173
8,180.544
5.540
255.229
37.785
6.153
179.938
23,602.726
438.485
589.777
24,181.325
137.468
31.772
167.483
221.714
8.260
193,750.357
6,720.705
563,708.093
.
1,841,854.540
6,720.705 2,205,562.633
14,780.051
388.942
183,912.129
132.480
1,267.175
11,297.450
1,716.059
84,712.908
186.321
213.943
344.495
403,903.133
218,290.865'
451,021.868
8,150.435
.114,149.239 1,522,889.604
, 989,074.240 1,749,330.904
13.517
28,591.954
39,38L737
24,837.859
11,300.987
73.332
1,565.750
5,137.716
287.451
515.301
145.125
145.126
344,749.582
412,286.136
128,019.674
205,505.057
344.925
56.436
96.750
2.360
273,833.786 2,254,254.109 1,015,605.537 2,866,983.-778
73,137.358
i83. 574
»
15,057.555
584,769.925
5.399
30,838.265
73,320.932
15,057.555
584,769.925
30,84L664
347,154,718 2,269,311,684 1,600,375,462 2,897,825,442
'
Total .
444
68.173
1,973.167
182.303
151,485.828
1.405
1,925.176
45.447
$5,660,646.68 $46,599,567.-98 $20,994,429.88 $59,265,814.52
1,515,678.17
311,287.28 12,088,267.20
633,419. 41
7,176,324.85 46,910,835.26 33,082,696.88 59,899,233.93
N u m b e r of deposits
N n r n b e r of redepositR
Total
188,504.089
112,087.871
190,656.733
220.218
24,585.431
T o t a l value of deposits
T o t a l v a l u e of redeposits
67
23.045
176.098
10,441.829
12.780
Total...'
65
66
704.061
• 9.752
525.162
56.855
2.451
58.779
4,852.497
20.923
138.549
3.000
8.268
-..'.
T o t a l redeposits
64
ii.568
155,455.902
T o t a l deposits
8?
6S
66.173
164.915
Redeposits:
Fiue bars
Miat bars
U n p a r t e d bai's
61
ii.665
4.194
Total u n r e f i n e d .
D o m e s t i c bullion, refinery bars
Uomestio bullion^ refined, over 992
60
F i n e ozs.
2,354.760
Total
4?
. . .
44 Domestic coin purchased
4^ D o m e s t i c coin transferred
46 Foreign bullion unrefined
47 Foreign bullion refined
48 Foreign coia
49 - J e w e l e r s ' b a r s , etc
50 D e p o s i t melting-room g r a t a s a n d s w e e p s . .
'il Recovered from floors old building . . . . ^
F)?, A s s a y coins
SS S u r p l u s bullion
54 Assayers' proof bullion
5'i • G a i n on light-weight domestic coin.
SH
'
59
F i n e ozs.
23.670
Total
Alabama
Arizona
? 9 ' California
.
.
?3 Colorado.
* 4 Georgia
>
9S I d a h o
Michigan •
.
'?6
97 M o n t a n a
Nevada
*«
>
oq N e w Mexico
. .
30 N o r t h Caroliaa
?1 Oregon
V S o u t h Carolina .
S3 S o u t h D a k o t a
34 U t a h
•^•i W a s h i n g t o n . .
Wyoming
•^•s
V Porto Rico
•^s P h i l i p p i n e s
so O t h e r
^18
NewYork.
48.424
20
?1
/\0
F i n e ozs.
11.338
Denver.
.
.,
If)
40
41
San
Francisco.
4,171
15
;
7,860
389
3,472
1,872
11,268
298
4,188
8,249
5,344
11,568
OPERATIONS OF THE MINT.
gold during the fiscal year ended June 30, 1914.
^ New
Orleans.
Carson.
Boise.
Helena.
Deadwood.
F i n e ozs.
F i n e ozs.
F i n e ozs.
F i n e ozs.
Fine'ozs.
:
Seattle.
F i n e ozs.
1,637.411
10,008.778
13,485.908
933.864
Salt L a k e
City.
F i n e ozs.
52,-964.803
2.623
7,889.336
923.051
111,630.404
20.540
3,814.875
107,142.120
2.623
20.540
•
310,228.548
37.028
37.028
62.181
127.655
3 .319
©
36.164
29,858.424
154.718
262.487
1,029.811
92.442
33,737.174
75.838
1.932
1,284.151
1,717.742
60. 744
15,405.807
"
21,674.272
129,586.538
5,597
138.174
2,444.930
180.617
954.082
Total.
F i n e ozs.
1,648.749
10,006.776
13,485.908
933.884
2,354.760
48.424
53,092,482
23.670
11.005
4.194
7,714.804
923.051
111,818.421
184.915
159,307.805
107,142.120
23.045
10,694.173
6
7
g
9
10
11
12
13
14
15
18
17
18
479,398.166
218.657
114,123.219
191,739.858
151,758.115
528.567
33,477.868
2.451
74,316.950
250,475.001
31,849.533
5,090.982
32,234.002
138.549
347,501.220
2,601.803
1,559.874
167.483
45.447
24,565.431
12.760
19
20
21
22
23
24
2^^
26
27
28
09
30
31
32
33
34
35
36
37
38
39
1
7
3
4
t^
15,533.262
51,771.532
34,093.049 129,586.538 313,270.016
-4,926,741
1,741,803.934 40
459,172.303 41
3,278,893.383 4?
15,533.262
51,771.532
34,093.049 129,588.538 313,270.016
21.150
4,928.741
5,479,869.620
•44,279.379
184,044.609
497,296.808
420,79L831
157,797.658
290,544.549
952.199
56.436
213.943
859.796
387.001
2.360
2,483.785
69,349.688
8,505.695
31,250.978
:
1 1,658.316
1,792.283
1L614
1.196
8.458
95.614
15.005
37,196.956
15,542.916
51,882.151
161.822
8.180
1,368.682
23.154
468.284
3.928
34,263.051 129,596.371 392,538.383
5,398.951
9.833
5.903
15,542.916
51,882.151
548.009
34,268.954 129,596.371 393,086.392
7,077,095.989 66
73,891.270 575.399 •18
630,847.319 59
548.009
5.903
37,196.958
43
44
45
48
47
48
49
50
^1
5'>
53
54
55
704,343.988 60
.' 5,398.951|
7,781,439.977 61
$768,929.30 $321,300.58 $1,072,499.13 $708,279.82 $2,678,993.89 $8,114,487.74 $111,606.00 $146,298,555.30 82
11,328.59
14,560,082.68 63
122.03
768,929.30
321,300.56 1,072,499.13
708,401.85 2,678,993.89 8,125,816.33 • 111,806.oo!
160,856,837.98 84
649
901
444
1
193
1,798
30
187
30,923 65
2,805 66
849
901
.445
193
1,828
167
33,528 67
445
446
R E P O R T O N THE
FINANCES.
No. 2.—Domestic production, deposits, and purchases of
L o c a t i o n a n d d e s c r i p t i o n of
deposits.
1
•?
3
4
5
6
7
8
q
10
11
12
13
14
15
16
17
18
19
?0
?1
?2
?3
?4
?5
?6
97
?8
9q
30
31
32
33
34
^5
"^6
•37
38
;39
•40
41
42
43
44
45
46
47
48
^49
50
-51
53
54
55
56
F)7
'>8
59
60
61
Alaska:
Circle
Cooks I n l e t
Copper R i v e r
' Eagle
Fairbanks
Fortymile
Iditarod
Kodiak Island
Kongarok
Kovnkuk
K o w K o w Creek
Kuskokwim
Nome
Ouinhasrak
S o u t h e a s t Alaska
• Tanana
Yukon
Unknown
Total
Alabama
Arizona
:
California
Colorado
Georgia
Idaho
'^
Michigan
Montana
Nevada
Philadelphia.
F i n e ozs.
San Francisco.
F i n e ozs.
3.19
Denver.
New York.
New
Orleans.
F i n e ozs.
F i n e ozs.
F i n e ozs.
450.32
8.43
24.28
9.75
0.99
L23
••56
,
12.51
8.27
.97
23.21
"
14,997.93
•-...
N o r t h Carolina
Oregon
S o u t h Carolina
South Dakota
Utah
.
^Vashinsrton
Wvominer
..
Porto Rico
ILIO
53.05
20.76
108.37
.58
88.40
28.08
8,028.67
6.23
1,234.08
. 4 . 8 4
16.00
2.00
27.18
1,415.45
16,904.91
54,878.05
50,272.67
9L54
47.98
0...
3.61
22,046.43
21,207.38
i , 863.97
4.44
112.37
"
8.27
12,218.81
7L37
418,415.15
L23
435.78
4.13
25.51
3L60
3.85
6.29
.73
59.33
5,507.24
32,497.02
5,560.52 1,138,508. 73
- . 9L15
3,677. 81
34,025.25 •
1,150.14
1L72
17.08
61,579.07
4..04
4,933.93
Other
Total unrefined
D o m e s t i c bullion refinery charges
D o m e s t i c bullion refined over 992
Total....
D o m e s t i c coin p u r c h a s e d
D o m e s t i c coin t r a n s f e r r e d
F o r e i g n bulli9n, u n r e f i n e d
F o r e i g n coins
Jewelers' bars, etc
Deposit melting-room g r a i n s a n d
sweeps.
A s s a v coins
3.24
7,597.48
4,231,318.41
4,238,913.87
1,74L23
551,714.29
27,782.02
78.84
1,815.10
89,129.-91
286.10
172,357.28
511,597.17 1,200,284. 79
123,545.72
36,554.78
805,860. 03
458,263. 68 2,013,076.85
830,620.98 2,561,228.80 2,129,690.54
112.12
155. 25
36,249. 05
254,146.35
181,103. 95
12,910.42
143,792.73
L43
10,792. 99
71,982:78
447. 06
444,228.50
11,208.87
16,184. 61
294.12
798. 76
74.12
157.76
4,247.19
1,092.22
2,171.54
200. 00
50.00
100.00
A s s a v e r s ' nroof bullion
. . 7L98
R e c o v e r e d from floors old b u i l d ing.
T o t a l deposits
: . 4,913,790.66 1,084.462.07 2,587,393.41 2,839,929.12
Redeposits:
271,58L57
Fine bars
i
4 4 , s i i . 09
Mint bars
221,576. 69
10,189. 47
76.95
Unparted bars
:.. .
8,324.52
271,638.52
221,576. 69
53,135. 81
10,189.47
. T o t a l redeposits
5,185,429.18 1,137,597.88 2,808,970.10 2,850,118.59
Total
11,126.41
3.41
941.86
5.51
12,077.19
12,077.19
T o t a l s u b s i d i a r y v a l u e of deposits. $6,792,867.68 $1,499,169.95 $3,576,835.42 $3,925,943.12
14,086. 01
T o t a l s u b s i d i a r y v a l u e of r e d e 375,515.49
73,455.14
308,309.57
. posits.
64
Total
7,168,383.17 1,572,625.09 3,883,144.99 3,940,029.13
$15,025.93
649,654. 95 1,504,485.88 1,633,100.24
5,859.45
128,268. 56
30.769. 58
680,424,53 1,632,754.44 1,638,959. 89
8,923.48
62
63
65
68
67
68
69
70
71
T o t a l cost v a l u e of deposits
T o t a l cost v a l u e of redeposits
Total
N u m b e r of deposits
N u m b e r of redeposits
Treasury purchases a n d Salvador
account.
Total
3,269,325.61
150.736. 25
3,420, OOL 86
585
22
3;880
1,067
863
2,051
4,287
1,067
863
2,051
15,025.93
6,923. 48
447
DIEECTOR OF T H E MINT.
silver during thefiscal year ended June 30, 1914.
Carson.
Boise.
Helena.
Deadwood.
F i n e ozs.
F i n e ozs.
Finis ozs.
' F i n e ozs.
Salt L a k e
City.
Seattle.
F i n e ozs.
365.40
1,439.91
2,235.65
174.09
F i n e ozs. .
8,685.38
323. 46
0.23
231. 82
12,525.33
3.05
890. 44
16,456.20
.23
43,327.68
3.05
2.54
. 2.54
13.26
16.46
4.73
4.50
7,775.04
26.03
77.37
77.31
7.83
16,063.50
1L20
•
.35
1,229.60
4,533.75
12.91
8,56L08
35,600.40
.
69,202.71
4.87
35.00
48.3f)
8,567.52
43,423.37
18,140.88
69,202.71
48,290.77
6,534.77
8,567.52
43,423.37
16,140.88
69,202.71
48,290.77
6,534.77
5,194.30
338.04
•
40,163.63
. .18
12.33
36.18
1L18
55.02
9.17
20.87
845.63
5.15
445.82
2.18
Total.
F i n e ozs.
36'8.59
1,439.91
2,2.35.65
174.09
450. 32
8.43
8,709. 86
9.75
.99
324.69
.56
231.82
12,550.36
23.21
15,890.91
16,456.20
4.13
1,452.08
60,331.33
24.61
67,110.12
60,477.89
416,512.50
69.63
8,487.55
8,026.67
21,659.29
64,324.11
1,165,276.63
1,325.23
45,883.48
16.00
184,809.03
6,380.93
543.43
17.08
4.04
4,933.93
3.24
2,083,996.72
160,100. 50
7,508,516.77
9,762,813.99
• 2,008.60
587,963.34
627,232. 78
143,792. 73
80.27
85,041.34
583,076.56
1,519.47
1
?
3
4
5
6
7
8
0
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
38
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
157.76 52
7,510.95 53
350.-0O 54
7 L 9 8 .55
8,580.03
43,470.71
18,205.07
89,223.58
89,305.18
8,982.75
11,671,419.77 56
271,561.57 57
44,811.09 58
240,167.63 59
556,540.29 60
12,227,980.06 51
^
8,580.03
43,470.71
16,205.07
69,223.58
89,305.18
6,982.75
$11,861.11
$60,094.27
$22,401.99
$95,695.29
$123,456.27
$9,853.00
$18,133,004.03 62
769,368.21 63
11,86L11
60,094.27
22,401.99
95,695.29
123,456.27
9,653.00
18,902,370.24 64
4,943.57
24,965.57
9,425.90
40,273.73
51,729.43
4,049.31
4,943.57
24,965.67
9,425.90
40,273.73
51,729.43
4,049.31
7,198,877.67 65
315,633.84 66
7,514,51L51 67
4,586 68
22 69
3,680 70
!
8,268 71
448
REPORT ON THE FINANCES.
No. 3.—Mutilated and uncurrent domestic coins received for
Philadelphia..
San Francisco.
D e n o m i o ation.
. Received
frora
Treasury.
Purchased.
Received
from
Treasury.
Purchased.
Denver
(purchased)
GOLD.
.
$60.00
12a 00
85.00
9.00 '
15.00
2.00
:
T o t a l gold
$763,720.00
1,269,040.00
1,784,150.00
33.00
13,285. 00
57.00
$71,080.00
102,280.00
135,600. 00
2L00
3,685. 00
115.00
$1,880.00
380.00
500.00
$3,820.00
1,700.00
2,615. 00
3.00
120. 00
2.00
3,830,285. 00
D o u b l e eagles
Eagles
Half eagles
3-dollar pieces
Q u a r t e r eagles
Dollars. ..'.
312,781.00
2,760! 00
8,260.00
26,135. 00
18,700. 00
4.80
8,655. 00
94.85
144.00
5L00
2.40
25.90
3.65
31. 00
16.75
226. 95
156.35
291.00
SILVER.
Triade dollars
Dollars.
Half dollars
Quarter dollars
20-cent nieces
Dimes
Half dimes
3-cent pieces
92.00
687.00
986. 00
832.50
98.66
-....:
229,298. 00
294,288.00
188.20
294,542. 40
632. 35.
138.05
-..:
819,085.00
'2,869.45
53,589.85
567,099.00
287. 88
303.90
38.95
5,743. 00
13.80
567,690. 78
38.95
5,756.80
202.14
21,612.90
73.75
11. 52
1,267. 63
21,815.04
73.75
1,279.15
-.-.
T o t a l silver
288. 00
• 3.96
16.50
.10
NICKEL.
5-cent pieces
3-cent pieces
1-cent nieces
Total nickel
BRONZE.
2-cent pieces
1-cent pieces
*
T o t a l bronze
COPPER.
110. 68
1-cent pieces
SUMMARY.
Gold coins
Silver coins
Nickel coins
Bronze coins
Copper coins
Gold, coining v a l u e
SUver, s u b s i d i a r y coiniag v a l u e
Nickel, c o i a i a g v a l u e
Bronze, coining v a l u e
Copper, coining v a l u e
Copper, coiaiag, v a l u e i a b r o n z e
Loss, gold
Loss, silver
Loss n i c k e l
....
Loss, bronze
Loss copper
5.05
F i n e ozs.
183,912.129
551,714. 29
F i n e ozs.
14,993.994
1,898.99
F i n e ozs.
132. 480
36,249.05
F i n e ozs.
388.942
155.25
F i n e ozs.
13.517 j
112.12
Troy ozs.
1,807,426.20
210,116. 20
3,561. 00 .
Troy ozs.
112.29
707.58
Troy ozs.
17,344.78
12,660. 40
178. 20
Troy ozs.
Troy ozs
$3,801,80L11
762,694. 71
560,841.71
21, OIL 60
101.74
373. 90
28,483. 89
• 56,390.29,
• 6,849.07
803. 44
8.94
$309,953.37
2,625.18
34.93
70.78
$2,738. 60
50, 111. 00
5,394.95
1,286.04
4.55
18. 71 •
2L40
3,478.65
361. 85
13.11
.50
$8,040.13
2r4.61
$279. 42
154.99
219.87
12.34
ii.ss
2,827.63
44.27
2.02
2.99
1.36
449
DIRECTOR OF THE MINT.
recoinage during thefiscalyear ended June 30, 19145_
Total.
New York
(purchased).
N e w Orleans
(purchased).
Seattle
(purchased).
Grand total.
R e c e i v e d from
Treasury.
Purchased.
929,216.00
4,762,281.00
92.00
785.00
1,141. 00
700. 25
2.40
324.40
7.70
92.00
785.00
258,574.00
313,888.25
195.40
303,521.80
734. 90
136.05
3,052.75
875 727.40
36.95
572,878:95
301.68
303.90
36.95
573,484.53
73.75
213.66
22,954.28
23,094.19
20.00
3,833,045.00
213.66
22,880.53
.
247.50
$948,340.00
1,569,330.00
2,218,840.00
117.00
25,560.00
274.00
573,447.58
$80.00
100.00
245.00
$182,740.00
299,910.00
433,990.00
84.00
12,275.00
217.00
572,842.00
301.88
303.90
$9,240.00
13,260.00
29,250.00
$765,600.00
1,269,420.00
1,784,650.00
33.00
13,285.00
57.00
872,674.65
$98,460.00
182,450.00
266,195.00
51.00
8,187. 50
98.00
73.75
23,187 94
•
555,441.50
445. 00
51,997.50
255,433.00
312,988.00
193.00
303,197.40
727. 20'
136.05
'
115.73
115 73
F i n e ozs.
26,591.954
F i n e ozs.
2,483.765
F i n e ozs.
21.150
F i n e ozs.
. 184,044.609
587,963.34
F i n e ozs.
44,493.322
2,186.38
F i n e ozs.
228,537.931
590,129.70
Troy ozs.
Troy ozs.
Troy ozs.
Troy ozs.
1,824,770.98
222,776.40
3,739.20
Troy ozs.
112.29
707.58
Troy ozs.
1,824,883.27
223,483.98
3,739.20
$549,704.48
$51,343.98
$437.20
$3,824,539.71
812,805.71
668,236.66
22,277.64
108.29
$919,758.58
2,994.78
34.93
70.76
$4,724,298.29
815 800 49
566,27L59
22,348.40
106.29
•5,737.02
853.52
7.80
28,505.29
59,868. 94
7,210.92
818.55
9.44
9,457.42
57.97
2.02
2.99
37,962.71
59,928.91
7,212.94
819 54
9 44
'
.
64402°—FI 1914—29
450
REPORT ON THE FINANCES.
No. ^.-^Earnings and expenditures of the United States
INCOME.
^
Miats.
Item.
Philadelphia.
Partiag and refining chai'ges
:...
Fine bar charges
Meltiag charges
:
Alloy charges
Assay tag and stamping charges
Seigniorage on subsidiary silver coiaage
Seigniorage on miaor (nickel and bronze) coiaage
Seigniorage on minor recoiaage
:
Proceeds of stock medals and proof coias sold
Charges for manufacture of special medals
Charges for work done for other iastitutions
Charges on coinage executed for—
Philippine Government.
San Salvador Government
Receipts from special assays of bullion and ores
Gain on bullion shipments to Government refineries
Bullion recovered from deposit meltiag room sweeps,etc.
Bullion recovered at settlement (gold and silver)
Bullion recovered at settlement (minor metals)
Gaia on light weight and mutilated coia purchased for
recoiaage
Receipts from sale of by-products
Receipts from sale of old materials
Commission on telephone calls '..
Cashier's surplus, with iaterest thereon
Refund on account of reduction in contract price of
electricity
. Total
San Francisco.
$7,621.41
836.70
4,663.00
115.54
$35,261.42
73.34
9,154. 00
4,457.54
$88,342.21
7.11
4,853.88
2,020.28
1,688,597.25
2,025,880.10
1,535.96
6,773.97
9,359.76
8,848.19
290,287.06
132,896.12
12.61
1,034,176.05
248,575.48
Denver.
25.14
23,443.50
44,527.08
587.00
36." 66'
5,214.25
8,394.34
1,866. 48
10,020.13
. .87
5,181.44
773.53
83.34
.09
10,277. 25
.82.45
2,487. 74
1,158.89
2.63
519.93
3,812,197.41
518,388.79
EXPENSES.
Salaries of officers and clerks
"
Wages of workmen
Contingent expenses (includiag equipment) less amount
to reimburse wastage and loss on operative sweeps sold
Wastage of operative departments, gold and silver
Wastage of operative departments, minor metals
Loss on operative sweeps.sold
Loss on bullion shipments to Government refineries
Expense of distributiag minor coias
Freight on bullion and coia shipments between miats
and assay offices
....'..
Loss on recoinage of minor coia.
Total.
$67,353.24
.294,306.75
$45,785.28
115,580.22
$45,374.45.
90,835.01
83,002.61
266.68
1,388.32
333.39
41,083.27
977.32
83.74
412.34
32,485.24
. 8,842.88
260.75
1,078.34
11,179.85
4.50
9,073.23
• 866.40
458,697.24
374.98
204,28L61
187,949.90
451
DIEECTOB OF T H E M I N T .
mints and assay offices for thefiscal year 1914.
INCOME.
Assay offices.
New York.
$72,877.29
30,020.56
16,862.00
5,101.31
i, 654.66
14,862.66
362.89
New
Orleans.
Carson.
Boise.
Helena.
Deadwood.
Seattle.
•
$6.58
474.00
65.98
1,170.15
$850.00
31.11
784.52
$458.96
70.59
1,187.80
$928.00
110.17
2,060.05
$307.00
259.18
3,419.52
$1,872.25
789.82
104.00
200.32
243.34
89.00
104.84
181.74
54.66
13.75
180.42
29.00
286.84
316.44
655.00
112.00
215.38
892.01
48.79
78,033.24
450.00
503.00
Salt Lake.
$170.00
12.05
255.93
29.15
82.38
$204,102.33
30,944.27
40,391.09
13,033.35
8,857.77
3,013,060.38
2,407,351.70
1,548.57
6,773.97
9,359.78
8,871.33
23,443.50
44,527.08
3,342.00
834 90
29,235.88
19,550.89
87
132 22
90,798.23
2,304.99
2 63
519.93
170.65
693.78
220,865.80
Total.
593.78
2,264.35
2,324.21
1,943.32
3,730.50
4,856.04
3,836.53
549.61
5,957,441.38
$4,918.65 $13,050.00
1,981.26 14,695.25
$3,640.00
1,200.00
$251,555.97
611,405.44
257.30
220,708.91
13,049.42
1,732.81
2,486.30
283.80
20,257.58
EXPENSES.
$50,008.60
79,197.17
$7,900.00
7,113.00
55,058.33
2,902.54
1,508.33
$4,200.00 $5,127.77
1,998.78 2,500.00
937.88
$4,200.00
2,000.00
951.41
682.23
289.68
187,888.87
16,811.01
640.50
612.15
7,358.46 8,876.20
7,763.56
221.80
468.44
4,368.17
175.65
607.93
108.15
1,247.60
8,038.38
73.15
9,987.66
374.96
8,789.60 38,257.95
6,170.45
1,131,842.85
452
REPORT ON T H E
FINANCES.
No. 11.—Sumrriary of imports and exports of gold and silver.
GOLD.,
Exports.
Description.
Imports.
Domestic.
I n ore a n d b a s e bullion
Bullion,"'refijied
Com:
U n i t e d States
Foreign
$11,001,406
24,208,047
66,997,030
68,538,659
Total
$459,943
43,058,031
26,048,859
5,282,347
Foreign.
110,515,004
Total.
$234
. .678
$460,177
43,058,709
1,522,613
86,997,030
1,522,613
1,523,525
112,038,629
SILVER.
Exports.
Description.
Imports.
Foreign.
Domestic.
$11,439,423
16,548,213
250,177
30,326,604
Total
$136,721
52,180,453
1,795,591
543,377
I n ore a n d b a s e bullion
B u l l i o n , refined
Com:
U n i t e d States
Foreign
52,587,351
$503,941
Total.
$138,721
52,684,394
i,'893* 731'
250,177
1,893,731
2,397,872
*
54,965,023
No. 12.—Seigniorage oh the coinage of subsidiary silver and minor coin and its distribution during thefiscalyear 1914.
Silver seigniorage b alance
on hand July 1,1913:
San Francisco
: . . . $48,531.24
Accrued on subsidiary
silver:
Philadelphia
$1,688,597.25 •
San Francisco
290,287.06
D enver
1,034,176.05
Total......
Minor coin seigniorage
balance on hand July
1,1913: •
Philadelphia
SanFrancisco•.
Denver
3,013,060.36
155,359.41
32,753.85
2,661.85
Total
Accrued on minor coia:
PhUadelphia
2,025,880.10
SanFrancisco.
." 132,896.12
Denver
..........
248,575.48
. .
TotaL...
Accrued on miaor recoinage:
PhUadelphia
San Francisco
Total.
190,774.71
Silver coin seigniorage
deposited ta
the
Treasury:
PhUadelphia
$1,454,903.4?
San Francisco
338,818.30
Denver
880,272.85
Total
$2,653,994.42
Minor coinage seignior- age deposited in the
Treasury:
PhUadelphia...... 2,089,770.14
SanFrancisco
145,727.02
Denver
232,203.40
Total
Miaor recoiaage seigniorage deposited:
PhUadelphia
Expenseof distributiag
2,467,700.66
1,535.96
,2,407,35L70
mmor com:
PhUadelphia......
SanFrancisco.....
Denver
11,179.85
171.50
9,073.23
1,548.57
Total
M i n o r coin w a s t a g e :
PhUadelphia
..
' SanFrancisco
Denver
1,388.32
192.12
153.78
1,535.96
12.81
Total
L o s s o n m i n o r recoin-
San Francisco
Balance sUver seigniorage on hand July 1,
1914: .
PhUadelphia
Denver
Total
Balance minor coin
seigniorage on hand
July 1,1914:
PhUadelphia
San Francisco
Denver
20,424.58
---
374.96
233,693.78
173,903.40
407,597.18
78,90L20
19,196.78
9,808.72
Total
TotaL
5,681,266.58
Tptftl
1,734.22
107,904.70
.,.,..,...,...
5,661,266.58
453
DIEECTOR OP T H E M I N T .
No. IS,—Average price of an ounce of gold in London and equivalent value in United
.States since 1870.
Calendar year.
Average Lond o n price.
1870.
1871
1872
1873
1874
1.875
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
Mint price.
B a n k price.
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
3
3
d.
9.01
9.91
9.24
9.28
9.00
9.23
9.30
9.42
9.41
9.11
9.15
9.35
9.43
9.18
9.32
9.17
9.10
9.01
9.21
9.04
9.44
10.29
10.17
10.57
9:33
9.03
10.18
1L23
10.46
9.27
9.91
9.83
9.55
10.08
9.94
9.42
9.82
9.95
10.19
9.18
9.03
9.00
9.00
9.00
17 10.50
17 9.00
Equivalent
v a l u e in
U n i t e d States
gold coin of a n
ounce of gold,
British standa r d (0.9161).
V a l u e in
U n i t e d States
gold coia of
a n ounce
1,000 fine.
$18.9187'
18.9187
18.9233
18.9241
18.9185
18.9231
18.9248
18.9270
18.9268
18.9207
18.9215
18.9256
18.9272
18.9221
18.9250
18.9219
18.9205
18.9187
18.9227
18.9193
18.9274
18.9448
18.9422
18.9503
18.9258
18.9191
18.9420
IS. 9837
18.9481
18.9240
18.9371
.18.9356
18.9300
18.9404
18.9380
18.9272
18.9355
18.9381
18.9429
18.9224
18.9192
18.9188
18.9187
18.9188
$20.638
20.638
20. 643
20.644
20.838
20.643
20. 645
20.847
20.647
20.640
20.641
20.646
20.647
20.642
20.645
20.842
20.640
20.638
20. 642
20.839.
20.648
20.868
20.664
20.673
20. 846
20.639
20.664
20.688
20.870
20.644
20.658
20.657
20.650
20.862
20.659
20.648
20.657
20.660
20.665
20.642
20.839
20.638
20.638
20. 638
18.9491
18.9185
20.871
20.638
Per cent
premium
above Bank
of E n g l a n d ' s
minimum
rate.
0.00108
.00108
.02571
.03000
.02431
.03215
.04501
.04394
.01178
.01607
.03751
.04607
.01920
.03429
.01821
.01071
.00106
.01804
.00428
.04715
.13828
. 12.542
.18826
. .03747
.00324
.12433
.'23901
.15648
.02936
.09870
.09078
.05951
.11570
.10337
.04639
.09008
. 10359
.12935
.02062
.00408
. 00182
. 00130
. 00130
454
REPORT ON THE FINANCES.
No. 14. -Bullion value of the silver dollar [371^ grains of pure silver] at the annual
average price of silver each year from 1837.
Calendar year.
1837....
1838
1839
1840
1841
1842
1843
1844
1845
1848..
1847....:
1848
1849
1850
•...
1851
1852
.-..
1853..
. .
1854
1855..
1856
Value.
$1,009
1.008
1.023
1.023
L018
L007
1.003
1.008
1.004
1.005
1.011
1.008
1.013
1.018
L034
1.025
1.042
1.042
1.039
1.039
Calendar year.
1857....
1858
1859
1860
1861
1862
1863
1864
1865..:
1868
1867
1868
1869
1870
1871
1872.
1873
1874
1875
1876
Value.
. . . . . $1,046
1.039
1.052
1.045
L031
L041
1.040
1.040
1.035
1.036
1.027 .
1.025
1.024
1.027
L025
1.022
1.00368
.98909
.96086
:
.90039
Calendar year.
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891.
-1892
1893
1894
1895
1896
Value.
$0.92958
.89222
.88928
.88564
•
.87575
.87833
.85754
.85904
.82379
.76931
.75755
.72883
. 72325
.•...
.80927
.78416
.67401
.60351
:.
.49097
.50587
.52257
Calendar year.
1897.:
1898
-..
1899
1900
1901
1902
1903
1904..
1905
.
1906....:..:..
1907
1908
1909
1910
1911
1912
1913
Value.
$0.46745
.45640
.46525
.47958
.46093
.40835
. 41960
. 44783
.47200
• . 52353
.51164
.41371
.40231
.41825
.41709
.47543
. .48760
No. 15.—Coinage of nations.
1913
Gold.
C o u n t r y of coinage.
Monetary unit.
Gold. 1
U n i t e d States
Philippine Islands
Abyssinia
Austria-Hungary
Belgium
Brazil
Britt'^h E m p i r e :
Australasia
B r i t i s h E a s t Africa a n d U g a n d a .
B r i t i s h W e s t Africa
Canada
:
Ceylon
Great Britain
Guiana (British)
Cyprus
'..
Hongkong
India
Newfoundland
Sarawak
Straits Settlements
Other British dependencies..:..
Bulgaria
Chile
China
Colombia
Costa R i c a
Denmark
Dutch East Indies
Ecuador
Egypt
:
Ethiopia
France
F r e n c h colonies:
Indo-China
Tunis.
Germany
Dollar..
Peso...
Piaster.,
Crown..
Franc.
Milreis.
P o u n d sterling.,
Rupee
Pound sterling.
Dollar
Rupee
Pound sterling.,
do
....do....:....
....do
Rupee
Dollar
-...do
....do
Pound sterling..
Leva
Peso
Tael
Dollar
Colon
Kroner
,
Florin
Sucre
Pound
Talari
:...
Franc
Piaster.,
Franc. Mark...
Silver, i
F i n e ounces
silver con- U n i t - v a l u e
sumed.
of c o u n t r i e s '
money.
$7,340,995
465.500
10,000
4,993,229
8,313,251
1,737.000
53,'268'
1,7.28,9S8
5,510,292
470,838
7,490
2,749,424
1,208,036
915, 214
48,540,291
1,212.795
95,000
838,261
28,500
1,477,710
278,550
' 32,443
12,705,458
193.244
29,989
6,782,201
14,274,810
42,731,174
100,000
11,134,352
45,275,375
89,375
310,860
Silver.
V a l u e in
United
States
money.
18,113
$17,498,523
i62,'687,"479'
L"'nit v a l u e
of c o u n t r i e s '
money.
25,433,377 $25,433,377
18,183,203
""i63,"646'
9,'207,467
3,184,229
325;782
500.COO
3,883,916 53,945,669
6,000,000
56,'623' 3,314,000
44,808,138
180.000
175,000
• 067,000
1,986,480
1,327,139
1,986,480
500,000
27," 586,'si?' 134,'25i,'245' 1,893,228
500
5,000
983,116
171,225,047
Value in
United
. States
money.
F i n e ounces
consumed.
$3,184,229
182,891
230,200
10,929,392
1,158,000
1,810, 438
2,303,392
157,315
374,900
7,240.937
805,358
956,593
875.970
56,777
3,245,955
1,327.139
162.200
8,240,094
2,433
24,332
318,922
55,551,112
605,454
62.500
2,243,543.
9:0.703
449,988
6,695,403
1,681
27,280
337,918
68,858,610
20,000
1,586,893
408,181
9,733
889.412
7,040
916.515
1,158,000
271,335
15,829,272
l,042,38v
805,358
149,324
28,628,109
5i6,738
1,986,412
'241,443
350,340
34,355,162
829,200
53,556
106,907
4,020,000
8,818
834,909
43,655,784
300,000
193,350
8,185,438
15,689,680
4,204,834
707,740
15,000,000
189,462
6,030,000
133,412
4,800,317
2,884,659 246,281,160
47,532,264
17,546
25,000
21,854,148
39,487
11,550
4,179,250
65.812
18,841
2,906,555
204,421
134,469
1,290
5,528,592 143,525,760
249
34,173,483
3,979,063
1,810
51,106,369
3,979,063
.
349
12,168,428
52,077,305
512,638
30,993
75,695
2,974,835
10,127
833,553
3,860,193
249
32,481,248
127,865
6,000,000
743,589
36,726,850
1,042,385
'
4,698,403 ,
243
8,215,335
O
w
H
O
W
5^
>
O
CO
G e r t a a n E a s t Africa (colony of)
Honduras
Italy
Italiaix SomalUand
Japan
Liechtenstein
Mexico
Morocco
Netherlands
. . .
Nicaragua
Norway
Persia
Peru
Portugal
Portuguese India
Roumania
Russia
Salvador
Servia
Siam
Sweden
Switzerland
:
Travancore
Turkey
Venezuela
Total
Recoinage
Rupee. .
Peso,...;
Lira
Rupee
Yen
.
Crown
Peso
- Rials
Florin
•. . . . Cordova
Crown
Kran
Libra
Escudo
Rupee
Leu
Ruble
Peso
Dinar
Ticals
Crown
Franc
Rupee
-. P i a s t e r
Bolivar
:
:
:
14,720,880
14,411,778
320,356
2,123,000
17,441,528
579,000
162,217
2,071
1.988,031
210,882
2,430,408
171,875
1,390
1,368,711
223,438
2,560,520
1,621,322
1,220,100
6.828,794
4,996,850
321,600 • 232,920
268,000
175,135
221,100
157,322
1,173,576.
357,271
51, 585
76.677
476;852
296,187
195,717
603,259
1,928,070
1,340,910
6,593,920
5,339,480
300,000
201,337
298,072
388,000
68,492
756,167
1,351,000
5,335
17,870,000
8,900,408
4.000,000
1,807,800
73,373
2,100,000
12,970
16,178,910
375,000
4,289,983
100,008
4.438,000
4. 004,679
800,000
•268,000
2.740,000
5,891,000
881,240
5,768
3,122,143
107, 4r,7
2,138 127
. 20,281
2,211,899
1,739, 853
321,600
268,000
. 245,220
515,462
721,887
8,744
2,171,365
113, 865
2,234,350
13,423
3,102: 878
2,847.191
243, 054
175,135
175,083
784,608
2,329,110
12,000
863,855
1,563,139
11,925,000
500,000
10,000,150
2,685,410
1,120,373
2,030,000
6,135,412
222,300
1,930,028
995,752
300,280
388,000
6,899, 501
361,687
1,138,850
1,167,618
214.957
335,585
19,124
420,000
14,109
81.018
23,515
56,375
178,301,517
21,415,372
158,557,652
19,324,926
156,888,145
139,232,726
357,070
212,981
268.452 26,666,666
73,046
551,975 2 i , 3 i 7 , 3 7 6
838.. 358
3,880,000
5,791,975
360,871,382 171,293,019 161,763,415
34,783,434 22, .542,797 18.830,557
318,773,474
3,372,866
325,907,948 148,750,222 142,932,858
•
N e t coinage
350
448,428
315,400,608
o
H
O
O
w
2142,936.5 liras coined for ornaments.
1 Value in United States money.
*
*
*
*
*
*
1^
458
REPORT ON THE FINANCES.
•
'
No. 18.—Coinage-of gold and silver ofthe United States since 1873, byfiscalyears.
Gold.
SUver.
Fiscal years.
F i n e , ounces.
705,187
440,165
623,173
846,907
132,283
554,151
982,742
716,630
808,751
325,375
738,449
351,250
202,657
848,493
083,275
372,117
235,687
065,302
169,330
717,650
453,095
812,099
125,282
848,247
465,909
126,712
233,071
221,458
792,304
998,313
211,791
091,929
869.211
563,976
279,701
541,408
233.212
301,628
753,022
618,737
454,087
288,024
1873.,
1874..
1875.
1878.
1877.
1878.,
1879.
1880.
1881.
1882.
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.
•1891.
1892.
1893.
1894.
1895.
1898.
1897.
1898.
1899.
1900.
1901.
1902..
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913.
1914.
Total
124,000,768
Value.
$35,249,337.00
50,442, 890. 00
33,553, 965. 00
38,178, 963. 00
44,078, 199. 00
52,798, 980. 00
40,986, 912. 00
56,157, 735. 00
78,733, 864. 00
89,413, 447. 00
35,936,928. 00
27.932, 824. 00
24,861, 123:00
34; 077,380. 00
22,393 279.00
28,364 171. 00
25,543, 910. 00
22,021 748. 00
24,172, 203. 00
35,506, 987. 00
30,038, 140. 00
99,474, 913.00
43.933, 475. 00
58,878, 490. 00
71,846, 705. 00
64,834, 865. 00
108,177, 180. 00
107,937, 110. 00
99,065, 715. 00
61,980, 572. 00
45,721, 773.00
208,618, 842. 00
79,983; 892.00
53,002 097.50
79,622,337. 50
197,238, 377. 50
108,180, 092. 50
47,578, 875. 00
118,925,512.50
12,749,090. 00
30,058, 227. 50
26,625, 810. 00
2,554,476,337.00
F i n e ounces DoUars coined.
consumed.
2,179,833
4,558,526
7,650,005
14,228,851
21,239,880
21,623,702
21,059,046
21,811,294
21,383,920
21,488,148
22,286,171
22,220,702
22,298,827
23,211,228
26,525,276
26,331,176
28,659,493
28,430,092
29,498,927
11,259,863
9,353,787
4,358,299
6,810,196
8,651,3cS4
18,659,623
12,426,024
20,966,979
23,484,817
26,726,641
22,756,781
19,705,162
13,396,894
6,600,068
2,905,340
9,385,454
11,957,734
8,024,984
3,108,753
2,311,709
.6,984,479
2,494,341
4,514,018
841,286,425
$977,150
3,588,900
5,697,500
8,132,050
9,162,900
19,951,510
27,227,500
27,933,750
27,837,955
27,772,075
28,111,119
28,099,930
28,528,552
29,838,905
33,266,831
32,718,673
33,793,860
. 35,923,816
36,232,802
8,329,467
5,343,715
758
3,958,011
7,500,822
21,203, 701
10,002,780
18,254,709
18,294,984
24,298,850
19,402,800
17,972,785
10,101,650
310
607,259,120
Subsidiary
coined.
$1,968, 845.50
2,394,701.39
4,372,868. 00
12,994, 452. 50
19,387. 035.00
8,339;315. 50
382.50
687. 50
12; OIL 75
313.75
11;
724, 351.15
673, 457. 80
320, 407. 65
183, 442.95
1,099, 652. 75
1,417,422. 25
721, 888.40
892; 020. 70
2,039, 218.35
6,859; 811. 80
7,217; 220. 90
8,024, 140.30
5,113; 469. 60
3,939; 819.20
3,124, 085. 65
8,482; 804.00
9,466,877. 65
12,878; 849.15
10,966; 848.50
10,713, 569. 45
8,023, 751. 25
7,719,231.00
9,123, 680. 80
4,018,388.10
12,974, 534.25
16,530, 477. 25
11,093; 810.00
4,297, 587. 25
3,195,726.40
9,655,405. 25
3,448; 199. 75
8,240, 219.45
238,465,319.94
459
DIEECTOK OP THE MINT.
No. 19.—Coinage of the minf^ of the United States, authority for coining, changes in
weight and fineness, act discontinuing same, and amount coined for each denomination
of coin, since organization, 1792 to June 30, 1914.
Denomination.
A c t authorizing coiaage o r
chauge i n w e i g h t or fineness.
Weight
(gratas).
Fhieness.
Pieces.
Total amount
coiaed t o J u n e
30,1914.
GOLD COINS.
D o u b l e eagle ( $ 2 0 ) . . . - - Mar. 3,1849 •.
A p r . 2, 1792
. .
Easrle C$10)
J u n e 28, 1 8 3 4 . . :
J a n . 18, 1837
Half eagle ($5)
-- A p r . 2, 1792
J u n e 28,1834 •
J a n . 18, 1837
Q u a r t e r eagle ($2.50)... A p r . 2 , 1 7 9 2 . .
J u n e 28, 1834
J a n . 18, 1837
Three-doUar p i e c e . . . . . F e b . 21, 1853 ( a c t discont i n u i n g coinage Sept. 26,
1890).
One dollar . .
Mar. 3,1849 (act d i s c o n t i n u i n g coinage Sept. 26,1890).
O n e dollar, L o u i s i a n a J u n e 28, 1902
Purchase Exposition
Dollar, L e w i s a n d A p r . 13, 1904
Clark E x p o s i t i o n .
T o t a l gold
518
270
• 258
77.4
900
119,385,236 $2,387,304,720.00
916;^
504; 923,800.00
899225 I 50,492,360
900
916§
382,503,345.00
899225 [ 76,500,669
900
916§
41,405,932.50
899225 I 16,562,373
900
539,792
1,619,378.00
900
135
129 .
67.5
64.5
25.8
900
19,499,337
19,499,337.00
25.8
900
250,000
-250,000.00
25.8
.900
60,000
60; 000.00
283,289,767 3,337,568; 310.50
SILVER COINS.
A p r : 2 1792
J a n . 18,1837 ( a c t d i s c o n t i n u ing coinage F e b . 12,1873).
F e b . 28, 1 8 7 8 . . .
.-J u l y 14 1890
. .
T r a d e dollar 2 . . . . .
F e b . 12,1873 (act d i s c o n t i n u i n g coinage F e b . 19,1887).
L a f a y e t t e dollar
M a r . 3,1899
A p r . 2, 1792
J
Half dollar
J a n . 18,1837
F e b . 21,1853
F e b . 12,1873
C o l u m b i a n half d o l l a r . . A u g : 5, 1892
A p r . 2, 1792
Q u a r t e r doUar
J a n . 18,1837
F e b . 21,1853
F e b . 12, 1873
:...
C o l u m b i a n q u a r t e r dol- M a r . 3,1893
lar.
T w e n t y - c e n t piece
Mar. 3,1875 ( a c t d i s c o n t i n u i n g coinage M a y 2, 1878).
A p r . 2, 1792
Dime
J a n . 18,1837
F e b . 21, 1853
F e b . 12, 1873
A p r . 2, 1792
Half d i m e
J a n . 18,1837
-'
F e b . 21,1853 ( a c t d i s c o n t i n u i n g coinage F e b . 12,1873).
T h r e e - c e n t p i e c e . . . — M a r . 3 1851
...
Mar. 3,1853 ( a c t d i s c o n t i n u - i n g coinage F e b . 12,1873).
Dollar . .
418
412^
8924
900 •
k578,303,848
420
900
8924
900
900
8924
900
35,965,924.00
50,000
50; 000. 00
[378,405,472
189,202,736.00
5,000,000
4 2,500,000.00
1409,358,118
102,339,029.50
40,000
900
10,000.00
6 77.16
900°
1,355,000
271,000.00
4L6
41i
38.4
7 38. 58
20.8
20f
19.2
8924
900
1 711,407,347
. 71,140,734.70
8924
900
I
97,604,388
750
900
1
42,738,240
-12f
1L52
2,260,224,337.
4,880,219.40
985,945,-578.80
$8,031,238
.'
Total
:
2 Coinage limited to export demand, joint resolution July 22,1876.
312^ grams, or 192.9 grains.
< Total amount coined.
6 6i grams, or 98.45 grains.
«5 grams, or 77.18 grains.
7 2^ grams, or 38.58 grains.
35,985,924
900
412^
208"
206i
192
3 192. 9
192.9
104
103J
96
5 96. 45
96.45
Total-sUver
1 Amount coined tb Feb. 12,1873, $8,031,238.
SUver-doUar coinage under acts o—
f
Apr.2,1792
Feb. 28, 1878
July 14, 1890
Mar. 3,1891
..
1578,303,848.00
$378,166,793
187,027,345
5,078,472
570,272,810
578,303,848
460
REPORT ON THE FINANCES.
No. 19.—Coinage of the mints of the United States,, authority for coining, changes dn
weight and fineness, act discontinuing same, .and amount .coined for each-denominaiion
of coin, since organization, 1792 to June 30, 1914—Continued.
Denomination.
Act authoriziag coiaage or Weight
change ia weight or fine- (grams). Fineness.
ness.
Pieces.
Total amount
coiaed to June
30, 1914.
MINOR COIN.
Five-cent (nickel) . .
Three-cent (nickel)
May 16, 1866
/.. .
Mar. 3,1885 (act discontinuing coinage Sept. 26,1890).
Apr. 22,1884 (act discontinuTwo-cent (bronze)
ing coinage Feb. 12,1873).
Apr.2,1792
....
Cent (copper)
Jan. 14, 1793
Jan. 26,1796 3 (act discontinuing coinage Feb. 21,1857).
Cent (nickel)
Feb. 21, 1857 (act discontinuing coinage Apr. 22,1864).
Cent (bronze)
Apr. 22, 1864
Half-cent (copper)..... Apr. 2, 1792
Jan. 14, 1793
Jan. 26,17963 (act discontinuing coinage Feb. 21,1857).
77.16
30
(l)
96
(2)
264
208
188
72
48
132
104
84
820,633,048.
;31,378,316
.45,601,000
•' 156,288,744
*
'
(^)
$41,031,652.40
.941,349.48
912,020.00
1,562,887.44
2,007,720.00
200,772,000
2,.297,348,472
22,973,484.72
7,985,222
39,926.11
Total minor
3,580,006,802
69,469,040.15
Total coinage - -
6; 103,500,908 4,392,980,929.45
(2)'
1 Composed of 75 per cent copper and 25 per cent nickel.
2 Composed of 95 per cent copper and 5 per cent tin and zinc.
3 By proclamation of the President, in conformity with act of ;Mar. 3,1795.'
4 Composed of 88 per cent copper and 12 per cent.nickel.
The following table shows the amount of United States gold coin
imported by various countries and the value of the United States
gold coin melted at their mints:
No. 20.— United States gold coin imported and melted by various countries during the
calendar year 1913.
•
Imports of United States
United States gold-coia
melted.
,gold coia.
Countries.
Canada
Norway.
.
Venezuela
BrazilArgentiaa
Australasia --Haiti
Guiana, Dutch
Austria
Total
;. -
...
.
..
•$1^,480,252
597
1,466,520
518,394
X7,398,384
1,000
450,000
.. . '
6,850.
32,320,977
$9,012
89,380
78,392
461
DIRECTOR OF T H E M I N T .
The foreign gold and silver coins melted by the countries of the
world during the calendar years 1911, 19.12, and 1913, so far as have
been reported to this bureau, are exhibited in the following table:
No. 21.—Foreign coins melted by various countries.
1911
1913
1912
Countries.
Gold.
United States
Canada
Ceylon
France
India
Japan
Turkey
Netherlands.
$9,550,494
7,037
-
Silver.
$5,049
Shver.
Gold.
$21,071
$1,298,698
Gold.
Silver.
$3,826,676
8,928
942,191
490,505
11,624,730
995,079
15,463,348
679,974
42,057
11,332,527
165,338
178
3,054,063
26,015,958
Total
. $27,821
1,627,214
12,673,280
186,583
6,889,867
249,493
12,392,549
The following table, compiled from official sources, exhibits
approximately the gold and silver coins withdrawn by the principal
countries of the world in the calendar year 1913, so far as has been
reported to this bureau,:
No. 22.—Recoinages ofthe world.
Gold'.
Silver.
Countries (1913).
Value.
UnitedStates
PhOippiue Islands.
Australia
Austria-Hungary..
Canada
Egypt.
Germany
India, British
Italy
Netherlands
Norway
Siam
Sweden
Turkey
France
Total.
$217,605
Value.
Fineounces.i
$583,758
217,605
387,419
149,540
1,249,219
229,930
91,884
1,022,554
151,539
68,277
273,701
78,632
13,253,808
144,293
392,386
23,852
995,752
35,912
37,723
4,179,250
13,342,180
95,383
172,610
18,268
1,109,239
24,556
26,153
2,761,228
3,372,866
21,415,372
19,324,926
23,897
4,151
23,929
2,750,951
1 5 per cent has been deducted for abrasion.
462
REPORT ON THE FINANCES.
No. 23.—Coinage of the minis of the United
[Coinage of the mint at Charlotte, N. C , from its organization, 1838, to its suspension, 1881. Abolished
June 30, 1913.]
Gold.
Calendar years.
Total value.
Half eagles.
1838 to 1881
Quarter eagles.
$4,405,135
Dollars.
$109,138
$544,915
$5,059,188
[Coinage of the mint at Carson City from its
Silver.
Gold.
Calendar years.
Double eagles.
Eagles.
$17,283,560
1870 to 1893
Half eagles.
$2,997,780
$3,548,085
Dollars.
, Trade dollars.
$13,881,329
$4,211,400
[Coinage of the mint at New Orleans from itS'organization, 1838, to
•
Calendar years.
1838 to 1900
1900
1901
1902
1903
1904' . . . . . . . . .
1905
1906
1907
1908
1909
Total
Double
eagles.
Eagles.
Silver.
Gold.
Half
eagles.
Three
dollars.
Quarter
eagles.
Dollars.
DoUars.
$16,375,500 $19,804,320 $4,447,625 $72,000 $3,023,157.50 $1,004,000 $144,395,529
12,590,000
13,320,000
720,410
8,836,000
4,450,000
1,127,710
3,720,000
1,089,500
868,950
171,000
16,375,500
23,610,890
4,618,625
72,000
3,023,157.50
1,004,000
187,111,529
463
DIEECTOE OF T H E MIJSTT.
States from their organization, by calendar years.
[Coinage of the mint at Dahlonega, Ga., from its organization, 1838, to its suspension, 1861.]
Gold.
Calendar years.
Total value.
Half eagles.
1838 to 1861
Three dollars. Quarter eagles.
$5,536,055
$3,360
$494,625
Dollars.
$72,529
$8,106,589
organization, 1870, to its suspension, June 30,1893.]
Silver.
Total coinage.
Total value.
Half dollars.
Quarter dollars.
$2,654,313.50
$2,579,198.00 • $28,658.00 $2,090,110.80 $23,829,425.00 $25,445,009.30
Twenty
cents.
Dimes.
Gold.
Silver.
$49,274,434.30
its suspension, 1861, and from its reopening, 1879, to April, 1909.]
Silver.
Half
dollars.
Quarter
dollars.
Dimes.
Total comage.
Half
• dimes.
Three
cents.
Total value.
Gold.
Silver.
$28,720,038 $7,452,250 $3,262,590.80 $812,327.50 $21,600 $44,728,602.50 $184,664,335.10 $229,390,937.80
1,372,000
854,000
201,000.00
15,017,000.00 15,017,000.00
562,000
562,000.00
403,000
14,847,000.00 15,567,410.00
720,410.00
1,283,000 1,187,000
"450,000. 00
11,538,000.00 11,536,000.00
1,050,000
818,000.00
875,000
7,193,000.00 8,320,710.00
1,127,710.00
614,000
5,982,300.00
4,892,800.00
558,800
1,089,500.00
307,500
340,000.00
900,000.00
900,000.00
252,500
514,000
261,000.00
1,998,000.00 2,866,950.00
1,223,000
868,950.00
505,800. 00
3,819,100.00 3,819,100.00
1,973,300 1,140,000
178,900.00
4,419,900.00
2,880,000 1,561,000
4,419,900.00
228,700. 00
889,400.00
462,700
178,000
1,040,400.00
171,000.00
•40,117,338 15,085,750
6,807,990.60
812,327.50
21,000 48,704,172.50
249,958,535.10 298,660,707.60
464
REPORT ON THE FINANCES.
No. 23.—Coinage ofthe mints ofthe United States
[Coinage of the mint at San Francisco from
Gold.
Calendar
years.
Double
eagles.
Eagles,
Half
eagles.
Silver.
Three Quarter
dollars. eagles.
Dollars.
DoUars.
Trade
doUars.
Half
dollars.
1854-1900 $929,075,020 $74,122,060 $78,244,540 $186,300 $1,861,255 $90,232 $98,624,073 $28,847,000 $20,575,031.50
49,190,000
810,000 1,645', 000
1900
3,-540,000
1,280,161.00
31,920,000 28,127,500 18,240,000
1901
' 2,284,-000
423,522.00
35,072,500 4,695,000 4,695,000
1902
1,530,000
730,335:00
19,080,000 5,380,000 9,275,000
1903
1,241,000
960,386.00
102,883,500
1904
2,304,000
276,519.00
485,000
36,280,000 3,692,500 4,403,500
1,247,000.00
1905
41,315,000 4,570,000 2,990,000
870,077.00
1906
625,000.00
43,316,000 2,105,000
1907
822,414. 00
440,000
598,500
1908
410,000
882,000.00
65,498,500 2,923,500 1,486,000
1909
974,000.00
42,585,000 8,110,000 3,851,000
1910
836,000 00
15,515,000
1911
510,000 7,080,000
685,000.00
1912
3,000,000 1,960,000
302,000,00
1913
880,000
860,000 2,040,000
T o t a l . . i;4O2,610,52O 139,304,060 138,805,040 186,300 1,861,255 90,232 109,523,073 26,847,000 31,289,445.50
Minor coinage.
Calendar years.
Five cents.
1908....:
1909.
1910
1911
1912
1913
-'
Total
---
$11,900.00
165,700.00
177,800.00
465
DIEECTOR OF T H B M I N T .
from their organization, by calendar years—Continued.
its organization, 1854, to Dec. 31,1913.]
Silver.
Quarter
dollars.
Twenty
cents.
Total coiaage.
Dimes.
Half
dimes.
Total value.
Gold.
Silver.
Miaor.
$8,322,569.00 $231,000 $4,798,728.80 $119,100 $1,083,579,407 $159,317,502.30
.$1,242,896,909.30
518,827.00
51,845,000 . 5,801,634.25
464,648.25
57,446,834.25
59,302.20
78,287,500 2,784,990.20
18,168.00
81,072,490.20
207,000.00
44,482,500 2,848,488.00
47,310,988.00
381,153.00
61,330.00
33,735,000 2,521,716.00
36,256,716.00
259,000.00
80,000.00
103,168,500 2,860,519.00
105,829,019.00
685,519.90
44,356,000 2,403,519.90
46,759,519.90
471,000.00
313,864.00
50,058,741.00
48,875,000 1,183,74L00
317,847.00
45,421,000 1,282,847.00
340,000.00
48,703,847.00
322,000.00
1,448,500 1,340,414.00
$11,150.00
198,000.00
2,800,084.00
100,000.00 .......
59,908,000 1,319,000.00
26,180.00
337,000.00
81,253,180.00
124,000.00
60,450.00
54,526,000 1,098,000.00
55,684,450.00
352,000.00
40,280.00
23,105,000 1,235,000.00
247,000.00
24,380,260.00
342,000.00
56,210.00
4,960,000 1,204,000.00
177,000.00
8,220,210.00
363,000.00 . 226,710.00
51,000.00
3,380,000
3,969,710.00
10,000.00
11,223,534.25 231,000 8,331,218.90 119,100 1,880,857,407 187,384,371.85
420,960.00 1,888,642,738.65
Minor coiaage.
Three cents.
Two cents.
Cents.
Half cents.
Total.
$11,150.00
28,180.00
60,450.00
40,280.00
44,310.00
81,010.00
243,380.00
64402°—PI 1914-
-30
$11,150.00
28,180.00
60,450.00
40,260.00
56,210.00
228,710.00
420.960. on
466
REPORT ON T H E FINANCES.
No. 23.—Coinage ofthe mints ofthe United States
[Coiaage of the miat at PhUadelphia from
Gold coiaage.
Calendar years.
Doubl-e
eagles.
1793 t o 1900
1900 • ...-1901
1902
. .
1903
1904
1905
1906
1907
1908
1909.'.
1910
1911...:
1912
1913 '.
Half eagles'.
Eagles.
Three
dollars.
Quarter
eagles.
Dollars.
$522,641,300 $218,387,890 $157,844,765 $1,357,718 $23,023,902.50 $18,223,438
2,939,600
7,028,650
37,491,680
168,012.50
3,080,200
2,230,520
17,188,250
228,307.50
862,810
- - - 825,130
625,080
334,332.50
175,000
1,135,120
1,259,260
5,748,560
503,142.50
1175,000
1,960,680
1,620,380
125,135,940
2 25,000
402,400.00
1,511,540
2,010,780
1,180,220
544,860.00
235,000
1,744,100
1,854,970
1,393,800
441,225.00
3,130,960
14,433,790
36,495,820
841,120.00
4,999,430
3,749,860
88,558,200
1,412,642.50
3,135,890
1,848,630
3,225,640
1,104,747.50
3,021,250
.'
3,187,040
9,643,340
1,231,705.00
4,575,695
5,055,950
3,947,000
1,760,477.50
3,950,720
4;050,830
• 2,996,480
1,540,492.50
4,580,495
4,420,710
3,376,760
1,805,412.50
-
844,690,140
Total
282,633,070
202,382,105
1,357,716
35,342,780.00 18,533,438
Minor coiaage.
Calen dar years.
F i v e cents.
1793 t o 1900
1900
1901
1902
1903
1904
1905 - . . . . . - ,
1906
1907
'
1908
:
1909
1910
1911
1912
1913
-
• T w o cents.
$941,349.48
$912,020.00
941 .q4Q 4.q
Q19. 0 9 0 n n
-
-
-. . . . .
$17,444,363.35
1,362,799.75
•1,324,010.85
• 1,674,028.95
1,400,336.25
1,070,249. 20
1,491,363.80
1,930,686.25
1,960,740.00
1,134,308.85•--.
579,526.30
• 1,508,467.65
•
1,997,988.60
1,311,835.70
3,042,611.95
T h r e e cents.
39,113,299. 9.S
Total
'
[Coiaage at the mint at Denver from
Gold coiaage.
Calendar years.
Double
eagles.
1908
1907
1908
1909
1910
1911
1912
1913
.. .
:
-
'.. -
-. .
... T
Total
I Louisiana Purchase Exposition.
$12,405,000
18,845,000
20,285,000
1,050,000
8,580,000
.16,930,000
.
Eagles.
Half eagles.
$9,810,000
10,300,000
10,465,000
1,215,400
23,568,400
301,000
$1,800,000
4,440,000
740,000
17,117,800
988,000
382,500
$139,200
55,657,800
25,228,300
139,200
Q u a r t e r eagles.
7,870,000
83,945,000
2 Lewis and Clark Exposition.
467
DIEECTOE OF T H E M I N T .
from their organization, by calendar ^/earsT-Continued.
its organization, 1793, to Dec. 31,1913.]
Silver coinage.
Trade
doUars.
DoUars.
Half doUars.
Quarter
doUars.
Twenty
cents.
. Dunes.
Half dimes.
T h r e e cents.
$5,107,524 $236,558,010 $93,763,709,. 00 $43,487,230.25 $11,342 $24,715,379.80 $3,948,79L90 $1,260,487.20
3 8,880,912 2,381,456.00
2,504,228.00
1,760,091.20
6,962,813 2,134,406.50 . 2,223,203.25
1,888,047.80
3,049,436.00
7,994,777 2,461,388.50
2,138,077. 70
2,417,516.00
1,950,075.50
4,652,755 1,139,377.50
2,397,203.25
1,480,102.70
2,788,650 1,496,335.00
1,455,235.00
331,363.50 . 1,242,082.50
1,995,840.80
914,108.75
1,319,337.50
2,222,057.50
1,798,143.75
1,299,287.50
1,080,054.50
1,058,136.25
677,272.50
1,024,065.00
2,317,182.50
1,184,325. 00
1,152,055.10
561,137.75
209,275; 50
1,887,054.30
930,135.75
703,271.50
1,935,070.00
1,100,175.00
775,350.00
1,976,062.20
121,153.25
94,313.50
•
5,107,524 267,837,917 109,970,489.00
11,342
88,121,032.25
48,617,288.90
3,948,791.90 1,260,487.20
T o t a l coinage.
Minor coinage.
Total value.
Silver.
Gold.
Half cents.
Cents.
$13,347,409.39
668,337.84
796,11L43
873,767.22
850,944.93
613,280.15
807,191.63
960,222.55
1,081,386.18
323,279.87
1,150,682.63
1,468,012.18
1,011,777.87
681,530.60
765,323.52
$39,928.11
25,390,257.79
39,926.11
"
Mmor.
$941,279,012.50 $408,852,474.15
15,528,687.20
47,627,942.50
22,727,277.50
13,206,470.55
2,722,352.50 - 15,843,679.20
10,159,724.00
8,821,082.50
129,144,400.00
8,142,290.95
3,028,68LO0
5,282,400.00
. 4,229,288.85
5,234,095.00
5,319,488.75
54,901,490.00
2,795,463.25
98,720,132.50
9,314,707.50
4,525,552.50
17,083,335.00
1,922,468.35
15,339,122.50
3,520,461.55
12,538,522.50
3,810,595.00
14,183,377.50
2,191,528.95
$32,685,068.33
2,031,137.39
2,120,122.08
2,447,796.17
2,251,28L18
1,683,529.35
2,298,555.43
2,890,908.80
3,042,128.18
1,457,588.72
1,730,208.93
2,978,479.83
2,989,746.47
1,993,366.30
3,807,935.47
$1,382,816,553.98
65,185,787.09
38,053,870.13
20,813,827.87
21,232,087.68
138,970,220.30
10,609,616.43
12,354, 290.85
83,283,104.93
102,973,184.47
15,570,468.93
21,982,283.18
21,849,330:52
18,342,483.80
20,182,841.92
502,874,832.25
88,405,850.83
1,954,199,931.88
1,384,919,249.00
February, 1906, to Dec. 31,1912.]
Miaor coinage.
Silver coiaage.
T o t a l coiaage.
Total value.
Half
dollars.
Quarter
doUars.
Dimes.
$2,014,000
1,928,000
1,840,000
$820,000
621,000
1,447,000
1,278,500
375,000
233,400
$408,000
408,000
749,000
95,400
349,000
1,120,900
1,176,000.
347,540
1,150,400
267,000
7,346,940
362,700
5,137,600
4,304,300
F i v e cents.
Cents.
Gold.
Silver.
$23,815,000 $3,240,000
$27,055,000
31,585,000
2,957,000
34,542,000
31,470,000 . 3,836,000
35,308,000
19,383,200 ,1,373,900
20,757,100
33,114,400
33,838,400
724,000
$126,720 17,732,700
1,701,840 $i26,'726 19,561,260
$423,700 104,110
2,328,400 527,810
2,854,210
474,850 158,040
7,870,000
9,132,390
629,700 632,890
898,350
388,870 164,970,300
16,788,840 1,287,220 183,046,360
3 Includes 50,000 Lafayette souvenir doUars.
Minor.
468
REPORT ON T H E FINANCES.
No. 23.—Coinage ofthe mints ofthe United States
RECAPITULATION.
Gold coinage.
Calendar years.
Double
eagles.
1793-C5
1790
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
W>5
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835.
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
:
1847
:
1848
1849
1850
'
1851....
1852
1853
1854
1855 - .
1856
1857 .
1858
1859.
1860
1861....
1862
1863...
1864
1865
1868
1867
1868..
1869...
Eagles.
Half
eagles.
Three
. dollars;
Quarter
eagles.
Dollars.
$27,950
60,800
91,770
79,740
174,830
259, 650
292,540
150,900
89,790
97,950
:
- -
$26,225,220
48,043,100
44,860,520
26,646,520
18,052,340
25,046,820
30,437,560
28,797,500
21,873,480
13,782,840
22,584,400
74,989,060
18,926,120
22,187,200
19,958,900
27,874,000
30,820,500
23,436,300
18,722,000
17,238,100
242,940
258,815
1,319,030
173,205
88,980
72,425
86,700
145,300
90,345
124,585
140,145
287,-210
631,755
702,970
787,435^ 968,150
3,660,845
1,857,670
2,765,735
1,035,605
72, O O
Q
1,600,420
382,480
802,745
473,380
1,048,530
656,310
380,945
1,089,070
855,330
2,506,240
4,275,425
1,250,610
4,087,715
736,530
2,743,640
1,018,750
2,736,155
14,337,580
5,382,685
1,813,340
1,863,560
6,775,180
1,184,645
3,489,510
860,160
4,393,280
2,651,955
2,811,060
3,689,635
2;522,530
2,305,095
2,305,760
1,513,235
1,487,010
1,257,090
1,429,900
1,806,665
481,060
1,232,970
343,210
439,770
253,930
361,235
278,830
352,365
1,287,330
3,332,130
234,950
69,825
112,480
97,360
80,800
40,540
207,050
144,535
237,800
253,200
121,400
179,600
241,550
288,625
82,850 '. 163,925
560,502,480
54,819,880
--.-.
•-.-.-.
Carried forward
$43,535
16,995
32,030
124,335
37,255
58,110
130,030
265,880
167,530
152,375
165,915
320,465
420,465
277,890
169,375
501,435
497,905
290,435
477,140
77,270
3,175
67,470,880
$165.00
4,390.00
1,535. CO
- 1,200.00
6,530.00
1,057.50
8,317.50
• 4,452.50
4,040.00
17,030.00
6,775.00
•
16,120.00
•
$491,214
171,465
181,530
104,873
8,399
48,914'
42,465
18,218
17,355
15,117
8,040
3^495
12,090
7,950
14,625
7,575
1,149,123
8,500.00
11,085.00
1,900. 00
7,000.00
8,507.50
11,350.00
11,300.00
11,000.00
10,400.00
293,425.00
328,505.00
1,369,965.00
112,700.00
137,345.00
191,622.50
153,572.50
54,602.50
85,007.50
1,327,132.50
89,345.00
276,277.50
279,272.50
482,060.00
98,612.50
111,147.50
895.547.. 50
3,867,337.50
3,283,827.50
3,519,615.00
1,896,397.50
600,700.00
1,213,117.50
798,235.00
144,082.50
142,220.00
164,360.00
3,241,295.00
300,882.50
27,075.00
7,185.00.
82,302.50
105,175.00
78,125.00
94,062.50
84,812.50
26,085,402.50
$936, 789
511,301
3,658,820
2,201,145
4,384,149
1,657,016
824,883
1,788,998
801,802
131,472
193,431
51,234
527,499
1,326,865
8,250
5,950
3,725
7,180
5,250
10,525
6,925
19,040,007.
469
DIEECTOR OF T H E M I N T .
from their organization, by calendar years—Continued.
RECAPITULATION.
Silver coinage.
Trade
dollars.
DoUars.
$204,791
72,920
7,778
327,538
. . 423,515
220,920
54,454
41,650
66,064
19,570
321
1,000
\
300
61,005
173,000
184,618
165,100
20,000
24,500
169,600
140; 750
15,000
62,800
47,500
1,300
1,100
48,110
33,140
26,000
63,500
94,000
838,500
733,930
78,500
12,090
27,660
31,170
47,000
49,625
60,325
182,700
424,300
5,053,440
H a l f doUars.
Quarter
doUars.
Twenty
cents.
Dimes.
Half d i m e s
$161,572.00
1,959.00
15,144.50
14,945.00
15,857. 50
78,259.50
105,881.00
419,788.00
525,788. 00
884,300.00
702,905.00
638,138.00
601,822.00
814,029.50
620,951.50
519,537.50
23,575.00
607,783.50
980,181.00
1,104,000.00
375,561.00
852,898.50
779,786.50
847,100.00
1,752,477.00
1,471,583.00
2,002,090.00
2,746,700. 00
1,537,600.00
1,856,078.00
2,382,400.00
2,936,830. 00
2,398,500.00
2,603,000.00
3,206,002.00
2,676,003.00
3,273,100.00
1,814,910.00
1,773,000.00
1,748,768. 00
1,145,054.00
355,500.00
1,484,882.00
3,056,000.00
1,885,500.00
1,341,500.00
2,257,000. 00
1,870,000.00
1,880,000.00
1,781,000.00
1,341,500.00
301,375.00
110,565.00
2,430,354.00
4,111,000.00
2,288,725.00
1,903,500.00
1,482,000.00
5,998,000.00
2,074,000.00
1,032,850.00
2,078,950.00
802,175.00
709,830.00
518,785.00
593,450. 00 899,812.50
810,162.50
769,100.00
725,950.00
$1,473.50
63.00
1,684.50
30,348.50
51,53L00
55,160.75
•
1,200.00
1,695.50
650.50
1,892.50
780. 00
18,500.00
4,471.00
635.50
8,518.00
42,150.00
17,308.00
5,000.75
90,293.50
36,000.00
31,861.00
54,212.75
16,020.00
4,450. 00
94,258.70
118,651.20
. 10,000.00
44,000.00
42,000.00
51,000.00
1,000.00
25,500.00
99,500. 00
80,000. 00
39,000.00
71,500.00
488,000.00
118,000.00
63,100.00
208,000.00
122,786.50
153,331.75
143,000.00
214,250. 00
. 403,400.00
290,300.00
230,500.00
127,500.00
275,500.00
38,500.00
85,000.00
150,700. 00
62,000. 00
68,265. 00
4,146,555.00
3,466,000.00
857,350. 00
2,129,500.00
2,726,500.00
2,002,2.50.00
421,000.00
312,350. 00
1,237,650. 00
249,887.50
48,015.00
28,517.50
25,075.00
11,38L25
17,156.25
31,500.00
23,150.00
95,509,284.50 21,727,878.00
$4,320.80
511.50
2,226.35
$2,213;50
2,526.10
2,755.00
2,176.00
3,464.00
1,097.50
3,304.00
826.50
12,078.00
T h r e e cents.
^
121,500.00
12,500.00
77,000.00
61,500.00
51,000.00
62,000. 00
62,135.00
77,135.00
• 52,250.00
48,250. 00
68,500.00
48,500.00
74,000.00
• 63,500.00
141,000.00- 138,000. 00
119,000.00
95,000.00
104,200.00
113,800.00
112,750. 00
239,493. 40
108,285. 00
229,638. 70
253,358.00
113,954.25
98,250. 00
383,000.00
58,250.00
390,750.00
58,250.00
152,000. 00
32,500.00
7,250,00
198,500.00
78,200.00
1,350.00
3,130. 00
63,700. 00
24,500.00
63,400. 00
45,150.00
72,450.00
113,900.00
82,250. 00
244,150.00
82,050.00
$185,022.00
142,650. 00
559 905 00
63,025.00
196,550.00
785,251.00,
342,000.00
1,327,301.00
365,000. 00
624,000.00
20,130.00
207,500.00
117,500.00
4 170 00
703,000.00
299,000.00
43,740. 00
712,000.00
31,260.00
433,000.00
48,120.00
189,000. 00
258,000.00
10,950.00
97,000.00
45,000. 00
8,610.00
78,700.00 , 92,950.00
14,940.00
209,650.00
164,050.00
10 906.50
102,830.00
74,827.50
17,196.00
5,923.00
843 80
14.10
26,907.00
4,523.50
255 00
18,550.00
8,875. 00 ^
14,372.50
6,538.25
681 75
14,862.50
138. 75
8,431. 25
72,625.00
18,295. 00
123.00
70,660.00
153 00
21,930.00
>
-
8,376,184.10 4,529,818.90
1,281,782.90
470
REPORT ON T H E FINANCES.
No. 2S.—Coinage ofthe mints ofthe United States
RECAPITULATION-Contmued.
Gold coiaage.
Calendar years.
Brought forward
1870
1871
1872
:
.
1873
1874
1875
1878
1877
1878
1879
1880
1881
1882
1883
:
1884
•1885
1888
1887..
1888
1889
1890
:.---..
1891
1892
.
1893
1894
1895.... 1898
1897
1898
1899.:
1900
•
1901
1902
1903
1904
:
1905
-1906
1907
1908...
1909
1910
1911..c1912.
1913
Total
Double
Eagles.
$560,502,480
22,819,480
20,456,740
21,230,600
55,456,700
33,917,700
32,737,820
46,388,920
43,504,700
45,916,500
28,889,260
17,749,120
14,585,200
23,295,400
24,980,040
19,944,200
13,875,580
22,120
5,862,420
21,717,320
16,995,120
19,399,080
25,891,340
19,238,760
27,178,320
48,350,800
45,163,120
43,931,760
57,070,220
54,912,900
73,593,680
86,881,680
34,150,520
35,697,580
24,828,580
227,819i-440
37,440,220
• 55,113,800
98,856,620
109,263,200
59,774,140
80,788,340
36,392,000
2,996,480
11,926,760
$54,819,680
164,430
254,650
244,500
173,680
799,270
78,350
104,280
211,490
1,031,440
8,120,320
21,715,180
48,796,250
24,740,840
2,595,400
2,110,800
4,815,270
10,621,600
8,706,800
8,030,310
4,298,850
755,430
1,958,000
9,817,400
20,132,450
26,032,780
7,148,260
2,000,980
12,774,090
12,857,970
21,403,520
3,749,600
46,036,160
5,520,130
7,766,970
2,709,880
5,703,280
16,903,920
26,838,790
14,813,360
5,987,530
34,863,440
5,866,950
7,050,830
5,080,710
Half eagles.
Three
dollars.
Quarter
Dollars.
$87,470,880 $1,149,123 $26,065,402.50 $19,040,007
143,550
10,605
51,387.50
9,335
3,990
245,000
68,375.00
3,930
6,090
275,350
52,575.00
3,530
75
754,805
512,562.50
125,125
125,460
203,530
198,820
9,850.00
60
105,240
420
30,050.00
135
61,820
3,245
23,052.50
4,464
3,920
182,660
92,630.00
246,972 1,160,650.00
3,020
1,427,470
9,090
3,030
3,727,155
331,225.00
3,108
1,638
22,831,765
. 7,490.00
1,650
7,860
33,458,430
,1,700.00
4,620
5,040
17,831,885
10,100.00
2,820
1,647,990
4,900.00
10,840
3,318
1,922,250
• 4,982.50
8,208
2,730
9,065,030
2,217.50
12,205
3,426
18,282,160
10,220.00
6,016
18,480
9,560,435
15,705.00
8>543
15,873
1,560,980
40,245.00
18,080
7,287
37,825
44,120.00
30,729
290,640
22,032.50
1,347,065
27,800.00
5,724,700
8,362.50
9,610,985
75,265.00
5,152,275
10,305.00
7,289,680
15,297.50
1,072,315
48,005.00
6,109,415
74,760.00
10,154,475
80,412.50
18,278,645
68,375.00
8,673,650
168,012.50
21,320,200
228,307.50
5,557,810
334,332.50
5 75,000
10,410,120
503,142.50
5 175,000
402,400.00
2,445,880
6 25,000
544,860.00
5,915,040
6 35,000
441,225.00
6,334,100
841,120.00
7,570,960
6,149,430
1,412,642.50
1,104,747.50
21,910,490
1,231,705.00
7,840,250
12,018,195
1,899,877.50
5,910,720
1,540,492.50
1,805,412.50
8,620,495
2,384,904,720 504,203,800 382,503,345
1,819,378 41,405,932.50
1 Includes $475,000 in Columbian coins.
2 Includes $2,025,000 in Columbian coins.
8 Includes $10,000 in Columbian coins.
19,809,337
471
DIEECTOE OF T H E M I N T .
from their organization, by calendar years—Continued.'
RECAPITULATION-Contlnued.
Silver coinage.
Trade
dollars.
$1,225,000
4,910,000
6,279,600
6,192,150
13,092,710
4,259,900
1,541
1,987
. 9G0
1,097
979
35,965,924
DoUars.
Half doUars.
Quarter
dollars.
$5,053,440 $95,509. 284.50 $21,727,878,
445,462
829; 758.50
23,935,
1,117,136
1,741, 655.00
53,255,
866, 775.00
1,118,600
68,762,
296,600
1,593, 780. 00
414,190.
1,406, 650.00
215.975,
5,117, 750.00 1,278,375,
7,451, 575. 00 7,839,287.
7,540, 255. 00 6,024,927.
22,495,550
726, 200. 00
849,200.
27,560,100
2, 950. 00
3,875.
27,397,355
4, 877.50
3,738.
27,927,975
3,243.
5, 487.50
27,574,100
4,075.
2, 750.00
28,470,039
3,859.
4, 19.50
28,136,875
2,218.
2, 637.50
28,697,767
3,632.
3, 065.00
31,423,886
'
1,471,
2, 943.00
33,611,710
2,677,
2, 855.00
31,990,833
306,708.
6, 418.50
34,651,811'
3,177,
6, 355.50
38,043,004
20,147,
6, 295.00
300.00 1,551,150.
23,562,735
100,
6,333,245 11,652, 136.50 2,960,331.
1,455,792 2 4,002,896.00 3 2,583,831,
3,093,972
3,667, 831.00 2,233,448.
862,880
2,354, 652.00 2,255,390.
19,876,762
1,507, 855.00 1,386,700.
12,651,731
2,023, 315.50 2,524,440.
14,426,735
3,094, 642.50 3,497,331.
15,182,846
4,474, 628.50 3,994,211.
4 25,010,912
5,033, 817. 00 3,822,874.
22,566,813
3,119, 928.50 2,644,369.
18,160,777
4,454, 723.50 4,617,589.
10,343,755
3,149, 763.50 3,551,516.
8,812,650
2,331, 654. 00 3,011,203,
1,830, 863.50 2,020,562,
5,426, 414.50 2,248,108.
5,825, 587.50 3,899,143,
5,819, 686.50 4,262,136,
2,529, 025.00 4,110,662.
1,183, 275.50
936,137,
1,686, 811.50 1,410,535,
2,610, 750. 00 1,277,175,
663. 313.50
493,853,
578,353,848 191,378,506.00 100,147,114.50
Twenty
cents.
$265,598
5,180
102
120
Dimes.
Half d i m e s . T h r e e c e n t s .
376.
52,
109
26i;
443
319;
406;
015,
735;
187,
1,
3;
2,
391,
767,
393,
257,
658,
573,
721,
835,
133,
304,
895
759;
205
225:
318;
287,
015,
409,
477;
507,
795,
829,
540,
480,
978,
453,
309.
448;
625,
359,
453,
027,
4,529,818.90 $1,281,762. 90
26,830. 00
120. 00
82,493. 00
127. 80
189,247.50
68.50
51,830.00
18.00
271,000 70,150,889.20 4,880,219.40
4 I n c l u d e s 50,000 L a f a y e t t e souvenir doUars.
5 Louisiana P u r c h a s e E x p o s i t i o n .
6 L e w i s a n d Clark E x p o s i t i o n .
1,282,087.20
472
REPORT ON T H E FINANCES.
No. 23.—Coinage ofthe mints ofthe United States
RECAPITULATION-Contmued.
Miaor coiaage.
Calendar years.
F i v e cents.
1793-1795
1796
1797
1798
1799-.. ...r.
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
1833-.--:
18341835
1838
1837
1838
1839.-.
1840
1841
1842
1843
1844
1845
1846
1847
1848
:
1849
1850
1861
1852
1853
1854
1855 '.
1856
1857 . . . .
1858
1859
1880
1861
1862
:
1863
1884. . .
1865 '•
1866.
1867
1868 .
1869
T h r e e cents.
T w o cents.
•.
....
-. .
•.
-.
-
.
..
\
:
-
. .
«
-.-•
-. -
-
:
--
'-^
Carried forward
,
$737,125.00
1,645,475.00
1,440,850.00
819,750.00
$341,460.00
144,030.00
117,450.00
• 97,560.00
48,120.00
$396,950.00
272,800.00
83,540.00
58,775.00.
56,075.00
30,930.00
4,643,200.00
748,620.00
879,070.00
473
DIEECTOB OF T H E M I N T .
frorn their organization,^ by calendar years—Continued.
RECAPITULATION—Continued.
T o t a l coinage.
Minor coiaage.
Total value.
Cents.
$10, 660.33
9, 747.00
975.10
797.00
045.85
221.75
628.37
351.00
713.53
568.38
411.16
480.00
272.21
090.00
228.67
585.00
180.25
755.00
180.00
578.30
Half cents.
$712.67
577. 40
535.24
60.83
1,057.65
71.83
489. 50
5,276.56
4,072.32
1,780.00
2,380.00
2,000.00
5,772.86
1,075.00
315.70
209.82
484.00
670.00
710.00
075. 50
890.00
723.39
620.00
611.00
174.25
577.32
606.24
145.00
115.00
592.60
620.00
390.00
551.00
784.00
110.00
583.00
702.00
286.61
627.00
973.67
,833.90
283.20
987.52
948.04
208.00
,836.69
157.99
785.00
268. 44
..,897.07
50,630.94
88,411.31
42,361.56
15,748.29
26,904.83
177,834.56
246,000.00
364,000.00
205,660.00
101,000.00
280,750.00
498,400.00
529,737.14
354,292.86
98,265.00
98,210.00
102,665.00
64,200.00
4,880,577.44
315.00
1,170.00
3,030.00
2,435.00
n.oo
770.00
600.00
705.00
1,990.00
199.32
199.06
738.36
648. 47
276.79
282. 50
202.15
175.90
39,926.11
Gold.
$71,485.00
77,980.00
128,190.00
205,610.00
213,285.00
317,760.00
422,570.00
423,310.00
258,377.50
258,642.50
170,367.50
324,505.00
437,495.00
284,665.00
169,375.00
501,435.00
497,905.00
290,435.00
477,140.00
77,270.00
3,175.00
242,940.00
258,615.00
1,319,030.00
189,325.00
88,980.00
72,425.00
93,200.00
156,385.00
.92,245.00
131,565.00
140,145.00
. 295,717.50
643,105.00
714,270.00
798,435.00
978,550.00
3,954,270.00
• 2,186,175.00
4,135,700.00
1,148,305.00
1,809,765.00
1,376,^47.50
1,675,482.50
1,091,857.50
1,829,407.50
8,108,797.50
5,427,670.00
• 3,756,447.50
4,034,177.50
20,202,325.00
3,775,512.50
9,007,761.50
31,981,738.50
62,614,492.50
56,846,187.50
39,377,909.00
25,915,962.50
29,387,968.00
36,857,768.50
32,214,040.00
22,938,413.50
14,780,570.00
23,473,654.00
83,395,530. CO
20,875,997.50
22,445,482.00
20,081,415.00
28,295,107.50
31,435,945.00
23,828,625.00
19,371,387.50
17,582,987.50
729,047,572.50
SUver.
$370,683.80
77,118.50
14,550.'45
330,291.00
423,515.00
224,296.00
74,758.00
58,343.00
87,118.00
100,340.50
149,388.50
-',319.00
471,
,
597, 448.75
,300.00
684,:
,376.00
707,
1,773.50
638,
1,340.00
608,.
:,029.5O
814, (
1,951.50
620,'
,687.50
561,
,308.00
17,
1,575.75
28.
,783.50
607;
1,070 ,454.50
1,140.,000.00
501,680.70
825s 762.45
1,806.50
805;
.
895', 550.00
,
1,752! 477.00
1,5641,583.00
1,090.00
2,002;
1,200.00
2,_::'
1,575 .,600.00
\,
1,994; 578.00
1,400.00
2,495'
3,175 ,600.00
2,579;,000.00
1,000.00
2,759'
,
3,415i 002.00
3,443;,003.O0
,
•3,606. 100.00
1,010.00
2,096;
2,333 ,243.40
2,209.,778.20
1,726 ,703.00
-,750.00
1,132^
!,750.00
2,332,
,
3,834i 750.00
2,235;, 550.00
1,873.,200.00
1,580.00
2,558;
t
2,374,, 450.00
2,0401,050.00
2,1141,950.00
,
1,866 . 100.00
,
774t 397.00
999'1,410.00
9,077 ,571.00
8,6191,270.00
3,501 ,245.00
5,1421,240.00
1,760.00
5,478;
,
8,495. 370.00
,
3,284= 450.00
2,2591,390.00
,
3,783; 740.00
1,518.50
1,252;
1,267.80
8O9;
1,917.10
6O9;'
,005.00
691,1
982,1,409.25
9081,876.25
1,074 ,343.00
1,266 1,143.00
136,478,388.40
Minor.
$11 373.00
10; 324. 40
9; 510.34
9; 797.00
9; 106.68
29; 279. 40
13; 628.37
34 422.83
25; 203.03
12; 844.94
13; 483.48
5; 260.00
9 652.21
13; 090.00
8; OOL 53
15; 660.00
2; 495.95
10; 755.-00
4, 180.00
578.30
12, 620.00
14, 926.00
16, 344.25
23, 577.32
25, 636.24
16, 580.00
17 115.00
33; 603.60
23 820.00
28; 160.00
19, 151.00
. 39489.00
100.00
' 23;
55, 583.00
63, 702.00
31 286.61
24; 827.00
15, 973. 67
23 833.90
24; 283.20
23, 987.52
38, 948.04
41 208.00
61 836.69
64; 157.99
41 984.32
44, 467.50,
99, 635. 43
50, 630.94
.67 059.78
42; 638.35
16 030.79
27 106.78
178; 010. 46
246, 000.00
384, 000.00
205, 660.00
101 000.00
750.00
400.00
926, 687.14
968, 552.86
•1,042, 960.00
1,819, 910.00
1,697 150.00
963 000.00
$453,
,541.80
165,, 402.'90
i
152,
1,250.79
545;
,698.00
645,, 906.68
'
571' 335. 40
,
510; 9,56.37
^
516;
1,075.83
370;
1,698.53
371 ,827.94
333;
1,239. 48
801'
,084.00
1,044;, 595.96
t
982;
1,055.00
884;, 752.53
r
1,155;
1,868. 50
1,740.95
1,108;
1,219.50
1,115;
1,102;
1,271.50
-642,
1,535. 80
20;
1,483.00
56; 785. 57
i
,
',287.60
647;
1,064.50
1,345;
.,325.00
, 1,425;
1,788.20
1,864;
1,977.45
• 1,018,
1,509.89
915;
,975.00
967;
1,297.00
1,858;
1,894.00
1,735;
1,679.25
2,110,
[,
3,024, 342.32
1,741 ,381.24
,875.50
2,306;
.
3,155;, 620.00
1,473.60
3,923;
3, 401,055.00
.
3,765;, 710.00
7, 1,423.00
,667.00
5;66s;
,900.00
7,764,
3,299,898.00
i
,
4,206; 710. 40
3,617,912.31
1,812.50
3,426;
,581.17
2,240;
4,185.,991.40
•,830:70
11,967;
7,687,207.52
,
,
5,668; 595.50
1,965.54
6,833
,811.69
22,638,
5,879,720.49
11,164,695.82
,
,
33,892, 306.00
1,524.93
63, 488,
1,228.44
57,898,
48,5221,539. 78
'
34,577;, 870.85
.,243.79
32,905;
'
42,027;, 115.28
,810.46
37,870;
1,783.50
31,679;
1,020.00
18,429;
1,704.00
25,938;
1,270.00
87,280,
1,264.00
22,409;
1,149.80
23,753;
1,019.24
21,618;
t
,
29,954; 685.38
,
33,461, 314. 25
, 411.25
26,557;
1,880. 50
22,142;
1,130. 50
19,812;
10,891,393.55
876,417,334. 45
28, 209.82
39, 484.00
31 670.00
26 710.00
44 075.50
3, 890.00
20, 723.39
474
REPORT ON THE FINANCES.
No. 23.—Coinage ofthe mints of the United States
RECAPITULATION—Continued.
Miaor coiaage.
Calendar years.
F i v e cents.
B r o u g h t forward
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
1898
1897
1898
1899
1900
1901
1902
--...^
.•1903
:
1904
1905
1906
1907
1908
1909
:-1910
1911
1912
1913...
Total
'.
$4,543,200.00
240,300.00
28,050.00
301,800.00
227,500.00
176,900.00
104,850.00
126,500.00
:
-..
-.
-: - -:
-
-
-. . •
---
'
117. 50
1,455.00
997. 75
- • 3,818.75
573,830.00
1,148,471.05
563,697.10
73,824.50
168,514.-50
783,182.60
536,024.15
794,068.05
812,963.60
841,717. 50
584,982.10
668,509.75
270,656.60
498,994.20
442,146.00
1,021,438.75
826,804.35
1,301,45L55
' 1,362,799.75
• 1,324,010.65
1,574,028.95
1,400,338.25
1,070,249.20
1,491,383.80
1,930,886.25
1,960,740.00
1,134,308.85
579,526.30
1,508,487.65
1,977,968.60
1,747,435. 70
3,682,96L95
40,189,247. 25
T h r e e cents.
$748,620.00
40,050.00
18,120.00
25,880.00
35,190.00
23,700.00
8,840.00
4,860.00
.
T w o cents.
$879,070.00
17,225.00
14,425.00
1,300.00
70.00
1,236.00
748. 65
32,417.25
759.00
318. 27
169.28
143. 70
128. 70
238. 83
1,232.49
, 646.83
941,349.48
912,020.00
475
DIEECTOE OF THE M I N T .
from their organization, by calendar years—Continued.
RECAPITULATION-Contlnued.
T o t a l coiaage.
Miaor coiaage.
T o t a l value.
Cents.
Half cents.
Gold.
SUver.
$4,880,577.44
52,750.00
39,295.00
40,420.00
118,785.00
141,875.00
135,280.00
79,440.00
8,525.00
57,998.50
182,312.00
389,649.55
392,115.75
385,81LO0
455,981.09
232,617. 42
117,853.84
176,542.90
452,284.83
374,944.14
488,693.61
571,828.54
470,723.50
378,498.32
466,42L95
187,52L32
383,438.36
390,572.93
504,863.30
498,230.79
636,000.34
888,337.64
796, 111. 43
873,767.22
850,944.93
613,280.15
807,191. 63
960,222.65
1,081,386.18
334,429. 87
1,178,882.63
1,528,482.18
. 1,178,767.87
829,950.80
984,373.52
$39,928.11
$729,047, 572.50
23,198, 787. 60
21,032, 885.00
21,.812, 845.00
57,022, 747.50
35,254, 630.00
32,951, 940.00
48,579, 452.50
43,-999,884.00
49,788, 052.00
39,080, 080.00
82,308, 279.00
96,850, 890.00
85,887, 685.00
29,241, 990.00
23,991, 756.50
27,773, 012.50
28,945, 542.00
23,972, 383.00
31,380, 808.00
21,413, 931.00
20,487, 182.50
29,222, 005.00
34,787, 222:50
56,997, 020.00
79,548, 160.00
69,618, 357.50
47,053, 060.00
76,028, 485.00
77,985, 757.50
111,344, 220.00
99,272, 942.50
101,735, 187.50
47,184, 852.50
43,683, 792.50
233,402, 400.00
49,638, 400.00
78,793, 045.00
131,907, 490.00
131,838, 632.50
88,778, 907.50
104,723, 735.00
56,176, 822.50
17,498, 522.50
25,433, 377.50
$136,478,368.40
1,378,255.50
3,104,038.30
2,504,488.50
4,024,747.60
6,851,778.70
15,347,893.00
24,503,307.50
28,393,045.50
28,518,850.00
27,589,778.00
27,411,893.75
27,940,163.75
27,973,132.00
29,246,968.45
28,534,886.15
28,962,176.20
32,088,709.90
35,191,08L40
33,025,806.45
35,496,683.15
39,202,908.20
27,518,856.60
12,641,078.00
8,801,739.05
9,200,350.85
5,698,010.25
23,089,899.05
18,487,297.30
23,034,033.45
26,061,519.96
36,345,32L45
30,838,480.75
30,028,167.20
19,874,440.00
15,895,609.95
6,332,180.90
10,651,087.85
13,178,435.75
12,391,777.25
8,087,852.50
3,744,408.35
6,457,30L55
7,340,995.00
3,184,228.95
26,031,487.79
39,926.11
3,314,446,310.50
982,429,588.30
Miaor.
$876,417, 334. 45
$10,891,,393.55
24,927, 388.00
350; ,325.00
24,236, 813.30
99, ,890.00
24,886, 513. 50
369, ,380.00
61,426, 950.10
379, , 455.00
42,448, 881. 70
342, ,475.00
48,548, 803.00
246; ,970.00
71,293, 580.00
210, ,800.00
,525.00
72,401, 434.50
8;
78,363, 088.50
58, , 188.50
86,814, 859. 00
185, 003.00
90, 111,388. 70
391, ,395.95
125,219, 205. 50
428, ,151,75
94,821, 217.00
980, ,400.00
60,093, 728. 86
1,804,,770.41
53,323, 108.43
798, ,483.78
56,926, 810. 74
191, , 622.04
61,375; 438.00
343, , 186.10
80,379, 150. 68
1,215,, 686.26
• 65,318;815. 23
912, ,200.78
68,194; 022.64
1,283,,408.49
81,054, 882.84
1,384,,792.14
58,053, 302. 60
1,312,,441.00
48,389, 780.92
• 98i;, 480.42
• 66,933,
690.75
1,134,,931.70
89,184; 688. 77
, 438;,177.92
1,430.58
66,196, 798.31
1 882;
70,975; 677.98
• 832;; 718.93
• 96,04i;882.35
1,526; 100.05
,835.14
102,144, 628.09
1,124;
139,243; 191. 78
1,837; 451. 86
137,849; 401.-34
2,03i;,137.39
1,122.08 . 134,893;770.33
2, i2o;
,796.17
79,860; 815. 87
2,447;
65,8O9; 513. 68
2,251',281.18
, 529.35
250,78i; 539.30
1,683;
58,269; 138.33
2
" " 1,555.43
•
908.80
92,335; 041. 65
2
148,128 051. 93
3; 042; 128.18
1 738. 72
;
145,499; 148.47
1,
98,62i; 148.93
1,758; 388.93
1,929.83
111,505; 073.18
3,038;
65,790, 850.52
3,158; 726.47
27,416, 903.80
2,577;,388.30
33,284, 941.92
4,867; 335.47
66,114,030.83
4,364,989,929.43
REPORT OF THE COMPTROLLER OP THE CURRENCY.
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,
Wasliington, D. C , December 7, Wllf..
SIR: I have the honor to submit herewith, in accordance with
the requirements of section 333 of the Revised Statutes of the United
States, the fifty-second aimual report of the operations of the Currency Bureau, covering the 12 months ended October 31, 1914.
ORIGIN A N D O B J E C T
OF NATIONAL BANK ACT.
The Currency Bureau of the Treasury Department was established
by an act of Congress approved February 25, 1863. This act was
essentially a Civil War measure, primarily designed to assist in
furnishing a market for the bonds which the Government found it
necessary to issue for the conduct of the war. The original act
provided for the incorporation of the national banks, and also prescribed the method for the-conversion of existing State banks into
national associations.
Any- national bank depositing Government bonds with the Treasurer of the United States was entitled under this act to receive
circulating notes in an amount not exceeding 90 per cent of the
market value of the Government bonds deposited, with the further
proviso that the circulation issued to any one bank should not exceed
at any one time its paid-in capital stock, and that the total issue of
circulating notes should not exceed $300,000,000. The notes thus
issued by any national bank became a paramount lien upon all of
of the assets of that bank. These notes were receivable for taxes,
excises, pubhc lands, and all other dues to the United States, except
duties on imports and interest on the pubhc debt, and all national
banks were prohibited from issuing any other form of notes to circulate as money.
The act of 1863 was amended and reenacted June 3, 1-864.
The act of March 3, 1865, providing ^'That every national banking
association. State bank, or State banking association shall pay a
tax of 10 per cent on the amount of notes of any State bank or State
banking association paid out by them after the 1st day of July, 1866,''
effectually abolished the wildcat currency which previously had
been in circulation in the various States of the Union at as many
different rates of discount.
By the close of the war, or, say, by July 1, 1865, 819 national
banks had been organized under the provisions of the act, and 551
State banks had been converted into national banks. The banks
under the national system had acquired to July 1, 1866, a total of
$447,000,000 of Government bonds, and these banks had outstanding circulating notes to the extent of $267,000,000, which had supplanted the old issues of State bank notes, the amount of which in
circulation July 1, 1863, was $238,677,218, and which by July 1,
1867, had been reduced to a nominal amount.
I n assisting to provide a market for Government bonds and
in furnishing a circulating medium to take the place of the old
476 .
COMPTROLLER OF T H E CURRENCY.
477
depreciated State bank currency the new system was a pronounced
success, and grew steadily in strength and popularity.
As the interest-bearing debt of the United States—which July 1,
1866, had amounted to $2,332,000,000 and by July 1, 1892, had
been reduced to $585,000,000—matured and was paid off, the national bank notes in circulation, which in 1873 had amounted to
$338,000,000, or an average of $171,000 per national bank, diminished, until by 1891 the total amount of national bank notes outstanding had been reduced to $123,000,000, or $33,000 per bank.
The rapid redemption of the Government bonds, which were the
basis of the circulating notes, and the high prices of the longer date
bonds, which forced many banks to retire circulation which it was no
longer profitable to maintain, and in many cases to go out of business
altogether, will largely explain the low point to which national-bank
circulation fell in 18 91.
The banks were enabled to maintain and increase to somie extent
their circulation by the action of the Secretary of the Treasury,
announced on AprU 25, 1891, in temporarily suspending the redemption of the 4 i per cent Government bonds and giving the banks holding these maturing bonds the privilege of either presenting them for
redemption with interest to September 2, 1891, or of continuing them
at 2 per cent interest, redeemable at the option of the Government.
By act of Congress approved March 14, 1900, the national-bank act
was liberalized, the rate of taxation on circulation secured by 2 per
cent bonds was reduced to one-half of 1 per cent per annum, the banks
were authorized to issue currency against Government bonds deposited by them up to 100 cents on the dollar, instead of 90 cents, as
previously, and the formation of banks with capital as low as $25,000
was provided for.
These changes in the law, together with the business revival which
began about that time, stimulated the banks to increase their circulating notes, and from a total outstanding circulation of $265,303,018
on June 29, 1900, the amount of national-bank notes outstanding,
and all secured by United States bonds, had increased on June 30,
1914, to $722,554,719.
INADEQUACY OF NATIONAL-BANK ACT TO MEET PRESENT NEEDS.
As the national banks now own approximately 80 per cent of all
outstanding bonds of the Government, it can be seen readily that
there could be virtually no increase in the circulating medium, when
the additional circulation taken out by one bank must be based on
bonds bought of another, which correspondingly reduces the circulation of the bank selling the bonds; nor can there be any material reduction when the bonds which one bank sells in reducing its outstanding
notes must find their market with some bank preparing to increase
its circulation, the exceptions to this rule being so few as to be
immaterial. These conditions have prevailed for some years past. The market
value of the principal issues of Government bonds is based chiefly on
the circulating privilege which the bonds now carry, and which they
are likely to retain until their redemption. Because of the very
small return which they yield upon the investment—between 2 and
2J per cent at current prices—the prospect that they will at any
time in the near future be in demand from the general investor is
remote.
478
REPORT ON T H E FINANCES.
Uiider the conditions existing, aiid which have existed for years
ast, the currency of the country under our national banking system
as been entirely lacking in the element of elasticity which is so
necessary to meet the requirements of business and the periodical
demands for money and currency which coine, especially in the great
agricultural sections of the West and South.
A further weakness of the system which developed—and, with
the expansion of our trade and industries, had become more evident
and threatening—was the imperfect, inefficient, and unscientific
method of handling our bank reserves.. Under the national banking
system the banks throughout the country have been accustomed to
accumulate their reserve balances in the central reserve cities of
New York, Chicago, and St. Louis, where the national banks usually
have aUowed interest at the rate of 2 per cent per annum, and sometimes more, to their correspondent national banks. To avoid loss
from idle funds, these depositary banks employed to a large extent
the balances thus kept with them by putting the money out in call
loans on bond and stock collateral.
On June 30, .1914, the balances which the national banks of New
York City held to the credit of other national banks. State banks,
and trust companies in all the States of the United States amounted
to $737,108,391. On February 14, 1914, the amount as reported was
$742,386,939.
On June 30, 1914, the total amount of money which these national
banks reported as being loaned to their correspondent banks throughout the country, on both direct and indirect loans, was but $90,360,429, and the amount they had invested in bonds and stocks, exclusive
of United States Government bonds, was $168,632,834. The amount
of money which the national banks of New York City reported as
loaned on bonds, stocks, and the short-term notes of railroads, etc.,
on August 15, 1914 (the nearest date to June 30, 1914, for which the
figures are available), was $383,784,878.
The foUowing table is compiled from reports submitted by the
national banks of New York City as of August 15, 1914, and by
State banks and trust companies of New York City as of October 31,
1914 (the latter data being furnished through the courtesy of the
superintendent of banks of New York State), and shows the various
classes of bonds and stocks upon which the collateral loans in all the
New York banks, both national and State, and trust companies were
based, as of the dates indicated.
E
Bonds, stocks, and other securities held by national and State- banks and trust companies
in New York City as collateral for loans.
Securities
Securities
whose market][whose marketl
value is 100 value is less
per cent or than 100 per
above.
cent.
United States Government bonds
Bonds of insular possessions
Bonds of foreign countries arid cities
state and municipal bonds (United States)...
Railroad bonds
Railroad short-term not^s
Industrial and miscellaneous bonds.
Industrial and miscellaneous short-term notes
Railroad stocks
Oil company stocks
Mtaing company stocks
Other industrial and miscellaneous stocks....
Total.
$193,737
78,200
742,945
33,477,152
30,096,811
7,015,160
.31,882,844
9,048,877
125,042,273
27,320,724
15,340,951
235,460,693
$323,297
25,500
2,041,555
13,879,844
146,927,957
14,168,559
77,941,156
7,784,000
148,813,493
2,372,220
20,408,865
200,622,554
515,878,187
635,307,000 1,150,985,167
'
$517,034
103,700
2,784,500
47,356,996
177,024,768
21,18^,719
109,804,000
16,830,677
273,865,786
29,892,944
35,747,816
436,083,247
COMPTROLLER OF T H E CURRENCY.
479
The accumulation of vast sums of money in the three central
reserve cities was unavoidable under the old law, which required all
national banks in the 49 reserve cities of the country to carry in
national banks in New York, Chicago, and St. Louis all of their reserves not held in their own vaults.
When the banks throughout the country found it necessary to
draw on their reserves in the large cities to meet the recurring
seasonal demands of business, these large city banks, in turn, were
forced to call in the brokers' call loans, these calls resulting frequently in high money rates- and declining security values, and
sometimes in serious stringency, disturbance and panic, or alarm.
INAUGURATION OF FEDERAL RESERVE SYSTEM.
The Federal reserve act, approved by * President WUson on
December 23, 1913, is designed not only to cure weaknesses and
defects of the currency system under which we have struggled,
and sometimes staggered, in the past, as we have outgrown the
conditions and passed beyond the circumstances which it was
especially provided to meet, but to offer to the people of this country
many new advantages and opportunities, while emancipating business
from maiiy evils, difficulties, and troubles with-which it has been
burdened and from which it has found no escape.
Among the principal direct benefits which the new act confers are
these: .
First, it supplies a circulating medium absolutely safe, which wiU
command its face value in all parts of the country, and which is
sufficiently elastic to meet readUy the periodical demands for
additional currency, incident to the movement of the crops, also
responding promptly to increased industrial or commercial activity,
while retiring from use automatically when the legitimate demands
for it have ceased. Under the operation of this law such financial
and commercial crises, or ^^panics,'^ as this country experienced in
1873, in 1893, and again in 1907, with their attendant misfortunes
and prostrations, seem to be mathematically impossible.
Second, it provides effectually and scientifically for the mobilization of bank reserves in the 12 Federal reserve districts, where these
funds are not only available for the member banks of each respective
district, but, under wise and well-guarded provisions of the law, the
surplus moneys of any one district become available for the legitimate needs of any other districts which may require them.
Third, it eliminates the indirect tax of many miUions of dollars
annuaUy upon the commerce and industry of the country, heretofore
imposed in the shape of coUection or '^exchange" charges on checks,
and inaugurates a system of clearances by which it is expected that
every check or draft on any member bank in any one of the 12
Federal reserve districts can be collected ultimately free of the exchange charges heretofore exacted and may be charged on the books
of the Federal reserve bank to the account of the bank upon which
drawn, in most cases, within 24 hours or less after it is deposited
with a member bank. This provision renders available many hundreds of millions of doUars heretofore carried in transit in the maUs
in expensive and tedious processes of collection, sometimes absolutely
useless during weeks when much needed, held in transit moving from
point to point.
Fourtli, it furnishes a discount system by which every well-managed .
member bank may have the opportunity of converting into money
480
REPORT ON T H E FINANCES.
by rediscounting, to such extent as may be necessary or desirable
all commercial paper having not more than three months to run
which it may have taken in the ordinary course of its business. The
new law removes, so far as borrowing money from a Federal reserve
bank is concerned, the hmitation which prevented a national bank
from borrowing an amount in excess of 100 per cent of its capital.
The significance of this release may be appreciated when itis reahzed
that some national banks have deposits amounting to 10 times their
capital or more. The abihty to borrow, only an amount equal to capital would be wholly insufficient, in many cases, to enable banks to
meet the demands which arise from unexpected runs, or in financial
crises, or other extraordinary demands.
It removes from prosperous and weU-managed banks penalties hitherto imposed on their very prosperity and success.
It relieves the well-managed bank from the limitations of original
capital invested and gives it the legitimate advantages of its own
enterprise and the business it has built up and actually does.
Fifth, by making it possible for any well-managed bank to convert
its assets readily into cash to meet unexpected contingencies or runs,
the necessity for the larger reserves heretofore required ceases. It
is estimated that by this reduction in the reserve requirements alone
more than four hundred miUions of dollars of money or credits heretofore held in reserves and inert, wiU become available for commercial
purposes and the legitimate demands of business.
o^ixth, the new law also makes it possible for national banks to lend
money on improved, unencumbered farm property, thus enabling
farmers, the most numerous and in many respects most important
portion of our population to participate directly in the beneficent
provisions of the new law.
Seventh,^ the new law provides that national banks may establish
branches in foreign countries, these branches to be under the jurisdiction and subject to the rules, regulations, and examinations of the
comptroller's office. These branch banks should be material aids
in building up our foreign commerce.
Eighth, the former system of paying national bank examiners by
fee is abolished; and the examinations of all member banks, both
National and State, are now placed upon a basis which necessarily
will insure a thoroughness and efficiency hitherto impossible..
Under the provisions of the new law the failure of. efficiently and
honestly managed banks is practically impossible and a closer watch
can be kept on member banks. Opportunities for a more thorough
and complete examination are furnished for each particular bank.
These facts should reduce the dangers from dishonest and incompetent management to a minimum. It is hoped that national-bank
failures can hereafter be virtually eliminated.
Ninth, the establishment of a system of bank acceptances and an
open market for commercial paper, which, it is believed, will aid and
facilitate this country in obtaining, a larger share of international
trade and of the world's commerce.
ADDITIONAL
CURRENCY UNDER ACT OF MAY 30, 1908, AS AMENDED
BY FEDERAL RESERVE ACT.
The act of May 30, 1908, sometimes referred to as the AldrichVreeland emergency currency law, had been on the statute books
for more than five and a half years, and although up to January 1,
COMPTROLLER OF THE CURRENCY.
481
1914, 21 currency associations had been formed in various sections
of the country, no applications for this currency had ever been
received from any currency association, nor had any formal apphcation from any individual bank, as authorized in section 3 of the
act, been acted upon. The rates of interest exacted under the law
were regarded as so onerous that banks, fearing the effect upon
their credit, had been unwUhng to ask for currency under its provisions, notwithstanding the periods of stringency which had from
time to time occurred since its enactment.
Under the terms of the law as it stood, the banks were required
to pay 5 per cent per annum interest the first month, the rate increasing at the rate of 1 per cent per month, so that upon currency outstanding at the expiration of five months, the banks would be paying
9 per cent interest.
The Federal reserve act of December 23, 1913, amended and
rendered practicable and efficient this law of May 30, 1908, by
reducing the rate of interest charged to the banks for the first three
months to 3 per cent per annum, the rate increasing thereafter
one-half of 1 per cent per annum per month to a maximum of 6
per cent. After the passage of this amendment many additional
currency associations were formed in difi'erent sections of the
country.
MEETING THE
EUROPEAN CRISIS.
At the outbreak of the European war the New York banks faced
a serious crisis. Their resources had been heavily drawn upon
during the weeks preceding in connection with the large exports of
gold, and had been depleted further by the sales, just prior to the
declaration of war, on the New York Stock Exchange, for foreign
account, of enormous amounts of American securities. Further
shipments to Europe of gold were impending. To prevent threatened demorahzation, the governors of the stock exchange decided,
at 9.45 on the morning of July 31, 1914, that the exchange should not
open that day, and should remain closed untU there had been opportunity for observation, consideration, and adjustment to the new
and starthng conditions. The following day, Saturday, August 1,
the New York clearing house statements showed that the reserves
in the New York banks had fallen $43,599,500 below the amount
held at the close of the j)receding week and that the deficiency was
$17,425,750. The financial situation in New York was acute, and
it was apparent that the effect of the European war on the banks
and other fibiancial institutions in the country would be threatening
and deep-reaching.
It Was evident that the quickest rehef possible would be gotten by
the issuance of additional currency under the act of May 30, 1908, as
amended by the Federal reserve act. Perceiving the gravity of the
situation and the need for immediate action, the Secretary of the
Treasury announced in the morning papers on August 3 that the
Treasury Department Was prepared to issue immediately to the
national banks in New York City, if needed, $100,000,000 of additional currency under the act above referred to, so that these banks
might be enabled to respond promptly to all the demands for currency which would be made upon them inevitably by their correspondent banks in aU parts of the country.
The Secretary of the Treasury at the same, time announced his
readiness to supply similar currency to the national banks in aU other
. 64402°—n 1914
31
482
REPORT ON T H E FINANCES.
sections of the country, to the extent that such currency could be
lawfully issued, as far as the needs of these sections might require.
To facihtate the issuance of this additional currency to the national
banks, the Congress, with remarkable expedition, showing its intelhgent luiderstanding of the gravity of the situation, passed, August
4, 1914, an amendment to the act of May 30, 1908, authorizing the
Secretary of the Treasury, in his discretion, to waive that provision of the act restricting the issuance of additional currency to
national banks which had outstanding circulation equal to 40 per
cent of their capital. The Congress further amended the act of May
30, 1908, so as to increase the amount of currency which it would
be possible for a bank to issue from 100 per cent of capital and surplus to 125 per cent of capital and surplus, and at the same time
annuUed that provision of the act by which the total issuance of such
currency was lunited to $500,000,000.
Thereupon new ^^currency associations" were formed speedily, so
as to cover practicaUy every portion of the country, and national
banks were placed in a position to secure, through these various currency associations, to membership in which they were respectively
eligible, the fuU benefits of the so-called emergency-currency act.
On October 1, 1914, 44 currency associations had been formed,
embracing in their membership national banks in nearly every State
of the Union.
October 31, 1914, the number of national banks, members of the
44 currency associations, was 2,102, with $687,494,910 capital and
$510,276,091 surplus.
Prior to August 4, 1914, no currency had been issued under this act.
On August 31, 1914,the currency issued amounted to $208,810,790; on
September 30, 1914, to $326,789-,380; and on October 31, 1914, the
amount of such currency; actuallyissued and shipped was $369,558,040,
and the amount authorized to November 30,1914, was $383,301,305.
This currency was issued to 41 different currency associations in 40
States. Three Currency Associations organized in anticipation of possible needs had not, to November 30, 1914, submitted any applications for currency. To November 30, 1914, the amount of additional
currency redeemed was $120,234,419 and included redemptions made
tlirough 23 associations in 19 different States. Tax collected on
"emergency" currency, August 4 to October 31, 1914, amounted to
$1,327,000.
' I n addition to the currency issued under the terms of the act of
May 30, 1908, as amended, there was issued from the pffice of theComptroller of the Currency between July 1 and October 31, 1914,
on account of United States bonds deposited and on account of
mutUated notes redeemed and destroyed, $115,187,870 of nationalbank notes. Total issued July 1 to October 31, $484,745,910.
CLEARING-HOUSE LOAN CERTIFICATES.
As an additional emergency measure, the New York Clearing
House Association on the morning of August 3, 1914, began the
issuance to applying banks of clearing-house loan certificates, which,
as in several previous crises, gave further rehef to a strained situation.
These certfficates were issued by the New York Clearing Houses
from time to time, to October 15, 1914, when their issuance ceased.
The total amount of New York Clearing House certificates issued
COMPTROLLER OF THE CURRENCY.
483
within this period was $124,695,000. The largest amount outstanding
at any one time was $109,185,000, but the largest amount placed in
circulation was only $57,625,000.
The first cancellation of any of these certificates yras made on
August 26, 1914, and the last of the entire issue was canceled on
Saturday, November 28, 1914, the interval between the issuance of
the first and the canceUation of the last of these New York certificates
being 118 days. I n the crisis of 1907 the first issue of clearing-house
loan certificates was made October 26, 1907, and the last of the certificates were not redeemed until March 28, 1908, the interval being 154
days. I n the 1893 crisis the first certificates were issued J u n e l , 1893;
the last returned November 1, 1893; the interval during which any
certificates were outstanding was, as in 1907, 154 days.
As collateral security against the loan certfficates issued to them
by the clearing house in 1914, the New York banks deposited
$234,465,000 of '^commercial paper," being 50.7 pej cent of the total
collateral deposited; $163,873,000 of ''bonds and securities," being
35.5 per cent of the total collateral; and "collateral loans" for
$63,836,000, or 13.8 per cent of the total collateral deposited, which
amounted to $462,174,000. The maximum amount of collateral
in the hands of the clearing-house committee at any one time was
reported at $158,327,000.
The clearing-house associations in Chicago, St. Louis, and many
other important cities throughout the country followed the lead of
New YorK in the issue of loan certfficates to help meet threatening
conditions.
On December 1, 1914, the financial situation had so greatly improved that aU clearing-house loan certfficates throughout the
country had either been paid off or caUed for redemption. The
foUowing announcement was made by the ComptroUer of the Currency
on December 1, 1914:
Telegraphic advices received from the clearing-house associations throughout the
country show that all, clearing-house loan certificates have either been paid off or
called for redemption.
Chicago wires that the banks there are ready to pay off the comparatively email
balance still outstanding and are only delayed by the required notice of redemption
wh ch prevents the last of them from being paid for a few days longer. The Baltimore banks have given notice for redemption of the last of their loan certificates not
later than the 15th instant. New York, Boston, Philadelphia, St. Louis, New
Orleans, and all other cities throughout the country which issued any clearing-house
certificates report all now paid in full.
This encouraging fact is an acknowledgment and important evidence of the almost
complete return to normal financial conditions in this country and marks our safe
exit from the disquieting conditions which so recently confronted us.
cThe total amount of additional currency issued under the provisions of the AldrichVreeland Act to date is 1381,530,000, and of this amount, $127,272,000, or more than
one-third, has already been redeemed. Very few new applications are being received,
while redemptions are large and steadily increasing.
NATIONAL BANK FAILURES AND SUSPENSIONS—1914 COMPARED
WITH 1893 AND 1907.
A comparison of the failures and suspensions of national banks
during the past year with faUures and suspensions in the panic
periods of 1893 and 1907 may be interesting at this time.
The figures show that for the 12 months ended October 31, 1914, 26
national banks, with aggregate capital stock of $2,510,000, failed or
suspended. payment. The total liabihties of these banks (in the
,484
REPORT ON*" T H E FINANCES.
case of receiverships claims proved) amounted to $14,177,408. In
the case of 6 recent failures, the figures of total habihties, less capital,
surplus, and undivided profits, are used in heu of the "claims proved,"
no report of the latter having yet been received as to these 6 banks.
For the 12 months ending October 31, 1893, 158 national banks
suspended, with capital of $30,350,000. Sixty-five banks, with total
capital stock of $10,935,000, were insolvent and required the appointment of receivers; 86, with capital stock aggregating $18,205,000,
were able to resume business; and-7, with capital stock of $r,210,000,
were placed in charge of examiners in the expectation of resumption.
The total habffities of failed and suspended banks for the period
mentioned was $83,042,347—in the case of failed banks, "claims
proved" being considered as " t o t a l habffities."
During the six-months period from October 1, 1907, to April 1,
1908, there were 22 national bank faUures and suspensions, and the
total habihties (in the case of receiverships these being "claims
proved") were $32,443,978; the total capital stock, $6,540,000. Of
these banks, however, 7, with capital stock of $1,440,000 and habihties of $22,124,662, resumed business.
I t is worthy of special note that in the crisis of 1914, unhke the
pamcs of 1893 and 1907, there was no suspension of currency payments on the part of the banks of this country, either in the large
cities or in the smaUer towns. I n the panics of 1893 and 1907, in
addition to clearing-house checks, many artificial methods of supplying a temporary currency were resorted to, while actual currency
commanded a premium of from 3 per cent to 5 per cent—$100 in
currency costing anywhere from $103 to $105, or more, in certffied
bank checks.
In 1914 the banks of the country were enabled, as a result of the
instant and active cooperation of the Treasury Department, and
through the operations of the act of May 30, 1908, as amended by the
Federal Keserve Act, to supply actuaL currency, even during the
period of greatest stringency, to their customers and correspondents,
both over the counter and in response to requests for shipments.
Whenever any indications were seen of an attempt or disposition on
the part of any solvent bank or banks to withhold or suspend cash
payments, the subject was taken up immediately b y the Treasury
Department, and payments of currency over the counter and shipments by the banks upon demand, from the centers to the near-by
and far-off districts, and vice versa, have been maintained practically
without interruption throughout this crisis.
PRESENT PENALTIES UNDER NATIONAL-BANK ACT.
Under the pro visions. of the national-bank act the penalties provided for infractions of the law are:
First, forfeiture of the. charter of the offending bank when the
directors either knowingly violate or knowingly permit any of the
bank's officers, agents, or servants to violate any of the provisions
of the national-bank act.
Second, the imposition of a fine of $100 per day for faUure to
furnish reports called for by the comptroUer.
Third, imprisonment in the penitentiary for a period of not less
than 5 nor more than 10 years for embezzlement, abstracting, or
wiUful misapplication of any of the funds of the bank,.the unauthorized issuance of circulation, orders, bUls of exchange, or making
COMPTROLLER OF THE CURRENCY.
485
of unauthorized acceptances, the unauthorized assignment of any
note, draft, bond, bill of exchange, etc., or the making of any false
entry in any book, report, or statement of the association with intent
to injure or defraud the association or any person, or to deceive an
officer or examiner. The same penalty applies to any person who
aids or abets such officer.
Fourth, a jSne of not exceeding $5,000, or imprisonment of not
more than five years, or both, is provided for any officer or agent
who is convicted of falsely certifying a check.
Fifth, a fine of not less than $250 nor more than $1,000, or imprisonment for a term of not more than one year is provided for every
officer or director who is convicted of consenting to the payment by
the bank of any pohtical contribution.
There are many provisions of the national-bank act whose strict
observance is vital for the protection of the bank and the safety of
those whose money has been committed to it (whether as depositors
or as stockholders), infractions of which provisions can not now be
punished unless resort is had to a receivership or to proceedings to
forfeit the charter of the bank. There are also many regulations of
this office the observance of which is also essential for the protection
of the bank and its creditors, and which the ComptroUer of the Currency at present finds it difficult or impossible to enforce for lack of
proper penalties.
SOME O F . T H E OFFENSES COMMITTED BY BANKS AND BANK OFFICERS.
Among the many abuses and violations of law and regulations with
which the.department has to contend are excessive loans; overdrafts;
loose and unbusinesslike methods of accounting; excessive borrowings by the banks; investment of the bank's funds in securities not
authorized by law; charging of usurious rates of interest; unlawful
loans on real estate; excessive loans to officers, clerks, and employees
of the bank employing them; loans to a bank's officers or employees
and others through '' dummies"; loaning money, directly or indirectly,
upon the bank's own stock; transaction of a brokerage or commission business by the bank's executive officers, the commissions thus
collected being sometimes appropriated personally by the officers
and sometimes going directly or indirectly to the bank; false statements of directors as to ownership of stock; false statements made
by bank officers, such as including as cash or cash items memoranda
of moneys due from one source or another which do not represent
actual cash and can not be immediately converted into cash; and
failure or refusal when so directed to charge off bad debts and other
ascertained losses; delay on the part of directors in taking the oath
of office.
For many of the offenses indicated the only penalty which can be
enforced by the Comptroller's office is the forfeiture of the bank's
charter by suit m the United States court. This in many cases would
prove a great hardship to innocent stockholders and depositors, and
can only be resorted to with much reluctance by this office.
SUITABLE
PENALTIES
RECOMMENDED FOR
BANK OFFICERS.
OFFENDING
BANKS
AND
I t is earnestly recommended that the law be so amended as to place
it within the power of the Comptroller's office to penalize, by impo
486
REPORT ON THE FINANCES.
sition of appropriate fines, all mfractions and violations of the law
and regulations of the office; and it is suggested that these fines should
be imposed upon the off^ending officials as well as upon the bank.
Certain violations of the law and regulations should be punishable
with imprisonment as well as a fine, suits to enforce such penalties
of course to be instituted by the Department of Justice in the United
States courts.
LIMITATION OF AMOUNT WHICH A BANK MAY LOAN TO ONE INDIVIDUAL
OR INTEREST.
Section 5200 of the Revised Statutes limits the total amount of
money which any one national bank can loan to any one person,
firm, or corporation to 10 per cent of the capital and surplus of the
bank, but not to exceed in any event 30 per cent of the capital, with
the provision that " t h e discount of bUls of exchange drawn in good
faith against actually existing values and the discount of commercial
or business paper actually owned by the person negotiating the same
shaU not be considered as money borrowed." Under the shelter of
this latter provision many banks have tied up an excessive and, undue
proportion of their assets in loans which, in form, may possess the
characteristics of "commercial paper" owned by the discounter, but
which in many mstances represent, in substance, loans to single or
allied interests," often times to the great peril and loss of the shareholders and depositors of the bank. I t is recommended that there be
a limit fixed to the amount which a bank may lawfully loan to', or
discount for, directly or indirectly, a single borrower, such limit to
be either a certain percentage of the bank's capital and surplus or of
its total loans.
CONSOLIDATION OF NATIONAL BANKS.
I t becomes desirable at times to effect a consolidation of national
banks. The national-bank act makes no ade(juate provision for facUitating or making effective such consolidations. The practice has
been when two national banks desire to effect a consolidation of their
business for one of the two national banks to go into liquidation, the
other bank taking over the assets and assuming the liabilities of the
liquidating bank. I t is recommended that the banking laws be
amended so as to permit actual consolidation of national banks
possibly along lines which have proved satisfactory and efficacious,
under the laws of some of the States governing the consolidation of
State banks.
OVERDRAFTS.
Serious losses have been sustained by many national banks from
o^^erdrafts. The efforts of the department have been, with some success, directed toward the abatement of this evil, b u t an amendment
to the law authorizing this office to impose appropriate fines for disregard of its instructions or admonitions in this regard would be very
beneficial, and is respectfully recommended.
RESPONSIBILITY OF AND RECOURSE AGAINST DIRECTORS.
The national-bank act provides that if- any loss accrues to a bank
by reason of any violations of the law, the directors may be held individually responsible if they had any part in making the loans or
COMPTROLLER OF THE CURREl^CY.
4.87
investments upon whicb. the loss is sustained. As a practical question, however, this redress can not ordinarily be resorted to.
Banks frequently make loans through negligence or misfeasance of
directors, which result in losses to the depositors; but unless the assets
of the bank come into the hands of a receiver appomted by the
Comptroller and are administered under the jurisdiction of the
Comptroller, suits against these directors are seldom if ever prosecuted. If a stockholdei:" had knowledge of such losses and should
undertake to recover for the benefit of himself and other stockholders,
a run might be precipitated on the bank which would result in suspension of the bank and further losses. I n most cases, however, the
stockholders .have no knowledge of the losses thus accruing, which
are frequently charged off to profit and loss by the action of the
offending directors, who thus escape punishment for their mismanagement and for the losses inflicted upon the stockholders whose
interests they are supposed to safeguard and protect.
STANDARDIZATIOlSr OF BY-LAWS FOR NATIONAL BANKS.
Banks also frequently suffer seriously from the apathy and indifference, as well as the misfeasance, of their directors, and from their
omission to attend board meetings and to perform the duties expected
of directors, which duties they have sworn to faithfully discharge.
The internal organization and management of many national banks
have been found to be loose and slipshod, indicating inattention and
neglect by officers and directors. The duties of officers are frequently
not properly defined, and in many cases meetings of directors are
rarely held. The periods for meetings of directors are usually
governed by the by-laws of a bank. I t is beheved that good results
would follow if this officii should be empowered to enforce the adoption of a standard set of by-laws, which by-laws could be set forth
in an amendment to the national bank act, and cover certain essential rules and elementaly regulations. There are certain by-laws
which should be a part of the organization of every national bank,
whUe additional by-laws may be adopted by individual banks to
suit the particular conditions governing each special case. The bylaws of a bank should provide, inter alia, that the board of directors
should, in aU cases, meet not less frequently than once a month;
and a director who fails to attend a majority of the meetings of
the board in any particidar year should be inehgible for reelection
for the ensuing year without the special approval of the Comptroller
of the Currency.
AUTHORITY TO REMOVE GUILTY DIRECTORS RECOMMENDED.
An amendment to the* law -giving to the ComptroUer of the Currency, with the approval of the Secretary of the Treasury, the power
to require the removal o^f any director or directors or of any officer
of a bank guilty of a violation of any of the more important provisions of the national-bank act, and to direct that suit be brought
in the name of the bank against such director or directors after
they have ceased to be (connected with the bank, for the losses sustained by their malfeasance or misfeasance in office, would be salutary, protective, and beneficial.
488
REPORT ON T H E FINANCES.
OATHS.
Section 5147 of the Revised Statutes provides that each director,
when appointed or elected, shall take the oath required and file it immediately with the Comptroller of the Currency. This requirement of
the law is fiagrantly and frequently violated, and there are no means of
imposing a suitable penalty. I t is recommended that the law be soamended as to provide that if a director, when elected, does not
qualify and forward his oath to the Comptroller of the Currency
within 30 days after his election/a vacancy shall be immediately
declared and shall be ffiled by the remaining directors as provided
by section 5148, Revised Statutes of the United States, and the derelict director be made ineligible for reelection as director for that year.
PERMISSION
TO RECHARTERED BANKS TO CONTINUE
BANK-NOTE PLATES..
USE
OF
OLD
The act of July 12, 1882, amending the national-bank act, requires
the engraving of a new plate of new design for the circulating notes
of every bank subsequent to extension of its charter. No good
reason for this provision can be seen, and its repeal is recommended,
as it involves needless expense both to the banks and to the
Goyernment.
DENOMINATION
OF NATIONAL-BANK NOTES ORDERED
LEFT TO BANKS AND COMPTROLLER.
SHOULD
BE
Another provision of the same act of July 12, 1882, restricts the
amount of circulating notes in the denomination of $5 to one-third of
the total circulation issued by each national bank. No sufficient
reason exists for this limitation. I t is recommended that the proportion of notes of each particular denomination of each particular
bank be left to the individual bank,, subject to the approval of the
Comptroller of the Currency.
ENGRAVED SIGNATURES TO BANK NOTES RECOMMENDED.
The national-bank act at present provides that the notes of national
banks shaU be prepared in blank "by the Bureau of Engraving and
Printing and delivered by the Comptroller to the respective banks
to be signed by their president or vice president and cashier, but
the act of July 28, 1892, provides that "All national-bank notes
that have been or may be issued to, or received by, any national
bank, notwithstanding such notes may have been los.t by or stolen
from the bank and put in circulation without the signature or upon
the forged signature of the president or vice president and cashier"
shall be redeemed by the bank in the same manner as notes bearing
the signature of the bank's officers. I n other words, the signatures
of these officers are not essential to bind the bank.
The Federal reserve notes provided for in the act of December 23,
1913, like all other Government obhgations, bear simply the engraved
signatures of the appropriate Government officers.
If the national-bank act should be amended to permit the Bureau
of Engraving and Printing to furnish the notes to the national banks
with the engraved signatures of their officers, a twofold advantage
wUl be gained. First, the banks will be saved the time and expense
to which they are now subjected in signing, stamping, or printing
the names of their officers on their note's; second, the national-bank
COMPTROLLER OF T H E CURRENCY.
489
notes carrying the engr£Lved signatures of their officers can be subjected to the laundering processes which have been so successfuUy
operated for the renovation, renewal, or washing of United States
silver certificates and other Government notes. Notes with printed
or written signatures can not be put through the "washing" machinery without blurring or destrojdng the signatures.
I respectfully recomm(5nd to the Congress that the law be amended
so as to enable the Government to furnish national banks, through
the bureau, with complel:e notes with the engraved signatures, of their
respective officers.
^
LIMITATION OF DEPOSITS TO NOT EXCEEDING TEN TIMES CAPITAL AND
SURPLUS.
The reports of condition of the national banks, according to the
statements of September 12, 1914, to the Comptroller of the Currency,
show that, on an average, the total deposits of all national banks
amount to about four and six-tenths times their total capital and
surplus. This means that the average capital and surplus of these
banks is equal to approximately 21 per cent of the total amount of
deposits. There are, ho^vever, national banks whose deposits amount
to ten or more times their capital and surplus, and in these cases the
margin of protection to depositors is only 10 per cent or less of the
sum total of deposits. UsuaUy the amount of money which a bank
has invested in loans approximates the amount of its deposits. In
the case of a bank whos(3 loans equal its deposits, and whose deposits
are approximately ten times its capital and surplus, it is obvious that
the loss of over 10 per cent in loans would wipe out both capital and
surplus and destroy the solvency of the bank, rendering it unable to
pay its depositors.
Thfe view is held h j many practical bankers and experienced
economists that it is not sound banking for an active commercial
bank to be aUowed to rec^eive deposits in excess of ten times its capital
and surplus. I am firmly impressed with the correctness of this view,
and respectfully recommend to the Congress that the national-bank
act be amended so as to provide that no national bank shall be
permitted to hold deposits in excess of ten. times its unimpaired
capital and surplus. r(3rhaps it might be wiser to make this limitation eight times the capital and surplus.
Such a limitation need not interfere with the growth and development of the bank. When its deposits approach an amount equal
to ten times its capital t\,nd surplus, or whatever other hmitation may
be fixed, arrangements ]nay be made to increase its capital. A bank
whose deposits amount to ten times the capital and surplus, if
efficiently managed, should be so profitable that there would be no
difficulty in providing for an increase of capital by the sale of additional stock, and when the proposed increase shall have been authorized by two-thirds of its stockholders and approved by the
Comptroller of the Currency, it can be made promptly. effective.
A commercial bank whose capital and surplus amount to less than
one-tenth of its deposits is, except possibly under very exceptional
conditions, doing bushiess on too small a capital and upon too
narrow a margin for s^bfety, and does not furnish its creditors the
protection to which they are entitled against unexpected losses
and. contingencies which are liable to, and do, so frequently arise.
490
REPORT ON T H E FINANCES.
CONDITION OF NATIONAL BANKS.
Under the law every national bank is required to make to the
ComptroUer not less than five reports each year, the reports to be in
the form required by him and to exhibit in detail the assets and
habilities at the close of business on any past day by him specified.
In the twelve months covered by this report the earliest call by
the Comptroller fqr returns from the banks was for October 21,1913,
followed oy calls on January 13, March 4, June 30, and September
12, 1914. The condition of the banks with respect to each item of
assets and liabilities at the dates of the periodical reports is shown
in the table following.
Abstract of reports of condition of national banks from Oct. 21, 1913, to Sept. 12, 1914.
Oct. 21,1913—
7,509 b a n k s .
J a n . 13,1914—
7,493 b a n k s .
Mar. 4,1914—
7,493 b a n k s .
J u n e 30,1914— Sept. 12,1914—
7,525 b a n k s .
7,538 b a n k s .
ASSETS.
L o a n s a n d d i s c o u n t s . . . S6,260,877,853.65 S6,175,404,961.53 $6,357,535,898.41 $6,430,069,214.47 $6,400,767,386.01
Overdrafts
27,460,769.67
21,838,399.48
21,335,628.89
15,485,641.14
17,142,637.10
U . S. b o n d s t o secure
circulation
737,480,840.00 736,600,910.00 733,564,382.00 734,897,425.81 736,685,849.72
Miscellaneous securities
to secure circulation..
392,663,116.72
U . S. b o n d s t o secure
U . S . deposits 1
50,342,980.00
50,285,032.00
50,610,110.00
48,405,573.20
48,311,495.63
O t h e r b o n d s t o secure
67,878,130.32
69,332,288.52
U . S. deposits
68,116,426.65
56,781,241.53
72,372,019.72
U . S. b o n d s on h a n d . . .
5,112,910.00
6,199,710.00
5,476,718.00 211,955,298.58
6,423,780.87
P r e m i u m s o n U . S.
bonds
:
5,071,681.95
4,859,610.88
6,234,163.76
4,058,150.56
3,921,759.63
B o n d s , securities, e t c . . . 1,038,971,129.90 1,020,494,711.08 1,027,326,660.58 1,015,981,897.19 941,723,232.07
Stocks...
42,809,011.19
42,032,851.94
B a n k i n g house, furnit u r e , a n d fixtures
253,914,198.10 256,995,908.53 257,520,014.18 268,042,022.83 269,661,511.46
O t h e r real e s t a t e owned.
32,625,254.39
32,146,682.71
33,981,161.55
39,042,865.78
40,787,222.13
D u e from
national
b a n k s ( n o t reserve
agents)
505,499,205.09 482,036,437.64 513,728,136.83 421,754,572.17 410,376,729.94
D u e from S t a t e b a n k s
and bankers
242,700,858.10 251,113,818.01 230,776,241.19 191,921,682.48 191,968,078.31
D u e from a p p r o v e d re791,671,167.47 802,786,844.06 881,702,559.68 777,498,700.76 673,958,901.01
serve agents
Checks a n d other cash
40,184,406.94
items. 34,817,257.76
37,244,268.10
34,204,681.42
48,559,951.65
E x c h a n g e s for clearing
house
258,498,756.09 263,295,798.41 282,343,800.66 309,321,303.07 118,588,403.08
Bills of other n a t i o n a l
51,797,179.00
banks
47,905,779.00
48,177,045.00
49,659,728.00
73,546,639.00
Fractional
currency,
3,959,837.04
3,964,617.42
3,868,383.29
nickels, a n d cents
3,828,925.17
3,591,586.83
144,416,547.34 153,385,903.75 153,438,254.95 149,295,329.20 156,234,233.72
Gold coin
Gold t r e a s u r y certificates
319,683,820.00 359,960,300.00 389,282,220.00 376,603,740.00 346,825,050.00
Clearing H o u s e certificates (sec. 5192)...''...
87,914,500.00
79,413,000.00
87,932,500.00
99,964,000.00
84,325,500.00
Silver dollars
15,180,421.00
14,536,443.00
12,557,478.00
14,293,420.00
12,692,441.00
Silver T r e a s u r y certifi126,778,007.00 148,197,091.00 125,321,089.00 129,823,652.00 126,444,951.00
cates
21,604,425.41
19,543,986.06
24,353,493.81
22,183,588.19
Silver fractional c o i n . . .
19,676,741.71
Specie
710,894,338.40
780,490,209.56
79.2,694,095.14
791,584,566.61
746,198,917.43
Legal-tender notes
F i v e p e r cent r e d e m p t i o n fund
D u e from Treasurer
U. S
Clearing house loan certiflcates
178,738,116.00
201,429,211.00 • 175,373,021.00
177,490,396.00
157,508,431.00
35,808,926.78
35,371,589.64 . 35,402,097.42
35,509,539.22
44,323,990.14
Total..
9,143,489.87
14,464,098.96
8,933,843.97
7,533,063.14
3,952,273.52
52,818,000,00
11,301,558,162.29 11,296,355,138.70 11,564,497,260.26 11,482,190,770.60 11,483,529,494.68
1 Includes D. C. and island possession bonds.
2 Includes $5,310,500 United States bonds loaned by New York City banks.
COMPTEO'LLEE OP THB CUEKENCY.
491
Abstract of reports of condition of national banks from Oct. 21, 1913, to Sept. 12, 1914Continued.
Oct. 21,1913—
7,509 b a n k s .
J a n . 13,1914—
7,493 b a n k s .
Mar. 4,1914—
7,493 b a n k s .
J u n e 3 0 , 1 9 1 4 ^ Sept. 12,1914—
7,525 b a n k s .
7,538 b a n k s .
LIABILITIES.
Capital stock p a i d i n . . $1,059,402,908.00 $1,057,676,054.00 $1,056,482,120.00 $1,058,192,335.00 $1,060,332,072.50
726,302,377.76 732,442,759.67 731,273,096.28 723,338,266.50 724,138,519.46
S u r p l u s fund
U n d i v i d e d profits, less
expenses a n d t a x e s . . 281,275,808.12 259,664,337.83 272,703,334.17 268,184,165.18 287,343,679.28
National-bank
notes
outstanding
727,078,847.00 725,326,161.50 720,640,334.00 722,554,719.00 .918,270,315.50
3 t a t e - b a n k n o t e s outstanding
•27,701.00
27,698.00
27,698.00
27,693.00
27,693.00
D u e t o other n a t i o n a l
banks
^. 1,051,175,217.60 1,061,260,991.82 1,201,467,775.86 1,017,820,892.71 904,331,571.01
D u e to S t a t e b a n k s a n d
bankers
578,216,313.61 561,006,715.14 607,331,628.52 515,742,709.18 521,901,865.51
D u e to t r u s t companies
a n d savings b a n k s . . . 499,378,357.12: 544,604,116.11 619,704,372.92 609,678,412.65 483,794,109.17
D u e t o a p p r o v e d reserve agents
52,266,359.85
43,630,770.30
43,937,637.70
42,660,616.15
39,871,080.85
Dividends unpaid
1,227,068.51
4,264,129.89
1,337,166.00
18,660,220.51
1,250,322.87
Individual
deposits
subject to check
4,965,878,784.33 4,962,293,546.17 4,984,444,112.97 5,077,626,327.12 5,043,531,491.00
D e m a n d certificates of
deposit
413,405,388.01 408,036,550.09 404,856,850.43 370,898,706.99 361,269,441.53
T i m e certificates of deposit
534,399,108.18 549,434,927.39 559,151,872.78
T i m e certificates p a y able within. 30 d a y s . .
132,997,726.56 130,653,944.78
T i m e certificates p a y a b l e after 30 d a y s
519,220,516.33 539,433,625.17
67,115,364.72
Certified checks
78,798,308.74
72,684,436.71
82,264,021.89
21,908,933.60
Cashier's checks outstanding
73,501,420.21 • 90,191,184.27
70,890,442.45
42 283 843 69
85,685,130.83
I n d i v i d u a l deposits
U n i t e d States d e p o s i t s .
Postal-savings deposits
Deposits of U . S. disb u r s i n g ofRcers
B o n d s borrowed
U . S . bonds borrowed..
Other bonds borrowed.
N o t e s a n d bills rediscounted
. .
Bills p a y a b l e
R e s e r v e d for t a x e s
Clearing h o u s e loan certificates (net balance)
Liabilities other t h a n
those a b o v e s t a t e d . . .
Total
6,051,689,087.69 6,072,064,752.60 6,111,328,457.16 6,268,692,429.72 6,139,081,279.77
84,322,605.67
21,488,904.41
76,815,818.69
22,243,089.21
58,609,788.39
23,568,198.75
6,247,715.84
50,027,463.07
7,482,388.89
46,673,867.97 •
7,773,084.98
47,123,180.09
66,654,582.55
23,841,062.65
69,712,446.13
27,626,325.06
34,461,340.00
9,025,690.49
34,407,245.99
53,862,878.42
25,981,950.00
124,089,118.73
8,284,933.48
16,516,347.3^':
83,943,695.90
8,593,438.49
11,701,475.41
60,905,190.66
6,155,905.52
8,772,534.57
45,372,735.52
4,701,635.23
13,436,527.21
77,775,'4.01.26
7,926,918.00
2,377,945.31
.2,408,915.49
2,342,482.12
3,516,788.84
52,779,000.00
6,443,087.95
11,301,558,162. 2<) 11,296,355,138.70 11,564,497,260.26 11,482,190,770.60 11,483,529,494.68
As wiU be noted by reference to the foregoing abstract, there was
a decrease of 16 in the number of reporting banks between October,
1913, and January, 1914; that is, a reduction from 7,509 to 7,493.
No change in number was shown by March 4, but there was an increase
of 32 from that date to June 30, the number then reporting being
7,525. At the date of the last caU, September 12, the reportiag
banks numbered 7,538—an increase over the prior caU of 13 and
a net increase for the year in question of 29.
The volume of business, of the banks, as measured by their aggregate assets, reached $11,301,558,162 on October 21, 1913, dechned to
the extent of $5,203,023 by January, 1914, but rose to $11,564,497,260
on March 4—the highest point of the year. From that date to
June 30 the declme was to $11,482,190,770—a decrease of $82,306,489.
There was a slight upward turn by September 12 when the amount
was $11,483,529,494.
Loans and discounts r(3present approximately 55 per cent of the
banks' assets as shown by the reports on the five dates in question.
492
REPORT ON THE FINANCES.
The period of hquidation foUowing the harvest of 1913 is indicated
in the reduction of loans from $6,260,877,853 on October 21, 1913,
to $6,175,404,961 on January 13, a reduction of $85,472,892. By
March 4 the loans had increased to $6,357,735,898, and by June 30
reached $6,430,069,214, the highest point of the year. By reason of
the deposit with national currency associations, as security for additional circulation under the act of May 30, 1908, of commercial paper
and other securities and the combination of these assets in the
returns from the banks, and corresponding reductions in loans and discounts, bonds and other investments, the condition of the loan account
on September 12 is not fuUy shown in the abstract; but from an
examination of the schedules of securities accompanying applications
for additional currency it would appear that biUs receivable—that is,
commercial paper and other notes—amounted to not less than
50 per cent of the receivables and other securities deposited foi* the
purpose in question. Upon that assumption the loans and discounts of the banks on September 12 amounted to not less than
$6,600,000,000.
• ^
.. y
The limited extent to which the objectionable custom of permitting
customers to overdraw their accounts prevails is a source of satisfaction, as will be noted by the June 30 returns, when, out of a total of
$6,445,554,855 advances to borrowers, only $15,485,641 was represented by accommodations of this character. The September returns
indicate a similar condition, approximately.
United States bonds deposited as security for circulation were
greater in amount on October 21, 1913, than at the date of any subsequent return in the year foUowing, namely, $737,480,840. On March
4 last there was a reduction to $733,564,382—the low point; but
there was an increase by September 12 tp $736,685,849, though a
net decrease for the year of some $795,000.
The issuance of national-bank circulation under authority of the act
of 1908 did not begin until August, 1914, hence the only report show-,
ing deposits of biUs receivable and other securities to secure circulation was that of September 12, when the securities so deposited
aggregated $392,663,116.
Government funds placed with the banks for crop moving and other
purposes are secured h j United States bonds and other securities, and
the amount so held by the department ranged from a minimum of
$105,186,815 on June 30 to a maximum of $120,683,515 on September 12, the latter amount only exceeding the amount held on October
21, 1913, by $1,956,978.
The premium account on United States bonds owned by the banks
is being rapidly charged off, the figures in the abstract showing a
reduction from $6,234,163 on October 21, 1913, to $3,921,760 on
September 12 last. I n 1900, when the circulation privilege was made
more valuable by the reduction of the tax on circulation, and the
authority to obtain circulation to an amount equaling the par value
of the bonds deposited, the banks' investments in United States bonds
aggregated $418,000,000, and the premium account at the maximum
in that year was $19,892,000.
INVESTMENT SECURITIES OWNED BY NATIONAL BANKS.
Second in importance to the banks' loans and discounts are the
investments in miscellaneous bonds and other securities, the maximum
COMPTROLLER OF THE CURRENCY.
493
amount—$1,058,790,908—being held in June last against a minimum, prior to September 12, 1914, of $1,020,494,711 in January last.
These amounts are exclusive of bonds deposited as> security for circulation and public deposits hereinbefore mentioned.
Investments in bank premises, furniture, and fijctures, show a normal increase, rising from $253,914,198 in October, 1913, to'$269,661,511 on September 12, 1914. Other real estate owned, generaUy
acquired in the satisfaction of debt, also shows an increase, rising
from $32,146,682 at the beginning of the year to $40,787,222 a t t h e
close.
Funds due from reserve agents and other bank:s, exchanges, cash
items, etc., are considered elsewhere in connection with reserves.
When the fact is recaUed that national banks hold in their vaults
nearly one-quarter of the country's supply of currency, it is of interest to note the amount and character of the holdings, particularly in
respect of amount of gold, silver, and legal tender.
SPECIE HELD BY NATIONAL B A N E : S .
Specie—that is, gold and silver, including gold, and silver certificates—increased from $710,894,338 in October, 1913, to a maximum
for the year of $792,694,095 on March 4 last. There was a decrease by
the June caU to $791,584,566, and by September 12 to $746,198,917.
The holdings of gold were at the minimum ni October, 1913—
$552,014;867—and at the maximum on March last, when the amount
was $630,652,975. From this high point to September last there was
a loss in holdings of gold of $43,268,192, the amount held on the
latter date being $587,384,783. Foreign exports and deposits for the
redemption of additional circulation, account, in the main, for the
depletion of the banks' stock of gold. By reference to the abstract
it will be noted that, on an average, approximated 77 per cent of the
banks' holdings of specie is in gold.
OTHER MONEY HOLDINGS.
Other lawful money held by the banks consist(id of legal tenders,
and the maximum amount held during the yeeir was in January
last and reported at $201,429,211. By September 12 the amount had
been reduced to the imnimum for the year, namely, $157,508,431. In
addition to this supply of lawful money, the banks held in their
cash nearly 7 per cent of national bank circulation. Prior to the
September caU the holdings of this form of currency averaged approximately $49,000,000, whUe on September 12 the per cent rose to
8 and the amount shghtly in excess of $73,500,000. Prior to September 12 the 5 per cent redemption account with the Treasurer of
the United States averaged $35,500,000', based upon returns for the
four preceding caUs, but on September 12 had increased to $44,323,990.
The remaiaing asset of uiterest to be noted, as shown by the abstract
is the clearing house loan-certificate account, which appeared for the
first time in the returns for September, amounting on that date to
$52,818,000.
LOANS AND DISCOUNTS OF NATIONAL BANKS.
In the schedule accompanying each report from a national bank
is shown the character and amount of each class'of paper.. Demand
paper is divided into two classes—first, that with one or more indi
494
REPORT ON T H E FINANCES.
vicfual or firm names, and, second, that secured by stocks, bonds, or
other personal securities. Time paper is single name, two or more
individual or firm name, and paper collateralled by stocks, bonds, and
other personal securities. On an average, practically one-quarter of
the paper held by the banks is demand, and, as wUl be noted by
reference to the table foUowing, there are but shght fiuctuations in
the percentages of each class of paper from year to year. The table
in question is based on returns for June, 1912, 1913, and 1914. An
increase in the volume of loans is shown during this period from
$5,953,904,431 to $6,430,069,215.
^ .
I n the table following are shown the changes in amounts and percentages of the various classes of paper held by aU banks in June,
1912, 1913, and 1914.
June. 14, 1912.
Class.
Per
cent.
Amount.
On demand, paper with one or more
individual or firm names
On demand, secured by stocks, bonds,
and other personal securities
On time, paper with two or more individual or firm names
On time; single-name paper (one person or firm) without otner security..
On time, secured by stocks, bonds,
and other personal securities, or on
• mortgages or other real-estate security
,
Total
June 4,1913.
June 30,1914.
Per
cent.
Amount.
9.8
Amount.
Per
cent.
$571,345,681
9.6
$603,735,269
$616,911,197
9.6
985,421,576
16.6
980,989,427
16.0 1,036,976,740
16.1
1,973,453,245
33.1
2,032,569,547
33.1 2,066,659,475
32.1
1,261,484,534 20.5 1,336,693,365
20.8
1,198,505,689 20.1
20.6
1,264,249,356 20.6 1,372,828,438
21.4
5,953,904,431 100.0
:...:....
6,143,028,133 100.0 6,430,069,215
100.0
1,225,178,240
, The amount, distribution, and proportion of loans aiid discounts
in the banks of New York, in all central reserve cities, other reserve
cities, and in countr^^^ banks are shown in the accompanying table:
Loans.
Banks i n -
June 14,1912.
Amount.
$959,068,755
New York
New York
.. .
Chicago
St. Louis
Other reserve cities
16.1
• 1,409,950,769 23.6
1,580,419,537 26.5
All reserve cities
Country
Total.
Per
cent.
2,990,370,306
2,963,534,125
.
50.1
49.9
5,953,904,431 100.0
June 4,1913.
June 30, 1914.
Amount.
Per
cent.
$886,966,804
14.4 $1,061,095,803
1,315,735,177 21.4
Amount.
Per
cent.
16.5
1,499,520,221
23 3
1,640,317,608 26.7
1,698,469,147
26.4
2,956,052,785
3,186,975,348
48.1
51.9
3,197,989,368
3,232,079,847
49.7
60 3
6,143,028,133 100.0
6,430,069,215
100 0
As approximately one-sixth of the loans of all national banks are
made by banks located in the city of New York, the foUowing statement is of interest as showing the amount and character of loans by
banks in that city on comparable dates in 1909 and 1910, and also in
1911 to 1914.
495
COMPTEOLLEE OP T H E CUERENOT.
Loans and discounts.
Sept. 1,
June 7,
Sept. 1,
June 14,
June 4,
1909,
1911.
1910,
1912,
1913,
38 banks. 39 banks. 40 banks. 37 banks. 36 banks.
June 30,
1914,
33 banks.
On demand, paper with one or
more individual or firm names.. $7,708,853 $9,948,094 $9,356,484 $17,796,847 $13,486,717 $12,952,708
On demand, secured by stocks,
bonds, and other personal
385,430,495 328,145,065 331,736,688 326,897,301 302,904,035 372,091,296
securities 1
On time, paper with two or more
individual or firm names
145,989,671 176,608,890 177,331,562 171,791,, 524 178,030,288 192,530,756
On time, single-name paper (one
person or firm), without other
securities
On time, secured by stocks, bonds, 163,098,915 170,708,005 197,030,419 219,172,, 889 189,754,147 228,852,438
and other personal securities,
or on real-estate mortgages or
other liens on realty ^
223,425,689 188,470,806 188,111,280 223,410,, 194 202,791,617 254,668,605
Total
925,653,623 873,880,860 903,566,433 959,068,755 886,966,804 1,061,095,803
1 Including notes secured by deposit of commercial paper, chattel mortgages, real estate paper, etc.
LOANS MATURING IN 9 0 DAYS OR LESS.
In addition to the usual information in relation to their loans,
national banks segregate and report the amount maturing in 90 days
or less. On June 30, last, of the total volume of loans stated at
$6,430,069,215, paper running for 90 days or less aggregated $3,672,091,097, or 57 per cent, and of this short time paper 21 per cent was on
demand.
In the following table is shown the amount of demand and time
paper of each class maturing in 90 days from June 30, together with
the aggregate amount maturing in oyer 90 days:
Classes.
A.
B.
C.
D.
E.
F.
Loans maturing in 90 days
or less.
On demand (one or more names)
On demand, secured by stocks, bonds, e t c . . .
On time (two or more names)
On time, single name, without other security
On time, secured by stocks, bonds, etc
Secured by real-estate mortgages, etc
$302,588,136
488,172,385
1,345,980,827
797,103,744
y 738,246,005
Total
Maturing in over 90 days
Total
:
3,672,091,097
2,757,978,118
6,430,069,215
In connection with the foregoing general statement, and for the
purposes of comparison, there is submitted herewith similar information based upon the June returns from the banks in each of tJie central
reserve cities, other reserve cities, elsewhere in the country, and in the
aggregate:
Classes.
A.
B.
C.
D.
E.
F.
Total
Chicago.
St. Louis.
$7,093,711
160,230,497
122,633,726
127,345,201
104,383,646
$6,467,828
19,661,566
70,666,882
53,618,560
44,263,653
$5,464,164
10,767,342.
20,241,240
/9,301,336
19,120,607
$19,025,703
190,659,405
213,541,848
190,265,097
167,767,906
521,686,781
539,409,022
On demand (one or more names)
On demand, secured by stocks, bonds, etc..
On time (two or more names)
On time, single name, without other security
On time, secured by stocks, bonds, etc
}
Secured by real-estate mortgages, etc
Maturing in 90 days or less
Maturing in over 90 days
Central reserve cities.
New York.
194,678,489
140,983,468
64,894,689
37,867,772
781,259,959
718 260 262
1,061,095,803 • 335,661,957
102,762,461 1,499,520,221
496
EEPOBT ON T H E FINANCES.
Other reserve
cities.
Classes.
A.
B;
C.
D.
E.
r.
On demand (one or more names)
i
On demand, secured by stocks, bonds, etc
On time (two or more names)
On time, single name, without other security.
On time, secured by stocks, bonds, etc..'.
Secured oy real-estate mortgages, etc
:
Total.
$185,070,331
150,241,792
803,402,121
• 355,423,562
345,985,586'
$302,588,136
488,172,385
1,345,980,827
797,103,744
1,050,707,746
647,761,401
1,840,123,392
1,391,956,455
3,672,091,097
2,757,978,118
1,698,469,147
Maturing in 90 days or less
Maturing in over 90 days
Total
$98,492,102
.147,271,188
329,036,858
251,415,085
1 224,492,513
Country, elsewhere.
3,232,079,847
6,430,069,215
738,246,005
LIABILITIES OF NATIONAL BANKS.
With the reduction in number of banks hereinbefore mentioned
there was a reduction in capital stock from $1,059,402,908 in October,
1913,^ to $1,056,482,120 in March last, but an increase to $1,060,332,072 in September. The surplus fund was at the maximum on
J a n u a r y 13—$732,442,759—and at the minimum on June 30 when it
amounted to $723,338,266. On September 12 the fund had increased
to $724,138,519. The undivided profit "account, amounting to.
$281,275,808 in October, 1913, was reduced to $259,664,338 on
January 13 by reason, mainly, of the payment of dividends at the
close of the year, rose to $272,703,334 in March, declmed to $268,184,165 in June, but rose to $287,343,679 on September 12. This
was the maximum amount of this account for the year in question.
National bank notes and circulation were at the maximum prior to
the September, 1914, call on October 21,1913, amounting on that date
to $727,078,847. The low point was reached on March 4, namely,
$720,640,334. The issue of circulation from early in August increased
the amount outstanding on September 12 to $918,270,315.
INDIVIDUAL DEPOSITS.
Individual deposits increased from $6,051,689,087 at the beginning
of the y^ear to a maximum of $6,268,692,429 on June 30, but there
was a reduction by September 12 to $6,139,081,279.
Government funds on deposit with the banks decreased from
$90,570,320 in October, 1913, to $66,654,582 on June 30 last, with.an
increase, however, by September 12 to $69,712,446. The development of the postal savings system is.shown, in a measure, by the
steady increase of postal savings deposits from $21,488,904 in October, 1913, to $27,626,325 on September 12, 1914.
BORROWED MONEY.
Rediscounts and biUs payable amounted to $100,460,043 in
October, 1913, but were reduced nearly one-half by March last, or to
$54,145,270. By June 30 these habUities had increased to $91,211,928,
and on September 12 reached $150,071,068. The net hability of the
banks on clearing house loan certificates, shown on the September
12 statement, was $52,779,000.
RESERVES OF NATIONAL BANKS UNDER NEW SYSTEM.
With the beginning of business of the Federal reserve banks the
reserve requirements of national banks materially change, and also, in a
measure, the deposit Habihties by reason of the probable transfer of
COMPTROLLER OF THE CURRENCY.
497
Government deposits to the Federal reserve banks and the disallowance of offsets heretofore permitted in computing the volume of net
deposits upon which reserve is required. The percentage of reserve on
demand deposits wiU be reduced from 25 to 18 for central reserve
city banks, from 25 to 15 for other reserve city banks, and from 15
to 12 for all other classes of banks, and on time deposits to 5 per cent
for all banks. As November 16 was fixed as the date of beginning
of business of. the Federal reserve banks, the former percentages and
methods of computing reserves terminated, so far as the regular
reports of condition to the comptroller are concerned, with the call
forOctober 31, 1914.
By reference to the periodical abstracts of reports from the banks
for the year ended with the report made on September 12, it wUl be
noted t h a t the reserves have been well maintained and notwithstanding the extraordinary conditions with which the country was confronted beginning in August last, the returns for September 12, while
below normal, showed averag© reserves materially in excess of those
required by the Federal reserve act.
DEPOSITS SUBJECT TO RESERVE REQUIREMENTS.
On October 21,1913, the date of the first report for the current report
year, net deposits subject to reserve requirements were $7,172,162,887,
against which a reserve was held of $1,473,487,722, or 20.54 per cent.
On deposits aggregating $1,541,018,919 the central reserve city banks
held an average reserve of 24.71 per cent, the New York banks holding 25.37 per cent, Chicago 23.53 per cent, and St. Louis .21.85 per
cent. The deposits of aU other reserve city banks aggregated
$1,915,160,396, with an average reserve of 24.98 per cent, ranging
from a minimum of 16.54 per cent in DaUas to a maximum of 32.27
per cent in Galveston. The deposits of the banks other than those
in the reserve cities totaled $3,715,983,571, with an average reserve
of 16.53 per cent, the average held by these banks in each State
exceeding the minimum reserve required.
Deposits subject to reserve reached the maximum during the year
on March 4 last, when they aggregated $7,504,577,203, the average
reserve being 20.62 per cent. The New York and Chicago banks'
reserves were in excess of the requirement, while those in St. Louis
were deficient, by only 1.61 per cent. The average reserve on this
date for aU other reserve city banks was 25.17 per cent, and in no city
did the reserve fall below 20 per oent. In banks located elsewhere
than in reserve cities the average was 16.10 per cent, and in but four
States—namely. North and South.Carohna, Minnesota, and Iowa—:
did the average faU below the lega,l requirement. The deficiency in
those States averaged less than 1 per cent. The June 30 returns
show a decrease in deposits to $7,495,149,220, with an average reserve
of 20.63 per cent. On this date the reserve of the New York City
banks was in excess of the requirement, and that of the Chicago banks
was 23.47 per cent and St. Louis 21.96 per cent. The reserve of all
other reserve cities averaged 25.04 per cent, and only in the case of
the banks in one city was the average less than 20 per cent. The
deposits in the so-called country banks aggregated $3,687,964,624,
while the reserve was 16.27 per cent.. In every State the average
reserve was in excess of the legal requirement.
64402°—FI 1914
32
498
REPORT ON THE FINANCES.
As heretofore stated, the extraordinary conditions existing during
the summer were reflected in the returns for September 12, on which
date the net deposits were. $7,292,908,772, and the average reserye
held 19.61 per cent. The deposits in the three central reserve cities
were $1,702,369,197, and the average reserve 22.35 per cent. The
average reserve held by aU the New York banks was but 21.81 per
cent, St. Louis 19.36 per cent, while the Chicago banks held a slight
excess, their reserve being 25.13 per cent. , The deposits of aU other
reserve city banks totaled $1,965,381,098, and the average reserve was
23.14 per cent. Notwithstanding this reduced average, the banks in
only four cities held a reserve of less than 20 per cent, the lowest being
17.68 per cent. The deposits of the banks elsewhere in the country
totaled $3,625,158,476, with an average reserve of 16.42 per cent. I n
only two States was the average less than 15 per cent, in-one of which
the deficiency was but'0.36 of 1 per cent and in the other 1.32 per cent.
The condition of the banks with respect to their ability to meet
their demand obligations is better than as shown by the amount of
reserve held, by reason of the volume of credits with reserve agents
in excess of the amount specifically authorized by law to be counted
as reserviB. This fact is shown in the following table, wherein is stated
the percentage of legal reserve as well as the percentage available at
date of each report for the year for each and all classes of banks.
Oct. 21,1913. Jan. 13,1914.
Mar. 4,1914. June 30,1914. Sept. 12,1914,
Avail- Legal AvaU- Legal Avail- Legal Avail- Legal Available
able
able
able
able
rererererererererereserve. serve: serve. serve. serve. serve. serve. serve. serve. serve.
Class of banks.
Central reserve city banks.
Other reserve city banks..
Country banks
All banks
Perct.
24.71
24.98
16.53
20.54
Perct.
24.71
26.54
22.28
23.94
Perct.
27.40
26.62
16.85
21.74
Per ct.
27.40
29.08
22.26
25.19
Per ct.
25.16
25.17
16.10
20.62
Per ct.
25.16
28.96
22.15
24.65
Perct.
24.63
25.04
16.27
20.63
Perct.
24.63
26.54
20.89
23.30
Per ct. Perct.
22.35 22.35
23.14 23.39
16.42 23.03
19.61 21.63
Supplementing the foregoing, there is submitted herewith a table
showing for each call from October 21, 1913, to September 12, 1914,
the amount and per cent of reserves held and excess or deficiency of
reserve of banks in the central reserve cities, other reserve cities, and
banks located elsewhere in each geographical division.
Amount of
reserve held.
Date of call.
Central reserve cities:
Oct: 21, 1913
Jan. 13,1914.......
Mar. 4,1914
June 30,1914.......
Sept. 12,1914
Other reserve cities:
Oct. 21,1913
Jan. 13,1914
Mar. 4,1914
June 30,1914..--..
Sept. 12,1914
Total reserve cities:
Oct. 21,1913
Jan. 13,1914
Mar. 4,1914
June 30,1914
Sept. 12,1914
Per cent
"reserve
held.
Amount of
excess
reserve.
R E S E R V E CITIES.
$380, 753,898
433, 142,680
446,200,875
438, 329,964
380,382,936
«$4,500,832
37,920,303
2,796,691
16,670,831
145,209.364
478,414,747
507, 770,782
495, 832,773
507, 665,294
454, 809,139
24.98
26.62
25.17
25.04
23.14
1375,352
30,904.157
3,296,043
869,941
136,536,136
859, 168,645
940, 913,462
942, 033,649
945, 995,258
835,192.074
1 Deficit.
24.71
27.40
25.16
24.63
22.35
24.86
26.97
25.16
24.85
22.77
1 4,876,184
68,824,459
6,092,735
5,800,891
181,745,500
499
COMPTEOLLEE OF T H E CtTEEENCY.
Amount of
reserve held.
Date of call.
Per cent
reserve
held.
Amount of
excess,
reserve.
COUNTRY BANKS.
New England States:
Oct. 21,1913
Jan. 13,1914
Mar. 4,1914
June 30,1914
Sept. 12,1914
Eastern States:
Oct. 21,1913
Jan. 13,1914
Mar. 4,1914
June 30,1914.
Sept. 12,1914
Southern States:
Oct, 21,1913
Jan. 13,1914
Mar. 4,1914
June 30,1914
:
Sept. 12,1914
Middle Western States:
Oct. 21,1913
Jan. 13,1914
Mar. 4,1914
June 30,1914
Sept. 12,1914
Western States:
Oct. 21,1913
:
Jan. 13,1914
Mar. 4,1914
June 30,1914
Sept. 12, 1914
Paciflc States:
Oct. 21, 1913
Jan. 13,1914
Mar. 4, 1914
June 30, 1914
Sept. 12, 1914
Hawaiian Islands:
Oct. 21, 1913
-'.
Jan. 13,1914
Mar. 4, 1914
June 30,1914
Sept. 12,1914
Total States:
Oct. 21,1913
^
.
Jan. 13,1914
Mar. 4,1914
June 30,1914
Sept. 12,1914
Total United States:
Oct. 21,1913
Jan. 13,1914
Mar. 4, 1914
June 30,1914
Sept. 12,1914
$57,099,140
57,947,481
54,975,509
56,433,856
55,757,314
16.15
16.44
15.81
15.77
15.95
13,026,368
16,316,597
, 9,222,087
8,997,588
10,951,751
106,614,076
112,079,931
105,168,449
94,573,056
87,079,510
16.97
17.21
16.38
16.76
16.67
12,364,171
14,414,825
8,841,595
9,924,874
8,726,844
165,304,399
169,994,591
166,373,715
167,521,002
167,061,334
16.38
16.70
15.81
16.20
16.33
13,910,659
7,330,635
8,546.882
12,3.87,510
13,606,109
60,033,153
60,442,522
58,300,568
. 57,626,428
59,052,045
16.69
17.05
16.41
16.56
16.79
5,748,839
7,278,090
5,025.028
5.416.225
6,289,697
41,207,724
41,727,409
39,664,302
40,063,267
41,354,265
17.42
18.05
17.44
17.20
17.96
5,716,113
7,048,149
5,541,889
5,131,511
. 6,813,890
864,651
804,007
723,070
816,967
655,952
47.70
48.55
41.20
42.35
33.03
592,775
555,579
459,826
527,656
358,484
614,319,077
629,837,307
605,558,727
600,187,370
,595,123,007
16.53
16.85
16.10
16.27
16.42
56,921,542
69,138,681
41,436.695
46,992, 677
61,349,236
1,473,487,722
1,570,750,770
1,547,592,375
1,546,182,628
1,430,315,082
:...
$5,562,617
6,194,808
3,799,382
4,607,312
4,602,467
183,195,935
186,841,366
180,353,113
183,152,792
184,162,584
:
16.62
16.80
16.11
16.33
16.35
20.54
21.74
20.62
20.63
19.61
62,045,387
137,963,141
47,529,429
41,191,786
130,396,263
1 Deficit.
At the close of the year there were three central reserve cities and
49 other reserve cities, two having been designated in April last—
namely, Atlanta, Ga., and Richmond, Va
COMPARISON OF RESERVE REQUIREMENTS UNDER THE NATIONAL
BANK L A W AND THE FEDERAL RESERVE ACT.
The extent of the release of reserves as a result of the reduced percentages and the requirement of a reserve of but 5 per cent on time
deposits is shown in the table following, based upon returns from the
banks for September 12. Computations are first made based upon
the requirements of the national-bank act, and, second, upon the
Federal reserve act for banks in each of the three central reserve
cities, in aU other reserve cities, and for all banks not in reserve
500
REPORT ON THE FINANCES.
cities. From the figures presented it appears that there will be a
release of reserve of 28 per cent in central reserve cities, 41 per cent
in other reserve cities, and nearly 26 per cent in banks located elsewhere than in reserve cities, or an average release of nearly 32 per
cent. Taking the banks as a whole, the requirement of reserye
under the old law was $1,460,711,345, whereas under the Federal
reserve act the amount required was but $995,792,269; hence a
release of $464,919,076, and thus a very material addition to the
loaning power of the banks. The table in question follows.
Reserve required under the present law, reserve required under the new law, and amount of
reserve released, based on the reports from national banks on Sept. 12, 1914.
New York City:
Present reserve required—
25 per cent on $1,253,595,435, total net deposits
. . . : . . . , . . $313, 398, 859
Reserve required under Federal reserve act—
18 per cent on $1,249,255,152, demand-deposits.. $224, 865, 927
5 per cent on $4,340,282, time deposits.
217, 014
^
225,082,941
Reserve released under new law—•
7 per cent on $1,249,255,152, demand deposits...
87,447,861
20 per cent on $4,340,282, time deposits
868,057
—:
88, 315, 918
Chicago:
.
Present reserve required—
25 per cent on $348,302,125, total net d e p o s i t s . . . . ' . .
87, 075, 531.
Reserve required under Federal reserve act—
18 per cent on $345,572,329, demanded eposits....
62, 203, 019
5 per cent on $2,729,796, time deposits
136,490
62,339,509
Reserve released under new law—
7 per cent on $345,572,329, demand deposits
24,190, 063
20 per cent on $2,729,796, time deposits.
545, 959
24,736,022
St. Louis:
Present reserve required—
.
25 per cent on $100,471,638, total net deposits
:
25,117, 909
Reserve required under Federal reserve act—
18 per cent on $94,248,718, demand deposits
"^6, 964, 769
5 per cent on $6,222,920, time deposits
311,146
^
17,275,915
Reserve released under new law—
7 per cent on $94,248,718, demand deposits
6, 597,410
20 per cent on $6,222,920, time deposits
1,244,584
.7,841,994
Other reserve cities:
•
Present reserve req\iired—
25 per cent on $1,965,381,098, total net deposits.
491,345, 275
Reserve required under Federal reserve act—
15 per cent on $1,901,966,656, demand deposits.: 285, 294, 998
5 per cent on $63,414,442, time deposits
"...
3,170, 722
288,465,720
Reserve released under new law—
io per cent on $1,901,966,656, demand deposits.. 190,196, 666
20 per cent on $63,414,442, time deposits
12, 682, 889 •
:
202,879,555
Country banks:
.
=====
Present reserve required—
. 15 per cent on $3,625,158,476, total net deposits
543, 773, 771
Reserve required under the Federal reserve act—
12 per cent on $3,162,432,291, demand deposits.. '379,491,875
5 per cent on $462,726,185, time deposits
23,136, 309
402,628,184
COMPTROLLER OF THE CURRENCY.
Country banks—Continued.'
Reserve released under new law—
3 per cent on $3,162,432,291, demand deposits...
10 per cent on $462,726,185, time deposits
Total United States:
Reserve required under present law
Reserve required under new law
Reserve released
^
501
$94, 872, 968
46, 272, 619
$141,145, 587
—
1,460,711,345
995,792,269
464,919,076
^
1,460,711,345
I n the accompanying table, based upon returns of date September 12, 1914, from all national banks except those located in Alaska
and Hawaii, statistics are shown by Federal reserve districts relating
to the combined capital and surplus of the banks, the initial subscription to the capital stock of the Federal reserve banks, the demand and
time deposits, reserves required under the provisions of the Federal
reserve act, the amount to.be transferred to the Federal reser^^e banks,
amount to be held in bank, together with the amount required to be
held in bank or with Federal reser^ e banks, and the balance which
may be with reserve agents or in bank. In addition, the total cash
required, the cash on hand, and the excess of cash on hand over amount
required are stated.
The computation shows that against demand deposits ~ of
$6,752,009,675 <^and time deposits of $539,332,804 a reserve of
$995,618,633 would be required, of which $243,262,709 would'^be
transferred to the Federal reserve banks, $384,641,806 retained in
bank, $84,638,434 retained in bank or deposited with Federal reserve
banks, and the balance—$283,075,684—carried with reserve agent,
Federal reserve bank, or held in bank.
The total cash required is stated at $712,542,949, and as the banks
held on the date in question $902,952,453 in cash, the excess held
over the requirement is $190,409,504. The table referred to follows.
Amount of capital stock subscription, amount of total reserve to be held, amount required to be kept in vault and with Federal reserve bank upon
establishment of the Federal reserve system, amount of cash held by banks, and the excess of cash on hand over the amount required in each of
the 12 districts, as of Sept. 12, 1914. •
v
Capital a n d
surplus.
District.
A m o u n t of
1 per cent N e t demand
Time
subscripdeposits.
• deposits.
tion to b e
p a i d In.
Cash on
. hand.
Excess
cash on
h a n d over
amount
required.
o
D i s t r i c t N o . 1:
R e s e r v e cities
Country banks.
S45,396,000
116,414,525
§453,960
1,164,145
:..
161,810,525
1,618,105
D i s t r i c t N o . 2:
Central reserve c i t i e s . : . .
O t h e r reserve c i t y
Country banks
237,705,000
8,500,000
85,068,257
Total...
§235,691,668
§35,353,750
336,199,337 '§4*832,973* 40,585,569
§14,141,500 §21,212,260 §32,281,294 §11,069,044
1,389,491
16,910,654 23,674,915 25,064,406
§7,070,750 §14,141,500
6,764,261 16,910,654
Total
".
Total..
31,052,154
2,377,050 1,249,255,152
61,029,067
85,000
850,682
385,177,337
4,340,282 225,082,941
5,000
9,154,610
7,889,240 . 46,615,743
87,532,255
1,830,922
7,769,290
75,027,647 §62,523,039
3,661,844
19,423,226
3,661,844
19,423,227
3,312,732 1,695,461,556
12,234,522 280,853,294
97 132,467
Q8 119 717
622,150
1,463,757
283,780,949
497,825,979
3,400
47,082,299
42,567,312
62,093,232
8,513,462
10,348,872
2,085,907
781,606,928
47,085,699 104,660,544
89,556,500
112,624,498
895,565
1,126,245
315,737,061
374,244,757
6,767,148
49,240,966
202,180,998
"
31,052,154
208,590,726
Total
13,835,011
62,215,000
146,375,726
D i s t r i c t N o . 4:
R e s e r v e cities
Country banks
75,939,319
331,273,257
Total
D i s t r i c t N o . 3:
Reserve city
Country banks
D i s t r i c t N o . 5:
R e s e r v e cities
Country banks
Total
reserve
required.
B a l a n c e reserve w h i c h
Amount
R e q u i r e d m a y b e careither i n ried e i t h e r
reserve
v a u l t or w i t h reserve T o t a l cash
to be
Reserve
agent.
transferred required i n - w i t h
required.
Federal
Federal
to F e d e r a l
vault.
reserve
reserve
reserve
b a n k , or
bank.
bank.
held i n
vault;
o
2,021,810
689,981,818
56,008,114
571,891,005
4,832,973
57,345,700
225,082,941 273,401,951
6,492,766
6,916,878
27,192,616 27, 218, 673
48,319,010
1,424,112
26,157
23,085,071 257,768,223 307,537,502
49,769,279,
17,026,925
25,872,180
17,026,925 25,640,387
25,872,180 '36,221,062
36,424,299
37,871,632
10,883,912
1,660,480
18,862,334
42,899,105
42,899,105
61,761,439
'74,296,831
12,634,392
47,698,916
47,371,419
9,539,783
7,895,236*
19,079,567
19,738,091
19,079,567
19,738,091
28,619,350
27,633,327
42,669,204
30,640,101
14,049,864
2,926,774
95,070,335
17,435,019
38,817,658
38,817,658
56,252,677
.73,209,305
16,956,628
o
12,458,635
62,523,039
,
44,887,165
39,664,250
67,450,487
396,642
674,505
126,245,683
190,315,109
1,478,315
26,889,508
19,010,768
24,182,289
3,802,154
4,030,381
7,604,307
10,075,954
7,604,307
10,075,954
11,406,461
14,106,335
15,766,845
14,280,228
4,350,384
173,893
107,114,737
1,071,147
316,560,792
28,367,823
43,193,057
7,832,535
17,680,261
17,680,261
25,512,796
30,037,073
4,624,277
>
o
D i s t r i c t N o . 6; ^
R e s e r v e cities
Country banks
16,930,000
60,963,412
6,505,659
17,418,294
1,301,132
2,903,049
2,602,264
7,257,623
2,602,263
7,257,622
3,903,396
10,160,672
5,323,023
12,677,196
1,419,627
2,516,524
778,934
182,504,363
14,478,464
23,923,953'
4,204,181
9,859,887
9,859,885
14,064,068
18,000,219
3,936,151
69,360,000
35,609,162
107,766,434
693,600
365,092
1,077,564
345,572,329
162,048,168
402,378,345
2,729,796
10,407,371
82,098,826
62,339,508
24,827,694
52,390,343
24,243,142
4,966,519
8,731,724
20,779,836
9,931,038
21,829,309
9,931,038
21,829,309
62,339,508
14,896,567
30,561,033
87,528,485
19,763,727
36,362,100
25,188,976
4,867,171
6,801,067
2,126,256
909,998,842
95,235,993 139,657,445
37,940,385
62,540,183 17,316,630
31,760,347 107,797,098 143,654,312
35,867,214
17,316,530
1,409,953
6,873,930
17,275,915
2,114,931
9,623,502
19,462,500
3,071,374
12,539,469
2,176,585
956,443
2,915,967
8,283,883
29,014,348
36,063,343
6,048,995
7,260,871
12,317,683
7,260,871
12,317,582
10,891,306
17,244,616
14,710,091
22,616,033
8,557,468
19,578,4.54
19,578,'453
28,136,922
37,326,124
9,190,202
29,323,1.76
23,007,957
5,864,636
3,834,669
11,729,270
9,586,649
11,729,271
9,586,649
17,593,905
13,421,308
24,763,302
16,942,871
7,159,397
3,521,663
Total
69,656,259
52,331,133
9,699,294
21,315,919
21,315,9
31,015,213
41,696,173
10,680,960
73,836,606
139,193,075
• 2,198,154
13,184,431
11,185,399
17,362,391
2,237,080
2,893,732
4,474,169
7,234,329
4,474,160
7,234,330
6,711,239
10,128,061
12,173,270
13,618,334
5,462,031
3,490,273
.
Total
955,810
213,029,681
16,382,685
28,547,790
5,130,812
11,708,488
11,708,490
16,839,300
26,791,604
8,952,304
D i s t r i c t N o . 12:
Reserve cities.
Country banks
76,450,000
55,517,416
754,500
555,174
270,590,934
2'02,346,538
11,457,883
21,578,283
41,161,469
26,367,699
8,232,292
4,227,950
16,464,584
10,669,874
16,464,583
10,569,874
24,696,876
14,797,824
39,634,481
19,360,786
14,937,605
4,562,962
Total
Grand total .
130,967,416
1,309,674
472,937,472
33,036,166
66,529,157
12,460,242
27,034,458
27,034,457
39,494,700
58,995,267
19,500,567
6,222,920
3,149,560
.31,651,067
17,275,916
3,524,884
16,497,432
6,718,412
704,977
2,749,572
• 5,768,638
1,409,964
6,873,930
4,798,865
829,293
240,988,698
41,023,547
37,298,231
10,172,961
14,042,622
4,798,866
241,600
558,433
118,864,027
6,451,465
198,210,321 115,539,194
18,152,177
29,562,198
3,630,435
4,927,033
800,033
317,074,348 121,990,669
47,714,376
36,408,180
56,011,721
364,082
560,117
188,376,635
171,597,539
21,333,614
48,322,646
92,419,901
D i s t r i c t N o . 10:
R e s e r v e cities
Country banks i . . . . : . . .
94,248,718
22,449,326
124,290,654
80,003,306
Total
O
O
3,818,784
5,371,418
291,400 •
82,460
455,443 -
24,160,000
55,843,306
D i s t r i c t N o . 9:
R e s e r v e cities
Country banks
29,140,000
8,245,000
45,644,294
82,929,294
Total....
D i s t r i c t N o . 11:
R e s e r v e cities
Country banks
162,631
14,315,933
212,625,596
Total
D i s t r i c t N o . 8:
Central reserve c i t y
O t h e r reserve c i t y
Conn t r y b a n k s
43,316,881
139,187,482
77,893,412
Total
District N o . 7:
Central reserve c i t y
O t h e r reserve cities
Country banks
169,300
609,634
924,199
369,974,174
25,358,000
70,222,978
253,680
702,230
95,680,978
'
H
pi
o
O
o
ci
o
1,783,390,146 17,833,900 6,752,009,675 539,332,804 995,618,633 243,262,709 384,641,806 84,638,434 283,076,684 712,542,949 902,962,453 190,409,604
1 One bank which did not accept the provisions of the Federal reserve act included.
Banks in Hawaii and Alaska not included.
O
CO
504
REPORT ON T H E
FINANCES.
Comparisons of the amounts required and held under the national
bank act with those required under the.Federal reserve act, based
oh the September 12 returns, a r e m a d e in the foUowing table:
Reserves held by national banks in the 12 Federal reserve districts, as of Sept. 12, 1914;
also the reserves required under the national bank act, the reserves required under the
Federal reserve act, the reserves held in excess of the amount required under the national
bank act, and the reserves in excess of the amount required under the Federal reserve act.,
T o t a l reheld Sept. serve(Sept.
12,1914, in
12,1914)
excess of
held iu
amount
excess of
required
amount
under t h e
required
national
imder n e w
bank act.'
law.
Total
reserve
held b y
banks
Sept. 12,
1914.
Total
Millions.
110
388
153
144
64
34
203
55
78
85
42
104
Millions.
76
281
105
95
43
24
140
37
48
52
28
67
Millions.
18
-24
22
10
' . 0
4
25
0
13
24
11
13
1,576
N o . 1. ( B o s t o n )
,
N o . 2. ( N e w Y o r k )
No. 3. (Philadelphia)...
N o . 4. ( C l e v e l a n d ) . .
N o . 5. ( R i c h m o n d )
N o . 6. ( A t l a n t a )
N o . 7. (Chicago)
N o . 8. ( S t . Louis)
No.9. (Minneapolis)...
N o . 10. ( K a n s a s C i t y ) . .
N o . 11. (Dallas)
N o . 12. ( S a n Francisco)
Total
reserve
required
under
Federal
reserve
act.
Millions.
128
304
176
154
64
38
228
55
91
109
53
117
District.
Total
reserve
required
under t h e
-national
bank act.
1,460
996
116
Millions.
52
83
70
59
21.
14
88
18
43
57
25
50
In connection with the foregoing data relating to deposits and
reserve, it is of interest to note the amount and character of holdings
of lawful money by banks i n each of the Federal reserve districts.
The amounts held, by banks in Hawaii and Alaska and by one bank
which is not a member of a Federal reserve bank are not included in
the compilation. The gold holdings are sh()wn to amount to 55.6
per cent of the total, clearing house certificates (largely secured by
gold), 9.3 per cent, silver, 17.6 per cent, and legal tender notes 17.5
per cent. The table relating to this subject follows:
Specie and legal-tendef notes held by national banks in the 12 Federal reserve districts on
Sept: 12, 1914.
Banks in—
Number of
banks.
District No.—
1
2
3
4....
5
6
7
8
:.
9
10
11
12
440
479
758
764
488
380
964
458
704
832
744
519
.
Total
Cold coin.
Gold Treasury certificates.
-§7,947,928.78
11,028,005.88
11,214,910.65
15,980,986.97
4,553,490.18
3,402,635.30
18,948,796.08
5,402,364.03
13,810,678.07
13,655,553.86
5,820,096.04
43,851,784.47
§20,102,670.00
124,341,570.00
20,290,270.00
27,108,730.00
14,110,680.00
5,533,460.00
46,710,460.00
14,590,600.00
8,697,190. 00
12,605,840.00
10,226,500.00
3,621,710.00
Gold Treasury certifiTotal gold
cates to
and gold
order (act of certificates.
Mar. 14,, 1900).
§385,000.00
18,185,000.00
7,380,000.00
2,345,000.00
40,000.00
80,000.00
3,850,000.00
1,135,000.00
2,655,000.00
935,000.00
50,000.00
1,780,000.00
§28,436,498.78
163,564,575.88
38,885,180.66.
45,434,716.97
18,704,170.18
9,016,095.30
69,509,256.08
21,127,964.03
25,162,868.07
27,196,3^3.86
16,096,596.04
49,253,494.47
Clearinghouse certificates. (Sec.
6192, U. S.
R. S.)
§3,992,500.00
48,236,000.00
9,075,000.00
4,128,000. 00
40,000.00
586,500.00
10,855,000.00
180,000.00
1,090,000.00
1,880,000.00
15,000.00
'4,248,500.00
7,530 155,617,230.31 307,939,580.00 38; 820,000. 00 502,376,810.31* 84,325,500.00-
COMPTROLLER
OF T H E
505
CURRENCY.
Specie and legal-tender notes held by national banks in the 12 Federal reserve districts on
Sept. 12, .?9^4—Continued.
B a n k s iu—
District No.—
1....:
2
3
4
5
6
7
8
9
10....
:
11
12
Total
Number of
banks.
440
479
758
764
488
380
964
458
704
832
744
519
Silver
dollars.
Silver .Treasu r y certificates.
Fractional
silver coin.
Legal-tender
notes.
§235,716.00 §11,171,432.00 §1,481,933.32 §12,028,62L00
367,451.00 62,534,690.00 2,338,616.66 50,617,169.00
619,425.00 11,936,619.00 2,190,832.10 11,588,775.00
7,084,824.00 1,797,894.79
13,537,098.00
1,226,771.00
884,485.33
488,091.00
4,749,267.00
5,171,069.00
1,069,082.00
2,762,657.00 1,054,242.34
3,511,642.00
1,785,873.00 21,736,582.00 2,051,719.01 37,715,882.00
797,256.41
881,748.00
5,046,029.00
7,031,347.00
1,283,029.00
2,761,863.00 1,246,253.16
5,782, m . 00
1,495,606. 00
3,853,454.00 1,336,192.03
5,927,933.00
2,172,677. 00 2,487,825.60
3,099,942.00
1,919,563.00
1,276,201.00
634,951.00 1,997,343.87
1,584,777.00
7,530 12,648,656.00 126,444,045.00 19,653,593.62 157,496,356.00
Total cash
in v a u l t .
§57,345,701.10307,537,502.54
74,295,831.75
73,209,304.76
30,037,072.51
18,000,218. 64
143,654,312.09
36,063,343.44
37,326,124. 23
41,688,578.89
25,791,603. 64
58,995,267.34
902,944,860.93
NOTE.—Does not include 1 banlc which did not accept the provisions of the Federal reserve act, nor the
5 banks in Hawaii and 2 banks in Alaska.
METHODS OF CALCULATING RESERVE TO CONFORM TO THE PROVISIONS
OF THE FEDERAL RESERVE ACT FOR EACH CLASS OF BANKS.
Forms have been prepared indicating the method of calculating
the reserve requirements under the Federalreserve act (a) for. central reserve city banks, (b) other reserve city banks, and (c) for
banks located elsewhere than in reserve cities, of which copies follow.
[Reserve is required on all deposits of whatever character and from
whatever source.
The only deductions allowed in computing reserve are checks and
drafts on local banks and exchanges for clearing house. The 5 per
cent fund and national bank notes can not be deducted.
The excess with reserve agents shown in item 17 may be added to
item 2 to determine the net balance ^^due to banks ^ by banks located
^
elsewhere than in central reserve cities.]
CALCULATION OP THE L A W F U L M O N ^ Y R E S E R V E OF NATIONAL B A N K S LOCATED IN
C E N T R A L RESE^^RVE C I T I E S .
No. of bank
Report oi the state of lawful money reserve of the...-
located at
, State of
, at ' . . . . o'clock-
m., . .
Items on which reserve is to be computed.
1. D u e to b a n k s other t h a n Federal reserve b a n k s i
Less—
2. D u e from -banks other t h a n F e d e r a l reserve b a n k s i.
3. D i v i d e n d s u n p a i d
4. D e m a n d deposits
5. T\. of t i m e deposits
:.
6. Gross a m o u n t
D e d u c t i o n s allowed:
Checks on other b a n k s in t h e s a m e place
8. E x c h a n g e s for clearing house
. :
.
•.
.
9. N e t a m o u n t
10. E i g h t e e n per cent of this t o t a l a m o u n t is t h e necessary legal reserve required,
which i s . . ,
,
• '.
191
506
REPORT ON T H E FINANCES.
Requirements for net reserve and items composing reserve actually held.
LEGAL R E S E R V E R E Q U I R E D .
LEGAL R E S E R V E H E L D .
11. In vault (Y% of total required reserve
shown in item 10)
§.
12. With Federal reserve bank (^^ of total required reserve shown in item
10)
..^
§.
15. Silver dollars
{
Fractional silver
Silver certificates
Legal-tender notes
Gold coin
Gold certificates
Gold certificates payable to order
C. H. certificates for coin
or legal tender
,
16. With Federal reserve bank.
13. Remaining y'V to be held in 11 and 12 §.
14.
Total required
' §.
Deficiency in vault
§.
Deficiency with Federal reserve bank §.
Deficiency in total required reserve. §.
17.
Total held
§.
Excess in vault over amount re- •
quired
§...'.
Excess with Federal reserve bank •
over amount required
§
Excess over total required reserye.. §
Per cent of item 7 to 9
%
1 Should the aggregate "Due from" exceed the aggregate "Due t o " banks, both items must be omitted
from the calculation.
^
[This form for use first l2 months only after date of organization of Federal reserve bank.]
CALCULATION OF THE LAWFUL M O N E Y R E S E R V E OP NATIONAL B A N K S LOCATED IN
R E S E R V E CITIES N O T CENTRAL R E S E R V E CITIES.
No. of bank...
Report of the state of lawful money reserve of the
Located at
, State of
, at ...'. o'clock . . . .m.,
Items on which reserve is to be computed.
.1. Due to approved reserve agents i
:
Due to banks other than Federal reserve banksi
Less—
2. Due from banks other than Federal reserve bank or reserve
3. Dividends unpaid..
4. Demand deposits...
5. xr of time deposits..
6. Gross amount
Deductions allowed.
7. Checks on other banks in the same place.
8. Exchanges for clearing house
9. Net amount.,
10. Fifteen per cent of this total amount is the necessary legal reserve requhed
which is
-
, 191
507
COMPTROLLER OE T H E CXJBRENCY.
Requirements for net reserve and items composing reserve actually held.
LEGAL R E S E R V E R E Q U I R E D .
LEGAL R E S E R V E H E L D .
15. Silver dollars
§
Fractional sfiver
Silver certificates
Leeral tender notes
Gold coin
Gold certificates
Gold certificates payable to order
C. H. certificates for coin
or legal tender
11. In vault (not less than ^ of total required reserve shown in item 10). §.
12. With Federal reserve bank (not less
than TT of total required reserve
shown in item 10)
§.
16. With Federal reserve bank.
17. List net balances with agents:
13. With approved reserve agents (not
more than T-\ of total required reserve shown in item 10)
2 $_
Total
'...
§.
If more than y deduct
%
excess 2
§.
14. Total required (must agree with
item 10).§.
Deficiency in vault
§
Deficiency with Federal reserve
bank
§
Deficiency in total required reserve. §
Percent of item 18 to 9 . . .
§.
§
Total held
%
•.«§..
§.
Excess in vault over amount required. §.
Excess with Federal reserve bank over
amount required
§.
Excess over total required reserve
§.
1 Should the aggregate "Due from" exceed the aggregate "Due t o " banks, both items must be omitted
from the calculation.
8 This subtotal must not exceed amount shown iu item 13.
[This form for use first 12 months only after date of organization of Federal Reserve Bank.]
CALCULATION OF THE LAWFUL M O N E Y R E S E R V E OP NATIONAL B A N K S LOCATED
E L S E W H E R E THAN IN R E S E R V E CITIES AND CENTRAL R E S E R V E CITIES.
NO. of bank
located at
. 191...
^
Report of the state of lawful money reserve of the
, State of
, at
o'clock
Items on which reserve is to be computed.
1. Due to approved reserve agents
Due to banks other than Federal reserve banks.
Less—
2. Due from banks other than Federal reserve bank or reserve
agents 1
:.. . - -•3. Dividends unpaid
4. Demand deposits
5. 1^ of time deposits
6. Gross amount
Deductions allowed.
7. Checks on other banks in the same place.
8. Exchanges for clearing house
,
9. Net amount.
10. Twelve i)er cent of this total amount is the necessary legal reserve required,
which is
m.,
,
508
REPORT ON THE FINANCES.
Requirements for net reserve and items composing reserve actually held.
LEGAL R E S E R V E R E Q U I R E D .
11. In vault (not less than -^ of total required reserve shown in item 10).. §.
12. With Federal reserve bank (not less
than ^ of total required reserve
shown in item 10)
§.
LEGAL R E S E R V E H E L D .
Silver dollars
!
Fractional silver
Silver certificates
Legal tender notes
Gold coin
Gold certificates
Gold certificates payable
to order
C. H. certificates for coin
or legal tender
16. With Federal reserve
bank
List net balances with
agents:
§.
13. With approved reserve agents (not
more than - y of total required rej
A
serve shown in item 10)
§.
14. Total required (must agree with
. item 10)
$.
Total
§.
(If more than A, deduct
excess) 2
§^
Total held
18.
Deficiency hi vault
§.
Deficiency with Federal reserve
bank
§.
Deficiency in total required reserve. §.
Per cent of item 18 to 9
Excess in vault over amount required.. §.
Excess with Federal reserve bank over
amount required
§.
Excess over total required reserve
§.
1 Should the aggregate "Due from" exceed the aggregate "Due t o " banks, both items must be omitted
from the calculation.
2 This subtotal must not exceed amount shown .in item 13.
INVESTMENT SECURITIES OF NATIONAL BANKS, CLASSIFIED.
Exclusive of the premium on United States bonds, the investment
of national banks in UnitedStates bonds and other securities amounted
on June 30 last to $1,910,830,447, an increase from $1,882,812,145 on
June 4, 1913.
.
In the accompanying table are shown these various investments,
as of the dates in question.
Class.
state, county, and municipal bonds
Raihroad bonds
Other public service corporation bondsl.:
All other bonds
stocks (presumably taken for debt)
Warrants, claims, judgments, etc
".
Various securities with the Treasury as security for public deposits.,
Foreign Government bonds
Other foreign bonds and securities
,
Total.
United States bonds to secure circulation
United States, insular possessions, and District ofColumbia bonds to secure
• United States deposits
United States bonds on hand
'.
June 4, 1913.
June 30,1914.
$175,345,382
345,204,195
197,459,668
220,120,541
52,085,149
38,902,358
43,597,930
17,960,704
3,509,658
§176,017,413
341,690,819
218,215,471
227,604,987
1 43,708,679
35,926,297
56,781,241
10,018.520
5,608,722
1,094,185,585
1,115,572,149
735,226,870
734,897,426
47,061,690
6,338,000
48,405,673
11,955,298
788,626,560
Total bonds of all classes-2.
795,258,296
1,882,812,145
1,910,830,445
1 Includes §899,668 erroneously shown on face of banks' reports as bonds, etc.
2 Premium on United States bonds not included.
COMPTROLLER OF T H E
PERCENTAGE
OF
509
CURRENCY.
PRINCIPAL ITEMS OF ASSETS
NATIONAL BANKS.
AND LIABILITIES
OF
I n the accompanying table is shown the percentage of loans and
discounts, United States bonds, lawful money, capital, surplus and
rofits, and individual deposits to the aggregate assets of the banks,
hese ^percentages are biased on the reports from the banks at the
fourth call of each year from 1905 to 1914, inclusive.
P
-1906
Items.
Loans and discounts.
U n i t e d States b o n d s .
Lawful m o n e y
P e r ct.
53.9
7.4
8.9
Total
1906
1907
P e r ct. ^Per ct.
54.0
66.1
7.8
7.9
7.8
8.4
1908
1909
1910
.. 1911
.1912
1913
1914
P e r ct.
' 62.9
7.9
9.6
P e r ct.
53.5
7.6
9.5
P e r ct.
55.6
7.5
8.9
P e r ct.
54.5
7."4
8.6
P e r ct
55.1
7.1
8.1
P e r ct.
66.9
7.3
8.3
P e r ct.
65.7
6.8
7.9
70.2
Total
69.6
72.4
70.5
70.6
72.0
70.6
70.3
72.5
70.4
10.7
8.3
51.1
10.4
8.4
52.4
10.7
8.8
61.6
10.2
8.5
60.4
9.-8
8.4
. 52.3
10.2
8.9
52.4
9.4
9.9
8.7 • 8.7
52.9
63.8
9.7
9.1
63.0
9.2
8.9
53.5
70.1
Capital
Surplus a n d profits..
I n d i v i d u a l deposits .
71.2
70.9
69.1
70.5
71.5
71.5
71.8
7L6
71.9
RELATION OF CAPITAL TO DEPOSITS, ETC., OF NATIONAL BANKS.
The proportion and variation from year to year of capital to individual deposits in national banks, capital to loans, to aggregate
resources, capital and surplus and other profits to individual deppsits,
and lawful money held to individual deposits, are shown in the table
following for the years 1911 to 1914, inclusive. An important point
shown by the statement is that while the proportion of capital to
individual deposits ranges from $1 to $5.35, at the low point in
1911, to $1 to $5.79 in 1914, the relation of the combined capital
and surplus and other profits to deposits shows a slightly greater
variation, ranging from $1 to $2.82 in 1913 to $1 to $2.96 in 1914.
The table in question follows:
Items.
Capital to individual deposits
Capital to loans
Capital to aggregate resources
Capital and surplus and other profits to
individual deposits
Specie and legal tender to individual
deposits
-- —
Aug. 9,1913.
Sept. 12,1914.
§1.00 to §5.35
1.00 to 5.52
1.00 to 10.12
§1.00 to §5.63
1.00 to 5.77
1.00 to 10.48
§1.00 to §5.45
i.OOto 5.84
1.00 to 10.30
§1.00 to §5.79
I.OOto 6.04
1.00 to 10.83
1.00 to 2.84
1.00 to 2.96
I.OOto 2.82
I.OOto 2.96
1.00 to 6.14
1.00 to 6.58
I.OOto 6.41
I.OOto 6.80
CHANGES I N LOANS, BONDS, CASH, AND DEPOSITS O F NATIONAL BANKS.
As supplementary to the general resume of the condition of national banks as shown by their returns at date of each call during the
year, there is submitted herewith a statement showing the principal
510
REPORT ON T H E FINANCES.
assets and individual deposits of banks on each date, together with
the averages for the year for each geographical division:
Changes in volume of principal assets and in deposits, by geographical divisions, 1913-14.
Divisions a n d dates.
Loans.
N e w England States:
Oct. 21,1913
J a n . 13,1914
Mar. 4,1914
J u n e 30,1914
Sept. 12,1914
§518,109,947
502,910,360
508,621,767
524,246,522
524,902,340
Average.,
516,757,987
Eastern States:
Oct. 21,1913...
J a n . 13,1914...
Mar. 4 , 1 9 1 4 . . .
J u n e 30,1914..
Sept. 12,1914..
Average
Southern States:
Oct. 21,1913...
J a n . 13,1914...
Mar. 4 , 1 9 1 4 . . .
J u n e 30,1914..
Sept. 12,1914..
Average..
Middle W e s t e r n States:
Oct. 21,1913
J a n . 13,1914
Mar. 4,1914
J u n e 30,1914
Sept. 12,1914
Average.,
W e s t e r n States:
Oct. 21,1913...
J a n . 13,1914...
Mar. 4 , 1 9 1 4 . . .
J u n e 30,1914.,
Sept. 12,1914.,
Average..
Pacific States:
Oct. 21,1913...
J a n . 13,1914...
Mar. 4 , 1 9 1 4 . . .
J u n e 30,1914.,
Sept. 12,1914..
B o n d s , etc.
Cash a n d
cash i t e m s .
Individual
deposits.
§168,028,055 §81,818,866
164,624,508 83,609,154
169,529,628 75,353,011
173,918,390 87,196,710
192,140,030 72,589,673
§519,369,028
511,585,194
501,129,427
527,298,707
514,226,269
173,648,122
80,093,482
514,721,555
2,281,782;957
829,037,897
2,282,161,267
812,735,253
2,430,524,302
809,334,190
2,439,217,434- 846,044,224
• 2,404,111,196 1,021,884,692
634^617,186
696,624,904
722,906,430
751,488,166
536,139,377
2,256,472,176
2,262,422,401
2,321,750,068
2,436,629,686
2,342,022,047
2,367,569,431
863,807,251 368,335,212 2,323,859,275
856,469,672
836,666,136
818,121,564
831,203,633
1831,119,268
211,494,161
208,964,281
205,100,131
202,033,906
243,069,520
91,027,077
96,643,070
93,416,615
95,534,988
91,608,085
735,626,156
756,355,548
744,405,286
722,242,028
686,267,378
834,716,055
214,132,400
93,645,967
728,979,079
1,772,689,843
1,726,101,991
1,772,200,081
1,783,806,678
1,786,256,897
450,770,428
•462,575,733
453,132,916
449,789,'602
527,820,424
295,753,020
323,228,980
317,358,033
315,872,679
299,234,101
1,623,249,172
1,630,637,640
1,643,796,150
1,675,521,613
1,681,800,164
1,767,791,098
466,817,821 310,289,342 1,651,000,947
422,205,251
419,701,646
416,937,953
422,267,721
424,191,132
102,419,327
102,041,432
100,416,351
100,256,901
103,088,893
57,349,835
57,858,354
57,104,391
56,636,559
56,776,098
457,340,512
462,192,517
447,926,692
443,955,267
443,385,225
421,060,741
101,644,681
57,145,047
448,960,042
435,460,577
429,022,611
430,723,314
443,066,752
446,693,797
144,878,746
143,676,625
142,376,750
141,862,102
155,137,096
73,485,934
79,670,090
76,008,267
72,960,757
76,781,131
457,-742,900
457,125,824
450,564,432
461,132,948'
469,417,073
Average
436,971,390
145,556,664
75,781,235
459,196,,635
Island possessions:
Oct. 21,1913....
Jan. 13,1914....
Mar. 4,1914
Jime 30,1914.:.
Sept. 12,.1914...
1,720,374
1,679,447
1,742,544
1,757,114
. 1,736,392
986,758
984,480
984,700
983,460
992,952
770,703
681,125
590,234
755,113
510,014
1,890,143
1,745,627
1,756,402
1,912,179
1,964,123
Average..
1,726,974
986,470
661,437
1,853,682
1 A p p a r e n t decrease i n loans d u e t o deposits of c o m m e r c i a l p a p e r for a d d i t i o n a l circulation.
In the following table the amount of loans, bonds, cash, and individual deposits is shown for all banks in the central reserve cities,
other reserve cities, and those located elsewhere, at date of each
report during the year, together with the aiverages based upon the
five returns:
-
COMPTROLLEE. OP T H E
511
CXJREENCY.
Loans, bonds, cash, and individual deposits of national banks at date of each call during the
year, together with the averages for each class of banks.
[In t h o u s a n d s of doUars.]
Cash a n d
B o n d s , etc. cash items. I n d i v i d u a l
deposits.
Loans.
Central reserve cities;
Oct. 21,1913
J a n . 31,1914
Mar. 4, 1914
J u n e 30, 1 9 1 4 . . . .
Sept. 12, 1914....
§1,348,251
1,386,370
1,520,612
1,499,854
1,446,804
§292,813
213,862
269,774
283,097
476,038
§553,551
614,565
653,888
661,873
463,065
§993,628
996,742
1,044,969
1,137,891
1,068,930
Average
1,430,378
307,117
589,388
1,048,432
O t h e r reserve cities:
Oct. 21,1913
J a n . 31,1914
Mar. 4,1914
J u n e 30, 1 9 1 4 . . . .
Sept. 1 2 , 1 9 1 4 . . . .
1,649,906
1,693,298
1,611,298
1,700,829
1,716,426
439,585
428,480
427,251
453,575
552,813
341,141
367,257
348,797
379,586
333,847
1,416,283
1,414,845
1,388,305
1,516,792
1,507,742
. Average
1,654,351
460,341
354,126
1,448,793
Country banks:
Oct. 21,1913
J a n . 31,1914
Mar. 4,1914
June 30,1914....
Sept. 1 2 , 1 9 1 4 . . . .
3,290,182
3,267,575
3,247,061
3,244,871
3,254,679
1,175,213
1,173,159
1,183,818
1,178,215
1,215,281
340,030
366,413
340,050
341,984
336,725
3,641,776
3,660,478
3,678,054
3,614,010
3,562,408
Average
3,260,874
1,185,137
343,040
3,631,345
...
DEVELOPMENT
IN
NATIONAL
BANKING.
The development ih national banking, as shown by the periodical
returns in each year from 1903 to 1914, is seen in the table lollowing,
in which appears the amount of capital and surplus, deposits, circulation outstanding, loans and lawful money, together witn the percentage of lawful money to individual deposits, to all deposits, and to
loans and discounts. The table referred to is submitted herewith:
Capital and surplus, individual deposits, aggregate deposits, ampunt of circulation outstanding, loaris and discounts {including overdrafts), specie and legal tenders, together
with the percentage of specie and legal tenders to individual deposits, all deposits, and to
loans and discounts of national banks, as shown by their returns for each call from February, 1903, to September, 1914.
[ A m o u n t s t n millions of dollars.]
'
Date.
Capital
and
surplus.
Loans
AiTioiint
Specie
of circu- and disIndividAggrecounts, and legal
lation
ual
gate
including tenders.
outdeposits. deposits.
overstanding.
drafts.
•
'
Percentage of
specie
and legal
tenders
to individual
deposits.
Percentage of
specie
and legal
tenders
to aggregate
deposits.
Percentage of
specie
and legal
tenders
to loans
and discounts.
1903.
Feb. 6
Apr. 9
June 9
Sept. 9
Nov. 17
•1,082.4
1,088.9
1,102.6
1,124.1
1,133.8
3,159.5
3,168.3
3,201.0
3,156.3
3,176.2
4,580.9
4,535.5
4,661.9
4,633.4
4,603.7
336.2
335.1
359.3
375.0
376.2
3,386.6
3,433.1
3,442.3
3,508.6
3,476.6
570.6
536.2
552.2
654.3
520.6
18.06
16.92
17.25
17.56
16.39
12.46
11.84
12.11
12.23
n.66
16.85
15.62
16.04
15.80
14.98
1904.
Jan. 22
Mar. 28
June 9
Sept. 6
Nov. 10
1,151.4
1,151.1
1,157.0
1,167.3
1,176.0
3,300.6
3,264.5
3,312.4
3,468.2
3,707. 7
4,788.6
4,798.9
4,836.0
5,131.2
5,332.1
38L0
385.9
• 399.6
411.2
419.1
3,511.6
3,575.7
3,62L8
3,757. 9
3,827.6
614.6
617.5
658.4
661.5
642.1
18.62
18.97
19.88
19.13
17.32
12.84
12.87
13.60
12.89
12.04
. 17.50
17.27
18.18
17.60
16.78
512
REPORT ON THE FINANCES..
Capital and surplus, individual deposits, aggregate deposits, amount of circulation outstanding, loans and discounts {including overdrafts), specie and legal tenders, together
with the percentage of specie and legal tenders to individual deposits, all deposits, and to
loans and discounts of national banks, as shown by their returns for each call from February, 1903, to September, 1914—Continued.
[In millions of dollars.]
Percentage of
Loans
a n d disspecie
Individof circuSpecie
Aggrec o u n t s , a n d legal ' a n d legal
ual
gate
• lation
including t e n d e r s .
tenders
deposits. deposits.
outoverto m d i standing.
vidual.
drafts.
deposits.
Percentage of
specie
a n d legal
tenders
to aggregate
deposits.
A mmTnf
Percentage of
specie
a n d legal
tenders
to loan,s
a n d discounts.
- Date.
Capital
and surplus.
1905.
J a n . 11
Mar. 14
May 29
Aug. 26
Nov. 9
1,183.1
1,191.4
1,205.0
1,217.6
1,229.1
3,612.5
3,777.6
3,783.7
3,820.7
3,989.5
5,257.0
5,427.2
5,407.5
5,508.6
5,556.6
424.3
431.0
445.5
469.0
485.5
3,771.9
3,888.2
3,929.5
^ 4,028.4
4,07L2
670.0
641.2
649.3
666.6
622.1
18.55
16.97
17.16
17.42
15.59
12.74
11.81
12.10
12.08
1L19
17.76
16.49
16.52
16.52
15.28
1906.
J a n . 29
Apr. 6
J u n e 18
Sept. 4
N o v . 12
1,257.6
1,266.8
1,276.0
1,325.3
1,352.1
4,088.4
3,978.5
4,055.6
4,199.3
4,289.8
5,747.8
5,611.0
5,692.8
5,897.8
6,03L5
498.2
505.5
510.9
518.0
637.0
4,118.3
4,176.0
4,236.9
4,331.5
4,419.8
668.3.
620.5
651.2
606.0
634.6
16.35
15.60
16.06
14.43
14.79
n.62
n.06
11.44
10.30
10.52
16. 23
14.86
15.37
13.99
14.36
1907.
J a n . 26
Mar. 22
M a y 20
A u g . 22
Dec. 3
1,385.9,
1,396.9
1,418.5
1,444.8
1,45L3
4,115.6
4,269.5
4,322.9
4,319.0
4,176.7,
5,952. 4
6,061.0
6,190. 4
6,076.6
5,800.6
545.6
543.3
547.9
55L9
OOL 8
4,505.2
4,572.6
4,664.0
4,709.0
4,622.9
695.5
656.2
691.6
701.6
760.8
16.90
15.37
16.00
16. 24
18.21
n.68
10.82
1L17
n.55
13.12
. - 15.44
14.35
14.83
14.90
16.46
1908.
F e b . 14
M a y 14
J u l y 16
Sept. 23
N o v . 27
1,460.0
1,467. 4
1,483.1
1,487.0
1,489. 2
4,105.8
4,312.7
4,374.6
4,548.1
4,720.3
5,924.4
6,188.2
• 6,330.6
6,617.3
• 6,804.6
627.6
614.1
. 613.7
613.7
599.3
4,452.0
4,561.7
4,640. 4
4,78L5
4,879.3
788.4
861.3
849.0
868.4
844.8
19.20
19.97
19.41
19.09
17.90
13.31
13.92
13.41
13.12
12.41
17.71
18.92
18.30
18.16
17.31
1909.
Feb. 6
A p r . 28
J u n e 30
Sept. 1
N o v . 16
1,510.9
1,52L1
1,527.8
1,542.6
1,657.2
4,699.7
•4,826.1*
4,898.6
5,009.9
5,120.4
6,836.2
6,934.3
7,009.2
7,079.6
7,069.1
616.3
636.4
631.3
658.0
668.4
4,869.8
4,987. 7
5,061.-2
5,168.4
5,190.7
860.1
878.6
885.9
854.1
804. 9
18.30
18.20
18.09
17.05
16.72
12.68
12.67
12.64
12.06
n.40
17.66
17.61
17.60
16.56
15.61
1910.
J a n . 31
Mar. 29
J u n e 30
Sept. 1
N o v . 10
1,580.0
1,599.7
1,634. 4
1,65L0
- 1,656. 7
5,190.8
5,227.9
5,287.2
5,145.7
5,304.8
7,208.3
7,265.3
7,257.0
7,140. 8
7,261.2
667.5
669.2
675.6
674.8
680.4
5,263.5
5,464.0
6,455: 9
5,496.7
5,497.7
833.1
834.9
820.8
851.7
816.1
16.05
15.97
15.52
16.55
15.38
n.66
11.49
1L31
n.93
n.24
15.83
15.28
15.04
15. 49
14.84
1911.
Jan. 7
Mar. 7
June 7
Sept. 1 .
Dec. 6
1,673.1
1,677.3
1,691.6
1,696.5
1,699.3
5,113.2
-5,304.6
5,478.0
5,490.0
5,536.0
7,156.9
7,576.3
7,675.7
7,628.1
7,675.4
684.1
680.7
681.7
697.0
702.6
5,443.1
5,588.1
6,634.2
5,690.6
5,695.1
856.3
908.0
946.3
895.5
862.8
16.75
17.12
17.28
16.31
15.59
11.96
11.99
12.33
11. 74
1L24
15. 73
16.25
16.80
15.74
15.15
1912.
F e b . 20
A p r . 18
J u n e 14
Sept. 4
N o v . 26
1,716.8
1,725.1
1,727.6
1,747.0
1,747.1
5,630.6
5,712.1
5,825.5
5,89L7
5,944.6
8,067.7
8,015.5
8,064.2
8,129. 7
8,109.3
704.2
5,834.3
707.0
5,902.0
708. 7
5,973.8
713.8 . 6,061.0
72L5
6,086.5
950.5
93L7
945.2
- 896.0
859.1
16.88
16.31
16.23
15.21
14.45
n.78
1L61
11. 72
11.02
10.59
16.29
15.79
15.82
14.78
14.12
1913.
Feb. 4
Apr. 4
June 4
Aug. 9
Oct. 21
1,766.2
li77L9
1,777.5
1,781.7
. 1,785.7
1914. •
J a n . 13
Mar. 4
J m i e 30
Sept. 12
1,790.1
1,787. 7
1,78L5
1,784. 4
5,986.4
8,361.0
5,968. 8 . 8,227.8
5,953.5
8,143.9
5,761.3 , 7,948.6
6,05L6
8,346.0
717.5
719.0
722.1
724.5
727.0
6,147.3
6,198. 2
6,162.0
6,186.9
6,288.3
933.4
888.3
914.0
899.2
889.6
15.59
14.88
15.35
15.61
14.70
11.16
10.80
11.22
n.3i
10.66
15.18
14.33
14.83
14.63
14.15
8,393.3
8,675.0
8,563.7
8,187.5
725.3
720.6
722.5
918.2
6,197.2
6,378.8
-6,445.5
6,417. 9
981.9
968.0
969.0
903:7
16.17
15.84
15.46
14.72
11.70
1L16
1L32
1L04
16.84
15.18
15.04
14.08
6,072.0
6,111.3
6,268.6
6,139. 0
Aggregate deposits include: Due to other national banks, due to State banks and bankers, due to trust
companies and savings banks, due to approved reserve agents, dividends unpaid, individual deposits.
United States deposits, postal savings deposits, deposits of United States disbursing officers.
513
COMPTBOLLEE OP THE CUEEENCY.
Nurnber and authorized capital of national banks organized and the number and capital
of banks closed in each year erided Oct. 31 since the establishment of the national banking
system, with the yearly increase or decrease.
Closed.
Organized.
In voluntary
liquidation.
Year.
No.
134
453
1,014
62
10
12
9
22
170
175
68
71
107
36
29
28
38
57
86
227
262
191
145
174
225
132
211
307
193
163
119
50
43
28
44
56
78
383
394
470
553
431
506
465
516
326
309
311
214
188
172
195
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..
18961.
1897-.
1898..
1899..
1900..
1901..
1902..
1903-.
1904..
1905-.
1906..
1907-.
1908..
1909-.
1910.".
1911..
1912..
1913..
1914-..
No.
Capital.
§16,378,700
79,366,950 • 3
6
242,542,982
4
8,515,160
12
4,260,300
18
1,210,000
17
1,500,000
14
2,736,000
11
19,519,000
11
18,988,000
21
7,602,700
20
6,745,500
38
12,104,000
32
3,189,800
. 26
2,589,000
41
2,776,000
33
3,595,000
9
.6,374,170
26
9,651,060
78
30,038,300
40
28,654,350
30
16,042,230
85
16,938,000
25
21,358,000
26
30,546,000
34
12,053,000
41
21,240,000
50
36,250,000
.41
20,700,000
53
15,286,000
46
11,230,000
79
5,285,000
49
4,890,000
37
. 3,245,000
70
' 4,420,000
69
9,665,000
64
16,470,000
43
19,960,000
39
21,554,500
71
31,130,000
72
34,333,500
65
21,019,300
121
33,632,500
81
21,413,500
84
34,967,000
22,823,000 • 80
149
22,830,000
30,760,000' 113
98
12,840,000
83
16,080,000
80
10,175,000
113
18,675,000
Capital.
§330,000
650,000
2,160,000
2,445,500
3,372,710
2,550,000
1^450,000
2,180,500
3,524,700
2,795,000
3,820,200
2,565,000
2,539,500
4,237,500
3,750,000
570,000
1,920,000
16,120,000
7,736,000
3,647,250
17,856,590
1,651,100
2,537,450
4,171,0004,316,000
.5,050,000
4,485,000
6,157,500
6,035,000
10,476,000
6,093,100
3,746,000
9,659,000
12,509,000
24,335,000
12,474,950
7,415,000
22,190,000
30,720,000
20,285,000
24,409,500
13,223,000
11,745,000
12,415,000
14,225,850
29,123,500
11,010,000
21,605,250
14,571,010
26,487,000
> Aggregate.10,652 1,106,046,482 2,560 459,339,660
Deduct increase. .
Net yearly
increase.
No.
Capital.
No.
134
450
§60,000 1,007
500,000
56
1,170,000
410,000
50,000
7
250,000
159
i,'806,'ioo" 168
36
3,825,000
48
250,000
64
1,000,'000
966,000
3,344,000
2,612,500
1,230,000
45
700,000
60
146
1,561,300
220
250,000
150
1,285,000
56
600,000
141
650,000
192
1,550,000
90
1,900,000
168
250,000
248
750,000
127
3,622,000
93
2,450,000
10,935,000
2,770,000
5,235,020
3,806,000
5,851,500
1,200,000
2
850,000
334
1,800,000
344
1,760,000
397
450,000
469
3,480,000
346
1,535,000
363
2,035,000
366
680,000
425
775,000
222
5,560,000
151
768,500
192
875,000
113
275,000
97
1,100,000
86
4,350,000
61
1,810,000
552 90,930,920 7,831
Capital.
Capital.
§1,645,500
1,922,710
64,000
18,069,000
15,001,400
253,000
3,700,500
7,283.800
340,200
3,294,500
4,076,000
1,385,000
5,104,170
7,731,060
12,357,000
20,668,350
11,109,980
19,056,900
26,458,550
5,982,000
16,674,000
30,450,000
12,593,000
1,518,590
6,677,500
5,685,050
12,379,500
8,490,000
133,500
7,088,000
7,510,500
22,447,000
4,848,000
7,835,650
761,500
1,555,000
5,740,000
7,960,000
6,338,120
4,405,000
11,090,500
4,044,000
8,715,000
800,700
6,625,250
8,746,010
9,632,000
644,107,982 281 88,332,080
281
88,332,080
565,775,902
28
Total net
increase.
No.
§16,378,700
79,366,950
242,162,982
7,365,150
930,300
7,550
Net increase.
Add
for
banks re• stored to
solvency..
Net yearly
decrease.
Insolvent.
9,955,000
7,578 2 565,730,902
1 Includes 28 banks restored to solvency.
2 The total authorized capital stock on Oct. 31 was §1,072,492,176; the paid-in capital, §1,071,908,332.50,
including the capital stock of liquidating and insolvent banks which have not deposited lawful money for
the retii'ement of their circulating notes.
-
64402°—FI 1914-
-33
514
REPORT ON T H E FINANCES.
BONDS AND OTHER SECURITIES AND CIRCULATION SECURED THEREBY
AT THE END OF EACH MONTH FROM NOVEMBER 30, 1913, TO OCTOBER
31, 1914.
The total amount of national bank circulation outstanding on October 31,1914, was $1,121,468,911, of which $739,716,693 was secured by
United States bonds, $361,119,940 by miscellaneous securities (act
of May 30,1908), and $20,632,278 secured by deposits of lawful money
in retirement account. The increase during the month of October
was $43,584,135. As additional currency was not issued prior to
August last, a comparison with the amount of circulation outstand-,
ing on July 31, namely, $750,907,021, and the amount on October 31,
shows an increase of $370,561,890. The increase in outstanding circulation from October 31,1913, to October 31, 1914, was $362,569,202.
The authorized issues of additional circulation through national
currency associations on October 31 was $374,680,715. Under section 3 of the National Currency Association act the authorized issues
were $910,500; hence the total authorized issues'under the act in question were $375,591,215.
.
.
.
The condition of the bond and circulation accounts at the close of
each month of the year ended October 31, 1914, is shown in the following table:
Date.
Circulation secured by—
Issue value
United States of miscellabonds on
neous securiMiscellaties on de- ' United States neous securiLawful
deposit.!
posit. .
bonds.
money.
ties.
1913.
Nov. 3 0 . . .
Dec.31
§743,590,500
743,066,500
1914. .
Jan. 31
Feb. 28
Mar. 31
Apr. 30...
May 31
June 30 .
July 31
-.
Aug. 3 1 . . .
Sept. 30
Oct. 31....
741,645,500
• 741,445,600
740,603,400
741,213,210
740,818,360
740,796,910
740,220,660
743,318,050 §126,971,550
744,528,050 344,763,240
744,740,600 365,249,065
•
Total circulation putstanding.
§739,677,565
740,633,645
§17,481,906
17,209,316
§757,159,471
757,842,961
736,194,233
736,509,838
735,445,281
736,180,040
736,423,425
735,628,960
735,222,801
736,851,383
737,109,983
739,716,693
17,828,533
16,658,993
16,605,018
16,585,726
16,131,271
15,142,939
15,684,220
§126,241,760 • 15,447,138
325,007,900
15,766,893
361,119,940
20,632,278
754,022,766
753,168,831
752,050,299
751,.765,766
751,554,696
750,671,899
750,907,021
877,640,281
1,077,884,776
1,121,468,911
1 Including bonds held for account of banks in process of liquidation.
DEPOSITS AND WITHDRAWALS OF UNITED
STATES
BONDS.
Exclusive of deposits of United States bonds in substitution for a
like amount withdrawn, the deposits during the past year aggregated
$24,891,050, of which $24,723,300 were deposited by banks mcreasmg
circulation and $167,750 by banks chartered durmg the year. The
withdrawals by reason of reduction of circulation, liquidation, and
failures of banks amounted to $22,888,190.
516
COMPTROLLER OF T H E CURRENCY.
The transactions during each month of the year are shown in the
accompanying table:
United States bonds deposited as security for circulation by banks chartered and by those
increasing their circulation, together with amount of bonds withdrawn by banks reducing
circulation and by those closed, during each month.
Date.
November..
December..
1913.
January
February...
Mai'ch
April
:May
June
July
August
September..
October
Total.
Bonds de- Bonds
Bonds
Bonds
Bonds
posited by posited de- withdrawn withdrawn
withby
banks
drawn,
by banks
banks
chartered increasing by banks in liquida- banks in
reducing
during the circulation. circulation.
insoltion.
year.
vency.
§68,750
58,500
12,750
""'6,'566'
6,250
§614,000
3,767,000
$462,500
1,866,000
§74,990
2,426,000
1,770,500
1,569,500
972,050
1,248,810
1,580,900
3,054,550
1,522,750
4,129,140
2,573,050
1,984,550
2,521,1,421
506,
508,
987,
257;
8O7;
600,
650,000
670,250
348,250
1,106,750
131,000
988,250
2,818,500
1,291,500
131,250
1,363,050
1,122,000
10,588,400
12,470,790
24,786,800
§201,000
300,000
501,000
BONDED DEBT OF THE UNITED STATES AND NATIONAL-BANK HOLDINGS,
AND SECURITIES DEPOSITED TO SECURE NATIONAL-BANK CIRCULATION AND PUBLIC DEPOSITS.
In the year ended October 31, 1914, the bonded debt of the United
States other than that portion represented by postal-savings bonds
was unchanged, and the incre'ase in the latter was only $2,002,060.
The bonded debt increased from $966,823,490 on October 31, 1913,
to $968,825,550 on October 31, 1914. All of these bonds except the
$50,000,000 Panama threes and $5,508,060 postal savings boiids are
available as security for circulation upon their deposit with the
Treasurer of the United States in trust for that purpose. As the
National Curiency Association act makes available as security for
*^additional circulation^^ State and municipal bonds and other securities, including commercial paper, it is within the power of the Secre-.
tary of the Treasury to authorize the acceptance for that purpose of
any bonds of the United States held by a national bank.
United States bonds to the amount of $744,740,600 are on deposit
to secure national-bank circulation and $37,020,700 to secure public
deposits, and $6,423,780 are held in the vaults of the national banks,
thus making their total investment in these securities $788,185,080,
or over 81 per cent of the total bonded debt. The premium on these
bonds, as shown by the September 12, 1914, report of condition of the
banks, has been charged down to $3,921,760.. This amount is hot
considered in computing the percentage of the banks' investment in
Government bonds, as shown by the table following. The Treasury
holds miscellaneous securities, other than Government bonds, to the
amount of $57,565,502 as security for public deposits, the total hold- •
ings for this purpose aggregating $94,586,202.
516
REPORT
ON
THE
FINANCES.
The Government bonded debt in detail, together with the amount
and kinds of Government bonds on deposit to secure circulation and
Government deposits, postal-savings bonds, and various other bonds,
etc., held as security for pubhc deposits, are shown in the following,
table:
Interest-bearing bonded debt of the United States and borids on deposit to secure nationalbank circulation and Government deposits, Oct. 31, 1914. •
On deposit
to secure
public
deposits.
U.S.
bonded
debt.
§606,622,300
21,447,180
34,699,300
§12,575,700
4,967,400
3,821,200
54,631,980
30,000,000
50,000,000
United States consols of 1930 (twos)
United States loan of 1908-1918 (threes).
United States loan of 1925 (fours)
United States Panama o—
f
1936 (twos)
.
"
1938(twos)
1961 (threes)
On deposit
to secure
nationalbank notes.
§646,250,150
63,945,460
118,489,900
Kinds of bonds on deposit.
53,013,680
28,958,140
1,199,500
574,000
13,882,900
37,020,700
District of Columbia (three-sixty-fives).
Philippine loans (fours)
Philippine Railway (fours)
Manila Raihoad (fours).".
Porto Rico loans (fours)
Postal savings bonds (two-and-a-halfs). - .
Territory of Hawaii (various)
State, city, railroad, etc. (various)
-.
633,000
6,900,000
918,000
10,000
2,004,000
5,508,060
2,025,000
46,075,502
968,825,550
Total.
PRODUCTIVITY
OF
LOANS
AND
BOND
744,740,600
INVESTMENTS
OF
57,665,502
NATIONAL
BANKS.
The earnings of the banks being derived mainly from interest on
loans and the returns upon bonds and other securities, a statement
is submitted herewith indicating the amount of investments by banks
in each geographical division, together with the amount of gross earnings and percentage of earnings to loans and bond investments. The
aggregate of these assets is shown to be $8,360,443,440, and the gross
earnings $515,624,301, on an average return of 6.17 per cent.
In the accompanying table is shown for June 30, 1914, the
amount of loans, other investments, gross earnings of the banks, and
the percentage of gross earnings to total investments for each geographical division:
. Divisions.
N e w England States.
E a s t e r n States .
....
S o u t h e r n States
Middle W e s t e r n States
W e s t e r n States
Pacific States
Hawaii
Total
L o a n s (including overdrafts).
§524,246,522
2,439,217,435
831,203,633
1,783,806,678
422,267,721
443,056,752
1,757,114
6,446,554,855
Per c e n t
of gross
earnings
to total
investment.
Bonds, etc.
T o t a l investment.
Gross earnings.
§173,918,390
846,044,224
202,033,906
449,789,602
100,256,901
1.41,862,112
983,460
§698,163,912
3,285,261,659
1,033,237,539
2,233,596,280
522,624,622
584,918,864
2,740,574
§39,461,330
180,226,665
74,053,888
137,587,358
44,431,141
39,689,176
174,743
6.65
5 49
'7.17
6.16
8 50
6.79
6 38
1,914,888,595 . 8^360,443,450
516,624,301
6 17
COMPTROLLER OF T H E
517
CURRENCY.
EARNINGS AND DIVIDENDS OF NATIONAL BANKS.
The net earnings of national banks reporting their earnings ^ and
dividends for the year ended June 30, 1914, aggregated $149,270,170,
from which dividends were paid to the amount of $120,947,096, the
average dividend rate being 11.37 per cent, against an average rate
of 11 per cent for the five years previous. Dividends based upon
capital and surplus averaged 6.80 per cent for the year, while the
net earnings to capital and surplus were 8.39 per cent.
The gross earnings of the banks aggregated $515,624,301, against
which losses and premiums were written off to the amount of
$64,929,614, together with expenses and taxes of $301,424,516. The
combined capital and surplus of the banks aggregated $1,778,095,306,
the percentage of surplus ($714,117,131) to capital being 67.11 per
cent.
In the appendix of this report will be found the returns from the
banks in each reserve city and State relating- to their earnings and
dividends during the year ended June 30, 1914, together with like
data covering the years ended March 1, 1870, to June 30, 1914, and
there is submitted herewith a table relating to the dividends paid by
the banks located in each geographical division of the country.
Capital, surplus, amount and per cent of dividends paid by national banks in each geographical division for the year ended June 30, 1914. .
Divisions.
New England States....
Eastern States
Southern States . . .
Middle Western States..
Western States
PacificStates
Hawaii
Total
Number
of banks, Capital stock.
445
1,645
1,508
2,061
1,268
621
5
7,453
Surplus.
§100,936,700 §62,936,425.00
338,244,175 329,014,444.80
175,450,900 91,812,176.52
284,305,100 154,312,595.35
72,287,500 34,039,853.38
92,118,800 41,726,191.65
635,000
275,444.70
1,063,978,176
714,117,131.40
Per cent
of surplus to
capital.
Amount of
dividends
paid.
Per cent
of dividends to
capital.
62.35
97.27
52.33
54.28
47.09
45.30
43.38
§8,113,911.71
43,864,876.00
18,551,004.01
29,081,320.70
10,082,328.08
11,208,456.73
46,200.00
8.04
12 97
10 57
10.23
13 95
12.17
7.12
67.12
120,947,096.23
11.37
AMOUNT AND NUMBER OF ITEMS DEPOSITED WITH MEMBER BANKS
DAILY IN EACH FEDERAL RESERVE DISTRICT.
I n July last this office called upon the national banks for information
required to form an approximate estimate as to the number of checks
on member banks which the Federal reserve banks may be required
to clear provided the Federal reserve banks should undertake to clear
the checks of all member banks, and also for the purpose of ascertaining the probable number and amount of checks which would have
to be cleared by a bank provided the Federal reserve bank of the
district should refuse to receive from depositors checks of other banks
(either member or nonmember) located in the same city or town as
the depositing bank. The information was. requested for t h e week
beginning July 6. 1 There are a coniparatively few banks such as new banks which have just commenced business which
made no report of net earnings. -
518
REPORT ON T H E FINANCES.
The returns showed, first, the number and amount of checks on
other member banks in the district outside of the city or town deposited with the bank locally by depositors other than member banks;
second, the number and amount of checks on other member banks
in the same town deposited with the bank locally by depositors
other than banks; and, third, the number and amount of checks on
other member banks in the district received by the bank from correspondents outside of the district.
Due to misapprehension of the scope of the inquiry or for other
reasons, full returns were received from only 6,617 of the 7,528 banks
called upon, and upon examining the returns it was concluded to
summarize them by Federal reserve districts as of one date—namely,
July 7.
I n the foUowing table, results are shown relating to the number of
banks from which returns were received in each Federal reserve district, together with the number and amount of checks received from
each source.
Report for Tuesday, July 7, of checks received by banks in each Federal reserve district.
.
District.
Checks on other
member
banks
outside of own
city deposited by
depositors other
Number of Number of
than m e m b e r
reporting
banks in
banks.
banks.
the district.
Number of
items.
No.i
.......
No. 2
No. 3
No. 4
No. 5 .
No. 6
No. 7
No. 8...
No. 9
No. 10...
No. 11
No. 12..
424
451
706
638
.394
313
852
384
620
718
652
465
441
481
756
768
482
383
963
461
700
838
742
521
Amount.
79,121 §6,829,978
64,880 5,333,849
78,495" 5,341,127
.66,450 5,731,577
31,839 3,369,353
16,446
1,107,023
58,954 5,841,191
16,212
1,804,023
37,602 4,271,876
35,484 4,565,733
27,153 2,114,549
53,286 5,868,542
Checks on other
member banks in
own city deposited, locally by
depositors, other
than banks.
Checks on other
member banks received from correspondents outside
01 district.
Number of
items.
Number of
items.
Amount.
36,776
98,818
37,034
24,289
14,046
3,505
32,479
16,324
5,909
22,766
3,216
4,789
§2,996,827
63,014,574
6,883,195
3,274,044
2,511,334
358,816
6,490,184
1,980,269
702,177
1,590,733
213,984
548,725
Amount.
81,539 §9,593,337
170,858 50,130,517
60,158 8,410,909
80,542 6,649,270
57,631 4,319,797
38,575 1,921,992
104,695 11,431,942
28,192 2,987,876
52,764 3,344,185
75,854 6,704,319
58,685 3,048,798
96,126 7,381,763
RATES FOR MONEY.
By reference to the accompanying table, obtained through the.
courtesy of the Commercial & Financial Chronicle, relating to the range
in average rates for money in the New York money market from
November, 1913, to October, 1914, it will be noted that the condition
of the money market was normal prior to August. Beginning with
August stock loans ranged from 5 i to 8 with an average of 6 to 6^.
In that period time loans ranged from 6 to 8 for paper ranging from
60 days to 6 'months, except for October when the maximum rate was
T\ per cent. In this period choice double name commercial paper
ranged from 5 | to 7, and prime single name paper showed the same
519
COMPTROLLER OF THE CURRENCY.
ranges; good single name paper running from 4 to 6 months ranged
from 6J to 8 per cent. The table in question follows:
Range and average rates for money in the New York market, year ended Oct. 31, 1914.
Characterof loans.
November. December.
Call loans, stock exchange:
Range
Average..,.
Time loans: ^'
30 days
60 days
90 days
. 4 months
,
5 months
6 months
Commercial paper:
Double names, choice, 60 to 90
days
Single names—
. 'Prime, 4 to 6 months
Good, 4 to 6 months
2 to 10
3|
2^ to 8
4|
January.
February.-
March.
AprU.
l|to 3
If
If to 2
lito2
2h to 2f
3 to3i
3 to 3^
3i to 3^
3i to 3|
2^0 3
2J to Z\
2f to 3^
2| to 3^
3 to3|
2Ho3
2§to3
2 | to 3^
2f to 3 |
3 to3|
1 | to 10
. 2§
4|to
4|to
4f to
4|to
4|to
4f to 5^
4 | to 5^
4^0 5
4^ to 5
2^ to
3 to
3ito
3ito
3ito
b\to 5|
5ito6
4 to 5f
3ito4
3^ to 4i
3§to4
5 i t o 5f
6 to 6^
5Ho6
6 to 6^
4 to 5f
4|to 6^
3^ to 4
i \ to 4^
3i to 4^
4 to4f
3^ to 4
4 to 41
Ah to 5
5
5
5
5
5
Character of loans.
May.
• Call loans, stock exchange:
Range
Average
Time loans:
60 d a y s . . .
90 days
4 months
5 months
6 months
Commercial paper:
Double names, choice, 60 to 90
days
Single n a m e s Prime, 4 to 6 months
Good, 4 to 6 months
June.
July.
August.
September.
Uto2
If
2\ to 2\
2i to 2i
21 to 3
3 to3i
3 to 3^
l^to2
. li
If to 3 2^
6 to 8
6 to 8
6
6^ to 8
6
2 to 2^
2i to 21
2.^ to 3
2f to Z\
3 to3f
2§"to6N
2f to.6N
3 "to6N
3Ho6N
3i to 6 N
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
3f to4
3§ to 4i
3f to 5i
5^ to 7
6 to 7
6 to 7
3f to4
4i to 4J
3 ^ 0 4i
4^to4J
3f to 5h
4^0 6
5^ to 7
6| to 7^
6 to 7
7^ to 8
6 to 7
7 to 8
to 8
to 8
to 8
to 8
to 8
to 8
to 8
to 8
to 8
to 8
October.
to 8
to 8
to 8
to7i
to 7
1 During August and September, 1914, certain New York banks charged on some of their loans as high
as 10 per cent per annum.
N-6. Nominal.
•
..
,
TRANSACTIONS OF CLEARING HOUSES IN THE UNITED STATES.
Statistics relating to the transactions of the New York Clearing
House and 162 other clearing-house associations throughout the country coveriag the year ended September 30, 1914, are presented elsewhere in detailed report, the principal features of which are submitted
herewith.
The revised returns for 1913 show that the volume of transactions
of all clearing houses aggregated $173,193,009,000, and t h a t the transactions for the current year were $163,975,683,000, a decrease of
$9,217,326,000. The transactions in New York decreased from
$98,121,520,000 to $89,760,345,000, a decrease of $8,361,175,000.- As
will be noted, this ampunt represents the major portion of the aggregate decrease in the transactions of the current year as compared with
1913. Of the 14 cleariag houses with transactions in excess of one
billion doUars only three show clearings in excess of the prior year,
namely, Chicago, to the amount of $121,756,000; Cincinnati, $1,921 ,000, and Detroit, $98,624,000. The decreases other than in New York
520
REPORT ON T H E
FINANCES.
were as follows: Boston, $459,564,000; Philadelphia, $311,954,000;
St. Louis, $71,291,000; Pittsburgh, $226,489,000; Kansas. City,
$3,472,000; San Francisco, $122,401,000; Baltnnore, $111,030,000;
Minneapohs, $7,810,000; Cleveland, $165,000; Los Angeles, $51,321,000, and New Orleans, $27,626,000.
The membership iii the New York association is 62, the capital of
member banks being $175,300,000. The balances of clearings paid in
money aggregated $5,128,647,302, or 5.71 per cent of the transactions^
The average daily clearings were $296,238,762, and the average daily
balance $16,926,229. The clearing-house transactions of the Assistaiit Treasurer of the United States a t New York for the year ended
September 30 last were as foUows: Exchanges received from t h e
cleariag house, $593,323,082.69; balances received from clearing
house, $185,859,423.37; exchanges delivered to clearing house,
$723,473,082.23; balances paid to clearing house, $55,709,423.83.
Elsewhere in this report will be found a statement of the membership,
capital, and clearings for each, year ended September 30, from 1854
to 1914, inclusive.
The transactions of each of the 14 clearing-house associations with
clearings in excess of one biUion doUars and the aggregate clearings
of aU other associations for the years 1913 and 1914 are shown in t h e
foUowing statement:
Comparative statement, i n millipns of dollars, of clearings of the United States for the
years ended. Sept. 30, 1913 and 1914.
Exchanges
for year
ending
Sept. 30,
1913.
§98,121 6 •
16,018 2
8,326 2
8,543 5
4,122 1
2,951 9
2,836 2
2)666.6
2,010 4
j
1,329 7
NewYork
Chicago
Boston
r...
Philadelphia..
S t . Louis
Pittsburgh....
Kansas City..,
S a n Francisco.
Baltimore....,
Cincinnati
NATIONAL
Exchanges Exchanges
for y e a r
for year
ending
ending
S e p t . 30,
Sept. 30,
. 1914.
1913.
Exchanges
for year
ending '
Sept. 30
1914.
§89,760 3
16,139 9
7,866 78,231 5
4,050 8
2,725 4
2,831.8
2,544.2
1,899 4
1,33L6
BANK
§1,326.1
1,286.9
. 1,271.2
1,234.1
1,002.1
§1,318.3
1,385.6
1,271.1
1,182.8
974.4
Total
T o t a l , 148 o t h e r cities
163,046.7
20,146.3
143,513.8
20,461.9
Grand total.
173,193.0
163,976.7
Minneapolis
Detroit
Cleveland
Los Angeles
N e w Orleans
NOTES
IN
CIRCULATION.
I n the monthly statements issued b y the ComptroUer the amount of
outstanding national-bank notes differs materiaUy from the amount
reported in circulation by the banks by reason of amounts in transit
to and from the banks on a given day and the amounts received b y
the banks and not placed in circulation. The department also states
the amount outstanding secured b y deposits of lawful money in retirement account. A t the close of business on June 30, 1914, the
outstanding circulation, as shown by department records, was
$750,671,899, of which $735,528,960 was secured b y United States
bonds and $15,142,939 by lawful money. I n the report of condition
of national banks for the same date the outstanding issues were stated
at $722,554,719, the banks holding in their vaults $12,274,371. This
circulation was secured b y United States bonds to the amount of
$734,897,425. .
521
COMPTROLLER OF THE CURRENCY.
Prior to the passage of the Federal reserve act the volume of
national-bank circulation was liinited in the aggregate to the amount
of the paid-in capital of the banks; hence the relation of those two
iteins is of interest. Elsewhere in this report is shown the amo.unt
of paid-ia capital, circulation, and assets of the banks at date of each
periodical report from 1863 to 1914, inclusive, the amount of money
in the United States on June 30 of each year, together with the
percentage of circulation to capital, to assets, and to money in the
country. Duriag the midsummer of 1891 the low poiat in circulation, compared with capital, was reached, iiamely,." 18.4 per cent. I n
that summer low points were also reached in the per cent of relative
circulation to assets and to the stock of money; that is, 3.9 per cent
and 7.3 per cent, respectively. WhUe issues of circulation were increased by the legislation of March 4, 1900, it was not untU 1904 t h a t
the volume reached 50 per cent of the banks' capital. From the close
of 1907 to June 30, 1910, the issues fluctuated between 65 and 70 per
cent, with an average of about 68. In 1910 bank circulation amounted
to nearly one-fifth of the circulating mediuih of the country and continued, in that proportion untU June 30, 1914.
The stock of currency in the country increased from $3,738,000,000
on June 30, 1914, to $3,819,900,000 on September 1. The outstanding circulation reported by banks on September 12 was $918,270,315,
OT 24 per cent of the money stock on the first of the month.
The actual amount of bank currency in circulation, as shown b y
the periodical returns during the report-year, in New York, in all
central reserve cities, other reserve cities, and in banks located elsewhere, is stated, in millions of dollars, in the foUowing table:
New York.
Oct. 21,1913.
Jan. 13,1914..
Mar. 4,1914..
Jan. 30, 1914..
Sept. 12, 1914
New York,
Other
Chicago, " reserve
and St.
cities.
Louis.
46.8
45.4
42.8
41.2
130.6
77.0
77.8
74.6
73.0
189.4
163.9
162.1
160.3
170.3
229.7
All
reserve
cities.
Country
banks.
240.9
239.9
234.9
243.3
419.1
486.1
485.4
485.7
479.2
499.1
Total.
727.0
725.3
720.6
722.5
918.2
DENOMINATIONS OF NATIONAL-BANK CIRCULATION.
The increase in amount ia the aggregate and by denominations
of national-bank circulation from March 14, 1900, to October 31,
1914, is shown in the following table:
Mar. 14,1900. Oct. 31, 1914.
Denominations.
Ones
Twos
.
Fives
Tens
Twenties .
Fifties '.
One hundreds
Five hundreds.
.
One thousands
Unredeemed fractions
.
Less notes redeemed but not assorted by denominations
Total
.
....
§348,275
167,466
79,310,710
79,378,160
•58,770,660
11,784,150
24,103,400
104,000
27,000
32,409
§342,759
163,782
214,491,860
476,363,040
297,259,860
68,202,050
65,540,950
88,500
22,000
53,340
254,026,230
1,122,528,141
1,069,230
254,026,230
1,121,468,911
522
REPORT ON THE FINANCES.
NATIONAL-BANK REDEMPTION AGENCY RECEIPTS AND REDEMPTIONS.
National-bank notes to the amount of $650,730,945 were received
for redemption at the National Bank Redemption Agency during
the year ended October 31, 1914, ofwhich aU except $100,009,745, or
15 per cent, were from the cities of New York, Chicago, Boston,
St. Louis, PhUadelphia, Cincinnati, Baltimore, and New Orleans.
Nearly one-haK of the receipts, or to be exact, $301,874,200, were
from New York alone.
In January the receipts for redemption reached $90,575,523, the
maximum for any month of the year, whUe the receipts reached
the minimum, $26,713,805, in September.
By reason of the nonavailabihty of national-bank notes for reserves, a material portion of the notes received for redemption are
transmitted to the Treasury for the purpose of obtaiaing funds
t h a t are so available, and not that they are ia an unfit condition
for circulation. Of the total receipts for the year there were
$204,945,650 in notes,fit for circulation which, after being redeemed
through the 5 per cent accounts, were returned to the issuing banks,
the remaining amount,- $445,785,295, being redeemed and destroyed
. and new notes issued to the banks credited with the redemptions.
Expenses incurred in the redemption of national-bank circulation
during the last fiscal year aggregated $529,013.36, the cost of redemption per thousand dollars being $0.7431 + .
In the following statement is shown the amount of redemptions
of national-bank circulation in each month, together with the principal sources of receipts:
November, 1913
December, 1913
January, 1914
February, 1914
March, 1914
'.
April, 1914
May, 1914
June, 1914
July, 1914
August, 1914
September, 1914
October, 1914
.....:
.,
:
Total
•
Principal sources of receipts.
:
.---•-..
NewYork
Chicago
Boston
St. Louis
Philadelphia
Cincinnati
Baltimore
New Orleans
Other places
Total
-
U 7 , 588,199
57, 761, 920
90,'575,-523
56, 810,420
61,207,677
66, 323, 823
60,276,925
54, 812,182
54,748,724
29,837,854
26,713,805
44,073, 893
650, 730, 945
$301,874,200
78, 710, 500
52,565,500
42,007,600
36,447,700
16,048,000
14, 246, 000
8, 821, 700
100, 009, 745
650, 730, 945
COMPTROLLER OF THE CURRENCY.
523
TAX ON NATIONAL-BANK CIRCULATION, COST OF PLATES, REDEMPTION
CHARGES, CORPORATION TAXES, EXAMINERS^ FEES, AND EXPENSES
OF THE CURRENCY BUREAU.
The expenses of national banks in connection with the issue of
circulation for the fiscal year ended June 30, 1914, were $4,445,106.53,
of which $3,889,733.17 was the semiannual tax on circulation,
$529,013.36 redemption charges, and $26,360 the cost of plates for
use in the printing of circulation. In addition to these expenses the
banks paid the corporation tax of 1 per cent on net earnings of apTO ximately $1,300,000. No separate statement is issued by the
nternal-Revenue Bureau in relation to the corporation tax on national
banks, and the amount stated is based upon the net earnings of the
banks as shown by reports of earniags and dividends during the year
ended June 30, 1914. To the foregoing expenses must also be added
the examiners' fees for the fiscal year, which are stated at $520,607,46.
The records of the Treasury Department show that national banks
have paid to the Government semi-annual taxes on their outstanding
circulation, from the date of the first issue of circulation in 1863 to
June 30, 1914, the sum of $126,233,643.96, and that the expenses of
the Currency Bureau for the same period were $15,416,486.77, exclusive of contingent expenses, which are paid from the general
appropriation for contiagent expenses of the Treasury Department.
Tne expenses of the bureau for the last fiscal year are as follows:
Special dies, plates, printing, etc., $543,676.34; salaries, $136,729.46;
and for salaries reimbursed by national banks, $42,352.33. Contingent
expenses for the same period amounted to $4,915.12.
f
PROFIT ON NATIONAL-BANK CIRCULATION.
I n the appendix of this report will be found the Government actuary's computation of the profit on national-bank circulation based
upon a deposit of $100,000 consols of 1930, bonds of 1925, and
Panama Canal bonds of 1916-1936 at the average net price monthly
for bonds in the New York market.
In November, 1913, the net price of 2 per cent consols of 1930 was
"^.48, and with money at 6 per cent the,profit on circulation would
be 1.726 per cent in excess of 6 per cent on the bond cost. There has
been no standard market-price of United States bonds, other than
the closing price of the New York Stock Exchange, since July. In
that montn the price of 2 per cent consols was $97.50 and the net
rofit on circulation secured thereby 1.728 per cent. Panama Canal
onds of 1916-1936 hi November, 1913, were quoted at $96.75, with
a profit on circulation secured by those bonds of 1.758 per cent. In
July the price of these bonds was $96.75, and the consequent profit
on circulation 1.762. The 4 per cent bonds of 1925 were quoted at
$110.78 in November, 1913, and the profit on circulation was at the
rate of 1.452 per cent. In July last the price of these bonds was
$110.76 and the percentage of profit on circulation 1.381.
E
NATIONAL CURRENCY ASSOCIATIONS.
As one of the results of the experience acquired and the lessons
learned from the .1907 ''panic,'' the so-called emergency-currency
law was written into the Federal statutes on.. May 30, 1908. The
524
- REPORT ON T H E FINANCES.
purpose of this act was to enable national banks to obtain and issue
circulating notes covered by deposits of commercial paper or such
other securities as would be satisfactory to the depositary and to
the Secretary of the Treasury. Provisions were made for obtaining
circulation either by deposituig the commercial paper or other
securities with the currency association of which the applyiag bank
might be a member, or by depositing State, county, or municipal
bonds with the Treasurer of the United States in trust.
In order to make available as security for circulation commercia
aper arid miscellaneous securities, it was essential that there should
e other assurance of the redemption of the notes than the security
tendered, and for this reason provision was made for the deposit of
the securities with a national currency associatiori and an agreement
that the depositary banks and the assets of aU banks belonging to the
association should be liable for the redemption of the circulation.
Each national currency association must be composed of not less
than 10 banks, each having an unimpaired capital, and surplus of not
less than 20 per cent of capital,, and naving aggregate capital and surplus of at least $5,000,000. The origirial act provided that, in addition
to having an unimpaired capital and 20 per cent surplus, to be enabled
to issue ''additional circulation'' each bank must have outstanding
circulation, secured by United States bonds, to an amount not less
than 40 per cent of its capital. This reguirement, however, was modified by the act of August 4, 1914, which permitted the Secretary of
the Treasury to suspend the limitation so imposed. This modification
was needed in view of the amendment to the national-bank act in
the Federal reserve act under which the organization of national
banks is authorized without a deposit of United States bonds as a
condition precedent to beginning business.
For the purpose of obtaining additional circulation any bank
belonging to a currency association may deposit with and trarisfer to
the association, in trust for the United States, such securities as may
be satisfactory to the board of the association. The ofiicers of the
association, in behalf of the bank, may then make application to the
ComptroUer of the Currency for an issue of circulation to an amount
ndt exceeding 75 per cent of the cash value of the commercial paper
or securities deposited. I t is provided, however, that upon the
security of State, city, town, county, or other municipal bonds circulation may be issued to not exceeding 90 per cent of the market
value of the'bonds. I t is further provided that no bank shaU be
authorized to issue notes based on commercial paper in excess of 30
per cent of its capital and surplus.
Section 3 of the act of May 30, 1908, authorizes the issuance of
additional circulation direct to the applying bank upon State, county,
and municipal bonds; deposited with and approved by the Treasurer
of the United States and also approved by the Secretary of the
Treasury as to character and amount. The legal title of all bonds so
deposited is required to be transferred to the Treasurer of the United
States in trust for the depositing bank.
Additional circulation issued under authority of this act is used,
held, and treated in the same way as circulation heretofore issued on
the security of Uriited States bonds and redemptions provided for by a
5 per cent redemption fund, except^ that the total circulation of
any bank shall not exceed capital and surplus, and not more than
E
COMPTROLLER OF THE CURRENCY.
.
625
$500,000,000 of additional circulation of all banks shaU be outstanding at any time. (These Hmitations were subsequently removed by
amendment of August 4, 1914.) Provision was made for a tax on
this additional circulation at the rate of 5 per cent per annum for the
first month, increasing each month thereafter by 1 per cent per annum
until 10 per cent is reached, the rate thereafter to be at that rate.
, This additional circulation may be retired at any time by depositing
lawful money or national-bank notes with the Treasurer of the United
States, and securities withdrawn.
Acceptance of all securities for additional circulation requires
approval by the currency association, together with that of the Secretary. Like approval is required on all exchanges of securities. All
applications are submitted to the Secretary of the Treasury, with
the approval or disapproval of the Comptroller of the Currency.
The expiration of the emergency currency act was fixed as of J u n e
30,1914, but by section 27 of the Federal reserve act t h a t act was extended until June 30, 1915, and the rate of tax on additional circulation reduced to 3 per cent per annum for the first three months,
afterwards an additional tax rate of one-haK per cent per annum for
each month until a tax of 6 per cent per annum is reached, which
shall be the maximum rate.
The act of August 4,1914, further amended the emergency currency
act by conferring upon the Secretary of the Treasury power to suspend
the limitation which prescribes that additional circulation shall be
issued only to national banks having 40 per cent United States bondsecured circulation and the limitations relating to the amount of
additional circulation issuable by a bank and in the aggregate. Each
bank, with the approval of the Secretary of the Treasury, may issue
circulation to the extent of 125 per cent of its capital and surplus.
METHOD OF APPLYING FOR ADDITIONAL CIRCULATION.
Every application for additional circulation must be accompanied
by the securities, which are held in trust by the currency association, through which the apphcation is made, except in cases of direct
applications by banks, under section 3 of the act, and in the latter
cases the securities are deposited with the Treasurer of the United
States. Upon approval by the association the application, together
with a schedule of the securities, is transmitted to the Comptroller
of the Currency. When approved by the Secretary of the Treasury,
the currency is at once shipped to the applying bank and the currency
association also advised of that action.
Immediately following the passage of the "additional currency"
act, the Comptroller directed the necessary engraving of plates for
the printing of a supply of circulation to an amount equal to 50 per
cent of the capital of each riational bank. The legend on these notes
was changed to read "secured by United States bonds or other
securities."
The stock of incomplete currency in the ComptroUer's vaults, which,
prior to the passage of this act, was less than $200,000,000, soon thereafter was increased to over $600,000,000. On October 31, 1913, the
amount in the vault was approximately $580,786,000. On July 31,
1914, the stock amounted to $524,864,470.
526
REPORT ON THE FINANCES.
GROWTH OF CURRENCY ASSOCIATIONS. ,
As the emergency currency act was not passed until the immediate
effects of the 1907-8 panic were over the necessity for the organization" of currency associations did not appeal to the banks. I n
fact, while the national currency association of Washington was
organized very speedily, viz, on June 18, 1908, it was not until 1910
that the measure received special attention, but in that year the following associations were formed: New York, Philadelphia, Louisiana,
Boston, St. Louis, St. Paul and Minneapolis, Detroit, Albany (counties, of Rensselaer, and Schenectady), Kansas City and St. Joseph,
Baltimore, and Cincinnati. In 1911 associations were formed at
Dallas, Tex., and in Alabama, and for Denver, Colorado Springs, and
Pueblo. I n 1912 the Los Angeles association was formed. Only
three were formed in 1913, namely, at Louisville, San Francisco, and
Pittsburgh. Hence, at the close of 1913 there were in existence 21
national-currency associations, representing 352 national banks, with
combined capital of $381,184,710 and surplus of $329,300,510. While
the number of banks represented was less than 5 per cent of the total
number in operation, they represented over one-third (36. per cent)
of the total capital and about 45. per cent of the aggregate surplus.
SECRETARY
OF
THE
TREASURY DIRECTS
MEASURES.
ATTENTION
TO
RELIEF
Notwithstanding the fact that the " additional currency a c t " had
been in eft'ect over six years, as heretofore stated no bank circulation, other than that secured by United States bonds, had. been
issued prior to August last. .With the outbreak of the war new problems had to be solved. The Secretary of the Treasury had already
announced, before the outbreak of the war, that he would place with
depositary banks Government funds to the amount of $34,000,000
(or more if necessar}^) for crop-moving purposes and had directed
attention to the fact that the Comptroller of the Currency held in his
vaults over $500,000,000 of national-bank currency, issuable whenever necessary, on the security of the assets of the banks, including
commercial paper, as provided by the act of May 30, 1908. The exact
amount of this currency in the vaults at the close of business July 31
was, as stated, $524,864,470. Under the law this currency might
be deposited in the Treasury or subtreasuries. Therefore upon the
outbreak of war large shipments were made immediately to the
various subtreasuries so that the orders of the banks, through the
currency associations, might be the more promptly supplied. During
the first week in August bank currency to the amount of $140,697,230
was deposited in the subtreasuries in New York,- Chicago, St. Louis,
Boston, Baltimore, Philadelphia, Cincinnati, New Orleans, and San
Francisco. By August 19 the deposits reached $243,405,090. From
this date deposits with subtreasuries ceased, aU subsequent orders
being delivered by the ComptroUer direct to the issuing banks or their
respective associations.
The outstanding circulation of national banks at the end of
July was $750,907,021, aU of which, except $15,684,220 covered by
deposits of lawful money in retirement account, was secured by
COMPTROLLER OF THE CURRENCY.
527
United States bonds. By October 31 outstanding issues had reached
$1,121,468,911, of which $739,715,693 was secured by United States
bonds, $361,119,940 by miscellaneous securities, and $20,632,278 by
lawful money; hence an increase during these three months (August,
September, and October) of $370,561,890.
NUMBER OF APPLICATIONS RECEIVED FOR ADDITIONAL CURRENCY.
In this period, to meet the extraordinary demand for currency,
the number of currency as'sociations Was increased to 44, representing
2,102 banks, with capital of $687,494,910 and surplus of $510,276,091,
approximately 68 per cent of the combined capital and surplus of
all national banks as reported on September 12. Every national
bank in the system, with the exception of about 1,100 whose surplus
is less than 20 per cent of their capital, is eligible to membership in a
currency association, and that a larger number have not applied
for membership and for the privilege of issuing additional curi-ency
is probably due to the ability of the,banks to riaeet local demands
in the ordinary course from their own available means.
Up to October 31 last, applications for additional circulation
through the national currency associations had been received from only
1,190 of the 2,102 bank members of currency associations. No apphcations were received through 3 of the 44 associations. Comparing
the number of banks applying for circulation with the total number
of banks in each geographical division, it is found that but 63 of the
441 banks in the New England States applied, 157 of the 1,658 in
the Eastern States, 653 of the l,-564 in the Southern States, 182 of the
2,084 in the Middle States, 87 of the 1,297 in the Western States, and
48 of the 529 in the Pacific States.
Early in August, because of the limitations of the territory of the
existing currency associations, certain nonmember banks applied for
an issue of additional currency on the security of State and municipal
bonds, to be deposited with the Treasurer of the United States, as
authorized by section 3 of the additional-currency act. While
the Secretary of.the Treasury approved the applications of nine
banks so situated, and authorized, the issue of $910,500 under this
section, thereafter all banks desiruig additional currency were
required to apply through a national currency association.
' At the close of the year ended October 31,, 1914, the issuance of
$374,680,715 of currency applied for through currency associations
had been authorized and practically all of it delivered to the issuing
banks. Herewith is submitted a statement relative to the capital
and surplus of the banks in each currency association, together with
the amount of authorized issues of additional currency. The market
value of the securities deposited exceeds the issues thereon by more
than 25 per cent.
528
REPORT
ON
THE
FINANCES.
National currency associations—their membership, capital, surplus, and authorized issues
of ^^additional circulation^^ on Oct. 31, .1914.
No.
Number
of baiiks,
Association.
Wasliington, D. C
City of New York
:
City of Philadelphia
state of Louisiana (New Orleans)
—
City of Boston
Georgia (Atlanta)
City of Chicago
St. Louis
.•
The Twin Cities (St. Paul, Minn.)
City of D etroit
-.
Albany, Rensselaer, and Schnectady Counties, N. Y. (Albany)
.Kansas City and St. Joseph, Mo. (KansasCity).
City of Baltimore, Md
Cincimiati, Ohio
Pallas, Tex
,
'..
Alabama (Montgomery)
-.
Denver, Colorado Springs, and Pueblo (Denver)
Los Angeles, Cal
LouisvUle, Ky
San Francisco, Cal...
Pittsburgh, Pa
Cleveland, Ohio
Indiana (Indianapolis)
Richmond, Va
Buffalo, of Western New York
North Carolina (Raleigh)
Iowa (Des Moiaes)
Omaha
,
State of Washington (Seattle)
,
Central Illinois (Peoria.
South Carolina (Columbia)
,
Northeastern Pennsylvania (Scranton)
.-.
Fort Worth, Tex
Houston
Rochester, N . Y
Northern New York (Utica)
,
City of Milwaukee
,
Rhode Island (Providence)
Oregon (Portland) -.
State of Connecticut (New Haven)
,
San Antonio, Tex
,
Florida (Jacksonville)
*
,
New Hampshire (Manchester).
,
Central New York (Syracuse)
,
Capital.
-Surplus.
Autliorized
issues of "
additional
circulation.
RETIREMENT
OF
$6,752,000
114,750,000
31,340,000
9,635,000
39,460,000
14,920,000
43,100,000
25,330.000
18,475,000
9,950,000
$5,128,000
126,835,000
50,102,000
6,337,865
28,474,000
9,865,500
26,690,000
11,813,000
13,660,000
5,665,000
$637,000
144,965,960
14,323,750
4,814,000
28,674,500
6,737,400
27,070,000
10,562,500
-12,727,500
2,414,000
•32
42
22
99
286
75
6,050,000
11,790,000
11,495,710
28,960,000
25,260,000
9,685,000
5,932,000
.6,113,000
8,267,210
16,018,000
13,844,200
6,234,800
4,704,000
5,319,250
7,922,000
9,361,000
10,429,050
4,088,550
16
71
69
25
37
26
29
50
39
60
163
18
12
12
48
12
153
41
23
12
21
12
17
43
37
30
28
10
4,900,000
11,860,000
16,175,000
33,125,000
32,700,000
16,210,000
10,960,000
12,970,000
10,193,000
.7,945,000
14,025,000
6,700,000
6,850,000
3,150,000
7,160,000
4,235,000
12,705,000
7,850,000
3,950,000
4,225,000
8,865,000
5,420,000
6,875,000
15,744,200
4,720,000
4,280,000
3,495,000
3,255,000
4,942,500
5,057,000
7,618,100
19,460,000
25,463,000
8,886,500
5,047,500
9,174,500
8,497,500
3,276,750
6,815,333
4,021,000
' 2,315,000
2,000,000
• 2,575,800
6,275,000
6,421,083
3,666,950
3,557,700
3,275,000
4,473,000
4,390,000
3,240,000
9,886,800
2,370,500
1,955,000
- 2,865,000
. 1,770,000
1,395,000
3,701,000
6,874,900
8,565,000
10,507,000
8,123,000
419,500
6,139,600
5,961,000
3,415,450
2,235,875
1,833,000
490,000
172,000
2,570,980
300,000
4,507,500
2,456,950
831,000
2,102
Total
12
40
65
45
70
92
12
41
35
20
687,494,910
510,276,091
ADDITIONAL
4,006,000
1,976,000
1,162,000
640,000
1,342,500
305,000
374,680,715
CIRCULATION.
Circulating notes secured by the deposit of securities other than
bonds of the United States may be retired at any time in like manner
and effect, as circulation secured by United States bonds, by a
deposit of lawful money or national-bank notes with the Treasurer
of the United States, and upon such deposit a proportionate share
of the securities may be withdrawn.
At the time of making the deposit of currency to retire its own
notes, the bank, by its president and cashier, applies to the currency
association for a release .of the securities, and upon approval by the
association, the application is transmitted to the Treasury for approval
by the Comptroller and Secretary of the Treasury. .
Notwithstanding the loss in individual deposits of national banks
of over $129,000,000, and the loss in cash of'some $65,000,000
.between the June 30 and September 12 calls, the improvement
529
COMPTROLLER OF THE CURRENCY.
in financial conditions by October 1 had so far progressed that the
extraordiaary demand for currency materially abated early in October, and in some locahties measures were taken by the banks about
that time to retire all or a portion of the circulation which had been
obtained through the deposit of commercial paper and miscellaneous
securities. By October 31 such apphcations for retirement had
reached a total of about $15,000,000.
The following table shows the amount of increase or decrease of
national-bank currency issued and retired each year siace 1875:
Yearly increase or decrease in national-bank circulation from J a n . 14i 1875, to Oct. 31,
1913, and quarterly increase or decrease for the year ended Oct. 31,1914.
Issued. .
Date.
Retired.
Increase.
From Jan. 14 to Jan. 31,1875
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
$537,580
$255,600
$281,980
12,953,695
18,167,436
7,777,710
28,413,265
3,634,784
19,842,985
16,208,201
3,631,602
12,663,160
9,031,558
27,126,235
6,967,199
20,159,036
8,347,190
6,880,458
1,466,732
34,370,050
15,697,878
18,672,172
21,427,900
20,694,838
733,062
12,669,620
24,920,477
8,888,944
30,990,730
17,628,924
26,206,200
32,871,849
8,979,959
42,933,463
16,064,424
62,430,030
15,924,157
40,340,254
6,768,180
28,382,190
9,534,400
21,235,457
18,934,355
11,624,877
12,867,044
1,242,167
8,095,313 .33,488,687
41,584,000
13,008,267
10,890,492
12,526,159
8,226,072
20,752,231
9,843,648
31,714,656
21,871,008
14,613,787
7,008,014
17,087,925 "'ii','594,'966'
34,682,825
15,198,118
19,110,552
3,912,434
101,645,393 • 16,537,068
85,108,325
15,951,527 107,148,673
123,100,200
21,868,006
42,620,682
20,752,676
28,474,958
68,177,467
39,702,509
31,930,783
69,532,176
37,601,393
22,732,060
90,753,284
68,021,224
25,055,739
84,085,260
69,029,521
27,980,139
56,303,658
28,323,519
80,025,078
. 141,273,164
61,248,086
48,433,296
82,504,444
34,071,148
33,011,015
57,101,345
24,090,330
35,284,247
49,896,951
14,612,704
27,586,734
38,747,149
11,160,416
26,441,867
37,210,597
10,768,730
Total
From Nov. 1,1913, to Jan. 3i, 1914
Apr. 30,1914
July 31,1914
Oct. 31,1914
1,481,001,052
3,657,960
3,730,410
3,807,000
376,568,490
Total.
Surrendered to this office and retired from Jan.
14,1876, to Oct. 31,1914
Grand total
64402°—FI 1914-
1,868,764,912
966,937,694
6,315,735
6,183,737
4,602,213
3,144,733
736,653,889
373,423,757
986,184,112 1,109,977,646
, 28,963,872
1,868,764,912 1,016,137,984 1,109,977,646
-34
Decrease.
$6,213,741
20,636,666
12.250 857
22,101,786
8,677,276
23,891,890
26,869,039
36,505,873
34,672,074
18,847,790
2,301,102
2,117,775
7,605,773
221,490,631
2,667,776
2,453,327
796,213
227,396,846
28,953,872
256,350,718
530*
REPORT ON THE FINANCES.
ORGANIZATION OF NEW NATIONAL BANKS.
Within the year ended October 31, 1914, 318 applications for
authority to organize national banks were received, of which 226
have been approved (and charters already issued for 195 of these)
and the remainder have either been abandoned or held pending the
submission of further information.
Since December 23, 1913, the date of the passage of the Federal
reserve act, there havebeen 299 applications received for the organization of national banks, 170 of them being for the conversion of
State banks or for the reorganization of State or private banks, and
129 for primary organization.
The act of December 23, 1913, removed the requirement of the
deposit of United States bonds as a condition precedent to the
issuance of charter. ^ Of the 183 banks organized since that date
109 were chartered under the act of March 14, 1900—that is, with
capital of less than $50,000—and 8 of the latter deposited United
States bonds to secure circulation prior to the issuance of charter
and 20 subsequent thereto. Six of the banks in this class deposited
miscellaneous securities under the act of May 30, 1908, as security
for circulation. Of the 74 banks chartered under the act of June 3,
1864, none deposited United States bonds at the time they were chartered, but 27 of them have since taken out circulation secured by
United States bonds and 15 have taken out circulation secured by
securities other than United States bonds. One hundred and ten of
the 195 banks chartered during the current year have not deposited
securities of any character for the purpose of takiag out circulation. .
Of the 10,652 banks chartered during the existence of the national
banking system, 195, with authorized capital of $18,675,000, were
chartered duriiig the current year. There are in existence, of the
total number chartered, 7,578 banks, 2,550 having been placed in
voluntary hquidation and 524 in the charge of receivers. State
banks to the number of 1,805, with capital at date of change of
$345,300,928, have been converted into national banks since 1863.
In addition to the capital of banks organized duriag the year,,there
was an increase in capital of banks organized prior thereto
of $17,057,000, makiag the gross increase for the year $35,732,000;
but by reason of reductions of capital, voluntary liquidations, and
faUures the net increase was but $4,810,000, the authorized capital
stock of aU banks at the close of the year standing at $1,072,492,175.
Siace March 14, 1900, charters have been granted to 5,388 associations, with authorized capital of $349,613,300, of which 3,422,
with aggregate'capital of $89,170,500, were organized under the act
of that date with individual capital of $25,000 generally, although
a Umited number of banks were organized with capital in excess of
$25,000 but less than $50,000. The average capital, howeyer, of
banks of this class was slightly in excess of $26,058. During the
same period 1,966 were organized under the act of 1864, the aggregate
531
COMPTROLLER OF THE CURRENCY.
capitahzation being $260,442,800 and the individual capital $50,000
or.over. Further classifying these banks, it appears that 886 were
conversions of State banks, capital $66,080,800; 1,625 reorganizations of State or private banks, capital $119,227,000; and 2,877,
with capital of $164, 305, 500, primary organizations.
In the foUowiag table wiU be found a classification of banks organized from March 14, 1900, to October 31, 1914, based upon capital
stock, together with the number of banks and their reported capital
on September 12, 1914, by States and geographical divisions.
Summary, by States, geographical divisions, and classes, of national banks organized from
Mar. 14, 1900, to Oct. 31, 1914, and the paid-in capital stock of all reporting national
banks on Sept. 12, 1914.
Capital
$25,000.
states, etc. -
Capital over
$25,000 and
less than
$50,000.
Capital $50,000
and over.
No. Capital. No. Capital. No.
National banks
reporting Sept. 12,
Total
organizations.
Capital.
Capital. No.
No. Capital paid in.
New England
States.
Maine
• ... .
New Hampshire...
Vermont
Massachusetts
Rhode Island
CoTinp.ct.iout. ,
Total
5 $125,000
4 100,000
5 125,000
2 . 50,000
5
125,000
21
$30,000
525,000
30,000
7 $385,000
2
200,000
2
150,000
19 4,450,000
500,000
1
250,000
5
12 $510,000
7
330,000
7
275,000
21 4,500,000
500,000
1
375,000
10
69 - $7,740,000.00
56
5,285,000.00
48
4,985,000.00
172 55,842,500.00
19
6,220,000.00
76 19,514,200.00
36 5,935,000
58 6,490,000
440
99,586,700.00
Eastern States.
NewYork
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia...
Total
117 2,925,000 10
58 1,450,000 8
233 5,825,000 24
6 150,000 3
32 800,000 5
317,500
240,000
807,000
95,000
172,000
105 18,520,000 232 21,762,500 479 166,419,000.00
43 3,660,000 109 5,350,000 202 22,302,000.00
229 24,640,000 • 486 31,272,000 837 120,141,840.00
245,000 . 25
9
1,688,975.00
13 1,480,000 50 2,452,000 101 16,009,710.00
.6
446 11,150,000
1,975,000
50 1,631,500 396 50,275,000
13
6,977,000.00
892 63^056,500 1,657
333,538,525.00
6
1,975,000
Southern States.
Virginia... . . . .
42 1,350,000 11 396,000
54 1,050,000 13 455,000
West Virginia
North Caroliaa
22 550,000 4 130,000
South Carolina
16 400,000
26 650,000 20 675,000
Georgia
10 250,000 7 . 225,000
Florida.
Alabama
• 35 875,000 12 379,500
8 200,000 4 125,000
Mississippi
13 325,000
30,000
1
Louisiana
Texas.
243 6,075,000 89 2,861,000
Arkansas.
26 650,000 2
60,000
Kentucky...
:
54 1,350,000 7 230,000
TfiTinft,ssfiPi.
39 975,000 9 270,000
Total..'
588 14,700,000 179 5,836,500
49 5,490,000
44 3,565,000
35 3,835,000
32 3,415,000
53 5,100,000
31 5,725,000
38 3,125,000
25 2,365,000
21 3,660,000
158 .19,910,000
31 2,420,000
36 5,370,000
39 4,745,000
114
99
61
48
99
48
85
37
35
490
59
97
87
7,236,000
5,070,000
4,515,000
3,815,000
6,425,000
6,200,000
4,379,500
2,690,000
4,015,000
28,846,000
3,130,000
6,950,000
5,990,000
135
118
75
55
114
53
90
i
519
58
142
116
592 68,725,000 1,359 89,261,500 1,545
18,236,772.50
10,212,775.00
8,970,000.00
7,485,000.00
14,748,500.00
6,695,000.00
10,405,000.00
3,835,000.00
7,295,000.00
52,339,170.00
5,201,000.00
17,725,900.00
14,375,000.00
177,524,117.60
Middle Western
States.
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total
110
93
178
17
40
183
119
38
2,750,000
2,325,000
4,450,000
425,000
1,000,000
4,575,000
2,975,000 .
950,000
19
15
20
6
4
17
23
15
658,000 90 13,025,000
483,000 74 10,650,000
698,500 100 14,800,000
160,000 30 11,015,000
125,000 31 3,600,000
531,000 . 31 6,100,000
770,000 70 4,320,000
480,000 42 16,085,000
778 19,450,000 118 3,905,500
219
182
298
52
75
231
212
95
16,433,000
13,458,000 .
19,948,500
11,600,000
4,725,000
10,206,000
8,065,000
17,515,000
377 62,029,100.00
254 27,650,000.00
465 V 75,830,000.00
100 17,069,730.00
131 17,915,000.00
274 26,121,000.00
343 23,460,000.00
130 35,570,000.00
468 78,695,000 1,364 101,950,600 2,074
285,644,830.00
532
REPORT ON THE FINANCES.
Summary, by States, geographical divisions, and classes, of national banks organized from
Mar. 14, 1900, to Oct. 31, 1914, arid the paid-in capital stock of all reporting national
banks on Sept. 12, 1914—Gontimied.
Capital over
$25,000 a n d
less t h a n
$50,000.
Capital
$26,000.
States,etc.
No.
C a p i t a l . No.
Capital.
C a p i t a l $50,000
a n d over.
Total
organizations.
No.
No.
Capital.
Capital.
National banks
r e p o r t i n g S e p t . 12,
1914.
N o . Cap ital p a i d i n .
Western States.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wvomins:
Colorado
N e w Mexico
Oklahoma
128 $3,200,000
72 1,-800,000
104 2,600,000
98 2,450,000
27
675,000
13
325,000
• 54 1,350,000
25
625,000
369 9,225,000
, 7
4
20
11
5
890 22,250,000
94 3,131,000
Total
$215,000
120,000
715,000
390,000
165,000
361,000
11
4
125,000
32 1,040,000
11
16
39
31
17
12
38
11
72
$600,000
1,100,000
3,395,000
2,400,000
1,540,000
675,000
3,310,000
.625,000
6,455,000
146 $4,015,000
92 3,020,000
163 6,710,000
140 5,240,000
49 2,380,000
25 1,000,000
103 5,021,000
40 1,375,000
473 15,720,000
149
106
220
213
61
32
125
38
346
$5,500,000.00
4,612,500.00
15,845,000.00
12,367,500.00'
5,370,000.00
1,850,000.00
10,840,000.00
2,165,000.00
14,989,100.00
247 19,100,000 1,231 44,481,000 i;290
73,539,100.00
.35 3,795,000
27 2,295,000
127 27,262,800
14 1,010,000
6 1,275,000
9 • 1,225,000
5
250,000
1
50,000
74 4,790,000
65 3,261,000
250 30,377,800
52 2,010,000
14 1,480,000
12 • 1,300,000
10
380,000
1
50,000
78
84
262
55
23
10
13
2
11,660,000.00
10,586,000.00
57,907,800.00
3,470,000.00
.3,555,000.00
1,410,000.00
1,175,000.00
100,000.00
224 37,162,800
478 43,648,800
527
89,863,800.00
Pacific States.
Washington
Oregon
California.
Idaho
Utah
Nevada
Arizona
Alaska
37
925,000
35
875,000
•117 -2,925,000
32
800,000 •
7
175,000
3
75,000
4
100,000
1
1
70,000
91,000
190,000
200,000
30,000
1
30,000
235 5,875,000
...
19 •
611,000
Total
2
3
Island possessions;
Hawaii
P o r t o Rico
3
... . i
Total
"
75,000
2
1
550,000
100,000
. 5
1
625,000
ioo,000
5
635,000.00
3
75,000
3
650,000
6
725,000
5
635,000.00
G r a n d t o t a l . 2,961 74,025,000 461 15,145,500 1,966 260,442,800 5,388 349,613,300 7,538 1,060,332,072.50
The number and capital, by classes, of conversions, reorganizations,
and primary organizations, are shown in the foUowiag table:
Summary, by classes, of national banks organized from Mar_. 14, 1900, to Oct. 31, 1914.
Conversions.
.
Reorganizations.
P r i m a r y organizations.
Total.
Classification.
Number.
Capital less t h a n $50,000..
C a p i t a l $50,000 or o v e r . . . .
Total
Capital.
Number.
Capital.
Number.
Capital.
Number.
Capital.
608 $13,433,000 ,1,018 $26,962,000
607 92,265,000
. 378 52,642,800
1,896 $48,770,500
981 115,535,000
3,422 $89,170,500
1,966 •260,442,800
1,625 119,227,000
2,877 164,305,500
6,388
886
66,080,800
349,613,300
COMPTROLLER OF T H E CUEEENCY.
533
Nurnber of national banks organized in each month from Mar. 14, 1900, to Oct. 31, 1914.
Months.
1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 19il 1912 1913 1914
No. No. No. No. No. No. No. No. No. No. No. No. No. No. No.
36
45
40
32
28
28
16
40 '34
45
12
36
16
10
35
41
42
36
20
29
14
28
39
13
31
50
16
9
42- 50
41
50
39
22 .37
19
41
39
35
56
16
6
10
46
43
46
34
26
15
50
42
26
28
30
51
25
46
25
42
45
52
33
24
22
50
49
21
20
54
47
23
24
66
43
42
55
21
44
14
42
48
40
21
40
58
14
95
21
22
32
40
37
28
16
38
37
19
13
41
43
12
21
46
38
33
39
20
32
15
42
44
12
15
27
36
11
44
13
32
31
46
14
24
20
35
27
15
23 •38
31
13
20
23
43
41
38
18
22
15
36
22
8
27
57
6
25
33
24
January
February
March
April.
May
June..
July
August
September
October.
November
December
21
29
32
36
36
45
20
32
36
54
23
38
27
41
19
23
21
18
23
27
12
18
11
11
6
14
6
9
398 412 492 515 460 486 462 490 323 320 291 206 186 167
Total
180
Number and classification of national banks organized during the year ended Oct. 31,1914.
Conversions.
Reorganizations.
Primary organizations.
Total.
Months.
No,
No.
Capital.
No.
Capital.
No.
Capital.
$50,000
125,000
500,000
1,005,000
250,000
680,000
330,000
1,285,000
1,120,000
November.
December..
January
February..
March......
April
May
June
July
August
September.
October
Total.
EXTENSIONS
Capital.
76
.$175,
• 105,
180,
50,
230;
350,
5,775,
1,775,
365,
130,
175,
25,
$100,000
125,000
545,000
175,000
25,000
350,000
575,000
275,000
100,000
1,075,000
500,000
150,000
$275,000
230,000
725,000
275,000
380,000
1,200,000
7,356,000
2,300,000
1,145,000
1,535,000
1,960,000
1,295,000
5,345,000
9,335,000 62
3,995,000
18,676,000
OF NATIONAL
BANKS.
AND EXPIRATIONS
OF CHARTERS
Charters are granted to national banks for a period of 20 years from
the date of the execution of the organization certificate. Jn the year .
ended October 31 last 37 banks reached the termination of their
existence, and their charters were extended for an additional period
of 20 years under authority of the act of July 12, 1882. In the same
year charters of 34 banks extended under the act of 1882 were extended for a further period of 20 years under the act of April 12, 1902.
The total number of extensions of charters under the act of 1882
was 3,305 and under the act of 1902', 1,201. In the coming year the
charters of 39 banks will expire for the first time and 55 for the second. A list of banks interested in the extensions during the year
ending October 31, 1915, wUl be found in volume 2 of the Report
of the Comptroller.
CHANGES OF TITLE OF NATIONAL BANKS.
Under the law any natipnal bank, upon authorization by shareholders representing two-thirds of the stock, and with the approval
of the Comptroller of the Currency, may change its corporate title.
534
,
REPORT ON T H E F I N A N C E S .
. .
Nine changes of this character occurred during the past year, a list
of the banks interested being, submitted herewith.
Changes of corporate title.
No.
Title and location.
Date.
4939
The First National Bank of Buchanan County, St. Joseph, Mo., to "The First National
Bank of St. Joseph''
;...The Cabool National Bank, Cabool, Mo., to "The First National Bank of Cabool"
The Citizens National Bank of Woonsocket, S. Dak., to "The First National Bank of
Woonsocket"
The Matteawan National Bank, Matteawan, N. Y., to "The Matteawah National Bank
of Beacon" i
The First National Bank of Fishkill Landing, N. Y., to "The Fishkill National Bank of
Beacon," post office, Fishkill on the Hudson
\
The Commercial National Bank of Minneapolis, Minn., to "The National City Bank of
Minneapolis"
The National Bank of Commerce of Pasadena, Cal., to " The National Bank of Pasadena".
The National Bank of Gaffney, S. C , to "The First National Bank of Gaffney"
The Jackson National Bank, Jackson, Miss., to "The Jackson-State National Bank"
1914
Jan. 31
Apr. 20
8877
6946
4914
35
10261
10082
5064
10523
Apr. 27
Apr. 29
May
6
May
June
July
Oct.
11
9
6
12
1 To conform to change of name of town.
VOLUNTARY LIQUIDATION
OF NATIONAL
BANKS.
Section .5220 of the Revised Statutes provides that any national
bank may be placed in voluntary hquidation by shareholders representiag at least two-thirds of the stocK. Meetings of shareholders for
this purpose are called in conformity with the requirements of the
articles of association, at which meetiag, in addition to adoptiag a
resolution for the liquidation of the bank, provisions are made either
for immediate liquidation of the assets where practicable, settlement
with creditors and shareholders, or the appoiatment of a liquidating
agent to settle the affairs of the bank as speedUy as possible in the
interest of both creditors and shareholders.
The hquidations duriag the past year numbered 113, the capital
mvolved $26,487,000. Of these banks 10, with capital of $4,675,000,
were absorbed by other national b a n l ^ ; 17, with capital of $9,300,000,
consohdated with other national banks; 23, with capital of $5,237,000,
were absorbed by or consohdated with State banks and trust companies; 47, with capital of $2,135,000, liquidated and reorganized as
State banks; 6, with capital of $4,252,000, for the purpose of reorganiziag as national banks; one with capital of $50,000, the corporate
existence of which expired by limitation, was succeeded by a new
national bank; one, with capital of $100,000, the corporate existence
of which expired by hmitation, was succeeded by a State bank, and
one with capital of $50,000, the corporate existence of which expired
by limitation, was not succeeded by any banking institution. Seven
banks, with combined capital of $688,000, hquidated for the purpose of
discontinuing business.
FAILURES AND SUSPENSIONS
OF NATIONAL
BANKS.
In the accompanyiag table wiU be found a list of the banks closed
during the report year ended October 31, 1914,showing date that each
bank was authorized to commence business, date of the appointment
of the receiver, the capital stock and the circulation issued, redeemed,
and outstanding of each bank listed.
535
COMPTB.0LLEE OF T H E CUE-EENCY.
Name and location of
bank.
Charter
No.
First National Bank,
Sutton, Nebr
3240
Mesa Coimty National
Bank, Grand Junction, Colo..
7766
First National Bank,
Clifton, Colo
9875
Yates Center National
Bank, Yates Center,
6326
Kans
First National Bank,
8454
Bayonne, N. J
First National Bank,
5114
Elizabeth, Pa
American N a t i o n a l
Bank, Caldwell,
9333
Idaho
Marion National Bank,
7911
Marion, Kans.^
First National Bank,
3529
Superior, Nebr
Barnesville National
Bank, Barnesville,
6098
Minn
First National Bank,
Pensacola, F l a . . . . . . . 2490
Americus N a t i o n a l
Bank, Americus, Ga. 8305
First National Bank,
4236
Gallatin, Tenn.i
First National Bank,
5339
Wyalusing, Pa
First National Bank,
3943
London, Ky
First National Bank,
2936
Corning, Iowa
First National Bank,
7458
Johnston City, 111
First National Bank,
6213
Sutton, W . V a
American N a t i o n a l
Bank, Pensacola^ Fla. 5603
United States National
Bank, C e n t r a l i a ,
8736
Wash
First National Bank,West Elizabeth, Pa.. 6373
Total (21 banks)
Circulation.
Date 0?
authority to
commence
business.
Date of
appointment
of receiver.
Capital
stock.
A u g . 25,1884
N o v . 5,1913
$25,000
M a y 31,1905
N o v . 29,1913
Oct. 20,1910
N o v . 29,1913
July
1,1902
Dec. .5,1913
Dec.
5,1906
Dec.
Redeemed.
Outstanding,
$12,000
$5,456
$6,546
100,000
100,000
50,755
49,246
25,000
12,500
6,535
5,966
Issued.
50,000
. 50,000
22,380
27,620
8,1913
100,000
98,300
70,825
27,476
Mar. 19,1898
Dec. 19,1913
50,000
50,000
21,830
28,170
Feb.
Dec.
48,600
24,785
23,816
49,100
11,450
37,650
3,1913
50,000
Sept. 15,1905
Jan. 12,1914
25,000
8,1886
Jan. 12,1914
60,000
Jan. 18,1902
Jan. 14,1914
25,000
25,000
.13,840
Aug. 10,1880
Jan. 22,1914
500,000
489,900
254,135
235,766^
July 14,1906
Feb.
3,1914
100,000
100,000
56,240
,43,760
Feb. 17,1890
Mar. 25,1914
50,000
Mar. 28,1914
25,000
25,000
9,790
15,210
Nov. 28,1888
Apr.
9,1914
50,000
49,200
16,190
33,010
Apr. 26,1883
June 22,1914
50,000
49,995
8,950
41,045
Oct. 29,1904 Aug. 17,1914
50,000
49,297
5,050
• 44,247
July
May
2,1909
8,1900
11,160
Apr. 17,1902 Aug. 29,1914
50,000
50,000
2,050
47,950
Oct. 22,1900
Sept. 2,1914
300,000
257,997
15,800
242,197
June 10,1907
Sept. 21,1914
100,000
99,997
2,900
Aug. 9,1902
Oct. 17,1914
25,000
24,997
1,810,000
1,641,883
97,097
24,997
598,960
1,042,923
1 Restored to solvency.
From 1865, the date of the first failure of a national bank, to
October 31, 1914, 552 national banks have been placed in the charge
of receivers. Twenty-eight of these were, however, restored to
solvency and permitted to reopen. The capital of the faUed banks
aggregated $91,905,920. The book or nominal value of assets administered by receivers under the supervision of this office was
$372,411,517. The total cash reahzed from the hquidation of these
assets aggregated $184,566,486. In addition to this amount there has
been realized from assessments of $46,957,740 levied against stockholders the sum of $22,700,867, making total cash coUections from
aU sources $207,267,353, which has been distributed as foUows:
In dividends to creditors on clainis proved, amounting to $197,150,074,
the sum of
.'
$146,461, 022
In payment of loans and other disbursements discharging liabilities of
^ the bank other than those of the general creditors
40, 717, 537
536
REPORT ON THE FINANCES.
In payment of legal expenses incurred in the administration of such
receiverships
In payment of receivers' salaries and other expenses of receiverships
There has been returned to shareholders in rebates on assessments levied.
Leaving a balance in the hands of the comptroller and the receivers of..
Total
,.
,
$5,260,580
9,414,471
3,479, 099
1,934,644
207, 267,353
I n addition to the funds distributed as above there has been to
October 31, 1914, returned to agents for shareholders to be hquidated
for their benefit assets having a nominal value of $14,375,443.
There are still in the charge of the receivers 56 insolvent national
banks, the assets of which have a book or noniinal value of $60,949,447.
By process of hquidation up to October 31, 1914, the receivers have
reahzed from these assets in cash $29,572,368 and have collected from
the shareholders on account of assessments levied against them to
cover deficiencies in assets the sum of $2,228,039, making total collections from aU sources in the liquidation of current or active receiverships the sum of $31,800,407, which amount has been distributed as
foUows:
Dividends to creditors
_
.
.
$22,165, 330
Loans paid and other disbursements discharging liabilities of'the bank
other than those of the general creditors
'
5,485,727
Legal expenses
611,767
Receivers' salaries and all other expenses of administration
1,082,580
Returned to shareholders on account of rebates on assessments
556,512
Leaving a balance in the hands of the comptroller and with the receivers
of
:
1,898,491
Total
31,800,407
CoUections from assets of the 496 national banks, the affairs of
which have been finaUy closed, were $154,994,118 and from assessments levied against shareholders, $20,472,828, making total collections of $175,466,946, from which on claims proved aggregating
$162,560,568 dividends were paid to the amount of $124,295,692.
The average rate of dividends paid on claims proved was 76.46 per
cent, but including offsets allowed, loans paid and other disbursements with dividends, creditors received on an average 82.81 per cent.
Expenses of adininistration of these 496 trusts—that is, receivers^ salaries, legal and other incidental expenses—amounted to $12,980,704, a
sum equal to 4.16 per cent of the nominal value of assets and 7.39 per
cent of the total coUections from assets and from shareholders. The
outstanding circulation of these banks at the date of failure was
$24,066,807, secured by bonds on deposit in the Treasury of the face
value of $26,198,900. Assessments against shareholders averaged
50.73 percent of their holdings, the coUections therefrom being 48.34
per cent of the assessments levied.
In the current year 40 dividends were paid to creditors of 33 insolvent banks, the total distribution being $4,585,651.
I n the table following is summarized the condition of aU insolvent
national banks, the condition of the closed and active receiverships
being shown separately.
537
COMPTEOLLER OF THE CUEBEKTCY.
Closed receiverships,
496.1
$311,462,070
Total assets taken charge of by receivers
Disposition of assets:
Offsets allowed and settled
Loss on assets compounded or sold under order of court
Nominal value of assets returned to stockholders
Noniinal value of remaining assets
Collected from assets
„..
TotaL..
Active receive'rships,
56.
$60,949,447
$372,411,517
24,846,351
113,208,188
14,375,443
4,037,970
154,994,118
4,793,875
5,666,848
20,916,356
29,572,368
29,640,226
118,875,036
14,375,443
24,954,326
184,566,486
Total, 552.
•.:
311,462,070
60,949,447
372,411,517
CoUected from assets as above
,.."
Collected from assessment upon shareholders
,
154,994,118
20,472,828
29,572,368
2,228,039
184,566,486
.22,700,867
175,466,946
31,800,407
207,267,353
35,231,810
124,295,692
4,648,813
8,331,891
36,153
2,922,587
5,485,727
22,165,330
611,767
1,082,580
1,898,491
556,512
.40,717,537
146,461,022
5,260,580
9,414,471
1,934,644
3,479,099
175,466,946
31,800,407
207,267,353
83,460,920
26,198,900
27,008,082
24,066,807
42,347,290
162,560,568
8,445,000
5,133,250
1,682,198
5,106,203
4,610,450
34,589,506
91,905,920
31,332,150
28,690,280
29,173,010
46,957,740
197,150,074
Total collections
:
Disposition of collections:
Loans paid and other disbursements
Dividends paid
Legal expenses
Receivers' salary and other expenses
Balance in hands of comptroUer or receivers
Amount returned to shareholders in cash
Total
Capital stock at date of failure
Bonds at failure
.
"
A.mount realized from sale olbonds
Circulation outstanding at faUure
Amount of assessment upon shareholders
Claims proved
:
.,.
1 Includes 28 banks restored to solvency.
The affairs of 10 insolvent banks were closed during the year
ended October 31, 1914, and in the accompanying table appears
information relative to the capital, date of appointment of receiver,
and per cent of dividends paid!^ to creditors.
Location.
Title.
Hutchinson National Bank
Aurora National Bank'..
First National Bank
First National Bank . .
First National Bank
. ...'.
First-Second National Bank
First National Bank
American National Banlc
Marion Nationail Bank
. . . .,
F i r s t NatioTial T?ank
1 And mterest.
Hutchinson, ICans
Aurora, Ind
Ironwood, Mich
Texico, N. Mex.2
Norwich, Conn
Pittsburgh, Pa.3
Clifton, Colo.
CaldweU, Idaho
Marion, Kans.^
aallat.in, Tp.nn 3
Date receiver
appointed.
Capital.
Nov.
Nov.
June
Sept.
May
July
Nov.
Dec.
Jan.
Mar.
Per cent
dividends
paid to
creditors.
$100,000
50,000
50,000
25,000
300,000
3,400,000
25,000
50,000
25,000
50,000
2 Formerly in volimtary liquidation.
6,1893
4,1907
21,1909
5,1911
7,1913
7,1913
29,1913
23,1913
12,1914
25,1914
26.75
1 100 00
38.87
1 100.00
100.00
1100.00
3 Restored to solvency.
The First-Second National Bank, of Pittsburgh, Pa., with a capital stock of $3,400,000, was closed^ on July 7, 1913. In point of
gross assets this was the largest national bank placed ia the charge
of a receiver in the history of the national-banking system. Tne
bank was restored to solvency and resumed business on April 25,
1914.
The First National Bank, of Pensacola, Fla., was closed on January
8, 1914, and. the American National Bank, of Pensacola, Fla., sus-
538
REPORT ON THE FINANCES.
pended bushiess on September 1, 1914, but a plan to reorganize and
reopen this bank is pending.
The First National Bank of MUton, Fla., was closed on September
2, 1914, but was reopened and resumed business on October 8, 1914.
L A W PREVENTING, INTERLOCKING BANK DIRECTORATES.
Since the submission of the last annual report to Congress, in
addition to the Federal reserve act and amendments to the act of
May 30, 1908, relative to the issuance of additional circulation, there
was enacted the law of October 15, 1914, which affects national banks
in relation.to their directorates.
This act provides that after two years from the date of its approval
no person shall at the same time be a director, or other officer, or employee of more than one bank, banking association, or trust company
organized or operating under the laws of the United States, either of
which has deposits, capital, surplus, and undivided profits aggregating more than $5,000,000; and that no private banker or person
who is a director in any bank or trust company, operating under the
laws of a State, having deposits, capital, surplus, and undivided
profits aggregating more than $5,000,000 shall be eligible to be a
director of any bank or banking association organized under the laws
of the United States.
The act further prohibits any bank, bankiag association, or trust
company organized or operating under the laws of the United States
in any city of more than 200,000 inhabitants, as shown by the last
preceding census of the United States, from having as a director, other
officer, or employee, any private banker, or director, or other officer, ^
or employee of any other banking association or trust company
located at the same place. I t is provided, however, that this section
shall not apply to mutual savings banks not having a capital stock
represented by shares, nor where the entire capital stock of one bank
is owned by stockholders in the other bank; nor shall it forbid a
director of class A of a Federal reserve bank, as defined in the Federal reserve act, from being an officer or director, or both, in one
member bank.
REPORTS OF CONDITION OF ALL BANKS IN THE UNITED STATES.
Through the cooperation of the State bank superintendents this
office is enabled to present, as required by section 333 of the Kevised
Statutes, statistics showing the condition of aU reporting banks. State
and national, in operation in the country as of June 30, 1914. I)ata
from practically all incorporated banks in the United States and from
a large percentage of private banking concerns are included in the
tables which foUow.
The banks furnishing statements for use in connection with this
report number 26,765, being 772 more than reported in 1913.
The summary of reports received from the 26,765 banks for the
current year shows aggregate resources of $26,971,398,030.96. The,
aggregate resources of the banks in 1913 were reported at $25,712,163,599.48. The increase in resources in 1914 over 1913 is, therefore,
$1,259,234,431.48.
COMPTROLLER OF THE CURRENCY.
539
The banks reporting as of June 30, 1914, include 7,525 national,
14,512 State, 634 mutual savings, 1,466 stock savings, 1,064 private
banks, and 1,564 loan and trust companies.
Summary of reports of condition from 26,765 banks in the United States and island
possessions {including national. State, savings, and private banks and loan and trust
companies) showing their condition at the close of business June 30,1914.
RESOUECES.
Loans and discounts:
Secured by unencumbered and improved farm land
'..
Secured by other real estate.
Secured by bonds or stocks
Secured by bonds, stocks, etc., demand
Secured by bonds, stocks, etc., time
Secured by coUateral other than real estate or bonds and stocks..
One or more name paper, without coUateral, time
Two or more name paper, without coUateral, time
One or more name paper, without collateral, demand
Single name paper, without coUateral, time
AUotherloans
$542,115,491.41
2,965,844,140.58
1,717,936,060.98
1,036,976,740.00
1,372,828,437.47
518,196,665.89
1,679,900,554.50
2,066,659,475.00
925,996,793.26
1,336,693,365.00
1,125,209,559.89
Total
$15,288,357,283.98
Overdrafts
:
51,120,621.58
Investments:
United States bonds (includmg insular possessions and District of
Columbia bonds)
$823,450,565.69
State, county, and municipal bonds.
1,353,427,136.50
Raihoad bonds
'J
1,675,303,719.47
Other public-service bonds
583,946,117.09
Bank stocks..
:
78,-439,075.05
Raihoad stocks.
73,436,009.34
Stocks not classified
,
43,708,679.00
Other bonds, stocks, warrants, etc., not enumerated above, including bonds other than United States bonds to securepublic
deposits
953,213,584.34
Total
•.
Banking house and lot on which erected i
Furniture and
fixtures
Other real estate owned
Due from national banks.
Due from State banks, savmgs banks, and trust companies
Checks and other cash items
Cash on hand:
^ Goldcoin.....
Gold certificates 2
SUvercoin
• Silver certificates
,
Legal tender notes
National bank notes
• Nickles and cents
Cash not classified
1...
:
.\...
Total
0 ther resources
5,584,924,886.48
564,617,191.61
45,079,336.45
129,983,070.12
2,222,152,927.29
650,544,297.97
520,995,362.02
$238,377,412.77
674,609,820.00
64,547,973.39
191,886,287.00
250,248,831.00
108,190,887.00
7,612,118.49
103,745,833.14
1,639,219,162.79
.~.
,
Total resources.
274,403,890.77
26,971,398,030.96
LIABILITIES.
Capital stock paid in
•
2,132,074,073.20
Surplus
•
:
1,714,486,142.85
Undivided profits, mcludmg accrued mterest and any,other accounts set aside for special
purposes, less current expenses, interest, and taxes paid
.•
562,031,228.82
Due to national banks
•.
1,134,403,839.32
Due to State banks, saviags banks, and trust companies
1,570,671,527.82
Dividends unpaid
.-.
:
o 30,133,899.36
Deposits:
Individual, subject to check without notice.
•
$9,539,573,743.73
Certificate of deposit payable on demand or within 30 days»
904,650,964.62
Certificates of deposit payable after 30 days or after notice of not
less than 30 days
'
•
1,402,597,810.07
Certified checks
" 132,514,523.38
Cashier's checks outstanding
137,984,796.53^
Savings deposits or deposits ui iaterest or saviags department
subject to not less than 30 days' notice
". 6,400,411,040.68
Total
18,517,732,879.01
.1 Includes furniture and fixtures in national banks.
2 Includes $99,964,000 clearing house certificates.
3 Includes $132,997,726.56 time certificates of deposit payable within 30 days.
NOTE.—The statements used in the compilations ,are uniform as to date and form, except those dated
June 16 from Oklahoma and 1913 from the PhiUppiae Islands, in continuation of the iavestigation begun
in 1909, when the plan of obtataiag reports for uniform dates was inaugurated. .
Abstracts of reports of condition for each class of banks arranged by States will be found in the
appendix.
540
REPORT ON THE FINANCES.
United States deposits
'
Postal saviags deposits
Notes and biUs rediscounted
BiUs payable, iacluding certificates of deposit representing money borrowed
Bonds borrowed:
United States bonds
.$34,482,840.00
Other bonds
10,513,762.66
$66,654,582.55
40,245,588.30
38,129,530.47
194,431,736.31
Total
:
,
National bank circulation outstanding. .•
Other liabilities
Total liabilities
44,996,602.66
722,554,719.00
202,851,681.30
,
r
-
26,971,398,030.96
The leading items of resources and liabilities in the foregoing
summary are: Loans and discounts, exclusive of overdrafts, $15,288,357,283.98; bonds, stocks, and other securities, $5,584,924,886.48; due
from other banks and bankers, $2,872,697,225.26; cash on hand,
$1,639,219,162.79; capital stock paid in, $2,132,074,073.20; surplus
fund, $1,714,486,142.85; undivided profits, $562,031,228.82; individual
deposits, $18,517,732,879.01; due to banks and bankers, $2,705,075,367.14. Postal savings deposits in aU banks aggregated $40,245,588.30, and United States deposits in natioiial banks, $66,654,582.55.
The following comparative statement shows the resources and
habilities of all reporting banks for each year from 1910 to 1914
inclusive: .
Aggregate resources and liabilities of national and other reporting banks, 1910 to 1914.
1910
1911
1912
1913
1914
23,095 banks.
24,392 banks.
25,195 banks.
25,993 banks.
26,765 banks.
Resources.
Loans and dis$12,459,427,783.78 $12,982,654,651.03 $13,892,150,639.00 $14,568,240,544.24 $15,288,357,283.98
counts
63,735,193.87
61,455,604.59
62,381,193.45
Overdrafts
58,532,120.08
51,120,621.58
Bonds, stocks, and
other securities. 4,723,370,100.30 5,051,856,404.29 5,358,883,382.11 5,407,219,379.56 5,584,924,886.48
Due from other
banks and
2,393,008,260.76 2,788,772,572.47 2,847,992,843.93 2,776,613,692.19 2,872,697,225.26
bankers
Real estate, furniture, etc
574,231,671.01 616,693,997.78 657,299,660.36
695,507,828.00
739,679,598.08
Checks and other
620,469,180.00 422,688; 514.06 430,101,255.82 426,913,037.63
cash items—•..
520,995,362.02
Cash on hand
1,423,808,814.37 1,554,147,169.28 1,572,953,479.43 1,560,709,447. ,05 1,639,219,162.79
. 218,427,550.73
Other resources...
165,805,908.94
193,623,517.10
150,534,879.89
274,403,890.77
22,450,320,522.77 23,631,083,382.67 24,986,642,774.18 25,712,163,599.48 26,971,398,030.96
Total
•
Liabilities.
Capital stock paid
1,879,943,887.99 1,952,411,085.56 2,010,843,505.70 2,096,849,861.75 2,132,074,073.20
Surplus fund .a... 1,547,917,181.08 1,512,083,859.93 1,584,981,106.44 1,676,625,895.34 1,714,486,142.86
Other undivided
553,490,979.77
581,178,042.47
404,649,006.90
573,213,465.32
profits
562,031,228.82
Circulation (national banks)...
675,632,565.00
708,690,593.00
681,740,513.00
722,125,024.00
722,554,719.00
Dividends unpaid
20,856,304.16
3,639,127.75
5,689,184.23
^ 3,590,839.76
30,133,899.35
Individual d e posits
15,283,396,254.35 15,906,274,710.27 17,024,067,606.89 17,475,764,134.81 18,517,732,879.01
Postal saviags deposits
25,242,015.76
40,245,588.30
United States de48,455,641.54
54,541,349.41
58,945,980.66
posits
49,725,039.13
66,654,582.55
Due to other
banks and
2,225,380,795.62 2,621,054,947.82 2,632,635,075.58 2,584,231,078.90 2,705,075,367.14
bankers.
358,003,178.26
349,882,460.55
Other liabilities...
381,661,735.69
504,796,244.71 480,409,550.74
Total
22,450,320,522.77 23,631,083,382.67 24,986,642,774.18 25,712,163,599.48 26,971,398,030.96
541
COMPTROLLER.OF T H E CURRENCY.
The foregoing statistics show that the aggregate resources of the '
banks have increased from $22,450,320,522.77 in 1910 to $26,971,398,030.96 in the present year, a gaiii of $4,521,077,508.19, or about 20
per cent. The increase in aggregate bank resources during the past
year has been $1,259,234,431.48, or about 4.90 per cent. The increase
in 1913 over 1912 was $725,520,825, or 2.90 per cent.
Individual deposits since 1910 have increased from $15,283,396,254.35 to $18,517,732,879.01, a gain of $3,234,336,624.66, or 21 per
cent. The increase in deposits during the past year has been
$1,041,968,744.20, or 5.96 per cent.
For the purpose of comparison, the number df reporting banks,
loans, resources, capital, and individual deposits for the fiscal years
1907 to 1914, inclusive, are shown in the foUowing table:
[In mUlions of dollars.]
1907
1908
1909
1910
1911
1912
1913
1914
:
Number of
banks.
Loans.i
Resources.
19,746
21,346
22,491
23,095
24,392
25,195
25,993
26,765
Year.
$10,763.9
10,438.0
11,373.2
12,521.8
13,046.4
13,953.6
14,626.7
15,339.5
$19,645.0
19,583.4
21,095.0
22,450.3
23,631.1
24,986.6
25,712.2
26,971.4
Capital.
$1,690.8
1,757.2
1,800.0
1,880.0
.1,952.4
2,010.8
2,096.8
2,132.1
Individual
deposits.
$13,099.6
12,784.5
14,035.5
15,283.4
15,906.3
17,024.0
17,475.7
18,517.7
I Includes overdrafts.
GROWTH OF BANKING IN THE UNITED STATES.
In volume 2 of the Report of the ComptroUer is a table which
gives the number of colonial and State banks, together with the
principal items of resources and liabihties, in the United States from
1784 to 1833. A statement of the resources and liabilities of the
banks of the country in detail from 1834 to 1863 will also be found
in volume 2.
The foUowing condensed statement gives the principal items of
resources and liabUities for national. State, savings, private banks,
and loan and trust companies from 1863 to 1914,' inclusive, and
reveals the growth of banking in the United States for the past 52
years.
542
REPORT ON T H E FINANCES.
Principal items of resources and liabilities of State, savings, and private banks, loan and
trust companies, dnd national banks, from 1863 to 1914.
[ F r o m 1863 t o 1872, inclusive, d a t a from various sources; from 1873 compiled from r e p o r t s o b t a i n e d b y t h e
ComptroUer of t h e Currency.]
[ A m o u n t s in millions of dollars.]
Year.
Number
of b a n k s
reporting.
1,466
U,089
5 467
1,960
2,267
2,279
2,293
2,354
2,457
2,796
3,066
6 1,968
6 1,893
3,336
3,448
3,384
3,229
3,335
3,355
3,427
3,572
3,835
4,111
4,350
4,378
6,179
6,647
7,203
7,999
8,641
.9,338
. 9,492
9,508
9,818
9,469
9,457
9,485
9,732
10,382
11,406
12,424
13,684
14,850
16,410
• 17,905
19,746
21,346
22,491
23,095
24,392
25,195
25,993
26,765
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
Loans and
D u e from
discounts
Boads.
aaks n
(iacluding stocks, etc. bb a n k e as .d
r
overdrafts).
$648.6
70.7
362.4
550.4
588.5
655.7
'
686.3
719.3
789.4
871.5
1,439.9
1,564.5
1,748.1
1,727.1
. 1,720.9
1,561.2
1,507.4
1,662.1
1,9019
2,050.3
2,133.6
2,260.7
2,272.3
2,456.7
2,944.9
3,161.1
3,475.2
3,842.1
3,965.9
4,336.6
4,368.6
4,085.0
4,268.8
4,251.1
4,216.0
4,652.2
5.177.6
5,657.5
6,425.2.
7,189.0
7,738.9
7,982.0
9,027.2
9.893.7
10,763.9
10,438.0
11,373.2
12,521.8
13,046.4
13,953.6
14,626.7
15,339.5
$180.6
$96.9
93.4
404.3
465.2
443.1
440.5
414.6
406.1
419.9
^ 431.2
,713.2
723.2
793.1
807.3
841.2
865.9
1,032.9
900.6
500.9
1,049.1
951.2
1,030.4
952.0
i ; 031.1
999.9
1,112.1
1,111.9
1,158.0
1,042.6
1,269.4
1,354.1
1,445.3
1,565.2
1,674.4
1,732.3
1,859.7
2,179.0
2,398.3
2,821.2
3,039.2
3,400.1
3,654.2
3,987.9
4,073.5
4,377.1
4,445.9
4,614.4
4,723.4
5,05L9
5,358.9
5,407.2
5,584.9
33.3
103.0
110.7
100.0
123.1
107.6
121.2
143.8
144.0
167.1
193.6
195.0
198.2
184.6
183.2
204.0
248.9
346.1
307.3
392.8
294.1
432.9
349.8
632.1
439.1
513.7
531.3
652.6
684.3
549.2
705.1
714.4
645.0
781.4
924.9
1.203.1
1.272.8
1,448.0
1,561.2
1,570.6
1.842.9
1,981.9
2,029.-2
2.135.6
2.236.2
2,562.0
2,393.0
2,788.8
2,848.0
2,776.6
2.872.7
P a p e r cur- T o t a l cash
rency.2
in b a n k .
3$205.6
$46.1
50.7
9.
• 12.
11.
20.
18.
31.
19.
24.
7 27.
7 22.
7 19.
7 25.
7 21.
7 29.
7 42.
7 100.
7 129.
7 112.
7 116.
$190.0
.219.3
194.6'
179.9
144.0
156.6
174.1
153.3
7 no.
7 179.
7 152.
7 165.
226.
8 221.
221.
217.
262.
210.
283,
246.
251.
297.
402.
449.
449.
479.
541.
478.
612.
617.
633.
719.
860.
1,044.
1,009.
1,110.
1,137.
1,113.
1,177.
219.7
277.6
256.4
261.8
324.2
305.0
405.5
384.8
280.6
330.5
285.6
274.2
300.2
328.5
307: 1
379.0
378.4
376.8
383.4
394.2
507.8
407.4
414.2
443.4
435.9
447.4
462.2
1 Specie includes gold a n d sUver certificates.
2 Includes cash n o t classified.
3 Specie funds a n d notes of other b a n k s .
4 From Homan's Banker's Almanac.
6 National banks.
6 N u m b e r of n a t i o n a l b a n k s only; n u m b e r of S t a t e a n d saviags b a n k s n o t r e p o r t e d .
7 Specie i n n a t i o n a l b a n k s ; incomplete for S t a t e b a n k s .
8 Includes coin certificates from 1889; specie for 1902 p a r t i a l l y e s t i m a t e d .
47.6
199.4
231.9
205.6
200.7
162.5
187.7
194.0
177.6
218.2
252.2
238.7
226.4
230.6
214.6
216.3
285.5
295.0
287.1
321.0
321.2
414.3
375.5
432.8
446.1
499.1
478.3
479.1
586.4
515.9
688.9
631.1
531.8
628.2
687.8
723.3
749.9
807.5
848.1
857.2
990.6
994.1
1,016.4
1,113.7
1,368.3
1,452.0
1,423.8
1,554.2
1,572.9
1,560.7
1,.,639. 2
543
COMPTEOLLEE OF T H E CUEEENCY.
Principal items of resources and liabilities of State, savings, and private banks, loan and
trust companies, and national banks, from 1863 to 1914—Continued.
[ A m o u n t s in miUions of doUars.]
Year.
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
Capital.
Surplus
a n d profits
$405.0
311.5
75.2
397.0
480.8
483.8
486.4
489.7
513.7
561.7
592.6
532.9
550.3
, 592.6
602.3
614.2
587.7
580.4
565.2
572.3
590. 6
625.6
656.4
678.0
686.7
806.8
853.7
893.3
968.7
1.029.7
1.071.1
1.091.8
1,069.8
1,060.3
1,05L9
1,012.3
992.0
973.6
1,024. 7
1,076.1
1,201.6
1,321.9
1,392.5
1,463.2
1,565.3
1,690.8
1.757.2
1,800.0
1.880.0
1,952.4
2,010.8
2,096.8
2.132.1
$4.2
54.5
79.4
93.9
109.4
126.0
132.7
143.1
155.4
215.6
199.9
254.2
261.6
260.5
237.7
246.1
260.2
292.0
310.1
347.8
379.6
362.0
393.8
460.2
493.7
531.9
584.0
619.2
650.3
689.3
682.4
699.3
694.4
712.7
732.7
761.1
882.2
955.6
1,096.9
1,273.4
1,360.9
1,439.5
1,558.9
1.645.0
1,761.5
1,834.6
1,952.6
2,065.6
2.166.1
2,249.8
2,276.5
Circulation.!
$238. 7
163.3
189.1
13L5
267.8
291.8
294.9
292.7
29L8
315.5
' 327.1
340.2
338.7
318.1
294.8
290.4
300.4
307.7
318.4
312.5
309.2
312.2
•295.3
269.2
238.0
166.8
155.5
129.0
126.5124.0
141.2
155.1
171.8
178.8
199.2
196.6
189.9
199.4
265.3
319.0
309.4
359.2
399.6
445.4
-510.9
547.9
613.7
636.3
675.6
68L7
708.7
722.1
722.5
United
States
deposits.2
Individual
deposits.
D u e to"
banks.
Total
assets.
$393. 7
$58.0
39.1
33.3
28.3
12.8
13.2
11.1
12.4
15.1
10.6
10.2
ILl
10.9
25.6
252.1
10.7
12.2
12.6
13.9
14.2
14.0
17.1
23.2
58.4
46.7
30.6
25.9
14.2
13.7
14.1
13.2
15.4
16.4
52.9
76.3
98.9
99.1
124.0
147.3
110.3
75.3
89.9
180.7
130.3
70.4
54.5
48.5
58.9
49.7
66.6
$100.5
$1,191.7
119.4
641.0
815.8
876.6
968.6
1,032.0
1,05L3
1,251.6
1,353.8
1,421.2
1,526.5
1.787.0
1.778.6
1,813.6
1,717.4
1.694.2
1,95L6
2,296.8
2.460.1
2,568.4
2,566.4
2, 734.3
2.812.0
3,308.2
3,422. 7
3.778.1
4,062.5
4.196.8
4.664.9
4.627.3
4,65L2
4,921.3
4,945.1
. 5,094.7
5.688.2
6.768.7
7,238.9
8,460.6
9,104. 7
9,553.6
10,000.5
11,350.7
12,215.8
13,099.6
12,784.5
14,035.5
15,283.4
15,906.3
17,024.0
17,475. 7
18,517.7
27.4
157.8
122.4
112.5
140.7
129.0
148.5
176.4
172.7
178.6
232.5
194.7
183.3
170.1
161.7
187.9
239.6
314.7
279.0
288.2
227.0
293.0
308.9
350.1
366.1
434.6
432.3
415.7
464.9
419.9
599.1
600.5
521.7
673.4
809.8
1,046.4
1,172.5
1,333.0
1,393.2
1,475.9
1.752.2
1.904.3
1,899.0
2.075.4
2.198.0
2.484.1
2,225.3
2,621.1
2,632. 6
2,584.2
2,705.1
252.3
1,126.5
1,476.4
1,494.1
1,572.2
1,564.2
1,510.7
1,730.:6
1,770.8
2,731.3
2,890.4
3,204.6
3,183.1
3,204.1
3,080.6
3,212.6
3,399.0
3,869.1
4,031.1
4,208.0
4,221.3
4,426.9
4,521.5
5,203.7
5,470.4
5,940.9
6.343.0
6,562.1
7,245.3
7,192.3
• 7,290.6
7,609.6
7,553.9
7.822.1
8,609.0
9,904.9
10,785.9
12.357.5
13,363.9
14,303.1
15,198.8
16.918.2
18.147.6
19.645.0
19,583.4
21,095.0
22.450.3
23.631.1
24,986.6
25, 712.1
26,971.4
1 Includes State b a n k circulation.
2 I n c l u d e s deposits of U n i t e d States d i s b u r s i a g officers.
N O T E . — S i a c e 1873 t h e Comptroller of t h e Currency h a s collected a n d p u b l i s h e d statistics of S t a t e b a n k s
b u t c o m p l e t e d a t a for compUuig these statistics for a n u m b e r of years thereafter were avaUable only for
those States in w h i c h t h e b a n k s were r e q u i r e d to r e p o r t to s o m e S t a t e official. F o r recent years t h e
statistics are practicaUy c o m p l e t e .
BANKING POWER OF THE UNITED STATES.
The banking power of the United States ta 1914 as represented by
capital, surplus and other profits, circulation and deposits of national
and other reporting banks, together with the estimated amount of
funds of this character in nonreporting banks, is $24^340,090,112
544
REPORT ON T H E FINANCES.
against $23,181,545,433 in 1913. The increase for the year was
$1,158,544,679, or nearly 5 per cent. The details are set forth in the
foUowing table:
Banking power of the United States, June 30, 1914.
Number.
Capital
paid in.
Sm'plus and
profits.
National
bank circulation.
- Deposits.!
Total.
National banks
7,525 $1,058,192,335 $991,522,431 $6,377,848,295 $722,554,7.19 " $9,150,117,780
14,635,795,330
state, etc., banks.
19,240 1,073,881,738 1,284,994,940 12,276,918,654
Nonreporting banks ^ . . . 3,246
554,177,020
64,376,000
.44,475,000
445,326,000
Total
30,011
2,196,450,073 2,320,992,371 19,100,092,949
722,554,719 24,340,090,112
1 Includes dividends unpaid, postal savings deposits, and Government deposits. 2 Estimated.
CLASSIFICATION OF LOANS AND DISCOUNTS IN ALL BANKS.
Loans and discounts in the banks of the United States as shown by
reports of condition for 1914 aggregated roundly, excluding overdrafts, $15,288,300,000. Of this amount $6,430,000,000 is in national
banks, and $8,858,300,000 in banl^s other- than national. The classification of loans and discoimts of banks other than national, and of
national banks compiled from reports of condition as of June 30,
1914, is set forth in the following table:
Classification ofloans and discounts in all reporting banks on June SO, 1914.
Classification.
634
mutual
savings
banks.
14,512
State
baiiks.
1,466
stock • 1,064
savings private
banks.
banks.
•1,564
loan and
7,525
trust
national
combanks.
panies.
Total,
26,765 ^
banks.
Secured by unencumbered and Millions. Millions. Millions. Millions. •Millions. Millions. Millions.
$81.7
$16.9
$96.7
$542.1
$88.1
improved farm l a n d . . . .
$258.7
397.2
9.7
468.8
1,809.5
2,965.9
Secured by other real estate
280.7
63.7
123.6
.4.3 1,213.9
312.4
1,717.9
Secured by bonds or s t o c k s . —
Secured by bonds, stocks, etc.,
1,036.9
$1,036.9
demand
Secured by bonds, stocks, etc.,
1,372.8
1,372.8
time
Secured by collateral other than
153.4
518.2
9.7
310.4
real estate or bonds and stocfe
26.9
17.8
Two or more name paper with2,066.7
2,066.7
out collateral time
One or more name paper with34.1
52.4
663.4
818.7
111.3
1,679.9
out collateral, time
One or more name paper with9.6
n.3
97.6
616.9
926.0
out coUateral, demand
168.8
21.8
Single-name paper without col1,336.7
1,336.7
lateral, time
1,125.2
21.2
38.9
207.9'
730.1
127.1
All other loans ^
Total
2,879.8
2,123.9
829.7
123.2
2,901.7
6,430.0
15,288.3
1 Overdrafts not iacluded.
BANK INVESTMENTS IN BONDS AND OTHER SECURITIES.
Investments in bonds, securities, etc., of all banks, as shown by
reports of condition for June 30, 1914, aggregated roundly $5,584,900,000 against $5,407,200,000 in 1913, the increase being
545
COMPTROLLER OF THE CURRENCY.
$177,700,000. In the following table are shown the various classes of
bonds, stocks, and other securities held by the several classes of
banks on June 30, 1914.
Classification of investments in bonds, etc., held by all reporting banks ofthe United States
on June 30, 1914.
[Expressed ui miUions.]
State
banks
(14,512).
Classification.
Mutual
savings
banks
(634).
Stock
savings
banks
(1,466).
Loan
All
Private and trust National reporting
combanks
banks
banks
(7,525). (26,766).
(1,064). panies.
(1,564).
$2.9
$0.5
• $0.3
$3.4
i$799.3
$823.6
847.9
846.0
• 83.6
24.7
17.6
24.1
13.6
4.9
1.0
Ll
3.9
2.1
1.7
.6
.4
210.8
395.3
224.7
44.5
60.7
176.0
341.7
218.2
1,363.4
1,675.3
583.9
78.5
73.4
43.7
156.0
18.6
103.6
7.3
331.9
335.9
963.2
388.3
Total
$17.1
90.7
76.6
50.8
7.7
3.6
United States bonds .
State, county, and municipal
bonds
Railroad bonds
Other public-service bonds
Bank stocks
Railroad stocks
Stocks not classified
Unclassified bonds, securities,
etc
1,855.6
148.7
16.3-
1,261.3
1,914.8
6,584.9
1 Includes D. C. and island possession bonds.
2 43.7
2 See note 1 at bottom of p . 508.
MONEY IN ALL REPORTING BANKS.
During the current year there has been an increase of $78,509,715.74
in the cash holdings of all reporting banks. On June 4, 1913, the cash
held by the banks was reported at $1,560,709,447.05, and on June
30,1914, $1,639,219,162.79. Of the total amount held by the banks on
the latter date, $1,022,563,615.78 was in national and $616,655,547.01
in other reporting banks. Coin and other money held by national
banks, by other reporting banks, and by aU reporting banks are shown
in the following table:
Classification of cash in banks June 30, 1914.
Classification. '
Gold coin
Gold certificates
SUver coia
SUver certificates
Legal tender notes
National bank notes
Nickels and cents
Cash not classifled
7,525 national
banks.
19,240 State,
etc., banks.
26,765 reporting
banks.
$149,295,329.20 $89,082,083.57
1 476,567, 740.00 198,042,080.00
35,897, 645.41 28,650,327.98
129,823,852.00 62,062,435.00
177,490,396.00
72,758,435.00
49,659,728.00 68,531,159.00
3,828,925.17
3,783,193.32
103,745,833.14
1,022,563,615.78 616,655,547.01
. .
Total.
$238,377,412.77
674,609,820 00
64,547,973.39
191,886,287.00
250,248,83100
108,190,887.00
7,612,118.49
103,745,833.14
1,639,219,162.79
1 Includes $99,964,000 clearing house certificates*
64402°—FI 1914
35
546
-REPOET ON T H E
FINANCES.
DISTRIBUTION OF MONEY IN THE UNITED STATES.
In the foUowing table is shown the distribution of money in the
United. States giving the amount in the Treasury as assets, amount in
reporting banks of tne United States and elsewhere from 1892 to 19i4,
inclusive:
Year
ended
J u n e 30—
Coia a a d
other
money
in t h e
United
states.
Coia a n d other
m o n e y i n Treasu r y a s assets.!
Amount.
MUlions. MUlions.
1892
$150.9
$1,752.2
1893
142.1
1,738.8.
1894
144.2
1,805.5
217.4
1895
1,819.3
293:5
1,799.9
1896
265.7.
1,906.7
1897.......
235.7
2,073.5
1898
286.0
2,190.0
1899
284.6
2,339.7
1900
307.8
2,483.1
1901
313.9
2,563.2
1902
317.0
2,684.7
1903
284.3
2,803.5
1904
295.2
2,883.1
1905
333.3
3,069.9
1906
342.6
3,115.6
1907..
340.8
' 3,378.8
1908
300.1
1909
•.- 3,406.3
317.2
3,419.5
1910
341.9
1 9 1 1 . ' . . . : . . 3,555.9
364.3
3,648.8
1912
356.3
3,720.0
1913
336.3
3,738.3
.1914
Per
cent.
Coia a n d other
m o n e y i a reporting banks.2
Amount.
,Per
cent.
MiUions.
8.60
$586.4
33.48
8.17
29.68
515.9
7.99
38.17
688.9
11.95
34.96
631.1
16.31
29.55
531.8
13.93
32.94
•628.2.
11.37
33.17
687.7
13.06 . 723.2
33.02
12.16
32.05
749.9
12.39
32.02
794.9
12.24
32.69
837.9
11.80
31.59
848.0
10.14
35.06
982.9
10.24
987.8 - 34.27
10.86
32.92
1,010.7
11.00f 1,106.5
35.51
10.08
40.34
1,362.9
8.81
42.40
1,444.3
9.27
41.37
1,414.6
9.61
43.46
1,545.5
9.98
42.86
1,563.8
9.58
41.73
1,552.3
•8.97
43; 62
1,630.0
Coin a n d other m o n e y
n o t i a T r e a s u r y or
banks.
I n circulation,
exclusive of coia
a n d other m o n e y
ia Treasury as
assets.
Amount.
Per
cent.
Per
Amount.
capita.
Millions.
$1,014.9
1,080.8
.972.4
970.8
974.6
1,012.8
1,150.1
1,180.8
1,305.2
1,380.4
1,411.4
1,519.7
1,536.3"
1,600.1
1,725.9
1,666.5
1,675.1
1,661.9
1,687.7
1,668.5
1,720.7
1,811.4
1,772.0
57.92
62.15
53.84
53.36
54.14
53.13
55.46
53.92
55.79
55.59
55.07
56.61
54.80
55.49
56.22
53.49
49.58
48.78
49.36
46.93
47.16
48.69
47.41
$15.50
16.14
14.21
13.89
13.65
13.87
15.43
15.51
17.11
17.75
17.90
18.88
18.77
19.22
20.39
19.36
19.15
18.68
18.68
17.75
17.98
18.61
3 17.89
MUlions.
$1,601.3
1,596.7
•1,661.3
1,601.9
1,506.4
1,641.0
1,837.8
1,904.0
2,055.1
2,175.3
2,249.3
2,367.7
2,519.2
2,587.9
2,736.6
2,773.0
3,038.0
3,106.2'
3,102.3
3,:^14.0
3,284.5
3,363.7
3,402.0
Per
capita.
$24.60
24.06
24.56
23.24
•21.44
22.92
25.19
25.62
26.93
27.98
28.43
29.42
30.77
31.08
32.32
32.22
34.72
34.93
34.33
34.20
34.34
34.56
334.35
1 Public money in national-bank depositaries to the credit of the Treasurer of the United States not
included.
2 Money in banks of island possessions not iacluded.
3 Population estimated at 99,027,000. •
The general stock of money at the close of the fiscal year ended
June 30, 1914, was $3,738,300,000, or $18,300,000 more than was
reported in 1913. Of the total stock of money $336,300,000 or 8.97
per cent, was in the the Treasuty as assets, $1,630,000,000, or 43.62
per cent in reporting banks ia the United States, and $1,772,000,000,
or 47.41 per cent outside the Treasuiy and banks; that is, in circulation among the people. The amount reported in circulation, exclusive of coin and other moneyin the Treasury as assets is $3,402,000,000,
or $34.35 per capita.
Supplementary to the foregoing statement hi relation to the distribution of money in the United States as shown by records for the
year ended June 30, 1892 to 1914, the following information is submitted, based upon the records continued to the 1st of November.
The stock of money of the country on this date was $4,055,483,117, of
which gold, coin hicluding buUion in the Treasury aggregated
$1,835,416,298, standard silver doUars $565,886,478, subsidiary silver
$183,644,414, United States and Treasury notes $349,067,016, and
national bank circulation $1,121,468,911. Money held in the
Treasury.as assets of the Government amounted to $339,960,811,
leaving the amount in circulation $3,715,522,306, and as the amount
in circulation on October 31, 1913, was $3,417,109,678 there has been
an increase ia the past year of $298,412,628. The principal increase
547
COMPTROLLER OF THE CURRENCY.
was in bank circulation due to issues on the security of misceUaneous
securities, the rise being from $722,616,240 to $1,093,519,080. The
circulation statement shows a decrease in the amount of gold in
circulation of some $57,700,000. There were no material changes in
the volume of cither kinds of currency. In connection with this
statement it is interesting to note the reported exportations and
importations of the precious metals in the 10 months of the current
year ended with October. During that peiiod the exports of gold
aggregated $207,998,750, the imports $45,876,812, hence an excess
of exports of $162,121,938. Silver to the amount of $42,452,890 was
exported and $20,340,603 imported, the excess of exports being
$22,112,287. For this period, therefore, the net exports of both
metals were $184,234,225.
INDIVIDUAL DEPOSITS IN ALL BANKS IN THE UNITED STATES.
Individual deposits in all reporting banks on June 30, 1914, aggregated $18,517,732,879.01. In 1913 individual deposits were reported
at $17,475,764,134.81. The increase during the last year was therefore $1,041,968,744.20, or 5.96 per cent.
The individual deposits in all reporting banks are classified as
follows: Subject to check without notice, $9,539,573,743.73; certificates of deposit payable on demand or within 30 days, $904,650,964.62;
certificates of deposit payable after 30 days or after notice of not
less than 30 days, $1,402,597,810.07; certified checks, $132,514,523.38;
cashiers' checks, $137,984,796.53; savings deposits, $6,400,411,040.68.
For the purpose of comparison the following table is presented relative to the classification of deposits in each class of banks as shown
by reports of-condition as of June 30, 1914:
Classification of deposits in each class of banks as of June 30, 1914.
Number of
banks.
Classification.
Individual
deposits subject Demand certifi- Time certificates
to check
cates of deposit.
of deposit.
without notice.
Certified
checks.
Mutual savings baiiks
stock saviags banks
state banks
Loan and trust companies
Private banks
634
$369,304.99
$28,618.52
1,466
156,802,766.20' 24,432,590.98
14,512 1,799,340,430.83 203,116,956.15
1,564 2,437,538,985.54 147,714,057.48,
1,064
67,895,929.05
25,462,307.94
$403,569.48
82,662,853.59
506,846,658. 47
268,135,415.14
25,328,797.06
$1,593.50
1,127,850.85
27,984,852.09
20,373,876.25 '
762,328.80
Total, state, etc.,
banks
National banks
19,240 4,461,947,416.61
7,525 5,077,626,327.12
400,754,531.07
503,896,433.55
883,377,293. 74
519,220,516.33
50,250,501.49
82,264,021.89
9,539,573,743. 73 904,650,964.62
1,402,597,810.07
132,514,523.38
V Grand total
26,765
Classification.
Mutual savings banks
stock saviags banks
State banks
Loan and trust companies
Private b a n k s . . . :
Cashiers' checks Saviags deposits.
outstanding.
$83,273.26 $3,914,739,830.82
3,153,682.68
752,785,914.16
17,509,100.54
671,995,219.15
31,138,042.16 1,034,906,721.87
415,567.06
25,983,354.68
Total.
$3,915,626,190.57
1,020,965,658.46
3,226,793,217.23
3,939,807,098.44
145,848,284.59
Grand t o t a l . . .
52,299,665. 70 6,400,411,040.6
.85,685,130.83
(2)
12,249,040,449.29
6,268,692,429.72
137,984,796.53
Total, State, etc., banks
National banks
18,617,732,879.01
6,400,411,040.68
1 Includes time certificates of. deposit payable within 30 days.
2 Latest avaUable statistics, Mar. 4,1914, $871,634,485.58.
548
REPORT ON THE FINANCES.
SAVINGS DEPOSITS IN ALL BANKS.
Savings deposits in all reporting banks other than national in 1913
aggregated $6,147,592,232.21. For the current year savings deposits
in banks other than natiohal aggregate $6,400,411,040.68. In June,
1913, savings deposits in national banks were reported at
$824,476,995.42. By reason of the provision of section 19 of the
Federal reserve act dividing deposits in national banks into two
classes, first, demand deposits, those payable within 30 days, and
second, time deposits, those payable after 30 days, and savings
accounts and certificates of deposit which are subject to not less
than 30 days' notice before payment, there are no statistics avaUable
later than those contained in the abstracts of reports of condition for
March 4, JL914, relating to the volume of savings deposits in national banks. On that date reported savings deposits were $871,634,485.58. By addmg the figures as of March 4, 1914, for
national banks to the savings deposits in banks other than national,
on June 30, 1914, makes the aggregate savings deposits of all banks
$7,272,045,526.26, or an increase of about $300,000,000 during the
year. I n addition to the foregoing the banks reported postal savings
funds on deposit to the amount of $40,245,588.30.
STATE,
SAVINGS, AND PRIVATE BANKS AND LOAN AND TRUST
COMPANIES.
Reports have been received from over 98 per cent of the incorporated banks operating under State law and from the relatively
usual number of private banks which can be prevaUed upon to submit reports.
Summaries of the reports received for the current year from banks
other than national show the condition on June 30, 1914, of 19,240
banks, or 720 more than reported in 1913. The aggregate resources
of these.banks are $15,489,207,260.36. In 1913, 18,520 banks other
than national made reports, showing aggregate resources of
$14,675,243,842.44. The increase in resources for the year is,
therefore, shown to be $813,963,417.92. The returns for the current
year include 14,512 State or commercial banks, 634 mutual savings
banks, 1,466 stock savings banks, 1,064 private banks, and 1,564
loan and trust companies.
The statistics have been prepared from reports of condition as of
June 30, 1914, with the exception as to date of those from Oklahoma
(June 16). No banking data having been received from the Philippine Islands for the current year, the figures.for 1913 have been used
in this compUation.
A summary of the reports of conditions of the banks other than
national is submitted herewith:
COMPTROLLER OF THE CURRENCY.
549
Summary of reports of condition of 19,240 banks other than national {State,' savings,
private banks, and loan and trust companies) in the United States at the close of business
on June 30, 1914.
RESOURCES.
Loans and discounts:
'
.
Secured by unencumbered and improved farm land
Secured by other real estate.
Secured by bonds or stocks
Secured by collateral other than real estate or bonds and stocks..
One or more nam e paper, without collateral, time
One or more name paper, without collateral, demand
AUotherloans
':
Total.....
Overdrafts
Investments:
United States bonds
State, county, and municipal bonds
Raikoad bonds
Other public-service bonds
Bank stocks.
Railroad stocks
Other bonds, stocks, warrants, etc., not enumerated above
Total...
•
Banking house and lot on which erected
Furniture and
fixtures
Other real estate owned
Due from national banks
Due from State banks, savings banks, and trust companies
Checks and other cash items
Cash on hand:
Goldcoia
...:
Gold certificates
Silvercoin
:
SUver certiflcates
:
Legal-tender no tes
National-bank notes
'
Nickels and cents
-.
':.
Cash not classified
Total
$542,115,491.41
2,965,844,140.58
1,717,936,060.98
618,196,665.89
1,679,900,554.50
309,085,596.26
1,125,209,559.89
$8,858,288,069.51
35,634,980.44
24,134,121.54
1,177,409,723.50
1,333,612,900.47
365,730,646.09
78,439,075.05
73,436,009.34
- 617,273,812.43
3,670,036,288.42
296,575,168.63
45,079,336.45
90,940,204.34'
1,022,899,654.36
458,622,615.49
163,114,107.30
89,082,083.57
198,042,080.00
28,650,327.98
62,062,435.00
72,758,435.00
58,531,159.00
3,783,193.32
103,745,833.14
....:
Other resources
616,655,547.01
,
Total resources
231,361,288.41
15,489,207,260.36
LIABILITIES.
Capital stock paid in
1,073,881,738.20
Surplus.
,
.991,147,876.35
Undivided proflts, iacludiag accrued iaterest and any other accounts set aside for special
purposes, less current expenses, interest, and taxes paid
293,847,063.64
Due to national banks
.
~
73,922,330.46
Due to State banks, savings banks, and trust companies
445,250,405.99
Dividends unpaid
11,473,678.84
Individual, subject to check without notice
$4,461,947,416.61
Certiflcates of deposit payable on demand or within 30 days
400,754,531.07
Certificates of deposit payable after 30 days or after notice of not
less than 30 days
'.
883,377,293.74
Certified checks
•.
50.250,501.49
Cashier's checks outstanding
52,299,665.70
Savings deposits or deposits in interest or saviags department
subject to not less than 30 days' notice
,
6,400,411,040.68
Total.....
12,249,040,449.29
Postal-saviags deposits
16,404,525.65
Notes aad bUls rediscounted
24,693,003.26
BiUs payable, including certificates of deposit representiag money borrowed
116,656,335.05
Bonds borrowed:
United States bonds
$21,500.00
Otherbonds
1,488,072.17
Total
Other liabUities
Total liabUities
:
1,509,572.17
191,380,281.46
15,489,207,260.36
650
REPORT ON THE FINANCES.
The principal items of resources and liabihties for each class of
banks other tnan national reporting as of June 30, 1914, are set forth
in the following table:
Resources and liabilities of State, savings, private banks, and loan and trust companies,
June 30, 1914.
14,512 state
banks.
634 mutual
savings banks.
1,466 stock
saviags banks.
RESOURCES.
Loans and discounts (includiag overdrafts)
Bonds, securities, etc
„.
Bankiag house, furaiture, and fixtures ..
Other real estate owned
:
Due from banks
Checks and other cash items
Cash on hand
All other resources
Total resources
$2,907,539,308.09 $2,123,921,774.88
388,250,349.80 1,855,476,712.85
130,958,748.28
39,678,148.65
27,682,674.77
13,196,801.91
527,715,913.72 • 171,832,579.89
77,240,169.69
2,489,863.59
261,919,122.81
23,987,453.11
32,357,249.82
22,406,139.17
4,353,663,536.98
4,252,989,474.05
$831,537,651.72
148,699,505.83
28,739,513.07
6,467,052.66
113,758,484.723,608,419.14
43,812,040.12
19,851,423.59
1,196,474,090.85
LIABILITIES.
Capital stock paid in
Surplus fund
Undivided profits
Due to .banks.
Dividends unpaid
Deposits (individual). 1
Postal-savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities
.'
501,154,866.23
213,801,744.73
91,215,723.23
175,779,045.54
3,744,903.29
3,226,793,217.23
4,692,500.55
16,606,036.60
90,523,587.86
29,351,911.72
'...
4,353,663,536.98
4,252,989,474.05
1,196,474,090.85
1,064 private
banks.
Total liabUities
110,525.00
1,484,474.76
89,423,876.57
39,250,606.98
20,141,996.44
9,061,328.11
560,347.48
1,020,965,658.46
1,085,598.92
898,144.32
2,996,490.05
12,090,043.52
1,564 loan and
trust companies.
280,095,122.94
55,503,959.01
155,239.50
3,915,626,190.57
13,962.27
Total, 19,240
banks.
- RESOURCES.
Loans and discounts (including overdrafts)
Bonds, securities, etc
Banking house, furniture, and fixtures
Other real estate owned
Due from banks
Checks and other cash items
'.
Cash on hand
All other resources
Total resources
$125,172,879.31 $2,905,751,435.95
16,264,591.79 1,261,345,128.15
6,749,660.21
135,528,434.87
9,546,536.61
34,047,138.39
26,790,024.23
641,425,267.29
1,787,484.03
77,988,170.85
7,294,550.48
279,642,380.49
2,943,394.02
153,803,081.81
$8,893,923,049.95
3,670,036,288.42
341,654,505.08
90,940,204.34
1,481,522,269.85
163,114,107.30
616,655,547.01
231,361,288.41
196,549,120.68
5,489,531,037.80
15,489,207,260.36
21,101,746.66
11,430,958.76
3,147,609.67
2,5455 436.62
58,257.89
145,848,284.59
65,'950.92
621,474.95
3,764,107.75
7,965,292.87
462,201,248.74
446,569,442.94
123,837,775.29
331,631,686.68
7,110,170.18
1,939,807,098.44
10,546,512.99
6,567,347.39
19,261,624.39
141,998,130.76
1,073,881,738.20
991,147,876.35
293,847,063.64
519,172,736.45
11,473,678.84
12,249,040,449.29
16,404,525.65
24,693,003.26
116,656,335". 05
192,889,853.63
196,649,120.68
5,489,531,037.80
15,489,207,260.36
LIABILITIES.
Capital stock paid ia
Surplus fund
Undivided profits...,
Due to banks
Diyidends unpaid
Deposits (iadividual)
Postal-savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities
Total liabilities
:.
:
For the purpose of comparison a statement giving the principal
items of resources and liabihties of banks other than national, from
1910 to 1914, inclusive, is submitted herewith:
COMPTROLLER OF THE CURRENCY..
"
551
Consolidated returns from State, savings, private banks, and loan and trust companies.
1910
Items.
Loansi
Bonds
Cash
"...
Capital
Surplus and
undivided
profits
Deposits (individual) . .
Resources....
1912
1911
1913
1914
$7,065,906,476.21 $7,412,153,800.11 $7,979,852,420.09 $8,464,738,379.36
3,111,409,758.78 3,289,468,093.00 3,497,602,404.25 3,517,530,597.54
558,355,958.16
556,085,728.23
576,810,655.97
591,607,515.60
890,376,773.99
932,777,933.31
977,272,830.70 1,039,930,069.75
1,091,162,580.06
1,152,073,936.93
1,215,331,634.26
$8,893,923,049.96
3,670,036,288.42
616,655,547.01
1,073,881,738.20
1,261,091,605.55
1,284,994,939.99
9,996,179,942.15- 10,428,283,553.82 11,198,606,443.53 11,522,302,583.69
12,553,695,826.04 13,248,034,688.36 14,124,878,897.03 14,675,243,842.44
12,249,040,449.29
15,489,207,260.36
I Including overdrafts.
STATE
BANKS.
Reports from State banks (commercial banks) to the number of
14,512 have been received, showing capital of $501,154,866.23 and
aggregate resources of $4,353,663,536.98. I n 1913 reports were received from 14,011 State banks, with capital of $483,103,779 and
aggregate resources of $4,143,052,802. The summary of reports includes 501 more banks than reported last year, with an increase of
$18,051,087 in capital and $210,610,734 in resources. A summary
of the reports submitted by the State banks shows loans aggregating
$2,879,801,962.88, classified as foUows:
Secured by unencumbered and improved farm lands
Secured by other real estate.
Secured by bonds or stocks
Secured by other collateral
One or more name paper without collateral (time loans)
One or more name paper without collateral (demand loans)
Loans unclassified
.'
Total
|258, 678,028. 06
280, 690,12L 60
312,373,374. 60
310,413,064.58
818,697,468. 76
168,844,525. 21
.'. 730,105, 380. 07
...-
: . . . . 2,879,801,962.88
In addition to the loans, overdrafts amounted to $27,737,345.21.
' The investments in bonds, securities, etc., aggregate $388,250,349.80, classified as foUows:
United States bonds
State, county, and municipal bonds
Raihoad bonds
Other public-service bonds
Bank stocks...
Railroad stocks
. Not classified.
$2, 896,803.10
90, 698,068. 55
76,576, 525. 95
50,781, 711. 90
7,684,701.31
3, 608, 820. 40
156,003,718. 59
Total
:
388, 250, 349. 80
Individual deposits are shown aggregating $3,226,793,217.23,
classified as foUows:
Subject to check, without notice
Demand certificates of deposit
Time certificates of deposit
Certified checks
Cashier's checks outstanding
Savings deposits
Total.......:
1
:
$1, 799, 340,430. 83
203,116, 956.15
506,846,658.47
27, 984, 852. 09
17,509,100. 54
.671,995,219.15
3,226, 793,217. 23
The surplus of State banks aggregated $213,801,744.73 and undivided profits $91,215,723.23.
552
REPORT ON THE FINANCES.
SAVINGS BANKS.
In 1913 reports were received from 1,978 savings banks. For the
present year reports to the number of 2,100 have been tabulated, 634
being from mutual institutions and 1,466 from stock savings banks,
the latter class transacting both a savings and commercial bank
business.
Deposits in these banks aggregated $4,936,591,849.03 and the depositors numbered 11,109,499, the average deposit account being
$444.36. The 1,978 savings banks reporting in June, 1913, had deposits aggregating $4,727,403,950.79 to the credit of 10,766,936
depositors, the average deposit account being $439.07.
The foUowing table shows the number of savings depositors, aggregate savings deposits, and average amount due depositors in savings
banks in the States indicated on June 4, 1913, and June 30, 1914.
These figures do not include the amount of savings deposits in savings departments of the State banks of lUinois nor of the savings
deposits in so-called savings banks of Alabama, Arkansas, Ohio, Nebraska, and Oklahoma, as this inf ormation is shown in the statement
for commercial banks for these States in another table. The stock
savings banks of Michigan, classified as ^'commercial and savings
banks'' by the State Banking Department, have been included in this
table. With these changes in classification, the statistics show an
increase of 122 in the number of banks, 342,563 in the number of
depositors, and $209,187,898.24 in the amount of deposits.
Number of savings depositors, aggregate savings deposits, and average amount due to each
depositor in savings banks {mutual and stock savings) in each State on June 4, 1913,
and June 30, 1914.
1914 (2,100 b a n k s ) .
1913 (1,978 b a n k s ) .
state.
Num- Number
of deber of
b a n k s . positors.
Maine.
New H a m p s h i r e . . .
Vermont
Massachusetts
R h o d e Island
Connecticut
New England States.
New York
N e w J e r s e y . . . .•
Pennsylvania
Delaware
Maryland
D i s t r i c t of Columbia
E a s t e r n
States
Virginia.
W e s t Virginia..
N o r t h Carolina
S o u t h Carolina
Georgia
Florida
;
Alabama ...
Mississippi
..
Louisiana
:...
236,279
48
207,454
55
115,481
21
190 2,249,824
15
146,560
84
616,530
A m o u n t of
deposits.
Average t o N u m - N u m b e r
each ber of
of dedepos- b a n k s . positors. .
itor.
240,604
48
218,628
59
117,584
21
196 2,305,340
148,283
15
622,852
83
$95,222,151.37 $403.01
97,125,389.20 468.18
49,777,631.00 431.05
861,416,889.41 382.88
79,864,916.43 544.93
306,428,726.95 497.02
A m o u n t of
deposits.
Average t o
each
depositor.
$97,221,727.11
102,271,138.96
52,939,223.30
895,178,637.11
82,237,169.60
313,273,629.22
$404.07
467.75
450.22
388.31
654.59
502.96
413 3,572,128 1,489,835,704.36 417.07
422 3,653,291 1,543,121,525.30 422.39
140 3,114,240 1,700,063,766.36 545.90
350,105 • 124,449,710.52 355.46
27
208,057,915.06 423.17
10
491,668
2
34,035
11,524,425.34 338.60
47
278,495
106,899,457.65 383.85
140 3,181,023 1,771,560,808.38
27
336,600 . 130,635,801.93
12
218,843,715.05
500,465
2
12,054,855.18
34,176
52
289,585
109,663,346.61
17
65,065
18
10,423,273.69 160.20
243 4,333,608 2° 161,418,548.62 498.76
20
. 8
26
26
28
5
11
17
11
34,335
31,485
44,061
38,385
51,754
7,011
36,285
16,092
131,676
9,365,412.60
5,289,964.69
7,559,221.43
10,699,946.24
12,397,318.85
1,503,082.10
3,309,933.09
4,521,451.35
21,780,873.22
.272.77
168.01
171.56
278.75
239.54
214.39
91.22
280.97
165.41
80,424
556.91
388.10
437.28
352.73
378.69
10,978,723.68 136.52
251 4,422,273 2,253,737,250.83 509.63
.
•
19
8
28
26
30
5
0)
17
9
44,091
31,824
56,199
36,178
54,748
9,506
10,784,314.28
5,532,126.21
10,338,466.24
10,873,392.70
12,491,635.49
1,580,615.57
15,331
63,165
4,908,623.09 320.20
17,650,883.22 279.44
1 Included with statistics for commercial banks.
244.60
173.83
183.96
300.56
228.17
166.27
553
COMPTEOLLEE. OF THE CUKEENCY.
Number of savings depositors, aggregate savings deposits, and average amount due to each
depositor in savings banks {mutual and stock savings) in each State on June 4, 1913,
and June 30, 1914—Continued.
1913 (1,978 b a n k s ) .
State.
Number of
banks.
6
15
20
Southern
States
490,318
67
5
27
22
11
759
Ohio
Indiana
Michigan
Wisconsin
Minnesota
Iowa
MiddleWestern States..
.
W e s t e r n
States
,
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona..
PacificStates.
UnitedStates
11,375
42,507
45,352
193
Arkansas
Kentucky
Tennessee
North Dakota
Nebraska .
Kansas
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma .
Number
of depositors.
331,480
33,650
189,445
76,414
116,031
590,763
891 1,337,783
A m o i m t of
deposits.
1914 (2,100 b a n k s ) .
Average t o N u m each b e r of
depos- b a n k s .
itor.
$2,283,872.11 $200.78
5,958,503.35 140.18
11,894,627.84 262.27
96,564,206.87 196.94
118,264,835.52
13,056,514.48
83,992,499.27
25,062,555.15
30,977,493.09
210,697,716.70
356.78
388.01
443.36 .
327.98
266.98
356.65
482,051,614.21 360.34
2
" 21
13
2
3
6
9
2
4,050
20,584
20,240
5,282
2,291
• 8,496
5,490
2,189
58
68,622
10
14
136
3
13
1
3
27,198
38,152
841,780
1,310
51,366
1,710
2,961
10,123,018.52
13,891,787.56
440,656,006.34
235,103.86
13,626,837.36
1,336,178.98
1,596,929.03
180
964,477
481,465,861.65 499.20
838,939.81
3,197,030.75
4,689,387.00
2,762,311.50
856,750.74
2,255,072.64
1,133,975.81
334,546.83
207.15
155.32
231.69
522.97
373.96
265.43
206.55
152.83
16,068,015.08 234.15
372.20
364.12
623.48
179.47
265.29
781.39
539.33
1,978 10,766,936 4,727,403,950.79 439.07
(0
Number
ofdepositors.
A m o u n t of
deposits.
Average t o
each
depositor.
(^)
17
31
46,802
72,843
$7,361,257.19 $157.29
16,-079,166.58 220.75
190
430,687
97,600,480.57 226.62
23
5
190
24
10
791
117,695
34,445
544,898
84,296
• 144,568
607,878
1,023
1,533,780
2
0)
4,690
11
2
3
6
11
24,318
5,644
8,695
8,950
4,519
35
56,816
15
9
137
1
13
1
3
58,507
15,493
876,663
973
55,638
1,789
3,589
179 1,012,652
64,580,398.28
13,249,197.25
174,138,267.66
27,862,359.52
32,829,622.43
217,038,520.92
548.69
384.65
319.58
330.53
227.08
357.03
529,698^ 366.06 345.37
910,102.06 194.05
4,474,626.32
2,246,869'. 17
1,073,810.93
2,213,706.79
1,007,365.97
183.99
398.10
123.50
247.34
222.92
11,926,481.24 209.91
19,053,871.31
5,668,193.35
458,215,671.00
194,836.38
14,085,750.35
1,475,197.14
1,814,225.50
325.67
365.93
522.68
200.24
253.16
824.59
505.50
500,507,745.03 494.26
2,100 11,109,499 4,936,591,849.03 .444.36
1 Included with statistics for commercial banks.
2 Mutual savings banks only.
NOTE 1.—The compilation for 1913 includes statements, as of June 4, from 623 mutual savings banks and
1,355 stock savuigs banks. Many of the stock savings banks receive commercial deposits and included
with the figures for such banks for 1913 are $139,357,070.69 reported as subject to check without notice to the
credit of 494,377 depositors. Savings bank reports from Virginia include 5 trust and savings banks; from
Georgia 3 savings and trust companies; from Kentucky 6 trust and savings banks. Figures for Iowa are
from official statement, as of June 28; statistics for California include figures for savings departments for
commercial banks, but not the number of such departmental banks. Depositors for the following number
of banks for the States named have been estimated: 1 in North Carolina, 1 in Nebraska, 1 in Colorado, 1
in New Mexico, 1 in Nevada, 2 in Maryland, 2 in Virginia, 2 in Michigan, 3 in Alabama, 3 in Louisiana,
3 in Kansas, 3 in Washington, 4 in West Virginia, 6 in Mississippi, and 76 in Iowa.' Figures for 1913
mclude $931,183.11 postal savings in stock savmgs banks.
NOTE 2.—The compilation for 1914 includes 634 mutual savings banks and 1,466 stock savings -banks.
Included with the figuresfor 1914 are$157,172,071.19reportedassubject to check withoutnotice; $24,461,209.50
demand certificates of deposit and $4,366,003.29. certified checks and cashier's checks outstanding. Statistics for California include figures for savmgs departments.of commercial banks, but not the number
of such departmental banks. Depositors for the following number of banks for States named have been
estimated: 1 each in New Hampshire, New York, New Jersey, Virginia, Minnesota, Kansas, Wyoming,
Colorado, Utah, and Arizona; 2 in Minnesota; 3 in Connecticut and Kentucky; 4 in Maine, West Virginia, and Wisconsin; 5 in Massachusetts; 6 in South Carolina; 7 in Georgia; 8 in Maryland and North
_ Carolina; 12 in Michigan; 198 in Iowa; 2 in Louisiana. Depositors in California savings banks estimated.
So-called stock savings banks of Ohio are included with commercial banks. Michigan "commercial and
savings" banks are included in this table.
554
REPOET ON T H E . F I N A N C E S .
, The deposits in savings banks are classified as follows:
Individual deposits subject to check, without notice
$157,172,071.19
Certificates of deposit payable on demand or within 30 days
24,461, 209. 50
Certificates of deposit payable after 30 days or after notice of not
less than 30 days
83,066,423. 07
Certified checks and cashier's checks outstanding
•.. 4, 366,400. 29
Actual savings deposits
4, 667, 525, 744. 98
Total
4, 936, 591, 849. 03
The reports show that State (commercial) banks hold savings
deposits aggregating $671,995,219.15; loan and trust companies,
$1,034,906,721.87; and private banks $25,983,354.68; making a total
for all reporting banks other than national of $6,400,411,040.68.
The growth of savings banks in the United States from 1820 to
1914, as evidenced by the amount of deposits, number of depositors,
average deposit account, and the average per capita in census years
from 1820 to 1890, and annually thereafter, is shown in the following
table:
Number of savings banks in the United States, number of depositors, amount of savings
deposits, average amount due each depositor in the years 1820, 1825, 1830, 1835, 1840,
and 1845'to 1914, and average per capita in the United States in the years given.
Year.
1820
1825
1830
1835
1840
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.
1883.
1884.
1885,
N u m b e r . N u m b e r of
of banlcs. depositors.
10
15
36
52
61
70
74
76
83
90
108
128
141
159
190
215
222
231
245
• 259
278
285
289
293
.305
317
336
. 371
406
476
517
577
647
669
693
771
781
675
663
639
- 629
629
629
630
636
646
8,635
16,931
38,035
60,058
78,701
145,206
158,709
187,739
199,764
217,318.
251,354
277,148
308,863
365,538
396,173
431,602
487,986
490,428
538,840
622,556
693,870
694,487
787,943
887,096
976,025
980,844
1,067,061
1,188,202
1,310,144
1,466,684
1,630,846
1,902,047
• 1,992,925
2,185,832
2,293,401
2,359,864
2,368,630
2,395,314
2,400,785
2,268,707
2,335,582
2,528,749
2,710,354
2,876,438
3,015,151
3,071,495
Deposits.
, 138,576
,537,082
,973,304
,613,726
,051,520
, 506,677
,374,325
,627,479
,087,488
,073,924
,431,130
,457,913
,467,453
,313,696
,823,906
,290,076
,598,230
,512,968
,438,287
,657,901
128,
,277,504
149,
,729,882
146,
,434,540
169,
,235,202
206,
,280,401
236,
,619,382
242,
,455,794
282,
,
327, 009,452
,781,813
392,
,675,050
457,
,874,358
549,
,745,442
650,
,046,805
735,
,363,609
802,
,556,902
864,
924,037,304
,350,255.
941,
,218,306
866,
,897,425
879,
,490,298
802,
,106,973
• 819,
,961,142
891,
966, 797,081
1,024,856,787
1,073,294,955
1,095,172,147
Average Average
due each per capita
in the
deposi- United
tor.
States.
$131.86
149.84
183.09
176. 72
178.54
168.77
172.48
168.46
165.63
165.99
172.78
182.06
192.54
197.82
196.44
195.29
195.90
200.87
201.24
206. 66
215.13
211.27
215.03
232.48
242.08
247.35
264.70
283.63
299.80
312.04
337.17
342.-13
368.82
367.07
376.98
391.56
397.42
361. 63
366.50
353.72
350.71
352.73
356. 70
356. 29
355.96
356.56
$0.12
""••54
"".'82
1.87
4.75
14.26
16.33
555
COMPTEOLLER OE THE CXTEEEKCY.
Number of savings banks in the United States, number of depositors, amount of savings
deposits, average amount due each depositor in the years 1820, 1825,- 1830, 1835,
1840, arid 1845 to 1914, and average per capita in the United States in the years given—
Continued.
Number Number of
of banks. depositors.
Year.
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
1
638
684
801
.849
921
1,011
1,059
1,030
1,024
1,017
988
• 980
979
987
1,002
1,007
1,036
1,078
1,157
1,237
1,319
1,415
1,453
1,703
1,759
1,884
1,922
.1,978
2,100
Average Average
due each per capita
in the
deposiUnited'
tor.
States.
Deposits.
3,158,950 $1,141, 530,578
1,235,247,371
3,418,013
1,364, 196,550
3,838,291
1,425,230,3494,021,523
1,524,844,506
4,258,893
l-,623,079,749
4,533,217
1,712, 769,026
4,781,605
1,785 150,957
4,830,599
1,747 961,280
•4,777,687
4,875,519
i,8io;597,023
5,065,494
1,907, 156,277
5,201,132
1,939; 376,035
5,385,746
2,065; 631,298
5,687,818
2,230, 366,954
6,107,083
2,449, 547,885
6,358,723
2,597,094,580
6,666,672 . 2,750,177,290
7,035,228
2.935, 204,845
7,305,443
3,060, 178,611
7,696,229 ' 3,261, 236,119
8,027,192
3,482, 137,198
8,588,811
3,690, 078,945
8,705,848
3,660, 553,945
8,831,863
3,713, 405,710
9,142,908
4,070,486,246
9,794,647
4,212,583,598
10,010,304
4,451,818,522
10,766,936
4,727,403,950
11,109,499
4.936,591,849
$361.36
361.39
355.41
354.40
358.03
358.04
358.20
369.55
365.86
371.36
376.50
372..88
383.54
392.13
401.10
408.30
412.53
417.21
418.89
423.74
433.79
429.64
420.47
420.45
446.20
430.09
444.72
439.07
444.35
$24.35
25.29
26.11
26.63
•25.53
25.88
26.68
26.56
27.67
29.24
31.78
33.45
34.89
36.62
37.52
39.17
41.13
42.87
41.84
41.76
45.05
44.82
46.63
48.56
.49.85
1 Population estimated at 99,027,000. Savuigs deposits in all banks other than national on June 30, 1914,
aggregated $6,400,411,040; in national banks on Mar. 4, 1914, $871,634,485.
I n the statements for 1896 t o 1908, inclusive, but not subsequently,
are the number of depositors and amount of deposits in the State
banks of Ilhnois having savings departments, b u t not the number of
such banks, b y reason of the fact that general returns from these
institutions are incorporated in State bank returns. The savings
deposits in savings departments of lUinois State banks and trust
companies were reported officiaUy on July 1,1914, at $310,828,833.91.
MUTUAL SAVINGS BANKS.
Reports were received as of June 30, 1914, from 634 mutual savings
banks, with $3,915,626,190.57 deposits, credited to .8,277,359 depositors, the average deposit account being $473.05. I n June, 1913,
reports were received from 623 mutual savings banks with deposits
of $3,769,555,330.59, credited to 8,101,238 depositors, the average
deposit account being $465.31. There has been an increase of 11
over the number of banks reporting in 1913. The increase in deposits during the year was $146,070,859.98, and in number of depositors 176,121.
The resources of the mutual savings banks aggregated $4,252,989,474.05, classified as follows:
Loans, including overdrafts
Bonds, securities, etc
Banking houses, furniture, and
Other real estate
Amount due from national banks
fixtures
$2,123, 921, 774. 88
1,855,476, 712. 85
39, 678,148. 65
13,196,801. 91
73, 825, 900. 56
556
REPORT ON
THE
Amount d u e from State, etc., banks
Checks and cash items
Cash i n b a n k . . . .
Resources not classified.
:
FINANCES.
-.
$98,006, 679. 33
2,489, 863. 59
23, 987,453.11
22,406,139.17
:
Total..
^...
4, 252, 989,474. 05
. The liabilities, of mutual savings banks are classified as follows:
Surplus...
U n d i v i d e d profits
•
Amount d u e to national banks
A m o u n t d u e to State, etc., banks
.."
I n d i v i d u a T deposits
Other liabilities (including postal savings, $13,962.27, and
payable, $110,525)
Total....'
$280, 095,122. 94
55,503, 959. 01
123,454. 99
31, 784. 51
3,915,626,190.57
bills
-
1,608,962.03
4, 252, 989, 474. 05
Mutual savings banks are confined chiefiy to manufacturing centers and towns of the New England and Eastern States, there being
only 23 reporting institutions of this character in other sections of
the country, viz: 1 in West Virginia, 3 in Ohio, 5 in Indiana, 5 in
Wisconsin, 8 in Minnesota, and 1 in Cahfornia.
The average rate of interest paid to depositors in mutual savings
banks in 1914 was 3.86 per cent, against 3.94 per cent in 1913. The
highest rate is paid by the West Virginia bank, 4.5 per cent, and the
lowest average b y the banks in Pennsylvania, 3.57 per ceiit. An
average rate of 4 per cent is paid depositors in mutual savings banks
in Massachusetts, Rhode Island, Delaware, Indiana, and Calfornia.
The average rate paid by mutual savings banks in the New England
States is 3.90 per cent, in the Eastern States 3.70 per cent, in the
Middle Western States 3.78 per cent, and by the one bank in California 4 per cent.
The foUowing table shows the number of depositors in mutual savings banks, the aggregate savings deposits, and the average amount
due depositors in the States indicated on June 4, 1913, and June
30, 1914:
Number of mutual savings banks, number of depositors, aggregate deposits, and average
deposit account, by States, J u n e 4, 1913, and J u n e 30,1914.
1913
state.
Num- Number
ber of
of debanks. positors.
Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
Total
NewYork.......
New Jersey
Pennsylvania
Delaware
Maryland
Total
236,279
46
189,863
21
115,481
190 2,249,824
15
146,560
616,530
Amount of
deposits.
$95,222,161.37
90,417,174.49
49,777,631.00
861,416,889.41
79,864,916.43
306,428,726.96
1914
Average
Number
to each Number of
of dedeposi- banks.
positors.!
tor.
$403.01
476.22
431.05
382.88
544.93
497.02
240,604
200,325
49
117,584
21
196 2,305,340
148,283
15
622,852
Amount of
Average to
each
depositor.
$97,221,727.11 $404.07
95,122,656.68 474.84
52,939,223.30 450.22
895,178,637.11 388.30
82,237,169.60 554.59
313,273,629.22 502.96
404 3,554,537 1,483,127,489.65
417.25
412 3,634,988 1,535,973,043.02
422.56
140 3,114,
26
318,
10
491,
2
34,
18
239,
1,700,063,766.36
111,780,732.56
208,057,915.06
11,524,425.34
97,031,254.04
645.90
351.40
423.17
338.60
405.35
3,181,023 1,771,560,808.38
303,644 117,084,149.86
500,465 218,843,715.05
34,176
12,054,855.18
246,870
97,892,825.55
556.91
385.59
437.28
352.75
396.49
4,197,425 2,128,458,093.36
507.09
4,266,178 2,217,436,354.02
619.63
1 Number of depositors estimated for 4 banks in Maine, 5 in Massachusetts, 3 in Connecticut, 1 in New
York, 1 in New Jersey, and 2 in Minnesota.
COMPTEOLLEE OF T H E
557
CUEEENCY.
Number of mutual savings banks, number of depositors, aggregate deposits, and average
deposit account, by States, June 4, 1913, and June 30, 1914—Continued.
1914
. 1913
state.
West Virgmia....
Total
Ohio
Indiana
Wisconsin
Minnesota..
Total
California
Total
Grand .total
Num- Number
ber of of debanks. positors.
Amount of
deposits.
Average Num- Number
to each ber of of dedeposi- banks. positors.
11
• 5,817
$1,491,968.14
$256.48
1
5,964
1
5,817
1,491,968.14
256.48
1
5,964
122,460 64,486,440.75
33,650
13,056,514.48
8,190 , 1,964,506.36
93,880 23,217,219.58
526.59
388.01
239.86
247.37
3
5
5
8
117,695
34,445
8,100
124,626
4
5
4
8
Amount of
deposits.
Average to
each
depositor.
$1,522,350.79 $255.42
1,522,350.79
255.42
64,580,398.28 '548.70
13,249,197.25 384.64
2,107,386.29 260.17
25,634,886.36 205.69
21
258,180
102,724,681.17
397.88
21
284,866
105,571,868.18
1
85,279
53,753,098.27
630.32
1
85,363
55,122,574.56
645.74
1
85,279
53,753,098.27
630.32
1
85,363
55,122,574.56
645.74
623 8,101,238 3,769,555,330.59
465.31
634 8,277,359 3,915,626,190.57
473.05
370.60
I July 5.
STOCK SAVINGS BANKS.
Stock savings banks to the number of 1,466 furnished reports as of
June 30, 1914. A large number of so-caUed savings banks transact
chiefly a commercial business and carry very few savings accounts.
In those States where savings-bank reports are not separately compiled by the State banking departments but classified m t h commercial
banks, care has been exercised in ehminating from the classification
made by this office aU so-caUed savings banks which are chiefly banks
of discount and deposit, transacting only a minimum of savings-bank
business. Some difficulty is experienced in making the classification
uniform throughout, but this difficulty can not be entirely overcome
until the State banking departments of every State shall make a separate classification of reports for this class of banks.
In Cahfornia a large number of the banks are known as departmental banks, which make separate reports to the banking department
of that State for each class of business, i.e., for their commercial, trust,
and savings-bank departments. The figures for Cahfornia, therefore,
include the resources and. liabihties of savings banks and savings
departments of other banks.
The banks of Michigan, known as ^ commercial and savings b a n k s / '
^
have been classified with stock savings banks. A large number of
commercial banks in Ohio use the word ^^savings'' in their title, but
these banks have been classified with the commercial banks by reason
of their relatively limited holdings of sa;vings deposits.
The capital stock of the 1,466 reporting stock savings banks
amounts to $89,423,876.57, against $84,837,733.59 for 1,355 banks
reporting last year. Their loans aggregate $829,626,249.72, and are
classified as follows: Secured by unencumbered and improved farm
land $81,687,839.74; secured by other real estate, $397,148,757.22;
secured by bonds and stocks, $63,654,596.86; secured by other collateral, $26,975,376.20; time loans without coUateral, $111,304,613.25;
demand lpans without collateral, $21,801,526.69; loans unclassified,
558
REPORT ON THE FINANCES.
$127,053,539.76. Overdrafts amounted to $1,911,402. Investments,
in bonds, securities, etc., including premiums, aggregate $148,699,505.83, classified as foUows: United States bonds, $521,088.75; State,
county, and municipal bonds, $24,062,789.82; raUroad bonds,
$13,619,458.71; other pubhc-service bonds, $4,923,590.42; bank
stocks, $966,252.63; railroad stocks, $1,101,264.60; aU other bonds,
stocks, warrants, etc., $103,505,060.90. The reports show cash in
bank amounting to $43,812,040.12; amount due from national banks,
$89,490,733.49; and from banks other than national, $24,267,751.23.
Aggregate resources were $1,196,474,090.85; surplus and profits,
$59,392,603.42; individual deposits, $1,020,965,658.46; and postal
savings deposits, $1,085,598.92. The individual deposits include
savings deposits, $752,785,914.16; time certificates of deposit, $82,662,853.59; and deposits payable on. demand, $185,516,890.71.
The depositors in stock savings banks number 2,832,140, of which
2,228,020 are savings depositors and 604,120 have commercial
accounts.
PRIVATE BANKS.
Reports for the current year were received from 1,064 private banks,
against 1,016 reporting in 1913. There are between 3,000 and 4,000
private banking concerns and brokerage houses in the country, but
less than one-half of the number in operation furnished reports.
Private banks appear to be most numerous in the Middle Western
States, as over 76 per cent of those reporting are located in that section. Reports were received from 811 private banks in the Middle
Western States, 8S from the Eastern States, 78 from the Western
States, 73 from the Southern States, and 14 from the Pacific States.
States from which the largest number reported were Ilhnois, 224;
Ohio, 196; and Indiana, 189.
The capital of the 1,064 reporting private banks aggregates $21,101,746.6.6. In 1913 reports were obtained from 1,016 private banks
with capital of $19,601,717.94. The principal items of resources
and liabihties of the reporting private banks are as follows: Loans,
exclusive of overdrafts, $123,189,800.10; bonds, securities, etc.,
$16,264,591.79; due from banks, $26,790,024.23; cash on hand,
$7,294,550.48; total resources, $196,549,120.68. The capital stock
was reported at $21,101,746.66; surplus, $11,430,958.76; undivided
profits, $3,147,609.67; due to banks, $2,545,436.62; and individual
deposits, $145,848,284.59.
LOAN AND TRUST COMPANIES.
I n compiling the statistics relating to loan and trust companies, as
far as possible those concerns which are trust companies in name
only—banks transacting no trust, business—have been excluded
from the summary which follows, but are included with the statistics
for commercial banks.
Reports as of June 30, 1914 (except one from Nevada, 1913), were
received from 1,564 loan and trust companies, with capital of $462,201,248.74 and aggregate resources of $5,489,531,037.80. In 1913
reports were received from 1,515 loan and trust companies, with
capitalof$452,386,839.07 and aggregate resources of $5,123,920,197.46,
being an increase in the number of reporting companies of 49, and
in aggregate resources of $365,610,840.34.
559
COMPTROLLER OF T H E CURRENCY^
There are 208 institutions of this character in the New England
States, 517 in the Eastern States, 352 in the Southern States, 364 in
the Middle Western States, 61 in the Western States, and 62 in the
Pacific States.
The loans and discounts of loan and trust companies aggregate
roundly $2,901,748,000, classified in round amounts as follows:
Secured by improved and unencumbered farm, land, $96,676,000;
secured by other real estate, $468,759,000; secured by stocks and
bonds, $1,213,946,000; secured by other coUateral, $153,420,000;
time loans on one or more name paper, without coUateral, $663,356,000; demand loans on one or more name paper, without coUateral,
$97,618,000; and unclassified loans, $207,973,000, exclusive of overdrafts, $4,002,918.23. Investments in bonds, securities, etc., including premiums, aggregating $1,261,345,000, are classified as
follows: United States bonds, $3,396,000; State, county, and municipal bonds, $210,818,000; railroad bonds, $395,314,000; other publicservice bonds, $224,716,000- bank stocks, $44,491,000; raUroad stocks,
$50,747,000; and unclassified bonds, stocks, warrants, etc., $331,863,000. The amount reported as due from national banks was
$460,859,000, and from other banks, $180,566,000; invested in banking houses, $124,189,000; furniture and fixtures, $11,339,000; other
real estate owned, $34,047,000, Loan and trust companies had
surplus, amounting to $446,569,000 and undivided profits of $123-,
838,000, individual deposits aggregating $3,939,807,000, classified as
foUows: Subject to check, withoutnotice, $2,437,539,000; certificates
of deposit, payable on demand or within 30 days, $147,714,000; time
certificates of deposit, payable after 30 days or after notice of not less
than. 30 days, $268,135,000; certified checks and cashier's checks,
$51,512,000; and savings deposits, $1,034,907,000.
Comparing the principal items of resources and liabihties with
those submitted in 1913, loans (iacludiag overdrafts) show an
increase of $138,405,000; investments, $70,325,000; capital, $9,814,000; individuah deposits, $368,446,000, while the cash on hand
shows a decrease of $5,742,435, and surplus and profits a decrease of
$3,962,020.
BANKS AND BANKING IN THE DISTRICT OF COLUMBIA.
There are 57 banking institutions in the District of Columbia, consisting of 13 national banks, 6 trust companies, 18, savings banks,
and 20 buUding and loan associations. The aggregate capital of all
these institutions on September 12, 1914, was $18,357,645. The
total individual deposits were $87,354,687, and the aggregate resources $141,956,183..
The number, capital, individual deposits, and aggregate resources
of each class of financial institutions doing business in the District of
Columbia on September 12, 1914, are shown in the foUowing table:
Classification.
National banks:
Loan and trust companies
Savings banks
Building and loaii associations
Total
Number.
18
120
57
I Reports dated June 30,1914.
Capital.
Individual
deposits.
$6,977,000 $29,832,456 $62,838,140
10,000,000 28,048,952 45,700,760
1,380,645 11,324,809
13,788,023
218,1.48,470 19,629,260
18,357,645
87,354,687
2 Share payments mainly.
141,956,183
560
REPORT ON THE FINANCES.
RECOMMENDATION AS TO DISTRICT OF COLUMBIA SAVINGS BANKS.
The legal status of many of the savings banks now doing business
in the District is anomalous. They are chartered under the laws of
States in which they, do no business and are amenable in a very
limited way to the laws of the District and of the United States. I t
is true that they are examined by national bank examiners, and if
found to be insolvent a receiver may be appointed, but there are
practically no provisions of law regulating the character of investments to be made or governing the conduct of their bankirig operations.
The States in which they are incorporated exercise no supervision
and in the event of suspension questions of conflict of laws are likely
to arise ia those cases where such banks own property in the State
ia which they are iacorporated. For example, if the State authorities should appoint a receiver, some question may arise as to the
administration under Federal law of the property located within the
limits of such State.
I t is recommended, therefore, that the status of such banks should
be definitely fixed by requiring compliance with specific laws of the
United States if they are to be permitted to engage in the banking
business in the District of Columbia.
MATTER OF THE UNITED STATES TRUST CO. OF WASHINGTON, D. C.
Early in November, 1913, an investigation by national bank examiners of the affairs of the United States Trust Co. of Washington
showed that the company was in a dangerously unliquid condition;
that its assets included a large proportion of loans which could not
be readily collected and other assets upon which it would be very
difficult to realize, as well as a large amount which were regarded as
worthless. This institution had been in an unsatisfactory condition
for some time prior to the incoming of the present administration.
Although the company reported in its statement of October 21, 1913,
a capital of $1,250,000 and undivided profits of $78,652, the examiner's report showed that its undivided profits had been wiped out
and that its capital was, to say the least, heavily impaired.
Negotiations which a certain national bank in the District had taken
up during the progress of the examination were abandoned by the
national bank before the close of the examination, and rumors of the
insolvency of the company became current.
The United States Trust Co. was one of the largest financial institutions of the District. Its total deposits on October 21, 1913, had
been reported at $6,405,354, and it had five branches in the city of
Washington and more than 50,000 depositors.
The rumors as to the Trust Co.'s insolvency occasioned much
nervousness and anxiety in local financial circles. Qn Thursday,
November 20, a run was started, and throngs of people besieged the
company's main office and branches, clamoring for their money.
The withdrawals of money were on a scale which convinced the
management of the company that it would be impossible for it to
realize on its assets fast enough to meet the demands of depositors,
and its directors endeavored to expedite the negotiations which they
COMPTROLLER OF T H E CURRENCY.
561
had, within the few days, entered into with other local financial
institutions, and to inaugurate others, with the hope of finding some
local bank or trust company sufficiently strong, and willing, to guarantee and take over the deposits - and business of the United States.
Trust Co., so as to avert the threatened collapse. There was reason
to fear that if the United States Trust Co., with its five branches,
should close its doors, runs would be precipitated on other banks
and trust companies in the District, and that a succession of bank
failures or suspensions would be precipitated.
Financial conditions in this country at that time were nervous and
more or less strained, and there was serious apprehension t h a t such
a disturbance as threatened in Washington might spread to other
cities, with disastrous consequences.
The Treasury Department, upon being appealed to for assistance,
made it known, without favor or discrimination, to the several institutions wdth which the management of the United States Trust Co.
was negotiating that, in order to help out, the Government as it
could not under the law deposit directly with a Trust Company, would
be willing^to deposit $1,000,000 in the national banks of Washington,
upon proper security, in order that these banks might advance this
sum, upon satisfactory security, to such bank or trust company as
might be able and willing to take over the business and guarantee
the deposits of the United States Trust Co., and thus prevent the
failure or faUures .which were impending.
On the evening of Friday, November 21, negotiations were closed
between the management of the United States Trust Co. and Frank
A. Munsey and associates, representing the Munsey Trust Co. of
Washington, a company with a capital and surplus of $2,152,620,
whereby the latter institution agreed to take over and guarantee the
prompt payment of aU deposits of the United States Trust Co. and
to proceed with the hquidation of the affairs of the United States Trust
Co., with the understanding that the Munsey Trust Co. would return
to the stockholders of the United States Trust Co. whatever assets,
if any, might remain after paying off. the depositors of the United
States Trust Co. thus assumed and guaranteed.
'
The announcement made in the newspapers on the morning of
November 22, 1913, that the deposits of the United States Trust Cb.
were thus assured aUayed the threatened panic and restored confidence in the banking community.
About 10 days later, on December 3, 4913, a New York newspaper
hostile to the administration made an attack upon the Treasury
Department and its officials for the part wliich the Government had
taken—and which had been strictly within the law—in its effort to
avert the disaster which, had it not been prevented, would surely
have brought much suffering and loss to more than 50,000 depositors
of the United States Trust Co., as weU as to other local interests,
and which would probably have been far reaching in its evil results.
Information which reached the department indicated that this
newspaper attack had been instigated and promoted by individuals
connected with a local national bank which was affiliated with a banking interest in New York City, also hostUe to the present administration, and which interest, under previous administrations, had enjoyed
special favors and privileges from the Government, particularly in
64402°—FI 1 9 1 4 — 3 6
562
REPORT ON THE FINANCES.
connection jvith the Treasury Department, as existing records
abundantly show.^ On December 4, 1913, the Secretary of the Treasury made the fol' lowing public announcement:
'
'
The publications' in a New York newspaper concerning the action of the TreasuryDepartment with respect to the acquisition of the United States Trust Co. by the
Munsey Trust Co. are full of falsehood and innuendo and are without the shadow of
possible justification.
The source of these publications is known to and thoroughly discredited by the
department.
The Secretary said that he had not heard, until these publications appeared, that
an investigation of the local banking situation by Congress was contemplated; but if
it be true, the Secretary said that he would welcome such an investigation. It could
not, he said, fail to disclose the complete falsity of the publications in question and
emphasize the wisdom of the department in having saved, by its prompt action, a
large number of innocent depositors from threatened losses. This was the only thing
in the local financial situation which was causing concern. It was an inheritance
from the previous administration. Through the arrangements consummated and the
department's opportune action the disturbing elements have been entirely eliminated.
This subject, and the charges embraced ia the newspaper attack,
were investigated by the Banking and Currency Committee of the
United States Senate, with the result t h a t the charges, statements,
aad innuendoes in the publications referred to were found to be false,
unprovoked, and without the slightest justification or excuse. Secretary McAdoo's denunciation of the publications, and of those
responsible for them, was proved to have been amply justified, and
the actions of the Treasury Department and its officials in the entire
matter were completely vindicated.
The testimony given before the Senate committee was printed,
and by resolution of the Senate January 19, 1914, was made a public
document.
,
The publication by the New York newspaper referred to, of false
and misleading statements in connection with the transaction, by
which bank failures had been averted and confidence restored in the
community, continued for several weeks, b u t subsided with the pubhcation of the report of the Senate committee. The President's
nomination, for ComptroUer of the Currency, of the Assistant Secretary of the Treasury who had taken part officiaUy in preventing the
threatened failures in Washington, and who had been the special
object of attack by the newspaper and banking interests referred to^
. 1 On April 23,1913, the Secretary of the Treasury gave out the following statement:
"A few weeks ago, suggestion was made to the Secretary that certain banks had long maiatained private
employees in the Treasury Department for the purpose of reportiug to them on the transactions and business of the Treasury.
"As a result of an investigation which was promptly begun, it develops that the National City Bank
ol New York, acting through Mr. Ailes, vice president of the Riggs National Bank of Washington, has
employed a clerk outside of the department, who has been given a desk in the office of the Comptroller of
the Currency, and who has for the past eight or ten years, made regular reports to the National City Bank
on the condition of each national bank iu the country promptly following every call of the Comptroller of
the Currency.
"This is, of course, irregular and improper^ and immediately upon its discovery it was stopped. It is
only fair to say that the banks claim that the'^mformation so obtauied is only such as iu due course is made
public by the individual banks or the department. But the method employed, of iustalling a private
employee, with a desk in the Treasury Department, gives the bank so favored an undue advantage, in the
way of advance information, over all other banks in the country. At the same time it tends to establish
intimate relationships with the employees of the Government and for the acquirement of information of
a confidential nature that ought not to be given to individuals or private corporations, and which, if given
at all, should be published to the entire country. It is needless to point out that if any large.humber of
banksshould claim the same privilege, the Treasury Department would be overrun with private employees,
to the serious injury and detriment of the service.
" Many of the transactions with the department are necessarily of a confidential nature, and no Government employee should, upon any inducement or consideration, supply any information to any private
interest beyond what is given out officially to'all."
COMPTROLLER OF T H E CURRENCY.
563
was confirmed by the United States Senate on January 19, 1914,
with but one dissenting vote.^
The $1,000,000 deposited by the Government with the national
banks in Washington, and by them deposited with the Munsey
Trust Co. to assist in averting the bank faUures, was duly returned
to the Government with interest at the rate of 2 per cent per annum,
one-haK being repaid by February 6, 1914, and the entire balance by
AprU 3, 1914.
The Munsey Trust Co., with the cooperation of the officers of the
United States Trust Co., converted into money during the, ensuing
months a sufficient amount of the assets of the-latter company to
rehnburse.the Munsey Trust Co. for aU moneys which it advanced
to the United States Trust Co. and its depositors; the remaining
assets of the United States Trust Co. were conserved, and, after
paying all claims, doUar for doUar, were set aside for the benefit of
the stockholders of the United States Trust Co. A stockholders'
committee of the United States Trust Co. has stated that there
is reason to hope that the shareholders may eventually receive,
when the assets have been finally hquidated, somewhere from $40
to $60 per share, whereas there are those, in a position to be weU
informed as to the company's affairs a year ago, who declare the
company would probably have been far from able to pay even its
depositors in full had it gone into the hands of a receiver under the
conditions prevailing in November, 1913, at the time that the Munsey Trust Co. came forward, guaranteed its depositors, and undertook to supervise the liquidation of its affairs.
The Munsey Trust Co., having discharged the liabUities which it
assumed in behalf of the United States Trust Co. and having been
reimbursed for its payments and advances, was released from further
duties in the premises through the action of the Supreme Court of
the District of Columbia, which, on December 8, 1914, appointed a
liquidatiag agent, or receiver, to complete the liquidation - of the
assets of the United States Trust Co. and to pay over to the stockholders their pro rata share -of the proceeds.
BUILDING AND LOAN ASSOCIATIONS IN THE DISTRICT OF COLUMBIA.
Building arid loan associations in operation in the District of
Columbia, which were placed under the supervision of the ComptroUer of the Currency by the act of March 4, 1909, have shown a
steady increase of business from t h a t date, as indicated by the volume
of loans, installment payments on shares, and aggregate resources,
as shown in the table following:
Years.
June 30; 1909
June 30,1910
June 30,1911
June 30,1912
Jime 30, 1913
June 30, 1914
Number
of associations.
Loans.
Installments
on shares.
$13,511,587
14,415,832
14,965,220
16,004,760
17,398,010
18,582,156
$11,996,357
13,213,644
13,324,217
14,529,977
16,453,044
17,113,899
Aggregate
resources.
$14,393,927
15,250,731
16,017,465
17,160,293
18,438,294
19,629,260
1 The only vote against confirmation was from a member of the opposite party, who stated that his
objection was entirely impersonal and was based upon economic issues.
564
REiPORT ON THE FINANCES.
These institutions are required to make semiannual reports and
are subject to periodic examinations. The total number of shares
issued by these associations is stated at 314,079, of which 180,536
Were in force on June 30, 1914. The membership is reported as
33,217, of whom 8,534 are borrowing and 24,683 are nonborrowing
members.
BANKS AND BANKING IN THE ISLAND POSSESSIONS.
Reports as of June 30, 1914, were received from 11 bankihg institutions other than national in operation in the Territory of Hawaii,
against 9, with aggregate resources of $12,283,695, reporting in 1913.
A summary of the principal items of resources and liabilities for
these banks is as follows: Loans and discounts, $9,757,274.99;. over-.
drafts, $1,044,790.11; investments in bonds, securities, etc., $3,144,689.10; real estate, banking houses, furniture, and fixtures, $485,172.94; due from banks, $1,941,211.20; checks and other cash
items, $233,048.23; cash in bank, $2,368,278.27; other resources,
$624,043.23; aggregate resources,'$19,598,508.07; capital stock paid
in, $3,020,000; surplus and profits, $1,208,908.74; due to banks,
$703,832.92; dividends unpaid, $3,567; individual deposits, $14,257,668; other liabilities, $404,531.43. There were five national banks
in Hawaii, with capital of $635,000 and aggregate resources on June
30, 1914, of $4,093,875.56. Statistics for these banks appear elsewhere in this report.
Fifteen banking institutions in the Island of Porto Rico submitted
reports as of June 30, 1914. A summary of resources and liabUities
of these banks is as follows: Loans, $8,166,128.35; overdrafts,
$38,060; investments in bonds, securities, etc., $1,553,514.78; real
estate, banking houses, and furniture and fixtures, $373,041.80; due
from banks, $4,114,827.32; checks and other cash items, $688,758.69;
cash in bank, $2,620,808.45; other resources, $195,869.29; aggregate resources, $17,751,008.68; capital stock paid in, $2,236,984.92;
surplus and profits, $1,000,910.63; due to banks, $2,046,699.48;
dividends unpaid, $9,707.03; individual deposits, $11,017,045.34;other liabilities, $1,439,661.28. In 1913, six banks reported from
Porto Rico, with aggregate resources of $17,431,344.60.
No information was obtained from the banks of the Philippine
Islands for the current year, and the statistics for 1913 have been
used in compiling this report. On June 4, 1913, reports were received
from 11 banks in operation in the Phihppine Islands, with capital
stock aggregating $2,750,000 and aggregate resources of $32,036,402.87.
STATE AND PRIVATE BANK FAILURES.
Through the courtesy of the Bradstreet Commercial Agency information has been obtained with respect to the number of banks, other
than national, closed and the amounts of assets and liabilities and the
date of closing, but no statistics are at command in relation to the
settlement of the affairs of insolvent State and private banks.
In the year ended June 30, 1914, 96 banks of this character were
closed, the nomiaal assets at the date of failure being $20,601,228,
and the liabilities $32,058,706. Included in the list of failures are 53
State banks, with asseti of $8,946,649 and liabilities of $11,510,912;
dl- savings banks, with assets of $643,500 and habilities of $769,322; 9
trust companies, with assets of $7,948,242 and liabilities of $8,751,282;
COMPTROLLER OF THE CURRENCY.
565
27 private banks, with assets of $3,062,837 and liabilities of
$11,026,644.
As a result of special efforts information was obtained in 1896 in relation to the settlement of the affairs of State and private banks closed
during the period beginning with 1864 and terminating in the year
1896. From the data thus obtained it would appear that creditors
received on an average of approximately 45 per cent on their claims.
Since 1896 no statistics have been secured relating to the settlement
of the affairs of banks of this character, but there have been reported
from year to year the number of failures, with assets and liabilities
at the date of faUure, which is summarized in the following table:
Number of failures, cdpital, assets, liabilities, and dividends paid by State and private
banks that failed in each year from 1864 to 1914.
Number
of
failures.
Year.
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..'
Total
Not dated
... .
•
:
.•
. .
Capital.
2
5
$125,000.00
5
275,000.00
3
260,000.00
7
276,381.00
6
100,000.00
1
7
220,000.00
470,000.00
10
33
907,000.00
40
770,000.00
14
2,413,900.00
37
961,000.00
63
2,491,250.00
70 . 3,250,193.00
20
1,370,465.00
10
452,200.00
9
436,750.00
545,000.00
19
870,000.00
27
1,718,596.00
54
1,099,400.00
32
.254,000.00
13
931,590.00
19
745,500.00
17
15
363,250.00
30
2,169,568.00
44
2,071,300.00
27
578,840.00
261 16,641,637.00
71
3,112,447.00
115
3,906,350.00
78
3,400,642.00
1,164
70
63,187,259.00
445,000.00
Total
1897
1898
1899
1900
1901
1902
1903
1904:
1905
1906
1907 '.
1908
1909
1910
1911
1912
1913
1914
1,234
122
53
26
32
56
43
26
102
67
37
34
132
60
28
56
56
40
96
53,632,259.00
Total
2,289
Nominal
assets.
$245,401.97
1,206,035.00
222,075.00
183,002.30
77,861.00
. Dividends
paid.
2,314,871.90
2,126,124.18
4,644,889.91
4,125,731.00
9,190,283.98
7,312,218.73
13,137,835.47
26,001,949.67
5,102,691.94
1,629,146.61
585,653.06
2,765,951.10
2,813,915.19
12,900,819.05
2,982,879.51
1,300,536.30
2,865,300.30
2,805,326.52
1,279:900.68
10,692,385.98
7,190,824.69
2,719,410.75
54,828,690.65
7,958,284.18
11,276,529.99
10,240,244.97
$225,662.14
890,112.00
138,821.00
148,886.00
361,901.73
50,000.00
2,654,187.15
3,059,318.06
6,938,053.01
4,562,879.00
12,365,475.25
9,206,429.34
15,222,785.49
27,269,520.51
5,252,307.22
1,311,799.49
1,785,890.45
2,608,489.57
3,193,747.39
15,508,389.70
4,883,454.27
1,140,824.48
•3,074,022.29
3,342,336.52
2,147,059.18
. 11,385,584.64
6,365,198.77
3,227,608.56
46,766,818.80
7,218.319.51
9,010:584.93
7,513,837.41
974,256.96
1,906,573.00
3,420,016.33
2,022,498.51
4,143,941.97
5,178,020.98
7,004,558.27
19,485,717.87
4,235,808:85
288,494.74
851,755.00
1,221,737.29
1,408,047.99
9,671,860.25
2,361,320.01
673,579.10
1,610,527.45
1,924,773.68
1,026,682.73
3,884,577.99
3,090,597.48
803,860.76
17,912,270.46
1,456.522.87
2,251,708.93
534,363.30
212,725,771.58
1,586,419.00
218,833,563.86
1,796,424.41
99,711,330.76
377,396.20
214,312,190.58 220,629,988.27
17,929,163.00 24,090,879.00
4-493,577.00
7,080,190.00
7,790,244.00 10,448,159.00
7,675,792.00 11,421,028.00
6,373,372.00 13,334,629.00
7,323,737.00 10,332,660.00
2,166,852.00
4,005,643.00
24,296,823.00 31,774:895.00
6,970,345.00 10,273,023.00
6,591,515.00
7,187,858.00
" 13,037,497.00 22,165,448.00
177,073,348.00 209,835,443.00
15,760,177.00 25,190,156.00
14,496,610.00 18,182,592.00
13,962,050.00
18,546,583.00
7,797,401.00 12,838,837.00
6,182,295.00
7,520,527.00
20,601,228.00 32,058,706.00
100,088 726.95
674,834,216.68
•
Liabilities.
696,917,250.27.
$145,592.25
138,821.00
82,844.74
566
REPORT ON THE FINANCES.
For the purpose of comparison there is submitted herewith a
statement relating to failures by years and classes of banks:
Number, assets, and liabilities of State banks, savings banks, loan and trust companies,
private banks, and National banks which failed, by years, from June 30, 1892, to June
30, 1914.
[In the amounts 000 omitted.]
s t a t e institutions.
Year.
state banks.
No.
1892
1893
i894
1895
1896
1897
1898
1899
1900..
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913...
1914
'
Total
Assets.
Savmgs banks.
LiabUities.
No.
Assets.
Loan and trust companies.
Liabilities.
No.
• $209
15,098
33,420
4,107
1,159
3,436
1,275
5,067
5,243
995
12
371
13,128
2,525
4,636
4,850
110,047
6,342
3,072
140
2,452
3,409
7,948
$425
24,144
37,977
5,844
936
4,325
1,575
6,701
6,636
1,113
22
561
15,880
3,600
3,990
8,100
126,200
5,412
. 2,216
230
- 4,304
3,419
8,752
.
•
.
... .
227,941
272,362
$1,892
41,282
1,774
2,555
3,741
6,080
694
919
418
1,003
1,364
645
5,194
1,397
710
2,380
41,035
2,732
8,170
9,865
2,318
1,362
8,947
$3,178
36,903
2,010
3,445
4,628
8,083
988
1,240
442
1,440
2,056
965
6,725
2,282
1,006
4,833
43,227
3,286
9,111
12,678
3,129
1,866
11,511
6
47
9
8
9
19
4
4
3
3
10
1
7
4
5
$484
17,674
2,646
.4,653
662
3,998
800
1,153
328
450
4,622
35
1,457
550
360
$917
16,831
2,678
4,818
902
5,455
956
1,632
410
631
6,730
235
1,704
8n
490
12
2
1
4
1
4
7
7,760
85
52
2,021
40
564
643
7,581
105
63
2,487
66
680
769
3
19
8
6
4
12
2
2
4
4
1
2
8
2
4
4
25
6
6
2
4
3
9
698
. .
24
172
27
46
55
44
14
5
9
8
12
6
37
16
15
10
42
19
9
28
29
18
53
146,477
165,032
170
51,037
65,851
140
Private banks.
Total state and private
institutions.
Assets.
Liabilities.
National banks.i
•
^
Year.
No.
1892
1893
1894
1895
1896
1897...
1898
1899
1900
1901
1902
1903
1904...
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
Total
Assets.
36
176
21
26
42
47
33
16
16
41
20
17
50
35
13
20
53
33
12
22
21
16
27
$3,540
20,237
1,749
1,389
1,886
4,416
1,725
651
1,687
3,925
1,325
1,116
-4,518
2,498
886
6,807
18,231
7,602
3,206
1,935
2,976
846
3,663
790
95,214
1 Years ended Oct. 31.
Liabilities.
No.
Assets.
69
$6,125
$6,505
414
94,291
19,315
2,236
65
39,589
1,805
85
12,704
2,708
110
7,448
6,228
122 . 17,930
3,561
53
4,494
874
26
7,^90
3,933 . 32
7,676
10,251
56
6,373
2,525
43
7,323
2,246
26
2,167
7,466 ' 102
24,297
3,580
57
6,970
1,702
6,592.
37
9,232
34
13,037
32,828
132
177,073
16,387
60
15,761
6,792
14,496
28
3,150
13,962
66
6,338
7,797
65
1,554
6,182
40
11,027
20,601
96
161,242 1,798
520,678
Liabilities.
$11,025
97,193
44,901
15,912
9,174
24,091
7,080
10,447
11,421
13,335
10,333
4,006
31,776
10,273
7,188
22,165
209,836
25,190
18,182
18,546
12,838
7,620
32,059
654,490
No.
Assetsn o m i n a l Liabilities.'
value.
17
$16,257
31,135
65
21
8,366
14,919
36
14,203
27
39,574
38
7
6,393
12
2,726
6
13,590
11 '
9,157
2
604
12
7,304
20
8,733
22
15,304
2,410
8
7
8,035
24
33,400
9
4,018
6
3,123
3
1,400
8
5,404
6
7,914
21
12,840
388
266,808
«Claims proved, offsets allowed, and loans paid.
$12,769
20,356
6,679
9,416
10,066
26,415
3,813
1,810
10,312
7,676
379
5,711
6,698
12,977
1 602
6,452
22,395
3,166
2,919
914
4,626
6,666
7,292
188,807
567
COMPTROLLER OF THE CURRENCY.
BUILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES.
Through the courtesy of Mr. H. F. Cellarius, secretary of the
United States League of Local Building and Loan Associations,
statistics have been obtained relating to the building and loan
associations for the year 1913.
These statistics show that there were in 1913, in the United States,
6,429 associations, with a total membership of 2,836,433, and having
assets amounting to $1,248,479,139. The total resources increased
$110,878,491, or 9.74 per cent, for the year. Membership increased
319,497, or over 12§ per cent, during the same period. The average
amount due each member is $440.16.
The following table shows, by States, the number of associations,
the total membership, and total assets for States in which accurate
statistics are compiled by the State authorities. The data for other
States are consolidated under the heading '^ Other States," and the
figures given are estimated.
Statistics for 1913.
Number
Total
of asso- m e m b e r s h i p .
ciations.
States.
T o t a l assets.
Increase! i n
Increase
in m e m bership.
1,710
649
643
591
169
,241
323
70
93
66
67
108
20
59
139
127
65
44
61
22
47
37
6
13
13
9
19
39
13
18
3
946
Total
510,839
1624,316
241,487
187,779
188,741
161,880
151,181
70,996
37,811
56,889
46,043
52,464
34,846
48,829
33,108
29,824
27,710
15,500
13,460
20,644
19,052
11,389
7,719
5,592
4,917
5,200
8,050
6,051
3,670
1,803
376
310,368
$233,564,445
224,037,997
118,953,658
82,007,661
81,708,343
64,249,990
63,878,749
32,746,726
28,316,022
24,008,662
21,317,982
20,324,690
18,941,184
16,708,538
15,668,919
11,071,159
10,456,499
6,473,351
6,347,622
6,264,765
5,715,614
5,206,361
4,622,350
3,241,853
2,966,733
2,698,235
2,390,899
1,669,372
1,519,741
1,111,965
180,190
140,220,074
$19,738,898
18,692,003
12,398,661
7,649,767
7,224,296
6,209,479
2,776,828
3,800,618
3,449,450
1,978,223
2,240,707
1,826,176
1,225,084
1,787,589
• 1,646,898
• 1,489,600
1,763,669
•541,689
657,762
1,707,611
35,345
1127,834
22,069
16,323
16,060
10,861
8,979
2,637
6,890
8,770
6,793
4,464
2,615
4,917
1,957
3,764
4,.418
2,100
760
4,600
303,966
(3)
263,618
173,263
177,282
88,629
662,760
271
(3)
1,661
930
886
,150
1,861
6,429
Pennsylvania
Ohio
New Jersey
Dlinois
Massachusetts
New York
Indiana...
Nebraska
-.
California
Michigan
Louisiana
Kentucky
D i s t r i c t of Columbia.
Kansas...
Missouri
N o r t h Carolina
Wisconsin
W e s t Virginia
Minnesota
Washington
Iowa 2
Maine
Rhode Island
Connecticut
Tennessee
,
North Dakota
New Hampshire
Oklahoma
N e w Mexico
Montana
Vermont
Other States
2,836,433
1,248,479,139
110,878,491
(3)
18,962
.(3)
11,796,306
(«)
9
(3)
23,794
319,497
1 I n c l u d i n g depositors.
8 R e p o r t s issued b i a i m u a l l y . F i g u r e s for 1912 u s e d .
8 Increase i n c l u d e d i n o t h e r S t a t e s .
BUILDING AND LOAN ASSOCIATIONS* RECEIPTS AND DISBURSEMENTS
FOR 1913.
The aggregate receipts for 1913 amounted to $862,809,885, an
increase of $83,330,685 for the year, or 10.7 per cent. The receipts
from weekly dues were $13,329,999 in excess of the previous year,
568
REPORT ON T H E FINANCES.
an increase of 5 per cent. Paid-up stock receipts were $8,858,278
more than the year before, an increase of 34 per cent. Deposits
increased 9.5 per cent. Interest receipts were $6,784,464 more than
the previous year, an increase of 10 per cent. The increase in
mortgage loans made was $28,698,180, an increase over last year
of 9.5 per cent. Stock withdrawals increased $14,042,141, or 6.4
per cent. The total expenses of management for 1913 amounted to
$7,844,018, which was $243,782 more than was paid the previous
year. The ratio of expenses to total receipts is nine-tenths of 1 per
cent. In detail the receipts and disbursements for the year were as
follows:
'
Receipts, 1913.
Cash on hand Jan. 1,1913
Weekly dues
Paid-up stock.
Deposits
Loans repaid '.
Interest
Premium
•
Fines
Pass books and initiation
Borrowed money
Real estate sold
Miscellaneous receipts
Total receipts
Amount.
..
I...
:...
$35,041,321
275.509,899
35,060,578
76,000.960
239,646,946
72,406,320
4,217,283
1,046.297
776,699
89,679,849
4,955,468
28,468,265
862,809,885
Disbursements, 1913.
Pas.s-book loans.....".
Mortgage loans . .
Stock withdrawals
Paid-up stock withdrawals
Deposit withdrawals
Expenses
Borrowed money repaid
Interest.
R eal estate purchased
Miscellaneous disbursements
Cash on hand Jan. 1,1914
Total disbursements
Amount.
:
$30,894,647
327,831 168
231,976,241
34.624 086
69.158,306
7,844,018
87,657,864
1,668.940
6,361,229
28,063,868
36,729,518
862,809,885
SAVINGS BANKS IN THE PRINCIPAL COUNTRIES OF THE WORLD.
Through the courtesy of the Bureau of Foreign and Domestic Commerce, Department of Commerce, the Comptroller is enabled to present the last available statistics relating to the number of depositors,
amount of deposits, average deposit account, and the average deposit
per inhabitant of the principal countries of the world. The statistics
resented are divided in two classes—first, those relating to all savings
anks; and, second, to postal saviags banks. To the statistics so
obtained have been adaed data relating to the mutual and stock
savings banks and postal savings banks in operation in the United
States.
The statistics thus obtained are shown in the tables which follow.
P
Savings banks, including postal savings hanks: Number of depositors, amount of deposits, average deposits per deposit account and per inhabitant, by
specified countries.
[Compiled b y t h e B u r e a u of Foreign a n d D o m e s t i c C o m m e r c e , D e p a r t m e n t of C o m m e r c e , from official r e p o r t s of t h e respective countries.]
Countries.
Austria..
Belgium
Bulgaria
Chile
D e n m a r k 2.,
Egypt
France
Algeria,.
Timis..
G e r m a n y s..
H u n g a r y *.
' Italy
Japanese E m p i r e .
Luxemburg..
Netherlands
Dutch East Indies..
D u t c h Guiana
Norway
Roumania &
Population.^
D a t e of
report.
F o r m of organization.
C o m m u n a l a n d p r i v a t e savings b a n k s
P o s t a l savings b a n k s , savings d e p a r t m e n t - .
P o s t a l savings b a n k s , c h e c k d e p a r t m e n t . . .
G o v e r n m e n t savings b a n k s
,
7,579,000
C o m m u n a l a n d p r i v a t e savings b a n k s .
P o s t a l savings b a n k s
4,338,000
P u b l i c savings b a n k s
,
3,460,000
C o m m u n a l a n d c o r p o r a t e sa^ ings b a n k s
2,800,000
G o v e r n m e n t savings b a n k s
11,626,000
P r i v a t e savings b a n k s
-39,602,000
P o s t a l savings b a n k s
t....do
5,564,000 Dec. 31,1909 Municipal savings b a n k s
1,929,000 ,Dec. 31,1912 P o s t a l savings b a n k s
65,643,000
d o . . . : . - . P u b l i c a n d c o r p o r a t e savings b a n k s
(Dec. 31,1909 C o m m u n a l a n d p r i v a t e savings b a n k s
^
21,'030,000 - D e c . 31,1912 P o s t a l savint,s b a n k s , s a v i n g s d e p a r t m e n t .
P o s t a l savings b a n k s , c h e c k d e p a r t m e n t . . .
[....do
C o m m u n a l a n d c o r p o r a t e savings b a n k s . . .
35,239,000 / J u n e 30,1913
: —
\ D e c . 31,1912 P o s t a l savings b a n k s
.70,639,000 / M - .rd o 31,1913, P r i v a t e savings b a n k s
\ a .
P o s t a l savings b a n k s
268,000 D e c . 31,1913 s t a t e savings b a n k
/ D e c . 31,1911
6,022,000 \ D e c . 31,1912 P r i v a t e savings b a n k s
P o s t a l savings b a n k s
/ D e c . 31,1910
37,957,000 \ D e c . 31,1912 P r i v a t e savings b a n k s
P o s t a l savings b a n k s
86,000 . . . . d o
,
do
2,436,000 . . - . d o
C o m m u n a l a n d p r i v a t e savings b a n k s
6,866,000 J u l y
1,1910 G o v e r n m e n t savings b'anks
28,763,000
D e c . 31,1911
Dec. 31,1913
....do
/ D e c . 31,1912
\....do
Dec. 31,1911
D e c . 31,1912
Mar. 31,1912
D e c . 31,1913
/ D e c . 31,1912
Number
of depositors.
Deposits.
Average
depcsit
account.
4,385,064
2,300,407
122,870
3,013,296
49,794
312,462
301,353
1,210,017
282,401
8,391,694
6,187,203
19,427
5.546
22,979,254
1,149,251
836,143
24,104
2,399,606
5,780,010
8,039,296
12,584,743
76,358
470,333
1,607,016
13,228
102,486
10,649
1,078,704
218,690
$1,291,041,227
40,297,296
79,561,438
204,147,391
11,854,503
8,797,965
8,193,721
189,978,301
3,176,757
754,409,859
336,893,799
1,309,709
1,504,443
4,445,833,574
428,023,064
21,983,784
22,027,751
490,191,340
376,072,443
82,883,367
96,495,896
12,790,781
47,811,870
71,016,038
2,887,566
3,789,750
353,653
152,065,236
11,616,820
17.
647.
67.
238.
28,
27,
157.
11.
89,
54,
67,
271,
193.
372,
26.
913.
204.
65.
9.
7.
167.
101.
44.
218.
36.
33.
140,
53.
Average
dei)0sit
per inhabitant.
$44.89
1.40
2.77
26.94
1.56
2.03
2.37
67.85
.27
19.05
8.51
.24
.78
67.73
20.35
1.05
1.05
13.91
10.67
1.17
1.37
47.73
7.94
11.79
.08
.10
4.11
62.42
1.69
O
O
hj
W
O
f
fej
W
&
o
d
w
w
"4
o
1 T h e figures of p o p u l a t i o n are for t h e nearest d a t e to w h i c h t h e statistics of savings b a n k s relate.
2 E x c l u s i v e of 1,966 deposits of $205,371 in savings b a n k s in F a r o e I s l a n d s , a n d of d a t a for savuigs d e p a r t m e n t s of o r d i n a r y b a n k s , w h i c h c o m p r i s e d 164,783 a c c o u n t s , credited w i t h
$36,068,478 o n Mar. 31,1912.
3 E x c l u s i v e of B r u n s w i c k .
4 N o s e p a r a t e d a t a a v a i l a b l e for p r i v a t e a n d c o m m u n a l savings b a n k s since 1909, T h e o r d i n a r y b a n k s , savings b a n k s , a n d l a n d - c r e d i t b a n k s of H u n g a r y h e l d 1,896,654 savings
a c c o u n t s c r e d i t e d w i t h $781,477,529 o n D e c . 31,1911.
.
'
,
s F i g u r e s for t h e Casa d ' E c o n o m i e .
CO
Savings banks, including postal savings banks: Number of depositors, amount of deposits, average deposits per deposit account and per inhabitant, by
specified countries—Continued.
,
Countries.
Russia 1
Finland
Spain 2
Sweden
Switzerland
United Kingdom 3
British India <
Australia, Commonwealth.
New Zealand
Canada 5
British South Africa.
British West Indies..
British c o l o n i e s ,
n. e. s.
Population.
167,920,000
3,140,000
19,944,000
5,604,000
3,555,000
45,663,000
244,221,000
4,894,000
Date of
report.
Dec. 31,1913
/Dec. 31,1911
\....do.
Dec. 31,1912
/...-do.
\Dec. 31,1913
Dec. 31,1908
/Nov. ,20,1912
\Dec. 31,1912
Mar. 31,1912
Mar. 31,1914
31,1912
1,053,000 /Dec. 31,1913
\Mar.
7,758,000 /June 30,1913
l.-.-do
7,086,000
1911-12
1,736,000
1912-13
25,506,000
1912-13
Total,
foreign
countries.
United States
Philippine Islands...
Grand total..
998,672, 000
Deposits.
Postal savings banks.
Private savings banks
Postal savings banks
Dominion Government savings banks
Government, post office, and private savings banks
Government and post office savings banks
do
.'
Postal savings banks
Mutual and stock savings banks..
Postal savings banks
:
:
55,943,487
242,335,228
12,885,976
307,386,431
261,875,606
886,211,861
61,313,176
397,009,678
$96.56
156. 77
23.20
97.57
145.62
22.38
156.56
140.00
69.50
40.85
188.70
$5.17
15.43
.46
2.81
43.24
2.30
86.47
5.73
19.41
.25
81.12
145,396
34,309
262,920
92,983
246,317
,79,471,196
8,337,692
41,885,255
14,140,754
29,938,226
6,522,234
14,377,352.
183.88
116.24
288. 08
412.16'
113.87
70.14
58.37
75.47
7.92
5.40
1.82
^ 4.22
3.76
.56
12,534,536,364
1,988,225
308,938
66,002
573,349
,664,163
575, 700
,963,417
,870,510
!, 750,693
,500,834
1,103,906
$867,929,500
48,431,375
1,530,935
432,199
71,728
388,511
40,919,673
11,109,499 6 4,936,591,849
, 1,416,912
45,518
129,746,522
O
w
1^
o
Hi
W
I—t
14.08
105.32
444.36
31.13
"4
49.36
.16
o
17,513,463,798
1 The total is exclusive of $179,529,000 worth of securities held by the savings banks to the credit of depositors.
,
2 The peseta has been converted at the rate of 18.1 cents. Data taken from "Espana Econ6mica y Financiera," May 31,1913. Exclusive of data for savings departments of
commercial banks, which comprised 136,648 accounts, credited with $30,500,114 on Dec. 31,1912.
3 Exclusive of Government stock held for depositors, which, at the end of the year, amounted to $126,907,896 in the postal savings banks and to $13,163,196 in the trustee savings
banks.
4 Exclusive of the population of the feudatory States.
* Exclusive of data for special private savings banks which, on June 30, 1913, held deposits amounting to $39,440,559. The above total does not include the savings deposits in
chartered banks ("Deposits payable after notice or on a fixed day"), which, on June 30,1913, amounted to $622,928,969.
6 Savings deposits in all reporting banks other than national banks $6,410,411,040.
o
Average Average
deposit deposit
per inaccount. habitant.
118,202,994
State, including postal savings banks..
Private savings banks
Postal savings banks
Private savings banks
Communal and trustee savings banks.
Postal savings banks
Communal and private savings banks.
Trustee savings banks
.Postal savings banks
.do.
Commonwealth, State, trustee, and joint-stock savings banks.
889,927,000
100,102,000 /June 30,1914
\...-do
8,643,000 . . . . d o
Number
of depositors.
Form of organization.
.CTT
571
COMPTROLLER OF THE CtTRRENCY.
Comparative statement relative to nurnber of depositors, amount of deposits, and average
deposit in postal savings banks.
[Compiled by the Bureau of Foreign and Domestic Commerce, Department of Commerce, from official
data of the respective countries.]
Country. ^
Austria'
Belgium
Bulgaria
Finland
France
Hungary:.. Italy;
:
Netherlands...:
Russia
Sweden
United Kingdom
Bahamas
Canada
British Guiana
Dutch Guiana i.
British India
Ceylon
.*.
Straits Settlements
Dutch East Indies
Japanese Empire
Gold Coast
Rhodesia, Southern i...
Sierra Leone
Union of South Africa..
Egypt
Tunis
New South Wales 2
Queensland 2
Tasmania 2
Western Australia
New Zealand
Philippine Islands
1902-1904.
Year.
Number of
depositors.
1903
1902
1901
1901
1902
1902
1902
1902
1902
1903
1902
1902
1903
1902
1905
1902
1902
1902
1902
1903
1902
1905
1902
1902
1903
1902
1902
1904
1904
1904
1902
1907
1,694,702
1,582,442
67,795
42,965
3,991,412
446,695
4,648,956
966,433
1,163,310
570,686
9,133,161
1,480
167,023
8,678
5,785
866,693
57,007
2,951
30,058
2,859,143
431
811
• 4,570
126,883
20,199
3,614
230,755
80,959
16,665
54,873
227,465
2,676
Deposits.
Average
deposits.
$36,568,590
108,770,680
1,371,962
789,014
1213,603,320
8,851,815
151,212,172
40,839,011
77,043,466
14,601,238
703,720,660
80,823
44,255,327
261,852
230,262
34,656,368
472,005
c 223,682
1,576,290
14,718,253
25,890
108,528
240,026
17,198,639
646,752
640,381
34,552,676
18,210,282
2,007,280
10,121,167
33,499,950
255,050
$21.58
68.74
20.23
18.36
53.52
19.82
32.53
42.26
66.23
25.59
77.05
54.61
264.96
30.17
39.80
39.99
8.28
75.80
62.44
6.15
60.07
133.82
52.52
135.56
32.02
177.19
149.74
224.93
120.46
184.45
147.29
111.^77
2,300,407 40,297,296
2,572,212 175,491,072
312,462
8,797,965
66,002
1,530,935
6,187,203 1336,893,799
836,143 21,983,784
5,780,010 1376,072,443
1,607,016 71,016,038
2,691,361 192,456,530
575,700 12,885,976
12,750,693 1886,211,861
2,180
127,473
145,396 41,885,255
27,184
1,121,796
10,649
353,653
1,500,834 61,313,176
97,347 -1,094,142
5,107
466,707
102,486
3,789,750
12,584,743 96,495,896
3,857
187,735
4,788.
599,382
6,474
508,958
248,110 27,424,436
282,401
3,176,757
5,546
1,504,443
459,989 97,955,311
193,060 46,783,815
31,382
4,062,433
. 129,158 23,023,582
432,199 79,471,196
45,518
1,416,912
388,611 40,919,673
17.52
68.23
28.16
23.20
54.45
26.29
65.06
44.19.
70.02
22.38
69.60
68.47
288.08
41.27
33.21
40.85
11.24
91.39
36.98
7.67
48.67
124.35
78.62
110.53
11.25
271.27
212.95
242.33
129.45
178.26
183.88
31.13
105.32
1912-1914.
Austria
Belgium
Bulgaria
Finland
France
Hungary
Italv.-Netherlands
Russia
Sweden
United Kingdom
Bahamas
Canada.-British Guiana
Dutch Guiana
British India
Ceylon
Straits Settlements
Dutch East Indies
Japanese Empire
Gold Coast
Rhodesia, Southern
Sierra Leone
Union of South Africa..
Egypt
Timis
New South Wales
,
Queensland
,
Tasmania
Western Australia.
New Zealand
Philippine Islands
United States
- -.
1913
1912
1911
1911
1912
1912
1912
1912
1912
1913
1912
1912
1913
1912
1912
1912
1912
1912
1912
1913
1912
1912
1912
1912
1913
1912
1912
1914
1914
1914
1912
1914
.1914
1 Earlier reports not available.
2 These banks, formerly operated by the respective State post offices, continue at present as Commonwealth and State savings banks.
572
REPORT ON T H E FINANCES.
UNITED STATES POSTAL SAVINGS SYSTEM.
The Director of the Postal Savings System submits the following
information showing, by States and Territories, the balances to the
credit of depositors on Juae 30, 1913, deposits and withdrawals
during the fiscal year 1914; the balances to the credit of depositors
on June 30, 1914; and the balances on deposit on June 30, 1914, in
banks which have qualified to receive postal savings deposits.
Postal savings deposits, withdrawals, and balances.
State.
Alabama
Arizona
:
Arkansas
Cahfornia
Colorado
.^.
Connecticut
.".
Delaware
District of Columbia..
Florida
.-.
Georgia
Hawaii..:
Idaho
Illinois
Indiana
Iowa
Kansas
,
Kentucky
.Louisiana
Maine
Maryland
Massachusetts
Michigan Minnesota
,
Mississippi
Missouri
Montana
Nebraska
,
Nevada
New Hampshire
New .lersey..-'
New Mexico
New York
North Carolina
North'Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Porto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
,
Utah
Vermont
Virginia
,
Washington
,
West Virginia
Wisconsin
Wyoming
Total.
Balances
to credit of
depositors
June 30,
1913.
Balances
Deposits
Deposits withdrawn to credit of
during fis- duruig fis- depositors
June 30,
cal year.
cal year.
1914.
244,554
13,154
58,990
195,621
510,917
130,170
• 47,580
165,289
1,486,610
80,429
842,967
93,270
$129,877
350,760
182,130
3,610,231
1,013,616
824,285
59,542
292,873
303,754
98,837
30,409
383,009
3,427,173
1,084,877
357,783
509,937
352,983
247,362
210,115
94,074
2,432,901
1,809,338
1,417,059
158,214
1,478,591
815,994
346,733
483,541
293,187
1,234,741
. 106,854
•
9,088,088
46,941
47,915
3,624,733
322,241
1,614,274
3,813,055
53,897
421,623
26,788
63,553
294,688
707,520
206,517
68,195
213,478
1,770,906
149,097
1,002,857
138,103
$110,560
337,968
145,199
3,168,882
798,224
575,810
58,920
195,430
245,534
82,276
11,014
363,500
2,693,592
932,614
316,773
464,612
303,362
184,749
160,370
76,587
1,818,726
1,471,362
1,375,802
90,994
1,328,919
757,595
297,791
437,201
226,320
850,223
86,836
6,504,653
44,275
47,673
2,967,098
287,761
1,488,691
2,481,169
26,613
307,944
19,019
61,828
238,755
660,491
184,638
• 54,583
182,608
1,657,663
108,385
777,445
120,811
33,818,870
47,815,249
38,189,848
$95,573
279,108
. 116,189
2,632,996
896,831
435,363
49,427
166,535
154,314
57,390
•318,937
2,862,889
891,930
303,780
620,207
310,540
150,008
158,044
77,939
1,471,681
1,145,745
1,467,106
85,615
1,370,513
697,362
309,818
336,027
226,974
690,503
52,813
5,009,854
37,112
37,503
3,013,347
268,793
1,215,906
1,934,587
•
$114,890
291,960
153,120
3,074,345
1,112,223
683,838'
50,049
263,978
212,534
73,951
19,395
338,446
3,596,470
1,044,193
344,790
665,532
360,161
212,621
207,789
95,426
2,085,856
1,483,721
1,508,363
152,835
1,520,185
755,761
358,760
382,367
293,841
1,075,021
• 72,831
7,593,289'
39,778
37,745
3,670,982
303,273
1,341,489
3,266,473
27,284
358,233
20,923
60,715
251,554
557,946
152,049
61,192
196,159
1,599,853
121,141
1,068,379
110,562
43,444,271
Balances oh
deposit in
banks June
30, 1914.
$111,697.74
282,423.21
146,235.48
2,895,549.56
1,046,457.33
660,412.49
48,328.72.
212,429.17
203,631.92
67,903. 70
18,588.29
326,726.66
3,321,358.65
966,431.94
324,761.64
630,775.91
331,859.49
193,075.78
200,527.89
89,046.80
1,996,295.54
1,411,627.64
1,444,448.70
138,056.75
1,409,069.72
714,193.42
341,387.28
362,933.29
281,949.46
1,028,124.61
67,019.30
7,190,951.89
35,256.51
35,523.92
3,342,823.01
285,101.10
1,292,882.77
3,091,061.68
10,000.00
345,969.80
18,587.50
57,655.07
233,384.71
535,303.19
146,528.60
59,143.10
185,182.58
1,542,442.44
114,857.33
1,016,841.61
106,848.42
40,919,673.31
The number of depositors on June 30, 1913, was 331,006, while on
June 30, 1914, they numbered 388,511, being an increase in the number of depositors amounting to 57,505;
COMPTROLLER OF T H E
573
CURRENCY.
CAPITALIZATION OF ALL CORPORATIONS IN UNITED STATES.
In connection with the consideration of banking and financial
matters, statistics relating to the aggregate capital stock and bonded
and other indebtedness of the corporations doing business in this
country are interesting.
The annual report of the Commissioner of Internal Revenue shows
that, as of° January 1, 1914, the capital stock of all corporations in
the United States amounted to $64,071,319,185; the total amount of
bonded and other indebtedness of these corporations amounted to
$37,136,215,096; total, $101,207,534,281; and their net taxable income was reported at $4,339,550,008.
These figures embrace the returns of 316,909 corporations, of which
number omy 186,866 reported any taxable income.
I t should be observed that the net income amounted to 4.3 per cent
upon the aggregate amount of capital stock, plus bonded and other
indebtedness.
TOTAL SECURITIES LISTED
ON NEW YORK STOCK EXCHANGE.
As of December 1, 1914, the total amount of securities listed on the
New York Stock Exchange—the bonds including those of corporations and also of governments and municipalities—was
BONDS. . :
- - - $14, 310, 553,139
STOCKS
-- . . :
--
TOTAL
13, 084, 073, 925
27, 394, 627,064
Through the courtesy of the authorities of the New York Stock
Exchange it has been possible to compile t h e foUowing statement,
which it is believed wUl show with approximate accuracy, as of
December, 1914:
.
(1) The annual interest and dividends paid by aU bonds and
stocks listed on the New York Stock Exchange;
(2) The amount of bonds upon which interest is now in default;
(3) The amount of stocks upon which no dividends were paid in
the year 1914; and
(4) The amount of stocks upon which one or more dividend payments were made during 1914, but upon which the last dividend has
been passed.
Classification of bonds and stocks'listed on New York Stock Exchange, showing amount
on which interest is paid, and amount in default.
BONDS.
Bonds.
United States Government
Insular possessions
Foreign countries and cities
State and municipal
Railroad
Street railway
Gas and electric companies
Telegraph and telephone companies
Coal and iron companies Manufacturing and industrial corporations.
Miscellaneous
Total.,
Total principal Total annual
interest
listed.
charges.
$887,391,290
10,500,000
1,838,861,100
620,625,459
18,213,374,750
817,837,090
763,900
• 284,
'
372,966,600
120,925,700
794 623.050
684,200
$18,329,
420,
77,216,
25,697,
353,404
38,709,
14, 150,
16;954,
6,115,
40, 752,
16,643,
14,310,553,139
608,293,305
Bonds in default.
Principal.
Annual
interest.
1674,454,600
$6,776,680
761,491
29,301,112
5,900,000
295,000
$142,941,100
12,691,531
2 86,298,000
3,899,516
922,285,231
41,033,798
1 Includes $10,000,000 income bonds not paying interest, with $500,000 annual interest charges
2 Includes $2,769,000 incorne bonds not paying interest,^with $110,760 annual interest charges,
574
REPORT ON T H E FINANCES.
Classification of bonds and stocks listed on New York Stock Exchange and dividends
paid—Continued.
STOCKS.
Aggregate
a n n u a l dividend paym e n t s on
Total face v a l u e
of stocks listed. stocks which
have not
passed last
dividend.
Stocks.
$118, 839,200
o: 000,000
• 141,028,600
6,543, 618,135
3,792; 189,200
441^ 707,000
63, 967,300
. 483!
303.890
140i 310;400
300, 539,800
624, 009,400
2 424;661,000
$16,724,636
2,720,000
5,067,335
301,350,091
146,795,758
15,405,680
2,638,038
18,890,916
13,882,340
19,720.349
39,755;270
14,956,866
48,778,900
1,977,453,400
793,492,700
218,288,100
10,000,000
61,891,140
75,238,600
9,000,000
18,000,000
2 155,368,000
$9,859,200
137,293,700
61,245,500
13,084,073,925
B a n k stocks
Trust company
Oil c o m p a n y
Railroad
Manufacturing a n d i n d u s t r i a l companies.
Street r a i l w a y
Express company
Mining
Coal a n d iron
'
Gas a n d electric light
Telet^raph a n d telephone
Miscellaneous
Total
F a c e value of
stocks u p o n
w h i c h one or
m o r e diviF a c e value^of
dend paystocks w h i c h
ments have
p a i d n o divibeen m a d e
d e n d in 1914.
d u r i n g 1914,
b u t passed
Isst d i v i d e n d .
587,907,279
3,367,760,840
302,702,250
$2.50,000
43,270,550
7,125,000
43,899,300
1 Includes $750,000 d i v i d e n d s on 1,500,000 shares of n o p a r v a l u e .
2 Includes $3,670,000 certificates of T e x a s Pacific L a n d T r u s t which p a y n o d i v i d e n d s .
F E D E R A L R E S E R V E B A N K SYSTEM.
On August 29, 1913, Hon. Carter Glass, of Virginia, chairman of
the Committee on Banking and Currency, introduced in the House
of Representatives the bill (H. R. 7837) to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to
afford means for rediscounting commercial paper, to establish a more
effective supervision of banking in the United States, and for other
purposes.
R E P O R T O N BILL PROVIDING FOR ESTABLISHMENT OF F E D E R A L R E S E R V E
BANKS, ETC.
On September 9, 1913, the. bill was sent to the Committee of the
^Vhole House on the state of the Union, and ordered to be printed.
In his report (No. 69), Mr. Glass said in part:
F U N D A M E N T A L F E A T U R E S OF R E F O R M .
After looking over the whole ground, and after examining the various suggestions
for legislation, * ^ ^ the Committee on Bariking and Currency is firmly of the
opinion that any effective legislation on banking must include the following fundamental elements, which it considers indispensable in any measure likely to prove
satisfactory to the country:
1. Creation of a joint mechanism°for the extension of credit to banks which possess
sound-assets and which desire to liquidate them for the purpose of meeting legitimate
commercial, agricultural, and industrial demands on the part of their clientele.
2. Ultimate retirement of the present bond-secured currency, with suitable provision for the fulfillment of Government obligations to bondholders, coupled with the
creation of a satisfactory flexible" currency to take its place.
.
"
3. Provision for better extension of American banking facilities in foreign countries
to the end that our trade abroad may. be enlarged and that American business men
in foreign countries may obtain the accommodations they require in the conduct of
their operations.
Beyond these cardinal and simple propositions the committee has not deemed it
wise at this time to make any recommendations, save that in a few particulars it has
COMPTROLLER OF THE CURRENCY.
575
suggested the amendment of existing, provisions in the national-bank act, with a view
to strengthening that measure at points where experience has shown the necessity
of alteration.
o
PROPOSED PLAN.
In order to meet the requirements thus sketched, the committee, proposes a plan
for the organization of reserve or rediscount institutioris to which it assigns the name
"Federal reserve banks." It recommends that these be established in suitable places
throughout the country to the number of 12 as a beginning, and that they be assigned
the function of bankers' banks. Under the committee's plan these banks would
be organized by existing banks, both National and State, as stockholders. It believes
that banking institutions which desire to be known by the name '' national". should
be rec[uired, and can well afford, to take upon themselves the responsibilities involved
in joint or federated organization. It recomniends that these bankers' banks shall
be given a definite capital, to be subscribed and paid by their constituent member
banks which hold their shares, and that they shall do business only with the banks
aforesaid, and with the Government. Public funds, it recommends, shall be deposited
in these new banks which shall thus acquire an essentially public character, and shall
be subject to the control and oversight which is a necessary concomitant of such a
character. In order that these banks may be effectively inspected, and in order that
they may pursue a banking j)olicy which shall be uniform and harmonious for the
country as a whole, the committee proposes a; general board of management intrusted
with the power to overlook and direct the general functions of the banks referred to.
To this it assigns the title of ''The Federal reserve board." It further recommends
that the present national banks shall have their bonds now held as security-for circulation paid at the end of 20 years, and that in the meantime they may_ turn in these
bonds by a gradual process, receiving in exchange 3 per cent bonds without the circulation privilege.
In lieu of the notes, now secured by national bonds and issued by the national
banks, and, so far as necessary in addition to them, the committee recommends that
there shall be an issue of ''Federal reserve Treasury notes," to be the obligations of
the United States, but to be paid out solely through Federal reserve banks upon the
application of the latter, protected by commercial paper, and with redemption assured
through the holding of a reserve of gold amounting to 33J per cent of the notes outstanding at any one time. . In order to meet the requirements of foreign trade, the committee recommends that the power to establish foreign branch banks shall be bestowed upon existing national banks under carefully prescribed conditions and that
Federal reserve banks shall also be authorized to establish offices abroad for the conduct of their own business and for the purpose of facilitating the fiscal operations of
the United States Government. Finally and lastly, the committee suggests the
amendment of the national-bank act in respect to two or three essential particulars,
the chief of which are bank examinations, the present conditions under which loans
are made to farming interests, and the liability of stockholders of failed banks. It
believes that these recommendations, if carried out, will afford the basis for the complete reconstruction and the very great strengthening and improvement of the present
banking and credit system of the United States. The chief evils of which complaint
has been made will be rectified, while others will at least be palliated and put in the
way of later elimination
FEDERAL RESERVE
BANKS.
The Federal reserve banks suggested by the conimittee as just indicated would be in
effect cooperative institutions, carried on for the benefit of the community and of the
banks themselves by the banks acting as stockholders therein. It is proposed that they
shall have an active capital equal to 10 per cent of the capital of existing banks which
may take stock in the new enterprise. This would result in a capital of something over
$100,000,000 for the reserve banks taken together if practically all existing national
banks should enter the system. It is supposed, for a number of reasons, that the banks
would so enter the system. -^ ^ * How many State banks would apply for and be
granted admission to the new system as stockholders in the reserve banks can not be
confidently predicted. It may, however, be fair to assume at this point that the total
capital of the reserve banks will be in the neighborhood of $100,000,000. The bill
recommended by the committee provides for the transfer of the present funds of the
Government included in what is known as the general fund to.the new Federal reserve
banks, which are thereafter to act as fiscal agents of the Government. The total
amount of funds which would thus be transferred can not now be predicted with absolute accuracy, but the released balance in the general fund of the Treasury is not far
from $135,000,000. Certain other funds now held in the department would in the ,
course of time be transferred -to the banks in this same v/ay, and that would result in
576
^ REPORT ON THE FINANCES.
placing, according to the estimates of good authorities, an ultimate sum of from $200,000,000 to $250,000,000 in the hands of the reserve banks.' If the former amount be
a^ssumed to be correct, it is seen that the reserve banks would start shortly after their
organization with a cash resource of at least $300,000,000. As will presently be seen in
greater detail, it is proposed to give to the reserve banks reserves now held by individual
banks as reserve holders under the national banking act for other banks. Confining
attention to the national system, it is probable that the transfer of funds thus to be
made by the end of a year from the date at which the new system would be organized
would be in the neighborhood of $350,000,000. If State banks entered the system and
conformed to the same reserve requirements they would proportionately increase this
amount, but for the sake of conservatism the discussion may be properly confined to the
national banks. For reasons which will be stated at a later point, it seems likely that
at least $250,000,000 of the reserves just referred to would be transferred to the reserve
banks in cash; and if this were done the total amount of funds which they wbuld have
in hand would be at least $550,000,000. This would create a reservoir of liquid funds
far surpassing anything of similar kind ever available in this country heretofore. It
would compare favorably with the resources possessed by Government banking institutions abroad.
It will be observed that in what has just been said the reserve banks have been
spoken of as if they were a unit. The committee, however, recommends that they shall'
be individually organized and individually controlled, each holding the fluid funds of
the region in which it is organized and each ordinarily dej)endent upori no other part of
the country for assistance. The only factor of centralization which has been provided
in the committee's plan is found in the Federal Reserve Board, which is to be a strictly
Government organization created for the purpose of inspecting existing banking institutions and of regulating relationships between Federal reserve banks and between
them and the Government itself. Careful study of the elements of the problem has
convinced the committee that every element of advantage found to exist in cooperative
or central banks abroad can be realized by the degree of cooperation which will be
secured through the reserve-bank plan recommended, while many dangers and possibilities of undue control of the resources of one section.by another will be avoided.
Local control of banking, local application of resources to necessities, combined with
Federal supervision, and limited by Federal authority to compel the joint application
of bank resources to the relief of dangerous or stringent conditions in any locality are the
. characteristic features of, the plan as now put forward. The limitation of business
which is proposed in the sections governing rediscounts, and the maintenance of all
operations upon a footing of relatively short time will keep the assets of the proposed
institutions in a strictly fluid and available condition, and will insure the presence of
the means of accommodation when banks apply for loans to enable them to extend to
their clients larger degrees of assistance in business. It is proposed that'the Government shall retain a sufficient power over the reserve banks to enable it to exercise a
directing authority when necessary to do so, but that it shall in no way attempt to
carry on through its own mechanism the routine operations of banking which require
detailed knowledge of local and individual credit and which determine the actual use
of the funds of the community in any given instance. In other words, the reservebank plan retains to the Government power over the, exercise of the broader banking
functions, while it leaves to individuals and privately owned institutions the actual
direction of routine.
TRANSFER OF RESERVES.
Reference has been briefly made-to the fact that the committee's proposals provide
for the transfer of bank reserves from existing banks which hold them for others to the
proposed reserve banks.. At present the national banking act recognizes three systems
of reserves:
(1) Those in central reserve cities, where banks are required to hold 25 per cent of
their deposit liabilities in actual cash in the vaults, while banks situated outside
of such cities are allowed to make certain deposits with them which shall count as a
partof the reserves of such outside banks.
(2) Those in reserve cities, 47 in number, which are required to keep a nominal
reserve of 25 per cent, 12J per cent of this being iri cash in their own vaults, while 12^
per cent may consist of deposits with banks in central reserve cities.
(3) Those in the "country," by which is meant all places outside of central reserve
and reserve cities, it being required that such banks shall nominally keep 15 per cent
of tbeir deposit liabilities, of which 6 per cent is held in cash in their vaults and 9 per
cent may be held in the form of balances with other banks in reserve and central reserve cities.
The original reason for creating this so-called "pyramidal" system of reserves was
that inasmuch as central banking institutions were absent, and inasmuch as banks
COMPTROLLER OF THE CURRENCY.
577
outside of centers were obliged to keep exchange funds on deposit with othier banks
in such centers, it was fair to allow exchange balances with such centrally located
banks to count as reserves inasmuch as they were presumably at all times available
in cash. This is an absolutely anomalous and unique system found nownere outside
of the United States, and dangerous in proportion as the number of the reserve centers thus recognized increases beyond a prudent number. The law has almost necessarily been liberal in recognizing the power to increase the number of such centers,
with the result that whereas but few existed just after the organization of the nationalbank act, there being then 3 central reserve-and 13 reserve cities, there are to-day 3
central reserve and 47 reser\^e cities. Even had this extension of the number of
centers not occurred, the system established under the national banking act would
still have been unsatisfactory. As matters have developed, it has been vicious in
the extreme. Coupled wdth the inelasticity of the bank currency, the system has
tended to create periodical stringencies and periodical plethoras of funds. Banks in
the country districts unable to withdraw notes and contract credit when they have
seen fit to-do so, because of the rigidity of the bond-secured currency, have redeposited
such funds with other banks in reserve and central reserve cities and have thus built
up the balances which they were entitled to keep there as a part- of their reserves.
Moreover, the practice of thus redepositing funds ha\ing been once established, it
has been-carried to extreme lengths, and.at times has been decidedly injurious in its
influence. The payment of interest on deposits by banks in the centers has been
used for the purpose of attracting to such banks funds which otherwise would have
gone to other centers or to other banks in the same centers or which would have been
retained at home. The funds thus redeposited, even when not attracted by any artificial means, have, of course, constitiited a demand liability, and have been so regarded by the banks to which they were intrusted.
In consequence such banks have sought to find the most profitable means of employment for their resources and at the same time to have them in such condition as
would permit their prompt realization when demanded by the depositing banks
which put them there. The result has been an effort on the part of the national banks,
particularly in central reserve cities, to dispose of a substantial portion of their funds
in call loans protected by stock-exchange collateral as a rule. This was on the theory
that, inasmuch as Hsted stock-exchange securities could be readily sold, call loans
of this type were for practical purposes equivalent to cash in hand. The theory is,
of course, close enough to the facts when an effort to realize is made by only one or
few banks, but is entirely erroneous whenever the attempt to withdraw deposits is
made by a number of banks simultaneously. At such times, the banks in central
reserve and reserve cities are wholly unable to meet the demands that are brought to
bear on them by country banks; and the latter, rea-lizing the difficulties of the case,
seek to protect themselves by an unnecessary accumulation of cash which they draw
from their correspondents, thereby weakening the latter and frequently strengthening
themselves to an undue degree. Under such circumstances the reserves of the country, which ought to constitute a readily available homogeneous fund, ready for use
in any direction where sudden necessities may develop, are, in fact, scattered and
entirely lose their efficiency and strength owing to their being diffused through a
great number of institutions in relatively small amount and thereby rendered nearly
unavailable. This evil has been met in times past by the suspension of specie payments by banks and by the substitution of unauthorized and extra-legal substitutes
for currency in the form of cashiers' checks, clearing-house .certificates, and other
methods of furnishing a medium of exchange. Needless to say, such a method of
meeting the evil is the worst kind of makeshift and is only somewhat better than
actual disaster.
HOLDING OF FUNDS.
The committee believes that the only way to correct this condition of affairs is to
provide for the holding of reser^^es b y duly qualified institutions which shall act
primarily in the public interest and whose motives and conduct shall be so absolutely
well known and above suspicion as to inspire unquestioning confidence on the part
of the community. I t believes that the reserve banks which it proposes to provide
for will afford such a type of institutions and that they may be made the effective
means for t h e holding of the liquid reserve funds of the country to the extent that
t h e latter are not needed in the vaults of t h e banks themselves. To meet this end
i t proposes t h a t every bank which shall become a stockholder in t h e new reserve
banks shall place with the Federal reserve bank of its district a portion of its own
reserve equal ultimately to 5 per cent of its demand deposits. Country banks would
b e required to keep 5 per cent in their own vaults, while the remaining 2 of a required
total of 12 per cent might b e at home or in the reserve bank of the district. I n the
case of reserve and central reserve cities the committee has felt that the change in
64402°—FI 1914
^3
^7
578
REPORT ON THE FINANCES.
their position as reserve-holding banks acting for other banks called for a corresponding change in the cash to be held by these banks. It has therefore reduced the gross
reserve requirements from 25 to 18 per cent of deposits and the cash in vault requirement from 25 per cent in the central reserve cities to 9 per cent and from 12i per
cent in the reserve cities to 9. This places the two classes of reserve cities on an
equal basis, leaves each ultimately with 9 per cent cash, requires each to keep 5 per
cent in the reserve bank of the district, and permits^ each to keep a final 2 or 4 per
cent either there or in its own vaults.
A period of three years is granted during which the deposits of country banks
may be kept with the present correspondent banks in order that the latter may not
be unduly embarrassed by sudden withdrawals, while the new reserve banks will
not be as suddenly compelled to provide for using a very large quantity of funds.
The committee is aware that the step thus recommended is of fundamental importance
and will produce an extensive transformation in present methods of national banking.
It, however, believes that the effects of this transforraation will be altogether beneficial, and is confident that the conditions under which the change is to take place
as provided iri the new bill are such as to make the transfer not only without suffering
to the banks but under conditions that will actually enable them to extend further
loans to the community. The actual effects of the operation proposed have been
worked out in some detail by the committee and are presented as a series of computations in connection with the section of the proposed bill which provides for the
revision of reserve requirements. Final analysis of these figures may be deferred
until that point. It is enough to say at this point that a sufficient amount of reserve
has been released, as compared with present requirements, amply to provide for
the actual transfer of funds called for by the bill at the outset of the new system.
Subsequent transfers will amount only to about enough to place the new system
upon the same basis.as the old in the matter of reserve requirements, when a margin
has been allowed for contributions of capital and for possible accessions of State
banks to the system. Or, to sum up, the new system will require less cash than
the present one in order to fulfill its reserve requirements and provide for the payment of capital subscriptions. The margin between present and proposed requirements which it is thought should be left in order that State banks may come into
the system without causing any strain upon the cash resources of the country will
probably be from $100,000,000 to $150,000,000, a sum which is believed to be ample.
Needless to say the new reserve requirements will not fall upon all banks in precisely
the same way or' with precisely the same degree of severity. In the case of some
it may be that a transfer of cash to the new system will be undesirable. In such
an event it is, of course, always open to the banks to establish their required reserve
credit with the new Federal reserve banks by rediscoiinting paper with them. With
the enormous resources that will belong to these reserve banks at the outset they
will be amply able to take care of many times the amount of any such applications
. that are likely to be made to them.
R E T I R E M E N T OF B O N D - S E C U R E D
CURRENCY.
There are several important reasons for the retirement of bond-secured currency.
The most obvious is that bond-secured notes are not " elastic." By this is meant that
the necessity of purchasing bonds to be deposited with a trustee for the protection of
note issues prevents banks from issuing these notes as freely and promptly as they
otherwise would, while it also prevents them from retiring or contracting the notes
as freely and promptly as would otherwise be the case. There is little or no disagreemerit at present among students of the banldng and currency problem in the United
States that the retirement of the bond-secured notes is essentially-necessary if success
is to be had in restoring elasticity to the circulation and in making the national banking system really responsive to the needs of business. For that reason every plan
of currency or banking reform that has been put forward during the past 15 years
has contained as an important factor some provision for getting rid of the bond-secured
notes. The basic criticism on the present system of notes already indicated is reenforced by the fact that the supply of United States bonds available for use in protecting
note issues is likely to be limited, as was the case in the panic of 1907. Then the
national banks were not able to enlarge their issues because of their inability to obtain
further bonds until they had been aided by the action of the Government in issuing
additional bonds for the very purpose of furnishing a backing for currency, notwithstanding-that at that moment there was a very large surplus in the Treasury. Over
and above this consideration has been the fact.that the formalities and technicalities
connected with the issue of bank notes based upon bonds have been so great arid
troublesome as to preclude the easy and prompt supplying of currency, even when
COMPTROLLER OF THE OURRENCY.
579
there were enough bonds in the market to furnish all the backing for notes that might
be desired. This shows why, apart from the^special and peculiar difficulties that
attend anything of the sort, the substitution of bonds other than national for the
national bonds now used will not help the situation. The only way to relieve the
bad conditions that have developed in connection with national-bank currency is,
therefore, generally admitted to be the abandonment of the bond-security plan and
the introduction of something else in its place.
DIFFICULTY OF B O N D H O L D I N G S .
The first difficulty in passing from the bond-secured system of note issues to anything that might be devised to take its place is the fact that even if all had been satisfactorily arranged with reference to the new system, its soundness, etc., the difficulty
of dealing with the bonds wpuld remain. The act of March 14, 1900, provided for
refunding the outstanding bonds into the 2 per cent consolidated debt, and these 2 per
cent bonds were subsequently sold at premiums which once ran as high as 8 or 9
per cent, and have regularly been 2 or 3 per cent or more. Primarily as a result of
general depreciation in the values of bonds due to rising prices and higher interest
for capital, the national bond quotations have sunk until the 2 per cents are now
below par. The ownership of bonds has thus inflicted a severe loss upon holders
already, and something like $30,000,000 has, according to the Comptroller of the
Currency, been "written off" l3y the banks and must be regarded as one of the costs
of carrying the note system at present in use. There is general agreement that if
the circulation privilege were to be taken from the 2 per cent bonds or, what is the
same thing, if a new system of note issue were to be established which would practically displace the present system, the twos would deteriorate to a price not higher
than 80. This would mean a shrinkage of one-fifth of the par value of the bonds and
would inflict upon the banks an aggregate loss of nearly $150,000,000. Alternative
to this is the idea of providing for a refunding of the bonds. Experience, as well as
computations made in the Treasury, indicate that 3 per cent is now about the level
of the Government's present borrowing power. The. $50,000,000 Panama bonds last
sold brought a premium of between 2 and 3 per cent, but 3 per cent interest without
the circulation privilege represents the minimum interest that must be paid (in
round numbers) upon any future issue which is to. be floated upon an investment
basis. In order to safeguard the banks against loss, therefore, a plan of refunding into
3 per cent bonds would have to be followed. The banks might be offered cash payment for their bonds at par, and the new Securities might be sold for what they would
bring, or an exchange of 3 per cents for the old twos might be ordered. The latter
would be simpler, and the former would probably cost a little more. Either plan
would entail an increase in the present interest burden nearly amouriting to 1 per
cent annually on at least $740,000,000, or $7,400,000 a year.
Temporary alternatives for the retirement of the bonds are, however, proposed
here and there. The most familiar and perhaps the most available plan of the sort
is that which proposes to require banks to have outstanding a certain percentage of
, notes based on bonds before they become eligible to take out notes without bond
security. This would mean that an inflexible volume of bank notes was kept outstanding, or at all events that an inflexible volume of bonds was held by the banks
to protect such outstanding notes in case they should be issued, and that whatever
new form of currency might be provided for would come 'out in excess of or in addition to the basic volume of notes and bonds already referred to. The plan would
partially destroy the possibilities of elasticity in the note currency system, but at the
same time it would operate to keep up the value of the existing bonds for the time
being. ^ The question would then be whether the effort to sustain the value of the
bonds in this manner during the remainder of their life was not too great to be compensated for by the saving in interest thereby effected. The general opinion of
students of the subject undoubtedly is that this temporary method of sustaining the
value of the bonds is undesirable^ and that it is far better to* recognize the facts in the
case and take up the securities in such a way as to relieve the banks from any danger
of further loss, the Government bearing the increased interest charge and leaving
the banks to turn in their securities at will.
What has been thus far said has been founded upon t:he assumption that agreement
had been reached with reference to the method of note issue to be followed when once
a plan for retiring the old notes and disposing of the bonds had been agreed upon.
While no such agreement has ever been arrived at, it is true that substantial agreement has been reached with reference to the basis on which the notes which are to
supersede national-bank issues shall be put out.
Another phase of the note-issue question is seen in connection with the problem
by whom the notes should be issued. The current assumption is that in the event
580
REPORT ON THE FINANCES.
of the creation of any central or cooperative institution, the note-issue power now
exercised by the several banks should be transferred to and vested in this new organization. There has been a tendency to overestimate the importance of the note-issue
function.and to treat it as if it were the chief object to be attained in banking legislation. This idea may be attributable to the belief that "emergency currency" is
what is needed in order to relieve panics and stringencies, whereas what is actually
needed is fluid resources of some kind, whether notes or not. ^ The belief that the
notes are very important has also been stimulated by the experience in this country
with clearing-house certificates, which are often spoken of as if they were notes. The
fact is that they are merely evidences that the banks that have gone into the clearing• house arrangement are willing to accept a credit substitute for money in settling their
balances.with one another. It remains true that the provision of a satisfactory note
currency would be a long step in advance, as compared with existing conditions.
With proper control and restriction it would, however, supply a means of obtaining
additional circulating media in time of panic or stringency when there was a tendency
to hoard money, and would to that extent relieve the danger of collapse due to inability to convert assets into fluid resources. It is therefore a cardinal element in.
currency and banking reform-and should be provided for.
C O M M I T T E E ' S NOTE PLAN.
After reviewing all of the different factors in the situation, the Banking and Currency Committee has reached the conclusion that the issue of national-bank note's
now current should, for the reasons already surveyed, be retired despite the serious
difficulties that have been sketched, and that in their place a new issue of notes put
out by the Government of the United States and closely controlled by it should be
authorized. This issue of notes it is proposed to entitle "Federal reserve Treasury
notes." In its essence the plan now recommended by the committee for a new note
issue contains the following points:
1. Ultimate withdrawal of the circulation privilege from the Government bonds of
all classes."
2. Issue of-notes by the Government through Federal reserve banks upon business
paper held by such banks.
_
^
.
3. Redemption of such notes and regulation of their amount outstanding at any
moment through Federal reserve banks.
The ultimate withdrawal of the circulation privilege means that some provision of
proper character must be made for the existing bonds. It is suggested that, first of all
this should mean the payment of the bonds at maturity and a definite statement
to that effect. This the committee, has included in its bill. The bonds now have
no due date, and while the Government may redeem them after 1930, they are not
necessarily payable at that period. If the bonds are to be continued outstanding,
it would seem to be an essential feature of their composition that they shall be allowed
to retain the circulation privilege. To get rid of this it is only necessary to declare
them due and payable as soon as the Government has the right to apply that principle.
But, in the second place, it would appear that the reform of the currency along the
lines proposed, if it is ever to make; a fair start, should proceed from the abolition of
the circulation requirement in the case of banks either organized or to be organized.
The comrriittee has, therefore, proposed to repeal that provision of the existing law
which requires the deposit of bonds by every bank in stated amounts. This means,
that banks may, if they choose, entirely free themselves from circulation. In order
to enable them to do this, and at the same thne. to supply the place of the small but
steady demand for bonds which was afforded by the purchases made by newly organized banks, the committee proposes to allow a voluntary refunding process to be
carried out over a period of 20 years at the rate of not to exceed one-twentieth of the
circulation outstanding at the time of the passage of the act. It is probable that if
this provision were fully availed of it would mean an annual refunding of 2 per cent
bonds amounting to about $37,500,000. Iri consideration of the action of the banks .
in surrendering the circulation privilege on the bonds which they thus voluntarily
present for refunding, it is proposed to give the banks a 3 per cent bond without the
circulation privilege. This is believed to be an excellent business policy for the
Government, as it could scarcely borrow at a lower rate than 3 per cent to-day. What
it will be able to do at the end of 20 years is entirely problematical, but it is a fact
that the circulation privilege is worth at least 1 per cent, and in surrendering it the
banks get no undue consideration from the Government. They do, however, materially facilitate the process of converting the old national-bank notes into the proposed
new issue of Federal reserve Treasury notes.
COMPTROLLER OF THE CURRENCY.
COST TO T H E G O V E R N M E N T . "
581.
^
That the cost to the Governmentof this conversion will be 1 per cent on the amount
converted, or in the last analysis very near $7,500,000, if all the bonds should thus be
surrendered is obvious; but it is also clear that the change would, for reasons stated,
be an excellent investment for the Government. The committee has arranged to
give the proposed Federal reserve board power to tax the new currency at such rate
as it might deem best, and should it impose a tax of 1 per cent the Government would
be reimbursed for any excess interest payments which it might be required to make
on the new bonds. Over and above this plan of recouping itself for any losses is the
fact that the Government is to receive a substantial share of the earnings of the proposed institutions of rediscount. If the plan of the committee should be accepted
and carried through in complete form, the result would be a profitable one for the
Government.
•
Whatever may be the ultimate earnings of the banks, however, the committee is
convinced that the conversion of the bonds and the retirement of the present notes,
followed by the issue of new notes, ought to be effected at all hazards and at any cost,
as a fundamentally diesirable public reform. It believes that the change should
be carried through upon a frank, open, and direct basis, and that no effort should be
made to mask, as was done in the Aldrich bill, proposed by the Monetary Commission,
the real nature of the process or the burden and distribution of its cost.
The committee is of the opinion that in order to have the new currency at once
satisfactory and effective, it must be {a) sound and (6) elastic. The soundness of the
new notes will, in its judgment, be amply secured by the fact that they are made
obligations of the Government and a first lien on the assets of the Federal reserve
banks issuing them, while they have also been immediately protected by the hypothecation of first-class commercial paper in the hands of an agent of the Federal
reserve board at each of the banks. Their elasticity depends entirely upon two fundamental elements—(1) the provision of an adequate inoney fund for their redemption and (2) provision for the prompt presentation of the notes. The money fund is
provided by the requirement that no notes shall be issued by a Federal reserve bank
unless 33J per cent of money shall have been segregated in the vaults of the issuing,
institution for the purpose of paying such notes upon presentation by any holders.
The banks are left to provide this fund, and are both vested with the duty and equipped
with the power to obtain it and hold it, either by withdrawing it from domestic channels or importing it. They are required to redeem the Federal reserve Treasury notes,'
both of their own issue and those issued by other Federal reserve banks, whenever
the notes may be presented to them from any source; while as a central point of
redemption, it is provided that "the Treasury Department shall pay the notes out of
a fund of money (constituting part of the 33^ per cent referred to) which shall be
placed in their hands by the several banks. This means that the Federal reserve
Treasury notes will be redeemable in money at each of the 12 banks and at the
Treasury, while the requirement that the notes shall be payable to the Government
and to any bank for deposit purposes will be tantamount to a quasi-red emption at
every point where banking is carried on. In order to insure the prompt presentation of the notes for redemption, thereby avoiding danger that they may accumulate
in the bank vaults, the bill refuses to authorize their use as reserve money by member
banks, while of course they will be excluded from the reserves of Federal reserve
banks.
Provision is also made whereby they will be prevented from accumulating in the
Treasury or any of its subtreasuries even in small quantities. It is believed that these
provisions will insure the prompt return of the notes, thereby producing genuine
flexibility in the currency. The notes will be taken out whenever business paper
eligible for presentation to Federal reserve banks for rediscount is created; and as
such paper matures, is paid off, and shrinks in volume the basis for the notes will
correspondingly shrink, and either the notes themselves or an equivalent amount of
lawful money will be withdrawn from circulation. It is an undoubted feature of the
measure as now drafted that it will furnish an ample mechanism for insuring the cancellation of the notes as well as for their issuance. While this process is going on
there will have been an active redemption of the notes, owing to the operation of the
provisions for exchanging them for money already sketched.
U S E OF G O V E R N M E N T F U N D S .
One feature of the proposals for legislation contained in the committee's bill is the
recommendation that the funds of the Government of the United States received by
it as a result of current business transactions and heretofore held in the Treasury shall
thenceforward be deposited with the Federal reserve banks, the latter institutions to
582
REPORT ON THE FINANCES.
act as fiscal agents for the Government in all of its transactions thenceforward. This
recommendation is of fundamental importance. The Independent Treasury system
of the United States under which the Treasury Department now carries on its operations dates from 1846 and is the result of the legislation then urged and adopted for
the purpose of putting the country upon a so-called hard-money basis. Whatever
may be thought of the idea of actual specie payments and of segregation of Government
cash, both when it comes into and when it goes out of the Department of the Treasury,
experience has shown that the system is not feasible. It was necessary to suspend the .
Independent Treasury system, practically speaking, when the Civil War broke out;
and upon every subsequent occasion of stress or difficulty in the market a repetition
of this suspension has become practically unavoidable. It has been necessary on
those occasions to redeposit the funds of the Government in banks, in order that the
commercial community need not be deprived of the use of them even for a short time.
At times it has been found expedient, if not absolutely necessary, to temporize with
the law and with the te_chnical requirements of the Treasury system, and practically
to abandon the plan of requiring cash payments even when that was theoretically
lived up to—this again in order to avoid any withdrawal of urgently needed funds
from the business community.
In normal times the withdrawal of these funds has, of course, been far less noticeable in its influence' upon the business world, although at all times it has been a fact
that the withdrawals did disturb in a measure the natiual balance and distribution
of funds between different parts of the country and did thereby tend to embarrass
^ some, parts of the country much more than others, owing to the fact that withdrawals
of cash due to the payment of taxes were neither identical in amount nor proportionate
in importance in.these several sections. The inadequacy of the Independent Treasiuy
system and of the present method of making public deposits has indeed been fully,
recognized by Congress when it provided that all such deposits in banks should be
inade only upon security of United States bonds, a requirement" which means, if it
means anything, that the banks called national and under congressional supervision,
although deemed safe enough for the use of the public, are not safe enough to serve
as depositaries of public funds—a situation which, if actually what it seems to be, is
both ridiculous and disgraceful. This condition of affairs would, however, be greatly
aggravated and would become even more anomalous if Congress were to authorize
the creation of a new set of banks intrusted with the power of holding reserves and acting as the intermediaries through which a new currency is issued, yet unable to be
trusted as custodians of Government funds. Both for economic reasons and because
of considerations of the logic and dignity of the situation it is desirable to have the
current receipts of the Government deposited in the new banks and its disbursements
made by drawing upon these institutions. The Treasury is in no way interfered with
by this process save in so far as it is relieved of some routine duty. It is left to manage
the fiscal affairs of the Government in precisely the way that is now practiced, but
the actual funds.are placed with the Feaeral reserve banks, where they will continue
to be available for the banking needs of the community which created them and which
is responsible for the solvency and activity of the business processes that afford the
basis of taxation and thereby supply the fundamental resources of the public Treasury.
B E N E F I T FROM
DEPOSITS
Too much can not be said of the benefit that will be derived from the continuous
depositing and withdrawing of public moneys.through the Federal reserve banks, as
compared with the present artificial system of periodically contracting currency
through heavy withdrawals due to large payments for customs and internal revenue
and of periodically expanding the currency through deposits in the banks, which,
however wisely selected, cari never restore the funds to exactly the same channels
from which they were drawn. A very large share of responsibility for the past panics
and crises of the United States must undoubtedly be assimed to the Treasury system
which has been responsible for this sporadic and spasmodic movement of funds. In
unskilled or selfish hands the power thus bestowed upon the executive branch of
the Govemraeiit may be, as it has at times become, most dangerous to the-public welfare, while it is always a source of grave responsibility and danger scarcely to be
overestimated in its importance. The usual consideration against placing Government funds in the banks has been that by so doing certain banks were favored at the
expense of others, while the Government was deprived of its legitimate return upon
the moneys that it furnished. Under the proposed plan no such danger exists.
Power is given to the Fedei-al reserve board and to the Secretary of the Treasury,
jointly, to establish a rate of interest upon public deposits, thereby rendering it
possible for the Government; if it chooses, to assure itself a fair adequate return for
its funds from the very time that they are placed in the banks. Under the section
COMPTROLLER OF THE CURRENCY.
~583
of the proposed bill which provides for a distribution of earnings the Government
ofthe United States is given 60 per cent of all net income after the banks have received
5 per cent upon their invested capital. • The Government is therefore in position
to get its full and due returri for every dollar that it places in the hands of the banks,
while the community has the use of the money thus left subject to the disposal of trade^
and commerce accor.ding to their necessities. This is as it should be, since it amply
protects the Goyernment, safeguards the public interest, and assures the returns of
the profits from the use of the funds to the Goverriment after the banks have received
the fair going rate of return for carrying on their business and performing the routine
operations connected with their duties as fiscal agents of the Treasury.
There is another aspect of this Treasury deposit system that deserves mention in
this connection. The bill provides for the depositing of funds not in any one bank,
and jcLot in accordance with any system that would place the moneys ih any particular
group of banks, but for the' depositing of the funds in such banks as from time to
time may be deemed wise, having due regard to an equitable distribution of these
moneys among the different sections of the country. The power is, however, retained
to make redistribution whenever deemed best, and this means that the provision is
important as an adjunct to the power of the Federal Reserve Board over rediscounts
and rates of interest as well as over reserves.
EQUALIZING R E S E R V E
FUNDS.
Itis evident that the Federal Reserve Board and the Secretary.of the Treasury
could, by shifting the deposits of the Government from place to place as occasion
demanded, meet conditions of stringency and difficulty in the market, or furnish
exchange funds as occasion appeared to ^require. The power would naturally be
exerted before any resort was had to any method of interfering with the loans of the
banks or with their reserves, and would of course be far more satisfactory as a means
of equalizing resources than the exercise of the compulsory rediscount power. What
has been done by various Secretaries of the Treasury in times past, and has been successfully done, toward the readjustment oi banking accommodation, by the making
and withdrawal of public deposits in different parts of the country, with comparatively meager funds, under the present Treasury system, gives a faint suggestion of
what might be accomplished-in the way just indicated. We have stated that in our
judgment the use of the Treasury funds for deposit purposes in the manner referred
to has never been desirable and has frequently resulted in leading, through longcontinued employment, to panic or to artificial and injurious conditions of various
kinds. What has just been said does not in the least weaken the force of the general
observation thus -restated. The harna resulting from past efforts of this kind has
arisen primarily from the fact that they were necessarily carried out without intimate knowledge of or close association with the banking mechanism of the country.
The evil which came from these efforts was due to the lack of adaptation to existing
conditions. Under the proposed plan the funds of the Government will never be
removed from the uses of the. commercial community, but they will continue in the
general regions of the country where they originated, while those who are to be charged
with the duty of overseeing the management of Government funds will have at their
disposal the information that is needed to enable them to readjust deposits or to grant
temporary relief through the shifting of Government resources should conditions suddenly require action of that kind. The situation will not only be such as will put an
end to the vicious and wholly artificial state of things existing under the present type
of Treasury organization, but will substitute for it a helpful-system whereby definite
governmental authority, closely informed concerning banking coriditions and constantly in touch with the development of credit in all parts of the country will be in
control of an enormous mass of fluid resources which it cari transfer by normal methods
through the ordinary channels of trade from one part of the country to another, as
conditions warrant; or, better still, can direct the flow of this mass of resources now
here and now there, as circumstances call for it. The process will be conducted with
knowledge of the highest order and will be free of the difficulties which have heretofore; beset the.making of Treasury deposits. It will be similar in operation to the
function that is performed by the central banking institutions of foreign countries ^
and will be carried out by exactly similar methods save that, because the authorities
in charge of it are not hampered by commercial motives and are not interested more
in one part of the country than in another, they will be able juo do the work without
any of the interfering considerations of private profit which frequently prevent the
operations of a central banking institution from being carried on solely in the public
interest. In the best sense of the word, the Government will be completely "out bf
584
REPORT ON THE FINANCES.
the banking business" and in the best and proper sense pf the word it will be in that
business,^ neither under the necessity of interfering with normal trade operations nor
of artificially interposing to bolster up weak banks in any part of the country.
B A N K I N G FACILITIES FOR F O R E I G N
TRADE.
It has long been a ground of complaint that the national banking system provided
no adequate means for the establishment of American banks in foreign countries.
This criticism has had some warrant, and in view of the rapidly expanding foreign
trade of the United States it is deemed wise to make proper provision for banking
machinery in foreign countries which shall be closely controlled by home institutions.
The bill proposed by the National Monetary Commission sought to accomplish this
end by providing for the creation of a special type of institutions to be organized by
national banks as stockholders arid to engage in operations abroad. The committee
is of the opinion that no such elaborate mechanism, is necessary, but that every good
purpose of the monetary commission plan can be attained by the adoption of the plan
it has proposed, which consists essentially of provision for the establishment of foreign
branches by existing national banks when such banks have an adequate capital for the
kind of work in which they propose to engage and are found by the Federal Reserve
Board to be in proper condition for undertaking such an enterprise. The proposed
plan is simple and, it is believed, sufficiently effective for the purpose. Under it
national banking institutions will be in position to create branch offices at such foreign
points as they may deem best, assigning to them a due share of capital and conducting
their affairs separate from those of the home office in order that'there may be no
difficulty, in ascertaiining at any moment the distribution of the business of the institution. It is believed that with the extension of national-bank powers which is provided
for in the present act, such branches of national banks would be amply able to meet the
requirements of their clientele wherever it might be necessary for them to operate.
E X A M I N A T I O N S OF NATIONAL B A N K S .
For some years the national banking act has been found to be seriously defective in
its provisions for examinations. In attempting the organization of a more closely
woven systeria of banking the committee therefore feels impelled to urge the necessity
of stiffening existing examination requirements, while it also feels the imperative
character of the demand for careful examinations of Federal reserve banks. In order
to fulfill all the requirements^ of the case it therefore has inchided in the proposed
measure a considerable extension of the examination function, dividing this between
the Comptroller of the Currency, the proposed Federal Reserve Board, and the Federal
reserve banks themselves. The committee is of the opinion that the authority to
institute bank examination should be lodged with every part of the banking organization competent and trustworthy enough to exercise it, not because, as some have
asserted, it is desired, to have bank examinations constantly in progress, and not
because of any belief that such examinations would be in fact much more frequent
than they now are, but because it is believed that the exercise of the power to examine
whenever necessary is essentially a fundamental and desirable power, and one whose
exercise, if judiciously carried out, will result in the early detecting of dangerous
conditions and their correction before they have, reached a desperate stage. It is
believed, moreover, that the provisions with reference to bank examinations, if
properly carried out, will largely if not wholly obviate any necessity for the clearinghouse examinations, which are carried on at the present time in behalf of associations,
of« banks and of which there has been more or less complaint on the ground, however
unjustified, that such examinations were unfairly carried on or were in some way
used for the benefit of individual banks or bankers. That such charges have frequently been unjustified is undoubtedly true, but it is believed that the new systemof placing all such examinations under authorized control and supervision will eliminate many possibilities of criticism or attack that lurk in the present system and may
at times give rise to prejudice and specious assertions of favoritism.
The Federal reserve bill, as revised and amended in committee,
was reported to the Senate by Senator Owen, chairman of the Banking and Currency Committee of the Senate, on November 22, 1913;
was passed by that body on December 19, 1913; referred to conference
on December 20, 1913; finally passed by the House on December 22,
COMPTROLLER OF THE CURRENCY.
585
1913; by the Senate on December 23, 1913, and became a law upon
receiving the approval of the President on the same day.
FEDERAL RESERVE ACT.
(Approved December 23, 1913, as amended by act of August 15, 1914.)
[See Exhibits L, M, and N,. pp. 104-132.]
•^-
*
*
*
^-
«•
*
WORK PERFORMED BY THE RESERVE BANK ORGANIZATION COMMITTEE.
Pursuant to section 2 of the Federal reserve act, the Reserve Bank
Organization Committee, composed of the Secretary of the Treasury,
the Secretary of Agriculture, and the Comptroller of the Currency,
entered upon its duties immediately following the passage of the act,
and under date of December 26 issued instructions relative to the
course of procedure on the part of national banks in the acceptance
or rejection of the provisions of the Federal reserve act. On February 2, regulations and by-laws prescribing conditions under which
State banKS and trust companies may subscribe to stock and become
members of Federal reserve banks were promulgated.
Pursuant to the requirements of the act, the Reserve Bank Organization Committee, on April 2, 1914, submitted its decision, determining the Federal reserve districts and location of the Federal
reserve banks as foUows:
DECISION OF THE RESERVE BANK ORGANIZATION COMMITTEE DETERMINING THE FEDERAL RESERVE DISTRICTS AND LOCATION OF FEDERAL
RESERVE BANKS.
*
*
*
[See Exhibit J, p. 79.]
*
«
*
STATEMENT OF THE RESERVE BANK ORGANIZATION
RELATING TO THE DECISION OF. APRIL 2.
*
COMMITTEE
On April 10, 1914, the Reserve 'Bank Organization Committee
made public the following statement relating to its decision of April
2, 1914, defining the boundaries of the Federal reserve districts and
designating the location of the Federal reserve banks:
o
,
[See Exhibit K, p. 93.]
•»
«•
*
¥f
*
*
*
Immediately following the announcement of the decision of the
committee and in accordance with the law every eligible bank was
notified, under date of April 8, that subscriptions for the stock in
the Federal reserve banks, must be sent to the committee within 30
days thereafter.
INSTRUCTIONS RELATIVE TO ELECTION OF DIRECTORS AND DESIGNATION OF INCORPORATORS OF THE -FEDERAL RESERVE BANKS.
Instructions relative to the election of class A and class B directors
of the Federal reserve banks were issued on May 6, and on May 11
the reserve bank organization committee gave notification of the
586
REPORT ON THE FINANCES.
designation of the following banks to execute the organization certificate of the several Federal reserve banks. The banks designated
were:
DISTRICT No. 1.—BOSTON.
DISTRICT No. 7.—CHICAGO.
National Shawmut Bank, Boston, Mass.
First National Bank, Concord, N. H.
First Bridgeport National Bank, Bridgeport, Conn.
National Bank of Commerce, Providence,
R. I.
Casco National Bank, Portland, Me.
Continental & Commercial National Bank
Chicago, 111.
First National Bank, Sioux City, Iowa.
National City Bank, Indianapolis, I n d .
First & Old Detroit Natiorial Bank,
Detroit, Mich.
Wisconsin National Bank, Milwaukee,
Wis.
DISTRICT N O . 2.—^NEW Y O R K .
National Park Hank, New York, N. Y.
Irving National Bank, New York, N. Y.
National Commercial Bank, Albany,
N. Y.
•
- First National Bank, Syracuse, N, Y.
Marine National Bank,'Buffalo, N. Y.
DISTRICT N O . 3.—PHILADELPHIA.
Philadelphia National Bank, Philadelphia, Pa.
Essex County National Bank, Newark,
N.J.
First National Bank, Jersey City, N . J .
Union National Bank, Wilmington, Del.
Bank of North America, Philadelphia,
Pa.
DISTRICT N O . 4.—CLEVELAND.
First National Bank, Cleveland, Ohio.
First National Bank, Cincinnati, Ohio.
New First National Bank, Columbus,
Ohio.
Bank of Pittsburgh National Association,
Pittsburgh, Pa.
Phoenix & Third National Bank, Lexington, Ky.
DISTRICT N O . 8.—ST. L O U I S .
German National Bank, Little Rock, Ark.
Ayers National Bank, Jacksonville, 111.
Second National Bank, New Albany, Ind.
First National Bank, Memphis, Tenn.
National Bank "of Kentucky, Louisville,
Ky.
DISTRICT N O . 9.—^MINNEAPOLIS.
Capital National Bank, St. Paul, Minn.
First National Bank, Grand Forks, ^N.
Dak.
First National Bank, Lead, S. Dak.
Merchants National Bank, Billings, Mont.
Commercial National Bank, Oshkosh,
Wis.
DISTRICT N O . 10.—KANSAS CITY.
Denver National Bank, Denver, Colo.
Rawlins National Bank, Rawlins, Wyo.
First National Bank, Muskogee, Okla.
United States National Bank, Omaha,
Nebr.
Central National Bank, Lincoln, Nebr.
DISTRICT N O . 5.—RICHMOND.
Merchants-Mechanics National .Bank,
Baltimore, Md.
First National Bank, Roanoke, Va.
Citizens National Bank, Charleston, W.
Va.
' ^
Palmetto National Bank, Columbia, S. C.
Murchison National Bank, Wilmington,
N..C..
DISTRICT N O . 6.—ATLANTA.
First National Bank, Chattanooga, Tenn.
First National Bank, Jackson, Miss.
Hibernia National Bank, New Orleans,
La.
Exchange National Bank, Tampa, Fla.
First National Bank, Montgomery, Ala.
DISTRICT No. 11.—DALLAS.
First National Bank, E l Paso, Tex.
Durant National Bank, Durant, Okla.
Union National Bank,° Houston, Tex.
Frost National Bank, San Antonio, Tex.
First National Bank, Shreveport, La.
DISTRICT No. 12.—SAN FRANCISCO.
First National Bank, San Francisco, Cal.
First National Bank, Portland, Oreg.
Phoenix National Bank, Phoenix, Ariz.
Deseret National Bank, Salt Lake City,
Utah.
National Bank of Commerce, Seattle,
Wash.
ORGANIZATION OF FEDERAL RESERVE BANKS.
Promptly after the designatioh of the foregoing banks the proper
ofiicers of each executed the organization certificate of the Federal
587
COMPTROLLER OF T H E CURRENCY.
reserve bank -for their respective districts. These certificates were
transmitted to and filed with the ComptroUer of the Currency^
whereupon these banks became bodies corporate with the powers conferred by law, except that no bank could transact any business other
than such as was incidental and necessarily preliminary to its organization, until formally authorized by the ComptroUer to begin the
business of banking.
Organization certificates were executed for each Federal reserve
bank, as follows:
'
No. 1
No. 2... . : .
No. 3 .
No. 4...
No. 5
No. 6...
No. 7 . . . . . . .
No. 8..
No. 9
No. 10
No. 11
No 12
Date of
organization.
Name of bank.
District.
Federal Reserve Baiik of Boston
Federal Reserve Bank of New York
Federal Reserve Banlc of Philadelpliia..
Federal Reserve Bank of Cleveland
Federal Reserve Bank of Richmond..
Federal Reserve Bank of Atlanta
Federal Reserve Banlc of Chicago:
Federal "Reserve Bank of St. Louis
Federal Reserve Bank of Minneapolis
Federal Reserve Bank of Kansas C i t y . . .
Federal Reserve Banlc of Dallas
Federal Reserve Bank of San Francisco..
:
:
Total
May
May
May
May
May
May
May
May
May
May
May
May
18,1914
18,1914
18,1914
18,1914
18,1914
18,1914
18,1914
18,1914
18,1914
18,1914
18,1914
20,1914
Subscribed
shares of
stock.
94 366
203,053
124 106
120,425
58,491
"43 865
128,307
49,377
46,040
54,550
54,807
70 585
1,047,927
Subscriptions for $104,792,700 of the capital of the Federal reserve
banks, shown by the organization certificates, represent 6 per cent
of the combined capital and surplus of the member hanks, the aggregate of which would be $1,746,545,000. The initial payment on
account of these subscriptions wiU produce $17,465,450. Within
six mon.ths. caUs will have been made aggregating $52,396,350,
averaging $4,366,362.50 per bank. The remainder of the subscriptions is subject to call when deemed necessary by the Federal
Reserve Board. AU payments are tp be made in gold and gpld
certificates. Based on subscriptions, shown by the organization
certificates, the fuU capital of the Federal reserve banks wiU range
from a minimum of $4,386,500 to a maximum of $20,305,300, and onehalf of those amounts as working capital at the expiration of the first
six months foUowing the caU for the initial payment.
On August 10, the result of the election of Class A and Class B directors of the Federal reserve banks was announced by the Reserve Bank
Organization Committee.
FEDERAL RESERVE BOARD.
On August 10 1914, the five appointive members of the Federal
Reserve Board took the oath of office and received their commissions.
The membership of the board is as foUows: W. G. McAdoo, Secretary of the Treasury, ex-officio, chairman; John Skelton Williams,
Comptroller of the Currency, ex-officio', Charles S. Hamlin, governor;
F. A. Delano, vice governor; Paul M. Warburg, W. P. G. Harding,
A. C. MiUer.
The Class C directors were named within a few weeks after the
organization of the board, and are shown in the following list.
588
REPOBT ON T H E FINANCES.
GOVERNORS, DIRECTORS, ETC., OF THE FEDERAL RESERVE
BANKS.
The foUowing is a list of the governors, directors, chairmen. Federal reserve agents, deputy chairmen, and deputy reserve agents of
the Federal reserve banks.
Boston.^-District No. 1.
A L F R E D L . A I K E N , Governor.
Class C.—Frederic H . Curtiss, Boston, Federal reserve agent and chairman of
board of directors; Walter S. Hackney, Providence, H. I . , deputy federal reserve
agent and vice chairman of board of directors; Allen Hollis, Concord, N. H., director.
. Class A.—Thomas P . Beal, Boston, Mass., group No. 1; C. G. Sanford, Bridgeport,
Conn., group No. 2; A. M. Heard, Manchester, N. H., group No. 3.
Class B.—Charles A. Morss, Boston, Mass., group No. 1; E . R. Morse,. Proctor, Vt.,
group No. 2; Charles G. Washburn, Worcester, Mass., group No. 3.
Member Federal Advisory Council, Daniel G. Wing, Boston.
;
.
~
Neiu York.—District No. 2.
B E N J A M I N STRONG, Jr., Governor.
Class C.—Pierre Jay, New York, N. Y., Federal reserve agent and chairman of.
board of directors; Charles Starek, New York, N . Y., deputy Federal reserve agent
and vice chairman of board of directors; George Foster Peabody, Lake George, N. Y.,
director.
Class A.—^William Woodward, New York, N. Y., group No. 1; Robert H . Treman,
Ithaca, N. Y., group No. 2; Franklin D. Locke, Buffalo, N. Y., group No. 3.
Class B.—SL. R . Towne, New York, N. Y., group No. 1; William B . Thompson,
Yonkers, N. Y., group No. 2; Leslie R. Palmer, Croton-on-Hudson, N. Y., group No. 3 .
Member Federal Advisory Council, J. P . Morgan, New York City.
Philadelphia.—District No. 3.
CHARLES J . . R H O A D S , Governor.
Class C.—Richard L . Austin, Philadelphia, Federal reserve agent and chairman
of board of directors; George M. La Monte, deputy Federal reserve agent and vice
chairman of board of directors, Bound Brook, N . J.; George W. Norris, Philadelphia,
director. ,
Class A.—Charles J.' Rhoads, Philadelphia, Pa., Group No. 1; W. H , Peck, Scranton,
Pa., Group No. 2; M. J. Murphy, Scranton, Pa., Group No. 3.
Class B.—Alba B . Johnson, Philadelphia, Pa., Group No. 1; Edwin S. Stuart,
Philadelphia, Pa., Group No. 2; George W. F . Gaunt, Mullica Hill, N . J., Group
No. 3.
Member Federal Advisory Council, Levi L. Rue, Philadelphia.
Cleveland.—District No. 4.
E . R . FANCHER, Governor.
Class C.—D. C. Wills, Bellevue, Pa., Federal reserve agent and chairman of board
of directors; Lyman H . Treadway, Cleveland, Ohio, deputy Federal reserve agent
and vice chairman of board of directors; H . P . Wolfe, Columbus; Ohio, director.
Class ^.—Robert Wardrop, Pittsburgh, Pa., Group No. 1; W. S.Rowe,. Cincinnati,
Ohio, Group No. 2; S. B . Rankin, South Charleston, Ohio, Group No. 3 .
Class B.—Thomas A. Combs, Lexington, Ky., Group No. 1; C. H . Bagley, Corry,
Pa., Group No. 2; A. B . Patrick, Salyersville, Ky., Group No. 3 .
Member Federal Advisory Council, W. S. Rowe, Cincinnati.
Richmond.—District No. 5.
G E O R G E J . SEAY, Governor.
Class .C-^William Ingle, Baltimore, Federal reserve agent and chairman of board
of directors; James A. Moncure, Richmond, deputy Federal reserve agent and vice
chairman of board of directors; M. F . H . Gouverneur, Wilmington, N . C , director.
Class A.—Waldo Newcomer, Baltimore, Md., Group No. 1; John F . Bruton, Wilson,
N . C , Group No. 2; Edwin Mann, Bluefield, W. Va., Group No. 3.
Class B.—George J . Seay, Richmond, Va., Group No. I ; D . R . Coker, Hartsville.
S. C , Group No. 2; J . F . Oyster, Washington, D . C , Group No. 3 .
Member Federal Advisory Council, Geo. J . Seay, Richmond.
COMPTROLLER OF T H E CURRENCY.
589
Atlanta.—District No. 6.
J O S E P H A, MCCORD, Governor.
Class C.—M. B . Wellborn, Anniston, Ala., Federal reserve agent and chairman of
board of directors; Edward T . Brown, Atlanta, Ga., deputy Federal reserve agent
and vice chairman of board of directors; W. H . Kettig, Birmingham, Ala., director.
Class A.—L. P . Hillyer, Macon, Ga., Group No. 1; F . W. Foote, Hattiesburg, Miss.,
Group No. 2; W. H . Toole, Winder, Ga., Group No. 3.
Class B.—P. H . .Saunders, New Orleans, La., Group No. 1; J. A. McCrary, Decatur,
Ga., Group No. 2; W. H . Hartford, NashviUe, Tenn., Group No. 3.
Member Federal Advisory Council, Chas. A. Lyerly, Chattanooga.
Chicago.—District No. 7.
J A M E S B . MCDOUGAL, Governor.
Class C.—C. n . Bosworth, Chicago, 111., Federal reserve agent and chairman of board
of directors; W. L. McLallen, Columbia City, Ind., deputy Federal reserve agent and
vice chairman of board of directors; Edwin T. Meredith, Des Moines, Iowa, director.
Class A.—George M'. Reynolds, Chicago, 111., Group No. 1; J. B . Forgan, Chicago,
111., Group No. 2; E . L. Johnson, Waterloo, Iowa, Group No. 3.
Class B.—Henry B. Joy, Detroit, Mich., Group No. 1; M. B . Hutchison, Ottumwa,
Iowa, Group No. 2;^ A. H . Vogel, Milwaukee, Wis., Group No. 3.
Member Federal Advisory Council, J. B . Forgan, Chicago.
St. Louis.—District No. 8.
ROLLA W E L L S , Governor.
Class C.—^Wilham McC. Martin, St. Louis, Federal reserve agent and chairman of
board of directors; Walter W. Smith, St. Louis, deputy Federal reserve agent and vice
chairman of board of directors; John Boehne, Evansville, Ind., director.
Class ^.—Walker HiU, St. Louis, Mo., Group No. 1; F . 0 . Watts, St. Louis, Mo.,
Group No. 2; Oscar Fenley, Louisville, Ky., Group No. 3.
ClassB.—Muira-Y Carlton, St. Louis, Mo., Group No. 1; W. B. Plunkett, Little Rock,
Ark.j Group No. 2; LeRoy Percy, Greenville, Miss., Group No. 3.
Member Federal Advisory Council, Rolla Wells, St. Louis.
Minneapolis.—District No. 9.
THEODORE WOLD, Governor.
Class C—John H . Rich, Red Wing, Minn., Federal reserve agent and chairman of
board of directors; P . M. Kerst, St. Paul, deputy Federal reserve agent and vice chairman of board of directors; John W. Black, Houghton, Mich., director.Class A.—E...W. Decker, Minneapolis, Minn., group No. 1; L. B. Hanna, Fargo,
N. Dak., group No. 2; J. C. Bassett, Aberdeen, S. Dak., group No. 3.
Class B.—F. R. Bigelow, St. Paul, Minn., group No. J ; F . P . Hixon, La Crosse, Wis.,
group No. 2; Norman B. Holter, Helena, Mont., group No. 3.
Member Federal Advisory Council, C. T. Jaffray, Minneapolis.
Kansas City.—District No. 10.
CHARLES M . SAWYER, Governor.
Class C.—^J. Z. Miller, jr., Kansas City, MQ., Federal reserve agent and chairman of
board of directors; A. E . Ramsey, Muskogee, Okla., deputy Federal reserve agent and
vice chairman of board of directors; R. H . Malone, Denver, Colo., director.
Class A.—Gordon Jones, Denver, Colo., group No. 1; W. J. Bailey, Atchison, Kans.,
^group No. 2; C. E . Burnham, Norfolk, Nebr., group No. 3.
Class B.—^M. L. McClure, Kansas City, Mo., group No. 1; T. C. Byrne, Omaha,
Nebr., group No. 2; L. A. Wilson, E l Reno, Okla., group No. 3.
Member Federal Advisory Council, E . F . Swinney, Kansas City.
Dallas.—District No. 11.
OSCAR W E L L S , Governor.
Class C — E . 0 . Tenison, Dallas, Tex., Federal reserve agent and chairman of
board of directors; W. F . McCaleb, San Antonio, Tex:., deputy Federal reserye agent
aiid vice (Chairman of board of directors; Felix Martinez, E l raso, Tex., director.
590
REPORT QN THE FINANCES.
Class A.—Oscar .Wells, Houston, Tex., Group No. 1; E. K. Smith, Shreveport, La.,
Group No. 2; B. A. McKinney, Durant, Okla., Group No. 3.
Class B.—Marion Sansom, Fort Worth, Tex., Group No. 1; Frank Kell, Wichita
Falls, Tex., Group No. 2; J. J. Culbertson, Paris, Tex., Group-No. 3.
Member Federal Advisory Council, J. Howard Ardrey, Dallas.
San Francisco.—District No. 12.
ARCHIBALD KAINS, Governor.
Class C.—^John Perrin, Pasadena, Cal., Federal reserve agent and chairman of board
of directors; Claud Gatch, San Francisco, Cal., deputy Federal reserve agent and vice
chairman of board of directors; Charles E. Peabody, Seattle Wash., director.
Class A.—C. K. Mcintosh, San Francisco, CaL, Group No. 1; James K. Lynch, San
Francisco, Cal., Group No. 2; Alden Anderson, Sacramento, CaL, Group No. 3.
Class B.—A. B. C. Dohrman, San Francisco, CaL, Group No. 1; J. A. McGregor,
San Francisco, CaL, Group No. 2; Elmer H. Cox, Madera, CaL, Group No. 3.
, Member Federal Advisory Council, Archibald Kains, San Francisco.
PAYMENT OF SUBSCRIPTIONS TO CAPITAL OF FEDERAL RESERVE BANKS.
Formal notice to member banks to pay their initial installment
of one-sixth of their subscription to the capital of the Federal reserve
banks on November 2, 1914, was issued on October 24: The second
installment of one-sixth is payable within three months after the
payment of the first installment, and the third installment of a like
amount within six months. The remainder is payable, as heretofore stated, on call of the Federal Reserve Board.
FEDERAL RESERVE NOTES.
An order for $250,000,000 of Federal reserve notes has been placed
with the Bureau of Engraving and Printing, deliveries of which will
be available as required by the reserve banks.
The inscription on the face of the Federal reserve notes reads;
Federal Reserve Note. The United States of America will pay to the bearer on
demand—••
dollars. Authorized by the Federal Reserve Act of December 23,1913.
The corporate title of each bank is shown as '^ Federal Reserve Bank
."
The note bears the facsimile signatures of the Secretary of tho
Treasury and the Treasurer of the United States. •
*
The legend on the back of the notes reads as follows:
of
This note is receivable by all national and member banks and Federal reserve bahksand for all taxes, customs, and other public dues. It is redeemable in gold on demand
at the Treasury Department of the United States in the City of Washington, District
of Columbia, or in gold or lawful money at any Federal reserye bank.
.
The notes are in denominations of 5s, 10s, 20s, 50s, and lOOs:^ and
each note is of new and original design.
The five-dollar bills contain on the left-hand side of their back an
engraving of the landing of Columbus and on the opposite side bf the
back the landing of the Pilgrim Fathers on Plymouth Rock.
The back of the ten-dollar bill represents a typical manufacturing
and agricultural scene, the picture on the left-hand-side showing a
harvesting scene and a modern harvester, while on the right there is
a picture of a modern factory in operation.
The engraving on the back of the twenty-dollar bilh represents
transportation on land and water and in the air; the picture pii the
COMPTROLLER OF T H E CURRENCY.
591
left being a modern railroad train, an automobile, and an aeroplane,
and that on the right an ocean liner in New York Harbor with the
New Yprk skyline and the Statue of Liberty in the background.
The engraving on the back of the fifty-dollar bill is symbolical of
the Panama Canal, the center piece being a picture of a woman; on
one side a tran-Atlantic steamer is shown and on the other side a
battleship, the idea being to represent America presiding over the
Panama Canal, the oceans representing the Atlantic and the Pacific.
An allegorical picture covers the entire back of the hundred-dollar
bUl. There is a central group representing America with Peace and
Plenty on either side. A figure on the left-hand end of the note
represents Labor bearing the harvest and the figure on the other end
represents Mercury distributing the harvest.
FEDERAL RESERVE BOARD REGULATIONS."
COMMERCIAL PAPER ACCEPTABLE FOR REDISCOUNT BY FEDERAL RESERVE BANKS AS
D E F I N E D B Y THE FEDERAL RESERVE BOARD.
Under date of November 10 the Federal Reserve Board issued the
following circular letter in which the kind of paper, which may be
admitted to rediscount by Federal reserve banks, is defined.
The circular is as follows:
WASHINGTON, November 10, 1914*
To all Federal Reserve Banks:
In view of the impending opening of the Federal reserve banks, the Federal Reserve
Board deems it proper to outline in this circular, in broad general terms, the discount
policy which it believes might be pursued to advantage by the Federal reserve banks
at the outset.
While the most acute stage of the recent financial emergency appears to have passed,
the conditions in other countries make it necessary that the United States should, to
the utmost degree of efficiency, organize and make available its own resources in order
that it may^ provide for its own needs and replace the facilities suddenly destroyed
by the closing of so many of the accustomed channels of credit and trade. .
The directors and governors of the Federal reserve banks at a conference in Washington on October 20 and 21 recommended that the banks be opened without attempting at the outset to perform all the functions and duties contemplated in the act, but
that they, be prepared to accept deposits of reserves payable in lawful money, to discount bills of exchange and commercial paper, and to accept the deposit (after the
reserve payments had been made) of checks drawn by member banks on any Federal
reserve bank or member baiiks in the reserve and central reserve cities within their
respective districts. It was the opinion of the conference that arrangements for
the exercise of the additional powers granted by the act to the Federal reserve banks
be completed as rapidly as the establishment of safe and efficient organizations would
permit. The Federal Reserve Board is in accord with these suggestions.
It should be borne in mind that, although our exports are showing a gratifying
• increase, there is still a large cash balance due to European countries for which gold
may be demanded, and that a large quantity of American securities held abroad may
be returned to the United States; while, on the other hand, more than $300,000,000
of emergency currency must be gradually retired. No one can estimate the duration
of the war or predict what will be the financial and commercial conditions when
peace shall be restored. . Our own industrial development has been greatly facilitated
by foreign capital, and we have been accustomed to borrow large sums.annually in
Europe and to sell American securities there, which attracted foreigners because of
their higher rate of return as compared with European investments. It is probable
that at the end of the war interest rates in Europe will be higher than they have
been in the past and greater investment returns will be yielded. The tremendous
destruction of property and waste of capital will not only check theflowof European
savings to the United States, but may dispose foreign investors to return us the securities they now hold: Lower moiiey rates in this country would be likely to accentuate
this tendency, while, on. the other hand, higher interest rates and larger investment
returns on pur side would check it.
592
REPORT ON THE FINANCES.
The function of the Federal reserve banks is, therefore, of a twofold character.
They should extend credit facihties, particularly where the abnormal conditions now
prevailing have created emergencies demanding prompt accommodation; and, on the
other hand, they must protect the gold holdings of this country in order that such
holdings may remain adequate to meet demands that may be made upon them.
While credit facilities should be liberally extended in some parts of the country, it
would appear advisable to proceed with caution in districts not in need of immediate
relief a n d to await the effect of the release of reserves and of the changes which the
credit me'chanism of the country is about to experience before establishing a definite
discount policy.
Commercial paper.—The .Federal Reserve Board, under section 13 of the Federal
reserye act, has the right to determine or define the character of paper eligible for
discount, to wit, ''notes, drafts, and bills of exchange arising out of actual commercial
transactions; that is, notes, drafts, and bills of exchanr:e issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of wliich have been used
or are to be used for such purposes."
Bearing in mind the req uii'e'ments of the present situation, the Federal Reserve
Board believes that it would be inadvisable at this time to issue regulations placing
a narrow or restricted interpretatiou upon the section defining the character of paper
eligible for discount. I t has, therefore, been decided not at this time to enter upon
the discussion of the question of single or double name paper, b u t to admit both
forrns of bills to rediscount with the Federal reserve banks.
The Federal Reserve Board proposes, however, to prescribe the following basic
principles for the guidance of Federal reserve banks and member banks:
(a) No bill shall be admitted to rediscount b y Federal reserve banks the proceeds
of which have been or are.to be appUed to permanent investment, and regulation
No. 2 has been formulated with the intention of giving effect to this principle, and is
herewith inclosed.
(6) Maturities of discounted bills should be well distributed. I t is the wellestablished practice of European reserve banks to invest only in obligations maturing
within a short time. I t is a general rule not to purchase paper haying more than 90
days to run. The maturities of these notes and bills are so well distributed as to
enable those banks within a short time to strengthen their hold on the general money
market b y collecting at maturity or b y reinvesting at a higher rate a very substantial
.proportion of their assets. Acting on this principle, the Federal reserve banks should
be in position to liquidate, whenever such a course is necessary, substantially onethird of all their investments within a period of 30 days. Departure from this principle will endanger the safety of the system. I t is observance of this principle^that
affords justification for permitting member banks to count balances with Federal
reserve banks as the equivalent of cash reserves. .
(c) Bills should be essentially self-liquidating.
Safety requires not only that bills ^ held b y the Federal reserve banks should b.e
of short and well distributed maturities, but, in addition, should be of such character
that it is reasonably certain that they can be collected when they mature. They
ought to be essentially "self-liquidating," or, in.other words, should represent in
every case some distinct step or stage in the productive or distributive process—the
progression of goods from producer to consumer. . The more nearly these steps approach
the final consumer the smaller will be the amount involved in each transaction as
represented b y the bill, and the more automatically self-Hquidating will be its
character.
Double-named paper drawn on a purchaser against an actual sale of goods affords,
from the economic point of view, prima facie OAddence of the character of the transaction from which it arose. Single-nanie notes, now so freely used in the United
States, may represent the same kind of transactions as those bearing two names.
Inasmuch, however, as the single-name paper does not show on its face the character
of the transaction out of which it arose—an admitted weakness of this form of paper—
it is incumbent upon each Federal reserve bank to insist that the character of the
business and the general status of the concern supplying such paper should be carefully examined in order that the discounting bank may be certain that no such
single-name paper has been issued for purposes excluded b y ' t h e act, such aa investments of a permanent or speculatiA^e nature. Only careful inquiry on these points
will render it safe and proper for a Federal reserve bank to consider such paper a
''self-liquidating" investment at maturity.
. VFor brevity's sake, the words ''bills" and "notes" whenever used in these paragraphs include bills,
notes, and drafts, as specified in the act.
COMPTROLLER^OF THE CURRENCY.
593
Turning now to the question of procedure, it is not thought necessary to impose
upon the banks the observance of methods which would involve needless difficulty
or delay. It is therefore not deemed essential that a statement of condition be attacheu
to each bill when sold to a Federal reserve bank. It is, however, thought advisable
bythe board to require that on and after January 15,1915, no paper shall be discounted
or purchased by Federal reserve banks that does not bear on its face the evidence that
it 13 eligible for rediscount under the principles and definitions above outlined and
as expressed in regulation No. 2, and that the seller of the paper has given a statement
to the member bank. A rubber stamp stating, in substance—
ELIGIBLE FOR REDISCOUNT WITH
F E D E R A L RESERVE BANKS.
UNDER REGULATIONS OF
FEDERAL RESERVE BOARD CIRCULAR N O . 13.
CREDIT FILE NO.
DISTRICT NO.
(Name of Meinber Bank.)
is considered sufficient evidence to that effect at this time. It would be understood
that the Federal reserve bank could at any time call for .the appropriate credit file,
and it may well be expected that the data thus gathered—particularly the files of
more important firms and of those rediscounting in larger amounts—^will be so catalogued as to furnish the nucleus of an effective credit bureau which, in turn,, may
eventually develop into a central credit bureaii for the benefit of all the Federal
reserve banks of the system.
For the time being certified accountant's statements will not be required. This
matter is reserved for regulation at a later date. The required statement as outlined
above should be signed under oath and should contain a short general description of
the character of the business, the balance sheet, and the profit and loss account.
Assets should be divided into permanent or fixed investments, slow assets, and quick
assets. Ori the liability side should be shown capital, long-term loans, and shortterm loans. Short-term loans should be in proper proportion to quick assets, and
the statement should contain satisfactory evidence that short-term paper is not iDeing
sold against permanent or slow investments. The statement should, furthermore,
show the maximum aggregate amount up to which' the concern supplying this paper
expects to borrow on short credit or sale of its paper, and the concern giving the statement should obligate itself to obtain the member bank's consent before exceeding
the agreed limit. The affixing of the stamp stating such paper to be eligible for
rediscount will be considered a solemn and binding declaration by the member
bank that the statement has been examined from this point of view, and that the
paper bought comphes with all the requirements of the law and the regulations hereby
imposed.
The board appends tw.o additional regulations: No. 3, covering discount transactions on or before January 15; No. 4, discount operations on and after January 15.
Six-months paper.—The law provides that the Federal Reserve Board shall fix the
percentage of its capital (by which is understood that portion of the capital paid in)
up to which a Federal reserve bank may discount "notes, drafts, and bills drawn or
issued for agricultural purposes, or based on live stock, and having a maturity not
exceeding six months." The law permits the Federal Reserve Board to deal with
each Federal reserve bank individually in fixing this limit.
The Federal Reserve Board has determined to fix this limit generally, and untiT
further notice, at 25 per cent of the capital that shall have been paid in from time
to time. For those districts in which, during certain seasons, six-months, paper is
particularly required to carry through agricultural operations the limit will be increased from time to time upon requests made by Federal reserve banks to the Federal
Reserve Board.
Regulation No. 5, relating to six-months paper, is appended hereto.
Regulation No. 6, rejating to bank acceptances, is likewise appended.
CHARLES S. HAMLIN, Governor,
- 64402°—FI 1914-—38
594
REPORT ON TFIE FINANCES.
Regulation No. 3.—Wlienever a member bank shall offer for rediscount any note,
draft, or bill of exchange bearing the indorsement of silch member bank, with waiver
of demand notice and protest, the directors or executive committee of the Federal
reserve bank may, until January 15, 1915, accept as evidence that the proceeds of
such note, draft, or bill of exchange were or are to be used for agricultural, industrial,
or commercial purposes (and that such notes, drafts, or bills of exchange in other
respects comply with the regulations of the board) a written statement from the
officer of the applying bank that of his own knowledge and belief the original loan
was made for one of the purposes mentioned, and that the provisions of the act and
regulations issued by the board have been complied with.
Regulation No.. 4.—From and after January 15, 1915, all notes, drafts, or bills of
exchange offered for rediscount shall show on their face, or by indorsement, a statement substantially to the following effect:
Eligible for rediscount with Federal reserve banks under regulations
of the Federal Reserve Board circular No. 13—
Credit file No
District No
Name of member bank
The credit file number shall refer to evidence in possession of the member bank
that the proceeds of such notes drafts or bills of exchange under the terms of the
loans made or to be made were, or are to be, used for agricultural, industrial, or commercial purposes, as required by section 13 of the Federal reserve'act and as imposed
by regulation No. 2 of the Federal Reserve Board, and such credit files shall be open
to inspection by any examiner appointed by the Comptroller of the Currency or
selected by the Federal reserve bank discounting same, and copies of such files, or
any part thereof, shall be furnished to the officers of the Federal reserve bank upon
request.
The credit files referred to should contain not only evidence of the purpose or purposes for which such loans are made, but also full and complete information as to the
financial responsibility of the borrower, including a short general description of the
character of the business, balance sheet, and profit and loss account of the borrower.
Assets should be divided into permanent or fixed investments, slow assets, and quick
assets. On the liability side should be shown capital, long-time loans, and short-term
loans. Short-term loans should be in proper proportion to quick assets, and the statement should contain satisfactory evidence that short-term paper is not being sold against
permanent or slow investments. The statement should, furthermore, show the
maximum aggregate amount up to which the concern supplying this paper expects
to borrow on short credit or sale of its paper and thie indi^ridual, firm, or corporation
giving the statement should obligate himself or itself to obtain the member bank's
consent before exceeding the agreed limit. The affixing of the stamp stating such
paper to be ehgible for rediscount will be considered a solemn and binding declaration by the member bank that the statement has been examined from this point of
view and that the paper bought complies with all the requirements of the law and ofthe regulations hereby imposed.
Regulation No. 5.—^Whenever notes, drafts, or bills of exchange offered for rediscount have a maturity of naore than three but less than six months, and the Federal
reserve bank has been satisfied in the manner provided by Regulation No. 2 that
the proceeds of loans applied for are used or are to be used for agricultural purposes or are based upon live stock, such notes, drafts, and bills of exchange may, until
further notice, be accepted for rediscount in an aggregate amount not exceeding 25
per cent of the paid-in capital of the Federal reserve bank accepting same.
Regulation No. 6.—^Whenever bank acceptances are offered for rediscount it must
appear on the face of such acceptances that the proceeds thereof were, used or are to
be used in connection with a transaction involving the importation or exportation of
^oods; that is to say, it must appear that there has been an actual bona fide sale which
involves the transportation of goods from some foreign country to the United States or
from the United States to some foreign country.
Regulation No. 2, referred to in Regulation No. 5, is in part as
follows:
All paper offered for discount under this section to any Federal reserve bank must
conform to the following requirements:
First. It must be indorsed by a National or State bank or trust company which is a
member of the Federal reserve bank to which it is offered for rediscount.
Second. Such bank must, with its indorsement, waive demand notice and protest.
COMPTROLLER OF THE CURRENCY.
595
Third. Paper so offered shall be in the form of notes, drafts, or bills of exchange
arising out of commercial transactions; that is, notes, drafts, and bills of exchange
issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds
of which have been used or are to be used for such purposes.
Fourth. If in the form of acceptances, they must be based on transactions involving
the importation or exportation of goods and must have a maturity at the time of discount of not more than three months to run. They must furthermore be indorsed by
at least one member bank, and the total amount offered shall in no event exceed onehalf the paid-up capital stock and surplus of the bank offering same.
Fifth. The aggregate of notes and bills bearing the signatures or indorsement of any
one person, company, firm, or corporation rediscounted for any one bank shall at no
time exceed 10 per cent of the unimpaired capital and surplus of said bank; but this
restriction shall not apply to the discount of bills of exchange drawn in good faith
against actually existing values.
Subject to these limitations, it devolves upon the Federal Reserve Board to determine or define for the several Federal reserve banks (1) notes, drafts, and bills of
exchange eligible for rediscount; (2) bank acceptances eligible for rediscount.^
The limitations relating to rediscount operations, contained in section 13 of the act,
may be divided into two classes: First, those positive limitations under which such
notes, drafts, and bills of exchange may be accepted for rediscount; and,^ second,
those limitations specifically stating what paper shall be excluded.
If we begin with the latter, we find the very clear provision excluding all notes,
drafts, and bills of exchange which are "issued or drawn for the purpose of carrying
or trading in stocks, bonds, or other investment securities (except bonds and notes
of the Government of the United States)." This clause does not require comment.
The act further excludes notes, drafts, and bills of exchange covering "merely
investments."
Any funds employed in agiiculture, commierce, or industry are quasi investments,
and the emphasis is, therefore, to be laid on the word "merely" in this connection.
From this point of view are to be excluded all bills whose proceeds have been or
are to be used in permanent or fixed investments of any kind. "Agricultural, industrial, or commercial purposes" can not, therefore, be held to include investments
in land, plant, machinery, permanent improvements, or transactions of a similar
nature.
The purchase of commodities for purposes which are merely speculative and not
connected with an ultimate process of manufacturing or distribution would constistitute a "mere" investment, and bills covering such investments are accordingly
not eligible for rediscount.
. In order to be eligible for rediscount bills must "arise out of actual commercial
transactions," and "the proceeds must have been used or they are to be used for
agricultural, industrial, or commercial purposes."
In like manner "notes, drafts, and bills of exchange secured by staple agricultural
products or other goods, wares, or merchandise " are eligible for rediscount provided
they arise out of "actual commercial transactions" covering some particular stage in
the process of production and distribution.
They are not ehgible when drawn to cover merely speculative investments.
OPENING OF THE FEDERAL RESERVE BANKS.
On November 14, 1914, the Comptroller of the Currency signed
the charters of the 12 Federal reserve banks and sent to the chairman of the board of directors of each of the banks the following,
telegram:
This is to notify you that the certificate or charter authorizing the Federal reserve
bank of
to commence business in accordance with the provisions of
section 4 of the Federal reserve act has been officially signed and expressed to you.
As it is impossible to have these certificates in the possession of all Federal reserve
banks by the morning of November sixteenth, this telegram will be your authority,
pending the receipt of the certificate referred to, for the Federal reserve bank of,
to commence business on the morning of November sixteenth, nineteen fourteen.
1 Bank acceptances eligible for rediscount are defined in Regulation No. 6.
596
REPORT ON THE FINANCES.
On November 16, 1914, the Secretary of the Treasury, in conformity
with a notice he had given on October 25, 1914, announced that the
12 Federal reserve banks were established and open for business.
Contemporaneously with the opening of the banks on November 16,
1914, the new reserve requirements, as provided in the Federal
reserve act, became effective.
A statement of the combined resources and liabilities of the
TWELVE F E D E R A L R E S E R V E BANKS of the United States
at the close of business on November 27, 1914, 11 days after the
opening of the banks, shows as follows:
RESOURCES.
LIABILITIES.
Gold coin and certificates. $227,840,000
Legal-tender notes, silver
certificates, and subsidiary'coin
34,630,000
Total
Bills discounted and loans:
Maturities in 30 d a y s . .
Maturities in 60 d a y s . .
Other
TotaL.......
All other resources..
Total resources
Capital paid in
Reserve deposits
Federal reserve notes in
circulation (net amount).
$18,050,000
249, 268, 000
Total liabilities.....
270,018,000
2, 700,000
262,470,000
5, 857, 000
1, 097, 000
429,000
7, 383, 000
165, 000
270,018,000
Percent.
Gold reserve against all liabihties
90
Cash reserve against all liabilities
104
Cash reserve against liabilities after setting aside 40 per cent gold reserve against
Federal reserve notes in circulation
"
105
The auspicious opening of the banks has already accelerated the
growth of confidence, and the event has been generally recognized
as marking the beginning of a new era, pregnant with „vast possibilities for insuring financial stability and at the same time promoting
the increase and development of .legitimate business and- enterprise
throughout our country.
INCREASE IN W O R K OF BUREAU.
During the past year, owing to many causes, the work which has
devolved upon the employees of the Bureau of the Comptroller of
the Currency has been unusually heavy and burdensome. The
natural increase in the number and business of national banks; the
additional work incident to the establishment of the new banking
and currency system; the material reforms and changes in the
reports of condition which the national banks have been required
to submit in response to the periodical calls, and the task of analyzing
and digesting their reports; the large amount of additional information which the banJks have also been called upon to supply in
order to furnish a clearer and more comprehensive understanding
of financial conditions throughout the country, and the labor connected with the issuance by this office during the four months of
the financial crisis, or say from August 1 to December 1, of more
than 380 million dollars of additional currency—all have contributed
COMPTROLLER OF T H E CURRENCY.
597
their, full share to the increased duties and responsibilities which
have been thrown upon this bureau in the period mentioned.
This new and additional work has been performed by the same
force, which has had no substantial increase for the past five years,
with the exception of such temporary details as this office has been
able to secure from other offices in the Treasury Department, and
which help in many cases could ill be spared, and was only accorded
because of the unusual and pressing nature of the work allotted.
These onerous duties have been performed faithfully and efficiently
by the employees generally, although it has involved long hours,
much night work, and personal sacrifice. I feel that it is fitting
and just that acknowledgment should be made of the excellent spiiit,
fidelity, efficiency, and loyalty which have been displayed throughout
by the force employed by this bureau.
REPORT OF THE COMPTROLLER ISSUED IN TWO VOLUMES.
The appendix to the report of the Comptroller of the Currency,
containing the detailed statements of the condition of each natioAal
bank and a large amount of additional general and special statistical
iaformation and data, and a digest oi court decisions relating to
national banks, which hitherto have usually been printed in the same
volume with the text of the Comptroller's annual report, will this
year, as a matter of convenience, be printed and bound separately as
. volume 2 of the Report of the Comptroller of the Currency for 1914.
Respectfully submitted.
J O H N SKELTON WILLIAMS,
Comptroller of the Currency.
The
SPEAKER OF THE H O U S E OF REPRESENTATIVES.
REPORT OF THE REGISTER OF THE TREASURY.
TREASURY DEPARTMENT,
O F F I C E OF THE REGISTER,
Wasliington, D . C , August 21, 1914S I R : 1 have the honor to make the following report of the business
transacted in this office during the fiscal year ended June 30, 1914:
Number and amount of bonds received, examined, entered, sealed, and signed in the office
of the Register of the Treasury during the fiscal year ended June 30, 1914.
Nuniber.
Coupon
Registered..
Total..
Amount.
2,885
37,338
S313,060
80,345,670
40,223
80,658,730
Number and amount of bonds canceled in the office of the Register of the Treasury during
the fiscalyear ended June 30, 1914.
Number.
Amount.
^.
Total....
5,995
27; 685
$2,736,440
75,630,590
33,680
Coupon
Registered
78,367,030
Coupon bonds redeemed during thefiscal year ended June 30, 1914.
Redeemed during
the year.
Loans.
Total issue.
Total canOut-,
celed to June standing.
30,1914.
Number. Amount.
UNITED STATES.LOAN.
Funded loan of 1907, 4 per cent
$48,050
$329,998,300
$329,479,300
5,500
13,821,450
430,350
343,300,750
949,350
$519,000
DISTRICT OF COLUMBIA LOAN.
50-year funded loan-of 1924,3.65 per cent.
Total
598
14,251,800
344,250,100
18
53,550
REGISTER OF THE TREASURY.
599
Registered bonds redeenied during thefiscal year ended June 30,1914.
Redeemed duiing
the year.
Total issue.
Loans.
Number. Amount.
Total reOutdeemed to
June 30,1914. standing.
U N I T E D STATES LOANS.
$209,383,900
$4,450
1
2
17
$1,000
200
57,450
25,106,400
75,399,250
660,319,750
75,900
20
58,650
970,204,850
84,350
14,085,000
Total
$209,379,450
25,110,400
75,399,250
660,395,650
970,289,200
Funded loan of 1891, 4^ per cent
Funded loan of 1891, 4^ per cent, continued
at 2 per cent
Loan of 1904 5 per cent
Funded loan of 1907, 4 per cent
.
....
151
655,000
4,000
DISTRICT OF COLUMBLA. LOAN.
50-year funded loan of 1924,3.65 per cent
7,565,000 .6,520,000
Coupon bonds of active loans outstanding June 30, 1914.
Loans.
$20
Consols of 1930. 2 per cent.
Loan of 1908-1918, 3 per cent
$287,280
Loan of 1925, 4 per cent
Panama Canal loan, 2 per cent,
series of 1906
.'
1,300
Panama Canal loan, 2 per cent,
seriesofl908
380
Panama Canal loan, 3 per cent,
series of 1911
Postal savmgs fund loan of 19111931,2J per cent, first series
580
Postal savings fund loan of i912^
1932 2^ per cent, second series
8,040
Postal savings fund loan of 19121932,2^ per cent, third series
7,540'
Postal savings fund loan of 19131933, 2i per cent, fourth series...
11,540
Postal savmgs fund loan of 19131933,2^ per cent, fifth series . . .
8,820
Postal savings fund loan of 19141934,2^ per cent, sixth series
10,540
District of Columbia 50-year funded
loan of 1924,3.65 per cent
Total.
United States loans
District of Columbia loan
Total
336,020
-.
".
$50
$100
$10,750
$92,100
1,980,100
221,000
31,650
$500
$1,000
$352,500 $2,963,000
9,955,500 5,529,000
760,000 16,258,000
Total outstanding.
$3.418.350
17,751,880
17,270,650
1,600
20,000
22,900
4,700
316,000
321,080
9,493,000
9,997,400
89,400
2,100
415,000
'
1,500
4,180
57,900
15,500
81,440
66,800
39,000
113,340
85,000
68,500
165,040
-75,100
61,500
145,420
76,800
65,500
152,840
27,350
.403,000
430 350
69,750
2,752,600 12,137,500 34,579,000
49,874,870
$49,444,520
430,350
49,874,870
Registered bonds of active loans outstanding June 30, 1914Loans.
U n i t e d S t a t e s loans:
Consols of 1930, 2 per c e n t
T.oan of 1908-1918, 3 per cent
T.oan of 1925, 4 per c e n t
P a n a m a Canal loan, 2 per c e n t , series of 1906
P a n a m a Canal loan, 2 per c e n t , series of 1908
P a n a m a Canal loan, 3 per c e n t , series of 1911.
P o s t a l savings fund loan of 1911-1931,2^ per c e n t , first
series
P o s t a l savings fund loan of 1912-1932,2§ p e r c e n t , seco n d series
P o s t a l s a v m g s fund loan of 1912-1932,2| per cent, t h i r d
series..
.
P o s t a l s a v i n g s fund loan of 1913-1933, 2^ p e r c e n t ,
, f o u r t h series
P o s t a l savings fund loan of 1913-1933,2^ per c e n t , fiith.
series .
P o s t a l savings fund loan of 1914-1934,2^ per cent, sixth,
series .
.• . . .
Total
I n s u l a r possessions l o a n s :
P h i l i p p i n e loan of 1914-1934, l a n d p u r c h a s e , 4 per c e n t .
P h i l i p p i n e loan of 1915-1935, p u b l i c i m p r o v e m e n t s , 4
per c e n t , first series
>
P h i l i p p i n e loan of 1916-1936, p u b l i c i m p r o v e m e n t s , 4
p e r c e n t , second series
i
P h i l i p p i n e loan of 1919-1939, p u b l i c i m p r o v e m e n t s , 4
p e r c e n t , t h i r d series
City of Manila sewer a n d w a t e r loan of 191&-1935, 4
p e r c e n t , f i r s t series
City of Manila sewer a n d w a t e r loan of 1917-1937, 4
p e r cent, second series
City of Manila sewer a n d w a t e r loan of 1918-1938, 4
per cent, t h i r d series
..
City of Cebu l o a n of 1921-1941, 4 p e r c e n t . . ^
P o r t o Rico gold loan of 1910, 4 per c e n t .
P o r t o Rico gold loan of 1912, 4 p e r c e n t
P o r t o Rico gold loan of 1913, 4 per c e n t . . . .
P o r t o Rico gold loan of 1913,4 per c e n t , series A , 1944..
P o r t o Rico gold loan of 1913,4 per c e n t , series B , 1945
P o r t o Rico gold loan of 1913,4 per cent, series C, 1946..
P o r t o R i c o gold loan of 1913,4 per cent, series D , 1947..
$20
$50
$126,100
$88,580
14,750
4,780
1,520.
.$500
$100
$868,200
1,133,000
317,500
175,300
71,400
64,600
$3,473,500
3,342,000
1,259,000
•431,000
Oi-
o
o
$1,000
$5,000 ,
$10,000
$50,000
$25,364,000
7,555,000
9,248,000
5,689,000
2,476,000
32,787,000
$56,720,000
4,645,000
8,930,000
$467,730,000
29,430,000
81,450,000
48,740,000
27,130,000
6,720,000
$88,550,000
T o t a l outstanding.
$642,831,800
46,193,580
101,219,250
54,609,080
29,678,920
40,002,600
1,920
21,300
14,500.
37,720
w
13,840
232,100
90,000
335,940
20,620
339,900
381,000
741,520
o
pi
28,640
419,300
462,000
909,940
.
27,360
443,600
500,500
440,000
508,500
10,462,000
H
O
976,980
4,526,200
•
971,460
28,480
^
215,740
140,850
83,119,000
.
70,295,000
661,200,000
88,550,000
918,508,790
2,230,000
.
•.
4,770,000
7,000,000
700,000
1,800,000
2,500,000
140,000
860,000.
1,500,000
1,000,000
1,500,000
230,000
770,000
1,000,000
360,000
1,640,000
2,000,000
1,000,000
125,000
'
100,000
25,000
25,000
25,000
425,000
100,000
1,000,000
75,000
75,000
75,000
1,000,000
125,000
425,000
100,000
1,000,000
100,000
100,000
100,000
100,000
>
a
03
Porto Rico gold loan of 1913,4 per cent, series E, 1948..
Porto Rico gold loan of 1913,4 per cent, series F, 1949..
Porto Rico gold loan of 1913,4 per cent, series G, 1950..
45,000
25,000
55,000
6,585,000
Total
District of Columbia 50-year funded loan of 1924 .3.65 per
cent .
. .
Total '.
United States loans
Insular possessions loans
District of Columbia loan
Total
55,000
75,000
45,000
1,925,000
470,000
215,740
4,526,200
140,850
78,270,000
ioo;ooo
100,000
9,840,000
18,350.000
6,520,000
6,050,000
90,174,000
10,462,000
100.000
671,040,000
88,550,000
:
,
:
,
943,378,790
$918,508,790
18,350,000
6,520; 000
943,378,790
Q
C/2
H
pi
O
^^
t=j
>
Ul
cl
pi
as
o
602
REPORT ON THE FINANCES.
Coupon and registered bonds of active loans outstanding June 30, 1914.
Coupon.
$3,418,350
17,751,880
17,270,650
10,341,380
430,350
$642,831,800
46,193,580
101,219,250
124,290,600
3,973,560
7,000,000
5,000,000
4,-000,000
125,000
1,525,000
700,000
6,520,000
$646,250,150
63,945,460
118,489,900
134,631,980
4,635,820
7,000,000
5,000,000
.4,000,000
125,000
1,525,000
700,000
6,950,350
943,378,790
993,253,660
430,350
$918,508,790
18,350,000
6,520,000
$967,953,310
18,350,000
6,950,350
49,874,870
Total.
Total outstanding.
$49,444,520
Consols of 1930, 2 per cent
Loan of 190&-1918, 3 per cent
1
Loan of 1925, 4 per cent
Panama Canal loans, series of 1906,1908,1911,2 and 3 per cent..
Postal savings fund loans, 6 series, 2h per cent
Philippine loan of 1914-1934, land purchase, 4 per cent
Philippine public improvements loans, 3 series, 4 per cent
City of Manila sewer and water loans, 3 series, 4 per cent
City of Cebu loan of 1921-1941, 4 per cent
Porto Rico gold loans of 1910,1912,1913, 4 per cent
Porto Rico gold loan of 1913, 7 series (A to G), 4 per cent
District of Columbia 50-year funded loan of 1924,3.65 per centl
Registered.
49,874,870
Loans.
943,378,790
993,253,660
RECAPITULATION.
United States loans
Insular possessions loans. .
District of Columbia loan.
Total.
Debt, on whidh interest has ceased since maturity, outstanding June 30, 1914.
Loans, etc.
Old debt:
Sbc per cent stock of 1790
Deferred 6 per cent stock of 1790
Three per cent stock of 1790
Navy 6 per cent stock
Eight per cent loan of 1800
Sixteen-million loan of 1813, 6 per cent
Ten-million loan of 1814, 6 per cent.
Mississippi stock, no interest
Seven per cent stock of 1815
:
Treasury note stock of 1815, 6 per cent
Coupon.
Total
outstanding.
$27,869. 77
13,934.90
13,953.13
100.00
500.00
46.39
288.98
846.78
32.52
67.53
•...
Total.
Certificates of indebtedness, 6 per cent: '.
Three per cent certificates
:
•
Treasury notes prior to 1846, one-tenth of 1 to 6 per cent
Treasury notes of 1846, one-tenth of 1 to 5f per cent
Treasury notes of 1847, 5 | and 6 per cent
Treasury notes of 1857, 3 to 6 per cent
Treasury notes of 1861, 6 per cent
Seven-thirties of 1861, 7.3 per cent
Seven-thirties of 1864 and 1865, 7,3 per cent
.r
One-year notes of 1863, 5 per cent
Two-year notes of 1863. 5 per cent
,...
Compound-interest notes, 6 per cent
Bounty-land scrip, 6 per cent
Texan indemnity stock, 5 per cent
Mexican indemnity stock, 5 per cent
Oregon war debt, 6 per cent
Loan of 1,847, 6 per cent
....'.
Loan of 1858, 5 per cent.
Loan of February, 1861, 6 per cent
Loan of July and August, 1861, 6 per cent
'...
Loan of July and August, 1861,6 per cent, contiaued at 3§ per
cent,
• Temporary loan of 1862 (certificates of deposit), 4, 5, and 6 per
cent, according to contract.
Five-twenties of 1862, 6 per cent
Loan of 1863, 6 per cent
Loan of 1863, 6 per cent, contiaued at 3§ per cent.
Ten-forties of 1864, 5 per cent
".
Five-twenties of June, 1864, 6 per cent
Five-twenties of 1865, 6 per cent
Consols of 1865, 6 per cent
Consols of 1867, 6 per cent
Consols of 1868, 6 per cent
'.
Funded loan of 1881, 5 per cent
Registered.
""2," 250.'66'
2,000.00
5,000.00.
15,000.00
107,150.00
3,000.00
18,500.00
14,000.00
17,350.00
56,400.00
93,700.00
9,900.00
20,400.00
50.00
1,600.00
$20,000.00
57,640.00
3,000.00
5,000.00
82,415.35
5,900.00
950.00
700.00
2,300.00
9,350.00
120,100. 00
30,310.00
26,800.00
159,040.00
2,900.00
20,000.00
1,104.91
2,250.00
950.00
2,000.00
5,000.00
15,050.00
1,600.00
$2,900.00
"'i,"i64.*9i"
950.00
100.00
100.00
50.00
2,500.00
1,000.00
50.00
2,000.00
2,850.00
107,150.00
3,100.00
100.00
18,550.00
14,000.00
19,850.^00
57,400. 00
93,750.00
9,900.00
22,400.00
REGISTER OF THE TREASURY.
603
Debt, on which interest has ceased since maturity, outstanding June 30,1914—Continued.
Coupon.
Loans, etc.
Funded loan of 1881, 5 per cent, continued at 3§ per cent..
Loan of July 12,1882, 3 per cent
Funded loan of 1891, 4^ per cent
Funded loan of 1891, 4§ per cent, continued at 2 per cent.,
Loan of 1904, 5 per cent
,
Funded loan of 1907, 4 per cent
^
R efunding certificates, 4 per cent
$19,200.00
Registered.
$50.00
200. 00
4,450.00
4,000.00
13,050.00
519,000.00
75,900.00
935,900.00
Total.
Total
outstanding.
97,004.91
$50.00
200.00
23,650.00
4,000.00
13,050.00
594,900.00
13,300.00
1,552,560.26
Paid interest checks on registered bonds received from the Treasurer of the United States
given an administrative examination and forwarded to the Auditor for the Treasury
Department during the fiscal year ended June 30, 1914, and amount of outstanding
interest checks at the same period.
Number
of checks.
Loans.
Qonsols of 1930, 2 per cent
Loan of 1908-1918, 3 per cent
•.
Loan of 1925, 4 per cent
Panama Canal loan, 2 per cent, series of 1906.
Panama Canal loan, 2 per cent, series of 1908
Panama Canal loan, 3 per cent, series of 1911
Postal savings fund loan of 1911-1931, 2§ per cent, first series...
Postal saviags fund loan of 1912-1932, 2 | per cent, second series.
Postal savings fund loan of 1912-1932, 2 | per cent, third series..
Postal savings fund loan of 1913-1933, 2 | per cent, fourth series.
Postal saviags fund loan of 1913-1933, 2 | per cent, fifth series...
Total
Amount.
39,091 $12,870,214.50
1,358,268.34
48,822
16,369
4,024,651.00
4,125
1,091,721.60
2,199
593,815.50
7,662
1,169,553.75
242
930:75
2,289
8,254.50
4,064
18,202.75
5,334
21,790.00
2,840
11,662.75
133,037
21,169,066.44
Outstanding checks:
$24,833.50
49,681.07
180,705.50
1,221.00
254.80
8,220.35
24.75
85.50
413.00
387.50
296.00
266,122.97
COUPON BONDS.
During the year there were received, counted, entered in blotters,
transferred to numerical registers, and examined 7,615 coupon bonds,
amounting to $4,354,140, which, added to the coupon bonds on file
at the beginning of the year, give an aggregate of 129,717, amounting
to $69,412,520, on file in this division at the close of the fiscal year
ended June 30, 1914.
.
Coupon bonds received, entered in blotters, transferred to numerical registers, and examined
during the year.
Loans..
Amount.
UNITED STATES LOANS.
Ten-forties of 1864, 5 per cent, redemptions
Funded loan of 1907, 4 per cent, redemptions
Loan of 1925, 4 per cent, exchanges
Loan of 1908-1918, 3 per cent, exchanges..
Consols of 1930, 2 per cent, exchanges
Panama Canal loan, 2 per cent, series 190&-1938, exchanges
Panama Canal loan, 3 per cent, series 1911-1961, exchanges
Postal savings fund loan of 1911-1931, 2^ per cent, first series, exchanges...
Postal savings fund loan of 1912-1932, 2 | per cent, second series, exchanges
Postal saviags fund loan of 1912-1932, 2 | per cent, third series, exchanges..
Postal savings fund loan of 1913-1933, 2 | per cent, fourth series, exchanges.
Postal savings fund loan of 1913-1933, 2 | per cent, fifth series, exchanges...
Postal savings fund loan of 1914-1934,2| per cent, sixth series, exchanges..
$100
11,900
418,850
1,234,380
238,150
3,500
2,372,500
360
9,080
13,040
22,280
7,.540
, 4,760
DISTRICT OF COLUMBLA. LOANS.
Fifty-year funded loan of 1924, 3.65 per cent, exchanges.
Fifty-year funded loan of 1924, 3.65 per cent, redemptions
Total
1,000
16,700
,4,354,140
604
REPORT ON THE FINANCES.
Exchanged, redeemed, and transferred coupon bonds on file June 30, 1914.
Loans.
Number.
Amount.
U N I T E D STATES LOANS.
1
4
5
2
3
19
7
6
9
1
61,140
. 70
6,799
31,082
4,119
- 193
853
22,683
41
296
283
291
89
38
2
15
344
1
11
847
1
461
1
;
".
first series...
second series
third series..
fourth series.
fifth series...
sixth series..
$100
lj650
2,650
"
600
300
15,200
1,450
950
20,200
50
26,216,550
54,600
6,482,900
9,974,060
3,503,850
103,440
736,900
21,150,700
1,940
21,840
28,140
28,700
7,540
4,760
550
3,200
344,000
1,000
2,400
571,100
1,000
129,700
500
129,717
Five-twenties of 1862, 6 per cent, first series
Five-twenties of 1862, 6 per cent, second series
Five-twenties of 1862, 6 per cent, third series
Five-twenties of 1862, 6 per cent, fourth series
Ten-forties of 1864, 5 per cent
Consols of 1865, 6 per cent, second series
Consols of 1867, 6 per cent, third series
Consols of 1868, 6 per cent, fourth series
Funded loan of 1881, 5 per cent.
Funded loan of 1891, 4J per cent
Funded loan of 1907, 4 per cent
Loan of 1904, 5 per cent
:
Loan of 1925, 4 per cent
Loan of 1908-1918, 3 per cent
Consols of 1930, 2 per cent
Panama Canal loan, 2 per cent, series 1906-1936
Panama Canal loan,.2 per cent, series 1908-1938
Panama Canal loan, 3 per cent, series 1911-1961
Postal savings fund loan of 1911-1931, 2^ per cent,
Postal savings fund loan of 1912-1932, 2 | per cent,
Postal savings fund loan of 1912-1932, 2 | per cent,
Postal savings fund loan of 1913-1933, 2 | per cent,
Postal savings fund loan of 1913-1933, 2 | per cent,
Postal savings fund loan of 1914-1934,2| per cent,
69,412,520
DISTRICT OF COLUMBIA LOANS.
Ten-year loan (Bowen), 6 per cent
Permanent improvement loan, 6 per cent
Water-stock loan, 7 per cent
Market-stock loan, 7 per cent
Twenty-year funded loan of 1892, 6 per cent
Thirty-year funded loan of 1902, 6 per cent
Permanent improvement loan, 7 per cent
Fifty-year funded loan of 1924, 3.65 per cent
steam force-pump loan, 7.3 per cent
:,
Total
NOTE.—The above includes 32 bonds of various loans, amounting to $30,870, in the United States fair
exhibit.
COUPONS.
Redeemed detached coupons received during the year.
Loans.
Number.
Amount.
U N I T E D STATES LOANS.
Two-year Treasury notes of 1863, 5 per cent
Consols of 1865, 6 per cent, second series
Funded loan of 1891,4§ per cent
Funded loan of 1907,4 per cent
Loan of 1925,4 per cent..
Loan of 1908-1918, 3 per cent
Consols of 1930, 2 per cent
Panama Canal loan, 2 per cent, series 1906-1936
Panama Canal loan, 2 per cent, series 190S-1938
Panama Canal loan, 3 per cent, series 1911-1961
Postal savings fund loan of 1911-1931, 2^ per cent,
Postal savings fund loan of 1912-1932, 2 | per cent,
Postal savings fund loan of 1912-1932,2| per cent,
Postal savings fund loan of 1913-1933, 2 | per cent,
Postal savings fund loan oi 1913-1933, 2 | per cent,
3
15
2
722
67,724
218,295
19,604
584
1,138
51,264
first series...
second series
third series..
fourth series.
fifth series...
9
C
1,720
1,696
1,846
451.
$3.22
342.00
1.12
1,334.50
566,262. 00
483,631.0572,389.50
354.80
4,838.20
344,288. 25
100.50
1,781.00
2,168. 00
2,591.50
652.75
DISTRICT OF COLUMBLA. LOAN.
Fifty-year funded loan of 1924, 3.65 per cent
Total
:
2,749.
367,903
15,434.93^
1,496,173.32J
REGISTER OF THE TREASURY.
605
Redeemed detached coupons arranged, registered, and examined during the year.
To be
arranged.
To be
To be
registered. examined.
On hand July 1,1913
Received during the year..
Total
Arranged
,
Registered
Examined
127,151
367,903
155,656
367,903
336,350
367,903
495,054
435,856
523,559
704,253
On hand July 1,1914
59,198
447,335
539,007
76,224
165,246
' Redeemed detached coupons on file June 30, 1914Loans.
Number.
Amount.
UNITED STATES LOANS.
Texan indemnity stock, 5 per cent
Loan of July and August, 1861, 6 per cent
Seven-thirties of 1861, 6 per cent
Five-twenties of 1862, 6 per cent, all series
Loan of 1863, 6 per cent
Two-year Treasury notes of 1863,5 per cent
Ten-forties of 1864,5 per cent
Five-twenties of June, 1864, 6 per cent
Seven-thirties of 1864-1865,7.3 per cent, all series
Five-twenties of 1865, 6 per cent, first series
Consols of 1865, 6 per cent, second series
Consols of 1867, 6 per cent, third series
Consols of 1868, 6 per cent, fourth series.
Funded loan of 1881, 5 per cent
Funded loan of 1891, 4J per cent
Funded loan of 3907, 4 per cent.
Loan of 1904, 5 per cent
Loan of 1925, 4 per cent
Loan of 1908-1918, 3 per cent
Consols of 1930, 2 per cent
.'
Panama Canal loan, 2 per cent, series 1906-1936
Panama Canal loan, 2 per cent, series 1908-1938
Panama Canal loan, 3 per cent, series 1911-1961
Postal saviags fund loan of 1911-1931, 2^ per cent, first series...
Postal saviags fund loan of 1912-1932, 2^ per cent, second series
Postal savings fund loan of 1912-1932, 2^ per cent, third series..
Postal saviags fund loan of 1913-1933, 2 | per cent, fourth series.
Postal savings fund loan of 1913-1933, 2 | per cent, fifth series...
19
6
1
126
14
12
5
4
63
20
85
$475.00
90.00
3.65
1,714.86
278.21
38.53
-27.50
66.00
239.03
255.00
1,218.00
. 112
477,00
. 31.50
14
214.37
37
4,490.74
681
,3,769,018 17,427,274.50
410,683
4,364,914.66
1,898,495 16,575,854.00
7,128,759 17,968,566.45
451,652
1,894,869.25
3,830
4,342.30
9,700
40,996.20
153,769
1,036,016.25
233.00
228
3,422
3,605.50
2,433
3,186.25
1,846
2,591.50
652.75
451
DISTRICT OF COLUMBIA LOANS.
2
Ten-year loan (Bowen), 6 per cent
Water-stock loan, 7 per cent
Thirty-year funded loan of 1902, 6 per cent
Fifty-year funded loan of 1924, 3.65 per cent
Twenty-year funded loan of 1899, 5 per cent
Total
:
994
3.00
73,815.00
143,886.00
422,656.25J
21,497.50
13,916,985
59,994,579.75^
2,109
7,206
71,189
^.
Number and amount of paid interest checks received, arranged, registered, and examined
during the year.
lioans.
Number.
Amount.
UNITED STATES LOANS.
$1.75
213.75
2,556.00
Funded loan of 1881, 5 per cent, continued at 3^ per cent
Funded loan of 1891, 4^ per cent
Funded loan of 1907, 4 per cent
DISTRICT OF COLUMBIA LOAN.
Fifty-year funded loan of 1924, 3.65 per cent
. Total
:
491
239,531.25
528
242,302.75
606
REPORT ON THE FINANCES.
Number and amount of paid interest checks on file June 30, 1914.
Loans.
Number.
Amount.
UNITED STATES LOANS.
5,995
6,206
3,099
6,577
202,211
54,311
81,964
569,328
37,029
3,63.5,625
,58,077
$3,827, 553.00
1,78i: 850.92
1,513; 407.00
1,674, 308.96
109,687, 764.68
16,097, 383.21
28,347, 512.49
105,380, 837.49
4,387, 066.69
488,076, 407.94
19,459, 733.33
3,7.36
24,079
857,026.41
14,862,674.30
63,124
1,372
77
60,314,359.68
425,459.21
863,200.00
4,752,810
Loan of July and August, 1861, 6 per cent
Loan of July and August, 1861, 6 per cent, continued at 3^ per cent
Loan of 1863, 6 per cent
Loan of 1863, 6 per cent, continued at 3^ per cent
Funded loan of 1881, 5 per cent
'
\
Funded loan of 1881, 5 per cent, continued at 3§ per cent
Loan of July 12,1882, 3 per cent
Funded loan, of 1891, 4^ per cent
.'
Funded loan of 1891, 4* per cent, continued at 3J per cent
Funded loan of 1907, 4"per cent
Loan of 1904, 5 per cent
857,556,545.31
DISTRICT OF COLUMBIA LOANS.
Old funded debt, 3^ and 5 per cent
Fifty-year funded loan of 1924, 3.65 per cent
MISCELLANEOUS.
Pacific railroads, 6 per cent
Spanish indemnity certificates.:
Cherokee land certificates
Total
GOLD CERTIFICATES.
During the year there were received, recorded, and filed the following-described gold certificates, payable to order:
Issue.
Number.
Act of Mar. 3, 1863, series of 1875
Act of July 12,1882, series of 1888
3
48
51
Total
Amount.
$10,200.00
480,000.00
490 ''00 00
Issue, redemption, and outstanding of various loans issued by the United States, and
the District of Columbia to June 30, 1914.
Matured and current loans.
Total issue.
Redeemed
during
the year.
Total
redeemed.
Outstanding.
COUPON B O N D S .
United States matured loans:
Texan . indemnity stock, act of
Sept. 9, 1850, 5 per cent
Loan of 1858, act of June 14, 1858,
5 per cent
Loan of February, 1861, act of Feb.
. 8,1861, 6 per cent
Oregon war debt, act of Mar. 2,
1861, 6 per cent
Loan of July and August, 1861,
acts of July 17 and Aug. 5, 1861,
6 per oent
Five-twenties of 1862, act of Feb.
25,1862, 6 per cent, first series....
Five-twenties of 1862, act of. Feb.
25,1862, 6 per cent, second series..
Five-twenties of 1862, act of Feb.
25,1862, 6 per cent, third series...
Five-twenties of 1862, act of Feb.
25,1862, 6 per cent, fourth series..
Loan of 1863, act of Mar. 3, 1863,
6 per cent
$5,000,000.00
$4,980,000.00
$20,000.00
.19,133,000.00
19,131,000.00
2,000.00
8,689,000.00
8,684,000.00
5,000.00
1,541,350,00
1,539,100.00
• 2,250.00
137,632,100.00
137,617,100.00
15,000.00
100,001,000.00
99,984,050.00
16,950.00
100,000,000.00
. 99,966,150.00
33,850.00
100,000,000.00
99,976,950.00
23,050.00
152,921,100.00
152,887,800.00
33,300.00
67,178,100.00
67,176,100.00
3,000.00
•
607
REGISTER OF THE TREASURY.
Issue, redemption, and outstanding of various loans issued by the United States, and
the District of Columbia to June 30, 1914—Continued.
M a t u r e d a n d c u r r e n t loans.
T o t a l issue.
Redeemed
during
t h e year.
Total
redeemed.
Outstanding.
COUPON BONDS—continued.
U n i t e d S t a t e s m a t u r e d loans—Contd.
Ten-forties of 1864, a c t of M a r . 3,
1864, 6 per c e n t
F i v e - t w e n t i e s of J u n e , 1864, a c t of
J u n e 30,1864, 6 p e r c e n t
F i v e - t w e n t i e s of 1865, a c t of Mar. 3,
1865, 6 per cent, first series (May
and November)
Consols of 1865, a c t of M a r . 3 , 1865,
6 p e r c e n t , second series
Consols of 1867, a c t of Mar. 3, 1865,
6 p e r c e n t , t h i r d series
Consols of 1868, a c t of M a r . 3,1865,
6 per c e n t , fourth series
F u n d e d loan of 1881, acts of J u l y 14,
1870, a n d J a n . 20,1871, 5 p e r c e n t .
F u n d e d loan of 1891, acts of J u l y 14,
1870, a n d J a n . 20, 1871, 4^ per
per cent..
L o a n of 1904, a c t of J a n . 14, 1875,
5 per c e n t
,
F u n d e d l o a n of 1907, acts of J u l y 14,
1870, a n d J a n . 20,1871, 4 p e r c e n t .
Total
.
.
U n i t e d States ourrent loans:
L o a n of 1925, act of J a n . 14, 1875,
4 p e r cent
. L o a n of 1908-1918, of J u n e 13, 1898,
3 per cent
Consols of 1930, a c t of Mar. 14,1900,
2 per cent
P a n a m a Canal loan, a c t of J u n e 28,
1902, 2 p e r cent, series 1906-1936..
P a n a m a Canal loan, a c t of J u n e 28,
1902, 2 p e r cent, series 1908-1938...
P a n a m a Canal loan, a c t of A u g . 5,
1909, 3 p e r cent, series 1911-1961...
P o s t a l savings fund loan, a c t of
J u n e 25, 1910, 2^ p e r c e n t , first
series
P o s t a l savings fund loan, a c t of
J u n e 25,1910, 2§ p e r c e n t , second
series
P o s t a l s a v i a g s fund loan, a c t of
J u n e 25, 1910, 2^ p e r cent, t h i r d
series
P o s t a l s a v i a g s fund loan, act of
J u n e 25, 1910,o2^ p e r cent, fourth
series
P o s t a l savings fund loan, act of
J u n e 25, 1910, 2h p e r cent, fifth
series
P o s t a l savings f u n d loan, a c t of
J u n e 25,1910, 2^ p e r cent, s i x t h
series
...
Total
G r a n d total
D i s t r i c t of Columbia loans:
Ten-year loan ( B o w e n ) , 6 p e r c e n t . .
Fifty-year funded loan of 1924, 3.65
per c e n t
Total
$155,744,050.00
$18,500.00
115,516,300.00
115,530,300.00
14,000.00
178,786,200.00
178,768,850.00
17,350.00
282,511,650.00
282,455,250.00-
66,400.00
317,571,850.00
93,700.00
317,665,550.00
37,483,500.00
.
37,473,600.00
9,900.00
353,895,850.00
353,875,450.00
20,400.00
120,478,850.00
120,459,650.00
19,200.00
63,310,050.00
63,297,000.00
13,050.00
329,998,300.00
11,900.00
12 329,439,300.00
559,000.00
2,637,518,450.00
12,000.00
2,636,542,550.00
975,900 00
104,445,450.00
418,850.00
2 87,171,800.00
17,273,650.00
169,999,000.00
1,234,380.00
2 152,191,360.00
17,807,640 00
27,968,300.00
238,150.00
2 24,546,050.00
3,422,250 00
461,080.00
438,180.00
22,900 00
1,057,980.00
3,500.00
736,900.00
321,080.00
31,220,700.00
2,372,500.00
2 21,150,700.00
10,070,000.00
6,120.00
360.00
1,940.00
4,180.00
10*3,680.00
9,080.00
21,840.00
81,840.00
141,880.00
13,040.00
28,140.00
113,740.00
193,860.00
22,280.00
28,700.00
166,160.00
153,960.00
7,640.00
7,540.00
146,420 00
159,100.00
4,760.00
4', 760.00
154,340.00
335,911,110.00
4,324,440.00
286,327,910.00
49,583,200.00
2,973,429,560.00
4,336,440.00
2,922,870,460.00
60 659.100 00
278,900.00
100.00
14,251,800.00
17,700.00
13,832,650.00
419,150.00
14,530,800.00
17,700.00
14,111,550.00
419,250.00
279,000.00
1 Not including $30,724,600 destroyed statistically.
$100.00
$155,762,650.00
2 Includiag transferred bonds.
608
REPORT ON THE FINANCES.
Issue, redemption, and outstanding of various loans issued by the United States, and
the District of Columbia to June 30, 1914—Continued.
Matured and current loans. '
Total issue.
Redeemed
during
the year.
Total
redeemed.
Outstanding.
VARIOUS MATURED ISSUES.
Seven-thirty Treasury notes:
Act of July 17, 1861
Act of June 30, 1864, first series
Act of Mar. 3,1865, second series...
Act of Mar. 3,1865, third series
Four per cent refunding certificates:
Act of.Feb. 26, 1879, payable to
order
Act of Feb. 26, 1879, payable to
bearer
45,300.00
29,850.00
44,950.00
969,957,800 00
129,450.00
498,593,241.65
63,160,000 00
498,591,241 65
63,159,000 00
2,000.00
1,000.00
661,753,241 66
Total
Three per cent certificates, acts of Mar.
2, 1867, and July 25, 1868
00
00
00
00
970,087,250 00
Total
Certificates of indebtedness, acts of
Mar. 1 and 17,1862, and Mar. 3,1863:
First issue
•.
Second issue
$140,094,750 00
299,992,500 00
331^000,000 00
199,000,000.00
$140,085,400
299,947,200
330,970,150
198,955,050
661,760,241.65
3,000.00
85,156,000 00
85,150,000.00
5,000.00
$9 350 00
•
68,480 00
58,500 00
20 00
. 39,964,250 00
$440 00
39,940,890 00
13,360.00
40,012,750 00
440 00
39,999,370 00
13 380 on
429,604,900.00
370,600,000 00
5,000,000.00
143,029,400 00
10,200 00
429,597,920.00
370,480,500.00
4,999,200.00
143,017,600.00
6,980.00
19,500.00
800.00
11,800.00
. 948,134,300 00
10,200 00
948,095,220.00
39,080.00
Gold certificates, payable to order:
Act of July 12,1882, series of 1888...
189,185,000 00
480,000 00
188,035,000.00
1,150,000.00
One-year Treasury notes of 1863, act of
Mar. 3,1863
44,520,000 00
44,489,680 00
30,320.00
Two-year Treasury notes of 1863:
Act of Mar. 3, 1863, issued without,
coupons
Act of Mar. 3,1863, issued with coupons
16,480,000.00
16,473,100.00
6,900.00
150,000,000 00
149,980,100.00
19,900.00
166,480,000.00
166,453,200.00
26,800.00
17,993,760 00
248,601,680 00
17,983,310 00
248,462,980 00
10,450.00
148,700.00
266,596,440 00
266,436,290 00
159,150.00
Total
.
• .
Gold certificates, payable to order:
Act of Mar. 3, 1863, first series
Act of Mar. 3,1863, series of 1870
Act of Mar. 3,1863, series of 1871
Act of Mar. 3,1863, series of 1875....
Total..... i
Total :
~
Three-year 6 per cent compound-interest notes:
Actof Mar. 3,1863
Act of June 30,1864
Total
NOTE.—The Division of Notes, Coupons, and Currency, Office of the Register of the Treasury, is the
last to receive the redeemed securities of the Government, and therefore the amounts reported as "redeemed" wUl be less than the actual redemptions by the amounts tn transit and the amounts reported as
"outstanding" correspondingly increased.
609
REGISTER OE THE TREASURY.
Number and amount of outstanding matured coupons of all current loans of the United
States to December 31, 1913.
Loans.
Loan of 1925,' 4 per cent
Loan of 1908-1918, 3 per cent
Consols of 1930, 2 per cent
Panama Canal loan, 2 per cent, series 1906-1936
Panama Canal loan, 2 per cent, series 1908-1938
Panama Canal loan, 3 per cent, series 1911-1961
Postal savings fund loan of 1911-1931, 2^ per cent,
Postal savings fund loan of 1912-19^2, 2 | per cent,
Postal savings fund loan of 1912-1932, 2 | per cent,
Postal savings fund loan of 1913-1933, 2 | per cent,
Total
•
Amount.
first series...
second series
third series..
fourth series.
:
571,594.05
NOTE.—As matured coupons are not received in the Office of the Register of the Treasury for 3 or 4
months after their payment, an up-to-date statement of those outstanding can not be prepared.
Total number and amount of redeemed securities on file June 30, 1914.
Classification.
Number.
United States coupon bonds, various loans
District of Columbia coupon bonds
United States redeemed, detached coupons
District of Columbia redeemed, detached coupons
'•
Seven-thirty .Treasury notes, acts of June 30, 1864, and Mar. 3.1865
Gold certificates, act of Mar. 3,1863, first series, payable to order
Gold certificates, act of Mar. 3,1863, Geneva award (special)
Gold certificates, act of Mar. 3,1863, series of 1870
Gold certificates, act of Mar. 3,1863, series of 1871.
:...
Gold certificates, act of Mar. 3,1863, series of 1876
Gold certificates, act of July 12,1882, series of 1888, payable to order
Gold certificates, act of Mar. 14,1900. series of 1900, payable to order
Certificates of deposit (currency), ace of June 8, 1872
Certificates of deposit, temporary loan of Feb. 25,1862
Certificates" of indebtedness, act of July 8,1870.
Certificates of indebtedness, acts of Mar. 1 and 17,1862, ahd Mar. 3,1863.
Three per cent certificates, acts of Mar. 2,1867, and July 25,1868
Four per cent refunding certificates, act of Feb. 26,1879, payable to order
Redeemed interest checks. United States registered bonds
Redeemed interest checks. District of Columbia registered bonds
Redeemed interest checks, Paci&c Railroad registered bonds
Redeemed interest checks, Spanish indemnity certificates
Redeemed interest checks, Cherokee land certificates
•Total
Amount.
128,034
$68,359, 070.00
1,683
1,053, 450.00
13,835,485
59,332, 722.00.
81,600
661, 857.76J
110
113, 250.00
309,494
429,597, 920.00
, 75
33,000, 580.46
124,489
370,480, 500.00
49,992
4,999, 200.00
76,858
143,017, 600.00
24,369
188,035, 000.00
82,121
821,210, 000.00
• 157,956 1,473,625, 000.00
81,829
710,775, 300.75
679
6'78, 362.41
247,088
561,750, 241.65
11,430
85,150, 000.00
5,848
58, 480.00
4,660,422
780,233, 825.71
27,816
15,719, 700.71
63,124
60,314, 359.68
1,372
425, 459. 21
77
863, 200.00
19,971,750
5,809,355,080.33^
1 Including 8 notes, amounting to $13,150, retained in specimen books.
Respectfully submitted.
GABE E . PARKER, Register.
The SECRETARY OF THE TREASURY.
64402°—M 1914
39
REPORT OF THE COMMISSIONER OF INTERNAL REVENUE.
TREASURY DEPARTMENT,
O F F I C E OF COMMISSIONER OF INTERNAL R E V E N U E ,
Washington, D. C., October 12,1914.
S I R : I have the honor to make the following report of the work of
the Bureau of Internal Revenue during the fiscal year ended June 30,
1914.
Included in this report is a statement of receipts from the several
sources of internal revenue for the months of July, August, and September of the current fiscal year.
ACCOUNTS AND STATISTICS.
The total receipts of the bureau for the past fiscal year amounted
to $380,008,893.96, the greatest in the history of the bureau. Of
this total, there was collected from corporations uiider acts of August
5, 1909, and October 3, 1913, an aggregate of $43,127,739.89, as compared with $35,006,299.84 collected, under the first-mentioned act
during the preceding fiscal year, being, an increase of $8,121,440.05
from corporations. Income-tax collections from individuals aggregated $28,253,534.85.
The receipts from ordinary sources were $308,627,619.22 as compared with $309,418,154.01 during the preceding fiscal year, a decrease of $790,534.79. The net increase in total receipts for last
fiscal year was $35,584,440.11.
The receipts from ordinary sources for the first three months of
current fiscal year were $85,817,321.89 as compared with $79,269,680.07 for the first three months of the fiscal year 1914, an increase
of $6,547,641.82.
Corporation tax collected for the first three months of current fiscal
year amounts to $4,822,054.19 as compared with $2,358,181.38
collected during the first three months of the fiscal year 1914, an increase of $2,463,872.81. The individual income-tax collections
during the first three months of current fiscal year were $2,794,669.78,
this making an increase in total coUections irom all sources for the
first three months of the current fiscal year over the same period of
the previous fiscal year of $11,806,184.41.
I estimate the collections for fiscal year 1915 distributed as follows:
Collections, exclusive of the emergency revenue (act of October 22,
1914) and income tax, $305,000,000; emergency revenue, $54,000,000;
and income tax, $80,000,000 (corporation, $40,000,000, and individual, $40,000,000), making a total of $439,000,000.
I estimate the collections for fiscal year 1916 distributed as follows:
Collections, exclusive of the emergency revenue and income tax,
610
COMMISSIONER OF INTERNAL REVENUE.
611
$305,000,000; emergency revenue, $44,000,000; and income tax,
$85,000,000 (corporation, $42,500,000, and individual, $42,500,000),
makmg a total of $434,000,000.
In estimating the revenues to be derived under the act of October
22, 1914, it should be noted that under the provisions of t h e act a
tax on certain items became effective on the day next succeeding the
date of its passage and on others on the 1st of November and December following, and that on the day after the 31st day of December,
1915, the taxes levied under this act shall no longer be levied and
collected. Thus it will be seen that collections cover periods of only
from seven to about eight months of thefiscal year 1915, and but six
months of the fiscal year 1916.
The objects of internal taxation producing the largest amounts of
internal revenue during the past fiscal year are distiUed spirits, exclusive of special taxes, $153,052,351.38; fermented liquors, exclusive
of special taxes, $66,105,444.65; manufactured tobacco, $79,986,639.68, including $170,779.51 from sale of internal-revenue stamps
affixed to Philippine products; corporation excise tax, $10,671,077.22;
corporation income tax, $32,456,662.67; and individual income tax,
$28,253;534.85.
RECEIPTS IN LARGE TAX-PAYING STATES AND COLLECTION DISTRICTS.
The States in which the largest coUections of internal-revenue
taxes were made during the fiscal year 1914 are New York, $62,116,763.34: Illinois, $60,761,833.58; Kentucky, $35,405,517.87; Pennsylvania, $33,422,532.99; Indiana, $29,598,797.29, and Ohio, $25,031,262.61.
Among the States in which the smaUest collections were made are
Idaho, ]\iississipj)i, New Mexico, North Dakota, and Wyoming.
Of the collection districts, the fifth Ilhnois reported the largest
collections, namely, $33,535,386.95.
The fiscal year 1914 witnessed a lai^e faUing off in production and
withdrawal of distilled spirits, a substantial increase in production of
fermented licjuors, a decrease in snuff manufactured, also in the number of large cigars, an increase in chewing and smoking tobacco manufactured, and a phenomenal increase in smaU cigarettes.
I n the fiscal year 1913 the total production of distilled spirits was
.193,606,258 gallons; in 1914, 181,919,542 gaUons, a decrease of
11,686,716 gdlons. I n the fiscal year 1913, 143,220,056 gallons of
tax-paid spirits were withdrawn; in 1914, 139,138,501 gallons, a decrease of 4,081,555 gallons.
The three States having the largest production of distUled spirits
(during the past fiscal year are Illinois, 41,628,073 gallons; Kentucky,
37,919,421 gallons; and Indiana, 24,938,524 gallons.
The three coUection dis tricts. having the largest output of distilled
spirits are the fifth Illinois, 31,818,597 gaUons; fifth Kentucky,
19,388,997 gallons; and seventh Indiana, 15,479,216 gallons.
During the fiscal year 1914 there were tax paid for bottling in
bond 10,441,588 taxable gallons as compared with 10,626,633 taxable gallons tax paid during the previous fiscal year, a decrease of
185,045 taxable gallons.
The five States which produced the largest quantity of fermented
liquors are New York, 14,040,387 barrels; Pennsylvania, 8,008,786
612
REPORT ON THE FINANCES.
barrels; Illinois, =6,987,568 barrels; Wisconsin, 5,278,989 barrels;
and Ohio, 5,147,419 barrels.
The three collection districts which produced the largest quantity
of fermented liquors are first Illinois, 5,893,871 barrels; third New
York, 5,480,961 barrels; and first Wisconsin, 4,380,068 barrels.
The four States producing the greatest number of cigars weighing
more than 3 pounds per thousand and the production of each during
the calendar year 1913 are as follows:
Pennsylvania
New York
Ohio
New Jersey
2,103, 080, 684
1, 226, 391. 607
711,142, 443
:..
546, 018, 599
.-
The two districts showing the largest production of cigars are the
ninth Pennsylvania, 904,611,037, and the first Pennsylvania, 810,475,456.
.
.
.
.
.
.
The States showing the greatest production of little cigars (weighing
not more than 3 pounds per thousand) are:
Maryland..
Pennsylvania.
New Jersey
478. 545, 850
236, 486, 050
145,145,440
The greatest production by districts is as follows:
Maryland.
First Pennsylvania
Fifth New Jersey
First New Y o r k . . . . :
'.
478, 545, 850
235, 833, 680
145,145, 440
40, 915, 620
'.
The States of New York, Virginia, North Carolina, New Jersey,
Louisiana, California, and Pennsylvania, in the order named, show
the greatest production of cigarettes weighing not more than 3
pounds per thousand:
New York
Virginia
North Carolina....
New Jersey
Louisiana
Cahfornia....
Pennsylvania
."
•
'
7, 843, 099, 672
2, 628, 466, 670
2. 004, 921, 000
1, 977,478, 530
689,454, 090
247,087, 581
108, 869, 556
The three districts shelving the greatest production of little cigarettes are the first New York, which produced 2,683,856,360; the
second Virginia, which produced 2,624,719,670; and the third New
York, which produced 2,585,351,332.
New York produced the greatest number of large cigarettes, showing a production of 13,728,860, of which number 10,158,560 were
manufactured in the third district and 3,403,040 in the second
district.
The States of North Carolina, Missouri, Ohio, Kentucky, New
Jersey, and Michigan, in the order named, were the States reporting
the largest manufacture of both chewing, and smoking tobacco, the
quantity manufactured being as follows:
North Carolina
Missouri
Ohio
Kentucky
New Jersey
Michigan
:
:
i
:
: . . . . 104, 329, 283
76,130, 566
:
42, 545,140
36, 364, 056
33, 270, 930
27, 744, 025
COMMISSIONER OF INTERNAL REVENUE.
613
The districts producing the largest quantity were:
First Missouri
Fifth North Carolina
Fifth New Jersey
First Ohio
Fifth Kentucky
Fourth North Carolina
*
76, 019, 849
73, 995, 993
33, 252, 872
31, 512, 083
31, 431, 744
30, 333, 290
The districts in which the largest amounts of corporation tax were
collected are second New York, $5,889,040.04; first Illinois, $3,835,403.50; first Pennsylvania, $2,852,229.32; twenty-third Pennsylvania, $2,791,967.37. The five States showing the largest collections from this source are New York, $9,765,911.60; Pennsylvania,
$6,096,305.28; Illinois, $4,293,649.68; Ohio, $2,401,030.37; California,
$2,049,672.08.
The districts in which the largest amounts of individual income
tax were collected are second New York, $7,950,058.39; third New
York, $2,762,023.34; first Pennsylvania, $2,012,513.61; first Illinois,
$1,915,149.92; third Massachusetts, $1,505,885.72. The five States
showing the largest collections from this source are New York,
$12,522,797.34; Pennsylvania, $3,176,095.38; Illinois, $2,076,171.11;
Massachusetts, $1,505,885.72; Michigan, $1,018,220.20.
COST OF COLLECTING INTERNAL-REVENUE TAXES.
The cost of collecting the internal revenue for the fiscal year was
$15.25 per $1,000, or 1.52 per cent. The cost of collection the previous year, in which the largest sum was collected prior to fiscal year
1914, was $15.94 per $1,000, or 1.59 per cent.
The average cost of collection since the establishment of the
bureau is approximately $25.14 per $1,000, or 2.51 per cent..
The cost of collection for the pasl? fiscal year, distributed approximately among the different items of appropriation, was as follows:
Salaries and expenses of collectors of internal revenue
|2,113,085.10
Miscellaneous expenses, Internal-Hevenue Service
,...
82,106. 64
Salaries and expenses of agents and subordinate officers of internal
revenue
,
2, 501, 856. 59
Paper for internal-revenue stamps
94, 939. 02
Punishment for violation of internal-revenue laws
106, 211.16
Expenses of collecting the corporation tax
154, 226. 92
Collecting the income tax
346, 410. 46
Classifying, etc., returns of corporations
'
26, 841. 89
Salaries, office of Commissioner of Internal Revenue
353, 651. 94
Tota;l amount expended.
5,779, 329. 72
NOTE.—Not included in this total are bills approximating $5,000, covering expenses
of deputy collectors in excess of allowances, transportation requests, miscellaneous
items, etc., not yet adjusted.
The amount expended from the appropriation ^ Refunding inter^
nal-revenue collections^^ is $16,132.71. This amount is not considered as a part of the expense incident to the collection of internal
revenue, so is not included in expenses enumerated above.
ESTIMATED EXPENSES FOR NEXT FISCAL YEAR.
I estimate the expenses of the Internal-Revenue Service for the
fiscal year ending June 30, 1916, as follows:
Office of Commissioner of Internal l l e v e n u e : For salaries of officers, clerks,
and subordinate officers
'.
$641,130
614
-
REPORT ON THE FINANCES.
Salaries and expenses of collectors of internal revenue: For salaries and
expenses of collectors of internal revenue, and deputy^ collectors, and
surveyors, and clerks, messengers, and janitors in internal-revenue
offices
. . . . / . . . . $2,165,000
Salaries and expenses of agents and subordinate officers of internal revenue:
For salaries and expenses of 40 revenue agents provided for by law, and
fees and expenses of gaugers, salaries and expenses of storekeepers and
storekeeper-gaugers
-. 2, 600,000
Miscellaneous expenses, Internal-Revenue Service: For rent of offices outside of the District of Columbia, telephone service, and other miscellaneous expenses incident to the collection of internal revenue
90,000
Punishment for violation of internal-revenue laws: For detecting and bringing to trial and punishment persons guilty of violating the internalrevenue laws or conniving at the same, including payments for information and detection of such violations
175,000
Refunding internal-revenue collections: To enable the Secretary of the
Treasury to refund money covered'into Treasury as internal-revenue
collections under the provisions of the act approved May 27, 1908
50,000
Collecting the income tax: For expenses of assessing and collecting, the
income tax as provided.in paragraph N, "section 2, of an act entitled
' ' A n act to reduce tariff duties and to provide revenue for the Government, and for other purposes," approved Oct. 3, 1913
1,220,000
Collecting t h e cotton futures tax: The uriexpended balance on June.30,
1915, of the appropriation of $50,000 provided b y section 19 of the act
approved Aug. 18,1914, entitled " A n act to tax the privilege of deahng
on exchanges, boards of trade, and similar places in contracts of sale of
cotton for future delivery, and for other purposes," is hereby reappropriated and made available for like purposes during the fiscal year 1916 . .
^ Total
6, 941,130
Salaries, office of Commissioner of Internal Revenue (reimbursable): For
salaries of two stamp agents and one counter
3,400
SALARIES.
I have the honor to recommend that Congress appropriate for the
fiscalyear ending June 30, 1916, the Sum of $641,130 as salaries for.
the following officers, clerks, and employees of this bureau:
1
1
1
1
1
• 2
1
1
4
5
1
1
3
3127
41
40
32
42
4
20
16
Commissioner of Internal Revenue
deputy commissioner
.
d e p u t y commissioner
chief chemist
chemist
first assistant chemists, at $1,800 each
second assistant chemist.
third assistant chemist
heads of division, at $2,500 each.
heads of division, at $2,250 each
'...
superintendent of stamp vault
private secretary
-.
'.
clerks, at $2,000 e a c h . .
clerks of class 4
clerks of class 3
..:...
clerks of class 2
.'.
clerks of class 1
clerks, at $1,000 each
'
clerks, a t $900 each.
'
messengers, at $840 each
assistant messengers, at $720 each
laborers, at $660 each
For the following formerly authorized and paid from appropriation
''Classifying, etc., returns of corporations," and for others whose
employment is necessary^ because of the act imposing income
taxes on corporations and individuals, namely:
1 deputy commissioner
. 1 head of division
" 1 head of division
:
$6, 500. 00
4, 000. 00
3, 600. 00
3,000. 00
2, 500. 00
3, 600. 00
1, 600. 00
1, 400. 00
10, 000. 00
11, 250. 00
2, 000. 00
1, 800. 00
6,000. 00
55, 800. 00
43, 200. 00
57, 400. 00
48,000. 00
32, 000. 00
37, 800. 00
3, 360.00
14, 400. 00
10, 560. 00
4, 000. 00
3, 500. 00
2, 500.00
615
COMMISSIONER OF INTERNAL REVENUE.
3
1
1
1
1
1
15
27
50
36
40
24
7
4
assistant heads of division, at $2,000 each
attorney
law clerk
insurance expert.
railroad expert
'
clerk
clerks of class 4.
-.
clerks of class 3
clerks of class 2
clerks of class 1
clerks, at $1,000 each
clerks, at $900 each
messengers, at $840 each
,
assistant messengers, at $720 each
490 .
$6,000.00
3, 600.00
2,000.00
2,000. 00
2, 000. 00
2,000.00
27, 000. 00
43, 200.00
70, 000. 00
43, 200. 00
40,000. 00
-21, 600. 00
5, 880. 00
2, 880. 00
•
'.
.-.
Total
641,130. 00
I also recommend the appropriation of the sum of $3,400 as
salaries of two stamp, agents—one at $1,600, one at $900—and one
counter at $900, the same to be.reimbursed by the stamp manufacturers, as provided by the act of August 5, 1882.
SCALE OF SALARIES OF COLLECTORS.
The recommendations made for the salaries of collectors are based
upon an estimate of their probable collections according to the following scale, with the quahfications that if the the actual collections
vary from the amounts estimated the salaries wiU be readjusted a t
the end of the fiscal year:
Salary.
For coUection of—
$25,000 or less
$25,001 to $37,500
$37,501 to $50,000
$50,001 to $75,000
$75,001 to $100,000
$100,001 to $125,000
$125,001 to $176,000
$175,001 to $225,000
$225,001 to $275,000
$275,001 to $325,000
$325,001 to $375,000
:...
:..
$2,000
2,125
2,250
2,375
2,500
2,625
2,750
2,875
3,000
3,125
3,250
For collection of—
Salary.
$375,001 to''$425,000
$425,001 to $475,000
$3,375
3,500
3,625
3,750
3,875
$4''5,001 to $5D0,000
$550,001 td $625,000 .
$625,001 to $700,000
$700,001 to $775,000
$7^5,001 to $850,000
$850,001 to $925,000
$925,001 to 999,999
$1,000,000 and upward
4,125
4,250
4,375
"4,500
I n addition to the salary based upon the above-mentioned scale,
the collector shall receive a commission of one-half of 1 per cent on
tax-paid spirit stamps, and may receive additional compensation
on account of territorial extent, as provided by law, provided the
gross compensation does not exceed $4,500. (See sec. 3148 as
amended and sec. 3314, Rev. Stat.)
The force connected with this bureau during the fiscal year ended
June 30, 1914, in the various collection districts as reorganized
under the Executive orders of May 21, 1887, September 16, 23, and
30, 1912, and July 21, 1913, was 63 coUectors, who received per annum
salaries as follows:
•
•
Number.
53
1
1
1
Salary.
$4,600.00
4,328.93
4,193.93'
4,015.60
Number.
1
1
1
$4,000.28
4,000.00
3,876.43
Salary.
Number.
Salary.
1
2...
1
•.
$3,625.00
. 3,500.00
3,442.25
NOTE.—The fourth district of Iowa was consolidated with the thii-d district of Iowa on Aug. 1,1913. The
district of South Carolina was reestablished on Sept. 1,1913. The collector for the fourth district of Iowa
received $312.50 for salary and the collector for the district of.South Carolina, who was paid personal compensation at the rate of $3,500 per annum, received $2,916.66.
616
REPORT ON THE FINANCES.
There were employed 1,568 deputy collectors, who received per
annum salaries as follows:
Number.
14
16
14
7
1
38
7
.
. .
Salary.
.
...
•^
.
•
149
50
5
191
10
104....
.
.
$2,600
2,400
2,200
2,000
1,900
1,800
1,700
1,600
1,600
1,450
1,400
1,350
1,300
Salary.
Number.
446
1
148
1
90
120
1
14
1
4
2
29
$1,200
1,150
1,100
1,050
1,000
900
820
800
750
720
700
600
-.
-.
.
.
Number.
2
6
1
2
1
76..
1
3
.
8
1
3
1
Salary.
:.....
..
:
:
.
.
$540
500
480
400
360
300
240
200
180
100
60
50
NOTE.—Of this number, 96 were paid from the appropriation "Expenses of collecting the corpDration
t a x " and 283 were paid from the appropriation "Collecting the income tax."
There were also employed in the offices of the different collectors
170 clerks, who received per annum salaries as follows:
Number.
Number.
Salary.
1..
1
8
6
18
$1,800
1,700
1,600
. 1,500
1,400
Salary.
$1,300
1,250
1,200
1,100
13..
1 ..
55..
14..
,
Number.
26..
19..
7...
1
Salary.
$1,000
900
800
720
NOTE.—Of this number, 6 were paid from the appropriation "Expenses of collecting the corporation
t a x " and 9 were paid from the appropriation "Collecting the income t a x . "
Also 14 messengers and 1 janitor, who received per annum salaries
as follows:
Number.
1
1.
2
.
Number.
Salary.
..
....
$900
840
800
Number.
Salary.
6
2
$720
600
1
2
Salary.
$550
300
FIELD FORCE.
During the fiscal year the average number employed in the field
was as follows: Sixty-three collectors, 40 internal-revenue agents on
the regular roll, 34 agents on the income-tax roll, 13 agents on the
corporation-tax roll, 34 inspectors on the income-tax roll, 2 inspectors
on the corporation-tax roll, 1,568 deputy collectors, 170 clerks, 14
messengers, 1 janitor, 36 special employees, 187 storekeepers and
storekeeper-gaugers whose average per diem was $3, 5 storekeepers
and storekeeper-gaugers whose average per diem was $3.50, 809
storekeepers and storekeeper-gaugers whose average per diem was
$4, 57 gaugers whose average per diem was $3, 32 gaugers whose
average per diem was $3.50, 63 gaugers whose average per diem was
$4, and 580 gaugers whose average per diem was $5.
617
COMMISSIONER OF INTERNAL REVENUE.
OBJECTS OF TAXATION.
DISTILLED S P I R I T S .
During the past fiscal year there were produced from materials
other than fruit 174,611,645 taxable gallons of distilled spirits, or
10,741,738.1 gallons less than the quantity of like spirits produced,
duriiig the fiscal year 1913. Of this class of spirits there were removed from bonded warehouses during the fiscal year, on payment
of tax, 136,269,752.6 taxable gallons, or 4,019,672.2 gallons less than
the quantity tax paid during the previous year.
The quantity of spirits remaining in distillery and general bonded
warehouses June 30, 1914, was 282,036,460.2 gallons, or 5,251,920.2
in excess of the quantity so held at the close of the fiscal year 1913.
The following statement shows the production and tax payment of
this class of spirits during the past 15 years and the quantity held in
bond at the close of each year:
Produced.
Fiscal year.
1900
1901
1902
1903
1904
1905
1906..:
1907
1908
1909
1910
1911
1912
1913
1914
. . .
.
.
-
„
...
Withdrawn,
tax paid.
Gallons.
105,484,699.8
124.520.599.8
128.623.401.9
141,776,202.1
134,311,952.0
147.810.794.3
145,666,125.1
168,673,913.2
126,989,740.1
133,450,755.1
156.237.526.4
175,402,395.5
178,249,985. 0
185,353,383.1
174,611,645.0
Gallons.
93,391,827.8
99„191,721.5
103,304,98L5
112,788,168. 0
116,033,305.6
115,994,857. 5
122,617,943.1
134,031,066.7
119,703,694. 4
114,693,578.2
126,384,726.7
132,058,636.6
133,259,147. 6
140,289,424.8
136,269,752. 6
Remaining in
warehouse.
Gallons.
138,087,348. 9
152.733,138.0
168j 742, 430.5
188,350, 778.1
195,135,925.8
216,657,323. 6
226,736,828.8
245,438,816. 0
235,026,128. 2
229 141 434 0
233,608,674. 6
249,279,346 6
263,785,831.8
276,784,540.0
282,036,460.2
WhUe the stock of spirits held in warehouses at the close of the
last fiscal year was somewhat larger than that held during any previous year, the quantity so held, as to which the bonded period will
expire during the next four years, aggregates 46,629,420.7 gallons
only. These spirits, now eligible for bottling in bond, average, for
the four years mentioned, 11,657,355 gallons, or about the quantity
(10,481,994.6 gallons) bottled in bon4 during the past year on payment of tax and for export. As to this class of spirits, there appears
to be no large overstock held in bond at the present time. The following table shows the quantity of spirits of various ages remaining
in bonded warehouses at the close of the fiscal years 1913 and 1914:
Remaining in warehouse.
Age of spirits.
1913
1 y e a r or less
JMorethan 1 a n d n o t exceeding 2 years
More t h a n 2 a n d n o t exceeding 3 years.
More t h a n 3 a n d less t h a n 4 years
Less t h a n 4 y e a r s
1914
Gallons.
79,379,521.1
65,918,099.6
58,983,168.9
39,667,981.0
Gallons.
69,284,294.9
68,004,768. 6
58,080,738.3
40,037,237. 7
243,948,770. <
235,407,039.5
618
REPORT ON THE FINANCES.
R e m a i n m g in warehouse.
A g e of spirits.
1913
4 a n d n o t exceeding 5 years
More t h a n 5 a n d n o t exceeding 6 years
More t h a n 6 a n d n o t exceeding 7 years
More t h a n 7 y e a r s
1914
Gallons.
18,156,715.9
5,460,797.0
6,202,547. 2
3,015,709.3
: —
4 y e a r s a n d over, a n d eligible for bottling.
Gallons.
33,475,718.2
7,522,925.3
2,485,034. 6
3,145,742. 6
32,835,769.4
DENATURED
46,629,420.7
276,784,540.0
Total in bond
282,036,460.2
ALCOHOL.
During the past fiscal year there were denatured, free of tax, 10,404,975.59 wine gaUons of alcohol and rum, as against 9,831,658.54 wine
gallons denatured during the preceding year, or an increase of
573,317.05 gaUons.
The following statement shows the g^uantity of such spirits denatured during each of the fiscal years since the enactment of the denatured alcohol law. of June 7, 1906.
"^
Fiscal year.
1907. .
1908.-.
1909
1910
1911
1912
1913. .
1914...:
.-..-
'
Number
of dena- Completely deturing
natured.
warehouses.
Wine gallons.
1,397,861.16
8,
1,812,122.38
12
2,370,839.70
12
3,076,924.55
12
14 • 3,374,019.92
4,161,268.56
14
5,223,240. 78
21
6,213,129.56
25
Total.
Specially denatured.
Wine gallons.
'382,415.19
1,509,329.35
2,185,579.15
3,002,102.55
3,507,109.94
3,933,246.44
4,608,^417.76
5,191,&46.03
Wine gallons.
1,780,276.35
3,321,451.73
4,556,418.85
6,079,027.10
6,881,129.86
8,094,515.00
9,831,658.54
10,404,975.59
Proof gallon's.
3,084,950.8
5,640,331.2
7,967,736.4
10,605,870.7
11,682,887.9
13,955,903.8
16,953,552.8
17,811,078.2
As shown by the foregoing statement there has been a very noticeable and nearly uniform aimual increase in the demand for this class
of spirits; and, as will be noted, the quantity speciaUy denatured
about equals the quantity of completely denatured alcohol which,
under existing regulations, may be sold and used without restriction
for general purposes, such as for fuel, light, and power.^ The use of
specially (incompletely) denatured alcohol, however, is permitted
only in the manufacture of certain articles or preparations under
regulations which require careful supervision on the part of the
revenue officers. U p to the present time some"^ 20 formulas for
speciaUy denatured alcohol have been approved for different lines of
manufacture, and the quantity denatured under each of these
formulas is given in a statement to be found on page 76 of this report.
I n my annual report for the year 1913, attention was called to the
fact t h a t the greater portion of the spirits so denatured is used in the
manufacture of a class of articles and preparations as to which little,
if any, reduction is made in the retail price on account of the exemption from tax of the alcohol so used. As it is obvious that the manufacturer is such cases, and not the pubhc, is getting the benefit of this
tax exemption, and as no inconsiderable expense is annually incurred
COMMISSIONER OF INTERNAL REVENUE.
619
by the Government in supervising the manufacture and use of such
alcohol, I have to renew my recommendation and that made by my
predecessor, on page 12 of his report for the fiscal year 1912, that a
nominal tax of, say, 1 cent per proof gaUon, sufficient to cover the
^
expense bf such supervision, be imposed on this class of spirits.
INDUSTRIAL D I S T I L L E R I E S .
Under the act of June 7, 1906, alcohol could be denatured, free of
tax, only in denaturing bonded warehouses located on the distillery
premises where the alcohol was produced; and, under this law, only
distillers of the larger class, who produced alcohol from grain or
molasses, were able to avail themselves of this privilege.
With a view of encouraging the estabhshment of small distilleries
for the manufacture of alcohol from waste products, the amendatory
adt of March 2, 1907, providing for the estabhshment of distiUeries,
having a daily capacity not exceeding 100 proof gallons, for the production of alcohol '^ from any substance whatever for denaturation
only,^' was passed.
This amendatory act has also been supplemented by section IV
(subsec. 2) of the act of October 3, 1913, which authorizes the establishment by farmers or associations of farmers, or others, of distiUeries for the manufacture of alcohol free of tax for denaturation
only, ^^out of any of the products of farms, fruit orchards, or of any
substance whatever;", also for the esta.blishment of '^central distillery and denaturing plants" to which the alcohol so produced at
these smaUer distiUeries (if not of sufficient proof strength, and not
denatured on the distillery premises) may be transferred, redistilled, and redenatured under regulations and upon the execution of
such notice and bond as the Commissioner of Internal Revenue, with
the approval of the Secretary of the Treasury, may prescribe. Under
the privilege thus granted alcohol may be produced without restriction either as to the quantity or proof, thereby enabhng inexperienced
persons to operate small distilleries at a comparatively small cost.
Under regulations authorized by that act, distiUeries of this class are
exempt from most of the requirements imposed by law on other
distilleries; but notwithstanding these very hberal regulations only
one such distillery has been established. No alcohol, however, has
so far been denatured at this distUlery.
DISTILLERIES.
During the fiscal year ended June 30, 1914, there were operated
for ttie production of distilled spirits 352 grain distilleries, 23 molasses distiUeries, and 368 fruit distilleries, a total of 743, a decrease of
127, as compared with the number operated during the previous
fiscal year. There was also 1 industrial distillery estabhshed»and
operated a short time under the act of October 3, 1913, for the manufacture of alcohol, as above noted. ^
During the year a close supervision by field and distiUery officers
was maintained over estabhshments engaged in the manufacture,
rectification, and sale of distilled spirits.
620
REPORT ON THE FINANCES.
FERMENTED LIQtlORS.
The production of fermented liquors during the fiscal year ended
June 30, 1914, was 66,189,466 barrels, being an increase, of 864,590
barrels over the previous fiscal year.
The number of breweries operated during the year was 1,413, a
decrease of 33, as compared with the previous fiscal year. Pipe lines
were employed for conveying fermented hquors to the botthng^ premises at 327 breweries, being anincrease of 31, as compared with the
previous fiscal year.
The receipts from the tax on manufactured tobacco, snuff; cigars
and cigarettes for the fiscal year ended June 30,. 1914, amounted to
$79,986,639.68, an increase over the coUections from these sources
during the fiscal year ended June 30, 1913, of $3,197,214.93.
There were in operation during the calendar year 1913 19,841
cigar factories and 447 cigarette factories, this beiiig a decrease of
714 cigar factories and 22 cigarette factories.
There were also registered 2,766 estabhshments producing manufactured tobacco, 68 producing snuff, 4,004 dealers in leaf tobacco,
and 591 retail dealers in leaf tobacco in the United States.
No change is noted in the very hmited sale of unmanufactured leaf
tobacco by retail dealers in leaf tobacco.
Considerable difficulty has been experienced in securing reports
of dealers in leaf tobacco for each quarter and in keeping a check on
such dealers and on their transactions reported in booK 59. A dealer
in. leaf tobacco is now, and has been, required only to register with
the collector of the district on commencement of business. Section
3360 of the Revised Statutes provides t h a t dealers in leaf tobacco
shall return the book furnishea by the Government, in which record
is kept of their transactions, at the end of each and every year and
upon discontinuance of business during any year. Reports on book
59 are required quarterly instead of yearly, for the purpose of tracing
sales of leaf tobacco to manufacturers and other dealers in leaf
tobacco just that much earlier than would be possible with only a
yearly report. A dealer ta leaf tobacco has never been required to^
give a bond, nor is an inventory required by law to be furnished.
There are a number of dealers in leaf tobacco who haye taken advantage of this situation by selling leaf tobacco to unscrupulous
manufacturers, reporting a less quantity sold than is actually delivered and taking credit as shrinkage for the excess delivered and not
reported, and also by carrying fictitious balances forward in their
books 59 from quarter to quarter. In the latter case, such leaf dealer
may disappear, leaving no trace of the tobacco, which is manufactured
into cigars and finds its way to consnmers without being tax paid.
Therefore, the recommendation made in the two previous annual
reports is again urged—namely, that every dealer in leaf tobacco
should be required by law to give'bond, the penalty of which should
be increased according to the quantum of business proposed to be
done, and which penalty should be fixed by the collector of the district, with right of appeal by dealer to the Commissioner of Internal
Revenue in respect to the amount thereof. E^ery dealer in leaf
COMMISSIONER OF INTERNAL REVENUE.
621
tobacco should be required to make a true inventory of stock on the 1st
day of January of each year, and power should be given the Commissioner of Internal Revenue to call upon dealers in leaf tobacco to
show cause against assessment for tax on tobacco not accounted for
and to make such assessments where explanations are not satisfactory. Dealers in leaf tobacco should be required to render report
of transactions quarterly, monthly, or for such periods and in such
manner as the Commissioner of Internal Revenue shall prescribe.
•Manufacturers of cigars, manufacturers of tobacco, dealers in
leaf tobacco, and retail dealers in leaf tobacco should be required
by law to register only on commencement of business and not annually
thereafter on the 1st day of July. It has been pointed out in recommendations made in the two previous annual reports that this will
relieve collectors of internal revenue of considerable unnecessary
labor and will effect a considerable saving in printing and stationery.
The increase in the number of cigarettes manufactured and removed tax paid during the fiscal year ended June 30, 1914, does not
quite equaF that pointed out in the previous annual report; but
is extraordinary, amounting to 2,132,895,976 cigarettes, the receipts
from the sale of stamps during the fiscal year ended June 30, 1914,
showing tax payment on 16,409,667,136 cigarettes.
SPECIAL EXCISE AND INCOME TAX ON CORPORATIONS.
With the enactment of the Federal income-tax law section 2 of
the act of October 3, 1913, the law imposing a special excise tax on
corporations, section 38 of the act of August 5, 1909, became inoperative. This latter act had been in force and effect during a period of
four years, its inception for tax purposes dating as of January.!,
1909. The Federal income-tax law, as applied to corporations,
joint-stock companies or associations, and insurance companies,
became operative immediately upon its passage and approval by
the President, and, for the purpose of the tax, comprehends the
income arising and accruing to such organizations on and after
January 1, 1913.
The income-tax act imposed a speciah excise tax upon all such
organizations for the months of January and^February, 1913, and
an income tax for the remaining 10 months of the year.
The rate of tax in either case is 1 per cent of the entire net income
arising and accruing to such organizations during the period named.
As the net income for the purpose of the special excise as well as the
income tax is ascertained, under the law, in the same manner, but one
return for the calendar or fiscal year 1913 was required to be made by
each organization subject to the tax.
In as far as it relates to the tax levied against corporations, the
income-tax law is not essentially different from the special excise
tax law, except that it is a little broader in its scope and comprehends
certain organizations which were not subject to the special excise
tax. Under the former law only such corporations, joint-stock companies or associations, and insurance companies as were organized for
profit;^had a capital stock represented by shares and were organized
under and pursuant to some statutory law, either of the United
States or of some State or Territory thereof, were subject to the tax
622
REPORT ON THE FINANCES.
imposed by it. Under the income-tax law the normal tax, 1 per
cent, is required to be levied, collected, and paid upon the entire net
income arising and accruing to every corporation, joint-stock company or association (except those specifically enumerated as exempt),
^^no matter how created or organized." Many associations organized under and pursuant to voluntary agreements and operating in an
organized capacity have thus come within the scope and purpose of
this law.
As applied to corporations the essential differences between the
old law and the new are these:
(1) The excise-tax law applied only to corporations, etc., organized, under some statutory law, for profit; the income-tax law applies to corporations, joint-stock coinpanies or associations, etc., no
matter how created or organized.
(2) The excise-tax law levied a tax equivalent to 1 per cent on the
entire net income over and above $5,000; the income-tax law levies
the tax of 1 per cent upon the entire net income, without any specific
exemption.
(3) The excise-tax law required iaU income from whatever, source
to be returned; the income-tax law does not require income from
obligations of the United States or of any State or Territory or
political subdivision thereof to be returned for taxation.
(4) The excise-tax law authorized corporations to deduct from
gross income dividends received on the stock of other corporations
subject to the tax, whUe under the income-tax law such dividends are
not exempt from the tax in the hands of the corporations receiving
them.
(5) Under the excise-tax law the interest deduction was limited
to the amount of interest actually paid within the year on an amount
of indebtedness not in excess of the paid-up capital stock outstanding
at the close of the year, whUe under the income-tax law credit may
be taken for an amount of interest actually paid within the year on
an amount of indebtedness not in excess of one-half of the sum of the
interest-bearing indebtedness and the paid-up capital stock outstanding at the close of the year.
(6) Under the excise-tax law every corporation subject to the tax
was required to make its returns on the basis of the calendar year,
while under the income-tax law corporations may, by properly designating for this purpose a fiscal year, make their returns on the basis
of the fiscal year so established.
Notwithstanding this latter provision, comparatively few returns
have, up to this time, been made on the basis of the fiscal year.
This is probably due to the fact that the act was passed so near the
end of the calendar year that corporations did not have the time
within which to meet the requirements of the law relative to establishing a fiscal year other than the calendar year. Many corporations
are, however, taking advantage of this provision, and it is estimated
that very soon at least 50 per cent of all the corporations wUl be
making their returns on a basis other than the calendar year.
Because of the similarity in all essential particulars of the two
laws, the merging of the administration of the old law into that of the
new was accomplished with the least degree of friction or difficulty.
In fact, the organization which had been buUt up for the administration of the special excise-tax law adjusted itself without interruption
to an effective administration of the income-tax law.
COMMISSIONER OF INTERNAL REVENUE.
623
• Notwithstanding the fact that the corporations had four years of
experience under a Federal excise-tax law, the new law brought to
the surface many new questions, and the last three months of the
year 1913 and the earlier months of 1914 were devoted largely to a
campaign of education. During this period the correspondence was
exceptionally heavy, being devoted, in a large measure, to answering
questions and construing certain features of the law.
The short time elapsing between the passage of the act and the date
when returns were required to bo made rendered it impossible to
prepare forms, prescribe regulations, and issue instructions until a
short time before the returns were due. Notwithstanding this
condition, corporations were advised by internal revenue officers,
through the public press, and otherwise, of the requirements of the
law. The corporations themselves cooperated in disseminating
information, and when the time came for making returns, practically
all organizations subject to the law were quite well informed as to its
requirements and their duties under it.
As a result of work done by the field force there was assessed
during the fiscal year ended June 30, 1914, additional tax in the sum
of $1,708,270.12; that is to say, this sum was assessed in addition to
that originally assessed on the face of the returns as made by the
corporations. To this was added $399,118.59 on adjustments made
in this office, making a total of $2,107,388.71.
Under the income-tax law quite a number of additional revenue
agents and inspectors have been appointed, but these were assigned
to duty so late in the year that they were unable to do much
more than familiarize themselves with their duties preparatory to
the campaign of examinations that is now being inaugurated and
enforced with vigor throughout the country. Because of the fact
that the books of most of the larger corporations have been examined
and inaccuracies in making returns have been corrected, and because
of the fact that corporations have come to better understand the
requirements of the law and are making returns more in conformity
with the rulings of the department, it is probable that the field examinations wUl not hereafter disclose great discrepancies in the statement of net incoine. However, there will be ample work in the field
for a large and efficient force of examiners. The results thus far have
demonstrated that the amount of taxes recovered has increased in
a ratio commensurate with the increase in the number and efficiency
of the examining officers. While the officers more recently appointed
are thus far without experience in this line of work, some of them are
demonstrating their fitness and ability to do effective work, and gratifying results are anticipated. Others have demonstrated their incapacity for this hne ojf work, and unless unexpected improvement is
made must necessarily be removed from the service. With this
increased field force becoming more efficient with experience, it is
contemplated that a great many more examinations shall be made
during the current year and it is confidently expected that the result
will more than justify the expense involved.
During the fiscal year ended June 30, 1914, there were received in
the Bureau of Internal Revenue the returns of annual net income of
316,909 corporations, joint-stock companies or associations, and
insurance companies. Of these 188,866 returned a net income upon
624
REPORT ON THE FINANCES.
which the tax was computed. These figures show an increase of
11,573 over the number of returns received during the fiscal year
ended June 30, 1913, and an increase of 127,750 over the number of
taxable returns made during the preceding year.
The increase in the whole number of returns (both taxable and nontaxable) received during the year is due largely to the natural net
increase in incorporated organizations and to the fact that many
unincorporated associations, exempt under the special excise-tax law,
were required to make, and did make, returns under the income-tax
law.
The apparently large increase over the previous year in the number of taxable returns received during the year is accounted for in
the fact t h a t the specific exemption from tax of $5,000 authorized
by the special excise-tax law was not allowed by the income-tax law.
Hence, under the latter law every corporation returning any net
income whatever was taxable.
The total amount of special excise and income tax assessed against
corporations during t h e fiscal year ended June 30, 1914, including
the 50 per cent additions to the tax because of the faUure of corporations to file their returns within the prescribed time, and the 100
per cent added in a very few cases because of returns made with
lalse and fraudulent intent, was-$45,614,369.62, showing an increase
of $9,405,530.50 over the amount assessed, under the special excisetax law, during the preceding fiscal year.
This increase is due in a large measure to the fact that, under the
present law, the tax is computed upon the entire net income, while
under the former law the tax was computed on only so much of the
net income as was in excess of $5,000, and perhaps in a liarger measure
to the fact that dividends received on the stock of other corporations
subject to the tax are required to be included in net income for the
purpose of the income tax, while for the purpose of the special excise
tax such dividends were excluded from tne net income.
To a liinited extent, the increase in the amount of the tax over
that of the last year was due to the assessments returned this year
against unincorporated ^^associations," which, because of the fact
that they were not organized under any statutory law, were exempt
from the special excise tax imposed by the former law.
The increased net income due to including therein the dividends
received on the stock of other corporations was offset to some extent
by the exclusion from income, under the income-tax law, of the
income received on the obligations of States and Territories and
political subdivisions thereof, and on the obligations of the United
States and of its possessions.
The total amount assessed during the year on the basis of the
taxable returns received was $43,395,449.77, tb which should be
added $2,107,388.71 assessed during the year as representing omitted
taxes for the years 1909, 1910, 1911, and 1912, and $111,481.14 as
representing the 50 per cent additional taxes assessed by reason of
the failure of corporations to file their returns within the prescribed
time, making the total assessments for the year $45,614,369.62.
The $2,107,388.71 omitted taxes for previous years was placed upon
the assessment list as a result of examinations made by revenue
COMMISSIONER OF INTERNAL REVENUE.
625
agents and inspectors and adjustments of returns in this office after
the original assessments had been made.
The largest and most notable increases in the amount of tax
assessed during the year over that of the preceding year occurred'
in the second New York, the first Illinois, the third New York, and
the twenty-third Pennsylvania districts, the increases in the tax
being in each case as foUows:
Second New York
First Illmois
Third New York
Twenty-third Pennsylvania
$1, 750, 627.19
534, 796. 06
620,317.06
631, 494. 82
Other large industrial centers show substantial increases in the
amount of tax assessed over that of the previous year, whUe 18
districts show a decrease.
The increase in the number of returns filed during the year represents an increase of 3.79 per cent over that of the previous year,
while increase of taxable returns was 209.02 per cent, due almost
entirely to the removal of the $5,000 specific exemption.
The 316,909 corporations making returns durmg the fiscal year
report a capital stock of $64,071,319,185.53, an increase of $2,333,091,454.99 over that returned by 305,336 corporations for the preceding year; bonded and other indebtedness, $37,136,215,096.65,
an increase of $2,386,698,743.02 over that reported for the previous
year; net income, $4,339,550,008.77, an increase of $507,399,597.85.
Of the 316,909 corporations making returns during the year,
33,955 were made by class A corporations, 26,358 by class B, 96,113
by class C, 69,713 by class D, and 90,770 by class E.
The 33,955 corporations listed in class A, which embraces all
incorporated financial institutions and insurance companies, report
an aggregate net income equivalent to 13.52 per cent of the capital
stock reported. Included in this list, however, are man}^ insurance
companies which have no, or only a nominal, capital stock.
. The 26,358 corporations listed. in class B, which embraces all
public-service corporations, such as transportation companies, heatmg and lighting companies, report an aggregate net income equivalent
to 4.55 per cent of the capital stock reported.
The 96,113 corporations in class C, which embraces industrial and
manufacturing concerns, report a net income equivalent to 7.63'per
cent of the capital stock reported.
The 69,713 corporations in class D, which embraces all mercantile
corporations not otherwise classed as producers or manufacturers,
report a net income equivalent to 10.44 per cent of the capital stock,
reported.
The 90,770 corporations in class E, which includes such miscellaneous corporations, as are not otherwise classed, report a net income
equivalent to 5.21 per cent of the capital stock reported.
The taxable returns made during the year represent 59.59 per cent
of the whole number filed. The percentage of taxable returns differs
in accordance with the class of corporations making them. I n
class A, 28,527 corporations, 80.4 per cent of the whole number
making returns, returned a taxable income; in class B, 14,430, or
54.74 per cent; in class C, 51,443, or 53.52 per cent; in class D,.47,732,,
or 68.46 per cent; and in class E, 46,734, or 51.48 per cent.
64402°—M 1914
40
626
REPORT ON T H E FINANCES.
The work of investigating the returns of annual net income of corporations and checking them with their books or annual reports for
the purpose of determining whether or hot all taxable income had
been returned, has been prosecuted with all possible vigor, such
investigations being limited only by the force of revenue agents
available for this purpose. As a result of these investigations and
adjustments made in this office more than $2,000,000 of taxes have
been assessed during the year covered by this report in excess of the
amount assessable on the basis of the net income returned.
Because of the addition to the field force of a large number of
agents and inspectors, these investigations are now covering a larger
scope of territory than has been possible to cover with the limited
force heretofore available for this purpose, and the results should be
correspondingly increased, at least as to the number of corporations
examined.
The benefit accruing from the field examinations, while made for
the primary purpose of verifying returns, is not to be measured
entirely by the amount of omitted taxes uncovered. These examinations are educational in character, in that the corporations gain from
intelligent and competent examiners a clearer conception and understanding of the law and regulations, and are induced to install, if they
have not already done so, a system of bookkeeping and accounting
that will enable them to make their returns in conformity with the
requirements bf this office. This campaign of education will of
itself result in returns which are more nearly true and accurate, and
consequently more readily handled by the bureau.
For the four years 1909 to 1912, inclusive, there was collected as
special excise tax on corporations $118,060,868.39. During the fiscal
year 1914 there was collected as special excise tax $10,671,077.22.
Of this amount $3,110,737.09 was collected prior to January 1, 1914,
on assessments made on returns filed for the year 1912 pursuant to
the requirements of section 38 of the act of August 5, 1909. The
remaining $7,560,340.13 includes omitted taxes for previous years
discovered by examining officers and as a result of office adjustments,
as well as the special excise tax imposed by section 2 of the act of
October 3, 1913, on incomes for the months of January and February,
1913.
The $10,671,077.22 thus described, added tb the $118,060,868.39
previously collected, makes a grand total of $128,731,945.61 special
excise tax collected for the years 1909 to 1912, inclusive, as well as
for the months of January and Feb^-uary, 1913.
By reason of revenue agents' examinations and office adjustments
this amount will be further increased for the next year or two.
Of special excise and income tax there was collected during the
fiscalyear ended June 30, 1914, the sum of $43,127,739.89 as against
an aggregate assessment during that period of $45,614,369.62.
During the months of July and August, 1914, there has been collected on account of special excise and income tax assessed against
corporations for previous years the sum of $4,461,852.90, which
includes the unpaid balance of the assessment of $45,614,369.62
referred to above and which amount will be returned as coUections
for the fiscal year ending June 30, 1915.
Tabulated statements containing information relative to corporations making returns pursuant to the requirements of the Federal
COMMISSIONER OF INTERNAL REVENUE.
627
income-tax law will be found elsewhere in this report, the information being summarized and covering both States and collection
districts.
PERSONAL I N C O M E . TAX.
Immediately after the approval, on October 3, 1913, of the act of
Congress providing for a tax on the net incomes of individuals the
preliminary work of organizing the division was begun.
As the provision in the law providing for ^-withholding at the
source" was to become operative on November 1, 1913, the first and
most urgent work undertaken was the preparation of the necessary
regulations for a proper enforcement of the provisions of the law,
and also the preparation of the various forms required. The large
volume of correspondence relative to the enforcement of the provisions of the income-tax law had also to be cared for, and up to March
1, 1914,; it required about 30 clerks to handle the correspondence
alone.
I n the limited period from October 4 to December 31, 1913, the
necessary regulations and the numerous forms had to be prepared
and issued, the very heavy and in many respects difficult correspondence had to be answered, the selection and training of a clerical force
of more than 100 clerks, devising a system that would prove efficient
and economical for the handling of the great volume of work, were
some of the problems that those in charge of this work were called
upon to solve. The work of this division has been handled with system
and dispatch and as satisfactorily as could be expected with the very
liinited time given for the organization of the work. All returns filed
by individuals and withholding agents are being ^ v e n a thorough
examination and audit, and it is expected that this work will be completed before the returns for 1914 are received.
For the fiscal year ending June 30, 1914, the coUections from individual income tax amounted to $28,253,534.80, classified to conform
to the provisions of the act, as follows:
Income tax, normal
$12, 728, 038.02.
Income tax, additional:
Net incomes exceeding $20,000 and not more than $50,000
2, 934, 754.40
Net incomes exceeding 150,000 and not more than $75,000
1, 645, 639.30
Net incomes exceeding $75,000 and not more than $100,000
1, 323,022. 61
Net incomes exceeding $100,000 and not more than $250,000... 3, 835, 948.45.
Net incomes exceeding $250,000 and not more than $500,000... 2, 334, 582. 95
Net incomes exceeding $500,000
3, 437, 850.23
Offers in compromise, etc...:
13, 698.89
Total...
28, 253, 534. 85
I t is to be noted that for the year 1913 the individual returns of
net income coyer only the period from March 1 to December 31, and
as the interest and dividend payments made in January, 1913, and
income received in January and February, 1913, from other sburces
were not required to be returned, the above figures do not fully
reflect the net income of individuals for a fuU calendar year, as wiU
be the case for the year 1914.
Of the 357,598 returns filed, 1,426 were filed by American citizens
residing abroad, and represent a total net income of $19,843,399.83,
and 425 were filed by nonresident ahens, and represent a total net
income of $7,317,842.10.
Table and chart showing the total number of individual income-tax returns filed, by classification, for the taxable period March 1 to December 31, 1914.
CX)
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>
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w
COMMISSIONER OF INTERNAL REVENUE.
629
No statistics have been prepared showing the amount of tax
withheld at source for the reason that such withholding was required
only for November and December, 1913, and the amounts withheld
for these two months were so small that the data avaUable would be
of no practical value.
In the statistical section of this report will be found tables showing the total number of returns filed for the taxable year 1913, classified according to size of income and as to coUection districts and
States.
OLEOMARGARINE.
During the fiscal 3^ear ended June 30, 1914,. there was reported
produced 137,637,054 pounds of uncolored oleomargarine and 6,384,222 pounds of the colored, making a total of 144,021,276 pounds of
both classes, as against 138,7.07,426 pounds of uncolored and 6,520,436 pounds of colored, a total of 145,227,862 pounds produced during
the fiscal year 1913, being a decrease of 1,070,372 and 136,214 pounds,
respectively, or a total net decrease of 1,206,586 pounds in the production of the two classes during 1914.
The withdrawals tax paid during 1914 amounted to 137,747,982
pounds at the rate of one-fourth cent per pound and 3,831,706 pounds
at 10 cents, or a total of 141,579,688 pounds, as compared with 138,.242,848 pounds at one-fourth cent and 4,090,658 pounds at 10 cents,
making a total of 142,333,506 pounds tax paid at both rates during
the fiscal year 1913, being a decrease of 494,866 pounds at one-fourth
cent and 258,952 pounds at 10 cents, a total decrease of 753,818
pounds tax paid at both rates during 1914.
The decrease in the withdrawals tax paid is due to some extent
to the fact that there was withdrawn free of tax for use of the Government as supplies, under provisions of section 3464 Revised Statutes,
100,200 pounds of uncolored and 469,340 pounds of colored, or a
total of 569,540 pounds .of both classes. A decrease of 37,182 pounds
of uncolored and 296,811 pounds of colored is shown in the withdrawals free of. tax for export during 1914, as compared with the
previous year.
.
The collections from all oleomargarine sources during the fiscal
vear 1914 were $1,325,219.13 as compared with $1,259,987.67 for
1913, an increase of $65,231.46. Of these collections for 1914
$21,260 was from special taxes as manufacturers; $13,200 from
Avholesale dealers in the artificially colored product; $180,192.10
•from wholesale dealers in the uncolored and $35,146.50 from retail
dealers in the colored product; $311,634.33 from retail dealers in
uncolored, $419,874 from stamp tax at 10 cents per pound, and
$343,912.16 stamp tax at one-fourth cent.
A total of 2,704 violations of this law were reported during 1914
as against 1,745 for 1913. These violations involved 2,327 persons—
67 for violations as manufacturers, including the cases of illicit
manufacture through the addition of artificial coloration to the
uncolored product, 89 wholesale dealers, and 2,171 retail dealers.
A special force was detailed during 1914 to detect violations of this
law in certain cities and investigate the product of factories placed
on the market as free from artificial coloratibn under stamps at
one-fourth cent, and a large number of violations were developed,
including the discovery that the product of certain factories tax
paid at one-fourth cent was artificially colored and taxable at 10
630
REPORT ON THE FINANCES.
cents per pound, involving an amount represented by the difference
at 9% cents of over fifteen million dolars, and every effort possible
is being made to coUect this additional tax due. The factbries of
the offending manufacturers were seized and prosecutions instituted
against those responsible for these violations. I n addition to these
there were instituted criminal action against 22 ilhcit manufacturers,
2 wholesale dealers, and 4 retail dealers, resulting in the conviction of
6 ilhcit manufacturers, 1 wholesale dealer, and 3 retail dealers and
the acquittal in one case of ilhcit manufacture. ' The other violations
were either compromised or dropped upon.recommendation of the
officers, or are now pending.
Attention was called in the annual report for the fiscal year 1913
to the desirabihty of a change in the present oleomargarine law, with
its dual rate of taxation, to one imposing a flat rate upon the
product without distinction as to coloration and with provision; for
individual or original packages of sizes fixed by the statute, each
bearing tax-paid stamps, marks, and brands so as to thoroughly
identify the character oi the contents to the ultimate purchaser.
The conditions found in the enforcement of this law which brought
about the previous recommendation have not improved during the
past year, but, on the other hand, have become more aggravated,
entaihng greater effort and expense in the administration of the
statutes relating to this product and it seems likely that such conditions will continue so long as the present law remains in force.
I t is suggested that some legislation to correct these conditions
and make the law a revenue measure in fact is urgently needed.
ADULTERATED
BUTTER.
During, the fiscal year ended June .30, 1914, there were reported
48 cases against manufacturers of adulterated butter, 4 wholesale
dealers and 7 retail dealers in this product, a total of 61 under act
of May 9, 1902, practically all of which grew out of t h e discovery
t h a t tne butter placed on the market by certain manufacturers and
sold by the dealers in question contained moisture of 16 per cent
or more, which brought it \vithin the classification of adulterated
butter and made it subject to tax of 10 cents per pound and the
manufacturers and dealers to the special taxes imposed by law.
These cases resulted in a total collection of $43,079.38, a decrease
of $11,092.42 in the coUections from this source for 1914, as compared with the figures for 1913.
No criminal actions were instituted in any. of these cases, as in
every instance there was no evidence of knowledge or intent to
engage in the business or evade taxes due.
This law is in urgent need of revision, as has. been previously
pointed out, it being unsatisfactory from both an administrative and
revenue standpoint, as the cost of enforcement is undoubtedly much
larger than the collections made thereunder.
RENOVATED
BUTTER.
A decrease is shown in the production and withdrawal, tax paid,
of renovated butter during the fiscal year ended June 30, 1914.
There were 32,470,030 pounds produced and 32,513,244 pounds
withdrawn, tax paid, as against 38,354,762 pounds produced and
38,285,114 pounds withdrawn, tax paid, during 1913, a decrease of
5,884,732 and 5,771,870 pounds, respectively, in these items.
COMMISSIONER OF INTERNAL REVENUE.
631
LABORATORY WORK;
I t has been the constant effort of the force, of the laboratory to
analyze, as promptly as possible, every sample submitted. If samples are not analyzed expeditiously the results, in the majority of
cases, would be of no value to the field officers. While this has been
accomplished satisfactorily during the past year it has been done to
the neglect of certain lines of w o ^ , with the result that the analyses
have not been made as completely as they should have been. These
incomplete analyses had to be made on account of the great increase
of work in the laboratory. I think t h a t it can conscientiously be
stated that the laboratory can not do full justice to the interests of the
GoT7 ernment unless there is an increase in the chemical force, because
certain lines of work must be neglected when there are such a number
of samples to be analyzed as during the past year. There is always in
a Government laboratory considerable experimental work which it is
necessary to do in order to safeguard the interests of the ser-vice, and
when such work is neglected it makes an opening for criticism in the
future as to the efficiency of the force which is supposed to do the
work. In this case such criticism would be unjust, yet the service
would have to stand the brunt of it. This has been very clearly
shown in the oleomargarine frauds which have been brought to light
in the past 12 months. While it could not be prophesied that if
there had been sufficient force to do this class of experimental work
such frauds would have been detected before they were, yet the
office would have been satisfied that every effort had been made to
detect same.
Brandy mashes.—But few of these samples have been analyzed
during the past year, undoubtedly due to the energy of the field
officers in the close observance of fraudulent operators, who have
realized t h a t it is not so easy to commit frauds without detection and
the infliction of severe penalties.
. Butter.^The number of butter samples analyzed was slightly lower
than t h a t of the previous year, but a normal number was examined.
Distilled spirits.—There was a considerable increase in the number
of samples of distilled spirits.received for analysis, the major portion
of the samples being submitted in order to ascertain if the contents
of the packages were substituted or not. The results of this work
have been eminently successful. The amount obtained in compromises and sales proved to be thousands of dollars.
Distillery beers,—The supervision over the distilleries by means of
chemical analyses of the beers has been kept up, with the result that
there have been less frauds at the various distilleries than in the past.
Fermented beverages.—Mbst of these samples analyzed are or the
so-called ^^Near beer" type. The labels on these products being no
guaranty that the beverage contained less than 0.5 per cent alcohol.
For example, cases have been found where two bottles bore similar
labels, except t h a t one had a green cap and one a yellow cap> the
green-cap bottle belonging to the true 0.5 per cent untaxable preparation; the one distinguished by the yellow cap being a standard beer
of 3.5 per cent alcohol. For this type of liquor there is nothing to
do but to take samples continually for analysis.
Match materials.—^Ssbm^les analyzed under this heading are those
obtained by this office from the manufacturers of matches and
represent the kinds of materials used in the.manufacture of matches.
632
REPORT ON THE FINANCES.
Samples of matches, from the open market, will not be obtained
until the year 1915 as it will not be until then that the white phosphorous matches found on the market will be taxable.
Medicinal preparations.—"Th.^ number of these samples remains
about normal, the important p^art of this work being the approval of
formulae submitted by the manufacturers of medicinal preparations.
^Miscellaneous.—In this group are included all samples analyzed
which do not come under the various heads enumerated hi the
table; denatured alcohol, tobacco, wines for customs service, etc.
Oils.—Under this heading are. tabulated the ingredients which
are taken monthly from the premises of the various oleomargarine
factories. I t should be a very important work. I t is of a research
character, the main object bemg the detection of the unknown
coloring matters, but on account of the volume of other work noW
necessary to be done in the laboratory this work has been very much
neglected.
Opium.—This line of w^ork is steadily increasing, undoubtedly due
to the fact that the chemists are able to show the difference between
the imported and the domestic opium. This line of work wUl increase
right along, as the laws against this practice have been greatly
strengthened by Congress.
Oleomargarine.—The number of samples of this product analyzed
has increased several hundred per cent. Discoveries made at six
oleomargarine factories of violations of the oleomargarine laws caused
this increase. These investigations proved that the Government
had been defrauded to the extent of millions of dollars.
Wines.—This work has been largely experimental. The Ways
and Means Committee, during the tariff discussion, when the question
arose as to the advisability of taxing wines, dropped the subject as
they desired to have more exact data upon the character of wines
and the wine industry. In consequence thereof it was thought
advisable to obtain data which, if Congress needed it, could be
furnished. During the wine season just closed several hundred
samples were collected from Ohio and the California districts. These
analyses have been finished and very important data have been
obtained.
CLAIMS.
At the beginning of the fiscal year ended June 30, 1914, there
were pending 1,500 claims of all kinds, amounting to $2,125,040.29
There were received during the year 11,579 claims, aggregating
$10,144,446.85.'
'
During the year 10,074 clainis were disposed of, amounting to
$9,675,641.66, leaving on hand July 1, 1914, 3,005 clainis of aU
kinds, aggregatmg $2,593,845.48.
Of the clainis on hand July 1, 1914, a majority was received during
May and June, 1914, and asked the abatement of unpaid incometax assessments for 1913. Practically all of these claims have^
since been acted upon. Of the pending refunding clainis, 303,
amounting to $1,506,321, are claims presented under the act of July
27, 1912, for ^the refunding of special bankers' taxes collected under
the war-revenue act of June 13, 1898. Action on these is suspended,
pending final decision of the courts in the ^^ITvoslef" case, which
will determine whether the refunding act of July 27, 1912, applies
to claims of this kind.
COMMISSIONER OF INTERNAL REVENUE.
633
That great care is exercised in passing upon the facts and legal
contentions set up by claimants is shown by the large proportion
of claims rejected. Thus, of the more than $8,000,000 claimed as
refundable during the year, the rejected clainis aggregated more
than $6,500,000. Of the less than $900,000-refunded, a very large
part was refunded under the decision of the Supreme Court in the
'^MinehilV case, holding certain lesser corporations exempt from
excise tax, and under remedial acts of Congress, applying to legacy
and documentary stamp taxes collected under the act of June 13,
1898.
LITIGATION AND LEGISLATIONLITIGATION.
On July 1, 1913, there were pending 604 civil cases and 3,441
criminal cases growing out of violations of the internal-revenue laws.
During the year there were instituted 492 civil cases and 3,452 criminal cases. Four hundred and ninety civil bases and 4,107 criminal
cases were disposed of during the year, and the number of civil cases
pending June 30, 1914, was 606, and of criminal cases 2,786, as
shown by reports received from the Department of Justice.;^
I n addition to the court cases handled, a large number of reports
of violations of law from officers in the field were received and examined, and during the fiscal year 8,982 compromise cases, growing out
of such violations in this or previous years, were received as against
12,781 in the fiscal year 1913.
The total number of reports of seizures received, examined, and
recorded during the fiscal year was 3,990 as compared with 3,023
during the year previous.
SUITS UNDER THE CORPORATION TAX ACT.
A large number of suits have been brought against coUectors or
against, the United States to recover special excise taxes collected
under the corporation-tax act of August 5, 1909. Several have
been tried and decisions favorable to the Government rendered in
the following cases:
Leased roads.—Points not covered by the Minehill decision in the Supreme Court!
Exercising power of eminent domain.—A railroad corporation which has leased its
property, but continued in possession of its corporate powers and exercised the power
of eminent domain conferred by its charter by making application fpr condemnation
of land and filing locations therefor, is subject to the tax.
Issue of bonds.—The lessor company, by issuing bonds to pay for extensions and improvements, engages in business and becomes subject to the tax.—(New York Central
& Hudson River R. R. Co. and Boston & Albany R. R. Co. v. Gill, collector [June 10,
1914], T. D. 1999.)
Selling stocks or bonds by lessor, proceeds to be applied to making improvements,
makes lessor liable. The lessor company engages in business, although it may not have '
in its immediate possession the equipment and appliances of a railroad business.—
(Lima Electric Ry. & Light Co. v. Bettmann, collector.)
,
_
A railroad corporation, which has leased its property, but continued in possession
of its corporate powers and issued bonds to pay for additions, improvements, and betterments, engages in business and is liable for the tax.
Exchange of real estate.—The joining by lessor in a deed for the sale of property and
taking a conveyance constituted the transaction of business.—(U. S. District Court,
southern District of Ohio. Dayton & Western Traction Co. -y. Gilligan, collector,
e t a l . , T . D. 2000.)
, 1 Reports for the Southern district of California and western district of North Carolina were not
received and are not included in the above summary.
634
RFPORT ON T H E FINANCES.
Banks deducting taxes du£ from, stockholders.—Where the State tax on capital stock
ol banks falls directly on the stockholders,, these taxes can not be legally deducted
from gross income in returns made by banks. The tax is not upon the banks, and in
paying i t they act as agents. T. D. 1763 sustained.—(Eliot National Bank v.. Gill,
collector, 210 Fed. Rep., 933; T. D . 193'6. National Bank of Commerce v. Allen,
collector, 211 Fed. Rep., 943; T. D. 1991. Northern Trust Co. v. McCoach, collector.
Eastern District of Pennsylvania.)
Depreciation.—Mining companies, in making returns of net income, are not allowed
to deduct from gross income, on account of depreciation,the difference between the
value of the product and the cost of production.—(Stratton's Independence. (Ltd.)
V. Howbert, collector, 231 U. S., 399; T. D. 1913.)
Fraternal beneficiary associations.—Fraternal beneficiary associations, not operating
under the lodge system, liable.—(Commercial Travelers Life & Accident Association
V. Rodway, collector, T. D. 1738.)
Returns.—The Commissioner of Internal Revenue, upon evidence produced before
him, is authorized to amend incorrect returns, or make a return, as the case may be.
Assessments.^-The Commissioner is authorized to make additional assessments
after the taxes have been assessed and paid on the original returns, even though the
errors in the original returns were made without any intention to deceive or mislead.—
(Eliot National Bank v. GiU, coUector, 210 Fed. Rep., 933; T. D. 1936.)
DEDUCTIONS.—Charitable gifts are not among the permitted deductions.—(Baldwin
Locomotive Works v. McCoach, E. Dist., Pa.)
Discount on the sale of bonds properly deductible from gross income.—The ruling that
the discount should be apportioned over the lifetime of the bonds sustained.—
(Idem.)
Penalties.—The provision imposing penalty for failure to make return is constitutional.—(U. S. V. Surprise Five, Ten, and Nineteen Cent Store, T. D. 1864.)
Organized for profit.—Any corporation organized for advantage of stockholders and
not for social, charitable or beneficent purposes is organized for profit.—(Sargent
Land Co. v. Von Baumbach, 207 Fed. R e p . 423. Decided against United States on
other grounds, pending in Circuit Court of Appeals.)
Construction.^TsiX laws should be ^iven the same construction by all courts throughout the territorial Hmits within which the tax is levied.—(Northern Trust Co. v.
McCoach, E. D., Pa.)
DECISIONS A D V E R S E TO T H E U N I T E D S T A T E S .
Domestic building and loan associations.—Issuance of prepaid stock does not destroy
mutuality.—(Parkview B . & L. Association -y. Hartson, collector, 203 Fed. Rep. 876.
C. C. A. 210 Fed. R e p . 577; T. D. 1941.)
Borrowing mone}^ from, or loaning money to, nonmembers does not deprive them of
exemption as organized and operated for mutual benefit of members.—(Beliefontaine
B. & L. Co. V. McMaken; Central B . & L . & Savings Co. v. Bowland, S. D., Ohio.)
- Interest.—A realty company, organized for the purpose of building and renting a
building, is allowed to deduct from gross income interest on its bonded indebtedness,
pavment of interest being held expenses in the operation of the business.—(Anderson,
collector, v.. 42 Broadway Co., 209 Fed. Rep., 991; C. C. A., 213 Fed. R e p . 777; to be
taken to the Supreme Com't.)
Bookkeeping.—Increase in valuation of assets on the books not income received
during the year. (No. 48 Synopsis of Decisions T. D. 1742 o v e r r u l e d . ) ^ Bald win
Locomotive Works v. McCoach, collector, E. D. of Pa.; on appeal to Circuit Court of
Appeals.)
LEASED ROADS.
Substituting one bond for another.—Substituting one mortgage bond for another for
t h e purpose of renewing, refunding or extending time for the payment of preexisting
debt, does not render the lessor company liable as carrying on business in the capacity
designated in its articles of incorporation.—(Lima Elec. Ry. & Light Co., v. Bettman,
S. D., Ohio.)
I.ssue oJ bonds.—Issuing bonds by lessor company at request of lessee for construction purposes, or retiring or exchanging bonds with other bonds at maturity, not carrying on business within the meaning of the taxing act.—(Anderson, collector, v. Morris
& Essex R. R. Co., S. D. of N. Y.; district court decision affirmed by circuit court of
appeals.)
Making improvements, etc.—Lessor made improvements to the property, retired
bonded indebtedness, and sold the property. Held not liable.—(Snake River Valley
R. R. Co., V. Miller, collector, U. S. Dist. Court, Dist. of Oregon.)
COMMISSIONER OF INTERNAL REVENUE.
635
Doing business.—Where a street railroad company leased its property it was no
longer "doing business" as a traction company, and not subject to taxation, under the
act of August 5, 1909, which is only applicable to corporations doing business in a corporate capacity as authorized.—(Wilkes-Barre & Wyoming Valley Traction Co. v.
Davis, collector (May 26, 1914), 214 Fed. Rep. 511.)
DECISIONS U N D E R T H E W A R R E V E N U E ACT.
Legacy taxes.—Proceedings to collect tax may be instituted against any person having
possession of the property to assert and foreclose lien. Legatee not personally liable.
(U. S.'y. Priest (U. S. D. C, Mass.), 210 Fed. Rep., 332.)
•
Stamp taxes.—Stamp tax on policies of marine insurance on exported products was
not unconstitutional as a tax on exports. (Thames and Mersey Marine Insurance
Company v. U. S., U. S. D. C. S. D. of N. Y.) The case distinguished from tax on
export bills of lading.—(Fairbanks v. United States, 181 U. S. 283 (T. D. 339); and on
manifests,,United States v. New York & Cuba Mail S. S. Company, 220 U. S. 488.)
DECISIONS U N D E R T H E INCOME-TAX ACT OF OCTOBER 3 , 1913.
Dodge V. Osborn, comm.issioner, supreme court. District of Columbia. Suit brought
to restrain the commissioner from carrying out the income-tax law. Case dismissed.
Appeal noted. T. D. 1983.
Dodge & Dodge v. Brady, collector. Eastern District of Mich. Injunction to restrain the collector from collecting income tax. Decided for defendant and an appeal
taken to the Supreme Court.
OLD J U D G M E N T S .
'
Satisfactory progress was made during the past fiscal year in
effecting final disposition of old judgments,.some of which had been
outstanding for periods of 30 or 40 years.
The total amount received in compromise of judgments under
section 3469, Revised Statutes, during the fiscal year ended June 30,
1914, aggregated the sum of $6,184.
LEGISLATION.
Legislation was passed during the last year affecting internal
revenue as follows:
[Sixty-third Congress, first session.]
An „act to reduce tariff duties and to provide revenue for the
Government, and for other purposes (approved Oct. 3, 1913; 38
Stat., 113) provides an income t a x ; repeals section 38, act of August
5, 1909; imposes special excise t a x on corporations to March 1,1913;
amends denatured alcohol act; contains provisions relative to manufacture of articles in bonded warehouses; relative to articles coining
into the United States^from the Phihppine Islands, and articles going
from United States to Porto Rico and the Phihppine Islands.
An act making appropriations to supply urgent deficiencies in
appropriations for the fiscal year 1913 and for other purposes (approved Oct. 22, 1913, 38 Stat., 208). Deputy coUectors and deputy
marshals, who are required to give bond, may be appointed without
regard to the civil service act.
[Second session.]
An act regulating the manufacture of smoking opium within the
United States, and for other purposes (approved Jan. 17, 1914, T. D.
1940).
636
REPORT ON TFIE FINANCES.
STAMPS.
During the fiscal year 4,097,848,115 internal-revenue stamps of
all classes and denominations were shipped to collectors of internal
revenue. Of this number 4,091,077,715 represented a face value of
1334,568,151.12. There was an increase of 231,186,469 in the number
of all stamps, and an increase of $13,074,561.57 in the faceValue of
stamps delivered-to collectors during the 3^ear. Stamps having no
money value were dehvered to the number of 6,770,400. These
include stamps for rectified spirits, wholesale hquor dealers^ packages,
distillery warehouse stamps, etc. .
I N T E R N A L - R E V E N U E . STAMP P A P E R .
Advertisements were published inviting sealed»proposals to furnish
distinctive paper on which to print internal-revenue stamps for the
fiscal year ending June 30, 1915, and five were received, ranging
from 4.47 cents to 4.90 cents per pound. The contract was awarded
to the lowest bidder. The previous contract price was 4.50 cents
per pound. During the fiscal year the bureau ordered 2,108,3173^
pounds of stamp paper at a cost of $94,939.02.
PRODUCTION OF STAMPS.
AU of the stamps issued by this bureau are engraved and printed
by the Bureau of Engraving and Printing, with the exception of
tobacco stamps imprinted on tin-foil wrappers. The printing of the
stamps is done under contracts and without cost to the Government,
the contractors receiving their remuneration from the purchasers
of the stamps and reimbursing the Government for the salaries of
agents and counters necessary to properly supervise the work.
RESTAMPING.
One hundred and sixty apphcations for restamping tax-paid
articles, under section 3315, Revised Statutes, were considered and
disposed of during the year.
STAMPS
RETURNED.
Stamps of various kinds and denominations, fractional books
from outgoing officials, and stamps for which there was no use,
to the value of $18,785,001.61, were returned by coUectors and
credited in their accounts.
STAMPS R E I S S U E D .
The practice of destroying sheet stamps, returned in broken lots
by collectors, has been abohshed. They are now placed in the
stamp vaults, except when.in too small quantities, and are reissued
to coUectors.
COUNTING E X P E D I T E D .
.
.
On May 9, 1914, a change to the spread system of counting stamps
that are received from the Bureau of Engraving and Printing was
inaugurated, resulting in an accurate count of all stamps before
they are shipped to coUectors. This change effects an economy
that increases the counting capacity of the sixteen counters by
fifty per cent.
COMMISSIONER OF INTERNAL REVENUE.
AUDITING PRACTICE
637
REVISED.
For half a century the practice has been to forward to the Auditor
for the Treasury the book stamps and coupons, having money value,
that were returned to the Treasury by collectors and which were
not charged to the official who had received them. This custom
was revised on July 1, 1914, under a ruling of the Comptroller of
the Treasury, dated June 20, 1914, which directs that such stamps
and coupons shall be held by and charged to the commissioner,
whose certificates shall be accepted by the auditor as sufficient
evidence upon which to give credit to collectors for stamps returned
to the Treasury.
SHORTAGE CLEARED U P .
The shortage in the stamp account that occurred June 7, 1899,
by the theft of beer stamps, amounting to $10,000, that were in
course of shipment, has been cleared up by returning to the vault
stamps that h a d been recovered in 1900 to the value of $9,199,
and by securing from Congress a relief act in the amount of $801.
REVENUE AGENTS.
The revenue agents appointed uhder section 3152, Revised Statutes,
and the field officers who have been assigned to duty under their
direction during the past fiscal year have in the main maintained the
usual high standard that has prevailed in the past and are deserving of
high commendation. The efficiency and capabilities of the revenue
agents and inspectors appointed under the act of October 3,1913, have
been commented upon elsewhere in this report. Illicit distilling, during the past fiscal year, increased shghtly over the preceding year.
During the past fiscal year (1913-14) there were seized and destroyed
504 ilhcit distUleries, as against 459 during the preceding year.
Bootlegging is principally carried on in States operating under
local prohibition laws, and appears to be one of the hardest propositions that revenue officers are called upon to solve. This class of
violators of the internal-revenue laws are at no time stationary, but
move froni place to place, offering and selling their ilhcit wares.
I t is impossible, o^ving to the hmited number of revenue officers in
the field, to break up this practice entirely and, without the hearty
cooperation of the local and State authorities, it is believed that
the conditions will grow no better. As the various States vote
'^dry'^ the operations of the bootlegger grow larger.
RECOMMENDATIONS.
The following recommendations for statutory changes have been
made from year to year in the various annual reports, but inasmuch
as the need of the legislation referred to is very great, I have the honor
again to submit them, viz:
1. Denatured alcohol.—To impose a nominal tax—say, 1 cent per
proof gallon—on all, alcohol withdrawn for denaturation, which tax
would yield a return approximately equal to the amount that should
be appropriated to properly take care of the work.
2..' Tobacco.—Section 3360 of the Revised Statutes should be
amended so as to. require every dealer in leaf tobacco to give bond,
638
REPORT ON THE FINANCES.
make a. true inventory of stock on the 1st day of January of each
year, and to render report of transactions quarterly, monthly, or
for such periods, and within 15 days after the, close of such periods,
as the Commissioner of Internal Revenue may prescribe. Section
35 of the act of August 5, 1909, should likewise be amended with
respect to retail dealers in leaf tobacco being required to give
bond, etc., and section 26 of the act of October 1, 1890, should be
amended so as to require registry of manufacturers of cigars, manufacturers of tobacco, dealers in leaf tobacco, retaU dealers in leaf
tobacco, and peddlers of tobacco on commencement of business only
and not on the 1st day of July of each year, as at present.
3. Oleomargarine.—A thorough revision of the oleomargarine
law is recommended to make it a revenue measure and its enforcement effective at less expense than has been incurred in the administration of this law in past years.
4. Adulterated butter.—This law is in urgent need of revision, as
has been previously pointed out, it being both unsatisfactory from
an administrative and revenue standpoint, as the cost of enforcement is undoubtedly much larger than the collections made thereunder.
Respectfully,
W. H.
OsBORN,
Commissioner of Internal Revenue.
Hon.
W.
G.
MCADOO,
Secretary of the Treasury.
NOTE.—For details of the Report of the Commissioner of Internal Revenue, see his
annual report.
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