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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
1915
With Appendices
WASHINGTON
GOVERNMENT PRINTING OFHCE
1916
T R E A S U R Y DEPARTMENT.
Document No. 2754.
Secretary.
Ah .
CONTENTS.
•
'
.
Page.
Financial and business conditions
".'
1
Cotton and Government deposits.
1...
4
Governnient deposits offered to Federal reserve banks in t h e West and Northwest
'.....".
^
9
Federal reserve system.
'.
11
Federal reserve banks as fiscal agents
1
12
Crop-moving deposits
.-.'....'.".
'..'.
:
12
stock of gold
13
War risk insurance
-.
.
14
P a n American Financial Conference
,
:
. 15
Income t a x . . . . . . . . . . . . ' . . • . . . . . . . . . . ' .
,.
16
Customs
.•...'.."......"..•.'.•.•.•.".."...
.........'.
20
Narcotic l a w . . . . ' . . . : . . . . . . . . . . . . '
•..
23
Public Health Service
24
National care of l e p e r s . . . . .
:,........:
26
National quarantine
.......:
27
Advantages of Federal control of q u a r a n t i n e : . . . . . .
.:
.
28
Public buildings
\.
29
Central heating and power plant.'.
37
National archives b uilding.
37
Coast Guard
.:
-....
...............-.;.
......:..
38
Ice patrol to promote safety at sea
'—
38
New s h i p s . . . . . . . . . . . . . . . " . . . . . . . . . . . . . . . . . . . . . .
38
Rebuilding stations....
39
Relief for American citizens in Europe.
;.
40
Transportation of public moneys and securities
40
New daily Treasury statement
:
41
Destruction of canceled securities.
44
Committee on improvement..:
44
Salaries of Assistant Secretaries of t h e Treasury
45
General Supply Committee
,".
i'....'.....:
45
Sinking fund
46
Panama Canal
47
Contingent fund
1
47
Revenues
1
''.'.
48
Finances
53
Receipts and disbursements
53
Fiscal year 1915
.;
53
General fund
.....
53
.Postal Service
^ 55
United States notes (greenbacks)
55
Gold reserve fund
'
-.. :
•.
55
Trustfunds
" 56
Sinking f u n d . :
56
Condition of t h e Treasury J u n e 30, 1 9 1 5 . . . . . . . . . . . 1
56
Cash in t h e Treasury J u n e 30, 1915.
57
Comparison of receipts, fiscal years 1914 and 1915.
59
Comparison of disbursements, fiscalyears 1914 and 1915
60
Estimates
65
Estimated receipts, fiscal year 1916..,
^ 65
Estimated disbursements, fiscal year 1916
66
Postal Service, 1 9 1 6 . . . . . . : . . . ; .
.1
67
Estimate of receipts for fiscal year 1917.:
67
Estimated disbursements, fiscal year 1917
„...
68
Estimates of appropriations for the fiscal year 1917 as submitted by the
executive departments
.....:
69
Postal Service, 1917..
............:...
.......:....•
71
IV
CONTENTS.
Summary of estimated results to the close of the year 1917
Comparison of estimates for 1917 with appropriations for 1916
Exhibit of appropriations for 1916
'
71
72
73
Exhibits accompanying the report on the finances.
Exhibit A.—Summary of general business conditions, R. G. Dun & Co
Exhibit B.—Statement of business conditions, Bradstreet's
Exhibit C.—^Business situation in the United States, Babson's Statistical Organization
:
Exhibit D.—Letter of Secretary of the Treasmy transmitting to the President
proceedings of the Pan American Financial Conference
Exhibit E.—Proposed amendments to income-tax law
Exhibit F.—Division of Customs
77
81
84
87
98
109
, Abstracts of reports of bureaus and divisions.
Treasurer of the United States
District of Columbia
Comptroller of the Currency
'.
Summary b y States, geographical divisions, etc., of national banks organized from March 14, 1900, to June 30, 1915.
Capital of national baiiks with outstanding circulation secured b y United
States bonds, etc
National banks reporting September 12, 1914, and number of banks making
application for additional circulation
Summary b y classes of national banks organized March 14,1900, to June 30,
1915
Number of banks and the bond and circulation accounts, March 14, 1900,
and June 30, 1915, etc
Reserve cities
Mint Service
Operations of the mints
Stock of coin and bullion in the United States
Production of gold and silver.
,
,
Industrial arts
:
Exports of gold coin
Appropriations, expenses, and income
Deposits, income, expenses, and employees, by institutions
Internal revenue
,
Receipts from internal revenue, fiscal years 1914 and 1915
Production of spirituous and malt liquors
Income tax
Emergency revenue law
:
United States cotton futures act
Tax on railroads in Alaska
Oleomargarine
:
Adulterated butter
Tobacco.......:
Denatured alcohol
,.
Fortified wine
,..
Work done b^^ revenue agents
• Bureau of Engraving and Printing
.^f
Division of Special Agents
./.
' Office of the Supervising Architect
'
Buildings
Statement of appropriations made during fiscal year 1915
Summary of acts carrying appropriations for t h e fiscal year 1916
Public Health Service
Division of Scientific Research
Division of Foreign and Insular Quarantine
•.
Division of Domestic Quarantine
Division of Sanitary Reports and Statistics
Division of Marine Hospitals and Relief
Division of Personnel and Accounts
Miscellaneous Division
117
122
122
124
127
128
129
129
129
129
129
130
130
131
131
131
132
132
134
134
134
137
138
138
138
140
140
140
141
141
142
143
145
145
146
147
150
150
153
155
156
158
158
159
CONTENTS.
United States Coast Guard.........
:. -:
Assistance to vessels in distress
Removal of derelicts
Medical aid to American
fishermen
Customs laws
Anchorage and movements of vessels.
Enforcement of neutrality, navigation, and other laws
Protection of fur seals
Ice patrol
Special services
Investigations of loss of life.
Loss of the Tahoma
Administrative measures
Discipline..
...
Coast Guard Academy
Medical officers.on cutters
New vessels, stations, and equipment
Repairs and improvements to cutters and stations
Recommendations
Division of Loans and Currency
Public debt transactions
Interest on public debt
Insular and. District of Columbia loans
CirculationNational currency associations
."
Capital and surplus of member banks
:
Paper custody
r--Redemption of currency, etc
Division of Public Moneys
Division of Bookkeeping and Warrants
State bonds and stocks owned by the United States
Secret-Service Division
Division of Printing and Stationery
Printing and binding
Stationery
Postage
Materials for bookbinder
Department advertising
--
.
:
,
160
162
167
168
- - 169
169
170
171
172
174
176
176
178
179
180
181
.-. 182
182
183
188
188
189
189
.. 189
190
191
192
192
-193
193
194
194
195
195
196
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, 1915
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 1915,
inclusive
.•
Table C.—Analysis of the principal of the interest-bearing public debt of the
United States from July 1, 1856, to July 1, 1915
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, 1915
Table E.—Sinking-fund account for fiscal year 1915
Table F.—Population, ordinary receipts, and disbursements of the Government from 1840 to 1915, exclusive of postal, and per capita on
receipts and per capita on disbursements.
Table G.—Statement showing the ordinary receipts and disbursements of the
Government 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, 1915, inclusive
Table H.—Statement of the balance in the general fund of the Treasury,
including the gold reserve, by calendar years from 1791 to 1842,
and by fiscal years from 1843 to 1915
Table I.—Receipts and disbursements of the United States
Table J.—Internal and customs receipts and expenses of collecting, from
1858 to 1915
201
216
218
220
220
221
222
229
230
242
VI
CONTENTS.
Page.
Table K.—Statement of United States bonds and other obligations received
and issued by the office of the Secretary of the Treasury from
July 1, 1914, to June 30, 1 9 1 5 . - . . . : . . . . . - . ; . . . : .
Table L.—Statement of the coin and paper circulation of the United States
from 1860 to 1915, inclusive, with amount of circulation per
capita
Table M.—Statement showing the aggregate receipts, expenses, average number of persons employed, and cost to collect internal revenue,
fiscal year 1915:.......
Table N.—Statement of business ofthe customs districts and ports for the fiscal
year ended June 30, 1915
Table 0.—Statement, by districts and ports, showing total entries of merchandise, collections, and expenses for the fiscal year ended June 30,
• - 1915
........:.:.:..:.:;:.....;.......
REPORT OF THE TREASURER
:
;..:..-:..........
245
246
248
287
297-399
Receipts and disbursements for 1914 and 1915
Panama Canal.....
:
Receipts and disbursements on account of the Post Office Department
Transactions in the public debt.
Public debt 1914 and 1915
:..:........
Payment of interest on registered bonds of the United States.
Reserve and trust funds
:;......;:......;.
Redemption of notes in gold
:State of the Treasury, general fund—cash in the vaults
"
Net available cash balance, 1906 to 1915
Gold in Treasury from 1 9 0 6 . . . . . . . . . ' . - . . . . . . . . . . .
._
Bonds held as security for national-bank circulation and deposits
Bonds held as security for postal savings funds
Postal savings bonds and investments therein.
.^
Withdrawal of bonds to secure circulation
National banks designated as depositaries
Public deposits in national banks....-.:
^
General account of Treasurer of the United States.
Federal reserve banks organized
.........:.
Monetary stock, 1914 and 1915
.......;..
Ratio of gold to total stock of money
^
*»==* Money in circulation
:
-... Circulation and population
:
;^
Condition of the United States paper currency
United States notes
Treasury notes of 1890
Gold certificates
Silver certificates._..... —
Changes in denominations during fiscal year 1915
Pieces of United States paper currency outstanding
Denominations outstanding June 30, 1915
:
Ratio of small denominations to all paper
Cost of paper currency
Average life of paper currency
Paper currency prepared for issue and amount issued
Paper currency held in the reserve vault
Paper currency redeemed
Standard silyer dollars.,
Subsidiary silver coin
Minor coin
^
Transfers for deposits in New York—money for moving the crops, etc.
Use pf order gold certificates for exchange on New York
Deposits of gold bullion at mints and assay offices, 1914 and 1915
Shipments of currency from Washington, 1914 and 1915
Recoinage, 1914 and 1915
•
Redemption of national-bank notes
Spurious issues detected in the fiscal year
Special trust funds and changes therein during the fiscal year
~.
District of Columbia sinking fund.
......:...
Legislation recommended
'.-.
244
297
29.8
299
299
300
301
301
301
302
304
304
305
306
308
309
309
310
312
313
313
314
315
316
317
317
318
318
319
319
320
320
321
321
322
323
324
324
325
325
325
326
327
328
328
.328
329
330
330
331
332
CONTENTS.
VII
Tables accompanying the report of the Treasurer.
Page.
No. 1.- -Receipts and disbursements for the fiscal year 1915
No. 2. —Net ordinary receipts and disbursements for each quarter of the fiscal
year 1915.
333
No. 3. —Receipts and disbursements on account of the Post Office Department
for the fiscal year 1915
:
No. 4. —Post Office Department warrants issued, paid, and outstanding for the
fiscal year 1915
No. 5.(.^-Distribution of the General Treasury balance, June 30,1915
No. 6. -Assets and liabilities of the Treasury offices, June 30, 1915
No. 7. -Assets of the Treasury in the custody of mints and assay offices, June
30,1915
No. 8.1.—General distribution of the assets and liabilities of the Treasury
No. a. -Available assets and net liabilities of the Treasury at the close of June,
1914 and 1915
333
^
334
334
334
335
336
336
337
No. 10. -Assets and liabilities of the Treasury in excess of certificates and
Treasury notes at the close of June, 1914 and 1915
338
No. 11. -Estimated stock of gold coin and bullion, t h e amount in the Treasury,
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
and the amount in circulation at the end of each month, from January, 1909
.......:...;
:..
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
:
13.—United States notes. Treasury notes. Federal reserve notes, and
national-bank notes outstanding, in the Treasury, and in circulation at t h e end of each month, from January, 1909
14.:.—Gold certificates and silver certificates outstanding, in the Treasury,
. and in circulation at the end of each montb, from January, 1909...
15. -Estimated stock of all kinds of money at the end of each month, from
January, 1909
16. -Estimated amount of all kinds of money in circulation at the end of
each month, from January, 1909
17. -Assets of t h e Treasury other than gold, silver, notes, and certificates at
the end of each month, from January, 1909
18.;.—Assets of the Treasury at the end of each month, from January, 1909 . .
19. -Liabilities of the Treasury at the end of each month, from January,
1909
20. -United States notes of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1908
21. -Treasury notes of 1890 of each denomination issued, redeemed, and
outstanding at the close of each fiscal year, from 1909
22. -Gold certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1910
23. -Silver certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1910
24.:.—Amount of United States notes. Treasury notes, gold and silver certifi. cates of each denomination issued, redeemed, and outstanding at the
close of each fiscal year, from 1908
25. -Amount of paper currency of each denomination outstanding at the
close of each fiscal year, from 1908.
26. -Old demand notes of each denomination issued, redeemed, and outstanding June 30, 1915...
27. -Fractional currency of each denomination issued, redeemed, and outstanding June 30, 1915
28.).—Compound-interest notes of each denomination issued, redeemed,
and outstanding June 30, 1915
29. -One and two year notes of each denomination issued, redeemed, and
outstanding June 30, 1915
:..........:..
30.).—United States paper currency of each class, together with one and two
year notes and compound-interest notes issued, redeenied, and outstanding June 30, 1915...
31. -United States notes and Treasury notes redeemed in gold, from 1879,
and imports and exports of gold during each fiscal year, from 1897
32. -Treasury notes of 1890 retired b y redemption in silver dollars, and
outstanding, together with the silver in the Treasury purchased
by such notes, for each month, from January, 1909
:.
339
343
347
351
355
356
357
358
359
360
362
363
364
365
367
369
369
369
369
370
370.
371
VIII
CONTENTS.
No. 33.—Transactions between the subtreasury and clearing house in New
York during each month from January, 1909
...
372
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, 1909
373
No. 35.—Balance in the Treasury, amount in Treasury offices, and amount in
depositary banks, from 1789 to 1915
374
No. 36.—^National banks designated depositaries of public moneys, with the
balance held J u n e 30, 1915
.
376
No. 37.—Receipts and disbursements of public moneys through national-bank
depositaries, b y fiscal years, from 1901 to 1914
'.
385
No. 38.—Number of national banks with semiannual duty levied, by fiscal
years, and number of depositaries with bonds as security, b y fiscal
years
385
No. 39.—United States bonds retired, from May, 1869, to J u n e 30, 1915
386
No. 40.—Seven-thirty notes issued, redeemed, and outstanding June 30, 1915..
386
No. 41.—Refunding certificates, act of February 26, 1879, issued, redeemed,
and outstanding
386
No. 42.—Checks issued for interest on registered bonds during the fiscal year
1915
387
No. 43.—Interest on 3.65 per cent bonds of the District of Columbia paid
during the fiscal year 1915.
387
No. 44.—Coupons from United States bonds and interest notes paid during
the fiscal year 1915, classified b y loans
387
No. 45.—Bonds and other securities retired for the sinking fund during the
fiscal year 1915, and total from May, 1869
387
No. 46.—Public debt at the close of June, 1914 and 1915, and changes during
the year
388
No. 47.—Public debt, exclusive of certificates and Treasury notes, at the end
of each month, from January, 1909
390
No. 48.—Checks paid b y the Treasurer for interest on registered bonds of the
United States during the fiscal year 1915
391
No. 49.—Money deposited in the Treasury each month of the fiscal year 1915
for the redemption of national-bank notes.
391
No. 50.—Disbursements from redemption accounts of national banks each
month of the fiscal year 1915
391
No. 51.—Result of the count of national-bank notes received for redemption,
b y fiscal years, from 1900
392
No. 52.—National-bank notes outstanding at the end of each month, and
monthly redemptions, from January, 1902
392
No. 53.—Redemptions and deliveries of national-bank notes each month of
the fiscal year 1915
394
No. 54.—^National-bank notes received for redemption from the principal cities
and other places, by fiscal years, from 1900, in thousands of dollars. . 395
No. 55.—Disposition made of the notes redeemed at the National Bank Redemption Agency, b y fiscal years, from 1900
395
No. 56.—^Mode of^ payment for notes redeemed at the National Bank Redemption Agency, b y fiscal years, from 1900
396
No. 57.—Deposits, redemptions, assessments for expenses,^ and transfers^ and
repayments on account of the 5 per cent redemption fund of national
banks, b y fiscal years, from 1900.
396
No. 58.—Deposits, redemptions, and transfers and repayments on account of
the retirement redemption account, b y fiscal years, frora 1900
396
No. 59.—Expenses incurred in the redemption of national-bank notes, b y
fiscal years, from 1900
397
No. 60.—General cash account of the National Bank Redemption Agency for
the fiscal year 1915 and from July 1, 1874
397
No. 61.—Average amount of national-bank notes redeemable and amount
redeemed by fiscal years, from 1900.
397
No. 62.—Percentage of outstanding national-bank notes redeemed and assorted
each fiscal year from 1905, b y geographical divisions.
398
No. 63.—Average amount of national-bank-notes outstanding and the redemption, b y fiscal years, from 1875 (the first year of the agency)
399
No. 64.—Changes during the fiscal year 1915 in the force employed in the
Treasurer's office
399
No. 65.—Appropriations made for the force employed in the Treasurer's office
and salaries paid during the fiscal year 1915
399
CONTENTS.
IX
Page.
R E P O R T OF THE DIRECTOR OF THE M I N T ,
:
400-487
Operations of the mints and assay offices
Stock of coin and bullion in United States
Production of gold and silver, 1914.
Industrial arts
Exports of gold coin
Coinage for the Panama-Pacific Exposition
Estimates for the fiscal year 1917
Appropriations, expenses, and income
Appropriation reimbursement, expenditures and b a l a n c e s —
Consolidated income and expenditures
Gold-certificate bars
Deposits of gold bullion
Deposits of foreign gold bullion and coin
\
Deposits and purchases of silver
Deposits of foreign silver bulUon and coin
Coinage
^
Purchase of minor coinage metal for domestic and Philippine coinage
Distribution of minor coins and expenses of
Minor coinage issued, minted, and amount outstanding
Work of the Government refineries.
By-products of refineries
Exchange of fine gold bars for gold coin and gold bullion.
Mint a t rhiladeJphia, operations
Mint a t San Francisco, operations
Mint at Denver, operations
Assay office a t New York, operations
Assay office at Seattle, operations
Other assay offices, operations
Deposits, earnings, and expenditures, by institutions
Operations of the melter and refiners and the coiners
Wastage and loss on sale of sweeps
Gain from operations
^
....
Receipts and disposition of gold bullion
Balances, receipts, and disbursements
Laboratory of the Bureau of the Mint
Proceedings of the assay commission, 1915
Movement of gold from port.of New York
Net exports XJnited States gold coin
Stock of money in the United States, fiscal year 1915.
Stock of gold and silver in t h e United States and per capita since 1873
. Stock of gold in United States since 1873
Standard silver dollars used in subsidiary silver coinage
Recoinage of uncurrent silver coins
United States gold in Canada
Monetary systems and approximate stocks, 1913
Values of foreign coins
. 400
403
403
403
4D4
404
405
405
406
407
410
410
410
411
411
412
414
414
415
415
416
416
417
424
431
435
437
439
440
440
442
442
443
443
444
444
447
449
449
451
451
452
453
453
454
456
Tables accompanying the report ofthe Director of the Mint.
No. 1.—Domestic production, deposits, and purchases of gold during fiscal year
ended June 30, 1915
,
458
No. 2.—Domestic production, deposits, and purchases of silver, fiscal year
ended J u n e 30,1915
460
No. 3.—Mutilated and uncurrent domestic coins received for recoinage, fiscal
year ended June 3 0 , 1 9 1 5 . . . .
462
No. 5.—Earnings and expenditures of the United' States mints and assay
offices, fiscal year 1915
464
No. 9.—Seigniorage, sources and disposition thereof, fiscal year 1915
466
No. 10.—Average price of an ounce of gold in London and equivalent value in
United States since 1870.
,
466
No. 11.—Bullion value of silver dollar (371J grains of pure silver) at annual
average price of silver each year from 1837
467
No. 12.—Coinage of natibns
-...
468
No. 15.—Coinage of gold and silver of United States since 1873, b y fiscal years. , 470
No. 16.—Coinage of the mints of the United States, authority for coining, e t c . .
470
CONTENTS.
No. 17.—United States gold-coin imported and melted by various countries,
calendar ^years 1913. and 1914
'..
No. 18.—Foreign coins melted -by various countries, calendar years 1913 and
1914.
No. 19.—Recoinages of the world, calendar years
No. 20.—Coinage of the mints of the United States from their organization, by
- - calendar years. .-.. .•
:
R E P O R T OF THE COMPTROLLER OF THE - CURRENCY
!
473
473
474
488-717
T h e national banking system.
Balances with reserve agents not always available.
Aims of Federal Reserve System
Financial crisis of 191.4..
Effects of the new banking system-..
,.
Revival of confidence and business
Enormous growth of resources of national banks since inauguration of Federal Reserve System.
Huge bank credits with national banks in the 12 Federal reserve cities
Bank credits held b y all national banks in reserve and central reserve cities.
Classification as-to borrowers of loans made b y national banks in reserve
and central reserve cities.
Loans made b y all national banks in reserve and central reserve cities
Anticipation of the transfer of reserves to reserve banks
Excessive interest charges b y national banks
.- High interest rates in large cities.
. City banks reduce interest rates at suggestion of comptroller
. Usury in rural districts....•..-.•
c.- Definite data regarding u s u r y . . . - . . : .
r Compliance with t h e requests of-the comptroller.. —
. - Shallow attempts to justify usury.-.-.....'.
Cooperation with State banking departments
= Correspondence-with American Bankers' Association concerning usurious interest charges b y national banks
Obligation-of bank directors to obey the law
•. Usury
•....•...-..-•--:,. .-•.-..-.- Amendment to -provide t h a t suits against usurers be brought b y the
Department of J u s t i c e . , : . , . .
- Digest of usury laws of t h e States
To prevent bank failures, i.Other amendments recommended to national-bank act
To prohibit officers of banks from borrowing from their own banks
To prevent loans to directors except with t h e approval of the b o a r d . . .
•
To require officers and employees to give surety bonds
To limit direct and indirect loans to one individual firm or corporation.
To prevent or limit overdrafts.
To require certificates of deposit to be signed b y two officers
To prevent erasures on the books of the b a n k .
To limit interest paid on deposits....
:
v.
To authorize national banks to establish branches in the United States.
To permit branch banks.in Alaska and insular possessions.
To authorize minimum interest charges for small loans
To authorize t h e comptroller to bring proceedings against directors
, for losses sustained through violation of t h e national-bank act
Restitution b y directors for losses caused b y unlawful i n v e s t m e n t s . . . ;
Negligence and disregard of law b y directors endanger banks
Directors should serve b y turn on eixecutive committee
Renewal of recommendations made in.previous report as to amendments..
Authority for removal of direators guilty of persistent violations of
.. t h e natinal-bank act
,
^. Provision for consolidation of national banks.'
Standardization of by-laws.
. Prevent .delays in,taking directors' oaths
"...
Rechartered banks should be allowed to use bank-note plates of original bank..
,
,...
.
Remove limitation on denomination of national-bank notes
Engraved signatures for national-bank notes
Limi tation of deposits to eight or ten times capi tal and surplus . . . . .
472
488
489
489
490
491
491
491
495
497
500
503
506
506
507
508
508
509
511
511
512
513
516
517
517
517
518
518
518
518
518
518
519
519
519
519
519
520
520
520
521
524
524
525
525
525
525
525
525
526
526
526
CONTENTS.
R E P O R T OF THE COMPTROLLER OF THE CURRENCY—Continued.
XI
PageV
Renewal of recommendations made in previous report, etc.—Continued.
Establishment of appropriate penalties for violations of laws and regulations...
526
To provide suitable penalty for making of excessive loans
; 526
Amendment to District laws to prevent ' ' w i l d c a t " banking
526
Artificial inflation of deposits.
527
Elimination of overdrafts.,
527
Amendment .to. penalize .overdrafts
528
National bank examinations.
......
528
Bank officers convicted of criminal violations of law. during fiscal year
. 529
Emergency currency.
530
Condition of national banks, etc
............':.......'.
531
Loans and discounts.
•
:
534
Overdrafts
534
United States.bonds, .etc.
..,
534
Investment securities of national .banks classified
535
Stocks.......
535
. Banking premises and other real estate
'...
536
Due from banks
, 536
Exchanges, for clearing house
. 536
Specie and other lawful money
537
Other currency
537
Letters of. credit and. bank acceptances
:.
' 538
.Classification of loans, and discounts
' 538
Classification of loans b y national banks in central reserve cities, e t c . . ' 539
Loans b y hationaLbanks in the reserve cities, etc
^.. '. 540
. Loans b y national-banks in New York
540
Loans m^aturingin 90 days or less...
540
Liabilitiesof national b a n k s . . . .
..541
Capital and surplus
•.
.:
,
541
Circulation.......'
542
Due to banks.
.—
"542
Individual deposits....
542
Bonds a n d borrowed money
542
Reserves
543
Increase i n number of-reserve .cities.
544
Reserves held in. each Federal, reserve district........
:
544
Methods oi calculating, reserve..,
546
Percentage of principalitems of assets and.liabilities of national banks. ^..
550
Relation of capital to deposits, etc., of national banks
:..
550
Changes in loans,.bonds,-cash,- and deposits of national banks.
,..
550
Development i n national .banking
552
Productivity of loans.and.bond investments
.,
553
Earnings and dividends of .national banks
...........................
554
Organization of new.national banks
555
- . Banks chartered subsequent to..D.ecember.23, 1913
:.
555
Organized and closed from. 1863 to 1915
.,..,..,.
....
5.5;5
Organized during t h e year and since 1900.
,.
557
Extensions and expirations .of charters,
............_,,....,.,..... .^
-.
559
Changes^of title of-national banks...<
,
; 560
Conversion of-State banks with- branches.
560
Foreign, branches of national.banks'......
; 561
- Voluntary liquidation of. national .banks.
562
Failures and-suspensions of national banks.
563
- Causes of failures.
-....
566
National-bank circulation.
567
-Bonds and = other .securities and national-bank circulation secured
- thereby
'
567
^ Deposits a n d withdrawals of United States bonds
568
Sale of United States bonds to Federal reserve banks
:
\ . . . . . . - . ' " 569
Bonded debt of the-United States and national-bank investments therein.
570
National-bank notes in circulation
571
Denominations of national-bank circulation
- - — .. 572
Vault account of national-bank circulation
......•.,• 572
Profit on national-bank circulation
, 573
National-bank-circulation redeemed.
,.-. -... -^..- - -,,..., 573
Increase or decrease of national-bank circulation
574
Taxes on national banks and expenses of t h e Currency Bureau
575
xn
CONTENTS.
R E P O R T O F THE COMPTROLLER OF THE CURRENCY—Continued.
Page.
Emergency currency issues, 1914 and 1915
Securities upon which emergency currency was based
:
Location and membership of currency associations
Final reports from national currency associations
Securities pledged to secure emergency currency
Tax collected on emergency currency
Clearing-house loan certificates
Transactions of clearing-house associations
Rates for money in New York.
Foreign exchange
State, savings, and private banks and loan and trust companies
State banks
All savings banks
Mutual savings banks
Stock savings banks
Loan and trust companies.
,
".
Private banks
Dividends paid b y State and private banks
'.
Reports of condition of all banks in t h e United States
Banking power of t h e United States
Summary of t h e combined returns from national banks, incorporated State
and private banks, and loan and trust companies
• Growth of banking i n t h e United States
Classification of loans and discounts in all banks
Bank investments in bonds and other securities
»..:
Money i n all reporting banks
State and private bank failm-es
=3^^^, Distribution of money in t h e United. States
...
Individual deposits i n all reporting banks
Banks and banking in t h e District of Columbia
Building and loan associations in t h e District of Columbia
Building and loan associations in t h e United States
Receipts and disbursements for 1914
United States Postal Savings System
Savings banks i n t h e principal countries of t h e world
School savings systems
Federal reserve banks
Discount rates
Federal reserve notes
Federal reserve note issues and redemptions
Federal reserve bank currency
Conclusion
_
Country banks and rural credits
Present opportunity of t h e smaller banks
Increase i n work of bureau
Exhibits
R E P O R T OF R E G I S T E R OF T H E T R E A S U R Y .
576
578
.580
585
586
586
588
590
593
594
595
596
597.
600
601
602
603
604
604
605
606
608
611
611
611
612
615
616
616
616
617
618
618
619
622
622
624
625
626
629
629
630
630
630
635
718-730
Number and amount of bonds received, examined, entered, sealed, and
signed
. 718
Number and amount of bonds canceled
718
Coupon bonds redeemed
718
"^ Registered bonds redeemed
'
719
Coupon bonds of active loans outstanding
719
Registered bonds of active loans outstanding
720
Coupon and registered bonds of active loans outstanding
723
Debt on which interest has ceased since maturity outstanding
. 723
Paid interest checks on registered bonds, etc
724
Coupon bonds received, entered in blotters, etc
724
Exchanged, redeemed, and transferred coupon bonds
725
Redeemed detached coupons received
725
Redeemed detached coupons verified, arranged, etc
726
Redeemed detached coupons on
file
. 726
Interest checks paid, received, arranged, etc
727
Interest checks, paid, on
file
727
Issue, redemption, and outstanding of various loans
727
Total number and amount of redeemed securities on
file
730
CONTENTS.
R E P O R T OF THE COMMISSIONER OF INTERNAL R E V E N U E
Accounts and statistics
Receipts in large taxpaying States and collection districts
Cost of collecting internal revenue taxes
Estimated expenses for next.fiscal year
1
Salaries..
Scale of salaries of collectors
Appropriation salaries and expenses of collectors
Objects of taxation:
Distilled spirits
Denatured alcohol
Industrial farm distillers
Distillers. .•
^
Brandy used in fortifying wines
Fermented liquors
Tobacco..
Special excise and income tax on corporations
Personal j.ncome tax
Individual income-tax returns filed 1914
Oleomargarine
Adulterated butter
Renovated butter
Narcotics
:
Laboratory work
Claims
,
Litigation and legislation
United States cotton futures act
Legislation
Stamps
Revenue agents
Recommendations. . .
XIII
731-768
731
733
735
735
736
737
738
:.
739
740
741
741
741 ^
743
743
744
751
752
753
756
756
756
759
759
759
764
764
764
766
767
ANNUAL REFORT ON THE.FINANCES.
TREASURY DEPARTMENT,
Washington^ December 6^ 1915.
SIR : I have the honor to make the following report:
• ' F I N A N C I A L A N D BUSINESS CONDITIONS.
I t must be a source of profound satisfaction to the people of the
United States, regardless of political affiliations, to contrast tho
conditions to-day with those prevailing in this country in December, 1914. Then the country was just recovering from the terrific
shock of the European disaster. We had gone through months
of serious, if not critical, experiences. A country-wide panic of
appalling proportions was threatened but averted. We had emerged
with our credit not only unimpaired but strengthened. Our sound
economic foundation had been preserved and fortified, and we
were fully prepared to meet the exigencies of the future because
we had recovered our confidence and Avere conscious of our power.
The European war produced inevitable suffering in this country as
well as in Europe. Our industrial situation was, for a time, seriously hurt, and the cotton-growing States of the South sustained
heavy losses through declines in the price of cotton. Every power
of the Government was exerted to mitigate the situation, and I
believe that it is not inexact to say that but for the active agency of
the Government in protecting and conserving the business interests
of the country during that critical period grave disaster would have
resulted. I t is a pleasure to acknowledge that the efforts of the Government were seconded and supported by the earnest and patriotic
cooperation of the business interests of the country.
What extraordinary results have been achieved in the brief period
since December, 1914! During the year there has been a steady,
healthy, forward movement in every line of activity, until now prosperity has been firmly established throughout the country.
Mr. A. W. Ferguson, general manager of the mercantile agency of
E. G. Dun & Co., in a special report he was courteous enough to
make November 12, 1915, upon request of the Secretary of the
Treasury, says:
That the business boom has become nation-wide is a fact made clear by
reports from the leading centers in every section. Previously the area of
7424°—FI 1 9 1 5 - ^ 1
1
Z
REPORT ON THE FINANCES.
favorable conditions was restricted, but now the tide is rising rapidly in all
parts of the country and has already reached high-water mark in some, quarters. Even the South, which was prostrate a year ago, has emerged from the
depths of. depression and is once more an.important factor in the movement
toward new positions of economic strength. * * * On the Pacific slope
the last three months ^have brought a noticeable improvement in trade conditions, with some betterment in the export lumber situation and a more general
disposition to provide for forward requirements. In the East prosperity is
noted in many directions, the phenomenal development of over^sea commerce
and the consequent increase in the amount of money in circulation stimulating
consumptive demands in practically all channels. Viewing the future outlook
in all its broader aspects there seems ample reason to hope for and to expect
an era of the greatest commercial activity in the history of the Nation.
Mr. Henry E. Dunn, president of the well-known commercial
firm of Bradstreet's, courteously .made the following special report
November 13,1915, upon request of the Secretary of the Treasury:
Industry has gained steadily through the year, an ^ especially marked surge
forward being noted as the fall advanced, resulting in many new monthly records of production and a whipping into line of laggard trades, seeming to
guarantee the setting up of new records in a year beginning in hardship and
gloom. Of late, domestic demand, which had seemed to lag behind export trade,
has expanded; bank clearings, railway traffic, iron production, and wheat
exports have all set up new guideposts; unfilled orders have banked up in
our barometric industry; car shortages are already present; rail and ship,
terminals are congested with freight shipments; failures and liabilities are
decreasing; commodity prices are at the highest level ever known, with a
minimum of complaint as to high cost of living; optimism is well-nigh universal, and what was apparently at its inception a prospect of threatening
import to the world's progress has become a stimulant such as never before
was witnessed to this country's productive energies. Contrary to nearly all
prediction, the money markets remain easy, perhaps too much so, considering
the temptations the year's events have extended to loose and unbridled speculation.
Mr. Eoger W. Babson, president of Babson's Statistical Organization, kindly made a special report November 13, 1915, upon the
request of the Secretary of the Treasury, in which he says:
The present business situation is very healthy in most respects. Irrespective
of war orders, our industries are receiving a large volume of domestic orders.
The fact that the shoe and lumber trades are reviving, while their export field
remains in large part cut off, shows conclusively that domestic conditions are
very much better. The moving of our record-breaking crops and the interchange of manufactured goods in different parts of the country are taxing our
railroads to the limit. This is sh'bwn by the great reduction in the number of
idle cars, which were exceedingly plentiful only a few months ago.
The improved condition of the masses of our people is evidenced by the better
retail trade throughout the. country. Unemployment is not. a problem to-day,
and probably will not be this winter. • In fact, labor, both skUled and unskilled,
is already becoming scarce. Even real estate, in many parts of the country,
is recovering from its three-year period of liquidation and depression. The
Babson Index of industrial commodities now stands at $1.22 as compared with
^1.03 in January of this year and $1 in the latter part of 1911, With the
SECRETARY OF THE TREASURY.
3
exception of cotton and pork, nearly all the commodities are in greater demand
to-day than for some time. ^
•
With all our increased activity and higher commodity prices, money rates
have continued low, thanks to the new banking system and the policy of the
Treasury Department at Washington. Certainly the number of failures this
winter should be much smaller than last winter, as the banking situation is so
sound that all legitimate needs of merchants can be taken care of in all parts
of the country.
^
'
The special reports of these three well-lmown agencies are so interesting that I have incorported them in Exhibits A, B, and C to this,
report.
The railroad situation shows extraordinary improvement and
strength. Increases in gross and net earnings have been marked, in
some cases being above the highest point ever before recorded. As
recently as June 1, 1915, there were 300,000- idle cars, with a corresponding surplus of idle locomotives. Now there are no idle cars
or idle locomotives in the country, and the railroads are buying
new equipment. A summary of a recent statement shows that the
railroads have placed orders in the months of September and October for 683,500 tons of rails, 260 locomotives, JL8,000 freight cars,
60 passenger cars, besides lumber and fabricated steel and iron,
valued at more than $48,000,000. Since that time other large orders
for railway equipment have been placed, showing that the railroads
have entered upon another great period of prosperity. I n the
basic industry of iron and steel the conditions are phenomenal. This
great industry is said to be on a veritable boom. For the month
of October, 1915, according to the Iron Age, the pig-iron production
was 3,125,491 tons, the greatest on record for a single month's production. Every blast furnace in the country is in operation or is
preparing to go into operation, and the demand for steel and iron
products has so broadened that the mills throughout the country
are working to full capacity. One of the most healthy lind encouraging features about the demand for iron and steel products is that it
comes more from domestic than from foreign sources.
The country has been blessed again with great crops, following the
plentiful years of 1913 and 1914. Even the cotton States, which
suffered so much in the year 1914, are experiencing prosperity from
the diversification of crops and the higher prices for cotton. The
enormous value of our crops offers a positive basis for prosperity.
The financial situation of this country has never been so strong
and so favorable as now. Our financial resources are the greatest
in our history, and our banking system, through the creation and operation of the Federal reserve system, is now the strongest in the
world. We have, at last, a system of elastic credits responsive to the
demands of legitimate business, assuring an ample supply of credits at
reasonable rates of interest. As the operations of the Federal reserve
4
REPORT ON T H E
FINANCES.
act become more and more extended and felt throughout the country,
the value of this useful piece of legislation will be more and more
realized'and more and more appreciated. Unfortunately the people
at large are not yet familiar with the act, and every effort should be
made to diffuse the widest possible amount of knowledge about it.
I n every respect the economic and financial condition of the country is
extraordinarily sound. I t is greater than that of any other nation,
and if we use our resources and our opportunities intelligently and
wisely, we shall establish the prosperity of this nation upon an impregnable foundation for many years to come.
COTTON A N D GOVERNMENT DEPOSITS.
The announcement in August last that the British Government and
its allies had placed cotton on the contraband list gave ground for
the belief that the cotton situation in the South would again become
demoralized as it did in 1914, with a repetition of the grave losses sustained by the people of the cotton States through a further narrowing of the markets and a restriction of the export movement of cotton. H a d this resulted, serious hardships and losses would have
been inflicted upon the southern cotton grower.
I n order to meet the situation it was imperative that the people of
the cotton-groAving States should have the immediate assurance that
sufficient funds or credits would be available to enable them not only
to harvest their crops but to carry them at low cost for a reasonable
length of time, so that they could be marketed in a gradual and
orderly manner (thus giving the laws of supply and demand an opportunity to operate normally) and not be forced to dump their
product all at once upon a demoralized and declining market, and
sacrifice the hard-earned results of their industry and toil.
A critical situation was presented—it could be met only by prompt
and decisive action. What the people of the cotton States needed
more than any other one thing at that particular moment was the
assurance that every proper power of the Government would be
exerted, as it was in 1914, for their protection and assistance. No
other kind of assurance would have satisfied. The support of the
Government alone would give confidence. Following out the policy
established by this department in the fall of 1913 and 1914 of
maldng Government deposits in banks in the great crop-producing
States of the West, Northwest, and South, for the purpose of
facilitating the movement and marketing of the crops, I announced
August- 23, 1915, from North Haven, Me., where I was at the
moment, immediately following the contraband declaration of the
allied Governments t o which I have referred, that I would, if
necessary, deposit $30,000,000 in gold in the Federal reserve banks
SECRETARY OF THE TREASURY.
5
at Atlanta, Dallas, and Eichmond in order that these banks might
have increased resources to rediscount loans made by national banks
or member banks on cotton secured by warehouse receipts. I- quote,
from said statement:
The Secretary said that in the exercise of the discretion given to him by law
the Government will, for the time being, charge no interest on these deposits in.
Federal reserve banks; that such action is justified by the unusual situation
respecting cotton caused by the European war; that he considers it his duty
to use every available means in his power to help the cotton producer of the
South in the circumstances; that it is a matter of economic importance to the
entire Nation that those who have produced the cotton crop shall have a fair
opportunity to dispose of it gradually and in an orderly manner, so they may
not be forced, through inability to market their cotton gradually, to sell it at
sacrifice prices.
Secretary McAdoo said that one of his chief objects was to create a basis
for such enlarged credit in the South that the banks will haye ample resources
to extend to producers such accommodations that they will be able to carry
cotton in warehouses for a reasonable length of time until it can be marketed
. advantageously. In order to accomplish this, he said that the national and
State banks which are members of the Federal reserve system should make
loans on warehouse receipts for insured cotton at low rates of interest; that
the banks can well afford to carry cotton for producers at 6 per cent, especially
if they are able tb rediscount cotton paper at the Federal reserve banks at a
much lower rate than 6 per cent; that the credit resources of the banks of the
country are greater than ever before in our history; and that there is no reason
why the banks should not, in cooperation with the merchants of the South,
help the cotton producers with loans at low rates in the present peculiar
situation.
The Secretary said that the Federal Reserve Board had a right to determine
the rate of interest which the Federal reserve banks can charge member banks
on notes or loans secured by insured and warehoused cotton rediscounted with
Federal reserve banks. He has been unable to consult his colleagues of the
Federal Reserve Board on account of his absence from Washington, but feels
confident of their cooperation in every reasonable way.
Secretary McAdoo said that if it should appear, however, that the object in
view can be accomplished with greater benefit to the cotton producers, the
merchants, and the banks of the South by depositing Government funds in
the national banks direct instead of in the Federal reserve banks he would
take that course and make deposits in such national banks as would give him
the assurance that the money so deposited or the credit based thereon would
be loaned on cotton insured or warehoused and at a rate of interest not to
exceed 6 per cent.
The Secretary said he believed that there owas no occasion for alarm about
the future of cotton and that if the bankers and merchants would cooperate
with each other and with the cotton producers of the South in a spirit of patriotism and mutual regard for each other's welfare the situation could be handled
with happy results to all concerned. He expressed the earnest hope that this
would.be done.
I am led to believe that the Government's action had a happy
effect upon the situation; that it contributed to the immediate restoration of confidence, prevented demoralization, and was a potential
b
REPORT ON THE FINANCES.
factor in the steady rise in the value of cotton from between 8 and
9 cents a pound, at which it was then selling, to between 11 and 12
cents a pound, at which it is now selling.
There have.at all times been ample resources in the several Federal
> reserve banks for loans through member banks to producers throughout the country, which, under the terms of the act, can be readily obtained by member banks from any Federal reserve bank by the use
of the rediscount process; but inasmuch as the Federal Eeserve Board
established some time ago a rate of discount between the Federal
reserve banks, ranging from 3^ per cent to 4 per cent, according to
maturities, it was, to my mind, essential if the situation in the South
was to-be relieved to put the reserve banks in that section in position to extend credits or loans to member banks on a low enough
interest basis to enable the member <-banks in turn to extend loans
to borrowers or producers, secured by cotton,or other staple commodities, at rates of interest not exceeding 6 per cent.
The resources of the southern Federal reserve banks were not sufficient to enable them to extend accommodations on a large scale to
member banks without, in turn, borrowing from or discounting their
paper with other Federal reserve banks which had a surplus of
available resources.
Under the discount rates, namely, 3^ per cent to 4 per cent, fixed
by the Federal Eeserve Board for transactions between Federal
reserve banks, the southern Federal reserve banks would have been
obliged to borrow from other Federal reserve banks at from 3J
per cent to 4 per cent, and the southern Federal reserve banks
would naturally have charged the member banks a higher rate of
interest, say from 4^ per cent to 5 per cent at least, for compensation
and expenses, which would have made the rate to member banks so
high that they in turn would have been obliged to exact from borrowers a rate considerably in excess of 6 per cent to compensate them
for expenses and the risks assumed.
I t was hoped that by the deposit of Government funds in the
southern Federal reserve banks without interest, the resources of
those banks would be enlarged to such an extent as to enable them
to extend a large amount of relief at such a rate of interest as to
provide the ultimate borrower with accommodations at rates of interest not exceeding 6 per cent.
The deposit of Government money with Federal reserve banks
without interest was justified for the reason that the Federal Government is entitled to the surplus earnings of the Federal reserve banks after they have paid their expenses, dividends of 6
per cent on their stock, and built up a surplus fund of 20 per cent.
I n the case of member banks the Government has no such interest,
SECRETARY OF THE TREASURY.
7
and therefore for deposits of Government funds in national banks
the department has maintained the policy of charging a uniform
rate of interest of 2 per cent per annum.
Ten days after my announcement that I would deposit Government
furids in the South, the Federal Eeserve Board contributed greatly
to the relief of the cotton situation, and the agricultural interests of
the country generally, by the adoption and promulgation on September 3, 1915, of regulations concerning commodity paper. Under
these regulations all national banks and State banks which are
members of the Federal reserve system may lend money to farmers
or others on notes secured by nonperishable staple agricultural
products properly warehoused and insured, and if the member banks
charge the farmer or borroAver on such " commodity paper " a rate
of interest, including commissions, not exceeding 6 per cent per
annum, they may rediscount such notes with the Federal reserve
bank of their district at an interest rate^of 3 per cent per annum.
This gives the member bank an opportunity to make loans on commodity paper.at an interest rate not exceeding 6 per cent per annum
and to rediscount or sell the same loan, if desired, to the Federal reserve bank in their respective districts at 3 per cent interest per annum,
thus giving the borrower accommodations at a low rate of interest,
the member bank a liberal margin of profit on such loans, and the
Federal reserve bank a reasonable compensation for the use of the
money.
If the member banks charge the borrower on commodity loans a
higher rate of interest than 6 per cent per annum, including commissions, then such loans can not be rediscounted by the member
bank with the Federal reserve bank at the low rate of 3 per cent
per annum.
The beneficial purpose of these regulations is to put the member
banks in position to extend accommpdations to borrowers on nonperishable staple commodities, at the time when they are most needed,
at 6 per cent interest or less, and to obtain from the Federal reserve
banks, if necessary, the resources for such loans at the low rate of
3 per cent per annum.
These regulations do not apply to cotton alone, but cover as well
all nonperishable staple commodities in all parts of the country,
and like credit facilities are available to producers in all parts of
the country.
I am happy to say that it has not been necessary up to the present
time to deposit more than $5,000,000 in gold in each of the Federal
reserve banks at Eichmond, Atlanta, and Dallas, or a total of $15,000,000. As the deposits were chiefly made through the new gold
settlement fund established by the Federal Eeserve Board, but little
8
""
REPORT 0 ^ THiE FINANCES."
shipment of currency was necessary and the transaction was effected
practically without cost to the Government—by bool?:keeping transfers for the most part.
The policy thus adopted was of direct and marked benefit to
the southern producer. Fear that cotton could not be financed on
reasonable terms and for a" reasonable length of time almost immediately disappeared, and I am led to believe, from the reports that have
come to me from various quarters in the South, that these deposits of
public funds, coupled with the adoption of the commodity paper regulations and the establishment of a 3 per cent discount rate for such
paper by the Federal Eeserve Board, relieved the cotton situation. As in the case of the cotton-loan fund of 1914, these beneficial results were obtained without the necessity of very extended loan
operations. The combined commodity loans by reserve banks in the
South up to the first week in November amounted to $3,548,293, practically all of this being concentrated in the banks of Eichmond and
Atlanta. The reserve banks were, however, enabled to advance
money on cotton with .much greater freedom and assurance than
could have been possible had they not known that they could rely
upon the Government for reasonable support in the event they reached
the limit of their loanable funds, while the deposits placed with them
made it practicable to ask and to secure the cooperation of the member banks in extending accommodations to borrowers on commodity
paper at a rate of interest, including all commissions, not exceeding
6 per cent.
The satisfactory price of cotton, which was speedily established
after the announcement that Government deposits would be placed in
the southern reserve banks and the adoption of the commodity-paper
regulations by the Federal Eeserve Board, has caused the staple to
move steadily to market and has saved the member banks and
the reserve institutions from any strain on that score. I n fact, the
great improvement in the price of cotton of itself relieved the producers of the necessity of borrowing oh cotton, because they have been
able to dispose of their product at remunerative prices, and thus the
Federal reserve banks and the member banks of the South were relieved from any great pressure for loans to carry the crop.
I n this, as in many other respects, the benefits of the Federal
reserve system have already been felt throughout the country, notwithstanding the fact that the system has been in existence but little
more than one year.
SECRETAIiY OF TTIE Tl&EASUBY.
.
9
GOVERNMENT DEPOSITS OFFERED TO FEDERAL RESERVE B A N K S I N T H E WEST
AND N O R T H W E S T .
Following my announcement of August 23, from North Haven,
Me., I issued a statement from the Treasury Department on September 3, 1915, in which I said:
The deposit of Government funds in the South to aid in moving the cotton
crop is simply carrying out the policy adopted by the Treasury Department in
1913, when the first crop-moving deposits were made. In 1913 and 1914 Government deposits were made to assist in moving the grain crops in the West and
Northwest, as \vell as the cotton crop in the South. This year the South is the
only section of the country where Government deposits would appear to be
helpful; but if it should develop that crop deposits are needed in any other section of the country the Treasury Department will be just as ready to extend
assistance within the limit of its available resources to other sections of the
country as it has been to the South.
I n order to assure myself as to the needs of the great crop-producing States of the West and Northwest, on September 9, 1915, I addressed the following inquiry to each of the Federal reserve banks of
Kansas City, Minneapolis, and St. Louis:
WASHINGTON, D. C, September 9, 1915.
DEAR SIR: AS you doubtless know, I have recently deposited Government
funds in the Federal reserve banks at Richmond, Atlanta, and Dallas for the
purpose of assisting in the moving and marketing of the cotton and other crops
in that section of the country, and I have also announced my willingness to make
deposits for like purposes in the Federal reserve banks in other sections of the
country if they should be in need of such funds, or if they can be employed with
advantage in the moving and marketing of the crops. Will you please advise
me if the Federal Reserve Bank of Minneapolis is in need of Government
deposits for the purpose of assisting in the moving and marketing of the crops
in the ninth Federal reserve district? If so, please let me know the amount of
deposits you will require and the date or dates when the same should be
available.
Faithfully, yours,
(Signed)
W. G. MCADOO,
Secretary.
Following are the replies received from each of said banks:
FEDERAL RESERVE BANK OF MINNEAPOLIS,
September 13, 1915.
' DEAR MR. SECRETARY: *I am very appreciative of your offer of the Oth instant
to place on deposit in this bank funds of the Government to be used in assisting the moving and marketing of the northwestern crops. At this time the
Northwest is amply supplied with funds, and rates for money are very low. This
bank has ample resources to meet the current demands upon it and still provide
a very considerable reserve against any emergency that may arise before the
crop has reached its markets. What proportion of our own resources we will
be able to employ for this purpose is, I regriet to say, still something of a question w^ith us, and there would seem to be no purpose in requesting the deposit
10
REPORT ON T H E FINANCES.
of large funds of t h e General Government until there is a sufficient demand
upon us to indicate t h e approach of a period when such aid can be profitably
employed. Should such a period of heavy demand come upon us, affording a n
opportunity to effectively employ' Government funds, there will undoubtedly be
indications in advance t h a t will permit me to advise you of t h e opportunity to
utilize Goyernment funds in such a w a y a s to afford practical assistance to t h e
agricultural interest of this district. I n such a n event, I shall be glad to t a k e
advantage of your kind offer and would, therefore, suggest t h a t this subject be
held open for determination a t a later d a t e and in accordance with such situation as may then develop.
Very truly, yours,
o , (Signed)
JNO. H . RICH,
F e d e r a l Reserve Agent.
Hon. W I L L I A M G . MCADOO,
Secretary of t h e Treasury,
Washington, D. C.
FEDERAL RESERVE B A N K ,
K a n s a s City, Mo., September 13, 1915.
DEAR SIR : W e a r e in receipt of your^s of t h e Oth instant, in which you offer
to deposit Government funds with t h e Federal Reserve B a n k of K a n s a s Gity.
Beg to advise t h a t I do not anticipate we will need t h e assistance of Government funds this season. Our district h a s been full of money, so to speak, and,
while t h e demand is increasing now, I do not think it will reach t h e point
where we will be unable to handle i t with our own resources.
T h a n k i n g you for your kind offer and assuring you we will not hesitate t o
request a deposit of Government funds in case t h e necessity arises, I beg to
remain.
Yours, very truly,
(Signed)
A S A E . RAMSAY,
Deputy F e d e r a l Reserve Agent.
Hon. W I L L I A M G . MCADOO,
Secretary of the Treasury,
Washington, D. C.
FEDERAL RESERVE B A N K OF S T . L O U I S ,
September 14, 1915.
Hon.
W. G. MCADOO,
Secretary of the Treasury, Washington, D. G.
DEAR M R . SECRETARY: W e greatly appreciate your letter of t h e Oth instant,
asking if we will need Government funds for t h e purpose of assisting in t h e
moving a n d m a r k e t i n g of t h e cotton a n d other crops in t h i s section of t h e
country.
•
.
At t h e present time this b a n k h a s in its possession all of t h e funds t h a t t h e r e
seems any possibility of it needing adequately to care for district No. 8. As
you a r e aware, we have established a 3 per cent commodity rate, and there is
no reason why t h e b a n k s in this district should not obtain from this bank all
of t h e funds necessary to meet local conditions.
If there should come any change in t h e situation indicating t h e possibility of
pressure on this bank, I will promptly advise you.
Yours, sincerely,
(Signed)
W M . M C O . MARTIN,
Chairman of the Board.
SECRETARY OF T H E TREASURY.
11
I t will be observed from these replies that each of the Federal
reserve banks in these cities informed me that it had, sufficient
resources to meet all of the demands of its district, but that it
would advise me if any need should arise for Government deposits.
At-the time of making this report I have not been informed by them
of any such need.
Similar offers would have been made to other Federal reserve banks
in the country, but it was evident from their statements that they
were riot in need of additional funds.
The commodity-paper regulations adopted Ky the Federal Eeserve
Board and the 3 per cent rate for commodity paper established by
the Federal reserve banks of Minneapolis, Minn.; Kansas City, Mo.;
St. Louis, Mo.; Dallas, Tex.; Atlanta, Ga., and Eichmond, Va., have
made it possible for producers and borrowers, upon nonperishable
staple commodities, properly warehoused, in all of the great agricultural States of the country to obtain accommodations at rates of
interest not exceeding 6 per cent. Of course such accommodations
must be extended through the local national banks or State banks
which have joined the Federal reserve system in the several districts.
If the member banks have refused or failed to extend accommodations to borrowers on staple commodities, as they have had the
opportunity and ample resources to do, then the responsibility rests
absolutely and wholly upon the local banks.
FEDERAL RESERVE SYSTEM.
The operations of the Federal reserve system for the first year
of its existence have been beneficial to the entire country.
The Federal reserve act is a piece of constructive legislation of
the best quality, because it confers reciprocal benefits upon all
elements of the community. I t carries benefits for the banker, the
farmer, the merchant, the manufacturer, the workingman, and everybody engaged in- legitimate activities. The act is new and is not
well understood by the people of the country, and the system is of
such recent origin that its operations are likewise not well understood, but as time goes on the great borrowing community will
realize how and in what manner the benefits of the act can be availed
of through the member banks of the system, and the member banks
will in turn be able to enlarge their legitimate and helpful operations in such a way that they will, I believe, prove not only more
effective and potential factors than they have been in the past in
building up their communities and their States, but they will have
a greater earning power upon the larger volume of business they
will now be able to do at lower rates of interest than they have had
in the past on a smaller volume of business at higher rates of interest.
12
'
REPORT ON THE FINANCES.
Ample credit resources at reasonable rates are an indispensable factor in the development of a country and in the growth and prosperity
of its business and productive enterprises. The primary purpose
of the Federal reserve act was to so alter and strengthen our banking
system that the enlarged credit resources demanded by the needs, of
business and agricultural enterprise will come almost automatically
into existence, and at rates of interest low enough to stimulate, protect, and prosper all kinds of legitimate business, and to bring about
ultimately a greater equality in interest rates throughout the country.
FEDERAL RESERVE B A N K S AS FISCAL A G E N T S .
Section 15 of the Federal reserve act provides that—
The moneys held in the general fund of the Treasury * * * 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 * * *.
I have determined to appoint the Federal reserve banks depositaries and fiscal agents of the United States—effective January* 1,
1916. I n order that the reserve banks may not be embarrassed by
the addition of an unduly large volume of business upon undertaking
their functions in this connection, I have decided to make a beginning by transferring to each of the Federal reserve banks the funds
of the Gbvernment now on deposit with the national banks in each
of the cities in which a bank is located, thus giving to each of the
reserve banks the funds held by the national banks in its own city.
Each Federal reserve bank will be required to perform on behalf
of the Government the services which are now rendered by the
national-bank depositaries located in said cities, as well as any other
services incident to or growing out of the duties and responsibilities
of fiscal agents.
I have deferred action until this time in order that the organization
of the Federal reserve banks might be completed and gotten into
good working order through experience and practice, and with the
hope that a. satisfactory clearing and collection system would by this
time have been evolved. I feel convinced, however, that I should
not longer delay giving.these banks the opportunity of performing
these services for the Government and enlarging their field of
usefulness.
CROP-MOVING DEPOSITS.
I n August, 1913, I made ari allotment of Government funds to
the natiorial banks in the crop-moving sections of the country as
follows: To the South and^Southwestern States, $22,550,000; to
the Middle, Northwestern, Pacific, and Eocky Mountain States,
$23,950,000, or a total of $46,500,000. These allotments were drawn
SECRETARY OF THE TREASURY.
13
upon by the banks in those sections of the country to the extent of
$37,386,000, all of which was returned to the Treasury on or before
April 1, 1914. The Government received as interest, at the rate of
2 per cent, on these deposits $267,844.51.
I n the fall of 1914 I made an allotment of funds for crop-moving
purposes, these allotments being based upon replies received to a
circular letter sent to all the national banks in the country in June,
1914, asking them to indicate their needs for the crop-moving season.
These funds were distributed as follows: To the Southern States,
$23,500,000; to the Western and Pacific States, $13,825,000. . The
total amount drawn by the banks from the Treasury was $23,135,844,
all of which was repaid to the Treasury <,on or before July, 1915.
The Governmerit received as interest, at the rate of 2 per cent, on
said deposits a sum amounting in the aggregate to $189,584.20.
I n the year 1915, as before stated, $15,0130,000 was deposited with
the Federal reserve banks at Eichmond, Atlanta, and Dallas. No
deposits were made in the Federal reserve banks of St. Louis, Kansas
City, Minneapolis, and other cities for crop-moving purposes, because, as already shown, £hey were not in need of funds for such
purposes.
The following is a comparative statement of interest received on
public deposits for the past five fiscal years:
1011
1912
1013
1014
1015
^
1
!___
.
$41, 757. 53
44, 462. 26
122, 218. 39
1, 400, 426. 07
1, 222, 370. 75
The increase in the amount of interest collected for 1913, 1914, and
1915 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'.
STOCK OF GOLD.
The unprecedented situation in Europe rapidly changed the United
States from, a debtor to a creditor nation. Although the panicky condition of the foreign exchange market caused large exports of gold
to belligerent countries in .September, November, December, 1914,
and January, 19L5, the balance of trade began early in the present
' calendar year to favor the United States and increased until, in November, it amounted to more than a billion and a half dollars. Our
stock of gold coin and bullion increased from $1,805,876,580 on January 2, 1915, to $2,198,113,762 on November 1, 1915, by far the largest
amount of this precious metal ever held by any one country. The
indications at the time of writing this report were that our gold supply would be greatly augmented in the immediate future by further
shipments from Great Britain, South Africa, Canada, and Australia,
14
REPORT ON T H E FINANCES.
I t is interesting to note that the production of our own mines,
including those in Alaska, for the calendar year 1914 totaled $94,531,800, an increase of $5,647,400 over the year 1913, and that the
production in South African mines was $199,387,707, which is within
a few million of the production of 1912 ($208,854,346) and of 1913
($204,164,279), the record years for that country.
The following table shows the stock of gold coin and bullion in the
United States each month from May 1,1914, giving the increases and
decreases as they occurred:
Stock of gold coin and bullion in the Vnited States.
Date.
Gold coin. ^
Gold bullion.
Total.
1914.
May5....-.t'
Jmiel
Julyl
Aug 1
Sept.l
Oct.l
Nov. 2
Dec. 1
$1,635,522,040
1,632,425,129,
1,597,061,185
1,602,212,854
1,553,435,886
1,565,772,896
1,535,505,931
1,513,772,657
$304,364,300
298,916,981
274,550,538
285,057,811
291,166,797
296,065,369
299,910,367
303,354,958
$1,939,886,340
1,931,342,110
1,871,611,723
1,887,270,665
1,844,602,683
1,861,838,265
1,835,416,298
1,817,127,615
1,500,743,924
1,510,940,265
1,512,242,461
1,545,713,687
1,544,314,057
1,558,274,545
1,606,405,032
1,609,389,496
1,630,824,172
1,678,047,249
1,659,276,361
305,132,656
312,944,400
320,417,280
330,504,974
344,664,112
358,202,856
379,134,140
400,084,223
428,065,056
463,735,010
538,837,401
1,805,876,580
1,823,884,665
1,832,659,741
1,876,218,661
1,888,978,169
1,916,477,401
1,985,539,172
2,009,473,719
2,058,889,228
2,141, 782,259
2,198,113,762
Increase.
Decrease.
$12,707,122
$8,544,230
59,730,387
15,658,942
42,667,982
17,235,582
26,421,967
18,288,683
1915.
Jan. 2
Feb.l
Mar.l
Apr.l
May 1
June 1
Julv 1
Aug: 2
Sept.l
Oct.l
Nov.l
Total
N e t increase
11,251,035
,18,008,085
'8,775,076
43,558,920
12,759,508
27,499,232
69,061,771
23,934,547
49,415,509
82,893,031
56,331,503
437,838,828
166,904,284
270,934,544
'
WAR RISK INSURANCE.
From September 2, 1914, to November 10, 1915—slightly over 14
months—policies have been written on war risks aggregating $89,245,052. The total number of policies written was 1,283, or an average of nearly 100 a month. . The total net premiums received by the
bureau amounted to $2,127,976.70.
The losses paid aggregate $744,128, being for the Evelyn, Carib,
Greenbrier, William P . Frye, and certain Navajo cargo. Salvage of
$48,143.68 has been received on account of the Evelyn, however, making the net losses $695,984.32. Possible further salvage remittances
are to come. The net losses paid, deducted from the premiums re-"
ceived—$2,127,976.70—leave a surplus of . premiums received of
$1,431,992.38.
The administration of the bureau has been most economical, the
total expenses of organizing, printing, statioriery, etc., together with
the salaries of the entire force, amounting to only $20,482.91 up to
November 1, 1915. The amount appropriated for the expenses being
$100,000, there remains a balance of $79,517.09.
SECRETARY OF THE TREASURY.
15
The possible outstanding claims are estimated at $250,000, and the
total amount of insurance at risk on November 10 was $6,943,480.
1,283
POLICIES ISSUED FROM SEPT. 2, 1014,
TO NOV. 10,
1015.
Total amount insured
$80, 245, 052. 00
Premiums^ on same
^
2,127, 076. 70
Total amount at risk (on Nov. 10, 1015)
6, 043, 480. 00
Known losses to date (paid)
744,128.00
. Possible outstanding claims
250, 000. 00
Salvage received to date.
.
,48,143. 68
Net losses (paid)
':
605,084.32
Total expenses of bureau to Nov. 1,» including salaries of entire
force
:
20,482.01
Total premiums received^.
Net losses paid—:
:
Surplus premiums on hand
2,127, 076. 70
605, 084. 32
1, 431, 002. 38
P A N AMERICAN F I N A N C I A L CONFERENCE.
The diplomatic and consular appropriation bill approved March.
4, 1915, authorized the President to extend an invitation to the
Governments of Central and South America to be represented by
their ministers of finance and leading bankers at a conference with
the Secretary of the Treasury in Washington with a view to establishing closer and more satisfactory financial relations between the
countries of Central and South America and the United States. I t
also gave the Secretary of the Treasury authority to invite, in his discretion, representative bankers of the United States to participate in
such conference, and appropriated $50,000 for the expenses of the
conference and for the entertainment of the foreign conferees.
I n pursuance thereof, a conference was held in the city of Washington on the 24th day of May, 1915, in the building of the Pan
American Union, at which 18 of the Central and South American Ee, publics were represented. A large number of representative bankers
and business men of the United States were invited and^ attended
the conference, which continued its sessions from the, 24th to the
29th' of May, 1915. A full report of the proceedings has been published and distributed.
I feel confident that results of a very far-reaching and beneficial
character have been secured by the work already done, and that
additional and highly beneficial results will flow from the work
which has been organized and undertaken in connection with the-proceedings of the conference. We have an extraordinary opportunity
to enlarge our trade interests and financial influence in all of the
Central and South American countries, and the relations established
between their representatives and those of this country by the P a n
American Financial Conference are sure to increase and strengthen
16
REPORT ON THE FINANCES.
friendly and commercial relations with all of the countries concerned.
I strongly recommend that the Congress make an appropriation
of $50,000 for the purpose of holding a second P a n American Financial Conference in the city of Washington in 1917, I n my ^report to
the President (copy of which is attached as Exhibit D to this report)
I recommended that such a conference be held in 1916, but in view
of the fact that it is proposed to have a meeting of the International
High Commission, appointed as a result of the action of the Pari
American Financial Conference, in Buenos Aires in April, 1916, for
the purpose of considering and taking steps to bring about uniformity
of laws relating to bills of exchange, commercial paper, bills of lading, uniform classification of merchandise, customs regulations, consular certificates and inyoices, port charges, uniform regulations for
commercial travelers, etc., it has seemed best to hold the second P a n
American Financial Conference in Washington in the year 1917,
All of the steps taken in connection with future financial con. f erences and the meeting of the International High Commission on .
Uniformity of Laws in Buenos Aires, in April, 1916, have been taken
with the approval of the President and with the cordial cooperation
and assistance of the Secretary of State. I n fact, a large part of the
success of the conference of 1915 has been due to the cordial and
effective assistance rendered by the State Department.
The forthcoming meeting in Buenos Aires of the International
High Commission on Uniformity of Laws promises results of very
great importance to all of the countries, involved, as well as to the
United States. Nearly all of the Governments of Central and South
America have appointed international high commissions to attend
the Buenos Aires conference.
I respectfully recommend that a small appropriation be made for
the purpose of enabling the United States section of the International
High Commission to carry on the important work intrusted to it by
the recent P a n American Financial Conference. The sum of $25,000
will, I belieye, be sufficient for this purpose.
I N C O M E TAX.
For the fiscal year ended June 30, 1915, the total receipts from
personal income tax were $41,046,162.09, an increase of $12,792,627.24
over the preceding year. The total receipts from corporation income tax for the fiscal year ended June 30, 1915, were $39,144,531.71,
a decrease of $3,983,208.18. The increase in the personal income-tax
receipts was due in great measure to the fact that the collections for
the fiscal year 1915 were for a period of 12 months, whereas the
collections for the fiscal year 1914 were for 10 months, and also to the
SECRETARY OF THE TREASURY.
17
further fact that the administration of the law is now working more
smoothly.
The decrease in the income tax from corporations is due, in large
measure, to the effect of the European war, which has reduced the
operations of some our largest corporations in the belligerent countries of Europe, and also to the disturbances in Mexico, which have
had a similar effect upon some of our large corporations doing business in that country, and also to the reflex action upon our own domestic situation occasioned by the great conflict in Europe.
There has been a decided improvement, both in the administration
of the income-tax law and in the general knowledge and understanding of the law by the public, which has simplified matters to a large
extent, but there is still room for improvement. Many inaccurate
returns are made, some deliberately and some ignorantly, and there
are, without doubt, wholesale evasions of the law throughout the
country. The remedy for this is to clarify and strengthen the law
where needed and to provide a larger and more effective field force for
the investigation and checking up of income-tax returns and for the
discovery of those who are liable for the tax and have failed to make
returns.
I t is absolutely certain that the Government is losing, through
inaccurate returns and evasions of the law, a sum many times greater
than the cost of the necessary field force to investigate and check the
returns and to bring to account those who are failing to make returns
as required by law.
Let us consider the matter of checking the returns: The total
number of personal returns for income tax for the fiscal year ended
June 30, 1915, was 357,515. The total number of corporation returns
for the same year was 338,860. Of these returns the preliminary
examination in the office of the Commissioner of Internal Eevenue
has shown that 5 per cent of the individual returns and 15 per cent
of the corporation returns reveal on their face that they require an
investigation. Even this small percentage of the returns is largely
in excess of the number the available field force now authorized will
be able to examine.
For the fiscal year 1915 there was a total of 295j723 personal and
corporation income-tax returns to be examined, and with the present
force of 274 field officers, making examinations at the same average
rate as experience has shown that they are able to go, it will require
three and a half years for this force to complete the examination of
the transcripts that will be sent to the agents for examination in the
present fiscal year. With the accumulations of succeeding years, this
force, unless greatly enlarged, will be unable to keep up with the
essential work that must be done if we are to effectively administer
the income-tax law.
742;4°—FI 1 0 1 5 - — 2
18
REPORT ON T H E FINANCES.
The Commissioner of Internal Eevenue has informed me that,
taking the total number of agents' reports of examinations of personal returns for the months of June, July, August, and September,
1915, as a basis for calculation, 63 per cent of the returns examined
showed that an additional average tax of $150.07 was due the Government on each return. On this basis the 31,101 returns yet to be
examined would produce $4,667,327 additional tax.
Taking the total number of agents' reports of examinations of
corporation returns for the months of June, July, August, and
September, 1915, as a basis for calculation, 63 per cent of the returns
examined showed that an additional average tax of $78.95 was due
the Government on each return. On this basis the 264,622 returns yet
to be examined should produce $20,891,906.90.
I do not, of course, claim that the deductions here made are conclusive, but they demonstrate that the returns of individuals and corporations are inaccurate to such a degree that very much additional
tax will be collectible as soon as the returns are investigated and
checked by competent men, and that it is in the interest of the Government that a sufficiently large field force shall be created to do this
work thoroughly and promptly.
I t is figured that the field service was maintained for the fiscal
year ended June 30, 1915, at an approximate cost of 24 per cent of
the additiorial assessments made by reason of its activities. For the
period from June 1 to September 30,1915, however, the cost of investigations in the field has been decreased to approximately 14 per cent.
This decrease in cost of practically 10 per cent has been brought
about by the elimination from the field personnel of those not adapted
to the service arid the increased efficiency that'a longer experience has
given to those retained.
Such investigations and accounting have the double effect of educating taxpayers to the law itself and showing them how their
accounts should be kept to enable them to make accurate returns to
the Commissioner of Internal Eevenue. I t also serves the purpose
of putting all taxpayers upon notice that the Government has a sufficiently large and competent force in the field to examine the returns.
The Commissioner of Internal Eevenue has submitted an estimate
of an increase for the income-tax field force, and I earnestly recommend that it be allowed. I am sure that as a result of such an increase
the cost thereof will be returned to the Treasury several times over,
to say nothing of the increased efficiency that will result in the
administration of the income-tax law.
The employees of the department engaged in the enforcement of
the income-tax law have been told that they must administer this law
courteously, but firmly. As it is a ri^w law, and in many ways a
complex law, the department has exercised the largest possible degree
SECRETARY OF THE TEEASURY.
19
of patience and tolerance, but it has not failed, within the limits of
the appropriations and the powers of the department, to enforce the
law fearlessly and firmly.
So much for the administrative features. We now come to certain
changes in the law itself which ought to be made both in the interest
of clarification and for the accomplishment of more effective results.
I desire t o renew earnestly the recommendation made in my last
annual report that the law be changed so that each person having
a gross income of $3,000 or more for the taxable year shall make a
return. Under the existing law each person having a net income
of $3,000 or over for the taxable year is required to make a return.
Consequently, the person who has a gross income of more than
$3,000 makes his own deductions and determines for himself, without any review on the part of the department, whether his net
income is more or less than $3,000. Manifestly the returns, with the
deductions, should be made to the department so that the deductions
may be reviewed by lawful authority to determine whether they are
properly made or not.
I feel confident that this change, if made by the Congress, will result in a great increase in the number of voluntary income-tax^ re- '
turns and in the amount of revenue that will be collected by the
Government. I t will also very greatly reduce the cost of collection.
I am of the opinion that it would be very advantageous to have
this law amended so as to do away with the withholding of the
income tax at the source, and in place thereof to require information
at the source; that it will mean the collection of a larger amount
of revenue and eliminate a great deal of criticism which has been
directed against the law. If such an amendment is adopted, an exception should be made in the case of nonresident aliens, whose tax
would necessarily be withheld at the source.
The administration of the law since it went into effect has revealed a number of weak points which should be cured. As
Exhibit E, appear memoranda prepared in the office of the Commissioner of Internal Eevenue, the office charged, under my direction, with the administration of the law. I n these memoranda are
set up a number of amendments which are proposed in addition to
those heretofore referred to, and which, in my opinion, would add
to the effectiveness of the law. These amendments are wide in scope,
including some which are important in substance, while others
merely affect the construction of the law. Among them are some
which effect changes in the text, for greater clarity, to remove
ambiguities and apparent inconsistencies, to provide a more logical
arrangement of the provisions of the act, and to strengthen the
administrative features of the law.
20
REPORT ON THE FINANCES.
There are proposed amendments making the income of nonresident aliens arising or accruing from all sources within the United
States taxable and providing for the payment of the tax at the
source; requiring return from all individuals, whether tax has been
withheld at source or not; requiring dividends to be included in the
returns; exempting certain mutual and cooperative companies and
associations,. clubs, and corporations not organized for profit which
are similar in nature to organizations now exempt; broadening the
scope of the liability of foreign corporations; requiring receivers,
trustees, etc., operating properties to make returns and pay t a x ;
and prohibiting corporations deducting taxes for local benefits.
Another proposed amendment authorizes, by express words, the
Commissioner of Internal Eevenue to make an assessment in case of
returns merely erroneous as well as in the case of those false and
fraudulent. One enlarges the time within which an individual may
file his claim for deductions with the withholding agent, one provides
that the tax shall become due on June 15 of each year instead of
June 30, so that it may be collected before the end of the fiscal year,
and one gives the commissioner specific authority to correct an
' erroneous or false return as well as to make a return. Others forbid
corporations which agree to pay any taxes on their bonds from
deducting such taxes from their gross income, and extend the provisions of section 3173, Eevised Statutes, to corporations, joint-stock
companies, associations, and insurance companies.
CUSTOMS.
'
The receipts from customs for the fiscal year ended June 30, 1914,
were $298,913,000; for the fiscal year ended June 30,1915, the receipts
from customs were $212,146,000; loss in customs receipts, $86,766,000.
This decrease embraces not only duties on imports but tonnage-tax
collections, which decreased by $34,428, and head tax on immigrants,
which decreased more than $3,636,000. Practically all of these decreases are the direct result of the European war. This is demonstrated by the additional fact that the total number of entries of
merchandise for the fiscal year 1915 were 603,000 less than for the
fiscal year 1914.
I t is obvious that if one of the chief sources of revenue of the Government is customs duties the greater the decline in imports the
cgreater will be the loss in revenues. I t is fortunate for the country
that sources of revenue other than customs duties have been provided to meet the exigencies of the situation created by the European war. With the restoration of peace in Europe the customs
duties collected under existing laws will gradually increase as imports from the countries now at war are gradually restored to a
normal basis. How long this process will take no one can saj^, nor
SECRETARY OF THE TREASURY.
21
can anyone predict with certainty when the European war will end.
Our obvious duty, in the meantime, is to provide the revenues of
the Government from sources affected as little as possible by foreign
wars or external disturbances. This we can readily do, as stated in
another part of this report, without imposing heavy burdens upon
the people of the country.
The expense of conducting the Customs Service during the fiscal
year 1915 was $9,930,261, a decrease of approximately $511,000
over that of the previous fiscal year, and of $1,001,000 over that of the
fiscal year 1913, leaving an unexpended balance in the appropriation of $219,739. During the same period the average number of
officers and employees decreased from 7,498 in 1914 to 7,079 in 1915,
while the average compensation per capita for the fiscal year 1915
was $1,270, an increase of $12 per capita over that of 1914.
While a part of the decrease in operating expenses was due to the
decreased imports on account of the European war, the greater part
results from the adoption of improved and more efficient methods
in the Customs Service. Although the European war has resulted
in the lessening of a number of activities of the Customs Service, at
the same time it has required various increased and new activities,
such as the increased supervision of the exportation of merchandise
for drawback and the payment of drawbacks thereon, the inspection
of outward cargoes, and the certification of outward manifests,
together with the work incident to a great increase in exports.
During the year a reformed procedure was adopted in naval offices,
which after trial at the port of New York was extended to all the
naval-office ports. This has resulted in a reduction in the operating
expense of the naval offices by approximately $60,000 per annum,
and at the same time has accomplished a better audit of collectors'
accounts. In this regard attention is invited to the fact that there
is considerable duplication of work required by statute in the auditing of accounts of collectors of customs, because of" one statute
requiring that such audit at seven of the largest ports be made by
naval officers and another statute requiring such accounts to be
audited by the Auditor for the Treasury Department. This division
of responsibility and duplication of work is not only unnecessarily
expensive, but results in a less effective audit than if the responsibility and authority of such audit were lodged in one or the other of
the officers named. It would be impracticable at the large ports to
forward to Washington the immense number of vouchers necessary
to properly audit the accounts and would also result in a great deal
of delay and a largely increased force in the auditor's office, while an
entirely effective audit can be made in the naval offices at a much
less expense than is now necessary in the operation of such offices
because of the statutory requirements of section 2626 of the Eevised
22
REPORT ON THE FINANCES.
Statutes. I t i s therefore recommended that said section be so
amended as to change the name of naval officers to that of " customs
auditors," and to empower them to audit the accounts of collectors
of customs tinder general regulations to be prescribed by the Secretary of the Treasury.
An improved procedure in the receipt, handling, and delivery of,
invoices of merchandise in the appraisers' stores has been adopted by
perfecting the procedure in this regard in the appraiser's stores at
New York and extending the same to Philadelphia and Chicago.
The same having prpved advantageous at these ports, it is being
installed in all of the appraisers' stores at naval-office ports and other
large ports. This will result in a reduction in operating expenses
of approximately $100,000 per annum, and the time in which merchandise is required to pass through the appraisers' stores will be
considerably reduced. Also, the work of the division in the appraiser's stores at New York, commonly knowm as the C. Y...' E.
Bureau, to secure uniformity among the various ports in the classification and appraisement of merchandise by systematic interchange
of samples and information as to market values, has been greatly
improved and steps taken to perfect its operation.
The customs regulations have been carefully revised and brought
up to date and many minor changes in the procedure required at the
customhouses have been made with a view to the elimination of unnecessary red tape and the simplification of procedure.
The results obtained from the conference of collectors of customs
held in the fiscal j^ear 1914 were so satisfactory that a similar conference of collectors and also a conference of appraisers of merchandise were held during this year and many recommendations were
made to the department for improved procedure, which have been
adopted and put into effect. Such conferences recommended the following changes in the statutes relating to customs matters:
1. The amendment of sections 2800 and 2001 of the Revised Statutes to provide for the examination of a less percentage of packages than 1 in 10, to
make the giving of a bond for redelivery obligatory, and to provide for the
giving of one bond on entry for the redelivery of unexamined packages, the
production of consular invoices, etc., instead of the many bonds now required.
2. The repeal of sections 1700 and 2603 of the Revised Statutes, which require every person in the Customs Service to make an oath every time he receives his pay, that neither he nor any member of his family has received,
directly or indirectly, any money or compensation of any description whatever,
nor any promises for the same, for services rendered, or to be rendered, in connection with the customs, and that he has not purchased, for like services or
acts, any merchandise at less than the retail market price thereof, and that he
has not paid, deposited, or assigned any reward or compensation for his office
or employment or contracted therefor.
3. That section 2777 of the Revised Statutes, requiring a vessel with cargo in
part for this country and in part for foreign countries to give a bond for unlad-
SECRETARY OF THE TREASURY.
23
ing its American cargo before proceeding foreign, and likewise section 2782 requiring a similar bond to be given by a vessel proceeding from one district to
another, be repealed.
4. Recommending the repeal of section 2775 of the Revised Statutes, which
requires a special report of distilled' spirits and wines imported in the vessel.
5. That the naval officer be authorized to settle the accounts of collectors at
naval office ports.
I attach as Exhibit F a report made to me by Mr. F . M. Halstead,
Chief of the Division of Customs, on July 31,1915, giving the reasons
for the foregoing recommendations of the conference of collectors of
customs and giving other information of value, all of which is, I
think, worthy of the consideration of the Congress.
The work of the customs efficiency board has aided materially in
increasing the efficiency of the Customs Service. During the past
fiscal year committees of that board visited many of the customs districts and made numerous recommendations, with a view to standardizing the procedure and adjusting the personnel of such offices to the
best methods adaptable. These committees have had the cordial cooperation of the collectors, appraisers, naval officers, and surveyors
of customs, who have assisted the department in every way in improving the service.
NARCOTIC L A W .
While the act of December 17, 1914, known as the Harrison narcotic law, has only been in effect since March 1, 1915, the results accomplished in this short time clearly demonstrate the need for and
the wisdom of such legislation.
An interesting feature of the administration of this law is the cooperation on the part of reputable physicians and wholesale and retail druggists with the department in its efforts to enforce the law
strictly. One of the largest wholesale drug houses in the country,
expressing its commendation of the act and its enforcement by
the Treasury Department, writes that its sales, which it considers
representative, of opium and cocaine show a decrease of 75 per cent
since the beginning of the operation of this invaluable law.
Investigations and prosecutions incident to the enforcement of this
law have disclosed conditions which call for remedial legislation,
both with a view to strengthening the law and ameliorating the sufferings of unfortunate citizens addicted to the use of narcotics. The?^
law curtails the use of these drugs without any provision in the statute for the treatment of those who are financially unable to obtain
necessary treatment at a hospital or sanatorium.
I t is suggested that this law be amended or revised by providing:
First. A tax on the drugs specified, based upon some unit of weight,
such tax to be denoted by stamps affixed to original packages or containers, and that the list of proscribed drugs be extended to include
S4
REPORT ON T H E
FINANCES.
chloral-hydrate and cannabis indica, and other drugs having the
same general properties, with a clear definition of " substitutes " and
" synthetic substitutes " for such drugs.
Second. The repeal of section 6.
Third. That registration under this law shall be limited and restricted to persons lawfully entitled under State laws to dispense,
prescribe, administer, or have in possession such drugs.
Fourth. That the writing of prescriptions, filling, keeping records,
and the altering or forging thereof, be definitely and fully covered
by the law, with adequate provision for the punishment of the
offenses denounced therein, and providing that the tax imposed upon
drugs shall not attach to prescriptions compounded from drugs once
tax paid.
Fifth. That every person registered under the.provisions of this
law be required to keep record of all narcotic drugs purchased, received, dispensed, distributed, prescribed, or administered, and that
collectors of internal revenue be authorized to require sworn statement covering such registered person's operations in these drugs for
a given period.
. Sixth. That all of the general provisions of the internal-revenue
statutes, including those relating to seizures and forfeitures, be extended to and made to apply to the drugs taxed and the persons upon
whom special taxes are imposed under this law.
^
Seventh. That some provision be made for the treatment, either
by^ the Public Health Service or such other agency as may be designated, of indigent persons unfortunately addicted to the use of these
drugs, where the operation of the law brings about conditions necessitating such treatment.
The law amended to embody the essentials of the suggestions herein
outlined would produce greater revenues and at the same time accomplish the objects in view, and make this legislation of great benefit
to the citizens df this country by restricting or entirely eradicating
the use of narcotics for other than medicinal purposes, which, prior
to the enactment of this law, had become an evil of gravest menace.
P U B L I C P I E A L T H SERVICE.
The Public Health Service continues to increase in usefulness and
importance, and because of its great value to the country should be
supported by adequate appropriations.
,
I desire to renew and respectfully to urge the recommendation
made last year for additional commissioned medical officers. At jthe
last session of Congress an estimate of $50,000 for the pay of addi-,
tional assistant surgeons was submitted. I t was estimated that this
amount would permit of the appointment of 22 medical officers in
SECRETARY OF THE TEEASURY.
25
the entrance grade. This increase, however, was not favorably considered by Congress.
I t is in the development of general public health work that
this need of additional officers is most strongly felt. The number of
officers required at marine hospitals and quarantine stations is, practically speaking, a fixed one; but the field investigations of the service have been widely extended since the passage of the act of August
14, 1912. The number of requests for advice and assistance in
health problems received from States and municipalities during the
past year has far exceeded the number in any similar period in the
history of the service. I n every case where it has been possible these
requests have been complied with, but the limited number of trained
officers available for this work has prevented compliance in man}^
instances where the opportunity for valuable scientific work has been
excellent.
Additional funds are also needed for field investigations of public
health matters. An estimate for an increase of $50,000 in this appropriation for the fiscal year 1916 was not allowed by Congress. The
work of the service in the field during the past two years has been a
stimulus to State and local health agencies throughout the country,
and it is believed that every effort should be made to encourage and
turn to practical account the interest in health matters that has
been awakened in the general public.
The need- of additional clerical assistance in the bureau is one that
is daily felt. Increased activities in the field have necessarily caused
a large amount of additional supervisory and routine work for the
bureau force. The important work of collecting and publishing morbidity statistics, and collecting, digesting, and publishing current
public health legislation, also has taxed the capacity of the division
having the task in hand. Although slight increases in the clerical
force have been allowed for several years past, they have not been
sufficient to handle efficiently the growing volume of administrative
detail. Under present conditions, the question of allowing employees
leaves of absence which they have justly earned is often a difficult
one.
I t is also desired to renew the recommendation that an additional
building be provided for the Hygienic Laboratory. Although the
work at this institution has been greatly extended since the passage
of the act of August 14, 1912, and the personnel increased, no provision in the way of additional laboratory or office space has been
made. I n the work of an institution of this character, where accuracy, precision, and system are of paramount importance, overcrowding is a serious condition.
The demand for service publications is increasing from year to
year, the number of copies distributed during the fiscal year just
26
BEPORT ON THE FINANCES.
ended being the largest since the organization of the service. Although this number represents a consistent increase over other years,
many requests were of necessity declined, owing to lack of sufficient
editions. I t is therefore urgently recommended that the appropriation for the printing of publications be increased in such amount
as to adequately meet this need.
Attention is invited to the great and constant increase in the use
of viruses, serums, toxins, and analogous products for the prevention
or cure of diseases of man. The demand for these preparations is
not limited to this country, since a vast market has been created for
them abroad.
As the interstate and international traffic in these products continues to grow it is obvious that adequate facilities must be furnished to meet the new circumstances and enforce effectively the
law of July 1, 1902, governing the propagation and sale of viruses,
serums, and toxins. No medicinal or prophylactic substances have a
greater field of usefulness, nor is the preparation of any attended by
so many dangers. The safeguarding of their manufacture is therefore essential.
Until a specific appropriation is provided for this purpose the
means are lacking to make frequent inspections of the ^tablishments engaged in this business and examinations of samples of the
products to determine their purity and potency. I t is believed that
an annual appropriation of $25,000 would be sufficient to cover the
expense involved in safeguarding the public against dangers from
this source. I n view of the great importance of this matter to the
public health, immediate action on this recommendation is respectfully urged.
National care of lepers.
I n my report for 1914 I drew particular attention to the question
of the national care of lepers and pointed out the necessity for a
general policy which would be uniform throughout the continental
United States for the control and segregation of lepers. The
United States is the only Government of any importance^which does
not provide for the isolation and care of lepers. The recommendation I then made that the establishment of a national leprosarium
be given prompt and careful consideration resulted in the introduction into Congress on December 16,1914, of a bill (H. E . 20040) " t o
provide for the care arid treatment of persons afflicted with leprosy
and to prevent the spread of leprosy in the United States." This
bill was favorably reported by the Committee on Interstate and
Foreign Commerce, and passed the House on February 24, 1915, but
was not acted upon by the Senate prior to the adjournment of the
Sixty-third Congress.
SECRETARY OF THE TREASURY.
27
The exact number of lepers in the United States is not known at
the present time, but in 1913 an investigation conducted by the
United States Public Health Service by correspondence located
definitely 146 cases of leprosy in the continental United States.
The bulk of these were native-born Americans. The ostracism to
which lepers are subjected frequently results in their interstate travel,
thus placing them within the jurisdiction of the General Government, and constitutes a menajce to the health of American citizens. I
therefore respectfully repeat the recommendation made in my annual report for the fiscal year ended June 30, 1914, and urge upon
Congress the necessity of enacting a law embodying the principles
embraced in the act (H. E. 20040) passed by the. House of Eepresentatives February 24, 1915.
National quarantine.
I n the interests of the public health, and for reasons hereinafter
stated which are of especial importance at the present time, it is'
desired to recommend that the system of national quarantuie should
be made complete by the acquisition of the few remaining quarantine
stations under State or local control.
Congress gave sanction to the national control of quarantine when
it passed the act of February 15,1893, containing in section 8 thereof
the provision—
That whenever the proper authorities of a. State shall surrender to the United
States the use of the buildings and disinfecting apparatus at a State quarantine
station the Secretary of the Treasury shall be authorized to receive them and
to pay a reasonable compensation to the State for their use,, if, in his opinion,
they are necessary to the United States.
Apart from this provision, the Treasury Department has consistently taken the stand that tl\e prevention of the introduction of
quarantinable diseases from foreign ports into the United States is
essentiall}^ one of the functions of the National Government!
Between the years 1888 and 1915 the quarantine function at 67
different places has been transferred to national control. I t has been
proven that as a result of these transfers economy, efficiency, and
uniformity in quarantine procedure have been realized. At the
present time the only ports where there is no Federal quarantine are
New York and Baltimore.
At no time within recent years have the so-called epidemic diseases prevailed throughout Europe to the extent they are prevalent
to-day. During the fiscal year just passed cholera has traveled into
the Balkan territory from Austria-Hungary, and probably from
Turkey into Austria-Hungary. The disease has traveled from a number of points in Eussia to the prison camps in Germany and to
23 localities iri Silesia; also to Brandenburg, Posen, and Zirka. I t
28
UEPORT ON T H E FINANCES.
has also been reported near Venice and Leghorn and at Palermo,
Italy. Plague and typhus fever, as well a;s cholera, are also reported
to have been spreading steadily, although because of meager sanitary
reports now being received from Europe, it is difficult to determine
accurately the extent of the infection.
With the increased tide of immigration that is certain to follow
the cessation of hostilities abroad the prevention of the importation
of these diseases will become a matter of vital importance. The
principal gateway for immigration to this country is the port of
New York. Here the Federal Government administers the customs
and immigration laws, even to the medical inspection of arriving
aliens, yet the quarantine regulations are made by the State authorities, and the National Government has nothing to do with restricting
the entrance of quarantinable disease, although by far the greater
part of this incoming traffic passes on into all sections of the United
States, and the question of disease prevention through this port
becomes essentially a national question. '
i
I t should also be mentioned that the United States is a party to
two general international sanitary treaties, to which practically every
nation of the world is signatory. Under these treaties international
quarantine regulations have been formulated, and to render compliance with these regulations uniform throughout the United States
national control of all quarantine stations is highly desirable.
Nor should it be forgotten that the present national quarantine
system as conducted by the Public Health Service renders available
a trained corps of sanitary experts who, in the event disease should
enter a port, can be shifted to the scene of the outbreak, immediately
strengthening the defense against the spread of the infection, and
thus protecting the other sections of the country by proper supervision of all outgoing traffic.
Advantages of Federal control of .quarantine.
1. Uniformity.—The origin of Federal quarantine was the necessity for unifying the various regulations at the different ports of the
United States.
2. Simplicity.—Economy for the shipping interests in that one •
set of rules applies at all ports.
3. Flexibility.—Special requirements are made for any port, according to need, and the national regulations are so drawn as to allow
great discretionary powers on the part of individual quararitine officers, thereby avoiding rigidity.
4. Training.—Officers are trained at the quarantine stations and
at the Hygienic Laboratory of the Public Health Service at Washington.
SECRETARY OF THE TREASURY.
29
5. Information.—Consular reports from all foreign countries to the
Public Health Service, with free use of cable when necessary.
6. Nonpolitical.—Appointments in the Public Health Service are
for life, dependent upon good behavior and efficient service. This
is essential to scientific progress. Permanent appointments for quarantine work insure an accumulation of experience.
7. Inter-national sanitary treaties.—The United States is a signatory of two international sanitary treaties, under which are operated
the international quarantine regulations, which are subject to revision every two years, in order to keep pace with scientific advance.
8. Precedents.—Sixty-seven State and local quarantine stations
have already been transferred.
9. Quarantine a national function.—^All immigrants entering the
United States are examined by Public Health Service officers, and
all persons, whether immigrants -or incoming passengers, are examined for quarantine purposes at all ports in the United States, save
at New York and Baltimore.
10. Arrangements for boarding are made to suit the needs of
the port.
11. Facilities.—Equipment "is provided in fixed relation to the
amount of commerce and immigration. This applies also to the number of medical officers and attendants assigned.
12. Financial.—The Government usually rents a quarantine plant
at a nominal sum until its purchase as a result of an appropriation
from Congress. No fees are charged for boarding or inspecting
vessels.
13. Cooperation.—The quarantine service operated by the National Government has access, when necessary, to cooperation and
aid from all branches of the Government.
PUBLIC BUILDINGS.
An examination of public-building legislation covering a period of
several years shows a lack of system and a disregard of economic consideration in authorizing the construction of public buildings. Acquisition of sites has been authorized years in advance of any need for
them, and buildings have been authorized at limits of cost bearing no
reasonable relation to the needs of the communities in which they are
to be placed. The limit of cost fixed by Congress appears to have
dictated the type of building to be erected, and its cost has usually
been made to equal that amount. Needless and unjustifiable waste
of public money has resulted.
Several thousand public-building bills are introduced at each session of Congress. These are, as a rule, all referred to the Treasury
30
REPORT ON THE FINANCES.
Department for estimate and report. No satisfactory report can be
made in the absence of an investigation of local conditions by qualified inspectors. I n the absence of both the necessary corps of inspectors or any appropriation for travel and subsistence of such a corps
the department is forced to resort to the unsatisfactory expedient of
obtaining data by correspondence. The information thus obtained,
prepared by officials unfamiliar with the technicalities of the subject
involved, is naturally unsatisfactory and at times unreliable. A very
sensible plan for the correction of these conditions, and one which
meets my entire approval, was suggested by one of my predecessors.
Secretary Cortelyou, in a report to the Speaker of the House under
date of December 7,1908, as follows:
Further change, it is believed, could be made to great advantage. The present
system employed in connection with bills for public buildings is not conducive
to the best results. A great mass of bills is annually poured in on the department, with requests for early reports. In many instances the buildings authorized are unnecessary for the public business, and in the interests of economy
the construction could be postponed for several years. Insufficient time is allowed for investigation as to the requirements of the building proposed, or, in
fact, for an accurate estimate of cost. As a result, it frequently happens that
a number of buildings are authorized which are not required, and, on the other
hand, no appropriations are made for localities in which the Government is
urgently in need of adequate buildings, and is in all probability paying large
rent for insufficient quarters.
Public-building appropriations should be put on a basis similar to that now
employed in connection with appropriations for river and harbor work. If this
were done, the Congress would submit to this department a list of localities,
with the request that at the next session a report be submitted showing:
1. The necessity or advisability of a building in the city or town suggested.
This would necessarily embrace the size of the city, the cost of the building,
and the price at which rented quarters are to be had.
2. If a public building is recommended, the area and probable cost of the site;
the size, cost, and character of the building that should be erected; the branches
of the Government service that would occupy it when completed, and the annual cost of its maintenance.
3. The amount of appropriation, necessary to carry on the work during the
ensuing fiscal year.
With such a report, carefully made in detail after consultation with the
other departments interested, the Congress would be better able to judge of
the advisability of authorizing a building and of the appropriation required. I
am confident that by this method a great saving could be effected and that
buildings could be more satisfactorily and economically distributed.
F o r the purpose of improving the conditions relating to the construction of public buildings I issued an order to the Office of the
Supervising Architect establishing a classification of buildings. Its
purpose is to provide a rational system of uniformity and business
economy in designing and constructing public buildings, so that
SECRETARY OF THE TREASURY.
31
buildings suitable to the public needs may be built without waste of
Government money. Four classes have been established as follows:
CLASS A.
Definition.—Buildings that include a
post office of the first class with annual receipts of $800,000 or over; the
site forming part of a city development plan or situated on an important thoroughfare of a great city; improvements on adjoining property
reaching the higher valuation of metropolitan real estate.
Character of building.—Marble or
granite facing; fireproof throughout;
metal frames, sashes, and doors; interior finish to include the finer grades
of marble, ornamental bronze work,
mahogany, etc. Public spaces to have
monumental treatment, mural decorations ; special interior lighting fixtures.
CLASS B .
Definition.—Buildings that include
a post office of the first class with receipts from $60,000 to $800,000; valuation of adjoining property, somewhat
below the higher valuation of metropolitan real estate.
Character of building.—Limestone
or sandstone facing; fireproof throughout; exterior frames and sash metal;
interior frames, sash, and doors wood;
interior finish to exclude the more expensive woods ^and marbles; ornamental metal to be used only where
iron is suitable. Restricted ornament
in public spaces.
CLASS C.
Definition.—Buildings that include a
post office of the second class with receipts of $15,000 or over, and of the
first class to $60,000 receipts; valuation of surrounding property that of
a second-class city.
Character of building.—Brick facing
with stone or terra-cotta trimmings;
fireproof floors; nontireproof roof;
frames, sashes, and doors wood; interior finish to exclude the more expensive woods and marbles; the latter
used only where sanitary conditions
demand; public spaces restricted to
very simple forms of ornament.
CLASS D .
Definition.—Buildings that include a
post office having annual receipts of
less than $15,000; real estate values
justifying only a limited investment
for improvements.
Character of building.—Brick facing,
little stone or terra cotta used; only
first floor fireproof; stock sash, frames,
doors, etc., where advisable; ordinary
class of building, such as any business
man would consider a reasonable investment in a small town.
By the application of the classification above indicated it is intended that buildings adapted to local conditions and in keeping
with the importance of the communities in which they are to be
erected shall be constructed, and under this policy like conditions
will receive similar treatment. I t is estimated that many thousands
32
REPORT ON THE FINANCES.
of dollars will be saved in the construction of buildings already authorized by Congress, but not yet reached by the Supervising Architect's Office.
I n nearly every community where Federal buildings have been
erected the growth of the public business and the inauguration of
the Parcel Post Service have rendered such buildings inadequate
for the purpose for which they were constructed. I n numerous
instances it has become necessary to rent quarters outside of the
public building for various branches of the public service. I n the
875 communities in which Federal buildings are occupied the Government is paying in rentals a total of $2,452,036.08. As against
this annual outlay, only $632,059.04 is being paid for the rental of
post-office quarters in all localities where post-office buildings have
been authorized but not yet erected.
Many of the buildings which the 1913 omnibus public-building
bill authorized to be erected are for post offices in small communities where the service is now being properly handled in leased quarters and where the annual rental is less than one-half of what the
maintenance of Federal buildings will cost when constructed.
Under existing legislation the responsibility for the construction
of public buildings is placed on the Secretary of the Treasury. He
is required to determine, within the limits of cost fixed by Congress,
what sort of a building shall be erected to meet the needs of each
community and of the Federal service. He has no discretion to say
that any building authorized shall not be erected. If buildings are
authorized to be constructed in communities where they are not
needed the responsibility rests upon the Congress. The Secretary's
duty is to comply with the directions of Congress. I t is, however, a
fact that many buildings have been authorized in the 1913 omnibus
public-building act in small towns where there is no actual need for
them and that there are many places where public buildings are
sorely needed or where the public business has outgrown the public
buildings already erected. These must suffer until a more satisfactory plan for the authorization and construction of public buildings is adopted by the. Congress.
Under the authority given this department to employ special site
agents all sites authorized in the so-called omnibus public-building
act approved March 4, 1913, have been carefully inspected and reported upon. Of these sites, 136 have been selected at an aggregate
saving of $571,775.
I n the matter of the acquisition of sites where buildings are not
yet authorized, it is manifestly unwise and unbusinesslike to buy such
sites years in advance of their possible use, except in cases where
the opportunity of securing particularly desirable properties might
SECRETARY OF THE TREASURY.
33
be lost through deferred action. As a general rule, it is not to the
Government's interest to take title to sites years before they are
required for building purposes.
I am convinced that the public interest will be best served and a
needless waste of public money will be avoided if the practice of
authorizing the acquisition of sites in advance of legislation authorizing the construction of buildings is abandoned and if both site and
building are authorized at the same time under a single limit of cost.
May I respectfully recommend that the practice which has come
into existence in recent years of legislating for public buildings
in omnibus public-building bills be discontinued ? Each public-building project should be considered on its merits. ^When omnibus bills
are employed items of doubtful merit are pulled through by those
of undoubted merit, and there, is no means of eliminating the former.
The bill must be approved or rejected as a whole.
When the last omnibus public-building bill became a law on March
4, 1913, there still remained in the Supervising Architect's Office,
awaiting the attention of the technical force, an accumulation of work
under previous authorizations. With the exception of less than- a
score of buildings which can not be disposed of until further legis- ^
lation is enacted, this accumulation has been properly taken care
of, and on July 1 of this year preparation was begun of the plans
and specifications of buildings authorized in the 1913 public-building,
act. Attention is being given first to the extension of buildings
which are no longer of adequate size to meet the needs of the public
service and to buildings authorized to be erected on sites acquired
under previous legislation. The next class to be given attention will
be the buildings authorized by the 1913 public-building act to be
erected on sites the acquisition of which was also authorized in
said act.
Judging from results obtained during the last quarter of the fiscal
year ending June 30, 1915, it is believed that by putting into full
effect the policy of utilizing, whenever practicable, the plans of
buildings previously constructed, and with a few additional technical
employees to equalize the capacity of the several divisions the output of the Supervising Architect's Office can be materially increased.
I t is possible that the turning point has been reached in Goverriment architecture in large cities. The policy hitherto followed of
purchasing sites of sufficient size to permit of placing the Postal
Service on the lower floors only has been extremely expensive. Confronted with the fact that the $1,750,000 appropriated for a site
for a new post office in Chicago (West Side) is inadequate to pay
for land of sufficient area to accommodate a building of the cus7424°—FI 1015
3
34
^
REPORT ON T H E FINANCES.
tomary type and proper dimensions, a joint committee, representing
the Treasury and Post Office Departments, has recently given the
subject careful study, and has reported that the working of the
mails in a 10-story building is feaisible in that city, provided suitable
mechanical mail-handling apparatus is installed. The same problem,
but with varying intricacies, may be solved along similar lines in
other large cities, with corresponding economies in the cost of sites.
At a recent public hearing, attended by representative citizens of
Chicago, it developed that there was very strong sentiment in favor
of the Chicago improvement plan of a civic center. This plan contemplates a post-office building occupying two blocks. No voice was
raised in support of the department's plan of a tall building on a
single block. Under existing legislation the department is unable
to make the post-office project fit into the civic-center plan as outlined, first, because the $1,750,000 appropriated for a site is barely
sufficient to acquire a single block suitably located; and, secondly,
because it is not knowri whether the. proposed civic-center plan for
for the contemplated post-office building - meets with the approval
of the Post Office Department; and, thirdly, because the department
has no means of knowing whether Congress would be willing to*
authorize the construction of the type and character of building
which would be required architecturally to fit into the Chicago
improvement plan.
I have recently made personal investigation of several important
situations in the public-buildings work, typical of similar conditions in various parts of the country, and which must be submitted
to Congress for further and corrective legislation.* I n Kansas City,
Mo., $500,000 was authorized in the public-buildings act of 1913 for
the extension and remodeling of the Federal building in that city.
After a personal examinaticn of all conditions there, I am of the
opinion that the present and future interests of the Government service and the city will be best served by acquiring a new site nearer the
new union station, where a building of moderate cost may be erected,
and which would be better adapted to the requirements of the Postal
Service. The Post Office Department has recommended this course,
and I cordially concur. I t will be necessary to have new legislation
giving the department authority to acquire a new site and erect
thereon a suitable building.
I n Madison, Wis., a somewhat similar condition of affairs exists.
In that city $500,000 was authorized in the public-buildings act
of 1913 for the demolition of the present building, in whole or
in part, and the construction of an enlarged building upon that
site, i t is evident that the Government's holdings on which the
preserit building stands are riot sufficient in area to provide such o^.
SECRETARY OF THE TREASURY.
35
building as will in all respects meet the requirements of that city
in the future and at the same time give opportunity for the construction of a building having the architectural character suitable to its
peculiar location. This building forms one of a group of structures
clustered about the State capitol grounds and should be harmonious
with its surroundings. I recommend such further legislation as
may be necessary to enable the department to acquire the additional
land or the new site requisite for the above purposes.
There have come to light several instances where public-building
sites were purchased by the Government in past years and are now
found to be unsuitable for building purposes and must be abandoned.
I n Pittsburgh, Pa., a post-office site was purchased in 1907 for approximately $1,000,000 in a location so unsuited to the Government's
requirements that it can not be used for a post-office structure. The
public buildings act of 1913 authorized the Secretary of the Treasury
to sell this property for not less than $750,000 and use the proceeds
for the purchase of another site. There appears to be no prospect of
selling the property at the above figure.
I n Seattle, Wash., a site was purchased in 1911 on the " tide flats''
in that city for $169,500. An authorization of $300,000 was subsequently made for the erection of a building. * Wlien the preparation
of plans for this building was about to be taken up several months
ago a preliminary examination of the site was made and it was revealed that the site is not only submerged and far below the grade
of the street and the sewers, but it is so far from the railroad stations
that the Post Office Department reported that it would cost $19,000
additional annually to transport the mail to and from a building
erected at that point. This site, therefore, can no longer be considered for a post-office building, and I respectfully recommend that
the Congress authorize its sale and the purchase of a suitable site and
the erection of a proper building.
I n Williamson, W. Va., it was recently discovered that a site purchased in 1911 is nothing more nor less than a depression far below
the street grade. I t is entirely unsuitable and must be abandoned as
a location for a post office. The further action of the Congress in
this matter is respectfully requested. There are other situations of
similar character in various parts of the country, all of which will be
referred to the Congress in due season for its action before further
steps can be taken by the department.
Much delay and embarrassment are caused by indefinite and incomplete legislation with reference to the character of buildings authorized by Congress. I t frequently occurs that a building will be
described merely as a " post office " in localities where there are other
Federal departments requiring office space. Under the present
36
_
REPOiRT ON THE FINANCES.
statutes and decisions of the Attorney General, the Secretary of the
Treasury has no authority to provide space in any new building for
branches other than the Postal Service where the legislation directs
the construction of a post office only. This situation frequently leads
to the erection of buildings which might at the outset and within the
limit of cost be constructed so as to provide ample room for all Government offices in that locality, but which because of the phraseology
of the legislation are constructed merely for a post office, and soon
have to be remodeled and enlarged at considerable unnecessary cost
to the Government. I strongly urge that the Secretary of the
Treasury be given authority in such cases, and within the limit of
cost, to construct buildings of a size and character to accommodate
all Federal departments which upon careful investigation may be
found to require space in the town where the building is to be erected.
Acting upon the lessons taught by experience, I would also recommend that the practice of turning over the larger Federal buildings
to outside architects be abandoned and that all such work be handled
entirely in the Office of the Supervising Architect. The designing
,of Federal buildings and post offices requires a special skill and
knowledge which can be acquired only by experience and familiarity
with this work, and no matter how competent an architect may be in
other lines, experience has proven that almost without exception large
projects handled by outside architects require more time for completion, and are less satisfactory and more costly to the Government
than where these projects are handled entirely within the Supervising
Architect's Office. I earnestly recommend that the more efficient,
expeditious, and economical course would be to provide additional
skilled force in the Supervising Architect's Office in all cases where
these large structures are to be erected, this supplementary force to
include such special and technical service as may be required.
A notable illustration of the advantage of handling these projects
in the Supervising Architect's Office is the Interior Department
Office building in Washington, D. C , as compared with the Portland, Oreg., Federal building. Both projects were authorized in
the public-buildings act of March 4, 1913. The Interior Department
building was handled in the Supervising Architect's Office, authority having been given for the employment of special engineers,
draftsmen, etc. The appropriation for the Interior Department
building was $2,500,000. Plans were promptly completed and the
contract awarded on July 31, 1915, for $1,932,062, or $567,938 less
than the appropriation. The construction of this building is now
well under way. The Portland building, for which $1,000,000 was
authorized, was turned over to an outside architect under the law,
after the delays necessarily incident to a competition, and the plans
for that building are not even yet completed. Wlien they are com
SECRETARY OF THE TREASURY.
37
pleted, it will-still be necessary for them to be checked in the Supervising Architect's Office in, order that they may in every way conform to the Government's requirements.
To promote the efficiency^ of the custodian forces at the various
public buildings, and in line with the proper economy of service and
expenditure, the department believed that the labor regulations covering the appointments of laborers and charwomen in the 36 largest
cities should be extended to all the public buildings throughout the
United States; and, on the department's recommendation, an Executive order was issued June 15, 1915, carrying this into effect. As
the result of this order every employee in the custodian service has a
civil-service status.
The foregoing touches only upon certain phases of the publicbuildings subject. The matter is of such importance, and the need
of corrective measures which the Congress alone can provide so evident, that I hope to submit to the Congress, at a later date, a report
in detail covering features which can not be amplified in a report of
the present character.
CENTRAL I-IEATING AND POWER P L A N T .
Bids for the proposed central heating, lighting, and power plant
f OT public buildings, authorized by the sundry civil act of June 23,
1913, were opened on the 17th of November, 1915. The lowest of
these bids is considerably in excess of the authorization, and the
whole matter will have to be submitted to the Congress for further
action very^ early in the session.
N A T I O N A L ARCHIVES B U I L D I N G .
Under the authority contained in section 21 of the*omnibus publicbuildings act approved March 4, 19l3, the Supervising Architect's
Office is engaged in the preparation of designs and estimates for " a
fireproof national archives building, with modern library-stack type
of architecture." The work is progressing satisfactorily and will
be completed in time for submission during the coming winter for
approval by the commission created by said act.
The act above referred to provided, among other things, " t h a t
before the said designs and estimates are completed inspection shall
be made under the direction of the Secretary of the Treasury of the
best modern national archive buildings in Europe, and consultation
shall be had with the best authorities in Europe on the construction
and arrangement of archive buildings."
I t is recommended that the provision just quoted be repealed.
Through the instrumentalities of the Department of State and the
courtesy of certain foreigri GoA'^ernments, this department has ob
38
REPORT ON TI-IE FINANCES.
tained the plans of many of the best archive buildings in Europe,
and the information which these supply is deemed sufficient for the
purpose.
COAST G U A R D !
The passage of the Coast Guard act at the last session of Congress
is a source of great satisfaction to this department and to the country
as well, inasmuch as it has relieved conditions in the former LifeSaving Service which, if they had been allowed to continue much
longer, would have seriously crippled the efficiency of that humanitarian branch of the Government. The authorized organization of
the Coast Guard has practically been completed, and without detriment to the public interests during the necessarily disturbed conditions incident to the rehabilitation of the personnel of the former
Life-Saving Service. There are several minor legislative acts necessary to complete the details of reorganization, and attention is invited
to the report of the Captain Commandant in that connection.
Upon my direction the Captain Commandant of the Coast Guard
has conferred with an officer detailed by the Secretary of the Navy
to outline a general plan for the cooperation of the Coast Guard with
the Navy in time of war, or whenever necessary, in order that the
resources of the new organization may be utilized to the fullest extent in the national defense. A tentative plan has been arranged,
and when the details have been definitely worked out the necessary
orders will be promulgated by both departments.
Ice patrol to promote safety at sea.
This department has continued the detail of two Coast Guard
cutters to conduct the patrol of the ice regions of the North Atlantic
in accordance with the terms of the International Convention for
Safety of Life at Sea, which was approved by the Senate December
16, 1914. The total cost of the ice patrol for the season of 1914 was
$85,799.20, and the several foreign powers were notified as to the
proportionate amounts, due from them in accordance with article 7
of the convention. Up to the present time the amounts due the
United States on account of the patrol for 1914 have been received
from the following countries: Belgium, Canada, Denmark, Great
Britain, Italy, Norway, and Sweden. Through the usual diplomatic
channels the several powers will be advised of the proportionate
amounts due from them to defray the cost of the patrol for 1915.
New ships.
The two new cruising cutters, named the Ossipee and Tallapoosa,
authorized by the act of June 24,1914, have been completed and com
SECRETARY OF THE TREASURY.
39
missioned in a remarkably short time. There was great need for
these two vessels to replace the Woodbury and Winona.
The necessity for the other two ships recommended in previous
reports is much more acute than ever. The fulfillmerit of an international agreement with regard to the North Pacific and the Bering
Sea for the protection of the seal herds is now seriously hampered
owing to the lack of cutters with which to patrol those waters. The
Perry, which was lost in'^the Bering Sea in 1910, has not yet been
replaced; and the loss of the Tahorria on September 20, 1914, which
struck an unknown and uncharted reef, has greatly added to the
embarrassment of the department in carrying out our international
obligations. I t is now imperatively necessary to have two new cruising cutters for service in the Pacific at a cost of $700,000.
Two harbor cutters, the Manhattan and Hartley, having been in
service 42 years and 40 years at the ports of New York and S a n
Francisco, respectively, are obsolete, wornout, and barely capable of
performing any of the important duties required of them. I t is
earnestly recommended that an appropriation of $125,000 be provided to construct a cutter to replace the Manhattan at New York
and a further appropriation of $50,000 to build or purchase an
efficient tug to replace the old Hartley at San Francisco.
The personnel of the Coast Guard is now in excellent condition,
and in order that the duties required by law of this branch of the
public service, both in its civil and military functions, be performed
effectively it is of the greatest importance that the new vessels asked
for be authorized.
I n any plan for the national defense. Coast Guard cutters will have
important assignments, so that in addition to the need of these vessels for ordinary purposes all authorizations of the kind are valuable
to the country from a military standpoint.
Rebuilding stations.
Out of a total of 279 Coast Guard stations there are 21 in such
poor condition that they should be rebuilt as soon as possible. The
average age of these buildings is 37 years, the oldest having been
built 43 years and the latest 29 years ago. Situated as they are in
exposed places, these frame buildings, which have been subjected to
the devastating coast storms of wind, rain, and sand for so long
a period without extensive repairs, must of necessity be in very bad
condition. Suffice it to say these 21 stations are beyond repair, and
a majority of them are in such a state that rebuilding can be no
.longer deferred without menace to the crews and reproach to the
Government. Last year an estimate of $235,000 was submitted for
this purpose. Congress appropriated but $150,000 regardless of the
40
REPORT ON T H E
FINANCES.
recommendation. I n order to make the current repairs to the sta- •
tions during the next fiscal year and to provide for the rebuilding
of antiquated and dilapidated buildings the sum of $300,000 will be
needed.
R E L I E F FOR A M E R I C A N
CITIZENS I N EUROPE.
The work of extending relief to Americaii citizens abroad, the necessity for which arose out of the conditions brought about by the
outbreak of hostilities in Europe, has been practically concluded.
A number of accounts of diplomatic and consular officers through
whom disbursements were made remain to be received and settled,
and until then it will not be possible to make a complete report of the
operations of the relief board. While accurate figures are not obtainable, it is probable that more than 150,000 Americans were scattered
throughout Europe at the beginning of the war, a large number of
whom were assisted in one way or another to return safely to their
homes. I n accordance with a provision in the joint resolution appro. priating money for this purpose, relief officers were directed to procure from each person to whom- assistance was extended a promissory note or other form of obligation to reimburse the Government.
There have been received thus far in the Treasury Department 10,280
of these obligations, aggregating $605,924.77 in amount, the collection of which has been undertaken through the office of the Treasurer
of the United States. The Treasurer has been unable to locate many
of the persons whose names are signed to these obligations at the addresses given, and others have refused to pay. Some have stated that
they are financially unable to pay and others are making payment
in installments, while a large amount of the money has been repaid.
In the early summer I made the announcement that a list of those who
had failed to pay, but were financially able to do so, would be made
public, and on November 1 a list of about 1,400 names was given to
the press. This included only cases where the person had refused to
repay the money advanced or where it had been impossible to locate
him; the names of those who are making an effort to pay Ox* who
pleaded inability to do so through poverty were withheld.
TRANSPORTATION OF P U B L I C M O N E Y S A N D S E C U R I T I E S .
I n my last annual report I made reference to the manner in which
moneys and securities were being transmitted, and took occasion to
call attention to a substantial saving which I had effected by sending certain shipments of money by mail instead of by express. Effective August 16, 1915, I directed a change I n the manner of shipments from express to registered mail, and concluded an arrangement
with the representatives of five large insurance companies for all
"SECRETARY OF THE TREASUBY.
41
moneys thus shipped to be insured at low rates. I t was found, after
a few days trial, that full first-class postage rates were too expensive on bills of small denomination. Accordingly, on August 23,
1915, after an agreement with the Postmaster General, I directed
bills of these denominations to move at the parcel-post rates, the
shipments to be registered and insured. The new plan is proving
economicar not only to the Goyernment, but also to the banks on
practically all shipments. I t is impossible to estimate accurately
the economies that will eventually result, but I am satisfied from
reports iri hand that the aggregate annual saving will run into very
large figures.
N E W DAILY TREASURY
STATEMENT.
For a long time the daily Treasury statement has not been satisfactory, because it did not accurately reflect the condition of the
Treasury. I appointed a committee of the Treasury Department
to carefully investigate this matter and to prepare a new form of
statement which would accurately represent and convey, as nearly
as it is practicable to do so, the true condition of the Treasury each
day. This resulted in the fojrm of daily Treasury statement now
being issued, which became effective October 1, 1915. A new form
of public-debt statement was also adopted and became effective beginning with the month of October, 1915. I t will show the actual condition of the Treasury and the state of the public debt at the close of
business each month.
The most important points in which the new form of daily statement differs from the old are the following:
The assets and liabilities of the Government have heretofore been
published under two general classifications, viz, (1) the general fund,
and (2) the currency trust funds, the general fund, and the gold
reserve fund.
The new form shows the assets and liabilities divided into three
general classes, viz, (1) gold, (2) silver dollars, and (3) the general
fund. This gives at a glance the amount of gold and the amount of
silver dollars in the Treasury, the liabilities against such coin and
bullion, and the actual condition of the general fund.
I n the new form the item "Disbursing officers' balances" is excluded from the liability side of the general fund and included in
the net balance. These disbursing officers' balances consist of
amounts placed by the Secretary of the Treasury to the credit of
disbursing officers, against which they are authorized to draw checks
in payment of public obligations. These amounts are funds of the
United States in the same sense that the balance remaining, subject
to the warrant of the Secretary alone, is money of the United States.
42
REPORT ON THE FINANCliiS.
I n the past, whenever the Secretary has placed an amount to the
credit of a disbursing officer, it has been the custom to carry that on
the Treasury statement as a disbursement. As a matter of fact, the
monejT- in many instances is not spent for months, and sometimes not
at all, being returned to the Secretary's account. Funds are placed
to the credit of disbursing officers practically as a bookkeeping arrangement, and they are as much a part of the working balance of
the Treasury as the money which is subject to the warrant of the
Secretary. As the net balance should represent the funds in the
Treasury available for paying the current obligations of the Government, the amount placed on the books to the credit of disbursing
officers should be included therein.
The amount deposited by national banks for the retirement of
national-bank notes, but not yet paid out for that purpose, is also
included in the net balance. I n the old statement this amount was
carried on the liability side of the general fund. This was an error,
because by law deposits for the retirement of national-bank notes are
a part of the public debt. The act of July 14, 1890, prescribes that
such deposits shall be covered into the Treasury as miscellaneous
receipts, and that the notes thus rendered subject to retirement by
the United States shall be carried as a part oi the public debt. This
fund is not the 5 per cent fund provided for the redemption of the
current circulation of national banks, but is a fund for the redemption of the notes of national banks which have ceased to circulate
notes or which have reduced their circulation. As directed by the
act of July 14, 1890, the amount to the credit of this fund was placed
in the general-fund balance, where it was carried continuously by
every Secretary of the Treasury, whether Eepublican or Democratic,
until the early part of this administration (1913), when the form of
daily Treasury statement was changed and this item mistakenly carried as a liability. The item is now restored to the general-fund
balance of the daily statement, where it belongs. I t will appear as a
liability on what was previously known as the monthly public-debt
statement.
^
Following the general-fund statement appears the daily trial balance of the general fund, entitled "Eeceipts and disbursements this
day." This is a simple statement of the day's transactions. One
important change contained in this table, as well as in the " Comparative analysis of receipts and disbursements" on page 2, is the
segregation of Panama Canal receipts.
In the past it had been customary to set forth Panama Canal disbursements separately as extraordinary expenditures, but receipts
from tolls, profits from the sales of material on account of the canal,
etc., have been included in the ordinary miscellaneous receipts, I n
SECRETARY OF THE TREASURY. .
43
future these Panama Canal receipts, like the disbursements on account
of the Panama Canal, will appear separately.
The new daily statement is on a cash basis. Eeceipts have been
reported on a cash basis, while disbursements have been on a mixed
basis. This has proved confusing. ° Under the new form disbursements, like receipts, represent cash transactions.
I t will be impossible to state outstanding checks in the column
of liabilities in the daily statement, because it is ri-ot practicable to
get the information daily from disbursing officers. Outstanding
checks and warrants are offset in large measure, however, by receipts
which are in transit to the Treasury. All outstanding warrants and
checks will be shown monthly in what previously was known as the
public-debt statement.
Several tables that ap];)eared on the fourth page of the old statement are either omitted entirely as unimportant or uninforming or
are included in the new items on page 3, "Federal reserve notes
and national-bank notes outstanding" and "Transactions affecting
Federal reserve and national-bank note circulation." " Bonds held
in trust for national b a n k s " still appears, but the fable of " P a y
warrants drawn " has been omitted. I t is believed that a daily statement of these warrants is of no value, and it will hereafter appear
in what was known previously as the public-debt statement.
The new statement gives an accurate idea of the actual condition of the Treasury as far as it is ascertainable from day to day.
The old statement, with its cumbersome notations of purely bookkeeping transactions within the Treasury Department, which had
little bearing upon actual expenditures, had been very confusing,
and had led to much misconception as to the actual condition of the
Treasury.
The public-debt statement in the new form is changed to " Financial statement of the United States Government."
Instead of reproducing the daily statement for the last day of
each month on the public-debt statement, the new statement includes a table of cash available to pay maturing obligations, or, in
other words, the working balance of the Treasury with the liabilities
against it. On the asset side of this table is the net balance in the
Treasury. On the liability side of this statement are set up outstanding warrants, checks, and matured coupons. While it is not
practicable, as stated above, to get daily from disbursing officers a
statement of their outstanding checks, it is possible to get this information once a month.
I t is necessary to get information from disbursing officers all
over the country for the monthly statement, but it is believed that
this can be so expedited that the department will be able to issue the
statement on the 15th of each month.
44
REPORT ON T H E FINANCES.DESTRUCTION OF CANCELED S E C U R I T I E S .
During the past year the regulations regarding the destruction
of canceled paper currency and other securities of the United States
have been codified and revised.^ The original regulations in this
respect were issued by Secretary Chase when the Government for the
first time issued paper money and Congress authorized the replacement and destruction of unfit notes. Since that time changes in department business and routine have resulted in modification of practically every procedure established by the origirial regulations, but
up to this time the regulations have never been formally abrogated or
revised. The regulations now cover the present conditions; the
procedure has been simplified and the department's security increased. Securities to be destroyed are delivered to the so-called
destruction committee composed of representatives from the Secretary's Office and from fiscal bureaus concerned. Some idea of the
amount of work handled by this committee may be had from the fact
that during the year just closed 377,364,188 redeemed notes (paper
inoney) of a nominal value of $1,541,131,111 were destroyed, as well
as large quantities of other securities.
C O M M I T T E E ON I M P R O V E M E N T .
On September 3,1915,1 appointed the following committee on improvement to conduct a thorough investigation of the entire Treasury
service, for the purpose of making recommendations for placing the
Treasury Department on a more efficient, economical, and modern
business basis: Plon. Wm. P . Malburn, Assistant Secretary of the
Treasury, chairman; Hon. W. W. Warwick, Comptroller of the
Treasury; Mr. J . L. Wilmeth, Chief Clerk Treasury Department;
Mr. F . M. Halstead, Chief Division of Customs; and Mr. S. H . Boyd,
Chief Income-Tax Division.
My experience in the department has impressed me with the fact
that there is room for many improvements and economies in the
Government service. The growth of the Treasury Department has
been a process of years, and as the structure has reached its present
great proportions there has crept in much duplication of work, as
well as useless work, and cumbersome and inefficient methods which
impede business and cause needless expense. I have instructed the
committee that it is my earnest desire to have useless offiices abolished,
duplication of work eliminated, and archaic methods replaced with
the up-to-date methods that characterize the best modern business
enterprises. The report of the committee has riot yet been received,
but I hope that as a result of its investigations and efforts the means
may be found for substantial improvements in the Treasury service.
S E C R E T A R Y OF T H E
TREASURY.
SALARIES OF ASSISTANT SECRETARIES OF T H E
45
TREASURY.
i desire to recommerid most earnestly to the Congress that the
salaries of the Assistant Secretaries of the Treasury be increased
from $5,000 to $7,500 per annum. The present compensation of
$5,000 per annum is wholly inadequate for these important positions. I t is a great injustice to the able men who now occupy the
positions of Assistant Secretaries of the Treasury to be forced to
work for inadequate compensation. They are rendering highly useful services to the country of far greater value than the pay they
receive. I t is not every Assistant Secretary who has independent
means to help him support himself in a position for which the Government compensates so poorly. We must keep men of ability in
these pt)sitions. I t would advantage the Government in every way
to pay the Assistant Secretaries the small increase I havie suggested,
involving, as it does, for the three, an additional appropriation of
only $7,500 per annum.
GENERAL S U P P L Y C O M M I T T E E .
The General Supply Committee, which at the time of its establishment in 1910 encountered strong opposition, both inside of the service
and among the contractors, has overcome complaints from both
sources and has succeeded in demonstrating its value in a marked
degree, although hampered in the performance of its duties by the
lack of sufficient permanent help. I t annually prepares and issues
specifications, opens and examines proposals, and recommends to
the Secretary of the Treasury the awards of contracts for furnishing governmental establishments in Washington with all supplies in
common use, as well as draws all contracts and obtains execution
of the same. I t performs the clerical work which was formerly
required of 50 purchasing offices variously distributed in the different
departments, and the results which it has achieved are most commendable. Its intelligent uniformity of action and careful study
into the needs and requirements of the service, coupled with an
administration of economic reforms, have resulted in obtaining for
the Government a better class of supplies at cheaper prices and on
more prompt deliveries than in the past.
As an indication of the growth of this office the first schedule of
awards issued in 1910 shows only 564 bids received and 282 contracts
negotiated, covering about 3,000 items, while for the year 1915, 714
bids were received and 462 contracts executed, covering approximately 15,000 items. The following table shows to what extent purchases have been made from the general supply schedule by the
46
REPORT ON T H E FINANCES.
different purchasing agents of the Government during the last three
years:
1013 (inclusive of field-service purchases, since w i t h d r a w n )
1014
!
1015
$2, 728, 767. 64
2, 382, 203. 52
2, 544, 051. 54
The experience of great commerical enterprises has shown that
large financial operations, involving accounting for revenues and
disbursements as to transactions which are similar or closely related,
are more efficiently and economically administered under one compact organization than, under separate and independent S3^stems with
their attendant diversity of methods, duplication of work and employees, and additional expense. This naturally suggests a consolidation of the contracting and purchasing offices of tJie Government
into one complete and well-balanced organization, to which the attention of Congress is earnestly invited.
SINKING FUND.
The sinking-fund account shows on June 30, 1915, an accumulated
balance of $991,096,467.86 for the retirement of the public debt.
This balance, of course, does not exist except on the books of the
department. As a matter of fact, there never has been a real sinking
fund established. Amounts have been set up as belonging to the
fund, as the law directs, and charges have been entered as certain
items of debt have been retired. I t is and has been for years only
an account, not a fund.
After the original sinking-fund acts were passed conditions regarding the public^ debt changed very materially. The credit of the
United States improved arid all obligations have been met. The act
of May 31, 1878, stopped further retirements of United States notes;
their redemption was definitely provided for through the goldreserve fund established by'the act of March 14, 1900. The bank act
required the deposit of United States bonds in order to secure circu?
lation, and for many years practically all the interest-bearing obligations of the United States were used for this purpose. Moreover,
the revenues of the Government have not always been adequate to
carry out the sinking-fund provisions, even if other conditions had
not estopped the Secretary. As a result the only entries that have ^
appeared on the sinking-fund account since 1903 are payments of
matured bonds.
The sinking-fund acts should be revised. Either an actual fund
should be established, with definite and specific appropriation made
therefor, together with specific provisions for the administration of
the fund, or else the existing acts should be repealed and the Secretary directed to purchase and retire interest-bearing obligations of
SECRETARY OF THE TREASURY.
47
the United States whenever the same may be acquired advantageously
and the condition of the Treasury will warrarit such action.
I n this connection I quote from the annual report of my predecessor for the year 1911:
I beg to renew my recommendation of last year touching the revision of the
sinking-fund law. The sinking-fund law has fallen into neglect because it can
not be carried out. It should be revised to a point where it can be carried
out. It is impossible to obey the law as it is, for the Treasury Department
has not at present any funds with which to pay off its debt. The Secretary
of the Treasiiry should set aside 1 per cent of the debt as a sinking fund;
and Congress has made a permanent appropriation for this purpose, but it
does not furnish the money with which to carry it out. As a consequence
the sinking-fund law has been not exactly a dead letter but a dead-and-alive
letter for nearly 40 years. It is not well to continue such a situation, and it
is not necessary in the least that it should be continued. A little legislation
would set the matter right, and I commend to Congress the suggestion to make
the sinking-fund law conform to the facts.
. P A N A M A CANAL.
The general fund of the Treasury was charged during the fiscal
year 1915 with $29,187,042.22 for Panama Canal account without the
sale of bonds; $21,614,362.75 of this sum, for construction work, is
reimbursable from proceeds of bond sales. The difference, $7,572,679.47, being for fortifications and miscellaneous accounts, is by law
not to be so reimbursed. . The total amount expended for the canal
from the general fund to June 30, 1915, reimbursable from proceeds
of bonds not yet sold, was $219,471,636.48.
CONTINGENT FUND.
The Congress appropriated $15,000 as a " Contingent furid for the
Secretary of the Treasury " for the current fiscal year, this being a
reduction of $5,000 in the amount appropriated for the fiscal year
1914. The Civil Service Commission is, under existing law, preparing a uniform system of efficiency ratings to apply throughout the
several departments, and I have used a part of this fund to assist the
commission in its investigations and study of the Treasury Department. This is a very important piece of work and I regard the establishment of a system of ratings among the employees, for which '
the law provides, as an important reform. The growth of work in the
Treasury Department and the increased activities imposed upon it by
law make it essential in the interest of proper and efficient administration that a contingent fund be provided. I earnestly hope that
there may be no further reduction in the amount of the contin2:ent
fund allowed to the Se^-retary of the Treasury.
48
REPORT.ON THE FINANCES.
REVENUES.
(See details for fiscal years 1016 and 1017, pages 65 to 71 of this report.)
FISCAL YEAR 1016.
On the 30th of June, 1015, the available balance in the general
fund of the Treasury was
. $104,170,105. 78
The total estimated receipts for the fiscal year 1016, on the .
assumption that the emergency revenue measure is not extended beyond Dec. 31, 1015, and that the duty of 1 cent
per pound on sugar (which expires May 1, 1016) is not continued, are
J-__
670, 365, 500. 00
A total of
— 774,535,605.78
The total estimated disbursements for 1016, including $25,000,000
for the Panama Canal (which may be paid out of bonds)
and $50,000 for miscellaneous debt redemptions, are
741, 801, 000. 00
Balance June 30, 1016
^
—
32, 644, 605. 78
This does not take into account any new items of estimates for the
year 1916 or for deficiencies and claims estimates, except postal deficiencies. If these should amount to $12,000,000, the balance in the
general fund J u n e 30, 1916, would be reduced to $20,644,605.78. d t
.would not, in my judgment, be wise to allow the general fund in the
Treasury to be reduced to so small an amount. The general fund
should always be sufficiently large to take care of unexpected fluctuations in the revenues and provide a safe working balance. I think
that the general fund should be maintained at approximately
$50,000,000.
If the emergency revenue act, which expires by limitation on
Dec. 31, 1015, is extended, it will produce for the half of the
fiscal year ending June 30, 1016, about
$41,000,000.00
If the existing duty of 1 cent per pound on sugar (which is to
expire on the 1st of May, 1016) is continued,.it is estimated to
produce for the remaining two months of the fiscal year 1016_ 15, 000, 000. 00
Or a total of__.
—
56, 000, 000. 00
The emergency revenue act being extended and the' sugar duty
being continued, as above stated, the available balance in the
Treasury on the 30th of June, 1016, without taking into
account any new items of estimates for the year 1016 or for
deficiencies and claims estimates, will be
.
88, 644, 605. 78
If the Panama Canal expenditures, estimated at
$25,000,000, are financed by bonds, as authorized by existing law, the general fund balance
win be increased by
$25,000,000.00
And will amount to a total of
113, 644, 605. 78
If there are deducted for any new items of estimates for the
year 1016, or for deficiencies and claims estimates___
12, 000, 000. 00
There would still be left an available balance in the general"^
fund of the Treasury of
:.
'____ 76, 644, 605. 78
for the fiscal year ending June 30, 1016.
SECRETARY OF THE TREASURY.
49
So far, therefore, as the fiscal year 1916 is concerned, the situation
may be easily met by the extension of the existing emergency revenue
act and a continuation of the duty of 1 cent per pound on raw sugars.
SUMMARIZING T H E F I S C A L YEAR
1016.
General fund balance J u n e 30, 1015
Total estimated receipts, based on existing law_
$104,170,105. 78
670, 365, 500. 00
774, 535, 605. 78
Total estimated disbursements, including $25,000,000 for the
P a n a m a Canal, from the general fund
Balance J u n e 30, 1016, under existing law
Add for extension of emergency revenue $41,000,000 and for
extended duty on sugar $15,000,000 the last half of year____
741,801,000.00
32,644,605.78
56, 000, 000. 00
88,644,605.78
(Increased to $113,644,605.78 if the expenditure of $25,000,000 for the canal is financed by bonds.)
IJCSS supplemental estimates, claims, and deficiencies, estimated at
:
Available general fund balance J u n e 30, 1016
12, 000, 000. 00
76, 644, 605. 78
Let us now consider the necessities for the
F I S C A L YEAR
1017.
The estimated general fund balance J u n e 30, 1016, after paying
$25,000,000 for the P a n a m a Canal out of current revenues,
w i n be
— $76,644,605.78
Total estimated receipts for the year 1017, based on the operation
of the emergency-revenue act to Dec. 31, 1015, and the discontinuance of the 1 cent per pound on r a w sugars May 1,
1016
^
603, 500, 000. 00
A total of
.- 680,144,605.78
Total estimated disbursements for 1017, including $03,800,000 of
new money for the W a r and Navy Departments for additional
preparedness and $25,000,000 for t h e P a n a m a Canal__
857, 051,000. 00
Showing a deficiency in the general fund balance J u n e 30,
1017, of
177, 806, 304. 22
If the emergency revenue act, which expires by
limitation on December 31, 1015, is extended,
it will produce for the fiscal year ending J u n e
30, 1017
$82, 000, 000.00
If the existing duty of 1 cent per pound on r a w
sugars (which, by existing law, is to expire
May 1, 1016) is continued, it is estimated to
produce
45, 000, 000. 00
127,000,000.00
This would leave a deficiency of
7424°—n 1015
-4
1
50, 806, 304. 22
50
REPORT ON THE FINANCES.
The amount of additional revenue, therefore, t h a t must be
raised for the fiscal year 1017 will be measured by said
deficiency of_^
:
$50, 806, 304.22
And a sufficient amount in t h e general fund of t h e T r e a s u r y
for a working balance and general purposes, viz
50, 000, 000. 00
Estimated supplemental and deficiency estimates for 1017
100,806,304.22
12, 000, 000. 00
Total additional revenues required
112, 806, 304. 22
If the P a n a m a C a n a l expenditures for 1017 should be financed
with bonds, as authorized by existing law, there should be deducted from this amount t h e sum of
.
25, 000, 000. 00
The amount of new revenue to be provided, therefore, for the
fiscal year 1017, upon the assumption t h a t payments for t h e
• P a n a m a Canal ,are to be made with the proceeds of bonds,
as authorized by existing law, is__
87,806', 304. 22
And if payments for the P a n a m a Canal for 1016 also are to be
made with proceeds of bonds, the new revenue required
would be_^
L
62, 806, 304. 22
SUMMARIZING T H E F I S C A L YEAR
General fund balance, J u n e 30, 1016, as before
Total estimated receipts, based on existing law
1017.
^.
$76, 644, 605. 78
603, 500, 000. 00
680,144, 605. 78
Total estimated disbursements, including $03,800,000 for preparedness and $25,000,000 for the canal
857, 051, 000. 00
Deficiency in general fund balance, J u n e 30, 1017, under existing law
'
:^
177, 806, 304. 22
Deduct for extension pf the emergency revenue, $82,000,000, and
for continuing duty on sugar, $45,000,000, for. the year
'_.. 127,000,000.00
Leaying a net deficiency in the general fund balance, J u n e
30, 1017, of
50, 806, 304. 22
Amount of additional revenue to be raised for the fiscal year
1017:
Deficiency in general fund balance as above_ $50, 806, 304. 22
Additional amount needed as working bal,ance
____..
50, 000, 000. 00
Add for supplemental,
claims estimates
deficiency,
——i
. 100, 806, 304. 22
and
12, 000, 000. 00
Total amount of additional.revenue to be raised
for fiscal year 1017
112, 806, 304. 22
Amount of additional revenue to be raised if the canal expenditures are financed from bonds both for the years 1016 and 1017_ 62, 806, 304. 22
I have expressed the matter in these different forms, as it seems
to -make it more comprehensible than if expressed in technical
accounting formula.
SECRETARY OF THE TREASURY.
51
I t is evident that the emergency revenue measure and the existing
duty on raw sugars can be continued with advantage.
This being done, we now have to consider the new forms of taxation which must be resorted to for the purpose of providing the
additional revenues required, the major part of which is needed to
carry out the enlarged program for national defense. The total
amount so required for the year 1917 is $112,806,394.22, including
$25,000,000 of expenditures for the Panama Canal in each of the
years 1916 and 1917. If the canal expenditures for both years are to
be financed by bonds, the additional revenue required would be
$62,806,394.22.
I believe that no part of these expenditures should be provided by
the sale of Government bonds, with the possible exception of the
payments for the Panama Canal. Even as to the Panama Canal it
seems to me wise to continue to provide for its necessities out of
the revenues of the Government. The larger part of the canal
expenditures is already behind us, and we should look for diminishing demands from the canal in future years. The policy of providing for the expenditures of the Government by taxation and not
by bond issues is undoubtedly a sound one and should be adhered to.
A nation, no more than an individual, can go constantly into debt
for current expenditures without eventually impairing credit. A
wise, sound, and permanent policy of raising the additional revenues required for preparedness and the expenditures of the Government should, therefore, be devised and adopted.
With the return of peace in Europe the revenues from customs will
undoubtedly increase again, and in time a large part of the customs
revenues lost in the fiscal year 1915 will be restored.
The entire amount of the deficiency, estimated on the basis hereinbefore stated, for the fiscal year 1917, amounting to $112,806,394.22
(which includes payment of Panama Canal expenditures for 1916
and 1917 from the general fund, and provides for the maintenance
of a general-fund working balance in the Treasury of $50,000,000),
can easily be raised by internal taxation without appreciable burdens
upon the American people. The resources and wealth of the country
are so great and are increasing so ra:pidly that the needs of the Government for its normally growing expenditures and for the carrying out of the larger program of national defense and preparedness
can readily be met.
^ I t is respectfully suggested that consideration may well be given
to an increase in the rates of taxation on individual and corporate
incomes as a means of raising in whole or in part the additional
revenues required to meet the new expenditures. I n addition to the
increased rates, the present exemption of $3,000 for single and $4,000
52
REPORT ON THE FINANCES.
for married persons could be reduced to $2,000 and $3,000, respectively, without hardship. The surtax could begin at $10,000 or
$15,000 instead of $20,000, as provided by the present law. A tax
could also be imposed on such products as gasoline, crude and refined
oils, horsepower of automobiles and other internal combustion
engines, and various other things, where collection could be made at
the source with certainty and at small expense.
I shall be glad to place at the disposal of the Congress all information in the possession of the department which may be useful to
the Congress in its deliberations upon this important matter.
SECRETARY OF THE TREASURY.
53
FINANCES.
The following statements showing receipts, disbursements, estimates, and the condition of the Treasury are submitted:
E E C E I P T S AND DISBURSEMENTS.
Fiscalyear 1915.
The receipts and disbursements of the Government during the fiscal
year ended June 30, 1915, were as follows:
(See details on p p . 59 to 65.)
GENERAL F U N D .
Receipts into the general fund, including various trust-fund receipts,
b u t excluding postal revenues:
Customs$209, 786, 672. 21
Internal revenue—
Ordinary
|283, 398, 760.85
Emergency revenue, act Oct. 22, 1914
52, 069,126. 29
Corporation income tax
39,155, 596. 77
Individual income tax
41, 046,162.09 '
415,669,646.00
Sales of public lands
2,167,136.47
Mscellaneous
70, 287,372.90
Total ordinary receipts
.:
Disbursements from the general fund for current
expenses and capital outlays, including various
trust-fund disbursements, b u t excluding postal
service paid from postal revenues and Panama
Canal disbursements:
For civil establishment—
Legislative establishment
Executive proper
State Department
Treasury Department proper :
Public buildings, construction and sites...
War Department proper
Department of J u s t i c e - . . . .
,
Post Office Department proper
Postal deficiencies, including $336,592.60
for prior years
Navy Department proper
Interior Department proper
Department of Agriculture
Department of Commerce
Department of Labor
- -Independent offices
District of Columbia
697, 910, 827. 58
13,577,399.19
3,065, 880.50
4,908,606.79
56,475, 205. 97
14, 632, 085. 62
2, 215,535.19
10,434,871.97
1, 894, 873. 64
6, 636, 592. 60
885, 870.15
29, 069, 642. 99
29,131,112.07
11,499,098. 76
3, 783, 611. 86
5, 738, 773. 78
13, 220, 662. 97
207,169,824.05
54
REPORT ON THE FINANCES.
Disbursements from the general fund for current expenses and capital outlays,
etc.—Continued.
For War Department—For military establishment, $115,813,841.24, as follows:
Support of the Army, $97,371,475.10;
Military Academy,
$996,035.84;
militia, $9,030,093.25; fortifications,
$6,322,474.82; arsenals, $441,894.90;
military posts and miscellaneous,
$T,651,867.33
$115,813,84124
For rivers and harbors
46, 833, 914. 24
For War miscellaneous, civil, including
National Homes, $4,192,945.65; soldiers' deposit fund, $2,188,655.79; cemeteries, parks, claims, etc., $3,943,734.81.
10, 325, 336. 25
172, 973,091. 73
For naval establishment, including construction of new vessels, machinery, armament,
equipment, improvement at navy yards,
and miscellaneous
For Indian service
Forpensions
For interest on the public d e b t . - Total ordinary disbursements:
141,835,653. 98
22,130,350. 70
164, 387,94L 61
22, 902,897. 04
-
$731,399, 759.11
Excess of ordinary disbursements.
Panama Canal disbursements:
Disbursements for canal provided from general fund
33,488,931. 53
29,187,042. 22
Excess of disbursements, including the Panama Canal
Issues and redemptions of public debt:
National-bank-note fund, act July 14, 1890—
Receipts—deposits to retire notes
$21, 553,415. 00
Redemptions—notes retired
17,205,958.00
Excess of receipts
Postal savings^—
Deposits for postal savings bonds
Miscellaneous redemptions, public debt
4,347,457.00
933,540.00
5,280,997.00
47,533.00
Excess of receipts over redemptions, public debt
Total excess of disbursements over receipts into general fund.
General fund balances:
Balance in general fund June 30-, 1914
Excess of general-fund disbursements for year
Balance in general fuad J u n e 30, 1915
62, 675, 973. 75
5,233,464.00
57,442,509. 75
161, 612,615. 53
57,442,509. 75 '
104,170,105. 78
SECRETARY OF THE TREASURY.
55'
SUMMARY OF G E N E R A L - F U N D TRANSACTIONS.
Fiscal year ended June 30, 1915.
Ordinary receipts, including various trust-fund
Receipts.
DisbursemeAts.
receipts, b u t excluding postal revenues
$697, 910,827. 58
Disbursements for current expenses and capital
outlays, including various . trust-fund disbursements, b u t excluding postal service paid from
postal revenues and Panama Canal disbursements
$731, 399, 759.11
Panama Canal disbursements.
29,187,042.22
National-bank note fund, act July 14, 1890:
Receipts—deposits to retire notes
21, 553,415. 00
Redemptions—notes retired
17,205,958.00
Miscellaneous redemptions of the public debt
47, 533. 00
Depositsfor postal savings b o n d s . . . . 933,540.00
Total receipts into the general fund.
Excess of disbursements over r e c e i p t s . . . ,
Grand totals
720, 397, 782. 58
.-..
57,442, 509. 75
,
777, 840, 292. 33 777, 840, 292. 33
POSTAL SERVICE.
Exclusive of Post Office Department proper, which is included in "civil establishment.".
Postal revenue receipts
$287, 248,165. 27
Postal service paid from postal revenues of the year. $287, 248,165. 27
From grants from the Treasury for deficiencies in
postal revenues
6,636,592.60
•
293,884,757.87
U N I T E D STATES N O T E S ( G R E E N B A C K S ) .
Issues to replace worn and mutilated notes,
Worn and mutilated notes retired
.....
$159, 990, 000. 00
159, 990, 000. OO'
The redemptions during the year of the notes unfit for circulation necessitated, tho
issue of a like amount thereof to maintain the outstanding aggregate of the notes as
required by law.
GOLD R E S E R V E
Balance in reserve fund June 30, 1914
Balance in reserve fund June 30, 1915
FUND.
:'.,
$150, 000, 000. 00
152, 977, 036, 63
The redemptions of notes for gold from the reserve fund during the year were: United,
States notes, $49,599,925, and Treasury notes of 1890, $1,740, a total of $49,601,655.
As the redeemed notes were exchanged each day for gold in the general fund, the
reserve was maintained at the fixed sum required b y law, including $2,977,036.63 tax
on additional circulation received during the year under act of May 30, 1908. "
56
REPORT ON THE FINANCES.
TRUST FUNDS.
Reserved against outstanding gold and silver certificates and Treasury notes of 1890:
Issues:
Gold certificates issued.
Silver certificates issued.
$606,400, 000
398, 328, 000
Total set aside in trust funds
Redemptions:
Gold certificates redeemed
Silver certificates redeemed
Treasury notes of 1890 redeemed..
$1, 004, 728, 000
469,192,100
395, 719, .000
185, 000
Total redemptions paid out of trust funds
865, 096,100
Increase in trust funds during year
Balances in trust funds June 30, 1914
„
Balances in trust funds June 30, 1915
139, 631, 900
1,574, 263, 869
1, 713, 895, 769
SINKING FUND.
The securities redeemed on account of the sinking fund, included
in general-fund disbursements, were as follows:
Fractional currency
One-year notes of 1863
Five-twenties of 1862
Refunding certificates
Funded loan of 1907
Compound-interest notes
$2, 233
40
50
710
42, 550
300
Total
45,883
CONDITION OF THE TREASURY J U N E 30,
1915.
The public debt of the United States at the close of the fiscal year,
as stated in the debt statement of June 30; 1915, is set forth in detail,
asfollows:
Interest-bearing debt:
Loan of 1925, 4 per cent
Loan of 1908-1918, 3 per cent
Consols of 1930, 2 per cent
Panama Canal loan, 2 per cent
Panama Canal loan, 3 per cent
Postal savings bonds, 2 J per cent
$118,489, 900.00
63^945,460. 00
646, 250,150. 00
84, 631, 980. 00
50, 000, 000. 00
6, 441, 600. 00
$969, 759, 090. 00
Debt on which interest has ceased:
Funded loan of 1891
Loan of 1904
Funded loan ol 1907
Refunding certificates
Old debt
.:
27,650.00
13, 050. 00
552,350.00
12, 590. 00'
901, 620. 26
1, 507, 260. 26
SECRETARY OF THE TREASURY.
Debt bearing no interest:
United States notes (greenbacks)
National-bank notes, redemption account.
Old demand notes.
Fractional currency
57
$346, 681,016. 00
19, 390, 345. 50
53,152. 50
6,850, 239. 90
$372, 974, 753. 90
Total interest and noninterest-bearing
debt
,
Certificates and notes issued on deposits of
coin and silver bullion:
Gold certificates
U , 218,182,769.00
Silver certificates
493,459, 000.00
Treasury notes of 1890
2, 254, 000.00
1,344,241,104.16
11, 713, 895, 769. 00
Total debt June 30, 1915
3, 058,136, 873.16
CASH IN THE TREASURY J U N E 30,
1915.
[From revised statements.]
Reserve fund:
Gold coin and bullion
.'
$152, 977, 036. 63
Trust funds:
Gold coin and bullion
Silver dollars.
Silver dollars of 1890
^1,173, 708, 989.00
493,459, 000.00
2,254,000.00*
1, 669,421, 989. 00
General fund:
I n 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..
Federal reserve notes.
Certified checks on
banks
Silver bullion (at cost)
Subsidiary silver coin.
Fractional currency..
Minor coin
..
Awaiting reimbursement. United States
bonds and interest
paid..
$56, 273, 963. 55
38,495, 370. 00
7,911,499.00
11,488, 605.00
14, 338, 770. 00
9,313.00
7, 806,405. 00
3, 885, 850.00
483,314.66
4, 273, 678. 44
26,164, 295.47.
77.00
2, 810, 646. 83
11,344.25
$173, 953,132. 20
• Includmg S300,000 gold certificates issued June 30, 1915; advices not received in time for inclusion in
the public-debt statement of that date.
« Exclusive of $44,723,780 demand gold certificates received in exchange for gold and order gold certifitjates, and including $260,000 received but not covered by warrant during the fiscal year.
58
REPORT ON THE FINANCES.
General fund—Continued.
Deduct current liabilities—
National-bank 5 per
cent fund
$29,867. 250. 94
Less notes in process
of redemption
26,074,141. 20
3, 793,109. 74
Outstanding warrants
and checks
2, 715,141. 62
Balances to credit of
disbm-sing officers.. 57,700,899. 30
Post Office Department balances
3, 548, 620. 77
Miscellaneous i t e m s . . 11,458, 894. 03
Postal savings—5 per
cent account
4, 841, 699. 69
Retii'ement of additional circulating
notes
67,174,190. 55
Redemption
fund.
Federal. R e s e r v e
. notes
1,080,324. 71
152,312,880.41
Less warrants and checks
not cleared
1,685,956.53
. $150, 626, 923. 88
Working balance in Treasury offices
I n national-bank depositories—
To credit of the Treasurer of the United
States.....
53,454,547.87
To credit of disbursing
officers
6,484,6n.32
I n transit to Treasury
offices
25,211,090.81
. $23,326, 208. 32
85,150, 250.00
I n treasury of the Philippine Islands—
To credit of the Treasurer of the United
States
To credit of United
States
disbursing
officers
3,406,899.36
1,433,802.11
4,840, 701.47
59,990,95L47
SECRETAEY OF THE TBEASUEY.
59
General fund—Continued.
Deduct current liabilities—
Outstanding warrants $1,228,640.58
Balances to the credit
of disbursing officers 7, 918,413.43
9,147,054.01
Balances in banks and in treasury of Philippine Islands...
$80,843,897.46
Total balance in general fund June 30,1915
104,170,105. 78
Total balance in general fund June 30,1914
161, 612, 615. 53
Decrease in 1915
57,442,509. 75
Comparison of receipts, fiscal years 1914 and 1915.
1915
1914
Increase, 1915. Decrease, 1915.
|$209,786,672.21 ;S292,320,014.51
Customs
$82,533,342.30
Internalrevenue:
283,398,760.85 308,659,732.56
Ordinary
25,260,971.71
Emergency revenue, act Oct. 22,1914.. 62,069,126.29
$52,069,126.29
39,155,596.77 43,127,739.89
Corporation income tax
3,972,143.12
41,046,162.09 28,253,534.85 12'792,* 627* 24
Individual income tax
2,167,136.47
Sales of public lands
i
2,571,774.77
404,638.30
1,456,019.85
Consular fees
1,950,089.11
494,069.26
635,260.60
Chinese indemnity
806,083.88
270,823.28
4,427,902.98
Profits on coinage, bullion deposits, etc...
6,182,560.03
1,754,657.05
211.26
9,247.01
Payment of interest by Pacific railways..
9,035.75
3,908,606.90
25,408:76
Tax on circulation of national banks
3,883,198.14
1,297,069.87
333,300.97
[nterest on public deposits
963,768.90
1,774,464.49
1,774,464.49
Premium on war risk insurance
186,123.56
195,832.70
9,709,14
Night services, customs service
793,876.69
1,025,255.65
Customs fees, fines, penalties, etc
231,378.96
Proceeds of militia property lost or de64,949.17
stroyed
166,850.70
101,901.52
Sale of battleships Idaho and Mississippi-. 12,535,275.96
12,635,276.96
Navy hospital and clothing funds, fines
915,308.99
804,297.83
and forfeitures, etc
111,011.16
124,253.42
146,058.46
21,805.04
Sales of ordnance material, etc
1,614,116.34
1,655,498.65
41,382.31
Land fees
2,265,485.73
2,168,616.23 '***96,*969.*56'
Fees on letters patent
Compromise and repurchase of forfeited
76,620.23
203,648.92
127,028.69
lands
75,358.85
219,095.98
143,737.13
Depredations on public lands
Contributions for protecting Imperial Val100,000.00
100,000.00
ley, Cal
Proceeds of town sites. Reclamation
3,156.03
15,280.25
18,436.28
Service
„48,057.74
2,486,900.89
2,534,958.63
Forest reserve fund
1,325,778.79
6,216,149.76
Immigrant fund
3,890,370.97
452,778.60
446,208.60
Naturalization fees
6,670.00
108.65
50,647.31
50,438.76
Proceeds of sealskins
27,296.60
386,769.67
359,472.97
Annual yacht tax
43,278.94
227,081.49
270,360.43
Alaska fund
274,635.03
855,221.57
1,129,856.60
Judicial fees, fines, penalties, etc
300,000.00
3,800,000.00
3,500,000.00
Surplus postal revenues
163,655.90
1,388,981.84
1,225,325.94
Sales of Government property
34,628.32
220,068.12
185,439.80
Rent ofpublic buildings, grounds, etc
29,749.60
4,485.00
34,234.60
Sales of lands and buildings
668,106.87
8,080,420.74
8,748,527.61
District of Columbia, general receipts
Funds contributed for river and harbor
1,655,427.33
492,424.90
1,163,002.43
improvements
390,491.89
698,647.87
308,155.98
Panama Canal, rentals, work done, etc.. 3,822,085.29
3,822,085.29
Panama Canal, tolls
:
Reimbursements on account of expendi300,926.94
149,449.16
450,376.10
tures made for Indian tribes
Assessments on Federal reserve banks,
361,087.28
361,087.28
for salaries, etc
396,184.93
'i,'464,'420." 84'
1,860,605.77
Miscellaneous
60
REPORT ON THE FINANCES.
Comparison of receipts, fiscal years 1914 cmd 1915—Continued.
1915
1914
Increase, 1915. Decrease, 1915.
TEUST FUNDS.
Department of State:
Misp.Allaneon.*? tTni.'=?t f u n r L s , , , . , - , - , . , . .
War Department:
Army deposit fund
SoldiArs^'HoTne pfirma"noTit fu^d
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 funds
Personal funds of patients. Government Hospital for Insane
Pension money. Government Hospital for Insane
District of Columbia:
Miscellaneous trust-fund deposits
Washington redemption fund
Police and firemen's relief funds
Other trust funds
.
...
Total
Deduct—
Moneys covered by warrant in
year subsequent to the deposit
thereof
Add—
Moneys received in fiscal year
but not covered by warrant....
Ordinary receipts
Publicdebt:
Postal savings bonds
NatiOTial-bank nnte fund
Public debt receipts
$110,025.67
$142,018.92
1,802,606.60
639,237.35
2,023,440.73
445,303.89
$93,933.46
208,676.00
176,984.00
177,018.00
113,279.00
31,658.00
63,705.00
191,734.28
2,386,136.09
3,058,670.62
591,980.41
54,429.13
3,248,054.93
4,668,179.99
90,590.52
19,391.75
30,291.90
99,197.54
99,989.83
509,411.67
132,388.41
121,753.78
23,638.38
419,200.78
121,947.42
124,325.01
7,043.16
696,855,728.98
734,541,674.83
$31,993.25
137,305.15
.
501,389.89
220,834.13
861 918 84
1,609,509.37
10,900.15
792.29
90,210.89
10,440.99
2 571.23
16,595.22
86,419,658.91- 124,105,504.76
637,462.47
505,970.59
131,491.88
696,218.266.51
734,035,704.24
86,288,067.03
1,692,561.07
637,462.47
1,055,098.60
697,910,827.58
734,673,166.71
87,343,165.63
933,540.00
121,553,415.00
3,118,940.00
19,902,282.50
1,651,132.50
124,105,504.76
124,105,504.70
2,185,400.00
22,486,955.00
23,021,222.50
1,651,132.50
2,185,400.00
Total receipts, exclusive of postal... 720,397,782.58
Postal revenues
287,248,165.27
757,694,389.21
287,934,565.67
88,994,298.13
126,290,904.76
686,400.40
1,007,645,947.85 1,045,628,954.88 88,994,298.13
126,977,305.16
Total receipts, including postal
1 Includes the sum of $100,000 received during the fiscal year but not covered by warrant.
Comparison of disbursements, fiscal years 1914 (^nd 1915.
1915
1914
$1,796,518.83.
5,081,324.92
449,835.82
5,604,144.28
615,162.15
30,413.19
81,821,485.71
5,011,755.90
508,231. iO
5,464,899.79
629,454.70
33,000.10
13,577,399.19
13,468,827.66
Increase, 1915. Decrease, 1915.
CIVIL ESTABLISHMENT.
Legislative:
Senate
House of Representatives
Legislative, miscellaneous
Public Printer
Library of Congress
Botanic Garden
Total legislative
Executive proper:
193,150.01
Salaries and expenses
Relief, etc., American citizens in Europe: Amomit expended—
By Board of Relief... $1,840,234.10
By State Department.
658,383.98 1 2,498,618.08
Civil Service Commission
374,112.41
' Total executive proper
3,065,880.50
. $69,569.02
139,244.49
208,813.51
211,702.76
$24,966.88
58,395.64
14,292.55
2,586.91
100.241 98
18,552.75
352,431.60
2,498,618.08
21,680.81
564,134.36
2,520,298.89
18,552.75
61
SECRETAR.Y OF THE TREASURY.
Comparison of disbursements, fiscal years 1914 and 1915—Continued.
1914
Increase, 1915. Decrease, 1915.
CIVIL ESTABLISHMENT—continued.
Department of State:
Salaries and expenses
Foreign intercourseDiplomatic salaries...
Consular salaries
Contingent expenses of foreign
missions
Contingencies of consulates
Emergencies arising in the Diplomatic and Consular Service...
Relief of American citizens in Mexico.
Representation of interests of foreign
Governments
Payment to Panama
Miscellaneous items
Trust funds
Total Department of State
Treasury Department:
Salaries Secretary's office and divisions thereof
Contingent fund for Secretary
Conference of American financiers —
Contingent expenses of department...
Customs ServiceCollecting customs revenues
Detection and- prevention of
frauds
Refunding excess of deposits
Debentures or drawbacks
Compensation in lieu of moieties..
Miscellaneous refunds
Internal-Revenue ServiceExpenses of collecting
Remnds and reliefs
Suppressing counterfeiting and other
crimes
Accounting oflices
Miscellaneous offices
Public Health Service
Epidemic diseases
War risk insurance:
Expenses
Losses
Engraving and printing
Paper, etc., for United States securities
Preparation and issue of Federal reserve notes
Salaries and expenses under act to
amend the national banking laws...
Coast Guard
Revenue vessels
Independent Treasury
Mints and assay offices
Public buildingsSites, construction, and equipment
Current maintenance
Panama-Pacific Exposition
Miscellaneous items
Special f u n d s Philippine special funds
Night services. Customs Service..
Total Treasury Department
War Department:
Salaries and expenses
:
Public buildings and grounds
Total War Department
Navy Department:
Salaries and expenses
$349,224.90
$348,329.70
596,839.93
1,439,935.42
783,025.00
1,512,659.50
373,486.97
475,734195
384,288.14
463,733.45
107,947.61
46,307.57
87,700.59
376,781.91
271,475.27
250,000.00
635,808.31
.461,845. 86
$895.20
$186,185.07
72,724.08
10,801.17
12, OOL 50
20,247.02
330,474.34
271,475.27
250,000.00
159,259.42
500,000.00
695,067.73
102,325.76
359,520.10
4,908,606.79
5,253,911.78
664,139.09
633,106.20
3,702.78
31,896.45
247,895.12
620,492.84
11,975.17
249,176.75
1,281.63
10,040,066.75
10,083,750.47
43,683.72
158,739.89
4,297,594.32
7,631,568.98
. 17,517.71
11,340.32
149,463.41
5,148,489.43
3,366,634.97
17,406.72
31,859.66
4,264,934.01
110.99
6,594,028.27
2,314,800.93
5,899,462.63
856,930.52
694,565.64
1,457,870.41
140,625.03
1,644,635.29
1,187,078.02
2,308,426.31
459,393.97
131,599.75
1,661,350.46
1,121,67L25
2,162,485.56
179,43L00
9,025.28
16,691.93
709,103.00
3,634,706.52
4,048,542.28
470,678.15
489,125.75
1,009,444.1
12,613.36
'.
8,272.39
31,896.45
9,276.48
850,895.11
20,519. 34
16,715.17
65,406.77
145,940.75
279,962.97
16,69L93
709,103.00
413,836.76
18,447.60
155,050.83
155,050.83
481,679.70
4,986,455.60
262,577.32
745,503.54
978,314.42
22.00
4,680,92L72
179,845.96
765,185.01
1,739,895.39
481,657.70
305,533.88
82,731.36
14,632,085.62
5,321,557.76
357,475.42
266,131.89
11,277,797.10
4,692,173.40
30,124.93
113,724.19
3,354,288.52
629,384.36
327,350.49
152,407.70
183,437.82
183,426.73
233,710.70
196,607..76
71,107,29L59
.60,139,856.78
13,185,802.88
1,811,368.45
404,166.74
1,809,97L86
427,097.51
1,396.59
2,215,535.19
2,237,069.37
1,396.59
885,870.15
860,873.02
24,997.13
19,681.47
761,580.97
50,272.88
13,181.03
2,218,368.07
22,930.77
22,930.77
62
REPORT ON T H E
FINANCES.
Comparison of disbursements, fiscal years 1914 and 1915—Continued.
1915
1914
Increase, 1915. Decrease, 1915.
CIVIL ESTABLISHMENT—continued.
Interior D e p a r t m e n t :
Salaries a n d expenses, office of Secretary
General L a n d Office
P u b l i c l a n d s service
I n d i a n Office
P e n s i o n Office
P a t e n t Office
. •
B u r e a u of E d u c a t i o n
Colleges for agriculture a n d t h e
mechanic a r t s
Geological S u r v e y
B u r e a u of Mines
Office of S u p e r i n t e n d e n t of Capitol
Building a n d Grounds
1
National parks
.
Territorial g o v e r n m e n t s ^
Beneficiaries
Protecting lands a n d property in
t h e I m p e r i a l Valley
Construction, etc., of railroads i n
Alaska
E n l a r g i n g t h e Capitol g r o u n d s
Miscellaneous i t e m s
Special funds— .
R e c l a m a t i o n fund
F i v e , three, a n d t w o p e r cent
funds, sales of l a n d s
R e v e n u e s of n a t i o n a l p a r k s a n d
H o t Springs, A r k
P u b l i c schools, A l a s k a fund
Miscellaneous special funds
Trust f u n d s Deposits for s u r v e y i n g p u b l i c
lands
.
.
Miscellaneous t r u s t funds
Total Interior D e p a r t m e n t
P o s t Office D e p a r t m e n t :
Salaries a n d expenses
• Deficiency i n p o s t a l r e v e n u e s
E s t a b l i s h i n g p o s t a l savings depositories
Parcel p o s t e q u i p m e n t
Miscellaneous i t e m s
T o t a l P o s t Office D e p a r t m e n t
D e p a r t m e n t of Agriculture:
Salaries a n d miscellaneous
Expenses, Animal I n d u s t r y
Meat inspection, A n i m a l I n d u s t r y
F o o t - a n d - m o u t h disease .
E x p e n s e s of P l a n t I n d u s t r y
P u r c h a s e of seeds
F o r e s t Service
I n v e s t i g a t i n g h o g cholera a n d d o u r i n e .
Acquisition of l a n d s for protection of
watersheds, n a v i g a b l e s t r e a m s
Enforcement food a n d drugs a c t
Agricultural e x p e r i m e n t s t a t i o n s
Cooperative e x t e n s i o n w o r k
W e a t h e r B u r e a u , expenses
Special f u n d s P a y m e n t s t o States a n d Territories from N a t i o n a l Forests fund.
R o a d s a n d trials for States
Mi.'^cellanenn.c; .c;pp.nia.l fimds..... T o t a l D e p a r t m e n t of Agriculture
:..
$761,052.43
661,988.51
2,797,670.39
314,847.69
1,678,691.97
1,485,294.31
341,334.30
$784,271.24
668,622.15
2,464,646.66
304,193.83
1,952,233.61
1,460,882.66
301,590.53
2,500,000.00
1,361,842.33
710,307.45
2,500,000.00
1,368,544.74
645,167.58
803,139.42
282,423.47
50,143.29
658,373.71
726,185.10
346,130.19
637,418.95
$23,218.81
6,633.64
$333,023.73
10,653.86
273,541.64
24,4n.65
30,743.77
6,702.41
65,139.87
76,954.32
63,706.72
50,143.29
20,954.76
100,5n.06
46,000.00
54,5n.06
572,786.03
1,110,112.94
115,000.00
4,000.00
457,786.03
1,106,112.94
18,265.87
128,784.18
110,518.31
12,090,225.78
7,709,350.92
110,679.31
117,519.52
65,192.62
100,946.93
120,763.40
69,993.54
61,607.96
8,243.41
47,525.98
3,584.66
92,703.52
124,349.35
141,426.00
151,197.83
99,568.01
41,857.99
29,069,642.99
22,656,130.62
6,824,248.16
4,380,874.86
10,084.09
26,848.48
410,735.79
_.
1,805,265.03
6,636,592.60
1,837,947.24
1,925.94
19,352.11
68,330.56
38,228.06
359,767.74
259.20
68,07L36
8,531,466.24
2,236,202.24
6,704,663.96
7,629,188.72
1,751,280.48
3,184,677.69
3,416,155.83
2,730,892.34
236,561.68
3,771,934.95
343,479.52
6,825,052.19
1,467,709.63
3,174,456.07
804,136.53
283,570.85
10,22L62
3,416,155.83
739,066.24
1
32,682.21
6,636,592.60
1,991,826.10
285,527.11
3,274,72L63
36 302 12
340,415.63
48,965.43
497,213.32
343,479.52
1,138,094.51
553,482.78
1,635,597.42
480,000.00
1,362,079.65
838,861.61
624,043.23
1,577,444.65
630,436.92
209,244.03
58,006.55
586,593.39
227,477.27
92,896.31
43,843.53
29,131,112.07
22,208,14L12
7,095,620.83
1,241,531.93
409,399. G6
299,232.90
70,560.45
58,152.77
480,000.00
120,547.72
18,233.24
34,890.76
172,649.88
1 Certain appropriations for "Territories'' were transferred to the Interior Department during the fiscal
year 1915. Additional disbursements are shown under "Independent Offices," p. 63.
63
SECRETAR.Y OF THE TREASURY.
Comparison of disbursements, fiscal years 1914 and i9J?5—Continued.
1914
Increase, 1915. Decrease, 1915.
crviL 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
$1,039,274.30
634,303.68
1,553,327.98
1,095,301.95
5,607,966.78
993,589. 87
32,500.00
533,961.13
8,873.07
$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
$154,996.74
38,833.80
332,961.64
95,926.09
33,989.89
Total Department of Commerce..
11,499,098.76
10,958,882.40
676,885.65
1.54,055.75
256,91L96
337,389.28
109,724.62
2,531,329.24
252,271.56
33,34L56
77,580.59
46,170.89
32,904.70
141,929.45
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
116,640.24
Total Department of Labor.
3,783,6n. 86
3,768,904.05
306,637.98
1,538,126.23
1,588,572.58
1,511,300.97
67,375.33
1,520,269.87
1,194,251.35
612,777.06
1,153,885.55
230,885.96
151,764.12
670,455.49
268,436.98
1,509, 390.92
67, 480.00
1,526, 227.64
1,138, i.42
631, 126.00
1,048, 873.38
245, 697.46
129, 659.04
506, 441.41
259, 204.79
478,719. 27
1,036,623.79
491,932.88
1,044,586.74
Total, Department of Justice .
Independent bureaus and offices:
Interstate Commerce Commission
Smithsonian Institution
National Museum..-.
Zoological Park
Territorial governments i
Salaries, etc.. Federal Reserve Board.
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-fund
WDOSitS
13,560.90
15,996.80
4,180.59
Department of Labor:
Salaries and expenses
Bureau of Labor Statistics
Bureau of Naturalization
Bureau of Immigration
Regulating imm.igration
Immigration stations
Special fund, immigration stations..
. Children's Bureau..
Department of Justice:
Salaries and expenses
Salaries of justices, assistant attorneys , etc
Court of Claims
Salaries, fees, etc., of marshals
Fees of witnesses
:
Salaries and fees, district attorneys...
Fees cf j urors
Fees of clerks
Fees of commissioners
Support of prisoners •.
Pay of bailiffs
Miscellaneous expenses,
United
States courts
Miscellaneous items
$123,108.29
136,669.19
31,430.25
258,649.92
1,850.00
291,930.17
50,446.35
1,910.05
104.67
5,957.77
55,292.93
"i65,'6i2.'i7
22,105.08
164,014.08
9,232.19
18,348.94
'i4,"8ii.'56
13,217.61
7,962.95
10,434,87L97
10,188,15L26
3,790,435.15
204,008.60
403,018.99
104,215.36
199,050.08
295,535.96
2,010,695.66
147,849:31
366,995.78
106,388.32
175,792.34
182,895.34
559,614.30
173,370.32
251,087.88
9,525.02
308,526.42
5,738,773. 78
3,232,179.61
2,508,767.13
11,891,436.91
11,239,632.56
651,804.35
602,122.17
5,890.81
771,957.06
2,746.28
3,144.53
458,382.27
134,965.25
118,095.21
9,770.35
485,557.94
116,549.30
129,723.87
10,804.17
357,566.50
110,845.79
1,779,739.49
56,159. 29
36,023.21
2,172.9
23,257.74
295,535.96
2,172.96
169,834.89
de-
.-..
ashington redemption fund...
Police and firemen's relief fundsOther trust funds
27,175.67
18,415.95
11,628.66
1,033.82
Total, District of Columbia.
13,220,662.97
12,756,97L18
673,364.83
209,673.04
Total' Civil Establishment..
207,169,824.05
170,530,235.45
41,753,203.03
5,113,614.43
1 Additional disbursements for Territories are shown under Interior Department, p . 62.
64
REPORT ON THE FINANCES.
Comparison of disbursements, fiscal years 1914'and 1915—Continued.
1914
Increase, 1915.Decrease, 1915.
WAR D E P A R T M E N T .
Military Establishment:
$34,760,995.61 $33,485,560.68 $1,27.5,434.93
Quartermaster Corps
47,576,235.70
481,641.43
48,057,877.13
Pay, etc., of the Army
9,981,927.81
46,550.50
10,028,478.31
Subsistence of the Army
765,646.40
660,577.54
Medical Department
200.21
8,120,
7,116,190. 74
Ordnance Department
2,790,115.28
2,820,913.23
Engineer .Department
30,797.95
722,377.97
6.38,333.60
Signal Service
1,122,587.18
Military Academy
996,035.84
1,686,678.56
1,427,921.64
Military posts
6,912,315.48 *2,*ii7,*777.'77"
9,030,093.25
Militia.
272,301.06
223,945.69
Miscellaneous items
Special funds; ordnance material, pow87,217.36
52,478.66
der, etc
Total, Military Establishment
War miscellaneous, civil:
National cemeteries
National parks
National homes for disabled soldiers
State homes for disabled soldiers
Raising the U. S. S. Maine....
Sufferers from floods and fire
Soldiers' Home interest account
Monuments
War claims and rehef acts
Expenses interned Mexican soldiers and
refugees
Miscellaneous items
Special f u n d s Wagon roads, etc., Alaska fund
Miscellaneous special funds
Trust fundsPay of the Army, deposit fund
Soldiers' Home permanent fund
Total, War miscellaneous civil.....
Rivers and harbors:
Improving harbors
Improving rivers
Special funds, for rivers and harbors
113,523,163.69
3,952,202.58
298,921.65
449,603.91
3,692,930.68
831,917.57
48,363.70
633,776.47
100,266.22
120,659.39
306,278.95
29,990.56
135,086.31
*9i3,*9i6.'35"
350,064.31
620,719.67
303,921.02
348,613.89
46,143.29
172,105.78
171,983.78
6,277.21
166,423.74
6,557.65
6,560.04
2,188,655.79
548,197.29
2,364,761.89
405,151.62
143,045.67
10,325,336.25
10,078,048.35
1,656,850.15
8,674,636.93
36,416,323.09
1,744,054.22
11,278,529.23
37,030,963.78
1,612,099.15
131,955.07
115,813,841.24
328,912.21
684,690.22
3,150,249.29
1,042,696.36
8,660.71
47,977.00
100,495.58
55,567. 53
1,220,189.30
210,778.79
229.36
$106,068.86
1,004,009.47
84,044.37
126,551.34
258,756.92
48,355.37
34,738:70
1,661,525.03
542,681.39
39,702.99
585,799.47
64,991.86
280.44
176,106.10
1,409,562.25
2,603,993.30
615,640.69
Total, rivers and harbors
46,833,914.24
49,921,692.16
131,955.07
3,219,632.99
Total, War Department
172,973,091.73
173,522,804.20
5,741,007.80
6,290,720.27
39,363,324.69
5,800,345.62
395,373.10
2,867,142.33
9,835,233.16
10,161,497.09
8,698,007.61
16,435,657.61
706,633.07
7,786,419.12
614,211.47
42,542;600.41
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
7,634,958.10
1,337,710.33
31,546.66
15,322,316.67
327,155.91
8,241.72
2,838,395.17
201,998.40
***i25,*i57.*45'
215,840.24
27,500.00
650,838.04
374,505.24
225,386.70
47,300.00
632,892.34
320,167.24
17,945.70
54,338.00
128,366.66
195,119.00
653.62
96,214.00
107,337.28
145.34
32,152.56
87,781.72
508.28
141,835,653.98
139,682,186.28
23,939,786.40
NAVY D E P A R T M E N T .
Naval Establishment:
Increase of the Navy.
Bureau of Yards and Docks
Bureau of Equipment
Bureau of Navigation
Bureau of Constiuction and Repair
Bureau of Ordnance
Bureau of Steam Engineering
Bureau of Supplies and Accounts
Bureau of Medicine and Surgery
Marine Corps
Naval Academy
Pay of the Navy
,
Judgments, Court of Claims and United
States courts
General accoimt of advances.. Miscellaneous items
Special fimds—
Naval hospital fund
Ordnance material (proceeds of sales),
Fines and forfeitures
Clothing fund
Trust f u n d s Pay, Marine Corps, deposit fund
Pay of the Navy, deposit fund
,
Prize money
Total, Naval Establishment
1 Repayments in excess of disbursements.
416,682.28
2,042,822.72
2,422,435.70
6,752,813.24
141,735.85
113,446.59
2,734,992.94
23,304.94
8,720,077.25
*4,*868,"i46.'55
8,036.70
1,160,711.74
9,546.46
19,800.00
21,786,318.70
65
SECRETARY OF T H E TREASURY.
Comparison of disbursements, fiscal years 1914 dnd 1915—Continued.
1915
INDIAN
1914
Increase, 1915. Decrease, 1915.
SERVICE.
C u r r e n t a n d c o n t i n g e n t expenses
.° rnlfilling treatv stipulations
Miscellaneous s u p p o r t s
Interest on I n d i a n trust-fund a c c o u n t s . . .
S u p p o r t of I n d i a n schools
Miscellaneous expenses
T r u s t funds
$1,001,605.14
$118,917.86
609.430.14
39,818.57
667,,595.33
1,709,562.25
338,144.49
4.081,897.17
4.153.030.41
7,991,955.52 "i,'623,"854.'37'
$1,°120.523.00
.049.248.71
657,910.23
2,047.706.74
4,011,135.19
4,028.016.94
9,615.809.89
$9,685.10
70,761.98
125,013.47
T o t a l , I n d i a n Service
22,130.350.70
20,215.075.96
Pensions
Interest on t h e p u b l i c d e b t
164.387.941.61
22.902.897.04
173.440.231.12
22,863.950.70
Ordinarv disbursements i
P a n a m a Canal d i s b u r s e m e n t s
731.399.759.11
29.187.042.22
700.254,489.71
34.826,941.76
Public debt:
N a t i o n a l - b a n k - n o t e fund
F u n d e d . l o a n of 1907
Miscellaneoas r e d e m p t i o n s
17,205.958.00
42,550.00
4,983.00
26,852.200.00
105.500.00
3,027.00
1,356,00
17.253.491.00
26,901,327.00
1,356.00
9.709,192.00
777,840,292.33
762,042,758.47
73,595,028.80
57,797,495.00
287,248.165.27
283,558,102.02
3,690,002.65
1,005,088,457.00
1,045,600,801.09
77,285,091.51
205.460.55
9,052,289.51
38.940.34
73,593,072.80
42,448.403.46
5.639,899.54
«
Public-debt disbursements
T o t a l d i s b u r s e m e n t s , exclusive of
postal
Postal Service, p a y a b l e from postal r e v enues 3
Total . disbursements,
postal
2.120.735. 29
9,646,242.00
62,'950.00
including
57,797,495.00
1 Exclusive of Panama Canal, public debt, and Postal Service disbursements.
2 Exclusive of grants from the Treasury for deflciencies in postal revenues included in expenses of civU
establishment, p . 62.
Detailed estimates for the fiscal years 1916 and 1917 follow:
Fiscal year 1916.
The receipts and disbursements of the Government for the current
fiscal year are estimated upon the basis of existing laws (see note
below), as follows:
RECEIPTS.
(See p p . 48 to 52 on Revenues.)
Ordinary receipts:
From customs
$195,000,000.00
From internal revenue—
Ordinary
$272,000,000
Emergency revenue (6 montlis), act Oct. 22,
1914
40,000,000
Income tax^—
Corporations
42,500,000
Individuals
42, 500, 000
397,000,000.00
From sales of public lands
2, 200,000.00
From miscellaneous sources
58,000,000.00
Total estimated ordinary receipts, based on existing laws
652, 200,000.00
Panama Canal:
Estimated receipts from, tolls, etc
$4, 300, OOP
NOTE.—By " existing laws " is meant that the present emergency revenue act expires December 31,
1915, and that the existing sugar duties expire May 1,1916.
7424°--EI 1915
5
66
REPORT OlSr THE FINANCES.
Public debt:
Estimated deposits to retire national-bank notes,
actof July 14, 1890, in excess of amount to be
retired
$12,000,000
NOTE.—As the deposits to retire nationalbank notes under the act of July 14, 1890, are
estimated to exceed the redemption of the notes
for retirement, the excess of such deposits, estimated at 12 millions, is used in this statement.
Estimated deposits for issue of postal savings bonds 1, 865,500
Total estimated Panama Canal and public debt receipts
$18,165, 500.00
Grand total estimated receipts, based on existing laws
670, 365, 500.00
,
,
DISBURSEMENTS.
For civil establishment:
. Legislative establishment
Executive proper . . . . :
State Department
.".
Treasury Department proper
Public buildings, construction and sites
War Department proper.. L
Department of Justice
Post Office Department proper
Grants from the Treasury for postal deficiencies
Navy Department proper
,
Interior Department proper. „
Department of Agriculture
Department of Commerce
Department of Labor
Independent offices—
Sm ithsonian Institution and National Museum
Interstate Commerce Commission
Federal Trade Commission
Board of Mediation and Conciliation
Commission on Industrial .Relations
Arlington Memorial Commission
Rock Creek and Potomac Parkway Commission
State, War, and Navy Department Building
District of Columbia
Total civil establishment
For War Department:
Military Establishment
Rivers and harbors..
Miscellaneous civil. War
....
Total estimated ordinary disbursem.^nt8,..... r
650,000.00
4,425,000.00
340,000.00
50,000.00
80, 000.00
300,000.00
5,000.00
150,000.00
13,200,000.00
201, 257,000.00
117, 636, 000
31,400,000
11, 700,000
For Navy Department:
Naval Establishment, exclusive of building program
110,700.000
Navy building program, new
15,500,000
Navy building prograim, prior years
23,800,000
For Indian Service
For pensions
For interest on the public debt
13,800,000.00
660,000.00
5, 360, 000. 00
52,000, 000.00
14,000, 000.00
2, 200, 000.00
10,600, 000.00
1, 800, 000.00
10, 000, 000. 00
860, 000. 00
28,000, 000. 00
29,000,000.00
10, 250,000.00
3, 527,000.00
160, 736,000.00
150,000,000.00
20,000,000.00
161, 878, 000.00
. 22, 970,000.00
716, 841, 000. OQ
SECRETARY OF THE TREASURY.
67
PanamaCanal:
Disbursements for the canal from the general fund of the Treasury $25, 000,000.00
Publicdebt:
c
Miscellaneous redemptions of the debt
50,000.00
Grand total estimated disbursements
741, 891,000.00
Estimated excess of ordinary disbursements over ordinary receipts,
based on existing laws.
64, 641, 000.00
Estimated excess of total disbursements over total receipts, based on ,
existing laws, Panama Canal disbursements from the general fund
included
71,525,500.00
POSTAL SERVICE.
The Post Office Department estimates that under existing laws the
postal revenues for the fiscal year 1916 will probably be $298,500,000,
with expenditures for the Postal Service for the same period of approximately $308,500,000.
Fiscalyear 1917.
It is estimated that wpon the basis of existing laws the receipts and
disbursements for the fiscal year 1917 will be (see note below):
RECEIPTS.
(See pp. 48 to 52 on Revenues.)
Ordinary receipts:
From customs
From internal revenue—
Ordinary
Income tax—
Corporations
Individuals
$165,000,000.00
$265,000,000
45,000. 000
45,000, 000
—
From sales of public lands
From miscellaneous sources
355,000,000.00
2, 200,000. 00
58,000,000.00
Total estimated ordinary receipts, based on existing laws
580, 200,000.00
Panama Canal:
Estimated receipts from tolls, etc
9, 300,000
Public debt:
Estimated deposits to retire national-bank notes,
act of July 14,1890, in excess of amount to be
retired
12,000,000
NOTE.—^As the deposits to retire nationalbank notes under the act of July 14,1890, are es. timated to exceed the redemption of the notes
for retirement, the excess of such depdsits, estimated at 12 millions, is used in this statement.
Estimated deposits for issue of postal savings
bonds
2,000,000
Total estimated Panama Canal and public-debt receipts
Grand total estimated receipts, based on existing laws
23,300,000.00
603,500,000.00
NOTE.—By "existing laws" is meant that the present emergency revenue act expires December 31,
1915^ and that the existing sugar duties expire May 1,1916.
68
REPORT ON THE FINANCES.
DISBURSEMENTS.
For civil establishment:
Legislative establishment
'
Executive proper
. State Department
Treasury Department proper.
Public buildings, construction and sites.
War Department proper.
Department of Justice
Post Office Department proper
- Grants from the Treasury .for postal deficiencies
Navy Department proper
Interior Department proper
Department of Agriculture
. Department of Commerce...
Department of Labor
Independent offices—
Smitlisonian Institution and National Museum
Interstate Commerce Commission
Federal Trade Cominission.
Board of Mediation and Conciliation
Arlington Memorial Commission
Rock Creek and Potomac Parkway Commission
State, War, and Navy Department Buildiag
District of Columbia
,...
$13,800, 000. 0.0
680,000.00
6,000,000. 00
- 54, 500, 000. 00
.
12,000, 000.00
2,400, 000.00
10, 800, 000.00
1,750, 000. 00
8,000,000100
900,000.00
33, 200, 000.00
31, 000, 000. 00
13, 500, 000.00
4,000, 000.00
750, 000.00
4, 730,000. 00
500, 000. 00
50, 000. 00
100, 000.00
200, 000.00
] 70,000.00
13,500,000. 00
Total civil establishment
212,530,000.00
For War Departraent:
Military Establishment, including . $58,800,000 for preparedness
$176, 355,000.00
Rivers and harbors.
45, 964, 000. 00
Miscellaneous civil. War
9,193,000. 00
—
~
231,512,000.00
For Navy Department:
(Including $35,000,000 for preparedness.)
Naval Establishment, exclusive of building
program
117, 700,000. 00
Navy building program, new
39,000,000.00
Navy building program, prior years
28,300,000. 00 .
185, 000,000.00
For Indian Service..,
20, 000, 000.00
For pensions
160, 559, 000.00
For interest on the public debt
23, 300,000.00
Total estimated ordinary disbursements
Panama Canal:
Disbursements for the canal from t h e general fund of the
Treasury
Public debt:
Miscellaneous redemptions of the debt
832, 901,000.00
25,000,000.00
50,000.00
Grand total estimated_ d i s b u r s e m e n t s . : . . . . . . . : . . . . . . . . : . : : ' 857, 951,000.00
Estimated excess of orJmar?/ disbursements over ordinary receipts./
based on existing l a w s . . . . . - . . . . . - . . . . . . . . . , . . . . . . . . . . . . . . . ; . . . .
Estimated excess of total disbursements over total receipts, based
• • on existing laws, Panama Canal disbursements from the general
fund included
„
.
252,701,000.00
'[
"~
254, 451, 000. 00
SECRETARY OF THE TREASURY.
69-
Estimates, fiscal year 1917.
The estimates of appropriations for the fiscal year 1917, as submitted by the executive departments and oifices, are as follows:
Legislative establishment..
Executive establishment:
Executive proper.
...
Department of State.
.^.............
Treasury Department
War Department proper.
State, War, and Navy Department Building, expenses.
Navy Department proper.
. Department of Interior
Post Office Department
. Department of Agriculture.
Department of Commerce
Department of Labor
Department of Justice....,
.'.
Judicial establishment
Foreign intercourse
Military Establishment:
Support of the Army.
Military Academy
Militia
$7,573,371. 75
$625,950.00
525,600.00
13,469,429. 50
1,939,505.00
180,140.00
927, 320.00
5,487,061.00
1,770,460. 00
24,159,089. 00
4,409,420.00
859,330.00
613,290.00
—
'-
^
$144,931,483.47
1,422,775. 77
6,000,000.00-
Naval Esta.blishment, including increase of the. Navy for new and
prior Navy building programs, $57,003,000 ahd $28,369,127, respectively.....
1
^
Indian Affaks
Pensions
..
PubHc works:
Legislative.
. $710,574. 96
Treasury Department, public buildings and
works...,.
12,040,914.00
. War- Department—
Military—
Fortifications.....
$23,305,123.80
Arsenals
1,842,350.00
Military posts
644,498.40 .
Rivers and harbor
45,844,458.47
. -Other-civil public works... 1,106,639.00
— - 72, 743,069.67
PanamaCanal.........................
27,535,469.13
-Navy Department
6,134,100.00
Department of Interior, including Reclamation
Fund.....^.....,.,..........-,,,--...-.-.--..... 10,285,430.00
Department of Commerce
-.
.--. 2,252,300.00
Department of Labor.
^
,
298,300.00
Department of Justice
180,000.00
—
Postal Service payable from postal revenues
54,966,594.50
1,368,500.00
5,426,698. 70
.
152, 354, 259. 24
211,518,074.24
10,175,036. 66
160,565,000. 00
132,180,157.76
316,364,879.00
70
REPORT ON THE FINANCES.
Miscellaneous:
Legislative.
,
$5,475, 355.00
Executive
43,000.00
Treasury Department
29, 322,198.50
War Department.
,
5, 794, 209.00
Department of Interior
- - - 14, 979, 842.51
Department of Commerce
8; 771, 518.00
Department of Labor
2, 935, 640:^75
Department of Justice
-^-.. .8, 692, 256.00
District of Columbia
\..
15,473, 676.34
Smithsonian Institution and National Museum.
768, 300.00
Interstate Commerce Commission
5,090,000.00
Board of Mediation and Conciliation
^
50,000.00
Federal Trade Commission
544, 506.61
Arlington Memorial Amphitheater Commission.
100,000.00
Rock Creek and Potomac Parkway Commission.
250,000.00
$98,290,563.31
Permanent annual appropriatiohs:
Interest on the public debt
Refunds—
Customs
and
internal
revenue
$12, 653,000.00
Other refunds
10,626,600.00
—.
Deficiency in the postal revenues
Sinking fund
Miscellaneous
23, 300,000.00
23, 279, 600.00
8,000,000.00
60, 727,000.00
19, 768,073.00
135,074,673.00
Total estimated appropriations for 1917
1,285, 857, 808.16
Deduct—
Postal Service payable from postal revenues, $316,364,879; sinking fund, $60,727,000; Panama Canal, $27,535,469.13; an
aggregate of
404, 627, 348.13
Total estimates for ordinary appropriations for 1917
Add estimates for Panama Canal appropriations for 1917
881, 230,460.03
27, 535,469.13
Total estimated appropriations for'l917, to become a charge on
the general fund without bond sales for the Panama Canal.
Estimated ordinary receipts for 1917, based on existing laws
Estimated ordinary disbursements for the year
580, 200,000.00
832,901,000.00
Estimated excess of ordinary disbursements over ordinary
receipts
Estimated total receipts for 1917, based on existing laws
Estimated total disbursements for the year
908,765,929.16
252,701, Q00..00
...
603, 500,000.00
857,951,000.00
Estimated excess of total disbursements over total receipts.
254,451,000.00
SIJJCRETARY OF THE TREASURY.
71
POSTAL SERVICE.
The Post OiEce Department estimates that the postal revenues for
the fiscal year 1917 will probably amount to $316,000,000, with
expenditures for the Postal Service for the same period, under existing laws, of $324,000,000.
"
SUMMARY.
Estimated results to the close of the year 1917, beginning with the balance in the general
fund of ihe Treasury, June SO, 1915.
(See pages 48 to 52on Revenues.)
Balance in general fund J u n e 30, 1915
Estimated receipts, fiscal year 1916
$104,170,105. 78
670, 365, 500.00
774,535,605.78
Estimated disbursements, including $25,000,000 for the Panama
Canal, fiscal year 19l6
741, 891,000. 00
Balance in general fund J u n e 30, 1916, under existing laws..
If the provisions for emergency revenue are extended, the last six
months of 1916 would bring
$41, 000, 000
And continuation.of duty on sugar would add to 1916. 15, 000,000
32, 644, 605. 78
56,000,000.00
Balance, including above extensions
Less supplemental estimates, claims and deficiencies, estimated a t .
Available balance i n general fund J u n e 30, 1916
Estimated receipts, fiscal year 1917
'..
88, 644, 605. 78
12, 000^ 000. 00
' 76,644, 605. 78
603, 500, OOQ. 00
680,144,605.78
Estimated disbursements, including $25,000,000 for the Panama
Canal, fiscalyear 1917
.......:.....
Deficit in general-fund balance, June 30, 1917
..
Extension of emergency revenue would produce in 1917. $82,000, 000
And duty on sugar continued
45,000, 000
857,951,000. 00
177,: 806, 394. 22
127,000,000^.0.0
Deficit in the general fiind, considering t h e above extensions.
Additional amount needed as working balance
50,806,394::22
50, 000, OOQ^-jQi)
100,806,394.22
Add for supplemental estimates, claims and deficiencies^ estimated
at
...".-.-.
12,000,000. 00
Total amount of additional revenue required, with disbursements for the Panama Canal for 1916 and 1917 paid from
the general fund of the Treasury
: . 112,806, 394. 22
Total amount of additional revenue required with Panama
Canal disbursements for both years financed b y bonds
62,806,394. 22
n
REPOKT ON T H E
FINANCES.
ESTIMATES FOR 1 9 1 7 A N D APPROPRIATIONS FOR 1 9 I G .
Comparison of the estimates for 1917, with the appropriations for
191G, shows an, increase in the 1917 estimates of $167,831,401.61, inchiding the Panama Canal, as exhibited in the tables following:
Statement of estimates of appropriations for 1917 increased over appropriations
for 1916.
[Excluding sinking fund requirements and postal service payable from the postal
revenues.]
Departments, etc.
Legislative
Executive:
. Executive proper
Civil Service Commission
Department of Stale:
Department of State proper
Foreign intercourse
Treasury Department:
Treasury Department, exclusive of public buildings
Public buildings
New revenue cutters
War DepartmentWar Department proper
Military establishment—
(Estimates for military establishment for 1917,
$182,221,231.44, including §67,832,000 for preparedness; appropriations for 1916, §114,388,751.13.)
. Army
Military Academy
Militia
Fortifications
Arsenals
Militarv posts and miscellaneous..
1
Rivers and harbors
MiscellaiAeous ciyil items, War
Navy Department:
Navy Department proper
Naval establishment:
(Estimates for naval establishment for 1917,
$219,550,291.24, including $49,000,000 for preparedness; appropriations for 1916. $151,109,627.96.)
Naval establishment, exclusive of building
program
Navy building program, new
Navy building program, prior years
Department of the Interior:
Department cf the Interior, exclusive of Indians
and pensions
Pensions
Indians
Post Office Department:
Post Office Department, exclusive of postal service.
Deficiencies in postal revenues
Departraent of Agriculture
Department of Commerce
Dopartment of Labor
Department of Justice
Independent offices:
Smithsonian Institution and National Museum
Interstate Commerce Commission
Federal Trade Commission
Board of Mediation and Conciliation
Commission on Industrial Relations
Arlington Memorial Commission
Rock CreeK and Potomac Parkway Commission...
. Sta^te. War, and Nav,y Department building
District of Columbia
Interast on the public debt
Ord inarv
Panama Canal
Total.
1917 estimates, 1916 appropriincluding per- ations, mcludmanent aning permanual.
nent annual.
Increase, 1917
estimates over
1916 appropriations(-t-); deer ease (—).
$13,810,101.71
$13,922,574.75
-
231,780.00
437,170.00
216,440.00
357,710.00
525,600.00
5,597,698.70
383,500.00
4,164,446.66
55,744,628.00
12,040,914.00
62,701,944.95
14,198,7:^0 00
310,000.00
2,480,995.00
2,240,088.00
144,931,483.47
1,422,775.77
10,000,000.00
23,380,123.80
1,842,350.00
644,498.40
49,719,058.47
9,192,358.60
90,519,195.87
1,069,813.37
9,440,000.00
6,135.216.90
653,600.00
570,924.99
37,864,411.64
10,766,370.70
927,320.00
864,770.00
134.178,164.24
57,003,000.00
28,369,127.00
105,255,826.96
22,047,998.00
23,805,803.00
+ 28,922,337.28
+ 34,955,002.00
-f- 4,563,324.00
33,994,833.51
160,565,000.00
17,375,036.66
30,086,66.3.48
164,100,000.00
16,527,013.20
+ 3,908,170.03
- 3,635,000.00
-I848,023.46
1,770,460.00
8,000,000.00
29,703,089.00
15,436,238.00
4,093,270.75
11,029,546.00
1,811,597.10
10,000,000.00
28,049,978.48
11,006,928.40
3,461,660.00
10,610,341.40
41,137.10
2,000,000.00
1,713,110.52
4,429,309.60
631,610.75
419,204.60
852,556.00
5,090,000.00
544,566.61
50,000.00
100,000.00
250,000,00
180,140.00
16,356,576.34
23,300,000.00
$112,473.04
-I15,340.00
-I79,460.00
+
142,100.00
+ 1,433,252.04
3,042,683.05
2,157,816.00
310,000.00
240,907.00
+
d+
+
-I+
+
+
48,412,287.60
352,962.40
560,000.00
17,244,906.90
1,188,750.00
73,573.41
11,854,646.83
1,574,012.10
62,550.00
673,756.00 +
178,800.00
325,000.00
4,765,000.00 +
189,566.61
355,000.00 -150,000.00
100,000.00
100,000.00
300.000.00
400,000.00
245,000 00
5,000.00
23,300.00
156,840.00
3,624,751.93
12,731,824.41
330,000.00
22,970,000.00
881,230,460.03
27,535,469.13
721,350.968 26
19.583,659.29
-fl59,879,491.77
+ 7,951,909.84
908,766,929.16
740,934,627.55
•fl67,831,-401.61
SECEETAR.Y OF THE TREASURY.
73
Exhibit of appropriations for 1916.
Appropriations made for the fiscal year 1916 and for prior years
during the third session of the Sixty-third Congroo^s, including
revised estimated permanent and indefinite appropriations, and
appropriations for the Postal Service payable from postal revenues
$1,127, 284,191. 63
Deduct—
Postal Service for 1916 payable from the postal reA^enues
- $313,364,667.00
Postal d efi ciencies of prior years pay ab le from
postal revenues
880,971.39
Deficiencies for prior years
11,399,025. 69
Sinkingfund....
60,705,000.00
386, 349, 664. 08
Total appropriations for 1916, exclusive of sinking fund
requirements, deficiencies, and Postal Service payable
from postal revenues
„...»
740, 934,527. 55
Agreeing with the appropriations for 1916 shown in the preceding table, against which
the estimates of appropriations submitted for 1917 show an increase of $159,879,491.77
in the ordinary, and $167,831,401.61 including the Panama Canal.
Attention is respectfully called to further divisions of this report,
to wit, the condensed annual reports of the various bureaus and
divisions of the Treasury Department and the tables accompanying
the report on the finances.
W. G. MCADOO,
Secretary.
To the SPEAKER OF THE HOUSE OF REPRESENTATIVES.
EXHIBITS ACCOMPANYING THE REPORT ON THE FINANCES.
75
EXHIBITS.
E X H I B I T A.
T H E JMERCANTILE AGENCY,
R. G. D U N &
Co.,
New York, November 12,, 1915.
S I R : In answer to your special request, we take pleasure in inclosing hercAvith a summary of general business conditions existing
throughout the country at this time. The contents thereof represent the result of a careful analysis of advices received by us from
the managers of our district offices at important points.
We trust our endeavors in this connection will prove of interest
and serve the purpose intended.
We are, respectfully,
R. G. D U N & Co.,
A. W.
FERGUSON,
General Manager.
Hon.
WILLIAM G . MCADOO,
Secretary of the Treasury of the Vnited States,
Washington, D. 0.
° T H E YEAR
1915.
I t seems strange, in viewing the present financial, commercial,
and industrial situation, to recall the fact that little more than a
year ago the United States was passing- through nearly every possible experience of adversity except that of complete disaster. Having emerged fundamentally intact from the greatest crisis in the
worWs history, this country has, with characteristic courage and
fortitude, met and overcome the most perplexing and trying economic
problems and has established itself upon a more solid foundation
than ever before. Since many months were required for full adjustment to the extraordinary conditions created by the war, for a
considerable period recovery from depression was necessarily gradual
and checkered, but of late the barometer of progress has risen with
a continuity and rapidity seldom if ever equaled. Indeed, in some
respects nothing in history parallels the recent phenomenal expansion
in national activities, and.it is significant of the existing state of the
public mind that the advance is regarded as more than ephemeral.
Even the most cursory survey of the commercial world brings to
light a number of achievements wholly lacking in precedent. As a
matter of fact, it has again become the custom to speak of new high
records as something naturaL and quite to be expected, while in
78
REPORT ON THE FINANCES.
several instances actual performances are outstripping the most enthusiastic predictions. All the traditional indices of prosperity are
present. During October, for the first time in the annals of the coun-c
try, output of pig iron reached 3,000,000 tons; export trade, due
largely, but not wholly, to the magnitude and urgency of the war
demands, continues of unmatched proportions; bank clearings have
touched figures never before attained, and railroad earnings show a
remarkable enhancement of the earning power of the common
carriers, with some leading systems reporting maximum revenues.
As a further illustration of the striking growth of traffic movements, the net surplus of idle freight cars on November 1 stood at
the lowest point in two years, and a shortage is threatened because
of the very heavy shipments of war materials, breadstuffs, and other
commodities. Moreover, convincing evidence of the broadening consumptive demands in many directions is found in the rise in Dun's
Index Number of wholesale commodity prices to the highest level in
several decades, while the statistics of commercial failures reflect a
notable recovery from the strains involved during the early months
of the year. That the eflfects of the economic disturbance resulting
from the war are steadily being removed is indicated by the fact that
there were almost 37 per cent fewer insolvencies in the third quarter
than in the first quarter, with a reduction of practically 50 per cent in
the amount of money involved.
I t is now less easy than formerly to single out any one factor as
being of overshadowing significance, although the remarkable developments in iron and steel present the most sensational features.
The great basic industry—which means so much to the country at
large and which has long been considered a valuable barometer pf
the general situation—is enjoying the greatest boom ever known,
with a striking increase in strictly domestic requirements. The importance of the extraordinary expansion in- this direction can not be
overestimated, since it has been the means of furnishing employment
to many thousands of men, and these additions to the working force
have very materially enhanced the purchasing power of the people.
Elsewhere industrial gains have not been so phenomenal, but everywhere the trend is now strongly forward, cottons, woolens, leather,
footwear, and even lumber having joined the circle of widening activity. Indeed, throughout all branches of enterprise evidences of
prosperity are steadily multiplying, progress no longer being confined to a few lines directly stimulated by the war.
That the business boom has become nation wide is a fact made clear
by reports from the leading centers in every section. Previously the
area of favorable conditions was restricted, but now the tide is rising
rapidly in all parts of the country and has already reached highwater mark in some quarters. Even the South, which was prostrate
a year ago, has emerged from the depths of depression and is once
more an important factor in the movement toward new positions of
economic strength. Although the yield of cotton is far short of last
season's maximum production, it has been raised at a materially
lower cost, and the return to the planter will be as large, if not
larger, by reason of this and also because of the higher prices received. Moreover diversification of crops has been more generally
practiced in the South than ever before, and the fundamental situa
SECRETARY OF THE TREASURY.
79
tion there is materially stronger on this account. Maintaining its
supremacy as the greatest single agricultural wealth-producing nation the world, the United States has, for the first time iri its history,
grown a billion bushels of wheat, while the corn harvest, though not
of the largest, is the most valuable ever raised. Some other crops
have likewise attained new records, and the wonderful farming success has imparted impetus to all lines of business throughout the
West. Instead of the slump manifest last year the metal-mining
industry in that territory now refiects pronounced activity, with an
enormous output of copper, lead, and zinc. On the Pacific slope the
last three months have brought a noticeable improvement in trade
conditions, with some betterment in the export lumber situation and
a more general disposition to provide for forward requirements. I n
the East prosperity is noted in many directions, the phenomenal development of over-sea commerce and the consequent increase in the
amount of money in circulation stimulating consumptive demands in
practically all channels.
Viewing the future outlook in all its broader aspects, there seems
ample reason to hope for and to expect an era of the greatest commercial activity in the history of the Nation. Though the rapidity
of the forward movement has engendered in some people a fear of
reaction, there has been no slackening in the advance, and it is generally thought that because of the exceptional strength of economic
conditions there is not sufficient cause for that fear. While it is
realized that the war supplied the motive power that started the
wheels of progress, and though this is admittedly a questionable basis
for permanent prosperity, the advance to nevv^ goals really rests upon
the more solid foundation of the big crops and virtually unlimited
financial resources. I n the final analysis the fact stands out prominently that the war merely hastened the expansion that was warranted by conditions existing within this country, and while strictly
domestic demands have grown greatly, they have by no means as
yet reached their maximum. Hence, even though the war should
suddenly stop, it does not necessarily follow that legitimate trade
and industry would quickly cease to prosper, especially since the
ending of hostilities would probably open up more new opportunities
for the further extension of American enterprise. The United States
has within recent months assumed a commanding position in the
money markets of "the world; the stock of gold in the country is
greater than ever before known; and the Federal reserve system has
brought relief to business generally and is operating to promote the
progress now in evidence. Optimism is universal as the year draws
to a close, with prospects bright beyond precedent.
R. G. D U N & Co.
[From Dun's Review.]
D U N ' S INDEX NUMBER.
As a further reflection of the expanding consumptive requirements
in many directions. Dun's Index Number of wholesale commodity
prices now stands at the highest level in several decades, the total
touching $130,467 on November 1, against $126.6G3 a month earlier
and $124,340 on November 1,1914. Though some advance invariably
80
REPORT ON THE FINANCES.
occurs at this season, the upward trend was more pronounced than
usual during October, when the strength of quotations was accentuated by the notable broadening of activity in commercial channels.
Only one of the seven divisions into which the Index Number is
divided showed a decline on November 1, as compared with the previous month, namely, meats and provisions, which fell from $11,469
to $11,392, cheaper beef, hogs, and bacon oflfsetting the enhanced cost
of ham, sheep, tallow, and lard. The most striking change was the
rise in dairy and garden products from $18,769 to $20,616, as a result
mainly of the sharp advance in eggs and higher prices for butter,
cheese, potatoes, and certain other vegetables. I n the class embracing
"other food" the tendency was upward in most articles, including
sugar, coflfee, rice, and salt fish, while the breadstuflfs group recovered
somewhat, though still being much lower than the high point of the
current year, attained on Ma}'' 1.
Apart from the four divisions comprising foodstuflfs of various
kinds, the advance in quotations not only continued unchecked, but
was accelerated by the steadily increasing demands and a scarcity
of supplies in some directions. As conipared with a inonth earlier,
raw cotton showed little alteration on November 1, and the wool
average was unchanged, whereas both silk and rubber were higher.
Values in the cotton-goods markets were buoyrint, and both hides
and leather were stronger, so that the total of the clothing class rose
from $21,926 to $22,325. While copper was lower, the metals group
gained further ground because of the boom in iron and steel, and in
this particular quarter premiums were readily oft'ered to stimulate
prompt shipments. After a protracted period of depression, lumber
shows signs of recovery, both in respect to demand and prices, and,
as a number x)f drugs and chemicals again advanced, the miscellaneous class went to still higher levels:
The following table gives Dun's Index Number for November 1,
with comparisons for earlier dates:
Nov. 1,
1915.
Oct. 1,
1915.
Nov. 1,
1914.
Breadstuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
$24.024
11.392
20. 616
10.956
22. 325
17.276
23.878
$23.540
11. 469
18. 769
10.717
21.926
17.065
23.177
$25.300
11.907
18.586
10.880
19.970
15.849
21.848
Total
130.467
126. 663
124.340
E X H I B I T B.
BRADSTREET'S, P R E S I D E N T ' S O F F I C E ,
New York, November 13, 1915.
: Responding to your request of the 10th instant, we inclose herewith a brief statement of business conditions, based on
special telegrams from all sections of the country and compiled here
by Frank Greene, editor of Bradstreet's.
We have avoided going into any statistical detail, but will send by
this mail, under separate cover, a couple of marked papers containing some facts which -may be of interest.
Very truly, yours,
DEAR SIR
H E N R Y E.
DUNN,
President.
Hon.
W.
G. MCADOO,
Washington, B . C .
I n striving to get a clear idea of present trade and industrial conditions and a possible view of the future outlook it might be well to
take a bird's-eye view of conditions as they were a year or more
ago and of the marked changes that have occurred in that time.
Predictions made previous to the world war as to the possible eflfects
of such a struggle were almost uniformly pessimistic. Not only was
widespread ruin, some of which has occurred, predicted, but the
absolute inability of the world to support a long-drawn-out struggle
was set forth as an axiom. Hence when the outbreak actually
occurred the disorganization of the world's trade and industry,
serious enough in all conscience, was increased and the panic made
more profound by the realization that earlier great struggles, such
as the Seven Years' War precipitated by Frederick the Great and the
struggles of the Napoleonic era, occurred at a time when the v\^orld's
trade and financial interests were not so large nor so interrelated as
ut present. Considering the proportions of the struggle, the necessity of makeshifts to break the force of the world-wide collapse of
credit and the imposition of moratoriums or substitutes therefor by
all countries of the world, the final eflfects of the outbreak, hurtful
enough, as already stated, were really less serious than feared.
Our own position as that of the leading neutral country was of
course bound up in the general debacle. All our stock and cotton
and most other exchanges excepting grain markets promptly closed.
Securities of whatever kind were practically unsalable, fear of
hostile action swept the seas of ships, and a blockade of our export
and import commerce resulted until British sea power was demonstrated. I t is needless to restate at length the pessimistic predictions
current here at this time and the industrial chaos which resulted.
Looking back, however, the rally from the depression was swift.
T424°—n 1915
6
81
82
REPORT ON THE FINANCES.
Our domestic financial position, fortified by the recent adoption of
a real national banking system, was strengthened by the courageous
and patriotic action of our bankers, working in harmony with our
Federal authorities, and the arrangement for the-settlement of the
great balance we owed abroad was a triumph of skill and of cooperation between our public men and our business interests.
The reopening of trade on the sea routes to the allied countries,
followed by the passage of the American ship-registry bill, eased
the minds of shippers of grain and war munitions, and the assurance
of Federal support to crop marketing, notably of cotton, which was
especially hard hit because of two-thirds oi that crop usually going
to foreigners brought about a return of confidence. which grew as
fuller realization came of the immense proportions of foreign demand. Viewed from the distance of a year ago, when our security
markets were just beginning to consider reopening, the change has
been kaleidoscopic. I n that time the country has passed from the
depths of depression to the heights of hopeful anticipation. Everything grown or produced in this country has seemed to turn to gold.
From a debtor Nation we have passed to the position of a creditor
of all the world, which has bought apparently without any limit
except for the means (ships) to deliver and money to pay for purchases. While war was no doubt the mainspring of the demand, our
large crops were first to reflect the world buying, munitions and
other war material later responding. From a trifling balance in favor
of exports at the beginning of the war, a balance in our favor of
nearly $1,000,000,000 was registered a year later; exports exceeded
imports in the ratio of 2 to 1, and the United States was able to
lend $500,000,000 to our best customers, the largest foreign loan ever
negotiated by any country.
The improvement first visible here in the autumn in greater demand for our commodities grew as the winter advanced and domestic
industry, led by iron and steel, began to pick up in the spring, following a rather severe period of winter unemployment. Providence
favored the United States, and through us the world, in giving us
successive large crops for three years, culminating this year in rec^ ord, or close to record, yields of all cereals, which have been and are
selling at excellent prices. Industry has gained steadily through the
year, an especially marked surge forward being noted as the fall
advanced, resulting in many new monthly records of production
and a whipping into line of laggard trades, seeming to guarantee the
setting up of new records in a year beginning in hardship and gloom.
Of late domestic demand, which had seemed to lag behind export
trade, has expanded; bank clearings, railway traffic, iron production,
and wheat exports have all set up new guideposts, unfilled orders
have banked up in our barometric industry, car shortages are already
present, rail and ship terminals are congested with freight shipments, failures and liabilities are decreasing, commodity prices are
at the highest level ever known, with a minimum of complaint as
to high cost of living, optimism is well-nigh universal, and Avhat was
apparently at its inception a prospect of threatening import to the
world's progress has become a stimulant, such as never before was
witnessed, to this country's productive energies. Contrary to nearly
all prediction, the money markets remain easy, perhaps too much
SECRETARY OF THE TREASURY.
83
so, considering the temptations the year's events have extended to
loose and unbridled speculation.
Bearing in mind the conspicuous failure, during the past year, of
so many predictions of pessimistic import, it would seem wise at this
juncture to guard oneself against the danger of the present abounding prosperity leading to oversanguine expectations. The key of
the situation would seem to rest with the question as to when and
•also how peace may return to war-torn Europe, perhaps calling for
as drastic readjustments as did the advent of hostilities. Nor, on the
other hand, should pessimism tinge our views of this country's
progress when the great change occurs. War is a waster, but this
very waste has in times past made new demands upon those who
have been able to keep apart from the strife and are in a position to
aid in the task of rebuilding. This would seem to insure our continuing to export largely to the rest of the world, the while that
European preoccupation acts as no tariflp, however high, could have
to limit our imports, leaving us to depend upon our own eflPorts and
products to an extent undreamed of, and incidentally building up
new and varied industries. A shifting of demand from our manufactured to our raw materials Avould seem a probable result of the
advent of peace, of which, however, there is as yet no sign. When the
war ceases no doubt many of our factories now working feverishly
on death-dealing implements will swing their machinery to the
products of peace and upbuilding. While the continuance of the
war seems certain to tax all our energies to supply warring and
neutral countries, there is less agreement in the minds of observers
as to the changes which must inevitably come when peace is proclaimed. In manufacturing centers there is a disposition to ask
what will follow peace, and whether we may expect a flood of foreign
goods to be sacrificed at low prices to get money. It is doubtful if
such stocks of goods really exist, judging by the varied foreign demand we experience for everything eatable, wearable, or usable.
In the surplus crop-producing sections of the West the war's possible
future unsettling influence seems to bear less on the minds of men,
and there optimism, based on the old-time large crop eflfects, seems
to reign supreme. Sight is not lost of the fact that 1916 will be
a presidential year, that politics, a possible readjustment of the tariflf,
and purely domestic concerns may have large sway. If the war
continues through next year, however, it is probable such domestic
concerns may be relegated to the rear. Summed up, the great impelling influence in the world will be the duration and possible
effects of the great struggle abroad, of which we are the most interested spectator and by which we profit most of all the countries of
the world.
Cool-headed, clear handling of the trade we now possess would
seem to be needed, a broad-minded effort to build up our merchant
marine against a time when the v\^orld's ships may not have to come
to our wharves seems expedient, and our merchants, bankers, and
statesmen would seem to need to ponder the means for building up
our trade and industrial fabric, so that either for peace or war we
shall be in a condition of preparedness.
E X H I B I T C.
BABSON'S STATISTICAL ORGANIZATION
(INC.),
Wellesley Hills, Mass., November 13, 1915.
M Y DEAR MR. SECRETARY : I herewith inclose a report of the business situation and outlook. If it does not sufficiently cover all the
points which you have in mind, please let us know.
With kindest regards and sympathy in your bereavement, I am.
Most respectfully, yours,
ROGER W . BABSON,
' ? President.
Hon.
WILLIAM G . MCADOO,
Secretary of the Treasury, Washington, D. C,
B U S I N E S S S I T U A T I O N I N TFIE UNITED STATES
FUTURE OUTLOOK.
PRESENT CONDITION AND
The present business situation is very healthy in most respects.
Irrespective of war orders, our industries are receiving a large volume
of domestic orders. The fact that the shoe and lumber trades are
reviving, while their export field remains in large part cut off, shows
conclusively that domestic conditions are very much betten The
moving of our record-breaking crops and the interchange of manufactured goods in different parts of the country are taxing our
railroads to the limit. This is shown by the great reduction in the
number of idle cars, which were exceedingly plentiful only a few
months ago.
The improved condition of the masses of our people is evidenced
by the better retail trade'throughout the country. Unemployment is
not a problem to-day, and probably will not be this winter. I n fact,
labor, both skilled and unskilled, is already becoming scarce. Even
real estate in many parts of the country is recovering from its threeyear period of liquidation and depression. The Babson index of
industrial commodities now stands at $1.22, as compared with $1.03
in January of this year and $1 in the latter part of 1911. With the
exception of cotton and pork, nearly all the commodities are in
greater demand to-day than for some time.
With all our increased activity and higher commodity prices,
money rates have continued low, thanks to the new banking system
and the policy of the Treasury Department at Washington. Certainly the number of failures this winter should be much smaller than
last winter, as the banking situation is so sound that all legitimate
needs of merchants can be taken care of in all ]oarts of the country.
The following details relative to leading industries may be of
interest:
Meat packing.—Active in Chicago, Kansas City, New York, Omaha, Indianapolis, St. Louis, BulTalo, Cleveland, Detroit, Seattle, Sioux Falls, Topeka, and
elsewhere.
84
SECRETARY OF THE TREASURY.
85
Flour milling.--Actiye in Minneapolis, Buffalo, Detroit, nochester, Chicago,
Kansas City, and Nashville. Fair in Toledo and Seattle. Slow in San Francisco, I'ortlaud, and Milwaukee.
Iron and steel foundries and machine shops.—Active in Chicago, New York,
Philadelphia, Cleveland, I'ittsburgh, Milwaukee, Buffalo, Birmingham, Detroit,
Hartford, Bridgeport, Worcester,'Waterbury, Youngstown, Baltimore, and practically everywhere.
Lumber, timber, and products.—Active in Jacksonville, Mobile, Beaumont,
Savannah, Galveston, New Orleans, Shreveport, Jackson (Miss.), Meridian,
Houston, Little Rock, and Philadelphia. Fair in Memphis, Nashville, Cincinnati, Norfolk, St. Louis, Kansas City, and Baltimore. Slow in Spokane, Seattle,
San Francisco (improving), Buffalo, and Portland.
Textiles and clothing.—Fairly active in Philadelphia, Lawrence, Providence,
New York, Paterson, New Bedford, Lowell, Manchester (N. H.), Pawtucket,
Woonsocket, Baltimore, Rochester, Cincinnati, and St. Louis. Rather slow in
Chicago, Utica, and Seattle.
Paper and printing.—Paper active in Kalamazoo and Miami Valley. Paper
still dull in Holyoke and Watertown (N. Y.), but improving tendency is being
noted throughout industry. Printing improving in New York, Chicago, Philadelphia, Boston, St. Louis, Cleveland, Detroit, Milwaukee, San Francisco, Akron,
and practically everywhere else.
Leather and itsj^'^^oducts {shoes, belting, harness, saddlery, etc.).—Improving
in ]\lil\vaukee, Philadelphia, Newark, Chicago, Peabody, Wilmington, Dallas,
Nashville, South Bend, Springfield, New Britain, Paducah, San Antonio, Chattanooga, Boston, Brockton, St. Louis, and Cincinnati.
AutomobUes.—Very active in Detroit, Toledo, Flint, Cleveland, Lansing,
Indianapolis, Buffalo, Jackson (Mich.), Pontiac, Racine, Chicago, New York,
Syracuse, and Moline.
Liquors aud beverages.—'Excellent in Peoria (on account of war orders).
Fair in Cincinnati, Pittsburgh, and Baltimore. Still ratlier dull in Louisville,
Frankfort, Minneapolis, Owensboro, Rochester, San Francisco, St. Louis, and
Denver. Industry as a whole is still slack, with the exception of one or two
places that are busy on war orders for alcohol.
Tobacco and its manufactures.—Continued improvement in the cigar trade
and the increased demand from manufacturers has resulted in the receipts of a
greater number of inquiries, but aggregate sales are hardly up to normal.
Dealers' stocks everywhere believed to be low.
Mining and smelting {copper, zinc, etc.).—Good in territory around El Paso,
Tucson, Prescott (Ariz.), Pueblo, Denver, Salt Lake City, Joplin, St. Louis,
northern Michigan, Montana, and Idaho.
Cotton seed and its products.—Selling at excellent prices in Texas, Georgia,
Mississippi, Alabama, South Carolina, Oklahoma, and North Carolina.
The near future looks even brighter. We believe industrial activity will increase throughout the country. The weak industrial spots,
such as lumber and timber products, should become normal, or nearly
so, within the next nine months. Moreover, the present revival in
business is legitimate and would have been witnessed just the same
if there were no war in Europe to-day. When hostilities cease many
commodities, particularly the war specialties, will drop sharply in
price, but others will rise as quickly. During this readjustment
there will be much uncertainty, and perhaps a " peace panic"; but
if Congress passes the shipping bill, so that we can send our surplus
goods to South America and the Orient, the final result need not be
feared. Any general reaction which is inevitable from the war will
not come until after peace treaties are finally signed, which will be
some time in the future.
The marked improvement in the railroad situation is a strong
factor for better business. I t means that millions of dollars will be
spent during the coming months for equipment and maintenance,
giving profitable employment to thousands of men. More than onefourth of this country's lumber cut and a large percentage of the
86
REPORT ON THE FINANCES.
steel output are consumed annually by the railroads. The buying
power of the laboring people is every day being greatly increased,
which means a further expansion in retail trade during the coming
months. Real estate as a whole must also share in this betterment.
The growing demand for office, store, and factory space is bound to
be reflected in better rents and higher real estate values, and the same
improvement should sooner or later extend to the residential districts.
Foreign trade promises to continue in heavy volume this winter.
Not only are we shipping tremendous amounts of goods to Europe,
but our exports to Asia are more than three times those of a year
ago and are nearly double those of previous average years. Exports
are also larger than usual to Central and South America. We only
fear that the business expansion will be carried too far. If the
speculative fever which has recently been prevalent in the stock
markets should obsess the business community, we would be much
afraid of an overexpansion and speculative activity. Hence the need
of the hour is not subsidies and higher tariffs artificially to stimulate
business, but rather measures which will develop efficiency and compel economy.
BABSON'S.
EXHIBIT D.
LETTER TO T H E PRESIDENT OF T H E U N I T E D STATES FROM T H E SECRETARY
OF T H E TREASURY TRANSMITTING TFIE PROCEEDINGS OF T H E P A N A M E R I CAN F I N A N C I A L CONFERENCE.
TREASURY DEPARTMENT,
Washington, September 6,1915.
S I R : The diplomatic and consular appropriation bill approved
March 4, 1915, contained the following provision:
The President is hereby authorized to extend to the Governments of Central
and South' America an invitation to be represented by their ministers of
.finance and leading bankers, not exceeding three in number in each case, to
attend a conference with the Secretary of the Treasury in the city of Washington, at such date as shall be determined by the President, with a view to establishing closer and more satisfactory financial relations between their countries
and.the United States of America, and authority is hereby given to the Secretary of the Treasury to invite, in his discretion, representative bankers of the
United States to participate in the said conference, and for the purpose of meeting such actual and necessary expenses as may be incidental to the meeting of
said conference and for the entertainment of the foreign conferees the sum of
$50,000 is hereby appropriated, out of any money in the Treasury not otherwise
appropriated, to be expended under the direction of the Secretary of the
Treasury.
I n pursuance thereof the Secretary of State extended in your behalf
an invitation to the various South and Central American Republics
to attend a conference.Avith the Secretary of the Treasury in the city
of Washington on the 21:th day of May, 1915. This invitation was
cordially received and accepted by all of the Governments concerned.
Following is a list of the Governments represented, with the names
of the delegates appointed by them to attend the conference:
Dominican Republic:
Argentina:
Senor Dr. Francisco J. Peynado.
Senor Dr. Samuel Hale Pearson.
Seiior Dr. Enrique Jimenez.
Seijor Dr. Ricardo C. Aldao.
Ecuador:
Senor Dr, V. Villamil.
Bolivia:
Seiior Dr. Juan Cueva Garcia.
Seiior Dr. Ignacio Calderon.
Seiior Dr. Vicente Gonzalez.
Seiior Dr. Adolfo Balliviiln.
Senor Dr. Enrique Gallardo.
Brazil:
Guatemala:
Senhor Dr. Amaro Cavalcanti.
Senor Dr. Victor Sanchez Ocana.
Chile:
Senor Dr. Carlos tierrera.
Seiior Dr. Luis Izquierdo.
Senor Dr. Juan S. Lara.
Senor Dr. Augusto Villanueva.
Seiior Dr. Gonzalo Vergara Bulhes. Honduras:
Senor Dr. Leopoldo Cordova.
Colombia:
Seiior Dr. Daniel Fortln.."
Seiior Dr. Santiago Perez Triana.
Seiior Dr. Roberto Ancizar.
Nicaragua:
Costa Rica:
Senor Dr. Pedro Rafael Cuadra.
Seiior Dr Mariano
Guardia
Seiior Dr. Albert Strauss.
Carazo.
Seiior Dr. Clifford D. Ham.
Senor Dr. John M. Keith.
Cuba:
Panama:
Senor Dr. Pablo Desvernine y
Senor Dr. Aristides Arjona.
Galdos.
Seiior Dr. Ramon F. Acevedo.
Seiior Dr. Porfirio Franca y AlSeiior Dr. Ramon Arias, jr.
varez de la.Campa.
Seiior Dr. Octavio A. Zayas. y Paraguay:
Adan.
Seiior Dr. Hector VelS^zquez.
Seiior Dr. William Wallace.
White.
87
88
Peru:
Seiior
Senor
Salvador:
Seiior
Sefior
Sefior
REPORT ON THE FINANCES.
Dr. Isaac Alzamora.
Dr. Eduardo Higginson.
Dr. Alfonso Quiiionez.
Dr. Jose Suay.
Dr. Roberto Aguilar.
Uruguay:
Seiior Dr. Pedro Cosio.
Seiior Dr. Gabriel Terra.
Senor Dr. Carlos Maria de Pen a.
Venezuela:
Seiior Dr. Pedro Rafael Rincones.
The Secretary of the Treasury was authorized to invite, in his
discretion, representative bankers of the United States to participate
in said conference. I n the exercise of that discretion I extended
invitations to a representative body of our bankers and business men.
A list of them will be found on page 44 of the proceedings of the
conference.
The members of the diplomatic corps of the Latin American
Republics, the members of the Cabinet of the United States, the
chairman of the Committee on Foreign Relations of the Senate (Hon.
William J. Stone), the chairman of the Committee on Foreign Affairs of the House of Representatives (Hon. Henry D. Flood), the
Assistant Secretaries of the Treasury, the members of the Federal
Reserve Board, the members of the Federal Trade Commission, and
the chairmen of the boards of directors and the governors of each of
the Federal reserve banks were also invited.
Through the courtesy of the governing board of the P a n American Union the conference was held in the Pan American Building
in the city of Washington. The first session began at 10 o'clock a. m.,
Monday, the 24th of Slay, 1915. The Secretary of the Treasury presided, and the proceedings were opened with addresses by the President and Secretary of State of the United States, to which responses
were made by representatives of the visiting Governments. The
sessions continued until the 29th of May, 1915.
A full report of the proceedings is submitted herewith. I shall not
attempt to review these proceedings; I shall merely summarize the
most important results.
There was unanimous opinion that two things are essential to the
development of trade and improved relations between the LatinAmertcan nations and the United States, viz:
1. The granting by United States bankers and business men of
ample credits to Latin America and the prompt provision of the
necessary organization and facilities for this purpose.
2. The prompt establishment of adequate steamship facilities between the leading ports of the United States and South America,
which the conference, by resolution, declared " a vital and imperative necessity."
As to the first of these necessities, viz, credits, Central and South
America have heretofore relied almost wholly on Europe for their
financial requirements. The great war has seriously disturbed and
injured those countries by the sudden derangement and withdrawal
of European credits. United States credits must be substituted if
the orderly development and progress of Latin America is to continue and if we desire to enlarge the trade, and financial influence of
the United States in those countries.
Manifestly enlightened interest in the welfare of oiir friendly
neighbors should induce us to extend to them every facility that our
SECRETARY OF THE TREASURY.
89
resources will permit. Such a policy will inure to their and our
advantage.
I t is nothing short of providential that the Federal reserve system
has been established. Happily it offers the means by which the
great objects in view can be largely, if not wholly, attained. The
I'ederal reserve act has so consolidated and organized our credit
resources that our bankers are for the first time in our history able
to engage in world-wide financial operations. We now have the
available resources. I t is merely a question of their intelligent use.
The first step should be the establishment of the necessary branches
or agencies in the leading cities of all the countries of South and
Central America by a bank or banks having the necessary resources
to take the business that is open to them. One of our largest banks
has had the enterprise to establish branches in some of the largest
cities in South America, but manifestly the resources of a single bank
or of several of our largest banks are insufficient to meet the demands
of the situation as it now exists and as it will develop in the future.
What is needed is the use of the consolidated banking power of the
United States applied through agencies established in the leading
cities of Latin America.
The Federal reserve act has supplied the necessary authority, and
it only remains for the Federal reserve banks, with the approval of
the Federal Reserve Board, to make practical use of that power.
Section 14 (paragraph e) of said act gives every Federal reserve
bank the right—
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 wheresoever it may deem best ^for the purpose of
purchasing, selling, and collecting bills ,of exchange, and to buy and sell with
or without its indorsement, through such correspondents or agencies, bills of
exchange arising out of actual commercial transactions which have not more
than 90 days to run and which bear the signature of two or more responsible
parties.
I n addition to these powers, the Federal reserve banks 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 foreign banks, firms, corporations, or individuals,
cable transfers and bankers' acceptances and bills of exchange of the
kinds and maturities by this act made eligible for rediscount with
or without the indorsement of a member bank," and may " deal in
gold coin and bullion at home or abroad, make loans thereon," etc.,
and " buy and sell, at home or abroad, bonds and notes of the IJnited
States," etc. Enlargement of these powers would be desirable to
increase the usefulness of foreign agencies of Federal reserve banks,
and it is probable that the Congress would grant such enlarged
powers upon good cause shown.
The 12 Federal reserve banks could, with the consent of the
Federal Reserve Board, establish joint agencies in each of the countries of Latin America, their interest in such agencies to be in proportion to the capital stock and surplus of each participating Federal
reserve bank. The combined capital stock and resources of our Federal reserve banks, utilized in this way for the extension and promotion of our foreign commerce, would give them unrivaled financial
90
REPORT ON THE FINANCES.
power. They could maintain themselves in foreign fields in competition with the world and perform a service of incalculable value to
the American people.
During the Pan American Financial Conference the suggestion
was made by some of our leading bankers that the national-bank act
might be amended so as to permit a number of the national banks
to become stockholders in an independent bank organized for the
purpose of .doing business in foreign countries. This plan, even if
it were not open to objection, would be manifestly inferior to the
agency of the combined Federal reserve banks. The Federal reserve
banks comprise in their membership every national bank in the
United States, as well as a number of our leading State banks and
trust companies. They constitute a financial organization of unequaled strength, and their operations in foreign countries will be
for the common benefit of all of the national banks. State banks, and
trust companies composing the Federal reserve system. These agencies in foreign countries could, in addition to their banking business,
render a great service to American business men and bankers by
furnishing credit reports and general information about trade and
finance in the various countries in Avhich they operate.
The power of the Federal reserve banks to establish such joint
agencies in foreign countries,-with the consent of the Federal Reserve
Board, appears to be beyond question. The initiative rests with the
Federal reserve banks. While they can not be compelled to establish such agencies, I believe that upon a careful study of the situation and with the encouragement of the Federal Reserve Board'they
will be prompted to take this important step.
The establishment of Federal reserve agencies will not prevent the
member banks from carrying on and enlarging the business they are
now doing in foreign countries. I t is gratifying to note that many
of our national banks and trust companies are showing commendable
enterprise in supplying credits to Latin America.
As to the second necessity, namely, the establishment of adequate
steamship facilities: The P a n American Financial Conference, by
unanimous vote, adopted the following resolution:
Resolved, That it is the sense of this conference that improved ocean transportation facilities betw^een the countries composing the Pan American Union
have become a vital and imperative necessity, and that every effort should be
made to secure at the earliest possible moment such improved means of ocean
transportation, since it is of. primary importance to the extension of trade and
commerce and improved financial relations between the American Republics.
The committee on transportation filed a report recommending,
among other things, that the Secretary of the Treasury of the United
States, as chairman of the conference, appoint a permanent committee, to be composed of representatives of the United States and
Argentina, Brazil, Uruguay, Chile, Ecuador, and Peru, " t o obtain
and furnish information pertinent to the subject and to put into
effect the plans outlined in the reports of the subcommittees above
alluded to, and, further, to consider and report to the chairman of
the P a n American Financial Conference any other feasible and
effective plan for the establishment of the desired expansion of shipping facilities." There were two subcommittees of the transportation committee, each of which uresented a report containing recom
SECRETARY OF THE TREASURY.
91
mendations. The report of Senors Aldao, Cavalcanti, and Cosio,
representing, respectively, Argentina, Brazil, and Uruguay, suggested the advisability of calling for bids not later than December 31, 1915, for the establishment of a regular line of fast mail
steamers between United States ports and Rio de Janeiro, Montevideo, and Buenos Aires, "bidders to state the compensation demanded and the period of the contract," and subject to other conditions outlined in the report, and concluded as follows:
The Governments of the respective countries to agree upon the proportion
which is to be paid by each and upon all other details.
The report of Seiior Vergara, representing Chile, recites that the
delegate of Peru, Dr. Alzamora, and the delegate of Ecuador, Dr.
Gonzalez, although approving his report, could not sign the same
for want of the necessary authorization from their Governments.
Senor Vergara's report recommends the organization of a large company, subscription to the capital stock of which may be made by
the public, the balance of the stock, if any, to be taken by the Government of the United States and the Governments of those LatinAmerican Republics interested, in proportions to be agreed upon;
the company to be organized under New York laws; the steamers to
be registered in the different countries in proportion to the capital
subscribed, and to fly the flag of the country of their registration.
I t is unnecessary to recite the other features of the report, as it is
the principle that is important.
I stated to the conference that I did not think it wise to appoint
the international committee on transportation, as suggested, because I should, as Secretary of the Treasury of the United States,
have to appoint a committee composed of representatives of foreign
countries to deal with matters in their own States; that I did not
believe it practicable, and that it seemed to me that each country
would have to handle the matter in its own way; that this was not
a convention for the purpose of determining national policies, but a
conference for the purpose of exchanging views and suggesting
remedies; that we could not with propriety discuss Government
ownership or subsidies or an;^ other such matter; that the shipping
question had become something of a political controversy in the
United States, and that the conference was not the place to thresh it
out; that I thought the conference should confine itself to a consideration of the resolution to which I have already referred, and which
was unanimously adopted by the conference. I respectfully invite
your attention to pages 283, 284, and 290 of the proceedings and to
the report of the committee on transportation, which will be found
on page 305 of the proceedings.
I t is appropriate to quote, briefly, from the remarks of Dr. Samuel
Hale Pearson, of Argentina, chairman of the committee on transportation, who said:
It has been the unanimous opinion of all of us North Americans and South
Americans that there is absolute necessity, in the interest of commerce and for
a better knowledge of each other, that some method be arrived at for the establishment of fast steamship communications between North and South America.
* * * Everybody knows that we want fast steamers, and fast steamers are
the basis and the foundation of banking, trading, and all sorts of commercial
92
REPORT ON THE FINANCES.
relations. It is useless—I mean it is a little premature—ior us to tr^' to establish commercial relations if we find we can not get there. The first thing is to
get there, and then business will follow.
The question of adequate steamship facilities is fundamental and
underlies every other question concerning our trade and future relationships with the Latin-American Republics. The ability to communicate promptly with each other, at frequent intervals, and at
reasonable rates, is a prerequisite. I t is too obvious to need discussion that without the required facilities trade can not be built up or
financial relationships be established or friendly intercourse be
promoted.
The quick and effective solution of this problem is for the Government of the United States to put itself behind a shipping enterprise,
so that the necessary financial support to make it successful will be
assured. I t is an undertaking of such magnitude that the Government alone has the resources and the power to act quickly and to
compass it. We can not reasonably expect private capital in this
country to engage in this essential undertaking. I t is too big an undertaking at the outset for private capital. Moreover, the claim is
made that our navigation laws must be amended, or that subsidies
or subventions must be granted, or that one or all of these things
must be done before private capital can be encouraged to engage in
shipping enterprises. But if any or all of these things should be
done, there is no assurance or guarantee, nor can any be had, that
private capital in sufficient amount will come forward quickly and
provide the steamship facilities for which the trade and commerce
of this country and of Central and South America are acutely suffering. The shipping field has for many years failed to attract American capital, which will have to be educated to shipping enterprises, no
matter what laws may be passed by the Congress. This will take a
long time. The evolution of an adequate merchant marine through
private capital will be extremely slow and painfully uncertain, if it
evolves at all. Meantime our great opportunity to serve our South
American friends and promote our own interests may be irretrievably
lost.
I am informed by the Navy Department that, in order^ to bring
our present Navy up to its maximum usefulness and efficiency in time
of war, there is needed 400 merchant vessels of approximately
1,172,000 gross tonnage of varied character and requirements; that in
addition to this, " should our own coast be invested or even occasionally visited, there would be required a large number of small vessels
fitted for mine sweeping, say, 324 of such vessels of about 150 gross
tons each." We have only a small portion of the required tonnage in
suitable merchant vessels of the larger units registered under our
flag. This does not take into account future growth of our Navy, for
which additional provision must be made. I n case of war, if that
misfortune should ever overtake us, our Navy would be seriously
handicapped for the want of essential naval auxiliaries, unless we
take prompt steps to create them. I t would seem to be the part of
wisdom and intelligence for the Government of the United States to
create promptly, by construction and purchase, a fleet of merchant
vessels suitable for naval auxiliaries and to operate these vessels in
time of peace for the purpose of extending our commerce throughout
SECRETARY OF THE TREASURY.
93
the world, and creating the trained seamen upon whose skill and
valor we must depend for the operation of these ships and the defense of our country in time of war. I t is mere assertion to say that
these vessels can not be operated in commerce at a profit; but even if
this be conceded and the ships should be operated at a loss, which
must be borne by the Treasury, this loss will be a small price to pay
for the extension of our commerce and the defense of our country.
I t is claimed that a naval auxiliary composed of merchant vessels
is just as essential to make our Navy fully effective as the guns on
the decks of our warships and the men behind those guns. If this
is true, it is the duty of the Government to provide these naval
auxiliaries without delay. Once provided, the cost of maintaining
them idle would be a great expense and charge upon the Treasury,
but even that expense would be justified in the light of necessity.
But how much more intelligent would be the policy of operating
these naval auxiliaries in time of peace as merchant ships for the
expansion of our commerce throughout the world, and applying their
earnings in mitigation of the cost of maintenance. The net loss, if
an.y, v/ould be a small price to pay for security, while a profit, if
earned, might go into the general fund of the Treasury in reduction
of taxation or be used as an improvement fund for the purchase of
additional ships. Is not our wisest course to create the necessary
naval auxiliary and use it at the same time a.s a merchant marine for
our South American and foreign trade?
I am satisfied that the Governments of South America to whose
ports an American company, backed by our Government, should run
ships will offer every possible encouragement in the way of port
facilities, favorable port charges, regulations, etc. I n my letter to
the delegates, dated June 19, 1915 (p. 515 of the proceedings), I
have asked each Government for some useful information about
shipping, which will be submitted in a separate report as soon as
received.
While it was not expected when the P a n American Financial Conference was conceived that the shipping question would be considered
by that conference, it was, in the light of subsequent events, inevitable that it should be discussed because of its paramount importance
and imperative necessity.
Next in importance to credits and shipping facilities was the subject of uniformity of laws. A committee, consisting of representatives of every country represented in the conference was appointed.
I t s report will be found on page 297 of the proceedings. The
committee recommended that uniformity of laws be considered as
to the following subjects:
1. The establishment of a gold standard of value.
2. Bills of exchange, commercial paper, and bills of lading.
3. Uniform {a) classification of merchandise, (&) customs regulations, {c) consular certificates and invoices, {d) port charges.
4. Uniform regulations for commercial travelers.
5. T o what extent further legislation may be necessary concerning
trade-marks, patents, and copyrights.
6. The establishment of a uniform low rate of postage and of
charges for money orders and parcels post between the American
countries.
94
REPORT ON THE FINANCES.
7. The extension of the process of arbitration for the adjustment
of commercial disputes.
The committee also recommended that, for the purpose of bringing
about uniformity of laws on these subjects, " there be established an
international high commission, to be composed of not more than
nine members, resident in each country, to be appointed by the minister of finance of such country. The aggregate members thus appointed shall constitute the commission." This report was unanimously adopted by the conference, and in pursuance thereof I have
appointed a commission to represent the United States, and have'
(upon the informal suggestions subsequently made in the conference
that the minister of finance or secretary of the treasury of each
country act as chairman of the commission of his country) assumed
the chairmanship of the United States commission, which is composed of the following:
William G. McAdoo, Secretary of the Treasury, chairman, Washington, D. C.
John Bassett Moore, vice chairman. Columbia University, New
York, N. Y.
John H. Fahey, president Chamber of Commerce of the United
States, Boston, Mass.
Duncan U. Fletcher, president Southern Commercial Congress,
Jacksonville, Fla.
D. R. Francis, St. Louis, Mo.
E. H. Gary, chairman of board. United States Steel Corporation,
NewYork, N . Y .
A. B. Hepburn, chairman board of directors. Chase National Bank,
NewYork, N . Y .
George M. Reynolds, president Continental and Commercial National Bank, Chicago, 111.
Samuel Untermyer, New York, N. Y.
.
I have also appointed the following:
Dr. Leo S. Rowe, secretary general.
J. Brooks B. Parker, assistant secretary general.
C. E. McGuire, assistant to the secretary general.
As this report is written the Governments of Bolivia, Chile, Cuba,
Ecuador, Panama, and Peru have appointed high commissions for
their countries, and I am encouraged to believe that the remainder
of the countries represented in the conference will soon take similar
action.
The commission for the United States has, of course, no official
status at the present time, but the work upon which it has entered is
of such great importance that I earnestly recommend that you request
the Congress to give its approval and make a small appropriation
to enable the commission to meet the necessary expenses of carrying
on its labors. The task is both big and difficult, and skilled services
will be required. A modest appropriation will be sufficient. I recommend that the sum of $25,000 be granted.
I n liiy parting letter to the delegates of the Governments participating in the conference, dated June 19, 1915 (page 515 of the proceedings), I suggested that a meeting of the international high commission be held in Buenos Aires on the 1st day of November, 1915.
The time may be too short to hold this meeting. I n that event a later
SECRETARY OF THE TREASURY.
^
95
date will be announced. I t is highly desirable that as rapid progress
as possible be made in bringing this great task to completion. ^
There are man}^ laws and regulations of the various countries
which adversely affect trade and enlarged intercourse between them.
I t is manifestly to the interest of all of these countries that these
difficulties be removed. Uniformity of laws affecting the fundamentals of trade and finance can undoubtedly be realized with patient
work and earnest cooperation. I believe that as a result of the Pan
American Financial Conference all of thc Governments concerned
are now fully aroused to the importance of securing uniformity of
laws as far as practicable, and that their hearty cooperation is
assured. The Postmaster General of the United States has given his
cordial indorsement to the principle of uniform low rates of postage
and charges for money orders and parcel post between the Latin
American countries and the United States, and is giving the international high commission for the United States invaluable assistance.
Another subject of very great importance is the need of direct
cable communications and reasonable rates between the Latin American countries and the United States. This was emphasized by many
delegates in the conference. There is no doubt about the disadvantages under which all of the countries of Latin America and the
United States labor on account of the present roundabout and unsatisfactory facilities and the excessive cost of cable communication
between them. If the Congress shall grant the suggested appropriation for the work of the international high commission, it will
be entirely feasible for that commission to investigate this question
and ascertain and report to what extent such facilities are needed
and how far the various South and Central American Governments
will cooperate in establishing them.
Recognizing the fact that each of the countries represented in the
conference had its own distinctive problems, which were unrelated
to those of its neighbors, and that a discussion of the problems of
each country in the general sessions of the conference would be undesirable, if not impracticable, a series of group conferences were
arranged in the following manner:
The representatives of the United States were divided into 18
groups, one of which was assigned to each of the countries
represented in the conference. Thus the delegates of each foreign
country were brought into contact with a group of our most prominent bankers and business men and were able to discuss freely and
intimately the problems involved.
This plan was carried out with highly satisfactory results. The
reports of these group conferences are published in full in the accompanying proceedings, and contain a vast amount of information
which will prove of great value in the promotion of better financial
and commercial relations between the Latin-American Republics and
the United States.
I t is clear that it is to the interest of all of the countries that these
group committees shall be continued in order that the work begun in
the conference may be carried forward without interruption. I have
appointed, therefore, 18 group committees in this country, and
have assigned one of them to each of the Central and South American
countries, thus making permanent the plan adopted with so much
96
REPORT ON THE FINANCES.
success during the sessions of the conference itself. These committees have, of course, no official status and involve no expense to the
Government, but will act as voluntary organizations for the purpose
of fostering closer financial and commercial relations between the
LTnited States and Latin America. The committees will serve until
the Pan American Financial Conference of 1916 (if one shall be held
that year), unless sooner relieved from further service by the Secretary of the Treasury of the United States. I have suggested that the
delegates from the various Latin-American countries continue as
group committees for their respective countries, so that they can
cooperate with the group committees of this country in furthering the
objects of the conference. A list of the group committees so appointed will be found on page 528 of the proceedings.
A resolution was adopted by the foreign delegates to the conference inviting American bankers and business rnen to visit the various
Central and South American countries. I n conformity therewith I
have appointed a committee of business men and bankers in this
country to arrange the proposed visit. This committee has likewise
no official status, nor is such a status sought or needed. The object
of this committee will be to arrange the itinerary and select a representative body of our business men and bankers who are willing, at
their own expense, to make the proposed trip. No appropriation
for this purpose is asked of the Congress. A list of the committee
so appointed will be found on page 527 of the proceedings. I
am glad to say that this committee has taken hold of the work with
great enthusiasm and that preparations are now being made for the
proposed visit.
The results of the P a n American Financial Conference were so
satisfactory that I am convinced that it will be of great advantage
to all of the Republics of the American Continent to hold an annual
Pan American Financial Conference in Washington. I have suggested to the various Governments that the city of Washington is,
on the whole, the most convenient place, since it is possible to secure
a larger attendance of the important business men and financiers of
the United States in Washington than elsewhere. Moreover, the
Pan American Union has a beautiful building in Washington with
ideal facilities, which can doubtless be secured always for such
meetings.
I t is a great pleasure to acknowledge the courtesies extended by
the Pan American Union to the financial conference of 1915 and to
testify to the valuable cooperation of the directors and officers of the
P a n American Union in all that has been done and in all that we are
undertaking to do. I t is the purpose to work in the closest harmony
and cooperation with the Pan American Union.
I respectfully suggest that you request the Congress of the United
States to authorize you to extend an invitation to the Latin American
Republics to attend another financial conference in Washington in
1916, and that an appropriation of $50,000 be made for this purpose.
This is the same amount as the appropriation for the 1915 conference.
I earnestly hope that this recommendation will be adopted, because I
think it will contribute immeasurably to the successful progress of;
the work so auspiciously begun by the conference of 1915.
SECRETARY OF THE TREASURY.
97
My suggestions for carrying on the*work of the P a n American
Financial Conference and for establishing improved financial and
commercial relations between Latin America and the United States
may be summarized as follows:
First. That the 12 Federal reserve banks establish promptly joint
agencies in the leading cities of all the countries of Central and
South America for the purpose of providing enlarged credit facilities, as outlined in the first part of this report.
Second. That the Government of the United States provide
promptly the necessary steamship facilities by subscribing the capital stock of a corporation organized for the purpose of owning and
operating the necessary steamship lines.
Third. That the International High Commission on Uniformity of
Laws be granted an appropriation of $25,000 to enable it to carry
on the important work it has undertaken and represent the United
States in the meeting of the international high commision of all the
Latin American Republics.
Fourth. That a P a n American Financial Conference be held annually in the city of Washington, and that the Congress authorize
the President to extend invitations to the Republics of Latin America
to attend a financial conference in the city of Washington during the
year 1916, and that an appropriation of $50,000 be made for said
conference.
Meanwhile the group committees and the committee to arrange for
a visit of our representative business men and bankers to South and
Central America will carry on the work assigned to them with
earnestness and enthusiasm. I t is most gratifying to note the deep
and general interest manifested throughout the United States in the
P a n American Financial Conference and in the subject of Pan
Americanism.
Respectfully,
(Signed)
The
PRESIDENT,
The White House, Washington, D. C. . . .
7424°—FI 1915
7
W. G. MCADOO.
EXHIBIT E.
P R O P O S E D AMENDMENTS TO THE INCOME-TAX LAW, AS RECOMMENDED
BY THE FOLLOWING COMMITTEE APPOINTED BY TFIE COMMISSIONER
OF INTERNAL REVENUE, BY DIRECTION OF TFIE SECRETARY OF THE
TREASURY:
E. C. Johnson, Solicitor of Internal Revenue; L. F . Speer, Deputy
Commissioner of Internal Revenue; S. H. Boyd, Chief of Personal
Income Tax Division; J. O. Lambert, Chief of Corporation Tax
Division; and George W. English, Income Tax Attorney.
1. Strike out all after " provided " in eighth line of subdivision 1,
paragraph A, and insert:
" And a like tax shall be assessed, levied, collected, and paid annually upon the entire net income arising or accruing from all
sources within the United States in the preceding calendar year to
persons residing elsewhere."
Explanation.—This amendment is suggested in order to make the
basis of taxation of nonresident aliens conform to that of citizens
and residents of the United States, and remove a question arising
under the present language applicable to this subject in the incometax law.
2. I n line 2, paragraph B, insert " t a x a b l e " before " n e t income,"
and strike out that word before the word " person " in the following line.
In the third subdivision of said paragraph B strike out the first
two lines and insert in lieu thereof:
" The entire net income arising or accruing from all sources within
the United States, as hereinbefore enumerated, to persons residing
elsewhere."
Explanation.—This amendment is intended to harmonize the language of the law with amendment No. 1, as hereinbefore suggested,
and place the taxable income of nonresident aliens upon the same
basis as that of residents and citizens of the United States.
3. I n subdivision D strike out all of the first ^'Provided further^'^
relating to and requiring " no return of income not exceeding $3,000,"
and insert in lieu thereof:
" That in case of a citizen of the United States or resident thereof,
no return of gross income not exceeding $3,000 shall be required;
but in case of all persons not citizens or residents of the United
States, all persons, firms, associations, or corporations having the
control, receipt, disposal, or payment of income to such person residing elsewhere, of whatever kind and in whatever form derived from
any source whatever in the United States, as hereinbefore enumerated
or otherwise, shall make return for said person and pay the tax
thereon, and their failure to make such return or pay such tax
shall render them personally, individually, and directly liable tc
SECRETARY OF THE TREASURY
99
double the amount of said tax and to all the penalties prescribed in
this act for the failure of withholding agents or agencies to render
returns and pay income taxes."
Explanation.—This amendment is suggested in order to secure collection at the source of income from nonresident aliens and to
emphasize the meaning of the law and its purpose by fixing the
tax upon the income of all such nonresidents before the taxable subject (income) passes beyond the congressional or geographical jurisdiction of the United States, and to fix sufficient penalty to produce
the required result.
4. iStrike out all of paragraph 4 in subdivision E and insert in
lieu thereof:
"Nothing in this section shall be construed to release the taxable
net income of any person from liability for income tax, nor shall
any contract entered into after this act takes effect be valid in regard
to any Federal income tax imposed upon the income of any person."
Explanation.—It is the purpose of this amendment to indicate
more clearly the requirements of law relative to the withholding
and payment of the tax on Income derived from bonds and other
similar securities containing a tax-free covenant.
5. Strike out all after the word " partnership " and to " provided,"
relating to foreign corporations, in paragraph (a), subdivision G.
and insert in lieu thereof:
" But if organized, authorized, or existing under the laws of any
foreign country, then upon the amount of net income arising or
accruing from all sources within the United States during such
year."
Explanation.—This amendment is deemed necessary in order to
make the language of the law in this connection conform to that
used in the body of the act as suggested in previous amendments.
6. Strike out all after the word "properties," seventh line, paragraph (b), subdivision G, and insert in lieu thereof:
" Including rents or other similar payments required to be made
as a condition to the continued use or possession or property not including, except "as herein otherwise specified, any interest or charge
paid upon any lien or incumberance of any character created in any
manner upon such property."
Explanation.—This amendment makes clear the meaning of the
law as to the allowance of interest deductions; that is to say, it
distinguishes between the interest due on liens and mortgages from
any payments made in the nature of rentals or charges constituting,
in the ordinary sense, an expense of doing business.
7. Begin with the beginning of paragraph B, in line 34, on page 4,
strike out down to and including line 9, on page 5, and insert in lieu
thereof the following:
" For the purpose of the income tax, the net incomes of a person
shall be the difference between his gross income from all and every
source (other than as stated in the proviso next following) and the
sum of the specific deductions provided in this subdivision io be made
from gross income for the purpose of ascertaining net income:
Provided, That there shall not be included in the statement of gross
income the proceeds of life insurance policies paid to individual
beneficiaries upon the death of the insured; the amount received by
the insured, as a return of premium or premiums paid by him under
100
REPORT ON THE FINANCES.
life insurance, endowment, or annuity contracts, either during the
term or at the maturity of the term mentioned in the contract or
upon the surrender of the contract; the value of specific property
acquired by gift, bequest, devise, or descent (but the income only
from such property shall be included as income) ; interest upon the
obligations of a State or any political subdivision thereof or upon
the obligations of the United States or its possessions; the compensation of the present President of the United States during the term
for which he has been elected, and the Judges of the Supreme and
inferior courts of the United States in office October 3, 1913, and the
compensation of all officers and employees of a State, or any political
subdivision thereof, except when such compensation is paid by the
United States Government."
Explanation.—The reason for this suggestion of amendment is
that it meets a criticism constantly made of the definition of net income as employed in this paragraph as it now stands, and it groups
in one place the income specifically provided not to be included in
returns of income.
The suggestion of amendment in no way changes the statute as it
exists, but does state the interpretation of the statute used in administration of the law.
8. Strike out line 10 and line 11, on page 5, ending with the word
" deductions," and insert in lieu thereof the following:
" In computing net income for the purpose of the annual income
tax there shall be allowed as deductions from gross income: "
Explanation.—This amendment will cause the language of the
statute to conform to the scheme of the definition of net income heretofore suggested and will be in harmony with the suggestion hereinafter for making return on the basis of gross income.
9. Change the eighth deduction, beginning in line 38, page 5, so
this item will read:
" Eighth. The amount of income, if any, on which the income tax
has been paid or is to be paid at the source of the income, under the
provisions of this section."
Explanation.—This amendment harmonizes with the practice of
the office and will avoid much confusion in explaining the meaning
of the language employed in this provision of the statute as it now
stands and particularly as to the definition of the language " or is
not fixed or certain or is indefinite or is irregular as to amount or
time of accrual." The explanation as to the kind of iricome from
which withholding of tax must be made and when is sufficiently
stated in other portions of the statute.
10. Beginning with line 11, page 6, strike out all down to and including line 21.
Explanation.—The reason for this is that the specification here of
income not to be included in the terms of income has been transferred to the first part of paragraph B in the grouping of statement
of income not to be included in returns of income.
In page 7, line 6, strike out the words " subject to the tax imposed
by this section, and."
In line 7 change the word " net " t o " gross."^
In line 9 strike out the words " or has his principal place of busi:n.»
ness,
SECRETARY^ OF THE TREASURY.
101
Line 12, after the word " States," insert:
" O r if there be no legal residence or place of business in the
United States, then with the collector of internal revenue at Baltimore, Maryland,"
so that this part of paragraph D, beginning with the first sentence on
page 7, will read:
" On or before the first day of March, 1914, and the first day of
March in each year thereafter, a true and accurate return under
oath or affirmation shall be made (by each person of lawful age,
except as hereinafter provided, having a gross income of $3,000 or
over for the taxable year) to the collector of internal revenue for the
district in which such person has legal residence or., in the case of a
person residing in a foreign country, in the place where his legal
residence or principal business is carried on within the United States,
or if there be no legal residence or place of business in the United
States, then with the collector of internal revenue at Baltimore, Maryland, in such form as the Commissioner of Internal Revenue, with the
approval of the Secretary of the Treasury, shall prescribe, setting
forth specifically the gross amount of income from all separate
sources and from the total thereof, deducting the aggregate item of
expenses and allowances herein authorized."
Explanation.—These amendments make the statute conform to the
idea that the tax is levied on income and not on the individual.
They definitely require the change of the basis of return from " n e t "
to " gross " income arid make the place of filing return the place of
legal residence of the individual, except in the case of persons residing in a foreign country who are required to make return of income,
in which case the return may be filed either at the place where such
person has his legal residence or where his place of business is located
in the United States, and if there be neither legal residence nor place
of business, then with the collector of internal revenue at Baltimore,
Md., where is located the collector of internal revenue for the district in which the seat of the Government of the United States is
located.
'
'
12. I n page 7, line 17, after the word " authorized," insert:
" Provided, That the Commissioner of Internal Revenue shall have
authority to grant a reasonable extension of tiirie, in meritorious
cases, for filing returns of income by persons residing abroad who
are required to make and file returns of income and who are unable
to file said returns on or before March 1 of each year."
Explanation.—In the law as it stands there is no provision for the
extension of time in which to make and file returns of income other
than by the collector of internal revenue in case of "sickness or
absence," and then only for a period of 30 days. The proposed
amendment will give the commissioner authority to grant adequate
relief in meritorious cases.
13. Beginning on line 17, after the semicolon, strike out all down
to and including line 24, substituting the following:
"Guardians, trustees, executors, administrators, agents, receivers,
conservators, and all persons, corporations, or associations acting
in any fiduciary capacity, shall make and render a return in the
form prescribed by the Commissioner of Internal Revenue of the
income coming into their custody, control, and management from
102
REPORT ON THE FINANCES.'
each trust estate, when the annual interest of any beneficiary in the
income of said trust estate is subject to the normal tax, and also in
all cases where there is any part of the income of an estate retained
in the estate for the purposes of accumulation or otherwise, said
returns to be made in accordance with regulations to be prescribed
by the Commissioner of Internal Revenue, with the approval of the
Secretary of the Treasury. It is hereby declared to be the purpose
of this statute that all annual income coming into the custody, control, or management and to be held or disposed of by fiduciaries,
shall have paid thereon the income tax assessable under this section
on income of like class."
Explanation.—Th.is amendment is in conformity with the interpretation of existing law by the Commissioner of Internal Revenue.
It states specifically what the law has been interpreted to mean, and
which taxpayers have claimed is not now specifically provided for
by the statute in terms or by implication.
14. After the figures "$3,000," in line 8, page 8«, insert the word
"gross," so that the text as amended, beginning with line 7, will
read:
" Provided further^ That in either case above mentioned no return
of income not exceeding $3,000 gross shall be required."
Explanation.—These amendments harmonize the text of the statute
with the requirement for making returns on the basis of gross income.
15. In line 22, page 8, strike out the word " not."
In line 22 strike out the word " make " and insert in lieu thereof
the words " include in the."
In line 23, after the word "of," at the beginning of the line,
omit " the."
Strike out word " taxable," in line 25, and the balance of the sentence in line 26, ending with the word " provided," and insert in lieu
thereof " whose net income is taxable as herein provided "—
So that the sentence as amended will read, beginning with word
^^Provided^"^ in line 20:
'^Provided further. That persons liable for the normal tax only,
on their own account or in behalf of another, shall be required to
include in the return of income the income derived from dividends
on the capital stock or from the net earnings of corporations, jointstock companies or associations, and insurarice companies, whose net
income is taxable as hereinafter provided."
Explanation.—These amendments will require the inclusion of
dividends in the statement of gross income and will make it obligatory upon all persons having a gross income of $3,000 or more to
make a return of income regardless of whether tax has or has not
been withheld, and leave to the Government and not the individual
the determination as to whether the individual is liable for tax and
for what amount.
16. Strike out, beginning with the word " any," in line 26, page 8,
all down to and including the word " person," in line 31.
Explanation.—Since all persons are required to make returns on
the basis of a gross income of $3,000 or more, whether or not tax
shall have been wholly or in part withheld at the source, the sentence
in the statute as it now stands, which is here stricken out, should be
eliminated to harmonize the text with the purpose and intent of law.
SECRETARY OF THE TREASURY^
103
17. I n line 3, page 9, change the word " thirtieth " to " fifteenth."
I n line 5, after the word " of," insert the word " erroneous."
I n line 8, after the word " due," insert the words " or return made
is found to be erroneous, false, or fraudulent."
I n line 9, at the end of the line, after the word " law," insert the
words " or require the necessary corrections to be made."
I n line 14 change the word " thirtieth " to " fifteenth."
Explanation.—These amendments provide for the collection of the
tax within the fiscal year of report and provide that the penalty for
nonpayment will attach within the same fiscal year. They also make
it clear that the limitation of three years applies to incorrect or
erroneous returns as well as in the case of no return or false or
fraudulent returns.
18. Beginning with the word " nor," in line 14, page 10, strike out
all down to and including the Word " him," in line 26, and substitute
in lieu thereof:
"Any person entitled to receive income the tax on which is subject
to being withheld, who will at the time of receiving payment of the
income be entitled to deductions under paragraph B of this section,
where the amount of such deductions are known at the time of receiving the payment, may file with the person making the payment a
certificate, under penalty for false claim, and in such form as shall
be prescribed by the Commissioner of Internal Revenue, stating the
amount of such deduction and making claim for an allowance of the
same against the withholding of tax otherwise required to be made at
that source. This certificate together with any others of like import
as prescribed by the Commissioner of Internal Revenue shall become
a part of the return to be made in his behalf by the person required
to withhold and pay the tax for him."
Explanation.—This amendment will make it possible for an individual whose income is subject to withholding at the source and who
knows at any time during the year definitely the amount of deductions, in whole or in part, to which he will be entitled under paragraph B of the law, to make claim for such deduction either at the
time of receiving payment or Avhen definite information as to these
amounts shall be ascertained, so that he will not be required to wait
until after the expiration of the calendar year for making such claim.
The effect of the amendment is not to relieve income from tax, but to
enlarge the privilege of the taxpayer in claiming exemption from
withholding at the source.
19. Add to the second paragraph from the top of page 12 and
after the word " Treasury," in line 11, the following:
" The intent and purpose of this act is that all gains, profits, and
income of a taxable class, as defined by this act, shall be charged and
assessed with the corresponding tax, normal arid additional, prescribed by this act, and said tax shall be paid by the owner of such
income, or his proper representative having the receipt, custody, control, or disposal of the same. For the purpose of this act ownership
shall be determined as of the year of assessment."
Explanation.—This amendment states in specific terms the effect
of the interpretation of the income-tax law, as given by the Commissioner of internal Revenue, and materially strengthens the catch-all
clause to which it is proposed to be added, and resort to which has
been necessary in various instances in the administration of the law.
104
REPORT ON THE FINANCES.
20. Add to paragraph G, after the word " w e l f a r e " and just before the second proviso in that paragraph:
" nor to any club organized and operated exclusively for pleasure,
recreation, and other nonprofitable purposes, no part of the net income of which inures to the benefit of any private stockholder or
member; nor to any farmers' mutual insurance company, mutual or
cooperative telephone company, or like organization of a purely
local character, whose income consists solely of assessments, dues,
and fees collected from members for the sole purpose of meeting the
expenses and upkeep of the property; nor to any farmers', fruit
growers', or like association, organized and operated as a sales agent
for the purpose of marketing the products of its members, turning
back to such members the proceeds of sales, less the necessary selling expenses, on the basis of the qua^ntity of produce furnished by
such members; nor to corporations organized for the exclusive purpose of holding title to property, collecting income therefrom and
turning over the entire amount thereof, less expenses, to an organization which itself is exempt from the provisions of this act; nor to
any other corporation, joint-stock company, association, or insurance
company not organized for profit and to which no profit arises or
accrues or inures to the financial benefit of any stockholder or
member."
'Explanation.—J-ii the administration of this law it has been the policy of the Internal-Revenue Bureau to require returns of all corporations, joint-stock companies or associations, and all insurance companies which were not specifically enumerated in the act as exempt, upon
the theory that Congress, having enumerated certain organizations
as exempt from the requirements of the act, intended that all organizations which did not come within one or another of the dasses
specifically enumerated should make returns and pay any income
tax thereby shown to be due.
This proposed amendment extends the number of organizations
that would be exempt, and these organizations are of a kind very
similar to those which are enumerated in the act as exempt from its
requirements.
The securing of returns from this class of organizations has been
a source of expense and annoyance and has resulted in the assessment
of an amount of tax which is practically negligible.
21. On page 14, line 9; page 15, line 36; and page 18, line 22, of
the act as published in Treasury Regulation No. 33, after the word
" property," insert the words:
" t o which the corporation has not taken or is not taking title, or in^
which it has no equity."
Explanation.—This proposed amendment is intended to prevent
corporations, joint-stock companies, etc., which have placed heavy
incumbrances upon their property, from deducting, as a business
expense, the amount of interest paid on such indebtedness.
The proposed amendment is further intended to harmonize the
law with what has been the practice of this office, and also to conform the act to the recent decision of the Supreme Court of the
United States in the 42 Broad wav case.
SECRETARY OF THE TREASURY.
105
22. Page 20. After line 26 insert the following:
" I n cases wherein receivers, trustees in bankruptcy, or assigriees
are operating the property or business of corporations, joint-stock
companies or associations, or insurance companies subject to tax
imposed by this act, such receivers, trustees, or assignees shall make
returns of annual net income as and for such corporations, jointstock companies or associations, and insurance companies, in the
same manner and form as such organizations are hereinbefore required to make returns, and any income tax due on the basis of such
returns made by receivers, trustees, or assignees shall be assessed
and collected in the same manner as if assessed directly against the
organizations of whose businesses or properties they have custody and
contro] "
Explanation.—This proposed amendment is intended to aid in the
administration of the law and to secure the tax upon income arising
to receivers, trustee^s, or assignees who may be operating the properties and businesses of corporations.
I t has been found that a great many receivers, trustees, or assignees under such circumstances contend that because of the fact that
they are officers of the court they are not required to make returns
of income arising or accruing from any business which they may do
with respect to the properties or businesses of which they are in
charge. I n many instances it happens that the properties and businesses of corporations are placed in the hands of receivers, trustees,
or assignees not because the corporations are insolvent or in straits
of any kind but possibly because of disagreements or contentions
among the directors or stockholders, and in such cases it even happens that the properties or businesses are being operated with considerable profit, and it is the purpose of this amendment to secure returns in cases of this kind in order that the tax may be assessed upon
the net income arising and accruing from the business transacted.
23. Page 17, lines 27 and 28. Strike out the words " date upon
which its annual return shall be filed " and insert in lieu thereof the
words " first day of March of the year in which its return would be
filed if made upon the basis of the calendar year."
Explanation.—This amendment is proposed for the purpose of
making it clear as to just when the notice establishing the fiscal year
for the purpose of the act shall be filed with the collector of internal
revenue and to make the provision comply with the construction
which this office has placed upon it.
'
No little confusion has been encountered by the Internal-Revenue
Bureau in its administration of the law by reason of the fact that
corporations could not readily determine from the language of the
act just what their rights are and when they may be availed of with
respect to establishing a fiscal year as a basis for making returns.
24. Page 12, lines 39 and 40; page 15, line 30; page 18, lines 14
and 15; page 20, line 15, strike out the words " business transacted
and capital invested" and insert in lieu thereof the words " all
sources."
Explanation.—This proposed amendment is suggested in order to
broaden the scope of the liability of foreign corporations doing business in this country and to make clear the fact that such corporations
are liable to income tax upon the entire net income arising or accruing to them from all sources within the United States.
106
REPORT ON THE FINANCES.
Under the present provision of the law they are only liable to
tax upon the amount of income arising or accruing to them on
account of business transacted and capital invested. No little confusion has arisen with respect to the administration of the law
because of the fact that "business transacted and capital invested
within the United States" has not been clearly defined and possibly
is not subject to such definition as will enable the Government to
secure all the tax to which it is entitled from this source.
25. On page 15, 4n line 5, after the word " year," insert the following:
" Provided, That for the purpose of this act preferred capital stock
shall not be considered interest-bearing indebtedness, and interest
or dividends paid upon this stock shall not be deductible from gross
income."
Explanation.—In the administration of this law it has been found
that a great many corporations treat preferred capital stock the same
as they would bonded or other interest-bearing indebtedness, and
have consequently deducted from gross income, as interest, the
amount of dividends paid upon such preferred capital stock.
The regulations of this department hold that preferred capital
stock, in so far as dividend deductions are concerned, does not differ
from common capital stock.
This provision is therefore intended to make the law specific and
to harmonize with the regulations.
26. On page 15, line 15, and page 16, line 41, strike out the words
" of the tax herein imposed " and insert in lieu thereof " of any tax
paid pursuant to said guaranty."
Explanation.—This proposed amendment is intended to prevent
corporations, which, under the covenant of their bonds, are required
to pay the tax on such bonds, or the income therefrom, from deducting the amount of taxes paid pursuant to this covenant.
I n such cases the tax liability primarily exists against the bondholder, and if the corporation, in order to facilitate the sale of its
bonds, agrees to pay any taxes thereon which may arise or accrue
against the bondholder, it is respectfully suggested that the debtor
corporation should not be permitted to deduct from its gross income
any tax which it pays for its bondholders. I t is believed therefore
that the prohibition should be extended and made applicable to all
other taxes paid pursuant to this covenant, as well as to the income
tax imposed by this act.
27. On page 14 of the act, beginning with the word " not," in line
45, strike out all of line 45, on page 14, all of line 1 and so much of
line 2 as includes the word " year " on page 15.
On page 16, beginning with the word "not," in line 29, strike out
all of lines 29, 30, and 31 and the word " year " in line 32.
On page 19, beginning with the word " not," in line 43, strike Out
all of lines 43 and 44 and all of line 45, including the word " year,"
and insert in lieu thereof the following:
" n o t in excess of one-half of its interest-bearing indebtedness outstanding at the close of the year plus the entire amount of the paidup capital stock also then outstanding."
Explanation.—This proposed amendment is intended to remove
what is now an ambiguity in the language of the law relating to the
SECRETARY 0!^ THE TREASURY.
107
amount of interest which a corporation may allowably deduct from
its gross income.
The suggested amendment is in harmony with the construction
which the Internal Revenue Bureau has placed upon the provision
of the act relating to the interest deduction.
.
28. I n addition to the amendments suggested in the accompanying
memoranda, it is respectfully recommended that, for the purpose of
harmonizing different features of the law, clarifying certain ambiguities, and to aid in its administration, the act be further amended
as hereinafter set out:
Page 12, subsection G (a), line 31. After the word " u p o n " insert
" the net income of."
I n line 39, after " net income " insert the words " arising or."
Page 14, in line 4 of subparagraph (b), strike out the word " r e ceived " and insert in lieu thereof the words " arising or accruing."
Page 15, in line 5, after the word " provided " insert " further."
I n line 24, after the word " c o u n t r y " insert the words " n o t including taxes or assessments paid for local benefits."
I n line 29, strike out the word " accrued " and insert in lieu thereof
the words " arising or accruing."
Page 16, in line 44, after the word " Columbia " insert the words
" not including any taxes or assessments paid for local benefits."
Page 17, in line 11, strike out the word " a c c r u e d " and insert in
lieu thereof the words " arising or accruing."
I n line 33, after the word " thereafter," insert the words " render
a true and accurate return of annual net income.".
Page 18, in line 10, after the word " other," insert the words
"interest-bearing."
I n line 11 strike out the word " received " and insert in lieu thereof
the words " arising or accruing."
I n lines 13 and 14 strike out the word " received " and insert in
lieu thereof the words " arising or accruing."
Page 19, in line 34, after the word "between," insert the words
" the dates of."
Page 20, in line 32, strike out the word " thirtieth " and insert in
lieu thereof the word " fifteenth."
I n line 37 strike out the word " t w e n t y " and insert in lieu thereof
the word " five."
I n line-41, after the word "of," insert the word "erroneous."
Page 21, in line 5, strike out the word " thirtieth " and insert in
lieu thereof the word " fifteenth."
I n line 6 strike out the word " twenty " and insert in lieu thereof
the word " five."
Page 22, in line 41, after the word "year," insert the words " o n
or before the last day of the sixty-day period next followirig the
closing date of the fiscal year established as hereinbefore prescribed."
Page 23, in line 42, after the word " i s , " insert the word "erroneous."
I n line 44, after the word " understatement," insert the words " or
refuses to allow any regularly authorized Government officer to examine the books of such person, firm, or corporation."
Page 24, in line 6, after the word "objects," insert the words " o r
108
REPORT ON THE FINANCES.
At the close of said section 3173 insert the following: " Provided^
That ' person,' as used in this section, shall be construed to include
any corporation, joint-stock company or association, or insurance
company when such construction is necessary to carry out its provisions."
In line 18 strike out the article " a " and insert in lieu thereof the
words " an erroneous."
In paragraph designated as 3176, after the word "returned," in
line 33, insert the words " within the time prescribed."
In line 43, after the word " tax," insert the words " within ten
days after notification of the amount thereof."
EXHIBIT F.
•
DIVISION OF CUSTOMS,
The honorable the SECRETARY OF TI-IE TREASURY
(Through Assistant Secretary Peters).
S I R : I have the honor to transmit herewith the report of the
transactions in the customs service for the fiscal year 1915.
The total entries of merchandise decreased in 1915 approximately
603,000 from the total number reported in 1914, while the aggregate
receipts decreased from $298,913,000 to $212,146,000, a loss of $86,766,000. This decrease in operations extended not only to duties on
imports but. to tonnage-tax collections, which decreased by $34,428,
and head tax on immigrants, which decreased more than $3,636,000.
All of these decreases are directly attributable to the European war.
The amount of drawback paid increased by more than 100 per cent,
or from $3,271,000 to $7,403,000, This increase is-due to the greatly
increased exportations of merchandise on account of the war, drawback having been paid upon imported materials used in the manufacture of exported articles.
At the same time the expense of conducting the Customs Service
decreased approximately $511,000 and the average number of officers
and employees, exclusive of special agents, decreased from 7,392 to
6,975, while the average compensation per capita increased from
$1,285 in 1914 to $1,297 in 1915. ^ While a part of the decrease in
operating expenses was due to decreased imports on account of the
European war, the greater part of such decrease was due to the
adoption of improved and economical measures throughout the service
with resultant increased efficiency.
Although the European war has resulted in the lessening of a number of activities of the Customs Service, yet the war has occasioned
increased activities on the part of customs officers, such as the supervision of the exportation of merchandise with benefit of drawback
and the payment of drawback thereon, the enforcement of neutrality
laws, the compilation of statistics of exports, the supervision of the
lading of outward cargoes, and the certification of the manifests.
thereof.
I t has not been the policy to dismiss any officer or employee in the
Customs Service on account of war conditions, but to refrain from
filling the numerous vacancies which have occurred throughout the
service during the past fiscal year. While it is probable that except
for the European war it might have been necessary to fill some of the
vacancies which have been left open, still the greater part of such
positions would have been allowed to remain vacant or abolished even
if coriditions had been normal, because of the putting into effect of
improved methods which have permitted of material reductions in
force in practically every branch of the service.
I n this regard attention is invited to the fact that the aggregate
receipts in the districts of Alaska, Arizona, Eagle Pass Laredo, and
109
110
REPORT ON T H E FINANCES.
Montana and Idaho, during the fiscal year 1915, were less than the
expenses of operating the service in those districts, the district most
notable in this regard being that of Laredo, in which the aggregate
receipts were $39,811, while the expenses were $74,978. I n the district of Eagle Pass, immediately north of Laredo, the receipts were
$32,890, whereas the expenses were $46,532, or $28,446 less than the
district of Laredo.
I n the district of Alaska the activities of the Customs Service are
largely directed to the enforcement of the navigation laws, and since
the principal article of import into that territory is coal, wliich is now
free of duty, it is doubted whether it is advisable to bring the cost
of operating this district v^ithin its income.
The expenses of the districts of Arizona, Eagle Pass, and Laredo,
which are on the Mexican border,-are largely taken up in the employment of mounted inspectors, or river guards,, who are ostensibly
occupied in the prevention of smuggling. The smuggling operations,
however, extend largely to cattle, which are free of duty, and the
mounted inspectors are in reality largely engaged in cooperating
with the State police officers in the maintenance of order along the
border. While I doubt the advisability of reducing the expense in
these districts to a sum within the moneys collected, I do believe it
should be considerably reduced and that, particularly, the organization in the district of Laredo should be decreased to conform to
that in the district of Eagle Pass.
The collectors' and appraisers' conferences held during the fiscal
year 1915 resulted in considerable activity on the part of customs
officers in the adoption of more businesslike methods in their districts with accompanying decreased expenditure and increased efficiency. My belief is that the present corps of collectors and appraisers is the most efficient that has ever held office under the Treasury Department, and while nearly all of them are entitled to commendation for their efficient administration, the appraisers of merchandise at New York and Philadelphia, and the collectors of customs
for the districts of southern California, Vermont, Boston, Galveston,
and Mobile are entitled to particular mention for the reorganization
of forces under their direction with resultant increased efficiency and
economy.
The principal achievements in the line of improved methods were:
First. The reform in naval-office procedure instituted at New
York in October, 1914, which after a six months' trial at that port
was instituted at all of the naval-office ports. This resulted in a reduction of the operating expenses of the naval offices by approximately $50,000 per annum, with probabilities of further reductions
of such expenses in the future, at the same time enabling the naval
officer to more accurately audit the receipts of the collector and check
the collector's liquidations of entries.
Second. Reformed procedure in the receipt, delivery, and handling
of packages in the appraiser's stores, whereby the system in operation
at New York was extended to Philadelphia and Chicago and arrangements made for the adoption of such system in the near -future
at the port of Boston. Necessary steps are also being taken to install
this procedure at New Orleans, and the matter is under consideration
at Baltimore and San Francisco. This has already resulted in the
SECRETARY OF THE TREASURY.
Ill
saving of several thousand dollars per annum in operating expenses,
and when the system has been fully instituted at all of the appraisers'
stores a reduction in operating expenses of approximately $100,000
per annum is estimated. Thus the same volume of business will be
handled at a cost of approximately $100,000 less than formerly, and
the time in which packages pass through the appraisers' stores will be
reduced from three days to one day.
Third. Extensive experiments were made with a new method of
compiling statistics of imports and exports with a view to lessening
the time required to compile and publish such statistics, increasing
their accuracy and reducing the cost of operations, and the system
Avas put into effect on July 1, 1915. While the actual cost of operations under the new system can not be stated, because not yet determined, it is estimated that it will be less than $100,000 per annum,
whereas the cost of compiling statistics for the fiscal year 1915 in
the Customs Service was $197,390.
The conferences of collectors of customs held in 1913 and 1914
made the following recommendations for changes in the Revised
Statutes relating to customs procedure:
1. T h e amendment of sections 2899 and 2901 to provide for the
examination of a less percentage of packages than 1 in 10; to make
the giving of a bond for redelivery obligatory, and to provide for the
giving of one bond on entry for the redelivery of unexamined packages, the production of consular invoices, etc., instead of the many
bonds now required.
2. The repeal of sections 1790 and 2693, which require every person
in the Customs Service to take an oath every time he receives his pay
that neither he nor any member of his family has received, directly
or indirectly, any money or compensation of any description whatever, nor any promises for the same, for services rendered or to be
rendered in connection with the customs, and that he has not purchased, for like services or acts, any merchandise at less than the
retail market price thereof, and that he has not paid, deposited, or
assigned any reward or compensation for his office or employment, or
contracted therefor.
3. That section 2777, requiring a vessel with cargo in part for this
country and in part for foreign countries to give a bond for unlading its American cargo before proceeding foreign, and likewise section 2782, requiring a similar bond to be given by a vessel proceeding
from one district to another, be repealed.
4. The repeal of section 2775, which requires a special report of
distilled spirits and wines imported in a vessel.
5. That the naval officer be authorized to settle the accounts of
collectors at naval-office ports.
All of the above recommendations have merit. The weakness of
section 2899, Revised Statutes, is, that any importer may refuse to
give bond and thus compel the customs authorities to store all of his
merchandise, pending examination and appraisement of the same,
free of cost, which the customs officials have not the facilities to do.
The provision that the packages delivered shall not be opened except
in the presence of an inspector of customs and with the consent of
the collector or surveyor is absurd. I t was practicable in 1830, but
could not possibly be applied to the present volume of imports. The
112
REPORT ON THE FINANCES.
bond provided by this statute is known as the 10-day redelivery
bond. I n addition thereto there is a form of bond required for the
production of consular invoice, a bond for the production of owner's
declaration, a bond for the production of certificates of origin on some
classes of goods, a bond for the productionof certificate of exportation
(on American goods returned), a bond under the pure-food law (for
food products), a bond under the meat-inspection law (for meats),
and various other bonds, in all about 20, required to be given upon
entry to meet particular conditions. I t frequently happens that as
many as four or five bonds are given on the same entry. Among
them all there is not a single bond that adequately protects the
Government for the payment of the increased or additional duties
found due upon liquidation. Boston has such a bond known as the
" collection bond." I t is not provided for by law or regulation, and
I do not believe that it could be enforced. If we had a provision
for one bond on entry, the condition of which would be obligatory,
it would save us considerable operating expense, relieve importers of
a tremendous lot of red tape, and Avould insure the collection of the
duties due; and coupled with this requirement the statute should
be amended so as to leave the percentage of the packagies to be opened
and examined by the appraiser to be fixed by regulations of the
Secretary of the Treasury, as it is advisable iri some cases to examine
100 per cent, and in other cases 1 out of 100 would suffice.
The statute requiring a clerk to swear before receiving his salary
that he has not shared or agreed to share the same with any one else
was passed in 1823. I t may have been necessary in those times, but it
is not now. The statute requiring persons in the Customs Service to
make an affidavit that, they have not indulged in illegitimate or dishonest practices was passed in 1866. I t has never had any practicable effect, so far as I can see, and the procedure required by
these statutes is such as to instill in the minds of the officers and
employees in the Customs Service a lessening in their respect for the
Government and its functions. A form of certificate to be signed by
each customs employee who receives his pay, such as now used in the
Treasury Department, would be sufficient.
Sections 2777 and 2782, Revised Statutes, requiring what is Imown
as residue cargo bonds, were passed in 1799. Under present conditions they are almost absurd and impose an unnecessary restriction
upon commerce and an absolutely useless expense upon the Government. I n 1799 commerce was carried on in small boats of from
100 to 500 tons, and smuggling was a regular occupation. These boats
after unloading a part of their cargo, and ostensibly clearing for another country, or for another district in this country, might drop in
almost anywhere and unload some cargo before proceeding. The
telegraph, telephone, wireless, railroads, and thickly settled country
have changed all this. A vessel may come in the Chesapeake and go
all the way to Baltimore without giving any bond, but if it stops and
unloads two or three cases at Newport News before going on it
must give a bond. A vessel from Liverpool to Habana may stop at
Norfolk two or three days to take on bunker coal without giving any
bond, but if it has one single package for Norfolk it must give a
bond with a penalty twice the duties upon her Habana cargo for all
that cargo. The law results in such absurdities as to make our cus
SECRETARY OF THE TREASURY.
113
toms procedure a mere mass of useless red tape in the eyes of shipmasters.
Section 2775, Revised Statutes, was also passed in 1799. Its purpose is problematical. The report made is a mere duplicate of that
part of the vessel's manifest covering wines and distilled spirits.
Whatever the purpose of the laWj it has absolutely no effect at this
time.
Under section 2626, Revised Statutes, the naval officers are required, among other things, to examine the collectors' abstracts of
duties and other accounts of receipts, bonds, and expenditures, and
certify the same, if found correct, while under the act of July 31,
1894, commonly known as the " Dockery Act," the Auditor for the
Treasury Department is required to audit the accounts of collectors
of customs. Consequently there results considerable duplications of
work and a great deal of controversy as to the scope of the respective
duties of the naval officer and Auditor for the Treasury. The cost
of the naval offices at the present time is approximately $375,000 per
annum, which is considerably greater than the entire cost of the office
of the Auditor for the Treasury Department. The work performed
in the naval offices is duplicated at the present time in the auditor's
office in part only, and the subject most discussed is whether such
duplication should be extended to all accounts or whether it should be
eliminated entirely. I recommend that legislation be enacted to
eliminate the duplication by providing for the settlement of accounts
of collectors at naval offices upon certificatiori of the naval officer of
customs at those ports.
Respectfully,
F . M. HALSTEAD,.
Chief Division of Customs.
7424°—FI 1915
-8 -
ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS.
115
ABSTRACTS OF REPORTS OF BUREAUS AISTD DIVISIONS.
The foUowing is a summary of the reports of bureaus and divisions
of the Treasury Department for the fiscal year ended June 30, 1915,
with the exception that the figures in relation to public moneys are
brought down to November 1, 1915.
TREASURER OF THE UNITED STATES.
The financial transactions of the Government have been seriously
and adversely affected by the European war. This condition was
anticipated at the beginning of the fiscal year, and to offset its effect
upon the income of the Government an emergency revenue act was
passed by Congress, but even this measure has not made good the
reduction in receipts due mainly to the faUing off in importations.
The ordinary revenues for the fiscal year 1915 were $697,910,827.58,
notwithstanding a decrease of $82,533,342.30 in receipts from customs as compared with those of 1914; the increased receipts from
internal revenue (ordinary), corporation and income tax, and misceUaneous sources was $45,771,003.17, so that the net decrease from
aU ordinary sources for the year was $36,762,339.13.
The total ordinary disbursements were $731,399,759.11, which by
classified comparison with 1914 shows a net increase in the total of
civil and misceUaneous accounts, the Naval Establishment, the
Indian Service, and interest on the public debt, while decreased disbursements are recorded in the MUitary Establishment and on
account of pensions. The net result on ordinary expenditures was
an uicrease of $31,145,269.40. The deficit on ordinary transactions
for the year was $33,488,931.53.
The expenses incurred in the construction of the Panama Canal
during the year, amounting to $29,187,042.22, were paid out of the
general fund of the Treasury, and the total net balance so expended
to June 30, 1915, was $219,471,636.48.
' Deposits for postal savings bonds, authorized by the act of June 25
1910, were received during the fiscal year 1915 to the amount of
$933,540. Under 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 $21,553,415, which, with the deposits for
postal savuigs bonds, aggregate $22,486,955 in actual cash received
on account of- the public debt, whUe the cash disbursements on
117
118
REPORT ON THE FINANCES.
account of the principal of matured loans and fractional currency
were $47,533, and for national-bank notes canceled and retired
$17,205,958, a total disbursement for the debt of $17,253,491. The
net result was an excess of receipts of $5,233,464.
On June 30, 1915, the balance in the general fund was $104,170,105.78, a decrease of $57,442,509.75 as compared with that of the
preceding year.
The trust funds, gold and silver coins held to redeem outstanding
notes and certificates, increased $95,158,120, and amounted to
$1,669,421,989 at the close of the fiscal year. The increase in gold
was $92,734,120, and in silver $2,424,000.
The redemptions from the reserve fund during the fiscal year were,
in United States notes, $49,599,925, and in Treasury notes, $1,740,
making a total of $49,601,665. The redeemed notes were exchanged
for gold coin each day in accordance with the provisions of the act of
March 14, 1900, and thereby the reserve was maintained at the fixed
amount. The reserve fund was increased by $2,977,036.63, being the
amount of tax collected during the year on additional circulation
issued under the act of May 30, 1908.
The gold in the Treasury at the close of the fiscalyear 1915 amounted
to $1,382,959,989.18, of which $1,003,825,849.38 was in coin. Set
apart for the respective uses, it was held on the following accounts:
Reserve'fund, $152,977,036.63; trust funds (for redemption of gold
certificates in actual circulation), $1,135,213,619; and in general fund
(belonging to Treasury), $94,769,333.55.
.
The imports of gold during the year were $171,568,755, the exports
$146,224,148, and t h e net excess of imports $25,344,607.
The United States bonds pledged to secure bank circulation
amounted to $736,024,190 on June 30, 1915, a decrease of $4,772,720
as conipared with those of 12 months earlier. United States bonds
and other securities, amounting to $54,854,619, were held to secure
public deposits in national banks. Under the provisions of the act of
June 25, 1910, establishing the Postal Savings System, the Treasurer
of the United States held in trust, as security for deposits in postal
savings depositaries, bonds and securities amounting to $91,321,801.43
on June 30, 1915.
The general stock of money in the United States at the close of the
fiscal year 1915 amounted to $3,989,456,186, an increase of $251,167,315 as compared with that of the preceding year. There was a noticeable increase in the element of gold, which took on a growth of
$94,882,381; the silver coins advanced in volunie by $5,861,740.
United States notes remained, under the law, unchanged. Treasury
notes decreased $2,439,000, being replaced by silver dollars. Nationalbank notes received an increment of $68,601,694, and Federal reserve
SECRETARY OF THE TREASURY.
119
notes (a new kind of money issued during the year), $84,260,500.
The money in circulation increased in volume by $167,204,147 and
amounted to $3,569,219,574 on June 30, 1915. The circulation per
capita was $35.44 and the share of gold to whole circulation 46.59
per cent.
During the earlier months of the fiscal year an anomalous condition
prevailed throughout the country owing to the outbreak of the
European war, and for a time all business and financial operations
were seriously in danger. Through the prompt and effective action
of the Treasury Department, and with the cordial and inteUigent
cooperation of the banking and business interests of the country, the
danger was averted. The Secretary of the Treasury, under the
provisions of existing law, authorized the issue of emergency currency
to national banks upon their application. The banks were very
prompt in making application for the currency, and during the
period from August to November, inclusive, more than $382,500,000
of such currency was issued, thus affording a medium that entered
at once into circulation, and it contributed largely to the restoration
of confidence and the general revival of business throughout the
country. This currency was graduaUy retired after it had served the
purpose for which it was issued. The national-bank notes (including
the emergency currency) in circulation on November 2, 1914,
amounted to $1,083,519,080, and by the close of the fiscal year the
amount was reduced to $785,393,047.
During the fiscal year 1915 national-bank notes amounting to
$782,633,567 were presented for redemption. This sum was 83 per
cent of the average circulation outstanding, and was $75,876,965 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, The largest amount
presented during a month was $132,509,108, in January; the smaUest,
$26,713,805, in September. The expenses incurred for redemption of
national-bank notes during the year amounted to $498,328.60, and
have been assessed upon the banks in proportion to their notes redeemed at the rate of $0.65147 per $1,000.
The notes and certificates of United States paper currency issued
during the fiscal year numbered 280,174,317 pieces, of the total value
of $1,164,718,000. The redemptions were 299,455,985 pieces, of the
total value of $1,025,086,100. The pieces outstanding number
334,353,365, of the total value of $2,061,576,785. The average cost
of each piece of United States paper currency issued and redeemed
is about 1.526 cents, and the annual cost of maintenance of the
currency issued by the National Government averages slightly more
than one-fifth of 1 per cent of the amount outstanding.
120
REPORT ON THE FINANCES.
The currency shipped from the Treasury in Washington to the
subtreasuries and to banks during the fiscal year 1915 amounted to
$836,961,227, against $935,952,146 in 1914.
SUver dollars were shipped to depositors therefor at the expense"
of the consignee for transportation as usual during the past fiscal
year. However, the outgo of these coins from the Treasury is more
than offset by the infiow, consequently the amount of silver doUars
in circulation on June 30, 1915, was $64,647,156, a decrease of
$5,653,329 as compared with that of 12 months earlier. The stock
of subsidiary silver coin increased $3,423,563 and amounted to
$185,430,250, of which $159,265,955 was in circulation on June 30,
1915, a decrease of $699,743 as compared with that of the preceding
year. The amount held in the Treasury at the close of the fiscal
year 1915 was $26,164,295, against $22,040,989 at the close of 1914.
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, and in the discharge of that duty on October 25, 1914^
he announced the 16th day of November, 1914, for the establishment
of the Federal reserve banks in all the Federal reserve districts. On
that date the new reserve requirements for national banks, as prescribed by the act, became operative.
Notwithstanding the short time aUowed to perfect the organization
of the banks, their oflScers and directors 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 November 16,
1914. The new reserve requirements which became operative on
that date released an immense amount of reserve money and largely
increased the credit facilities of the banks of the country. It is
confidently believed that the reserve banks are going to exert a farreaching influence for good upon the banking system and business
of the country.
Section 16 of the Federal reserve act authorizes the Federal
Reserve Board, at its discretion, to exercise the functions of a clearing house for the Federal reserve banks. In the exercise of this
authority, said board on May 8, 1915, devised and announced a plan
for the estabhshment and maintenance of a gold fund for the settlement of balances arising out of transactions among the 12 Federal
reserve banks, to be in the custody of and operated under the direction of the Federal Reserve Board with the cooperation of the
Treasury Department. Each Federal reserve bank was required to
deposit not later than May 24, 1915, vnith the Treasurer or nearest
subtreasury, for credit to the account of the gold-settlement fund,
$1,000,000 in gold, gold certificates, or order gold \certificates, which
the Treasurer transferred to Washington through the medium of his
general account, and in payment thereof issued gold certificates,
SECRETARY OF TIIE TREASURY.
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121
series of 1900, drawn to the order of the Federal Reserve Board.
The total amount deposited in the gold-settlement fund to June 30
was $31,840,000. Any excess balance may, on request of the Federal
reserve bank to which it is due, be refunded by the return to the
reserve bank of the gold order certificates held by the gold-settlement
fund properly indorsed. If the Treasury finds it necessary to ship
from one point to another funds to make payment on account of the
said gold-settlement fund the Federal Reserve Board will refund any
expenses incurred in making such shipments.
The balance of public moneys on deposit in national banks at the
beginning of the fiscal year 1915 amounted to $69,288,369.62. The
working balance in the Treasury offices at the same time was
$84,570,004.74.
Reports from the several sections of the country in the beginning
of the fiscal year indicated that an increased amount of money would
be required to facihtate the movement and marketing of the crops,
and in order to determine to what extent assistance would be required
by the banks, the Secretary of the Treasury sent a letter to each
national bank in the country inclosing a blank form upon which an
expression of views of each bank was requested. A majority of the
banks in the Eastern and Pacific States replied that they would not
need Government funds, but, acting on the replies from banks which
expressed a wish for assistance through public deposits, the foUowing
allotments were made: To the Southern States, $23,500,000; to the
Western States, $13,475,000; and to the Pacific States, $350,000;
a total of $37,325,000. These funds were distributed in instaUments
of 25 per cent each, the amount distributed to October 31, 1914,
being $19,446,246. The deposits were made only in national banks
located in the principal cities or tov^ms of the several States designated
by the Secretary, and 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 and assisting
legitimate business. I n apportioning the funds among the banks
in each city consideration was given to the character of business
done by the apphcant bank and the extent to which it was lending
money to its country correspondent banks. The Secretary distributed the Government money in such a way as to enable the
ultimate borrower to get it at the lowest possible rate of interest.
Federal, State and municipal bonds and prime 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 December 1, 1914, January 1, 1915, February 1 and February 15, 1915.
Interest at the rate of 2 per cent per annum was paid on these deposits during the time they were held by the depositaries.
122
^
REPORT ON T H E FINANCES.
The balance of public moneys in national banks at the close of November, 1914, was $81,705,083.37, but thereafter there was a gradual
reduction in the amount until the close of the fiscal year, when tho
banks held to the credit of the general fund $53,454,547.87, and to
the credit of postmasters and judicial oflScers $6,484,611.32, making
a total of $59,939,159.19.
District of Columbia.
The amount of the funded debt retired during the fiscal year 1915
was $421,150, while $295,000 of 3 per cent United States bonds were
purchased and are held for this fund.
The total issue of District of Columbia 3.65 per cent bonds is liinited
by law to $15,000,000, and of this aniount $14,997,300 has been
issued, whUe $8,479,300 has been redeemed, leaving the outstanding
funded debt $6,518,000.
At the close of the fiscal year 1915 the 10 per cent guaranty fund
retairied from District of Columbia contractors amoimted to $231,069.10, and is represented by $30,789.99 cash and $193,440 United
States and District of Columbia bonds, which cost $200,279.11.
Detailed information in regard to the affairs of the District of
Columbia will be found in the reports of the District Commissioners
and the Treasurer of the United States, ex oflScio commissioner of the
District of Columbia sinking fund.
COMPTROLLER O F THE CURRENCY.
At the close of the fiscal year on June 30, 1915, there were 7,614
national banks in operation, having an authorized capital of
$1,076,301,175 and^a total circulation.outstanding of $819,273,593,
of which $725,313,141 was secured by United States bonds, $719,561
by other securities, and $93,240,891 by deposits of lawful money in
retirement account.
Charters for 10,752 national banks have been issued since the
organization of the national-banking system in 1863. Of this number, 2,607 banks voluntarily liquidated and 531 failed and were
placed in charge of receivers. The Comptroller of the Currency
issued 181 national-bank charters during the 12 months ending
June 30, 1915, which number included 91 conversions of State banks
(an increase of 52 over the previous year), 39 reorganizations of State
and private banks, and 51 primary organizations. The capital of
the banks chartered during the year aggregated $11,724,500.
From December 23, 1913, the date of the passage of the Federal
reserve act, to June 30, 1915, 283 banks, having an aggregate capital
of $24,039,500, were chartered. Of this number, 175 banks, with a
capital of $4,619,500, were chartered under the act of March 14, 1900,
and 108 banks, with a capital of $19,420,000, under the act of June 3
1864.
SECRETARY OF
THE TREASURY.
123
For the three years prior to the passage of the Federal reserve act
the average number of conversions to the total number of banks
chartered was 27.6 per cent, reorganizations 29.2 per cent, and primary organizations 43.2 per cent. Since that date the conversions
have been 43.5 per cent, reorganizations 26.5 per cent, and primary
organizations 30 per cent.
Of the banks chartered during the fiscal year, 109,^ with an aggregate capital of $2,914,500, were organized under the act of March 14,
1900, and 72, with an aggregate capital of $8,810,000, were organized under the act of June 3, 1864. I t may be of interest to note
that 128 of the 181 banks have not become banks of issue by the
deposit of United States bonds.
During the last fiscal year 106 national banks discontinued business. Of these, 12 failed and were placed in charge of receivers and
94 were closed by voluntary liquidation. Two of the failed banks
previously had been placed in voluntary liquidation by their shareholders.
Of the banks placed in voluntary liquidation, 46, with an aggregate capital of $4,007,000, were absorbed by or reorganized as State
banks; 37, with an aggregate capital of $9,570,000, were consolidated
with other national bariks; 5, with an aggregate capital of $300,000,
were reorganized as national banks; and 6, with an aggregate capital
of $310,000, discontinued business.
Amorig the banks hquidated are included 3 associations the corporate existence of which expired by limitation.
Banks for which receivers were appointed during the year number
16, with capital on the date of closing aggregating $2,200,000, while
the liabilities to depositors and other general creditors amounted to
$16,027,061.82.
Six of the 16 banks placed in charge ol receivers paid dividends
as follows during the year: One, 70 per cent; two, 65 per cent; one,
40 per cent; two, 10 per cent; while four, with capital aggregating
$375,000 anci liabilities to depositors and other general creditors
amounting to $2,166,531.53, were permitted to resume business,
having been restored to solvency by their shareholders.
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 223 are still in operation. Under the act of 1864 charters
were granted to 6,798 associations, under the gold-bank act of 1870
to 10 banks, and under the act of 1900 to 3,488 banks, or a total of
10,752 charters issued to July 1, 1915.
The percentage of national banks closed or which are being closed
by receivers is 4.9, and the percentage of voluntary liquidations is
24.3. The banks in active operation represent 70.8 per cent of the
total number chartered.
124
REPORT ON THE FINANCES.
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, not in excess, however, of paid-in capital, and reduced the tax on circulating notes.
On that date 3,617 national banks were in operation, and from that
date to July 1, 1915, there were 5,488 national banks, with capital
aggregating $355,402,800, authorized to begin business, of which
number 3,488 banks, with capital aggregating $90,955,000, were
chartered under the act of March 14, 1900, with individual capital of
less than $50,000. Of this class of banks the average capital is
$26,076, the great majority of the banks being incorporated with a
minimum capital of $25,000. The remaining banks organized during
the period, numbering 2,000, with capital of $264,447,800, were
incorporated under the act of 1864.
Comparing conditions on'March 14, 1900, with those of June 30,
1915, a net increase of 3,997 is shown in the number of active national
banks and an increase in authorized capital of $459,993,080.
During that period the outstanding circulation increased from
$254,402,730 to $819,273,593, or a net increase of $564,870,863.
The bond-secured circulation during the fiscal year 1915 decreased
$10,215,819,^ or from $735,528,960 to $725,313141. The amount of
circulation secured by the deposit of lawful money increased $78,097,952. The total increase during the year of circulation secured
by bonds, miscellaneous securities, and lavrful money amounted to
$68,601,694.
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 the banks on May 1, 1915, appear
in the foUowing table:
Summary, by States, geographical divisions, and classes, of national banks organized
from Mar. 14, 1900, to June 30, 1915, and the paid-in capital stock of all reporting
national banks on June 23, 1915.
Capital
$25,000.
States, etc.
Capital over
325,000 and
less than
$50,000.
Capital $50,000
and over.
No. Capital. No. Capital. No.
New E n g l a n d
States:
Maine
N e w Hampsbire
Vermont
Ma^aohnsptts
Rhode Island..
Total
5
21
100,000
125,000
50,000
No. Capital. No. Capital paid In.
$385,000
12 $510,000
70
$7,765,000.00
2
200,000
2
150,000
19 4,450,000
500,000
1
250,000
5
7 330,000
7 275,000
21 4,500,000
1 500,000
10 375,000
56
48
170
18
74
5,285,000.00
4,985,000.00
55,392,500.00
6,070,000.00
19,289,200.00
30,000
.36 5,935,000
58 6,490,000
436
98,786,700.00
7
125,000
525,000 ^
National banks reporting June 23,
$30,000
5 $125,000
4
6
2
Capital.
Total organizations.
^ This amount does not include $719,561 circulation outstandmg on June 30 secured by miscellaneous
securities.
125
SECRETARY OF THE TREASURY.
Summary, by States, geographical divisions, and classes, of national banks organized
from Mar. 14,1900, to June 30,1915, and the paid-in capital stock of all reporting
national banks on June 23, 1915—Continued.
Capital
$25,000.
States, etc.
Capital over
$25,000 and
less than
$50,000.
Capital $50,000
and over.
Total organizations.
National banks reporting June 23,
1915.
•
No. Capital. No. Capital. No.
Eastern States:
NewYork
New Jersey
Pennsylvania..
Delaware
Maryland
D i s t r i c t of
Columbia. . .
Total
Southern States:
Virginia
West Virginia..
North Carolma.
South Carolina.
Georgia
:...
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total
M i d d l e Western
States:
Ohio
Indiana
UliQois
Michigan
WisconsiQ
Minnesota
Iowa.
Missouri
Total
Western states:
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico....
Oklahoma
Total
Paciflc States:
Washington....
Oregon..
California
Idaho
Utah.....
Nevada
Arizona....
Alaska
Total
Island possessions:
Hawaii...
Porto Rico
Total
118 $2,950,000 10 $317,500
58 1,450,000 8 240,000
235 5,875,000 24 807,000
6 150,000 3
95,000
32 800,000 5 172,000
64
42
23
18
26
10
36
9
13
248
26
54
39
233 $21,787,500
110 6,400,000
489 31,372,000
9 245,000
13 1,480,000 50 2,452,000
698 14,950,000 187 6,116,000
111
94
181
18
43
186
121
38
2,775,000 19
2,350,000 16
4,525,000 21
450,000 6
1,075,000 4
4,650,000 18
3,025,000 23
950,000 16
658,000
513,000
733,500
190,000
125,000
566,000
770,000
510,000
792 19,800,000 123 4,065,500
132
75
104
•99
29
13
55
25
374
3,300,000 7 215,000
1,875,000 4 120,000
2,600,000 20 715,000
2,475,000 11 390,000
725,000 6 195,000
40,000
325,000 1
1,375,000 11 361,000
625,000 4 125,000
9,350,000 32 1,040,000
906 22,650,000
38 950,000
36 900,000
121 3,025,000
33 825,000
7 175,000
3
75,000
4 100,000
25,000
1
243 6,075,000
3
3
75,000
75,000
1,975,000
50 1,631,500 398 50,375,000
1,350,000 12 431,000
1,050,000 13 455,000
575,000 5 160,000
450,000 1
42,000
650,000 20 675,000
250,000 7 225,000
900,000 12 379,500
225,000 4 125,000
325,000 1
30,000
6,200,000 93 2,998,500
95,000
650,000 3
1,350,000 7 230,000
975,000 9 270,000
No. Capital. No. Capital paid In.
105 $18,520,000
44 3,710,000
230 24,690,000
6
. 449 11,225,000
Capital.
50
44
36
41
53
32
40
27
22
160
32
36
40
6,640,000
3,565,000
3,885,000
4,500,000
5,100,000
6,775,000
3,935,000
2,516,000
3,710,000
20,210,000
2,480,000
5,370,000
4,795,000
478 $166,160,100.00
201 22,127,000.00
833 118,289,390.00
24
1,638,975.00
100 16,379,710.00
13
6,977,000.00
897 63,231,600 1,649
331,562,175.00
6 1,976,000
116 7,421,000
99 5,070,000
64 4,620,000
60 4,992,000
99 6,425,000
49 6,250,000
88 5,214,600
40 2,865,000
36 4,066,000
601 29,408,600
61 3,226,000
97 6,960,000
88 6,040,000
136 18,628,500.00
117 10,297,000.00
80
9,350,000.00
71
9,167,000.00
113 14,706,000.00
66
7,265,000.00
92 . 11,339,840.00
35
3,875,000.00
30
7,035,000.00
637 53,977,600.00
58
5,286,000.00
141 17,675,900.00
116 14,420,000.00
613 71,480,000 1,398 92,546,000 1,682
183,022,740.00
221 16,508,000 378
185 13,813,000 258
302 20,058,500 468
54 11,655,000 104
79 4,850,000 136
235 10,316,000 277
217 8,265,000 348
96 17,545,000 131
62,139,100.00
28,332,400.00
75,995,000.00
17,561,420.00
18,065,000.00
28,936,000.00
23,777,270.00
36,085,000.00
474 79,145,000 1,389 103,010,500 2,100
290,891,190.00
91
75
100
30
32
31
73
42
11
16
39
32
17
12
38
11
72
13,075,000
10,950,000
14,800,000
11,015,000
3,650,000
5,100,000
4,470,000
16,085,000
150 4,115,000
95 3,095,000
163 6,710,000
142 6,366,000
62 2,460,000
26 1,040,000
104 5,046,000
40 1,376,000
478 15,846,000
153
111
212
215
64
33
122
38
351
5,600,000.00
4,847,500.00
15,646,000.00
12,497,500.00
6,610,000.00
1,900,000.00
10,490,000.00
2,140,000.00
16,182,600.00
96 3,201,000 248 19,200,000 1,250 46,061,000 1,299
73,812,600.00
2
70,000
3
91,000
6 190,000
6 • 200,000
30,000
1
1
30,000
19
611,000
35
27
129
16
6
9
6
1
600,000
1,100,000
3,395,000
2,500,000
1,540,000
675,000
3,310,000
626,000
6,455,000
3,795,000 75 4,816,000
2,296,000 66 3,286,000
27,612,800 266 30,827,800
1,160,000 65 2,185,000
1,276,000 14 1,480,000
1,225,000 12 1,300,000
250,000 10 380,000
75,000
2
50,000
78
86
265
66
23
10
13
3
11,410,000.00
10,661,000.00
58,162,800.00
3,496,000.00
3,356,000.00
1,436,000.00
1,176,000.00
126,000.00
490 44,348,800
534
89,808,800.00
228 37,662,800
2
1
650,000
100,000
3
650,000
5
1
625,000
100,000
5
635,000.00
6
725,000
.5
635,000.00
Grand total... 3,012 75,300,000 476 15,655,000 2,000 264,447,800 6,488 355,402,800 7,605 1,068,519,105.00
126
REPORT ON THE FINANCES.
A very large proportion of the United States bonds bearing the
circulation privilege are owned by national bariks and have already
been deposited by them with the Treasurer of the United States as
security for their circulating notes. As the amount of such bonds
is limited, it is evident that any material increase in the circulating
medium based on such coUateral is impossible.
This handicap has been recognized for many years and as a temporary relief from these conditions the act of May 30, 1908, was
passed by Congress and a plan adopted to work out a more elastic
currency system. This act, as amended December 23, 1913, and
August 4, 1914, provided for the organization of currency associations and that the member banks should be aUowed to issue circulation equal to 125 per cent of their combined capital and surpluSj
provided the surplus was 20 per cent of their capital. The act rendered available, under the direction and control of the Secretary of
the Treasury, as a basis for additional circulation any securities,
including commercial paper, held by a national banking association.
No circulation was issued under authority of this act prior to August
4,1914.
On or before July 1, 1915, provision had been made for the retirement of aU of the $382,502,645 of emergency currency with the exsception of $200,000 issued to a bank which afterwards became
insolvent.
The first issue of this currency was made on August 4, 1914, to
banks in the city of New York; the largest amount issued in any one
week was for that ended August 15—$67,978,770; the maximum
amount outstanding at any one time appears to have been $363,632,080, on October 24, 1914; the largest amount retired in any one week
was $45,144,798, which was redeemed during the week ended De»>
cember 12, 1914.
Emergency currency was issued to 1,363 banks in 41 States, The
only States in which emergency currency was not issued were Maine,
Vermont, Rhode Island, Delaware, South Dakota, Montana, Wyoming, Idaho, and Nevada.
The State in which the largest amount of emergency currency was
approved for issue was New York, which amounted to $156,539,960.
The next largest amount was in Massachusetts, $28,674,500. Illinois
came next, with $27,825,000. The next largest amount was to
Pennsylvania, $24,451,750. The only other States to the banks of
which as much as $10,000,000 emergency currency was approved
for issue were Texas, $18,136,300; Missouri, $13,173,000; California,
$13,110,250; and Minnesota, $12,416,500,
Emergency currency authorized for issue by geographical divisions
to the banks in operation on October 31, 1914, was as foUows: The
New England States received $30,277,500, issued to 63 of the 441
127
SECRETARY OF THE TREASURY,
banks; the Eastern States $191,777,710, issued to 162 of the 1,658
banks; the Southern States $61,030,255, issued to 779 of the 1,564
banks; the Middle States $81,414,900, issued to 207 of the 2,084 banks;
the Western States $6,081,200, issued to 90 of the 1,297 banks; and
the Pacific States $15,862,650, issued to 62 of the 529 banks.
Of the emergency currency the issuance of which was approved, 57|
per cent was secured by commercial paper, 14 per cent by State and
municipatbonds, 28 per cent by miscellaneous securities and approximately one-half of 1 per cent by warehouse receipts.
There were 45 national currency associations organized throughout
the country, and 41 of these made apphcation for emergency
currency.
The market value of aU securities deposited as collateral for the
©mergency currency originaUy issued and securities subsequently
substituted for those withdrawn from time to time was $907,883,168.
Of the total volume of securities $651,146,090 was commercial paper,
$79,352,121 Stale and municipal bonds, $171,375,863 other securities,
and $6,009,094 warehouse receipts.
The authorized capital stock of national banks at the close of
business each month, August, 1914, to June, 1915, together with
circulation outstanding secured by United States bonds, misceUaneous
securities, and lawful money in retirement account, is shown in the
foUowing table:
Authorized
capital.
$1,073,624,176
1,075,684,175
1,072,492,176
1,074,074,676
1,074,382,176
August
September
October
November
December
1915,
January
February
March
April
May
June
1,074,969,176
1,076,434,175
1,076,359,176
1,075,186,175
1,077,436,175
1,076,301,175
Lawful
money.
Total circulation outstanding.
$126,241,760
325,007,900
361,119,940
270,078,236
150,836,692
$16,447,138
15,766,893
20,632,278
101,420,019
168,541,616
$877,640,281
1,077,884,776
1,121,468,911
1,111,999,076
1,039,711,021
67,307,165
723,174,863
716,818,068
31,133,734
718,984,138 . 15,154,695
722,193,808
6,582,581
725,677,969
2,508,940
726,313,141
719,561
191,724,115
190,078,639
165,409,147
139,016,678
112,101,038
93,240,891
982,206,133
938,030,441
899,547,980
867,793,067
840,287,947
819,273,593
United States Miscellaneous
bonds.
securities.
$735,851,383
737,109,983
739,716,693
740,500,821
720,332,713
128
REPORT ON T H E FINANCES.
The number of national banks that reported September 12, 1914,
and the total number of banks in each division that made apphcation
for additional circulation based on deposits of misceUaneous securities,
etc., b y geographical divisions, are shown in the following table:
M
^
d"^
_o°*
Geographical
divisions.
-4J
&
3
ra
'^
§
«
<&
'^fl
^•B
ll 11 li
ll
2g
Bt:
II
ll
fe
3 ©
iz;^
New E n g l a n d
States
Eastern S t a t e s . . .
Southern States..
Middle S t a t e s . . . .
Western States...
PacificStates
Hawaii (island
possessions)
^
^.
^g
°4
z%
as
Jz;
440
1,657
1,545
2,074
1,290
627
6
"3
1
o
15
2
«
o „
Z'^
a
-O
•u
03
a
o
*»
II
"2
TiS
13 "S
•S
•S
fl
P
§^-
i
1
<
§1
<
<
T3
•si
63 $161,810,625 $202,263,156 $63,072,238 $139,190,918 $30,277,500 $108,913,418
162 674,301,019 842,876,276 214,297,711 628,578,664 191,777,710 436,800,864
779 271,063,930 338,829,912 141,122,063 197,707,849 61,030,265 136,677,694
207 436,637,892 645,797,364 196,948,290 348,849,074 .81,414,900 267,434,174
90 107,919,366 134,899,207 55,406,360
79,492,857 6,081,200
73,411,667
62 131,827,416 164,784,270 66,322,947
99,461,323 15,862,650
83,698,673
910,444
1,138,055
516,250
621,805
621,805
Total, United
7,638 1,363 1,784,470,691 2,230,588,239 736,685,849 1,493,902,390 386,444,216 1,107,458,176
States...
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 b y 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 23, 1915. The total assets of banks increased from
$4,674,910,713.09 to $11,795,685,156.88, loans from $2,481,579,945.35
to $6,659,971,463.44, paid-in capital stock from $613,084,465 to
$1,068,519,105, outstanding cu-culation from $204,912,546 to
$722,703,856.50, and individual deposits from $2,481,847,035.62 to
$6,611,281,821.90, which latter amount includes $90,386,673.34
United States and postal savings deposits.
Comparison of returns for June 30,1914, with those of June 23, 1915,
shows an increase in the number of reporting banks on the latter date
of 80 and in loans and discounts of $229,902,248.97. Specie held
decreased $113,043,598.62 and legal-tender notes $66,250,146. I n vestments in United States bonds, including premiums, decreased
$15^862,717.73. The increase in other bonds, securities, etc., was
$118,364,578.50 and in stocks $50,978,509.87. Of the liabilities of
the banks, capital stock increased during the past year $10,326,770,
surplus and undivided profits $45,322,100.26, individual deposits
$252,202,718.84, which does not include United States or postal
savings deposits. The aggregate resources increased in the sum of
$313,494,386.28,
129
SECRETARY OF THE TREASURY.
The number and capital of State banks converted, reorganized
banks, and banks of primary organization since March 14, 1900,
classified by eapital stock, are shown in the foUowing table:
Summary, by, classes, of national banks organized from Mar. 14, 1900, to June 30^ 1915.
Conversions.
Reorganizations.
Primary organizations.
No.
No.
Total.
Classification.
No.
Capital.
Capital.
Capital.
No.
Capital.
Capital less than $50,000
639 $14,307,500 1,031 $27,312,000 1,918 $49,335,600 3,488 $90,955,000
Capital $50,000 or over....... 394 65,227,800 618 93,076,000
988 116,145,000 2,000 264,447,800
Total
933 69,636,300 1,649 120,387,000 2,906 166,480,600 6,488 355,402,800
The number of banks and the bond and circulation accounts on
March 14,1900, and Juiie 30,1915, together with the increase between
these periods, are shown in the accompanying table:
Mar. 14,
1900.
3,617
Number of banks
Authorized capital
Bonds on deposit
Miscellaneous securities on deposit,
issue value
Circulation, on bonds
Circulation, on miscellaneous securities
Circulation, on lawful money
Total circulation
Increase
Increase
June 30,1914. June 30,1915. 1900
to
to 1915. 1914
1915.
7,614
7,639
3,997
75
$616,308,095 $1,074,239,176 $1,076,301,176 $459,993,080 $2,062,000
244,611,670
740,796,910
736,024,190 491,412,620 1 4,772,720
216,374,796
736,528,960
2 719,661
2 719,561 2 719,661
726,313,141 608,938,346 110,215,819
38,027,935
254,402,730
15,142,939
750,671,899
. 2 719 561
2 719,661 2 719,661
93,240,891 55,212,956 78,097,953
819., 273,593 564,870,863 68,601,694
» Decrease.
2 Authorized by act of May 30, 1908, as amended Dec. 23, 1913, and Aug. 4,1914.
Reserve cities.
By the act of December 23, 1913, the Federal Reserve Board was
authorized to designate additional reserve cities, and during the past
year the following were so designated: Birmingham, Ala., and
Charleston, S. Q., to become effective November 12, 1914, Chattanooga, Tenn., March 5, 1915, and NashviUe, Tenn., March 22, 1915.
Including the 3 central reserve cities, the total number of reserve
cities is 56.
MINT SERVICE.
Operations of the mints.
The foUowing mint service institutions were operated during the
fiscal year 1915: 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,
7424°—FI 1915
9
130
REPORT ON THE FINANCES.
these being buUion-purchasing agencies for the large institutions.
Refineries were operated at the New York, Denver, and San Francisco institutions.
The original deposits of gold at the mint service oflBices during the
fiscal year amounted to $166,175,438, an increase of $19,878,883 over
the deposits of last year.
The coinage of the year amounted to $46,086,458.90, of which
$40,533,317.50 was gold, $3,353,032.50 was silver, $1,718,776.95 was
nickel, and $481,331.95 was bronze. This amount includes $30,000
in $50 pieces, $25,000 in $2.50 pieces, and $5,500 in $1 gold pieces;
also $30,000 in silver half-dollar pieces struck at the San Francisco
mint for the Panama-Pacific International Exposition.
There were also coined at the PhUadelphia Mint 368,050 gold pieces,
10,765,400 silver pieces, and 11,024,300 nickel pieces for Cuba; 5,000
gold pieces and 859,425 silver pieces for Costa Rica; 2,500,000 sUver
pieces for Ecuador, and 9,208,000 nickel pieces for Salvador. The
mint at San Francisco coined for the PhUippine Islands 1,870,000
silver pieces and 500 bronze pieces.
The seigniorage on United States coinage executed totaled
$3,687,564.41, of which $1,862,088.97 was on subsidiary silver coins
and $1,825,475.44 was on minor coins.
The amount of silver purchased during the fiscal year was 3,395,694.87 fine ounces, costing $1,736,599.16, at an average price of 51
cents per ounce, fine. There were also received 491,021.14 fine
ounces of United States mutUated silver coins, valued at $678,792,
and Philippine silver coins for recoinage containing 136,247.17 fine
ounces at a cost value of $89,032.55.
Stoclc of coin and buUion in the United States.
On December 31, 1914, the stock of domestic coin in the United
States was $2,252,316,331, of which $1,500,743,924 was gold and
$568,271,663 was silver doUars, and $183,300,744 was subsidiary
silver coin.
The stock of gold buUion in the mints and assay offices on the same
date was valued at $304,354,958, and the stock of silver buUion was
6,291,673 fine ounces.
Production of gold and silvero
The production of the precious metals in the United States during
the calendar year 1914 was as foUows: Gold, $94,531,800, and silver,
72,455,100 fine ounces.
SECRETARY OF THE TREASURY.
131
Industrial arts.
The amount of gold consumed in the industrial arts during the calendar year 1914 was $42,728,893, of which $34,621,619 was new
material. SUver consumed amounted to 29,233,117 fine ounces, of
which 22,474,787 fine ounces was new material.
Exports of gold coiuo
The net exports of United States gold coin for the fiscal year 1915
were $23,445,028.
Appropriations J expenses, and income.
Amounts appropriated for the fiscal year 1915 totaled $1,147,771.68,
which, together with unexpended balances of permanent appropriations amounting to $12,700.13 and reimbursements within the service
and from other Government services of $161,604.17, aggregated an
available total of $1,322,075.98.
The total expenses chargeable to appropriations were $1,149,376.92;
those chargeable to income were $7,553.90; aggregate, $1,156,930.82.
The income, including $3,687,564.41 seigniorage reahzed by the
Treasury from the Muit Service, totaled $4,262,896.32,
Income and expenses are itemized below:
INCOME.
Mint charges on bullion
Proceeds of stock medals and proof coins sold
Charges for manufacture of special medals
Charges on foreign coinage executed
Charges for work done for other institutions, etc
Receipts from special assays of bullion and ores
Surplus bullion recovered
Gain on bullion shipments to refineries
Less contra losses
:
|182. 30
26. 37
155.93
1, 660. 73
1.37
- 727.27
14,951.20
575,331.91
Proceeds of proof gold and silver formerly on inventory
Commission on telephone calls
Proceeds of sale of old material
Proceeds of sale of by-products.
Seigniorage on subsidiary silver coinage
Seigniorage on minor coinage—nickel
Seigniorage on minor coinage—bronze
Total
1340,595. 93
3,589.85
9, 924. 96
146, 099. 67
6,579. 54
2, 749.15
49,296. 31
|1,862,088. 97
1,409,332. 91
416,142. 53
...«
3, 687, 564.41
4,262,896.32
132
REPORT ON THE FINANCES.
EXPENSES.
Salaries of officers and clerks
$273,859.21
Wages of workmen
618, 320. 64
Contingent expenses (including equipment), less amounts to reimburse
. wastage and loss on sale of sweeps
230,789.99
Wastage of operative departments (gold and silver)
2, 758. 38
Loss on operative sweeps sold
3, 955. 02
Freight on bullion and coin shipments between mints and assay offices..
19, 693. 68
Wastage of operative departments (minor metal)^
Expense of distributing minor coin ^
1,149, 376.92
1, 072. 35
6; 481.55
Total
Net income of the Government from the Mint Service
1,156,930.82
3,105,965.50
4,262,896.32
Deposits J income, expenses, and employees, by institutions.
The number and value of deposits, the income (including seigniorage), and the expenses of the fiscal year 1915, and the number of
employees on June 30, 1915, at each institution are given below:
Number of—
Institution.
Philadelphia
San Francisco
Denver
NewYork
New Orleans
Carson City
Boise
Helena
Deadwood
Seattle
Salt Lake City
Total
Value of gold c
and
De- Rede- silver deposits.
posits. posits.
6,132
164
15,264
130
6,496 1,271
673
14,449
407
634
870
556
107
2,260 "'*28"
167
Income.
Expenses.2
EmFreight
on
ployees,
bullion
June
and
30,
coin.
1916.
$8,975,731.69 $1,978,212.61 $462,462.66 $4,866.76
73,581,378.66
769,415.76 205,650.76
24,256,142.00 1,317,014.63 175,587.06
62,631,627.42
176,318.66 190,816.94
506,833.29
1,984.12
12,837.86
715.86
237,317.68
1,831.11
7,688.94
397.98
997.41
916,502.90
6,363.65
8,191.72
630.16
649,097.66
2,918.90
8,491.09
346. 00
738,037.93
1,927.83
6,796.32
8,840,215.21
5,966.01
45,134.08 11,686.61
56.02
49,540.02
979.62
6,210.01
323
118
95
89
9
5
5
5
6
19
8
4,262,922.69 1,128,766.44 19,693.68
676"
47,331 2,266 181,282,324.36
INTERNAL REVENUE.
The receipts from internal-revenue taxes for the fiscal year 1915,
as shown by coUectors' reports, were as follows:
Ordinary collections
Income-tax collections
,..,
Total
Net increase over 1914
$335,479, 265.00
80, 201, 758. 86
415, 681, 023. 86
35,672,129.90
The total ordinary receipts, including the emergency revenue act
of October 22, 1914, show a net increase of $26,851,645.78 for the
year. The emergency revenue, which under provisions of the act
1 Payable from the seigniorage on minor coinage,
a Includes freight on bullion.
SECRETARY OF THE TREASURY.
133
was for fractional parts only of the fiscal year 1915, aggregated
$52,069,126.29.
The ordinary receipts for the fiscal year 1915, exclusive of said
revenue, as compared with receipts for fiscal year 1914, show decrease
in coUections from the following principal sources:
Distilledspirits
Tobacco....
Fermented liquors
$16,924,163.47
2,515,882.50
6,466,245. 61
Total
25, 906, 291. 58
The net decrease in this comparison was $25,217,480.51 for the
year.
The income tax receipts from corporations aggregated $39,144,531.71, as compared with $43,127,739.89 collected durmg the year
1914 under the corporation excise act of August 5, 1909, and the
income-tax act of October 3, 1913.
Durhig the month of July, 1915, $3,506,981.06 was collected from
corporations upon assessments made during the fiscal year just closed.
This amount, while payable last fiscal year, will of necessity be included in the returns for the fiscal year 1916. '
The income-tax receipts from individuals aggregated $41,046,162.09,
or $12,792,627.24 in excess of the amount collected during the preceding year. I t should be noted, however, that the tax from individuals coUected during the fiscal year 1914 was computed under
provisions of the act on net incomes accruing for 10 months only
of the calendar year 1913.
The total expenditures of the internal revenue for the fiscal year
1915 were $6,804,688.77. This included expenditures from the appropriation ^^Collecting the income tax,'' but did not include payments
from the appropriation '^Refunding internal-revenue collections,"
amounting to $82,526.61, as they were in no sense an expense.
The cost of collecting $1 of internal revenue was $0.0164
134
REPORT ON T H E FINANCES.
Receipts from internal revenue, 1914 and 1915.
Fiscal year ended—
Increase
Sources.
June 30,1914.
Decrease.
June 30,1915.
$14,478,477.94
$159,098,177.31 1 $144,619,699.37
Distilledspirits
2 79,957,373.64
79,986,639.68
29,266.14
Manufactured tobacco
8 79,328,946.72 $12,247,434.27
67,081,612.45
Fermented liquors
1,696,256.95
370,037.82
1,325,219.13
Oleomargarine
5,265.94
2,292.84
2,963.10
Mixed flour
43,097.30
• 23,085.05
20,012.26
Adulterated butter
81,476.46
99,612.60
Process or renovated butter
18,136.04
special taxes, Including bankers,
4,967,179.18
4,967,179.18
brokers, etc
Schedules A and B (documentary
stamps and perfumery, cosmetics,
23,455,965.34
23,466,965.34
etc.)
«1,326,890.41
1,008,533.79
318,356.62
Miscellaneous
Total (ordinarv receipts)
Corporation income rax
Individual iacome tax
308,627,619.22
5 43.127,739.89
28,253,534.85
335,479,266.00
8 39,155,596. 77
41,046,162.09
Total (aggregate receipts)
380,008,893.96
416,681,023.86
Net increase
41,379,402.11
12,792,627.24
64,172,029.35
14,527,766.33
3,972,143.12
18,499,899.45
35,672,129.90
»Includes $2,307,301.97 from wines, champagne, liqueurs, cordials, etc., and $138,383.56 from grape brandy
used in fortiflcation of sweet wines. (Act of Oct. 22,1914.)
2 Includes $193,302.08 from sale of internal-revenue stamps affixed to Philippine products (act of Aug. 5,
1909) and $2,486,616.36 from special taxes relating to manufacture and sale of cigars, cigarettes, and tobacco
(actof Oct. 22,1914).
*
3 Includes $18,713,670.88 from the additional tax (50 cents per barrel) on fermented liquors (act Oct. 22,
1914).
* Includes $673,847.54 from playing cards; $2,068.77 from opium manufactured for smoking purposes;
$248,406.97 frora manufacturers. Importers, or distributers of opium, etc. (act of Dec. 17, 1914); $1,960
from Cotton Futures Act, approved Aug. 18,1914; $400,608.13 from accepted offers in compromise, unassessed penalties, interest, etc.
5 Includes $10,671,077.22 from corporation excise tax.
8 Includes $11,065.06, an Income tax on railroads In Alaska (act approved July 18,1914).
o
.
Production of spirituous and malt liquors.
The production of distUled spirits, exclusive of fruit brandies, was
132,134,152.2 taxable gaUons, against 174,611,645 gaUons in 1914, a
decrease of 42,477,492.8 gaUons.
The production of fruit brandies was 8,521,951 taxable gallons,
against 7,307,897.2 gaUons in 1914, an increase of 1,214,053.8 gaUons.
During the fiscal year 1915, 635 distiUeries of all kinds were operated,
a decrease of 108 as compared with the preceding year.
The production of fermented liquors was 59,808,210 barrels, a decrease of 6,381,263 barrels. There were removed from breweries for
export free of tax 61,509 barrels, as against 84,028 barrels during the
fiscal year 1914.
Income tax.
The administration of the income tax law for the fiscal year ended
June 30, 1915, has been attended with considerable improvement in
the amount of tax coUected and a better imderstanding of the provisions of the law.
The income tax from corporations feU off very materiaUy, and
this was expected. The curtailment of the operations of American
SECRETARY OF THE TREASURY.
135
corporations in Mexico and in a large portion of Europe has affected
the earnings of many corporations, and this in turn reduced the
amount of taxable net uicome reported by corporations so affected.
The amount assessed for the year ended June 30, 1914, was $45,851,029.31, and the amount assessed for the year ended June 30,
1915, $39,984,000.45. The collections for these years were $43,127,739.89 and $39,144,531.71, respectively.
With respect to individuals, the uicrease of the tax has been gratifying. The assessment upon individuals for the fiscal year ended
June 30, 1914, was $31,344,539.66, and for the fiscal year ended June
30, 1915, $44,719,720.09, an uicrease of $13,375,180.43, or .nearly
40 per cent. This increase has been made regardless of the reduced
earnings of corporations, which caused in many cases the reduction
of the rate of dividends paid or the passing of dividends, which no
doubt had some effect upon the individual tax. The increase may
in part be accounted for by the fact that January is one of the heaviest
interest-paying periods of the year and that the interest payments
for January and February, 1913, were not included in the 1913 returns, but the interest payments for these months in 1914 were included in the returns for the calendar year 1914.
The addition to the tax, therefore, was proportionally greater from
this source than these two months bear in proportion to the balance
of the year.
The additional efficiency of the clerical force in the office of the
Commissioner of Internal Revenue and in the offices of the coUectors
of internal revenue and the revenue agents^ offices, together with a
better understanding of the requirements of the law, have also apparently had a beneficial effect on the amount of tax collected. I t is
believed that much tax stiU remains to be collected, which ca,n only
be coUected through the field agencies, and with the increased efficiency of the agency force and the constant improvement in methods
being instituted it is believed that the coUections from the income
tax wUl be materiaUy increased from year to year.
The Commissioner of Internal Revenue has instituted special measures to insure the employment of only properly quahfied persons on
this work, and these measures wiU necessarily require the separation
from the service of those not fitted by education, experience, and
natural qualifications to perform the task required of investigators.
I t is beheved that the hearty cooperation of Members of Congress
will be given the Commissioner of Internal Revenue in his efforts to
secure a highly speciahzed force on this work, as such action will
result not only in the increase of the tax but wiU insure to the taxpayer, whether corporation or individual, an inteUigent consideration
of the many mooted questions which arise in the administration of
this law.
136
REPORT ON T H E FINANCES.
The amount of additional tax reported by agents and inspectors
for the fiscal year ended June 30, 1915, was $3,684,695.71, which is
more than twice the total cost of the coUection of the income tax.
Each additional properly quahfied agent practically guarantees the
recovery of taxes many times in excess of the cost of his services.
In this connection attention is also caUed to the fact that the large
increase in the investigating force has resulted ia an increase in the
work of the Bureau of Internal Revenue. The number of reports has
increased more than tenfold, and this of course means a tenfold
increase in the number of clerks who are in charge of the examination
of these reports and the assessment of the tax in connection therewith, and estimates will be made for additional clerks to take care of
this work.
I have heretofore suggested various amendments which would
clear up ambiguities in the income tax act and contribute to the
more effective administration of the law. It is believed that Congress may with profit give attention to the amendment of the income
tax law during its coming session, and I desire to again 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 return so as to require each person having
a gross income of $3,000 or more for the taxable year to make a
return.
The Bureau of Internal Revenue is now able to audit the returns
made, but where the individual is the sole judge of the kind and
extent of the deductions from gross income which he may claim in
the ascertainment of net income, and by being,sufficiently liberal
with himself reduces his net income below the amount upon which a
return of annual net income is based, the bureau is helpless to either
correct mistakes or detect frauds except through the expensive and
laborious method of sending agents to make investigations. Where
the duty is laid by law upon the individual to make a return based
upon gross income, the result should be an increase of many thousands
of returns, and a considerable addition to the tax. It would take
some additional force to examine and audit these additional thousands
of returns in the office of the Commissioner of Internal Revenue, but
it is believed that the resultant gain in the tax wiU more than justify
the change in the law.
It is also believed that the provision of the law that no return need
be made by the individual where his total tax is withheld at the source
should be changed to require a personal return from each individual
who has an income in excess of $3,000, regardless of the fact that the
total amount of tax due may have been withheld at the source. It is
believed that considerable tax is lost through this provision of the
law, as no statement under oath is required of the person who rests
SECRETARY OF THE TREASURY.
137
content with the general statement that his tax was coUected at the
source.
It is further believed that partnerships should make returns of
annual net income and should be taxed on the same basis as corporations, and that the individual members of the partnership should be
relieved of paying the normal tax on their distributive share of the
profits of the partnership in all cases where the partnership has paid
the normal tax on its net uicome.
There have been several instances of persons taking the position
that the Cominissioner of Internal Revenue has no authority to make
examinations through his revenue agents for the purpose of verifying
any returns of annual net income or to make examination'to ascertain
whether any person is liable to make return where a return has not
been made.
The income-tax law should, therefore, be amended so as to confer
direct authority upon the Commissioner of Internal Revenue to make
the necessary examination to ascertain the correctness of any return
of annual net income filed, or to make proper inquiry in cases where
no return has been filed, such examination and inquiry to be made
by any regularly appointed revenue agent, with proper provision to
require the attendance of any officer or employee or person, and take
his testimony with reference to any matter required by law to be
included in a return of annual net income, with power'to administer
oath or oaths to such person or persons. Upon the inf ormation so
acquired the Commissioner of Internal Revenue should be authorized
to amend any return of annual net income or to make a return where
none has been made.
Attention also is invited to the fact that the Internal Revenue
Bureau as organized does not have any foreign agents, and that, therefore, the Commissioner of Internal Revenue is limited in his examinations for the purpose of verifying returns of annual net income to
those returns which are made by citizens or residents of the United
States. It should, therefore, be considered whether it would not be
wise to confer authority upon consular officers to make inquiry and
examination, the same as requested above for revenue agents.
The emergency revenue law.
The act to increase the internal revenue and for other purposes,
approved October 22, 1914, is yielding approximately the estimated
revenue therefrom. Because of the short time between its passage and
its going into effect, considerable confusion arose at the beginning,
and the Bureau of Internal Revenue was at that time swamped with
inquiries as to its construction and application owing to the limited
force avaUable. Information in regard thereto was given as promptly
138
REPORT ON THE FINANCES.
as possible, however, and correspondence in regard to the act was
made current in a few months. Suits are pending in the courts to
test the correctness of the commissioner's rulings as to the basis for
computation of tax due from bankers and as to the inclusion of talcum
powder among articles taxable under Schedule B. There are a number of provisions in this act which are obscure and which should be
amended in the interests of clarity if the act is extended beyond the
current calendar year. It is beheved also, from correspondence
received and reports of revenue officers in the field that a very considerable amount of tax is lost to the Government through ignorance of
the pubhc as to the requirements of the law, and it is therefore
strongly recommended that in the event of its extension additional
force should be provided to see to its enforcement.
TJnited States cotton futures act.
The Secretary of the Treasury delegated to the Commissioner of
Internal Revenue the execution of this act, approved August 18,
1914, so far as it relates to the Treasury Department, which has been
put in effect with very httle friction or apparent objection on the part
of brokers and dealers affected thereby. Two suits, one generaUy
to test the constitutionahty of the act as it relates to contracts made
in accordance with the provisions of section 5 and one to test speciaUy
the constitutionahty of section 11 of the act relating to orders sent
for execution on foreign exchanges have been instituted. The principal part of the objection which has been raised to the act appears
to center about the latter provision, as it is claimed that it interferes
seriously with the transaction of legitimate business by exporters of
cotton.
Tax on railroads in Alaslca.
Formerly a hcense tax of $100 per mile per annum was imposed on
railroads operated in Alaska, which was repealed by the act of July 18,
1914, and the ad(htional income tax on gross income levied, to be
computed and collected in the same manner as the general income tax.
The proceeds of the additional tax on Alaska raUi'oads under the law
is paid to the treasurer of Alaska and apphed to general Territorial
purposes.
Oleomargarine.
The investigations instituted and conducted during the fiscal year
1914 were continued with renewed energy during the fiscal year 1915
with gratifying results, as a number of the largest cases involving
extensive frauds in stamp taxes due, in which investigations were
begun the latter part of the preceding year, were completed and
SECRETARY OF THE TREASURY.
139
additional new cases of lesser importance discovered during the current year.
The total amount of taxes out of which the Government had been
defrauded through artificially colored oleomargarine being placed on
the market under tax-paid stamps at one-fourth of 1 cent per pound
instead of at the rate of 10 cents due on such product, in four of the
largest cases of this character ever discovered, was definitely determined during 1915, and the sum found due reached the enormous
total of $17,692,410.47, representing the tax on practically all of the
oleomargarine produced and placed on the market as uncolored under
one-fourth cent stamps by these manufacturers since the inception
of the present law.
In addition to the completion of these four cases, one case was discovered during the current year where the amount out of which the
Government had been defrauded reached a total of $1,503,203.30,
which sum represented the tax on the product manufactured for a
period ef six years that these frauds had continued undetected, all
of the product in this case having been placed on the market as butter
without payment of any tax.
These five cases alone involved a total of $19,195,613.77 stamp
taxes, which does not include special taxes of wholesale and retail
dealers incurred on account of the purchase and sale of the product.
Of this amount only $4,611,051.83 was within the assessable period
of two years, the remainder being coUectible only by suit. Assessments of the taxes within this period were made and suits instituted
to recover the balance, and during the fiscal year ended June 30,
1915, there was coUected approximately $751,000 from these five
cases, and arrangements perfected whereby further recoveries of taxes
are expected to be made next fiscal year.
The principal officers and employees of the companies involved in
these frauds were indicted, and in three cases where trials have been
held all were convicted or plead guilty. Prosecutions in a large number of cases for iUicit coloration of white oleomargarine, and various
other violations of this law, resulted in conviction or a plea of guilty
in every case tried since January 1, 1915.
Notwithstanding these results growing out of the thorough and
sweeping investigations and vigorous efforts to enforce the law, it
only emphasizes the incentive to fraud under the present oleomargarine statutes, and the need of amendatory legislation to correct these
faults and at the same time afford adequate protection to the revenues
and to the public.
It is again recommended that the present law be amended by
repealing those provisions imposing a d()uble rate of tax on the product and special taxes on dealers, and substituting therefor a flat
rate per pound and single rates of special taxes upon wholesale and
140
REPORT ON THE FINANCES.
retail dealers, with provision for individual or original packages of
certain sizes fixed by the law, each of which shall bear the tax-paid
stamps, marks, and brands so as to clearly identify the character of
the product to the purchaser.
Under such a law imposing a flat rate of 2 or 3 cents per pound, and
special taxes of $240 and $24 per annum upon wholesale and retail
dealers, respectively, without regard to the color of the product, it is
estimated, upon the basis of production for the fiscal year ended June
30, 1915, that the total collections would amount to from $4,500,000
to $7,000,000 per annum, with a continued increase in the coUections
from this source in proportion to the increase in the production of
oleomargarine.
Adulterated butter.
The recommendation of previous year for legislation amending the
act of May 9, 1902, known as the ''adulterated butter law,'' is again
renewed, as the defects pointed out heretofore still exist, both from an
administrative and revenue standpoint.
A definite standard of moisture or butter fat content should be fixed
by statute for the various classes of butter defined in the original act of
August 2, 1886, as amended by act of May 9, 1902, and as the value
of the product is based upon the fat content, this should be fixed as the
standard in the classification of the different grades of butter covered
by this law.
Tobacco.
The law relative to the business of dealers in leaf tobacco is greatly
in need of strengthening. Every leaf dealer should be required to
give bond, make a true inventory on the 1st day of January of each
year, and to render report of transactions either quarterly, monthly,
or for such periods (and within 10 days after the close of such periods)
as the Commissioner of Internal Revenue may prescribe. The commissioner should be empowered to make assessments for tax on
tobacco not accounted for by leaf dealers after proper aUowance has
been made for loss by shrinkage, etc. It is urged that section 26 of
the act of October 1, 1890, be amended so as to require registry of
manufacturers of cigars, manufacturers of tobacco, dealers in leaf
tobacco, and peddlers of tobacco on commencement of business only
and not on the 1st day of July of each year when special taxes on
these occupations are not in force.
Denatured alcohol.
In view of the large decrease in receipts from domestic distUled
spirits and the probable further decrease in such receipts during the
present fiscal year, it is recommended that a reasonable tax be levied
on denatured alcohol, which under existing law is now wholly exempt
from tax.
SECRETARY OF THE TREASURY.
"
141
Fortified wine.
By the act of October 22, 1914, a tax of 55 cents per proof gaUon
is now imposed on brandy and wine spirits used in fortifying domestic
wine. This tax, however, will, under the provisions of the act,
expire by limitation January 1, 1916. It is therefore recommended
that a like tax be imposed on all brandy or spirits used in fortifying
such wine on and after that date.
Worlc done by revenue agents.
The revenue agents and the field officers who have been assigned
to duty under their direction during the fiscal year ended June 30,
1915, have, with a few exceptions, maintained the high standard that
has prevailed in the past, and those agents who have remained
steadfast and unswerving in the trust reposed in them are deserving
of high commendation. In two cases revenue agents, with other subordinate officers, connived with iUicit distiUers, with the result that
thousands of gallons of illicit whisky were put upon the market without payment of tax. These officers have been summarUy separated
from the service, and their vigorous prosecution was recommended.
Gigantic frauds upon the revenue, especiaUy with respect to oleomargarine and distilled spirits, have been unearthed during the past
fiscal year, more than have obtained in any one year during the
history of the Internal Revenue Bureau. These frauds are not of
recent origin, but extend back over a number of years. Taxes with
respect to oleomargarme, approximately $17,600,000, have been
uncovered and reported to this office by revenue agents and subordinate officers working under their direction.
Taxes amounting to $176,481.70 have been assessed on reports
made to this office by revenue agents on account of illegal manipulation of distilled spirits in distillery warehouses, known as ''equalizing.'' Of the amount so assessed there has been collected in the
way of taxes and compromised the sum of $83,944.64.
The business of the "moonshiner" in whisky in the Southern States,
from the number of iUicit distilleries reported seized during the fiscal
year ended June 30, 1915, appears to be increasing. There were
reported 3,817 illicit distilleries destroyed during the fiscal year 1915,
as against 2,677 destroyed during the fiscal year ended June 30,
1914. As a result of information received by the revenue agents
through informers, as well as by the officers themselves endeavoring
to capture these Ulicit distillers or destroy their distiUeries and distilhng apparatus, the following persons were killed: O. B. Byrd, an
informer to the stiU of Marion and John Pennington, Campbell County,
Tenn., was killed April 13, 1915; J. S. West, acting as posse man, was
killed on February 10, 1915, while raiding the still of Bud Tucker,
Putnam County, Tenn.; C. P. Phlegar, deputy United States marshal.
142
'
REPORT ON THE FINANCES.
killed May 14, 1915, while on a raid, acting as posse man, in Patrick
County, Va.
There does not appear to be any abatement respecting the iUegal
sale of liquors by "bootleggers."- Many reports are received in this
bureau from the law-abiding element throughout the country, reciting conditions as to iUegal sales of liquors in the various localities by
"bootleggers," and asking this bureau to assist them in stamping
out the conditions complained of. These conditions are largely
brought about by failure of local officers to enforce the provisions of
the State laws governing the manufacture and sale of liquor.
During the fiscal year ended June 30, 1915, there were received
from income-tax agents and inspectors reports recommending assessment of corporation and individual income tax approximating
$6,600,000.
BUREAU OF ENGRAVING AND PRINTING.
Congress appropriated for the operation of the Bureau of Engi-aving
and Printing the sum of $3,639,902.48, and the bureau was reimbursed for services and materials furnished the several executive
departments and bureaus to the amount of $1,839,722.02, the aggregate avaUable for the work during the year having been $5,479,624.50.
The expenditures were $234,483.29 for salaries, of which $858.21 was
for employees detailed to other branches of the department and not
reimbursed; $8,366.69 for custody of dies, roUs, and plates; $1,985,101.98 for compensation of employees, of which $3,545.33 was for
employees detailed to other branches of the department, $898.37 of
which was reimbursed; $2,008,606.76 for wages of plate printers and
assistants; and $802,646.08 for materials and misceUaneous expenses,
making an aggregate expenditure of $5,039,204.80, and leaving unexpended $440,419.70.
The work accomplished by the Bureau of Engraving and Printing
during the fiscal year aggregates 307,634,334 sheets, an increase of
27,361,506 sheets as compared with the preceding year.
The increase in the output is due to the large number of emergency
national bank notes furnished under the Aldrich-Vreeland Act of
May 30, 1908; of Federal reserve notes furnished under the act of
December 23, 1913; of new revenue stamps furnished under the act
of October 22, 1914; and of opium stamps and orders furnished under
the act of December 17, 1914.
^
The deliveries were 71,112,000 sheets of United States notes and
certificates; 18,300 sheets of United States bonds; 19,134,418 sheets
of national bank notes; 16,890,000 sheets of Federal reserve notes;
88,051,581 sheets of internal-revenue stamps; 260,735 sheets of
customs stamps; 108,918,176 sheets of United States postage stamps;
63,466 sheets of United States parcel-post stamps; 266,668 sheets of
Philippine postage stamps; 361,550 sheets of sUver certificates,
SECRETARY OF THE TREASURY.
143
checks, documentary and internal-revenue stamps, and postal cards;
and 2,557,440 sheets of checks, drafts, etc. In addition to these
sheets delivered, misceUaneous work was executed to the value of
$131,505.59. The face value of aU classes of securities, internalrevenue stamps, postage stamps, etc., furnished by the bureau
amounted to $3,558,150,626.31.
Compared with the work executed in the previous fiscal year, there
was an increase of 187.66 per cent in national bank and Federal
reserve notes; 9.79 per cent in internal-revenue stamps; and 30.04
per cent in customs stamps; and a decrease of 3.36 per cent in United
States notes, certificates, and bonds; 1 per cent in United States
postage stamps, including parcel-post stamps; and 13.07 per cent in
checks, drafts, and misceUaneous; or a net increase for all classes of
9.76 per cent.
DIVISION OF SPECIAL AGENTS.
The field service of the Special Agents Division of the Treasury
Department, charged with the detection and prevention of frauds
upon the customs revenue and offenses against prohibitory customs
laws, has accomplished important results of a tangible character,
including the recoveries of money paid into the Treasury as follows:
Offers in compromise
Increased duties:
Undervaluation
Classification.
Fines paid in criminal actions
Other fines, penalties, and forfeitures recovered and paid
Excess drawback recovered
Total
$125,250.02
57,389. 99
42,475.72
26, 265. 60
12,309. 76
15,476.41
279,167. 50
These payments were the result of original information secured by
field agents, and represent losses of duty incurred in the ordinary
routine of administration and the imposition of fines, penalties, and
forfeitures because of fraud, mistake, or other irregularities on the
part of importers or shippers. The money recoveries have been
supplemented by 289 seizures of imported merchandise for various
offenses, the appraised valuation of which was $348,135.40. In
addition, investigations conducted by agents have resulted in the
institution of 42 suits for value, involving claims on the part of the
Government amounting to $4,604,975.73. The tangible results of
the work of the field force in money, property, and valid claims
pending in suit thus amount to $5,232,278.63.
In the enforcement of the several opium acts, agents have made
182 arrests for violations of the customs laws prohibiting the importation of opium, and 142 seizures, embracing 1,142 5-tael tins of
smoking opium and 80 pounds of crude opium. They have also made
70 arrests for violation of the internal-revenue laws and 40 seizures
under the provisions thereof. Many cases developed in the course of
their investigations involving violations of internal-revenue laws,
144
REPORT ON THE FINANCES.
State laws, and municipal ordinances have been reported to the
appropriate authorities for prosecution.
The increased demand for American manufactures due to the war
in Europe has increased applications for the benefit of drawback on
imported materials used therein. More rigid requirements on the
part of the Treasury Department in the administration of the drawback law have greatly increased the difficulty of investigation.
Notwithstanding the growing intricacy of the work, agents in the
field have during the fiscal year made 363 investigations upon original
applications and 225 investigations of a supplemental character
covering new articles claimed by manufacturers to come under rates
already prescribed.
In addition to the current work on drawback this service has begun
and partiaUy completed a reinvestigation of aU old drawback rates
established prior to January 1, 1912. This work involved the reestabhshment of some 1,120 rates. Many old drawback rates have
been abolished and many suspended, and about 2,500 rates are
included in factory reinvestigations. All of these new rates are
being established in accordance with the policy of close administration recently adopted by the department, which greatly increased
the difficulty and labor of investigation. The actual work of investigation has been in progress during the latter part of the fiscalyear,
and naore than 33 per cent of the same has been accomphshed. The
agent in charge of this work reports that in his judgment it will
be completed by the end of the calendar year.
The growing importance of this work can be appreciated when it
is understood that the refunds resulting therefrom have reached the
approximate amount of $9,000,000 annuaUy, and the high degree of
efficiency and notable results shown in the work of the agents caU for
commendation. The work of investigation has been accomplished
without additional expense to the revenue through the services of
agents made available therefor by the decrease in importations and
consequent decrease in fraudulent operations with reference thereto.
The several sections of the act of October 3,1913, which permit the
free entry under bond of materials and articles of foreign origin for the
construction and repair of vessels and the canceUation of such bonds
when the merchandise actually is incorporated in the vessels for which
intended, extends a privilege obviously susceptible to misuse. For
this reason it has become the practice of this service to investigate
aU entries under these sections with the view to ascertaining their
compliance with the conditions defined in the statute. Agents of
the service during the fiscal year have made 729 investigations of this
character, reporting adversely upon 75, which resulted in the collection of revenue amounting to $7,119.77. The practice is known
to importers and brokers and operates as a deterrent to abuse of
the privilege and prevents extensive fraud.
SECRETARY OF THE TREASURY.
145
I n addition to the foregoing activities, the field agents have accomplished important results in assisting coUectors of customs in the
enforcement of the navigation laws.
Gratifying as is the foregoing showing of efficiency in the special
agency service during the fiscal year, the showing of economy in its
operation is equaUy satisfactory. The entire service, including the
administrative office, has been paid in salaries and reimbursement of
expenses the sum of $301,629.02. For the fiscal year 1914 similar
expenditures amounted to $324,523.79, making a decrease in expenditures for the fiscal year just closed of $22,894.77. The three
appropriations under which the service is paid have been carefuUy
expended with the view to both economy and efficiency. Out of the
one appropriation of $200,000 for the detection and prevention of
frauds upon the customs the sum of $47,393.13 will be covered into
the Treasury as unexpended.
OFFICE OF THE SUPERVISING ARCHITECT.
The foUowing statements show in general the projects authorized
by Congress and in detaU the financial operations of the Office of the
Supervising Architect for the fiscal year ending June 30, 1915:
BUILDINGS.
New buildings completed and occupied at the close of the preceding fiscal
year, June 30, 1914
824
Number of marine hospitals and quarantine stations
54
New buildings completed during the fiscal year ending June 30,1915
88
Purchased completed (Galveston, Tex., appraisers' stores)
1
Net total number of buildings (completed) under the control of the
Treasury Department, June 30, 1915
:
^ 967
Bmldings placed under contract during the fiscal year ending June 30,1915. 81
Buildings placed under contract prior to the commencement of the fiscal
year 1915, and not completed June 30,1915
38
Total
119
Awarded and completed during the fiscal year 1915 (Burlington, N. J.)
1
Contracts for new buildings in force July 1,1915
118
Total number of buildings completed and in course of erection June 30,
1915
1,085
Builings authorized prior to act of Mar. 4,1913, not under contract June 30,
1915.
52
Buildings authorized in act of Mar. 4, 1913, not under contract June 30,
i
1915
302
Building authorized in act of Mar. 4, 1915 (Forsyth, Ga.)
1
TotaL
355
Total buildings completed, in course of erection, or authorized (not
including extensions)
^1,440
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.
2 Includes buildings not as yet erected which, on completion, will be transferred to the custody of other
departments.
7424°—FI 1915
10
146
REPORT ON THE FINANCES.
EXTENSIONS.
Extensions completed during the fiscal year ending June 30, 1915
Extensions placed under contract during the fiscal year ending June 30,
1915
Extension awarded and completed during the fiscal year 1915 (Canton,
Ohio) deducted
13
9
1
Total
Extensions placed under contract prior to July 1, 1914, not completed
June 30, 1915
8
2
Contracts for extensions in force July 1, 1915
Extensions authorized prior to act of Mar. 4, 1913, not under contract
June 30, 1915
5
Extensions authorized in act of Mar. 4, 1913, not under contract June 30,
1915
'.
20
Extension authorized Aug. 1, 1914 (New Orleans', La., Custom House).. 1
TotaL
10
26
RECAPITULATION.
Contracts completed during the fiscal year ending June 30, 1915:
New bmldings.
Extensions
88
13
Total
Contracts awarded during the fiscal year ending June 30, 1915:
New buildings
Extensions
101
81
9
Total
Contracts awarded prior to July 1, 1914, not completed June 30, 1915:
New buildings
Extensions
,
:
90
Total
Contracts in force July 1, 1915, regardless of date of award:
New buildings
Extensions
40
38
2
'..,
Total
118
10
128
The above statement does not include the following: Major
mechanical contracts in force July 1^ 1915, 6; miscellaneous projects
placed under (Contract during the fiscal year 1915, all of which required the preparation of specifications, and in many instances drawings, and which involved in one case (New York barge office, dock,
and ferry rack, etc.) contract liabilities of approximately $100,000,
and in other instances run as high as $20,000, approximately, 508.
Numerous repair contracts.
Statement of appropriations made during the fiscal year ending June 30, 1915.
The legislative, sundry civU, and general deficiency appropriation
acts carrying appropriations for the fiscal year 1915 were not approved until the beginning of the fiscal year.
SECRETARY OF THE TREASURY.
147
The legislative act, approved July 16, 1914, carried the appropriation for ^'Salaries, Office of Supervising Architect,'' in amount
$220,800.
The sundry civil act, approved August 1, 1914, carried appropriations as follows:
For
For
For
For
For
sites, construction, etc
rent of buildings
special reappropriations
marine hospitals.
quarantine stations
$6,087,010.94
64, 661.22
196, 699.52
6, 500.00
75, 200.00
Total
6,429, 971.68
For annual appropriations for repairs, equipment, operation, and general expenses
7,025, 630.62
Total, sundry civil act
13,455, 602. 30
The general deficiency act, approved July 29, 1914, carried special
appropriations aggregating $2,198,822.50.
In addition to the foregoing, a special act (Memphis, Tenn.) was
approved July 17, 1914, carrying an appropriation of $50,000.
The grand total of the foregoing acts foi* special and annual appropriations aggregates $15,925,224.80.
Summary of acts carrying appropriations for thefiscal year 1916.
The urgent deficiency act, approved January 25, 1915, carried an
appropriation for rent of building at Raleigh, N. C , in amount $1,200.
The sundry civil act, approved March 3, 1915, carried appropriations as foUows:
For sites only.
...^
|57, 750.00
For sites and buildings..
5,250, 300.00
For buildings only
4, 729, 000.00
For extensions
1,894,000.00
For rent of buildings
183, 700.00
.For special projects, including quarantine station, Portland, Oreg., $23,620
105,420.00
TotaL...
For repairs and preservation
For mechanical equipment.
For vaults and safes
For general expenses
For architectural competitions
For operating force
For furniture and repairs of same
For operating supplies
For Salamanca (N. Y.) ground rent
For lands and other property of the United States
Total
$12,220,170.00
750, 000.00
450,000.00
100,000.00
563,560.00
65,000.00
2, 750,000.00
900, 000.00
1, 625,000.00
7.50
300.00
'7, 203, 867.50
148
REPORT ON THE FINANCES.
The general deficiency act, approved March 4, 1915, carried
amounts for special appropriations aggregating $80,811.50.
The legislative act, approved March 4, 1915, carried an appropriation for ^^Salaries, Office of Supervising Architect," in amount
$220,800.
A special act, approved March 4, 1915, carried an appropriation
for ' T o s t office, Forsyth, Ga.,'' in amount $50,000. ,
The grand total of the foregoing acts for special and annual appropriations is $19,776,849.
Statement of appropriations for public buildings, July 1, 1914, to June 30, 1915.
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 buildings
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
For furniture and repairs to same.
For operating force
For lands and other property
For architectural competitions.
Total
$218,189.96
1, 288, 597.04
9, 641, 281.95
1,430,094.74
314, 065.79
91, 677.92
772, 965.41
455,206.48
119,131.78
1, 553,115.41
20, 378.08
608,306.73
919,101.12
2, 595,064.81
46.11
37, 344.77
20, 064, 568.10
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, 1915.
On account of statutory roll
On account of sites and additional land
On account of construction of new buildings.
On account of extensions to buildmgs
On account of special repairs to buildings
On account of rent of buildings
On account of repairs and preservation
On account of mechanical equipment.
On account of vaults and safes
On account of operating supplies.......
On account of general expenses
On account of furniture and repairs of same.
On account of operating force
On account of architectural competitions
8,887.86
504, 750.00
7, 640,159.00
769, 646.67
52,837.21
35,142.67
164, 978.02
132, 939.48
38,386.44
167,000.00
36,240.89
331,710.01
171, 993.84
949.94
Total
10,055, 622.03
Less authorized contract liabilities in excess of amounts appropriated
under the special appropriations.
82, 271.86
9, 973, 350.17
SECRETARY OF THE TREASURY.
149
U N I N C U M B E R E D BALANCES J U L Y 1, 1915.
For statutory roll:
1914
1915
:
For sites and additional land
For construction of new buildings
For extensions to buildings
For special repairs to buildings.
For rent of buildings...,
For repairs and preservation:
1914
1915
'.
For mechanical equipment:
1914...
1915
For vaults and safes:
1914
1915..
For operating supplies:
1914
1915
For general expenses:
1914
1915
For furniture and repairs of same:
1914
1915
For lands and other property:
1914...
1915
For operating force:
1914
1915
For architectural competitions:
1914
1915 and 1916
Total
$4,004.19
2,610.04
2,466,839.53
12, 657, 565.84
2,491,016.20
215,167.91
208,927.52
4,053.31
3,023.46
4,052.64
4,303.77
'.
^
235.31
516.97
103,570.20
46,808.42
7,548.65
267.44
57,928.60
2,380.74
^
286.39
300.00
53,338.56
16,822.67
:
:....
-
20,688.01
63,075.56
18,435, 331.93
BALANCES OP APPROPRIATIONS S E N T TO S U R P L U S F U N D , J U N E 30, 1915.
On account of special appropriations
On account of annual appropriations, to wit:
Old building. Bureau of Engraving and Printing, repairs and
alterations, 1914 and 1915
Operating force for public buildings, 1913
General expenses of public buildings, 1913
Lands and other property of the United States, 1913
Furniture and repairs of same for public buildings, 1913.
."
Operating supplies for public buildings, 1913.
Repairs and preservation of public buildings, 1913
Mechanical equipment of public buildiags, 1913
Vaults, safes, and locks for pubUc buildings, 1913.
Electrical protection to vaults, pubHc buildings, 1915
Total
.,
$223,147.05
. 306.47
180,124.89
30,466.39
267.50
11, 689.60
101,223.21 '
6, 774.92
6,676.42
304.84
421.92
561,403.21
150
REPORT ON T H E FINANCES.
PUBLIC HEALTH SERVICE.
The Surgeon General summarizes the operations of the service,
conducted through its several administrative divisions, as.follows:
Division of Scientific Research.
The work conducted under this division showed, as in previous
years, a steady gr(iwth, which has been rendered possible by the
larger appropriations made available by Congress for pubhc-health
investigations.
Constant effort has been exercised to make the work performed not
only of scientific value but also of practical usefulness in solving
problems of interest to communities and the pubhc generally.
The studies either continued or newly undertaken during the year
may be classified under the foUowing general headings: Diseases of
man, rural sanitation, school hygiene, industrial sanitation, pubhc
health organization and administration, poUution of navigable
waters, and disposal of sewage and wastes.
Diseases of man.—^Among the diseases studied during the year
special attention has been given to hookworm disease, leprosy,
malaria, pellagra, rabies, scarlet fever, trachoma, tuberculosis,
typhoid fever, and typhus fever.
Malaria.—The investigations of malaria were conducted in most of
the Southern States and some of the Northern States, New Orleans
being made the headquarters. A special feature of the work was
the carrying out of malarial surveys in 36 selected places in different
States to advise the local authorities in regard to the era(hcation and
prevention of malaria and suppression of mosquito-breeding places.
Among the places where these surveys have been made are Baltimore,
Md.; Toledo, Ohio; MobUe, Ala.; Brunswick, Ga.; and Roanoke
Rapids, N. C.
Special studies have been made during the year of the possible
relation of impounded waters to the prevalence of malaria. As this is
a new source of wealth, representing an investment of hundreds of
miUions of doUars, it is beheved that this investigation is of great
importance, as it may result in devising reme(hal measures to prevent the complaints made in some communities against this form of
utilizing water power.
Pellagra.—Systematic investigations of pellagra were made during
the year at Greenfield and Jackson, Miss., MilledgeviUe and Savannah,
Ga., and Spartanburg, S. C , in addition to field studies of the disease
in Florida, Louisiana, Texas, and other States. About 200 patients
were treated for purposes of study at Savannah and Spartanburg,
and over 550 persons included in feeding experiments and kept under
observation at Greenfield, Jackson, and MiUedgeviUe institutions.
SECRETARY OF THE TREASURY.
I5l
These studies have already thrown light on the nature, treatment,
and prevention of peUagra. The results obtained clearly indicate
the dietary origin of the (hsease and render avaUable practical
methods for its eradication.
Trachoma.—The anti trachoma campaign in the Appalachian region
was continued and extended during the year. The very gratifying
results obtained through the operation of smaU trachoma hospitals
in the Kentucky mountains has justified the opening of two simUar
institutions in Virginia and West Virginia. A total of about 3,000
patients were treated during the year at the three Kentucky hospitals,
1,067 of which were admitted to hospital. Many of these people
have thus been relieved of a chronic contagious disease and enabled
to earn a livelihood.
Surveys of the prevalence of trachoma were also made in 16 counties of Kentucky, and in Douglas, Ariz., Manatee County, Fla.,
Tuscaloosa, Ala., and Porto Rico, a total of 29,000 persons having
been examined.
Rural sanitation.—An intensive investigation to promote the advancement of rural sanitation was completed in Dorchester County,
Md.; Berkeley County, W . V a . ; Lawrence County, Ind.; and Union
County, Miss., over 20,000 homes having been visited in these districts. A similar study is now being carried on in five other counties
in different parts of the United States, namely, Anne Arundel, Md.;
Walker, Ala.; Orange, N. C ; Wilson, Kans.; and Dallas, Iowa. Up
to the end of the fiscal year about 11,000 residences had been visited
in the course of these surveys, data collected, and advice offered
when requested in regard to sanitary defects which had been observed. The response met by the officers assigned to this work has
been most cordial, and it is believed that these surveys will result in
considerable improvement in rural sanitation not only in the localities visited, but also in aU others where the methods employed are
studied and foUowed. The facilities to continue this work should be
increased.
School hygiene.—Intensive studies of school hygiene were conducted during the year. Sanitary surveys of schools were conducted in Porter County, Ind.; Manatee County, Fla.; Westchester
County, N. Y.; and the District of Columbia. A total of 104 schools
w^eve inspected during these surveys and over 8,000 school children
examined.
Industrial sanitation.—The sanitary studies of the garment workers'
trades in New York City were completed during the year, 34 shops
having been surveyed and 3,000 employees examined. Studies of
lighting conditions in certain departmental buildings in Washington
were also begun.
152
REPORT ON THE FINANCES.
The study of tuberculosis in relation to the industries m Cincinnati,
Ohio, was continued, nearly 14,000 persons having been examined
and data of importance obtained.
In connection with the Commission on Industrial Relations,
studies of sickness insurance were prosecuted. At the request of the
same commission brief sanitary surveys were made of 10 industries
located variously in lUinois, Massachusetts, Michigan, Minnesota,
New Jersey, Ohio, and Pennsylvania. In cooperation with the
Bureau of Mines the studies of steel plants at Pittsburgh, Pa., and of
sanitary conditions in the mining industry in Jasper County, Mo.,
were continued. Studies were also begun in cooperation with the
Massachusetts State Board of Labor and Industries in regard to the
effects of various occupations on adolescent persons.
Public health administration.—In response to requests from the
respective authorities, studies have been made of pubhc health
organization and administration in the States of Illinois, Kansas,
Miimesota, Wasliington, and West Virginia, and the cities of Toledo,
Ohio; Bowling Green, Ky.; Chicago, IU.; and Richmond, Ind. In
aU these cases detailed reports have been submitted and specific
recommendations made for desirable changes. As in previous years,
cooperation has been maintained with the Hawaiian and Porto Rican
authorities.
Pollution of navigable waters.—The sanitary surveys of interstate
and coastal waters have been continued. They included the Ohio
River watershed. New Jersey streams, and coastal waters on the
North Atlantic seaboard. The studies on the Potomac River have
been completed and a report of this investigation prepared. On
request, advice in regard to securing safe water supplies was furnished, after careful investigation, to a number of locahties in the
States of Alabama, Kentucky, and Tennessee.
Sewage disposal.—A number of sewage experimental plants have
been operated. It is expected that these studies will' eventuaUy
result in improved methods of sewage disposal in smaU communities
and aboard trains and steamboats.
Investigations of proposed sewerage systems have been made in
various localities in the States of Georgia, Kentucky, and Tennessee
and advice rendered.
Industrial wastes.—Progress has been made in the investigations
of this branch of the pollution of navigable waters. These studies
now comprise tannery wastes, strawboard wastes, cannery wastes,
and creamery wastes. The industries studied are located in the States
of Indiana, New York, Pennsylvania, and Virginia.
Leprosy investigation station.—Studies of leprosy have been continued during the year in Hawaii. The usefulness of the leprosy
investigation station has been increased by close cooperation with
SECRETARY OF THE TREASURY.
153
the Territorial authorities in regard to the study and control of public
health problems.
Hygienic Laboratory.—^The Hygienic Laboratory remains the center
of all the research work of the service. The technical services of this
institution are in addition constantly utilized in connection with
investigations in the field.
Special laboratory studies have been made during the year of
pellagra, rabies. Rocky Mountain spotted fever, pyorrhea alveolaris,
scarlet fever, tuberculosis, typhus fever, milk, disinfectants, and sterUization of dental instruments. Work has been done on the standardization of a number of drugs, such as pituitary extract, digitalin,
thyroid extract, and the toxicity of various pharmaceutical preparations and of metals occurring in ordinary foods.
One thousand eight hundred and sixty-four antirabic treatments
have been sent from the laboratory to State authorities. Studies of
rabies have been continued, and 139 heads of animals presumably
infected with this disease examined. Seventeen thousand two hundred and forty-eight doses of antityphoid vaccine have been prepared
and distributed, chiefly for the use of beneficiaries of the PubUc
Health Service and employees of the Government. Routine examinations of pathological specimens, samples of water and sewage,
mUk, drugs, etc., have been made in large numbers.
Viruses, serums, etc.—In connection with the enforcement of the
law governing the sale of viruses, serums, etc., 46 inspections of establishments have been made and over 3,000 samples of products examined. Forty-one establishments (26 American and 15 foreign) held
licenses at the end of the fiscal year.
Educational lectures, etc.—On request of sanitary and civic associations, hundreds of educational lectures have been delivered in practically all sections of the country.
In addition to the scientific buUetins, a number of popular pubhcations have been prepared for use in field investigations and given as
wide circulation as practicable.
Division of Foreign and Insular Quarantine.
During the year officers of the Public Health Service have inspected
both at domestic and foreign ports 15,363 vessels, of which 3,498 were
fumigated, either for the destruction of rats or mosquitoes or on
accoimt of the presence on board of one of the quarantinable diseases.
On account of the prevalence of typhus fever in Europe, vigilance
in the inspection of arriving immigrants has been greatly increased,
and especial attention paid to the destruction of body lice in the
clothing of persons from infected districts.
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REPORT ON THE FINANCES.
During the year 612,026 passengers and crews were inspected on
arriving vessels. On account of the fact that the officers of the
Public Health Service engaged in the examination of immigrants
endeavor to detect the quarantinable diseases, as well as those diseases
which are deportable under the immigration laws, it may be said
that during the year 1,771,090 persons have been examined for quarantinable disease.
The infection of plague in Habana, which was discovered on February 22, 1914, has prevailed in that port off and on throughout the
year, so that measures in force for the prevention of the introduction
,of plague from Habana into the United States have been carried out
during the year.
On AprU 1 medical officers of the Public Health Service were detailed for duty in the offices of the American consulates at the ports
of Tampico, Vera Cruz, Tuxpam, Frontera, and Progreso, Mexico,
the duty of these officers being to fumigate vessels for the destruction
of mosquitoes prior to their departure, and to carry out other restrictions for the protection of the southern ports of the United States
against the infection of yellow fever.
On June 1, 1915, as the result of a resolution passed by the city
council of Boston, Mass., the mayor of that city was authorized to
transfer the quarantine function from local to Federal control. This
marks an important step, not only in the development of the national
quarantine service, operated by the Public Health Service under this
department, but it is important in showing that the public in general
have awakened to the necessity for, and economy resulting from, the
uniform control of quarantine in the United States by the National
Government. The station was opened by the service on that date.
On July 19, 1915, the quarantine station at Galveston, Tex., was
formaUy opened for the boarding and treatment of vessels arriving
from foreign ports. This station, the building of which was begun
about two years ago, has just been completed.
The department has recently received a very valuable report covering the condition and needs of aU of the quarantine stations operated
by the Public Health Service, this report having been made jointly
by a representive of that service, a representative of the Supervising
Architect's Office, and a representative of the United States Navy.
The object of this investigation was to determine the exact condition of the quarantine stations, with a view of their future development and improvement.
Officers have been stationed, as usual, in the American consulates
of the principal ports of Italy and Asia.
Medical inspection of immigrants.—During the fiscal year 562,263
aliens were inspected, and 17,840 were certified for rejection on
SECRETARY OF THE TREASURY.
155
account of physical or mental defects. Inspectors were stationed
at 93 stations in the United States, Hawaii, the Philippines, and
Canada, and while practically every officer in the service has taken
part, more or less, in the work, 82 medical officers (28, commissioned
officers and 54 acting assistant surgeons) were assigned to this duty
exclusively.
The marked decrease in immigration during the year is due to the
European war, but while the volume of work performed by the
medical officers in the examination of aliens has been decreased, the
scope of the examination given has been widened on account of the
relative increase of examination facilities, including the number of
medical officers available for the work.
Division of Domestic Quarantine.
Bubonic plague.—The not unexpected occurrence of plague upon
the Atlantic coast materialized June 19, 1914. From the date of
the recognition of the disease in New Orleans until June 30, 1915, 30
human cases were notified and 244 instances of infection among
rodents discovered. The significance and importance of the outbreak, controUed so far as human cases were concerned in the shortest
possible time, can only be appreciated by those most famUiar with
the disease. The epidemic found the service prepared with experienced officers, scientific investigators, and trained men, and from
this nucleus there was evolved an orgahization which capably met
every development. Due credit for its success must be accorded
State and municipal officials whose cooperation was secured, and
also to the citizens of New Orleans, who met the crisis in admirable
spirit..
The plague-preventive measures on the Pacific coast at San Francisco and its environs and at Seattle, Wash., have been continued.
Roclcy Mountain spotted {tick) fever.—The increasing economic
importance of Rocky Mountain spotted fever, and the occurrence of
the disease in widely different sections of the West, have demanded
that more thorough investigation be undertaken to determine its
prevalence; This work is now in progress. The virulent form of the
disease in the Bitter Root VaUey, a type of the disease which renders
a large section uninhabitable, has been strenuously combated, and
it is believed that the measures adopted will in time greatly lessen its
prevalence.
Sanitation of interstate carriers.—^Enforcement of the interstate
quarantine regulations has been continued and officers have been
assigned to duty in the prevention of the interstate spread of disease
in the newly created interstate sanitary districts. Two amendments
relating to water supplies have been promulgated durhig the year,
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REPORT ON THE FINANCES.
and a bacteriological standard for water supplied by interstate carriers has been adopted. Revision of the present regulations has been
in progress by the interstate sanitary board appointed for the purpose. At the annual conference of State and Territorial health offi-"
cers with the Public Health Service, the provisional requirements were
the subject of consideration and their adoption was recommended.
Sanitary worlc in Alaslca.—In cooperation with the Bureau of
Education, officers have again been detailed to prevent the spread 'of
epidemic diseases in Alaska, and for the instruction of the native
population in matters of sanitation. The work has had gratifying
results.
.
Inspection of public buildings.—The periodical sanitary inspection
of Government buildings in the District of Columbia has been performed as ih previous years.
Public lectures, sanitary education, etc.—Educational measures have
been furthered by means of an extensive exhibit at the PanamaPacific International Exposition, lectures by officers of the service
before health organizations and public gatherings, the use of a stereopticon loan library, and by health news items in the daily press.
Cooperation with authorities of the Panxima-Pacific Exposition.—
The assistance rendered the Panama-Pacific Exposition in caring for
sick and injured has been continued, and the sanitation of the exposition grounds and buildings has also been conducted by officers of the
service.
Division of Sanitary Reports and Statistics.
Prevalence of disease in the TJnited States.—SGCHOTOL 3 of the act
approved February 15, 1893, provides for the prevention of the interstate spread of ^'contagious or infectious diseases,'^ and section 4 of
the same act requires the Secretary of the Treasury to obtaia and
distribute to State and municipal health officers and other sanitarians
current information of the prevalence of dangerous diseases.
Pursuant to the provisions of the law every effort has been made
to keep currently informed of the prevalence of communicable diseases. Not only have the records of State and local health departments been used as a source of information, but it has been made
the special duty of all medical officers of the Public Health Service,
wherever they may be detailed, to use every possible means of learning of the unusual prevalence of disease and to report regularly on
the subject. All sources of information have been used and wherever
possible new sources have been developed.
More nearly complete information of the prevalence of dangerous
communicable diseases has been collected than ever before. The
chief lunitation to stUl more complete knowledge of the subject is
SECRETARY' OF THE TREASURY.
157
the lack of information on the part of many local and State authorities as to. the prevalence of disease- within their respective jurisdictions. The importance .of such information in the control of disease
has been brought to the attention of these authorities, and they have
been assisted, wherever assistance has been sought, by advice and
encouragement.
The information of the prevalence of disease obtained from all
sources has been published currently in the Public Health Reports
for the benefit and use of all the health authorities, State and local.
Public health legislation.—Cogniz2iJice has been taken during the year
of pubhc health legislation. The laws, regulations, and ordinances
of States and cities affecting or having for their purpose the protection of the pubhc health have been obtained and published currently for the information of the health officers and health workers
of the country. Compilations of these laws have been prepared, and
digests are in preparation to render thek better study possible and
that future legislation may benefit by the experience and mistakes of
the past.
Advice regar(hng the proper kind of sanitary legislation has been
given to the many health authorities seeking it. The noticeable
effect of this wc^rk has been the selection of the good and practicable
lawfj and regulations for adoption and the discarding of the impracticable, worthless, or unenforceable ones. Another result has been a
strong tendency toward uniformity—a much desired end.
As a part of this work the decisions of courts of last resort in the
several States on matters relating to the pubhc health have been
watched and all those having a direct bearing have been pubhshed
for the general information of State and local health authorities and
other sanitarians. These decisions are of special importance, inasmuch as they show the application and construction of legislation.
World prevalence of quarantinable diseases.—That quarantine officers
might effectuaUy prevent the introduction of dangerous communicable diseases from foreign countries cognizance has been taken of
the world distribution of quarantinable diseases, and every effort has
been made to obtain complete information of. outbreaks through the
agency of officers of the Pubhc Health Service and the cooperation
of the Departraent of State, and more particularly of American consuls stationed throughout the world. Reliable information of the
foreign ports and places at which these diseases existed or were
epidemic has made possible the maintenance of an effective maritime
quarantine without the placing of unnecessarily burdensome restrictions upon maritime commerce.
Public Health Reports.—The medium used for the dissemination of
information to State and municipal health officers and other sanitarians
on the matters enumerated has been, as in previous years, the weekly
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REPORT ON THE FINANCES.
Public Health Reports. The demand for this pubhcation has greatly
increased, as has also its usefulness.
Popular educational pamphlets.—Popular. educational pamphlets
have been issued in the form of supplements to the Pubhc Health
Reports. These supplements treat of such subjects as the prevention of malaria, the control and prevention of scarlet fever, and the
disposal of waste at unsewered homes. Their usefulness; as well as
the demand for them, has been great.
Division of Marine Hospitals and Relief.
During the fiscal year, 55,782 patients received medical treatment
as beneficiaries of the service. Of this number, 15,439 were treated
in hospitals and 40,343 were treated as dispensary or out-patients.
The hospital patients received a total of 446,227 days' treatment,
and the out-patients were treated a total of 68,466 times. 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 relief were furnished patients.
At the tuberculosis sanatorium of the service located at Fort
Stanton, .N. Mex., 329 patients were cared for during the year, a total
of 79,251 days. Of these, 79 were discharged, 48 died at the sanatorium, and 202 remained under treatment at the close of the year.
Aid was extended to other branches of the Government in the
physical examination of 2,094 persons, of whom 180 were rejected.
In addition, physical examinations were made of 3,412 pilots and 665
merchant seamen to determine their fitness for duty on American
vessels. Of these, 74 and 15, respectively, were rejected.
Coast Guard claims.—^During the year, 474 claims for benefits
under the act of May 4, 1882, by keepers and surfmen of the Coast
Guard have been passed upon by the officer in charge of this division, based upon the medical evidence submitted. Physical examinations of such keepers and surfmen have been continued.
Division of Personnel and Accounts.
Commissioned and other officers.—The commissioned medical officers
at the close of the fiscal year numbered 186, as foUows: The Surgeon
General, 1 Assistant Surgeon General at large, 12 senior surgeons,
70 surgeons, 41 passed assistant surgeons, and 61 assistant surgeons.
The acting assistant surgeons numbered 241, in addition to 21 acting
assistant surgeons appointed for duty in the physical examination
of applicants for enlistment or reenhstment in the United States
Coast Guard, making, aU told, 448 medical officers. The total per. sonnel of the service, including 50 pharmacists, 1,418 attendants, and
129 other employees, numbered 2,045.
SECRETARY OF THE TREASURY.
159
Expenditures.—^The appropriations for the ordinary maintenance
of the Public Health Service were $1,942,964. The receipts from
all sources,, repayments for care of foreign seamen, etc., were
$19,826.47. The expenditures were $1,882,716.98, includmg outstanding liabUities, leaving an estimated balance of $80,073.49.
The appropriations for preventing the introduction and spread of
epidemic disease made by Congress during the fiscal year amounted
to $420,000. In addition thereto the sum of $100,000, an appropriation made May 25, 1914, was avaUable, making a total of
$520,000 avaUable. The repayments were $256.99. The expenditures, including outstanding liabUities, were $464,547.43, leaving an
estimated balance of $55,709.56.
The appropriation for the maintenance of the quarantine service
was $155,000. The amount of repayments was $944.85. The expenditures were $153,038.59, including outstanding liabUities, leaving
an estimated balance of $2,906.26.
The unencumbered balance of the appropriation for national quarantine and sanitation at the beginning of the fiscal year was $18,719.19; there was transferred to the books of the Supervising Architect $11,409; other expenditures, including outstanding liabUities,
were $6,356.87, leaving an unencumbered balance June 30, 1915, of
$953.32.
The appropriation for field investigations of public health matters
was $200,000. The expenditures were $184,028.88, including estimated outstanding liabUities, leaving an estimated balance of $15,971.12.
The appropriation fpr interstate quarantine service was $15,000.
The expen(htures were $11,944.85, including outstanding liabUities,
leaving an estimated balance of $3,055.15.
The appropriation for special studies of peUagra, $47,000, made
April 6, 1914, was avaUable during the fiscal year. The expenditures
were $44,240.34, including outstanding liabihties, leaving an estimated balance of $2,759.66.
Miscellaneous Division.
Publications.—The fiscal year has witnessed another increase in
the quantity of public health literature distributed. During the
period in question the service issued 148 pubhcations, deahng with
a wide range of subjects relating to pubhc health and sanitation.
These documents were issued in editions aggregating 1,728,500 copies
and were distributed to the pubhc in aU parts of the country. This
number does not include those buUetins sold by the Pubhc Printer.
The increase over the previous year was approximately 241,485 copies.
Because of the increased activities of the service in its various
fields of work, with the resulting increased demand for educational
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REPORT ON THE FINANCES.
literature, the editions of service publications were quickly exhausted. As a consequence the bureau was obhged to refuse many
requests, and could only suggest to the applicants that the documents could be purchased from the Pubhc Printer.
UNITED STATES COAST GUARD.
Lives saved or persons rescued from peril
Persons on board vessels assisted
Persons in distress cared for
...
Vessels boarded and papers examined
Vessels seized or reported for violationcof law
Fines and penalties incurred by vessels reported
Regattas and marine parades patrolled, in accordance with law
Vessels to which assistance was rendered
Instances of miscellaneous assistance
Derelicts and obstructions to navigation removed or destroyed
Value of vessels assisted (including cargoes)
Value of derelicts recovered and delivered to owners
Appropriations for 1915, including repaird to cutters and
establishing stations:
Revenue-Cutter Service
'. |2, 536,716.25
Life-Saving Service.
2, 550, 525. 36
Total for Coast Guard
Net expenditure fpr maintenance for 1915:
Revenue-Cutter Service
Life-Saving Service.
Total for Coast Guard
Estimated unexpended balance: •
Revenue-Cutter Service
Life-Saving Service
Total for Coast Guard.
1,507
. 10, 952
813
24,817
772
|220, 500
37
1,504
556
26
$10, 927, 730
|161, 000
| 5 , 087, 241. 61
$2, 530,371.17
2, 497, 381. 54
$5, 027, 752. 71
'
$6,345. 08
53,143. 82
$59, 488. 90
A total of 1,507 persons were saved, or rescued from peril, and on
aU the vessels to which assistance was given there were a total of
10,952 persons whose lives may or may not have been jeopardized,
according to the subsequent circumstances attending each incident.
The total appraised value of the property saved or rescued from
perUous situations during the fiscal year ending June 30, 1915, was
$11,088,730, while the total expenditure for the maintenance of
this life-saving agency was $5,027,752.71.
The foregoing summary represents the principal activities of the
Revenue-Cutter Service and the Life-Saving Service as separate
organizations from July 1, 1914, to January 28, 1915, the date of the
passage of the Coast Guard act, together with those of the Coast
Guard from the date of its establishment to June 30, 1915. In
comparing similar statistics, covering the work accomphshed by the
two services while operating as separate organizations, it should be
noted t h a t where crews of life-saving stations and revenue cutters
SECRETARY OF THE TREASURY.
161
were cooperating in rescue work there was unavoidably more or less
duphcation in the tabulated reports. The statistical account of the
work of the Coast Guard has been compUed on the plan adopted some
years ago by the Revenue-Cutter Service, namely, separating instances of wreck and rescue work where no estimate of the money
value of the assistance can be made from those of a determinate
value, and including the former under the caption '^ MisceUaneous
assistance rendered;'' and in compihng this statistical account for
the Life-Saving Service for the period from July 1, 1914, to January
28, 1915, the same plan has been followed. While under this plan
the aggregate of rescue work appears to be of less magnitude in terms
of money, it may be observed that the effective energies of the Coast
Guard already have been found to measure up satisfactorily to the
duties hitherto required of, and accomphshed by, its constituent
parts.
The equipment of the Coast Guard consists of 24 cruising cutters,
18 harbor cutters, and 279 coast stations. The activities of the cutters and stations during the year resulted in 1,507 lives saved from
jeopardy; 1,504 instances of assistance whereby vessels and their
cargoes valued at $11,088,730 were saved; and 556 cases of other
services, which include instances where the assistance rendered could
not be appraised, or the aid given was not deemed of sufficient importance to be classified as ''fives and property saved,'' and unsuccessful attempts at rescue.
It is impracticable to set out in detail,aU the miscellaneous services
rendered through the agencies of the Coast Guard or to assign a
definite value as representing the material benefits of such efforts,
but the nature and number of these misceUaneous activities entitle
them to conspicuous notice in the narrative of service operations
during the year. They cover a wide and diversified range of action
in the prevention and amehoration of aU sorts of distressing con(htions wherever found. Without attempting to catalogue the entire
hst, it includes warnings to vessels running into danger; medical and
surgical aid to the sick and injured; recovery and burial of bodies
cast up by the waters; extinguishing fires at wharves, dwelhngs, and
business structures, and fighting forest fires; cooperating with local
authorities in the maintenance of public order, and apprehending
thieves and other lawbreakers;preventing suicide; restoring lost children to their parents; recovering stolen property and salving miscellaneous articles^from danger or destruction; acting as pilots in cases of
emergency; furnishing food, water, and fuel to vessels in distress; protecting wrecked property; and furnishing transportation and assistance to other branches of the public service.
It is interesting to note that during the entire year there were but
five days when at least one unit of the Coast Guard was not actively
7424°—FI 1915
11
162
REPORT ON THE FINANCES.
engaged in wreck or rescue work, and that the number of instances of
rendering assistance averaged over 6 a day, while the maximum
number in any one day was 36. As each of these instances represents an emergency requiring prompt action, the foregoing affords a
fair Ulustration of the activity of the service and the state of preparedness in which it must be maintained. I t also indicates that there is
but httle time when the Coast Guard is not actively occupied in duties
of the highest importance—highest because it is in the interest of
humanity*and of the public welfare along the enormous stretch of
our coast lines.
The various operations of the Coast Guard are set forth under the
appropriate heads below.
Assistance to vessels in distress.
In addition to the patrols constantly maintained during the active
season by the station crews along the shore and the regular cruising
of the cutters offshore, the latter are charged with special watchfulness
and activity during the stormy winter months on the Atlantic coast.
A description of the work of the cutters and stations in relieving
distress forms an interesting series of marine mishaps. These are
extended over all the coasts of the United States where Coast Guard
stations are located, and the various waters, local and territorial,
where cutters are stationed. The entire Atlantic coast, from Maine
to Texas, the coast of Porto Rico, the waters of the Great Lakes, the
Pacific coast, and the waters of the Hawaiian Islands and Alaska are
aU included in the reports herein detailed and the summaries. In the
following wiU be found brief mention of some of the most important
and interesting incidents of the year:
Steamer ^^Sable I.''—At 2.45 p. m., July 28, 1914, a radiogram was
received by the Seneca, at that time off Cape Race, Newfoun(Uand,
from the British steamer Sable I, stating that she was disabled 10
miles W. i N. of Cape Race and requesting assistance. At 4 p. m.
the Seneca came up with the disabled steamer and sent an officer
aboard to ascertain conditions. Her engine was found to be totaUy
disabled and, as it was out of the question to make sufficient repairs
to reach port, her master requested a tow to Halifax, Nova Scotia.
Accordingly, the Seneca^s 10-inch hawser was run to the steamer's
port bow and at 5 p . m. the cutter started with the Sable I in tow.
The weather continued favorable and good progress was made on the
29th and 30th and the steamer was tumed over to the tug Togo off
Georges Island, Halifax, Nova Scotia, after being towed 486 miles.
The Sable I was a new steamer, valued at $100,000, and had a $20,000
cargo aboard consigned from Glasgow, Scotland, to Halifax, Nova
Scotia.
Schooner ^^ Emily P . Wright.^^—On the morning of August 27, 1914,
a man appeared at the Brazos Coast Guard Station, Tex., and
SECRETARY OF THE TREASURY.
163
announced himself as one of the crew of 11 men of the schooner
Emily P . Wright, which had been wrecked on the Mexican coast 140
miles south of the station on the 23d. I t appears that he and other
members of the schooner's crew, reaching shore in a small boat and
upon pieces of wreckage, had struck out up the beach in the hope of
finding succor. He himself, of greater endurance than the.others,
had gone on ahead of the shipwrecked party to find help, leaving
his shipmates, weak from hunger, to follow after as best they might.
The Coast Guard crew promptly launched their surfboat and set out
down the coast. Seven miles below their station they picked up two
of the sailors. Continuing on southward, they found and took on
board other members of the schooner's crew at different places until
aU hands but the master had been accounted for. AU of those now
in the care of the station crew were of the opinion that their captain,
an old man, had perished, as he had given out, apparently, not over
40 mUes from the place where the vessel was lost. The men thus
far picked up were in a pitiable condition, having been five days
without food. Moreover, all were ill and some were naked. They
were therefore hurried back to the station, where medicine, food, and
clothing could be obtained, and the Coast Guard men conthiued the
search for the master. They found him on the Mexican coast, 35
miles from the Brazos station. He was entirely helpless, and the
rescuing party of four-^part of the crew having left the boat and
taken to the beach 25 miles to the northward—^were compeUed to
carry him nearly every foot of the distance to the place where they
had come ashore. They returned to their station at 6 p. m., having
been engaged upon their errand of rescue fuUy 16 hours. By September 3 the 11 men composing the shipwrecked crew were so far on
the road to recovery t h a t the station keeper took them to BrownsviUe and arranged for their transportation to Galveston.
Flatboat.—Shortly after 11 a. m., August 29, 1914, the lookout of
the Louisville, Ky., station sighted a flatboat that had swamped, just
below the cross dam of the faUs of the Ohio. Members of the station
crew covered the half mile or more to the scene of the accident in
seven minutes, and took throe men, all that were aboard the flat,
from rocks protruding above the swift current. The boat in the case
was destroyed in the turmoil of the rock-studded water. That the
occupants also were not lost was due entirely to the early appearance
of the Coast Guard crew on the scene of the casualty.
Three sailboats.—^About 9 o'clock in the morning, September 8,
1914, the keeper of the City Point, Mass., station received word that
the catboat Dawdle WSLS somewhere offshore with a man and six boys
on board. As the sea was rough at the time, the crew of the station
named put off in the service steamer Relief, in search of the boat.
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REPORT ON THE FINANCES.
They found her seven miles SSE. of their station, near Princess Head,
with her rudder broken. She had been out all night in a gale. When
the Coast Guard crew overhauled her the boys were in a frenzy of
fright. They were transferred to the Relief ^nd the boat was taken
in tow. While they were on their way back to the station the service
crew sighted a boat ashore on Long Island, with an ensign in her
rigging, union down. Going alongside, they found her to be the catboat Mizpah, with 10 persons on board. After much difficulty they
succeeded in placing a sling around her bottom and pulling her off.
Resuming their way shoreward with the two boats in tow, they came
across stUl a third vessel, an unnamed sloop, ashore. Complying
with the request of her master for assistance, they hauled her off
into deep water. She also was placed in tow of the Relief, and aU
three boats, with the 18 persons found aboard of them, were carried
safe into harbor.
Steamer ^'Hanalei.^^—On November 23, 1914, during the prevalence of a fog, this steamer, bound from Eureka to San Francisco,
Cal., with a cargo of lumber and general merchandise, got off her
course and ran into a reef off Point Bolinas, 14 miles north of the
Golden Gate. She carried a crew of 30, and 36 passengers, 14 of
whom were women and children. She lay upon the reef in the heavy
fog from noon of the 23d until about 4 a. m. of the 24th, when she
broke up. Twenty-three of those on board—10 members of the crew
and 13 passengers—lost their lives, either being drowned, suffocated
by oil liberated from the vessel's fuel tanks, or kUled by floating
wreckage. Thirty persons were rescued by the crew of the Golden
Gate Coast Guard Station, working from the shore, and 13 by the
Point Bonita Coast Guard crew and the crew of the Coast Guard
cutter McCulloch, operating from outside. I t is doubtful if in the
annals of shipwreck any was ever before reported as having occurred
within the scope of the Coast Guard establishment which was attended
by so many dramatic incidents and spectacular features, or one where
those whose lives were in peril were subjected to so long a period of
mental distress while waiting for their vessel to break up under them,
or compeUed to face a more terrifying ordeal after that event took
place. There certainly could not be a shipwreck in which the individual examples of heroism, self-sacrifice, and humanitarian service
on the part of the rescuers could be more numerous or more praiseworthy.
One of the keepers at San Francisco transported the truck and
beach gear from Sausalito to the scene of the wreck—a distance of
60 miles over one of the roughest and narrowest highways in the
State of California—at night in order to make an attempt to rescue
the people from shore. The vessel finally broke up and the shipwrecked people were thrown into the water. Many of them grasped
SECRETARY OF THE TREASURY.
165
disintegrated parts of the vessel, and from this predicament were
rescued by the Coast Guard men. In some instances the rescuers
joined hands and formed a living chain in their efforts to reach the
victims. Nearly all of those who met death in the water were killed
by inhaling the floating oil into their lungs. Those saved from the
catastrophe were taken on board the McCulloch and given first-aid
treatment by the officers and men on board. They were carried to
the cabin and stripped and their noses and throats freed from oil
and their limbs chafed. Stimulants were also administered, and
those in need of further restorative treatment were subjected to artificial respiration. On entering the Golden Gate the harbor cutter
placed on board several surgeons and nurses of the Public Health
Service, who took charge of the patients. Taken altogether, this
was the most thrUling wreck encountered by the Coast Guard during
the entire year.
Schooner ^^Mary W. BowenJ^—On December 10, 1914, the Itasca
received word that the schooner Mary W. Bowen was in distress at
anchor 36 miles N. by J E. from Cape Charles Light Vessel. The
cutter steamed for the vessel, and at 11.50 p. m. found the fivemasted schooner at anchor riding out a gale. It appears that in
trying to get up the anchors the wincUass engine became disabled and
that the small crew could not handle the same. The Itasca anchored for the night and at daylight ran a 9-inch line to the vessel
and sent on board a warrant officer and 14 men, who succeeded after
great difficulty in securing the anchors and chain. The vessel was
then towed to the entrance of Chesapeake Bay and turned over to
a tug.
Steamer '^ Camino.^'—On January 20, 1915, the American steamer
Camino, loaded with food supplies for the Belgian Relief Committee,
became disabled at sea, and was being towed to Halifax by the Canadian Government steamer Lady Laurier and the British steamer
Kanawha, and expecting bad weather a radio call for assistance was
sent to the Coast Guard cutter Androscoggin, which was cruising in
the vicinity, carrying aid to American fishermen. The Kanawha was
ahead towing and the Lady Laurier was acting as a rudder. The
steel hawser of the Kanawha parted during a squall, and the master
of the Camino then requested the Androscoggin to run hun a line, the
cutter having reached the scene in the meantime. A 10-inch manUa
hawser was accordingly put on board the disabled vessel and she was
towed until 7 p. m. on the 23d, when the Androscoggin became unmanageable, owing to the heavy weather, and the hawser had to be
cast off. The Kanawha then ran a hawser, and on the 25th, during
a severe snowstorm, this also parted. The Androscoggin stood by
the Camino until the morning of the 26th, when tugs from Halifax
came out and towed her into that harbor. The whole affair was a
166
REPORT ON THE FINANCES.
continuous struggle against adverse conditions—gales, weather, and
seas. Several men were injured on board the steamer, whereupon
the surfboat from the Androscoggin was lowered in a heavy sea and
the injured men taken from the Camino when she was roUing bulwarks under every few minutes. These were given medical treatment on board the cutter.
Steamer "Santa MartaJ^—The Onondaga, on February 19,1915,
received radio advices that the American steamer Santa Marta was
disabled with a broken rudder stock in latitude 35° 29' north, longitude 74° 35' west. She proceeded immediately to the scene, encountering en route a fresh northeast gale and heavy sea. At 6.20 p. m.,
February 20, she sighted the steamer; the wind was stUl blowing a
moderate gale and a" high sea was running. As the sea was too heavy
to lower a boat she stood by the disabled vessel untU the foUowing
day. A wrecking tug arrived in the meantime, having been previously engaged by the master of the steamer, and ran a line to the
Santa Marta. The tug then started to tow the disabled vessel, but
she yawed wildly, and on the morning of the 22d the tow line parted.
It being apparent that the tug could not handle the steamer alone the
Onondaga stood over and ran a 12-inch line to the Santa Marta^s
stern. The tug then started ahead with her tow, with the Onondaga
towing astern,, her engines stopped, and steering the steamer. At
the request of the master of the Santa Martq the Onondaga steered
the steamer to the entrance of New York Harbor. The presence of
the Onondaga was a necessity throughout, as the wrecking tug was
unable to steer the steamer alone.
Tug '^Edward LuclcenbachJ^—The stran(hng of this tug, April 3,
1915, on the Virginia coast between Little Island and False Cape Coast
Guard station was the most serious disaster of the year on the Atlantic coast. Of her crew of 17, only 2 were saved, 1 from the surf and
the other from the tug's mast after the seas had somewhat subsided.
The tug was bound from New York City to Norfolk with 3 barges in
tow, but parted her hawser in a northeast gale and snowstorm off
the capes of the Chesapeake. WhUe trying to pick up the barges her
steering gear carried away, and thus crippled she tried to anchor,
only to suffer the additional loss of her anchor and chain. She was
swept upon the reef and sunk, leaving her smokestack and the tops
of her masts above water. AU but two of her company were swept
off her and only one of these lived to reach the shore, where he was
rescued from the surf by the Coast Guard patrol. Of the two who
found refuge on the foremast as she settled, one, the master of the tug,
later released his hold and feU into the water from exhaustion. The
other succeeded in maintaining his hold untU the seas subsided to
some extent on the foUowing day, when he was rescued by the surfboat. Five lines were shot to the men on the mast before a successful
SECRETARY OE THE TREASURY,
167
one was made, and then the men faUed to make use of the line, but
fastened to the mast and paid no further attention to it. Soon after,
the weaker of the two men dropped into the sea and was lost.
Behoving the other to be dead, the Coast Guard crew went to the
assistance of the barge Wm. H. Macy, one of those which had been
in tow of the wrecked tug, and assisted in landing her entire crew
of 4 by means of the breeches buoy. Early on the morning of the
4th a surfman reported that the man on the mast of the Luclcenbach
was stUl alive. It was impossible to launch a boat in the seas that
were running, but when the tide turned, shortly after *^noon, advantage was taken of the shght moderation of wind and sea to send a
boat to the wreck. The boat ran in under the projecting mast and
the saUor cast off his lashings and dropped into the arms of the surfmen. He was taken to the station and given restorative treatment,
which resulted in preserving his life.
Removal of derelicts.
This very important duty has been carried on with effectiveness
during the year. The several gales which swept the Atlantic coast
during the winter months left a number of lumber-laden derelicts in
their paths. The vicinity of Cape Hatteras is usually the most dangerous to sailing vessels, and a number of these were abandoned by
their crews in that portion of the Atlantic and left to drift in the Gulf
Stream, a menace to shipping. Immediately after each gale the
resources of the Coast Guard are taxed to the utmost to gather in these
wrecked and abandoned vessels, for if they are not recovered before
they pass into the more northerly latitudes, the varying winds and
divergent currents cause them to drift in erratic courses, and the diBBiculty of the search is greatly increased. Five lumber-laden derelicts
were picked up shortly after they had been abandoned by their
crews, towed into Hampton Roads, and restored to their owners.
Had they not been promptly found they-would have eventually
drifted into the trans-Atlantic steamer lanes, there to become a source
of apprehension and danger.
The net result of the operations of the cutters in this activity for
the year was the destruction or salving of 26 derehcts of different
types. The value of those brought into port and turned over to the
owners amounted to $161,000.
As illustrative of the work performed by the cutters in derelict
operations during the past year, the foUowing incident is cited:
Derelict schooner " Frank E. Swain.'^—On January 29, 1915, the
Seminole was advised of a derehct bottom up 85 mUes north by east of
Diamond Shoals light vessel and at 3 p. m. the same day came up with
it in latitude 36° 07' north, longitude 74° 50' west. With a jury rig
the cutter attempted to tow the hull into Lynnhaven Bay, Va., but
168
REPORT ON THE FINANCES.
upon getting in on soundings the vessel's port anchor took bottom and
brought the tow up. The name of the vessel was found to be Frank
E. Swain, of Boston. The Seminole made an effort to part the anchor
chain, first by mine charges and later by starting the cutter at full
speed, but with no success. An attempt was then made to sink the
hulk by firing projectiles into it in order to release the imprisoned air
which was thought to be keeping her afioat. This also faUed, probably on account of the nature of her cargo, which was lumber. On
February 1 the Seminole was obhged to proceed to Norfolk to obtain
rations, and the derelict was turned over to the Itasca, which had
joined the Seminole. As a moderate sea was breaking over the hulk,
making work on her impossible, an officer was sent to make an attempt
to place a light on the craft for the night. The officer and one man
succeeded in leaping from the boat to the keel of the schooner, where
in spite of the sea breaking over the wreck, the light was firmly
secured. The cutter stood by the derehct until the following day
when, after one ineffectual attempt, the anchor chain was finally
broken by a mine, and the cutter stood for Chesapeake Bay, with the
derelict in tow. The Itasca was joined by a tug off Cape Henry
whistling buoy, and when Lynnhaven Roads were reached the wrecking tug Rescue took over the derelict and towed it to Newport News
to await the arrival of the owner.
Medical aid to American fishermen.
The act of June 24, 1914, provides—
That in the discretion of the Secretary of the Treasury any of the revenue cutters
provided for in this act, or any other revenue cutter now or hereafter in commission,
may be used to extend medical and surgical aid to the crews of American vessels
engaged in the deep-sea fisheries, under such regulations as the Secretary of the
Treasury may from time to time prescribe, and the said Secretary is hereby authorized
to detail for duty on revenue cutters such surgeons and other persons of the Public
Health Service as he may deem necessary.
In pursuance oi the authority therein contained, the Androscoggin
was fitted up with all the necessary appliances, including a sick bay,
an operating table, a complete outfit of surgical instruments, sterUizing apparatus, etc.—in fact, a small hospital afioat. A medical
officer of the Public Health Service, with the necessary assistants, was
detaUed to the cutter.
The cutter left Boston, Mass., on January 6, 1915, to inaugurate
this relief measure for the crews of American fishermen, and at the
same time to develop the extent of the need for medical relief and
test the practicabUity of the adopted plan and such suggestions as
had been received after a conference with representatives of the
fishing industry. The general scheme has been to cruise in the
waters where it was expected the greatest number of fishing vessels
SECRETARY OF THE TREASURY.
169
would be operating for the time being. With that in view the first
cruise was to Brown's Bank off the coast of Nova Scotia, where the
American fleet was then employed. Subsequent cruises were made
along the coast of Nova Scotia, following the 50-fathom line from
Cape Sable to about 60 miles to the eastward of Halifax lightship.
These cruises have demonstrated that it is impracticable to arrange
a regular ithierary for the Androscoggin during the early part of the
season, as the location of the flshing fleet at any particular time
depends largely upon prevailing weather conditions and upon how
the flsh are running in particular localities. The commanding officer
of the Androscoggin accordingly recommends that in the future the
cutter make Shelburne, Nova Scotia, her headquarters in the early
part of the season, making short cruises to the several banks from
that point, and during the latter part of the season keeping in touch
with the fishing fleet and following its movements. Since January 6,
1915, the cutter has cruised a total distance of 9,333 miles and rendered hospital treatment to 114 patients. These treatments varied
from minor medical relief and surgical operations to making a special
trip from Shelburne, Nova Scotia, to the hospital at Boston, Mass.,
in order to save the life of a fisherman who was dangerously iU.
While engaged in this hospital work, the Androscoggin was instrumental in rendering valuable assistance to three distressed vessels,
which, with their cargoes, were valued at $576,000.
Customs laws.
In addition to the general enforcement of customs laws by all
vessels and stations of the Coast Guard, there are harbor cutters or
launches detailed especiaUy for customs service at the foUowing
ports: Boston, New York, Philadelphia, Baltimore, Savannah, Pensacola, MobUe, New Orleans, San Francisco, and Seattle, 12 in all.
These cutters board all incoming foreign vessels subject to customs
inspection, and in a general way perform boating duty for the customs authorities at those ports. As occasion serves these cutters
assist in the enforcement of the navigation and other laws. Smuggling in bulk is a crime not much resorted to at the present time
except in a few remote localities along the border coasts, but the
cutters and stations are constantly on the lookout for violations of
this kind, and this watchfulness undoubtedly tends to hold in check
this class of offenders against the law.
- Anchorage and movements of vessels.
The river and harbor act, approved March 4, 1915, contained the
following:
SEC 7. That the Secretary of War is hereby authorized, empowered, and directed
to define and establish anchorage grounds and to adopt suitable rules and regulations
in relation thereto; and such rules and regulations shall be enforced by the Revenue
170
REPORT ON THE FINANCES.
Cutter Service (now Coast Guard) under the direction of the Secretary of the Treasury:
Provided, That at ports or places where there is no. revenue (now Coast Guard) cutter
available such rules and regulations may be enforced by the Chief of Engineers under
the direction of the Secretaiy of War. In the event of the violation of any such
rules and regulations by the owner, master, or person in charge of any vessel the
said vessel may be holden for the payment of such penalty, and may be seized and
proceeded against summarily by libel for the recovery of the same in any United
States district court for the district within which such Vessel may be and in the name
of the officer designated by the Secretary of War.
'
The effect of this law was to transfer to the War Department the
jurisdiction over anchorages previously vested in the Department of
Commerce, and accordingly the Secretary of War, under date of
March 4, 1915, promulgated an order continuing in force the then
existing rules and regulations concerning such matters, and the
Coast Guard at once resumed the duty of enforcing those regulations.
Officers of the Coast Guard have been assigned as supervisors of
anchorages for the several locahties in which anchorage limits have
been established and the Secretary of War has designated these
officers as the persons in whose names proceedings shall be instituted
under the law referred to above. Through this arrangement the
method of enforcing the law has been simplified.
The regulation of traffic and the movements of vessels through the
locks and channels of the St. Marys River, Mich., have been satisfactorily performed by the cutter Mackinac and two launches. In
addition to this fioating equipment there are six permanent lookout
stations located at the several important points, in which men from
the cutter are stationed to observe and time the passage of vessels.
Exclusive of local traffic, 14,801 vessels passed through the locks
during the season of open navigation, which began AprU 22 and
closed on December 13, 1914. Although the traffic was not so great
as in the preceding year, the above total will give a good idea of the
volume of marine traffic using this waterway. The officer in charge
of the patrol reports that the season has been remarkably free from
accidents and few congestions have occurred, none of them serious
and aU easUy handled. There have been also comparatively few
violations of the law. During the entire season it was found necessary to report only 10 vessels for violation of the St. Marys River
rules and to warn but 48.
Enforcement of neutrality, navigation, and other laws.
Neutrality.—Owing to war conditions in Europe, there have been
frequent caUs for the services of Coast Guard cutters to aid the customs authorities in the enforcement of the neutrality laws, and for
this purpose the Androscoggin, Gresham, Seneca, Apache, Algonquin,
SiiidOnondaga have on a number of occasions during the yearbeenwithdrawn from their regular cruising and assigned to duty at or near the
ports of Boston, New York, Baltimore, Norfolk, and San Juan, P . R.
SECRETARY OF THE TREASURY.
171.
Mutiny.—During the cruise of the Algonquin to convey the representative of the State Department to various ports in the West Indies,
and whUe at anchor at Turks Island, the master of the American
schooner Sallie C. Marvil came on board and reported he was having
trouble with his crew and requested the presence of an officer on
board the schooner to enforce his authority. An officer was accordingly sent on board to investigate, and after ascertaining that the
crew had no just cause of complaint he ordered the men to resume
their duty. They promptly responded, and no further difficulty was
experiencecl. This occurred February 22, 1915.
Regattas.—The patroUing of the courses and the maintenance of
order at regattas and other marine pageants, in accordance with law
and the regulations prescribed thereunder by the Department of
Commerce for the safety of life, constitutes an important duty of the
Coast Guard during the summer months. In the past fiscal year there
were 39 instances when the Coast Guard was called upon to patrol
race courses. These instances include the two large intercoUegiate
regattas held annuaUy at New London, Conn., and Poughkeepsie,
N. Y. That this duty was thoroughly and efficiently performed is
evidenced by the letters of appreciation received from those in charge
of the regattas.
Enforcement of navigation laws.—A total of 24,817 vessels of aU
descriptions were boarded and examined during the last year for the
purpose of enforcing the navigation and motor-boat laws. This is a
less number than were boarded during the preceding year, for the
reason that it was necessary to withdraw certain of the cutters from
their regular duties at various times throughout the year to enforce
the neutrality laws. Of the total number of vessels examined, 772
were reported for violations of law, involving fines amounting to a
total of $220,500. AU of this amount was not coUected, and in many
cases, where mitigating circumstances were made apparent to the
Department of Commerce, which has final jurisdiction in the matter,
the fines were either reduced or remitted entirely.
Protection of the fur seal.
To enforce the convention entered into by the United States, Great
Britain, Russia, and Japan for the protection of the fur seal and sea
otter, an efficient patrol has been maintained in the waters of the
North Pacific and the Bering Sea. As the patrol is continuous from
May to September, the activities of each season cover a portion of
two fiscal years. During the months of July, August, and September,
1914, the Tahoma, Manning, and TJnalga were employed on this duty,
and, as in the previous year, shore stations were established at Atka,
Kiska, and Attn Islands to keep watch on the various bays and
harbors which have been frequented by pelagic sealers in the past.
• 172
REPORT ON THE FINANCES.
In addition to the patrol duties, particular attention was given to
enforcing the laws and regulations regarding the protection of game,
fisheries, and fur-bearing animals, and, whenever practicable during
the season the liiaU was carried to vessels of the fishing fleet. On a
number of occasions medical aid was given to the men of the flshing
fleet by the surgeons attached to the cutters. On cruises to the
westward the several vUlages on the Aleutian chain were visited as
often as possible, in order that the surgeons might give medical aid
to the natives and instruct them in the sanitation of their persons
and dweUings. On these occasions assistance was given to the
Department of Justice and Bureau of Education in investigating
matters pertaining to their spheres of action in remote places. In
August, at the request of the Bureau of Education, a herd of 40
reindeer was transported to Nazan Bay, Atka Island, in order to
inaugurate the experiment of propagating a herd of these useful
animals on that island.
At the conclusion of the patrol for the season of 1914 the commanding officer of the fleet reported that there were no evidences of
marauding vessels in Bering Sea throughout the entire season and that
no suspicious craft were seen. He.also reported a noticeable improvement in the size of the seal herd on the PribUof Islands, due to
the prohibition of pelagic sealing, and that the rookeries gave no
evidence that the seals had been hunted at sea. during the season.
Owing to the shortage of cutters on the Pacific coast and the
apparent cessation of pelagic sealing in the north Pacific and the
Bering Sea during the past two seasons, it was decided to attempt
the patrol during the season of 1915 with one cutter, and the TJnalga
was assigned to this duty. She sailed from Seattle April 20,. 1915,
and in addition to the duties incident to the seal patrol cruised
actively during the month of May from the northern entrance of
Unimak Pass to Sannak Island for the purpose of rendering such
assistance as might be necessary to merchant vessels in that vicinity,
there being a large fleet bound to the canneries during that month.
During the month of June she patroUed along the Aleutian chain
and in the vicinity of PribUof Islands. The report of the operations for the season of 1915 wiU be given in the next annual report.
Ice patrol.
The international service of ice observation and patrol in the
north Atlantic has been continued. For this purpose the Seneca was
withdrawn from regular coast patrol and saUed from New York early
in February, 1915. This vessel made two cruises to the regions to
the north of the Grand Banks to observe and investigate ice conditions, and on April 1, 1915, when it was apparent that the bergs and
ice flelds had advanced to the southward so as to threaten the trans
SECRETARY OF THE TREASURY.
173
Atlantic steamship lanes, she entered upon the duties of the ice patrol
proper. * The Miami was dispatched from Key West early in March
to join the Seneca on the patrol, and, using Halifax, Nova Scotia, as a
base for coal and supplies, these two cutters made alternate cruises
and maintained a continuous patrol in the ice-danger zone during the
months of April, May, and June, 1915.
Scientists were detailed to the Seneca from the Bureau of Standards, Bureau of Fisheries, and the Weather Bureau, and apparatus
supphed for taking meteorological and oceanographical observations
and collecting specimens of plankton. The data obtained, together
with the detailed reports of the scientists and the commanding officers
of the patrol vessels, will be pubhshed as soon as possible in Coast
Guard BuUetin No. 4. The data in connection with the ice patrol
for the seasons of 1913 and 1914 have already been pubhshed in
BuUetins Nos. 1 and 3, respectively.
On the 30th of June the last berg in the vicinity of the tail of the
bank broke up into several smaU pieces and melted rapidly, having
encountered the warm waters of the Gulf Stream. On that date the
patrol was discontinued for the season.
This international service was undertaken by the United States
in 1914 and continued in 1915 at the request of Great Britain, acting
on behalf of the various powers interested, under the conditions set
forth in the international convention for the safety of life at sea,
which was signed at London January 20, 1914, by the representatives
of those powers. Under those conditions the several powers assumed
the obhgation to contribute to the expenses of the international service in certain proportions, enumerated in article 7 of the said convention. Accordingly, the several powers were informed, through
the Department of State, as to the cost of the patrol for the season
of 1914 and the several sums due from them, as foUows:
Salaries and wages of personnel
$47,894.10
Maintenance and operation, including all supplies and miscellaneous contingent expenses.
28,9.55.04
Administrative expense
2,441.73
Depreciation:
Seneca, built in 1908, cost $295,000. Vessel on duty Feb. 11-Aug. 5,
1914. Depreciation, 3 per cent per annum
4,425.00
Miami, built in 1911, cost $250,000. Vessel on duty Mar. 7-Aug. 5,
1914. Depreciation, 2 per cent per annum
2,083. 33
85, 799. 20
Proportionate amounts due from the several foreign powers as per article 7 of the convention.
Austria-Hungary, 2 per cent
$1,715. 98
Belgium, 4 per cent.
3,431. 97
Canada, 2 per cent.
1,715. 98
Denmark, 2 per cent
1,715. 98
France, 15 per cent
:
12,869. 88
174
REPORT ON THE FINANCES.
Germany, 15 per cent
Great Britain, 30 per cent.
Italy, 4 per cent
Netherlands, 4 per cent.
Norway, 3 per cent
Russia, 2 per cent
Sweden, 2 per cent
United States of America, 15 per cent
,
Total expense..,
$12, 869. 88
25,739. 76
3,43L97
3,431.97
2,573.98
1,715. 98
1,715.98
12,869. 89
85,799.20
Up to June 30, 1915, the amounts due the United States from the
following countries on account of the patrol for the season of 1914,
have been received: Belgium^ Canada, Denmark, Great Britain,
Italy, Norway, and Sweden.
Special services.
Algonquin.—At the request of the State Department, the Algonquin was detaUed to convey the United States consul at large on a
tour of inspection of the various consular offices in the West Indies.
The cutter left San Juan, P. R., on February 10, 1915, and had caUed
at most of the ports indicated in the itinerary when it became necessary to direct her return to San Juan to assist in enforcing neutrahty.
laws at that port. During this cruise the cutter visited the foUowing
ports: Santiago and Guantanamo, Cuba; Matthewtown, Great Inagua
Island; Cockburn Harbor, Caicos Island; Salt Cay and Turks
Island; Puerta Plata, Santa Barbara, Sanchez, Romana, San Pedro
de Macoris, San Domingo and Azua, Dominican Repubhc; Jacmel,
Aux Cayes, Jeremie, Petit Goave, and Port au Prince, Haiti.
At the request of the War Department the Algonquin proceeded to
Puerta Plata, Dominican Republic, and received on board 184 Porto
Ricans. Many of the refugees were so weak and emaciated from
starvation it was necessary to assist them over the gangway, and
five were taken aboard hi chairs. Everything was done during the
trip to alleviate their distress and make them as comfortable as
possible; benches were improvised and secured about the decks;
swinging cots were suspended from ridge ropes for the many small
children, and the weak and sick were placed on cots. The Algonquin
sailed from Puerta Plata July 20 and arrived at San Juan the following day.
Thetis—^At the request of the Department of Agriculture the
Thetis, in March and April, 1915, made an extended cruise to Bird
Island, Laysan Island, Lisiansky Island, Ocean Island, and Midway
Island to make an inspection of the bird reservations and ascertain
the condition of the flocks. The weather was stormy ahnost the
entire cruise and great difficulty was encountered in making landings
on some of these islands. In several instances the officers and crews
were obhged to swim to reach the beach. On Laysan Island it was
SECRETARY OF THE TREASURY.
175
found that raiders had been ashore and slaughtered the birds in
great numbers, their carcasses being strewn aU over the surface of the
island. From various indications it was evident the raid was made
about the middle of January.
Bear.—^This vessel arrived in San Francisco November 11, 1914,
having completed a cruise of 11,318 mUes since she left that port on
AprU 6, 1914. On her way north she stopped at Seattle, Wash., and
took on board the northern maU and supplies for various departments
of the Government. Stopping en route at Unalaska and St. Paul
Island she proceeded at once to Nome, arriving there at 10.40 p. m.
of June 1, the first vessel to arrive at that port since the close of navigation the season before. After landing maU she returned to the
southward and westward in order to develop the ice conditions and
report them to the fleet of steamers due to arrive at Nome with passengers and freight. She was thus instrumental in furnishing saUing
directions for a number of steamers who were waiting to get through
the ice fields. Subsequently trips were made to Port Clarence,
Siberia, and Point Barrow during the summer. On all these occasions
various kinds of work were performed for the Bureau of Education
and for the Department of Justice. On three occasions assistance
was rendered to stranded vessels. At Point Barrow she took on
board a number of destitute seamen from the wrecked schooners
Transit and Elvira and transported them to Nome. At the request
of the Canadian Government, the Bear whUe returning from Point
Barrow made an attempt to rescue the survivors of the Canadian Polar
Expedition which had been wrecked in the steamer Karluk near
Wrangel Island in the Arctic Ocean. Stormy weather with thick
fog and heavy snow squalls was experienced, and after several days
of unsuccessful effort to break through the heavy ice it was deemed
advisable to return to Nome to replenish the coal before ihaking
further attempt to rescue the shipwrecked men. After a delay of four
days at Nome, due to bad weather, sufficient coal was xeceived on
board and the Bear started again for Wrangel Island on September 5.
On September 8, in latitude 69° 55', longitude 175° 30', a schooner
was sighted, which proved to be the gas schooner King and Winge.
Owing to her light draft this vessel had succeeded in landing at
Wrangel Island, where eight members of the expedition were found,
together with one Eskimo, his wife and two children. The survivors
were transferred to the cutter and being in a very exhausted condition were aU placed under the care of the surgeon. When the Bear
came south at the close of navigation the shipwrecked men were
landed at Vancouver, British Columbia.
In the report of his northern cruise the commanding officer of the
Bear calls attention to the wholesale slaughter of walrus in Arctic
waters outside the territorial limits, both by American and foreign
176
REPORT ON THE FINANCES.
vessels, which must sooner or later affect the food supply of the
natives of the Arctic coasts on both sides of the Bering Straits.
McCulloch.—Continuing the practice of former years, a cutter was
placed at the disposal of the Department of Justice to transport the
United States court to remote places in southwestern Alaska, in
order to minimize the expense of administering the law. The
McCulloch was detailed for this duty and arrived at Valdez, Alaska,
July 13, 1914, where she received on board the United States judge
for the third district of Alaska, together with the necessary court
officials. From that point the cutter proceeded to the various places
indicated in the itinerary arranged by the Department of Justice,
and returned to Valdez August 27, thus completing the cruise of the
floating court for 1914.
Investigations of loss of life.
In 19 instances during the year marine disasters occurring within
the scope of the operations of Coast Guard stations have been
attended with loss of life. As requhed by law each such incident was
thoroughly investigated, and it is gratifying to note Ihat in only one
instance did a station crew fail to entirely fulfill the requirements of
the service. The investigating officer found that the patrol and
lookout had not been vigUant, and that the crew failed to make use of
the available apparatus, but as the testimony showed that the loss of
life on this occasion was not due to these shortcomings, disciplinary
action was confined to severe reprimand.
Loss of the " Tahoma J [
On September 20, 1914, the Tahoma, attached to the Bering Sea
patrol fleet, struck an uncharted reef in latitude 51° 53' north,
longitude 175° 53' east, 31 miles south 9° east (true) from Buldir
Island, one of the western islands of the Aleutian chain, and became
a total loss. Having made a cruise along the northern coasts of tho
Aleutian Islands as far west as Attn in connection with the patrol
duties, the cutter was returning east along the southern side of the
group, and the course was set to pass 28 miles outside of and to the
southward of the only two outlying dangers shown on the United
States Coast and Geodetic Survey Chart No. 9102. Suddenly and
without warning at 9 p. m. of the above date the Tahoma crashed
upon a submerged reef. Every effort was made to save the vessel,
but to no avail, and radio calls for assistance were sent out, giving
the position of the vessel. Fortunately, considering the remoteness of
the place where the cutter was wrecked, 670 miles west from Unalaska,
the signals were heard by the radio station on St. Paul Island. The
caU was repeated to the fleet commander, and at his request the
SECRETARY OF THE TREASURY.
177
Coast Survey steamer Patterson and the steam whaler Kodiak proceeded from Unalaska to the scene of the distaster. The steamer
Cordova, south bound from Nome, was intercepted by radio and she
at once changed her course and headed for the stranded cutter. I n
the meantime the wind and sea had risen, causing the Tahoma to
pound so heavily upon the reef that the influx of water through the
damaged bottom got beyond the control of the pumps and extinguished the fires under the boilers. As the vessel settled in a pocket
in the reef she took a dangerous list, and on the afternoon of the day
following the disaster the commanding officer reluctantly gave the
order to abandon th% ship. This was accomphshed in good order,
and the seven ship's boats, provisioned and equipped, shaped
courses for the nearest land to leeward, some 80 miles distant. Severe
weather was experienced and the crews suffered considerably from
exposure, but the boats were weU handled and all §ave one succeeded in landing on Semichi and Agattu Islands, where rough
camps were constructed and signal fires buUt to attract attention of
the searching vessels.
On September 26 the crews of the three boats were taken from the
islands by the Cordova, and a fourth boat picked up at sea 30 miles
from the nearest land. On the 28th the crews of the three remaining
boats were taken from the western end of Agattu Island by the
Patterson, thus accounting for all hands on the ill-fated cutter.
A board was promptly convened by the fleet commander at
Unalaska, and after a searching inquiry hi to all the circumstances
attending the disaster, found—
That all necessary precautions were taken in the navigation of the Tahoma September 20, 1914, to avoid dangers, known and marked "position doubtful," and that
due care was exercised in carrying out the o:'ders of the commanding officer, and
further that the loss of the Tahoma was not due to fault or negligence on the part of
the commanding officer of that vessel, nor to any other officer or member of the crew
of the said vessel.
I t is believed that not a shigle island west of Unimak Pass is correctly charted; the positions of the islands themselves are incorrectly shown, the coast lines are incorrect, and the soundings and
outlying dangers are, for the most part, left to the conjecture of the
navigator. These facts, together with the ever-present fog, make
navigation in those waters a precarious undertaking, but it must be
done. In performing the duty of enforcing the law and the treaty
for the protection of the fur seal and sea otter. Coast Guard cutters
are obliged to take many risks, and it is not surprising that the
Tahoma struck an uncharted reef; indeed, the surprising thing is
that the cutters have navigated those waters these many years with
so few mishaps.
7424°—n 1915
12
178
REPORT ON THE FINANCES..
Administrative measures.
Reorganization.—The organization of the Coast Guard under the
act of January 28,1915, has progressed satisfactorily, and at this time,
less than six months after the passage of the act, there is every evidence that this long-recommended and much-needed legislation is
accomplishing the object sought, namely, the enhanced efficiency
of the life-saving function of the Government by the rehabUitation
of the personnel concerned.
A board of competent officers selected from the former Life-Saving
Service and Revenue-Cutter Service has been csteadily^ engaged revising the regulations of those two services and combining them in
accordance with law into new regulations for the Coast Guard. As
quickly as each chapter of the regulations is completed i t is promulgated to the §ervice at large in the form of a general order. I t is
hoped to complete the task within three months, when the .several
general orders wUl be published in one volume as a book of regulations.
. The Coast Guard being a part of the mUitary forces of the Government, the mUitary system of the former Revenue-Cutter Service has
been utilized as a basis for the organization of the Coast Guard.
This has necessitated many changes in matters affecting the status
and discipline of that portion of the Coast Guard which was formerly
the Life-Saving Service, and it is very gratifying to observe how
readUy the transferred personnel of that service have adapted themselves to the new conditions.
A committee representing the Navy and the Coast Guard has been
at work to recommend such interdepartmental regulations and agreements as may be necessary in order to make the Coast Guard most
effective as an adjunct to the Navy for the national defense, as contemplated by existing law.
The transfer of the personnel of the former Life-Saving Service to
the Coast Guard was accomplished by issuing appointments as commissioned officers, warrant officers, and petty officers to the district
superintendents, keepers, and No. 1 surfmen, respectively, and regularly^ enlisting the surfmen.
Under the several provisions of the Coast Guard act, a total of 124
persons have been retired from active service, as foUows:
Having reached the age of 64 years:
Commissioned officers—4 district superintendents.
Warrant officers—3 master's mates; 1 boatswain; 32 keepers; 1 carpenter.
Petty officers—9 No. 1 surfmen.
Other enlisted men—2 seamen; 31 surfmen; 2 firemen; 2 stewards; 1 cook.
For physical disability, upon the recommendation of a retiring board:
Warrant officers—1 boatswain; 5 keepers; 1 carpenter.
Petty officers—4 No. 1 surfmen.
Other enlisted men—21 surfmen.
SECRETARY OF THE TREASURY.
179
Having completed more than 30 years' service:
Commissioned officers—1 captain.'
Warrant officers—3 keepers.
In,flUingvacancies, the system in vogue in the former Life-Saving
Service has been changed somewhat in the organization of the Coast
Guard. Promotion to the grade of No. 1 surfman (petty officer) is
made by selection from the grade of surfman, and promotion to keeper
(warrant officer) is made by selection from the grade of No. 1 surfman.
Warrant officers and petty officers are required to serve a satisfactory
probationary period of six and three months, respectively, before permanent appointments are issued. In addition, warrant officers must
pass a satisfactory mental examination. Keepers alone are eligible
for promotion to the grade of district superintendent, and the selection to fill a vacancy in this latter grade is made by examination
which is strictly competitive, the candidate attaining the highest'
average being awarded the promotion.
The administrative office of the Coast Guard (Headquarters) has
been organized in five divisions, as foUows:
1. Division of Operations.—Having cognizance of matters relating
to the personnel and operations of the service.
2. Division of Materiel.—Having cognizance of matters relating
to supplies, outfits, equipment, accounts, and the files.
3. Division of Construction and Repair.—Having cognizance of
matters relating to the construction of and repairs to the hulls of
vessels and boats, stations, wharves, and aU other property.
4. Division of Engineering.—Having cognizance of matters relating
to the construction of and repairs to the motive power of vessels and
boats and the machinery of aU other property.
5. Division of Inspection.—Having cognizance of matters relating
to the inspection of vessels, stations, boats, and all other property.
The clerical force employed in the former Bureau of Life-Saving
Service and former Division of Revenue-Cutter Service has been
transferred to the Coast Guard Headquarters and assigned to appropriate duties among the several divisions.
Discipline.
During the year 86 general courts and 148 minor courts were convened for the trial of 1 officer and 233 men of the Coast Guard, resulting in 12 acquittals and 218 convictions; 1 case was nol-prossed
and 3 not completed. The department has continued the policy of
suspending sentence and placing on probation men who have been
convicted of desertion and other offenses against mUitary discipline
not essentially of a criminal nature when the sentence imposed
involves imprisonment or other serious punishment and there is a
180
REPORT ON T H E FINANCES.
recommendation for clemency or there appear to be circumstances
in extenuation. Reports on the conduct of the probationer are made
at regular intervals, and at the expiration of his period of enhstment the sentence is mitigated or remitted entirely, according to
the nature of the several conduct reports. If, on the other hand, the
conduct reports indicate that the probationer is incorrigible or is
making no effort to redeem himself, action on the sentence is taken
accordingly. As one result of this plan, during the past year it was
necessary to put in effect sentences involving imprisonment in two
cases only, and it is gratifying to note that in most cases the men
placed on probation have shown an earnest desire to avail themselves
of the opportunity thus afforded to regain their status.
Coast Guard Academy.
During the year a total of 16 cadets and cadet engineers have been
under instruction at the academy at New London, Conn. Fourcadet
engineers successfully completed the prescribed course and were commissioned third lieutenants of engineers in August, 1914, and the
same month six cadets and four cadet engineers were appointed.
One cadet resigned October 1, 1914. The annual cruise of the cutter
Itasca with the cadets covered the period between June 6 and September 14, 1914. The winter term at the academy is devoted to theoretical studies, whUe the cruise of the Itasca affords the opportunity
for practical instruction of cadets during the varying conditions of
weather at sea in seamanship, navigation, engineering, gunnery, etc.
The junior cadets are given actual experience on deck, in the boats,
and in the fireroom, while the senior cadets are required to perform
under the immediate supervision of the officers the actual duties of
navigating the vessel and of handhng her, both in the engine room
and on the bridge. The number of cadets being limited, considerable
individual instruction is possible, and there is opportunity to give
each cadet extensive practice in performing important duties, all of
which tends to develop confidence and self-reliance and better prepares them for the responsibUities of commissioned officers.
Competitive examinations were held in June, 1915, to select the
new class which wiU enter the academy in August. It is desired to
appoint seven cadets and four cadet engineers, and in order to obtain
a wide field for competition the examinations were held at the following cities: Boston, New York, Philadelphia, Baltimore, Washington,
Norfolk, Savannah, San Francisco, and Chicago.
Cadet engineers are appohited at the nainimum age of 20 years and
serve a probationary period of 1 year at the academy. Cadets of
the line are appointed at the minimum age of 18 years and serve
a probationary period of 3 years. The scope of the examination
SECRETARY OF THE TREASURY.
181
for appointment as cadet engineer is, consequently, more advanced
than for cadets of the Ihie, and a candidate to compete successfuUy
for appointment as cadet engineer must have had a certain amount of
preliminary training in mechanics, steam engineering, and electricity.
Despite every effort that has been made to advertise the existing
vacancies, only three candidates finally quahfied for the annual competitive examination in June, 1915, and it is quite evident from the
experience of the past three years that with the present requirements
it is becoming increasingly difficult to recruit the engineer corps with
efficient young men.
Two remedies for this condition suggest themselves, namely, to
reduce the age hmit and the scope of the examination for cadet
engineers and increase the probationary term to three years, or to
discontinue the appointment of cadet engineers and train cadets for
both hne and engineering duty. These matters are now receiving
earnest consideration, and it is expected to be able to make definite
recommendations in the next annual report. Meanwhile, the policy
of detailing junior line officers for engineering duty, which was
inaugurated during the previous year to relieve the condition incident
to the large number of vacancies in the engineer corps, has been continued in the past fiscal year.
Medical ofiicers on cutters.
The act of June 24, 1914, authorizes the Secretary of the Treasury
to detaU for duty on Coast Guard cutters such surgeons of the Public
Health Service as he may deem necessary, and plans have been perfected with the Surgeon General of the Public Health Service to
assign medical officers to the several cutters to the extent permitted
by the limited personnel at his disposal. Medical officers are now
regularly assigned to seven cutters and temporary details are made
to three other cutters when proceeding on extensive cruises. Aside
from the necessity for the services of a medical officer on each cutter
to conserve the health of a crew totaling an average of 70 persons,
who are frequently engaged in work involving hazard and exposure,
all cruising cutters are often called upon for medical or surgical aid
by the crews of merchant vessels at sea or in remote places. When a
surgeon is avaUable much unnecessary suffering is aUeviated among
seafaring men along our coasts, and undoubtedly at times seamen's
lives are saved through this prompt medical attention.
I t is hoped that during the current year it may be possible to provide for the regular detail of surgeons to a part, if not all, of the
remaining cruising cutters.
182
REPORT ON T H E FINANCES.
New vessels, stations, and equipment.
The new cutters Ossipee and Tallapoosa, authorized by the act of
June 24, 1914, have been completed and will be taken to the service
depot at South Baltimore to receive their outfits and equipment.
It is expected these vessels will be ready for service by the middle of
August, when they wUl be assigned to duty on the New England and
Gulf coasts, respectively, to replace the Woodbury and Winona, which
latter cutters, being old and unserviceable, will be withdrawn from
active service and sold.
The old radio sets of the Seminole, Onondaga, and Androscoggin
have been replaced with modern high-powered installations. The
necessary material to simUarly equip the Bear has been purchased, but
not yet installed.
A contract has been entered into for the construction of the new
station at Mackinac Island, authorized by the act of August 24, 1912.
The work has begun and is progressing satisfaotorUy.
It has not been possible to proceed with the construction of the new
station authorized by the act of August 24, 1912, to be established at
Sea Gate, N. Y., because of difficulties in securing title to the necessary
site.
Steps have been taken to obtain suitable sites for the new stations
at Duxbury Reef, Cal., and Siuslaw River, Oreg., authorized by the
acts of March 3 and March 4, 1915, respectively.
Contracts were executed for the construction of eight 36-foot selfbailing, self-righting motor lifeboats and twenty 26-foot seU-baUing
surfboats, and of these 4 lifeboats and 11 surfboats have been completed and put in service.
Repairs and improvement to cutters and stations.
In addition to the current repairs necessary for the upkeep of the
fleet, extensive repairs have been made to the following vessels:
Senhinole.—Th.e installation of the new boUers has been completed,
and with the renewal of certain portions of the hull this vessel is now
in a very efficient condition for a craft of her age.
Windom.—In January, 1915, this vessel was sent to the service
depot at Baltimore for the flrst extensive repair since she was buUt in
1896. Her low freeboard and small coal capacity greatly restricted
the fleld of her activities and made her unavaUable for extensive
cruising in the waters of the Gulf of Mexico, where she was stationed.
Her hull has been raised forward by the addition of a forecastle deck,
her freeboard increased by fitting solid bulwarks throughout her
entire length, and new boUers are being installed. In addition, provision will be made for oU fuel, wliich wiU practicaUy double her
steaming radius.
SECRETARY OF THE TREASURY.
183
The following stations have been rebuilt or extensively repaired:
Atlantic and Gulf coast.—At Chatham, Mass., the station has been
rebuilt on a new site; masonry sea waUs have been constructed at
Watch HUl, R. I., and bulkheads and revetments at Corsons Inlet
and Hereford Inlet, N. J., to protect the stations at those points
from the encroachment of the sea.
Pacific coast.-^At Humboldt Bay, Cal., extensive damage to the
launchway has been repaired. At Point Adams, Oreg., the boathouse has been moved to a new location and the launchway rebuUt.
At Nome, Alaska, a new boathouse and a launchway have been
constructed to replace those destroyed by storm.
Great Lakes.—On Lake Huron a new boathouse with extensive
breakwater protection has been constructed at Pointe aux Barques,
the breakwater rebuilt and boathouse repaired at Harbor Beach,
and the boathouse and launchway rebuilt at Lake View Beach—
all in Michigan. On Lake Erie, at Cleveland, Ohio, extensive repairs
have been made to the station foundations and bulkhead, and a
rock mound breakwater constructed.
Contracts have been awarded and work begun in connection
with the foUowing projects: Rebuilding stations at Point of Woods,
L. I.; Cape Fear, N. C ; Coos Bay, Oreg.; MUwaukee, Wis.; and
Oswego, N. Y. Moving buUdings to new site at Sandy Hook, N. J.;
rebuUding of boathouse and crew's quarters at Fort Point, Cal.;
and construction of a rock breakwater at Marblehead, Ohio.
At Velasco, Tex., action on changing the location of the buUdings
has been deferred pending negotiations for a suitable site.
Repair depot at Arundel Cove, Md.—The value of this depot to
the Coast Guard is constantly increasing. In addition to manufacturing most of the small boats, awnings, covers, and other items
of outfit for the cutters, the extensive repairs to the Seminole and
Windom were made at this plant, and the foUowing cutters were
overhauled and received minor repairs :^77^r'osco^grm, Apache,
Guthrie, Itasca, and Onondaga. The new cutters Ossipee and Tallapoosa wUl be prepared for service at the depot, where the necessary
outfits already have been assembled.
The facihties of this depot have been extended to the floating
equipment of the Pubhc Health Service when requested.
Recommeridations,
New vessels.—For four years it has been regularly urged that new
vessels be authorized, one for the Pacffic coast and one for New
York Harbor. The vessel for the Pacific coast is intended to replace
the Perry, which was wrecked in the vicinity of the Pribilof Islands
in 1910. During the past year the service sustained a further loss
184'
REPORT ON THE FINANCES.
in the Tahoma, which struck an uncharted reef south of the Aleutian
Chain in September,. 1914, while engaged in patroUing those waters
in the enforcement of the international convention for the protection
of the seal herds. The loss of these two vessels has seriously curtailed the activities of the Coast Guard on the Pacific coast, and
the service is now obliged to undertake the enforcement of the
seahng convention with b u t one cutter. I t is therefore imperatively
necessary that two new vessels be provided for this very important
work, involving as it does the fulfillment of international obligations.
Seven hundred thousand dollars should be provided for the construction of these two vessels.
The old cutter Manhattan now limps along with worn-out huU and
machinery, performing in a very inefficient manner the important
duty of regulating the anchorage of vessels in the greatest American
seaport. Since first recommending the replacement of this antiquated craft, now over 42 years old, the cost of ships has so far advanced that it wiU be necessary to provide an appropriation of
$125,000 instead of the original estimate of $110,000. Plans have
already been prepared for this much-needed craft and it is hoped
that the necessary appropriation wiU be forthcoming as early as
practicable during the approaching session of Congress.
A new harbor cutter to replace the Hartley at San Francisco is
urgently needed. That vessel was buUt in 1875 and has been in
service for 40 years. Her wooden huU is rotten, her machinery
antiquated and in very bad condition, requiring frequent repairs.
The boat is not worth rebuUding. In AprU, 1914, without any
accident of any kind, she began to fiU at her dock and was quickly
taken into shoal water near by, where she sank. The cutter was
raised and repaired as weU as the general bad condition of her huU
would permit, but had this incident occurred whUe she was under way
the hves of her crew and the customs inspectors who are obliged to
use the vessel would have been seriously jeopardized. I t is earnestly
recommended that an appropriation of $50,000 b'e provided to buUd
or purchase a suitable cutter to replace the Hartley.
The recommendation for a cruising cutter, to cost $350,000, for
duty in the waters adjacent to the P a n a m a Canal is renewed. Such
a vessel, as before pointed out, would be of great assistance in aiding
vessels which may be in distress, and in boarding them for the purpose
of enforcing the navigation laws.
Rebuilding and repair of stations.—There are 279 stations in the
Coast Guard, and of these there are 21 which should be rebuilt as
soon as possible. The oldest of the 21 stations was buUt 43 years
ago, the newest is 29 years old, and the average age of all is 37 years.
These buildings, which are small frame structures, on wooden founda-
SECRETARY OF THE ^TREASURY.
185
tions, have passed the stage when they can be satisfactorUy repaired,
and are in a deplorable condition. They were erected in the early
days when the means at the disposal of the service were smaller and
the requirements less, and woiUd not, if they could be repaired,
afford adequate quarters for the men and apparatus now employed
at the stations. Leaks in roofs and settlement due to failing foundations have opened up many of the buildings untU they are not watertight, permitting rain, snow, and sand to penetrate the living quarters,
rendering them insanitary, unsuitable, and„a cause of complaint
not only from the men who occupy them but from the neighboring
property owners.
At 25 stations the boathouses or launchways are unsafe or in such
condition as to seriously interfere with the rescue work required of
the crews, and this condition is due to the fact that it has been necessary repeatecUy to postpone repairs because of the lack of funds in
the appropriation.
To effect the rebuUding and repairs most urgently needed, the sum
of $235,000 was requested in the estimates submitted for the fiscal
year 1916. Of this amount the last Congress provided but $135,000,
and as the greater part of this sum is needed for launching facUities,
the rebuUding of dUapidated stations must again be postponed.
There can be no hesitancy in choosing between repairs of a genera]
character and maintaining launchway facUities when funds are not
available for both, for upon these latter facUities depend the prompt
and efficient life-saving activities of the service.
To accomplish the rebuUding of, or extensive repairs to, the several
stations which particularly require such attention, there should be
provided for the fiscal year 1917 the sum of $300,000, and it may be
added that the longer these stations are permitted to continue in a
state of nonrepair the greater must be the ultimate expenditure in
order to correct that condition.
Extending the active season.—Owing to the frequency of storms on
the Atlantic coast durmg the months of May and August, and responding to the earnest solicitations of the maritime interests and the
pubhc press of the country. Congress by the act of August 3, 1894,
authorized the extension of the so-called active season (when the
stations are open and manned) to include those months. The active
season as thus defined began on the 1st day of August and ended on
the 31st day of May succeeding. This is the latest act regulating the
opening and closing of Coast Guard stations, and is the law at this
time. The above extension of the active season was accompanied by
very gratifying results, and, for a number of years, generally served
the purpose sought to be attained by the legislation. Since the introduction of motor-propeUed boats, however, and their extensive use
186
•
REPORT ON THE FINANCES.
both for commercial and pleasure purposes, conditions have so
materiaUy changed along our eastern seaboard as to suggest the
advisabUity, if not the actual necessity, of a further lengthening of
the active season to include the entire year. ^
The period during which the stations can not, under the law, be
manned, namely, the months of June and July, witnesses the greatest
activity among such craft, and this activity is attended b}^ numerous
accidents resulting in loss of life and property. This has been the
subject of thoughtful attention for some years past, but the constantly increasing demands for funds for other necessary purposes
(coincident with the growth of the establishment), such as the replacing of old and inadequate station buUdings with modern structures
sufficient to accommodate the improved apparatus, and the introduction of motor-propeUed life and surfboats, together with other new
equipment, have deterred the department from approaching Congress
for this much-needed legislation. I t is evident that the time is not
far distant when decisive action to that end wiU have to be taken, in
order that the Coast Guard may be in position to extend its full protection to this class of maritime traffic, which is so rapidly increasing
in volume.
Reference to another important consideration bearing upon this
subject should not be omitted. The men at the stations, who are
enlisted for a term of one year, are subjected to a compulsory leave
of absence without pay during the two months the stations are
closed, namely, June and July. They are therefore thrown out of
regular employment. Such employment as they are usually able to
find in these months, like boating, fishing, etc., is at its very height
at the time they are recaUed to duty, so that it is not possible for
them to engage in any business except of the most temporary and
shifting character—odd jobs, which yield them meager returns.
They fhid, as a rule, even among the most frugal, that whatever
savings they may have accumulated during 10 months of their enlistment year are used up during this period of enforced absence from
duty.
To say the least, it is a matter of grave doubt whether any weUordered business establishment, aside from considerations affecting
the personal welfare of its employees, could afford to pursue a hke
pohcy.
I t is believed that the physical and mental character of the enlisted
personnel, as well as the discipline of the service, could be maintained .
at a higher standard if the men could be assured of unbroken employment throughout the year for which they enlist, and that the efficiency and usefulness of the Coast Guard would be correspondingly
promoted thereby.
SECRETARY OF THE TREASURY.
187
No provision of law whereby a responsible person may perform the
duties of keeper during the absence ofthe latter in the inactive season.—
Special attention is invited to a matter closely related to the subject
just discussed, and which it is believed caUs for early remedial action
by Congress. The law requires that the keepers of Coast Guard
stations shall "reside continuaUy at or in the immediate vicinity
of their respective stations," and provides annual compensation for
them. Thpre is, therefore, no inactive season so far as keepers are
concerned.
In case of the temporary absence of a keeper on account of sickness
or other disability during the so-caUed inactive season, he is paid
his fuU compensation aUowed by law, employs a person at his own
expense to take charge of the station, and is reimbursed for the
amount thus paid upon the establishment of a claim for benefits
under the provisions of section 7 of the act of May 4, 1882. This
proceeding is fundamentally wrong, subversive of discipline, and detrimental to the interests of the Government and should be discontinued, because it results in placing in charge of a Coast Guard station
a person who is not amenable to the laws and regulations of the
service, and therefore not responsible to the Government. There is
no alternative, however, as under existing law a surfman can not be
placed on duty at a station during the inactive season, except to be
summoned for temporary duty in connection with wrecks or rescue
work, in which case the law specifically provides for such employment.
I t also frequently becomes necessary to detail a keeper during the
inactive season for other important temporary duty for which he is
peculiarly qualified. Even in a case of this kind the service is put
to the extremity of having an irresponsible person take charge of
the station in the absence of the keeper. An exactly similar situation arises in case of the death of a keeper, pending the designation
of his successor.
I t is essential that at least one responsible member of the Coast
Guard be on duty at each station at aU times during the inactive season
to protect and care for the public property, to inteUigently conduct
the business of the station, and who is vested with full authority to
collect a crew and competent to take charge of and direct them in the
event of a shipwreck or other disaster.
The removal of the present legislative restriction against the
employment of surfmen during the inactive season is therefore
necessary for the proper conduct of the Coast Guard, and it is earnestly
recommended that Congress b e requested to provide appropriate
legislation to the end that the regularly enlisted personnel of the
service may be assigned to duty at stations during the inactive season
to meet such emergencies as have been enumerated.
188
REPORT ON TI-TE FINANCES.
Saving of life and property on interior navigable waters.—The
recommendation made in the last two annual reports for authority to
construct and maintain three light-draft cutters on the Ohio and
Mississippi Rivers and their tributaries is renewed. The fact that
the floods during the past two years have not resulted in very serious
damage on those waters does not indicate by any means that there is
to be a continuous exemption from serious consequences of.the annual
rise in these rivers. There is a constantly growing demand for the
services of cutters along these inland waterways in connection with
the policing and regulation of the vast fleet of motor boats which is
annually being augmented. Numerous occasions have arisen when
the services of cutters would have been instrumental in saving life
and property from accidents which occur along the rivers. The
increased cost of such a patrol would be inconsiderable compared
with the benefits to be derived, and the people along the banks of
the inland waters, it would appear, are as much entitled to Federal
protection of this kind as are those who live along the shores of the
seacoast and the Great Lakes.
Service depot in Alaska.—^Attention is again invited to previous
recommendations looking toward the establishment of a permanent
supply depot at Unalaska or Dutch Harbor. As before indicated,
the saving in fuel alone for vessels of the Coast Guard would amount
to not less than $18,000 per annum. As vessels of the Fish Commission, Coast Survey, Lighthouse Establishment, and occasionaUy
naval vessels could make use of this general supply depot, the saving
on theh" account would, in all probabUity, amount to as muoh as for
the Coast Guard cutters. Estimates of the cost of such a supply
depot indicate that it could be purchased and fitted up complete
for approximately $150,000. An annual saving of $36,000 incident
to an investment of only $150,000 is so evidently a good business
proposition as to need no further argument in its behalf.
DIVISION OF LOANS AND CURRENCY.
Public-debt transactions.
Changes in interest-bearing debt of the United States:
Amount outstanding June 30, 1914.
,
Postal savings bonds, seventh series, dated July 1, 1914
Postal savings bonds, eighth series, dated Jan. 1, 1915
Amount outstanding June 30, 1915
$967,953,310
872,240
933, 540
969,759,090
189
SECRETARY OF THE TREASURY.
Interest on public debt.
Interest amounting to $21,309,679.90 on registered bonds of the
United States became due, involving the issuance of 137,559 checks.
One hundred and seventeen duplicate checks were issued.
Insular and District of Columbia loans.
The following table shows the changes in these loans:
Amount outstandmg June 30,1914.
Tncrfta'^ft
,
Decrease
-,-....
'.
Amount outstanding Juno 30,1915.
Philippruo
Islands.
Porto
Rican.
$16,125,000
S2,225,000
2,455,000
$6,939,150
4,680,000
6,518,000
16,125,000
District of
Columbia.
421,150
Interest on the above loans amounting to $991,693 became due
and was certified to the Treasurer for payment.
Circulation.
The amounts of the several kinds of money in circulation in the
United States on the first day of each month during the year are
shown in the following table in millions of doUars:
Money in circulation, 1914-15.
[In millions of dollars.]
1914, on tbe 1st day of—
-
11 1 a
1
1<
Kind.
<D
. o
O
Gold coin
Gold certificates
standard silver dollars...
Silver certificates
Treasury notes, 1890
Subsidiary silver.. .
United States notes
Federal reserve notes..
National bank notes
611
1,026
70
478
2
' .
159
337
Total
Per capita (in dollars)
632 627
974 944
69 70
474 481
2
2
160 160
337 339
657
931
70
482
2
161
336
o
665
.913
70
482
2
162
334
1915, on tbe 1st day of—
i
i
ft
637
928
69
464
2
163
318
3
715 716 852 1,050 1,083 1,042
i
1
'o*
1
<
1^
623
958
67
452
2
160
319
20
879
606
945
66
462
2
159
324
27
865
614
951
65
479
2
158
328
40
842
598 591 690
987 1,027 1,072
65 64 64
479 482 481
2
2
2
158 158 159
332 332 332
53 65 80
814 802 785
y-i
631
920
69
455
2
163
310
17
974
3,402 3,367 3,478 3,694 3,715 3,630 3,545 3,484 3,460 3,484 3,493 3,527 3,669
34.3 33.9 35.0 37.1 37.3 36.4 35.5 34.8 34.5 34.7 34.7 35.0 35.4
I Revised figures.
190
REPORT ON THE FINANCES.
The increases and decreases in the amounts of the several kinds of
money in circulation between July 1, 1914, and July 1, 1915, are
shown in the following table:
Comparative statement showing the changes in circulation.
.
In circulationDecrease.
Gold coin
standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates
Treasury notes, act of July 14,1890
United States notes
Federal reserve notes
NSktional bank notes
Total
Increase.
July 1, 1914.
July 1, 1916.
§611,544,681
70,300,485
169,965,698
1,026,149,139
478,601,977
2,427,763
337,845,647
S690,133,619 $21,411,062
64,647,166 6,653,329
169,265,955
699,743
1,072,847,819
$46,698,680
481,970,395
3,368,418
2,244,687
183,076
332,342,246 5,603,401
80,374,650
80,374,650
786,393,047
70,213.010
715,180,037
3,402,016,427
3,569,219,574
Net Increase
33,450,611
200,654,768
167,204,147
National currency associations.
At the date of the last report (Sept. 30, 1914), 43 national carrency
associations had been formed and approved by the department, with
1,936 member banks having an aggregate capital and surplus of
$1,162,657,901. The formation of the National Currency Association
of Central New York was approved by the department on October 1,
1914, with 10 member banks and a combined capital and surplus of
"$5,025,000; the National Currency Association of the State, of Vermont was approved on December 16, 1914, with 34 member banks
and a combined capital and surplus of $5,665,000. This was the last
association formed, and, as many of the associations extended the
territory originaUy included under their jurisdiction, every national
bank in the United States was located in the territory of some national
currency association and was entitled, if it had the necessary qualifications, to the benefits of the Aldrich-Vreeland Act, as amended,
except in the States of Wyoming and Maine. These two States did
not form associations and remained unattached to any other association. Many new members were admitted untn the 45 associations
had a membership of 2,197 banks and an aggregate capital and
surplus of $1,211,071,539.
191
SECRETARY OF THE TREASURY.
The foUowing table shows the capital and surplus of the member
banks as of December 31, 1914, and the amount of additional circulation issued to June 30, 1915, the date of the expiration of the act.
Four of the associations did not request the issue of additional
ch'culation.
.
Association
No.
Association name.
National Currency Association of—
Washington, D.C
City of New York
City of Philadelphia, Pa.
State of Louisiana
City of Boston (Mass.).
Georgia
City of Chicago (IU.),...
St. Louis (Mo.)
The Twin Cities (St.
Paul, Minn.)
City of Detroit (Mich.)..
Albany, Rensselaer, and
Schenectady Counties
(N.Y.)
Kansas City and St. Joseph (Mo.)
City of Baltimore, Md...
Cincinnati (Ohio)
Dallas, Tex
Alabama
Denver, Colorado
Springs, and Pueblo
(Colo.)
Los Angeles (Cal.)
Louisville ([Ky.)
San Francisco (Cal.)
Pittsburgh (Pa.)
Cleveland ( O h i o ) . . . . . . .
Indiana
Richmond (Va.)
Western New York,
Buffalo
North Carolina
Iowa
Omaha (Nebr.)
State of Washington
Central Illinois
South Carolina
Northeastern Pennsylvania
Fort Worth, Tex
Houston (Tex.)
Rochester. N. Y
Northern New Y o r k . . . .
City of Milwaukee (Wis.)
Rhode Island
Oregon..
State of Connecticut..
San Antonio (Tex.)..
Florida...
New Hampshire
Central New Y o r k . . .
State of Vermont
Total (45 associations).
Date of approval of
organization.
Number
of banks.
Capital and surplus as re*
ported to comptroller
Dec. 31,1914.
Total
additional
circulation
issued.
Capital.
Surplus.
18,1908
30,1910
9,1910
18,1910
16,1910
16,1910
14,1910
31,1910
$6,752,000
114,750,000
31,240,000
9,735,000
39,460,000
14,957,500
43,300,000
25,855,000
$5,128,000
126,835,000
49,635,000
6,342,865
28,625,500
9,849,436
26,855,000
12,075,000
$637,000
141,249,650
14,883,760
6,727,000
28,674,600
7,309,625
27,169,990
10,836,500
....do
Nov. 28,1910
19,475,000
9,950,000
13,695,000
5,676,000
12,798,500
2,401,000
July
July
Aug.
Aug.
Sept.
Sept.
Oct.
Oct.
Dec. 12,1910
35
6,176,000
6,963,600
4,747,000
Dec. 14,1910
Dec. 20,1910
Dec. 22,1910
Jan. 9,1911
July 8,1911
25
105
289
76
11,725,000
11,645,710
29,646,000
25,360,000
9,695,000
6,631,000
8,383,010
16,424,500
13,912,000
6,066,800
5,467,760
8,169,000
9,592,600
11,317,000
4,120,650
Nov. 15,1911
Apr. 18,1912
Aug. 25,1913
Sept.. 6,1913
Dec. 9,1913
Aug. 6,1914
Aug. 8,1914
Aug. 12,1914
19
75
81
26
35
27
29
48
6,250,000
12,250,000
17,176,000
33,650,000
31,850,000
16,270,000
11,060,000
12,670,000
5,023,000
5,853,000
8,323,650
19,491,250
24,824,600
8,976,600
6,230,000
9,057,000
1,395,000
4,603,260
7,800,000
8,634,600
10,978,000
8,219,000
569,500
6,458,100
Aug. 13,1914
Aug. 17,1914
Aug. 18,1914
do.
Aug. 19,1914
Aug. 20,1914
Aug. 21,1914
39
60
177
19
12
12
54
10,193,300
7,946,000
14,630,000
6,160,000
6,850,000
3,150,000
7,415,000
8,556,500
3,272,760
7,144,333
3,718,000
2,315,000
2,050,000
2,710,900
5,961,000
3,904,960
3,018,400
2,083,000
630,000
262,000
3,285,380
Aug. 22,1914
Aug. 24,1914
do
....do
.-..do.
12
153
41
23
12
22
12
17
42
38
30
29
10
34
4,835,000
12,760,000
8,050,000
4,000,000
4,225,000
9,165,000
6,420,000
6,875,000
15,244,200
4,745,000
4,280,000
3,495,000
3,255,000
3,960,000
6,725,000
6,506,235
3,492,000
3,642,300
3,275,000
4,603,0004,390,000
3,280,000
9,636,800
2,475,000
1,967,500
2,843,000
1,770,000
1,685,000
300,000
4,626,400
2,652,960
783,460
2,197
696,347,710
514,723,829
381,692,145
A u g . 26,1914
A u g . 29,1914
Aug. 31,1914
....do
Sept. 9,1914
....do
Sept. 14,1914
Oct. 1,1914
Dec. 16,1914
4,632,000
2,053,000
1,251,000
769,350
1,368,500
352,000
The ComptroUer of the Currency reports that all of the additional
circulation issued, including $910,500 issued to banks individually
under section 3 of the act referred to, was retired by June 30, 1915,
except $200,000 issued to the First National Bank of Union town, Pa.,
which bank is in the hands of a receiver.
192
REPORT ON THE FINANCES.
Paper custody.
The following statement shows the transactions during the year in
paper used for the printing of all classes of United States securities:
On hand
July 1,1914
(sheets).
Distinctive paper for United States securities,
national-bank currency, and Federal reserve
notes
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
•
Philippine Island paper:
Distinctive paper for silver certificates
Postage stamp paper
Internal-revenue and check paper
;
Total
11,478,351
5,752,000
2,643,933
1,064,746
868,400
206,910
156,126
641,461
357,879
Received
from contractors
(sheets).
131,061,104
101,240,000
31,388,340
800,904
Issued to
bureau
(sheets).
On hand
June 30,1915
(sheets).
117,348,451
95,317,000
31,778,727
939,055
40,494
25,191,004
11,675,000
2,253,546
926,595
827,906
35,149
102,016
859,624
265,016
521,324
261,930
140,044
156,126
979,761
360,965
692,016
153,018
184,476
253,000
342,002
187,643
34,710
360,014
218,375
149,766
24,199,316
265,903,137
246,873,351
43,229,102
Redemption of currency, etc.
The following shows the United States and national-bank securities
redeemed and United States, Federal reserve, and national-bank
securities imperfect, which have been handled and accounted for by
the Division of Loans and Currency and destroyed or otherwise
disposed of by the Secretary's destruction committee, fiscal year 1915:
Description.
Redemptions:
Umted States currency
Refunding certificates"'.
*National-bank notes
*Natlonal-bank currency (additional circulation)
Internal-revenue stamps
Imperfect work from Bureau of Engraving and Printing:
Order gold certificates, 1900
United States currency
Philippine currency
Federal reserve notes
^
Federal reserve bank currency
National-bank notes
Registered bonds
Postal savings certificates
Postage stamps
Internal-revenue stamps
Disbursing officers' checks
Customs, etc
Money paper, mutilated
*Natlonal-bank notes retired
Order gold certificates, 1900, erroneously issued
Total
Sheets.
Subjects.
306,368,000
77
37,704,461
29,845,158^
66,232,526
400
2,770,062
12,772
318,958
3,900
474,232
234
4,809
7,094,332
1,688,100
59,830
8,155
137,147
1,200
11,080,248
63,860
1,276,832
16,600
1,896,928
234
72,135
726,068,345
219,326,000
298,300
101,600
12,572,931
1,403,797,008
3,446,492§
11
Value.
$867,803,928.00
770.00
348,209,300.00
299,483,936.50
6,742,561.00
12,000,000.00
34,551,025.00
168,385.00
9,323,140.00
196,000.00
22,191,260.00
1,944,000.00
3,279,000.00
35,633,178.00
110,000.00
1,631,636,482.50
Items marked * not counted by Division of Loans and Currency; all other items counted by Division of
Loans and Currency.
SECRETARY OF THE TREASURY.
193
DIVISION OF PUBLIC MONEYS.
The monetary operations of the Government have been conducted
through the Treasurer of the United States, nine assistant treasurers
of. the United States, the treasurer of the Philippine Islands, the
American Colonial Bank of Porto Rico, and 1,619 national bank depositaries.
The amount of public moneys held by the bank depositaries on
June 30, 1915, including the public funds to the credit of the
Treasurer's general account. United States disbursing officers, and
money in transit, was $93,330,526.89, a decrease of $6,624,197.68
since June 30, 1914.
On June 30, 1915, there were 849 regular and 624 temporary
depositaries; 36 were designated during the year and 146 were discontinued.
On November 1, 1915, the total number of depositaries was 1,464
and the amount held by them was $62,765,738.14.
DIVISION OF BOOKKEEPING AND WARRANTS.
The fiscal transactions recorded in this division during the year
ended June. 30, 1915, were as follows:
The books of the division have carried open receipt and appropriation accounts during the year to the number of 7,500, which have
been charged and credited with all warrant entries affecting the
receipts and disbursements.
Approximately 7,400 active accounts of collectiag and disbursing
officers were carried in the current personal ledgers of the division,
recording their transactions as to collections and deposits of public
moneys, and of expenditures made from moneys advanced to them.
A total of 120,147 receipt and pay warrants, aggregating $4,092,424,024.10, was issued during the year. Of this number 33,408 were for
the receipt of moneys into the Treasury, and 86,739 for disbursements
from the Treasury.
Of the above sum, warrants in the amount of $1,498,238,074.91,
representiag receipts of $720,397,782.58 and disbursements of
$777,840,292.33, including public-debt items, were credited and
charged, respectively, to the general fund of the Treasury; warrants
representing $2,192,777,022.75 were issued for public-debt receipts and
redemptions not affecting the general fund of the Treasury, the
moneys involved being held for the redemption of certfficates and
notes for which the funds are respectively pledged; and warrants representmg $401,408,926.44 were issued for adjustment of appropriation accounts, largely for the naval ^'General account of advances.'^
7424°—n 1915
13
194
REPORT ON THE FINANCES.
The foUowing table exhibits the totals of the receipts and disbursements of the year for the general fund:
Receipts.-
Ordinary
..
Panama Canal
Public debt
.
Total
.
Excess of re-.
(-}-) or
Disbursements. ceipts
of disbursements (—).
$697,910,827.68 $731,399,769.11 —$33,488,931.53
29,187,042.22 -29,187,042.22
22,486,955.00 17,253,491.00 -1- 5,233,464.00
720,397,782.58 777,840,292.33 - 57,442,509.75
This shows an excess of ordinary disbursements over ordinary
receipts of $33,488,931.53, and an excess of all disbursements over all
receipts of $57,442,509.75 taking into account public-debt transactions
and payments from the general fund of the Treasury during the year
of $29,187,042.22 for the Panama Canal without sales of bonds.
State bonds and stocks owned by the TJnited States.
The foUowing statement shows the nonpaying State bonds and
stocks, formerly in the Indian trust fund, now in the Treasury,
belonging to the United States:
Principal.
Louisiana
North Carolina
Tfitinessee. ,
'.
Total
Interest
coupons due
and unpaid.
$37,000.00
58,000.00
335,666.661
$17,220.00
88,1-^0.00
157,830.51
430,666.661
263,100.51
A history of these State stocks and bonds is given in House Document No. 263, Fifty-fourth Congress, second session.
SECRET SERVICE DIVISION.
Counterfeiters were unusually active during the year; 536 arrests
were made, the greatest number in any year since 1902. Twenty
new counterfeit note issues were discovered in circulation, only four
of which, however, were in any sense dangerous, and in a majority of
instances not more than two or three of the biUs were passed. The
total of counterfeit notes seized represented $45,810.85. Counterfeit
coins amountiag to $25,590.58 were captured or confiscated, 18 note
plates, 3 dies, 265 molds, and a great quantity of counterfeiting tools
and materials were seized.
The '^fake'' Secret Service officer was again much in evidence.
Thirty-one of them were arrested during the year.
195
SECRETARY OF TFIE TREASURY.
DIVISION OF PRINTING AND STATIONERY.
Printing and binding.
It will be seen from the following table that the total expenditure
for printing and binding for the fiscal year 1915 was $408,186, against
$363,980 for the previous year, showing an increase of $44,206. The
largest items of increase are those for the Public Health Service
($12,396), the Internal-Revenue Service ($19,149), the office of the
ComptroUer of the Currency ($8,341), and the Division of Bookkeeping and Warrants, office of the Secretary ($7,277).
The increases in expenditure were largely due to new legislation
affecting the Internal-Revenue Service, widening the field of operations of the Public Health Service, and change of business methods
in the office of the Comptroller of the Currency, necessitating the
revision and printing of a large number of forms, etc.
The largest reduction by any of the services during the year was
that of the Customs Service of $15,811. This reduction in expenditures was the result of the practical operation of a system inaugurated
in the preceding year whereby fewer forms, etc., were required forthe
transaction of business.
Appropriations, expenditures, and reimbursements for printing and binding.
Fiscal
year
1914.
Appropriation
Deficiency
,
Reimbursements..
Total credit
Total expenditure.,
B alance-
Fiscal
year
1915.
Increase.
Decrease.
$340,000.00 $380,000.00 •$45,000.00
20,000.00
25,000.00
5,166.82
11,980.41
17,137.23
371,980. 41 422,137.23
363,980. 67 408,186. 35
50,156. 82
44,205.78
7,999.84
13,960.88
5,951.04
10,803.11
616.29
309.18
15,577.71
• 332.87
326.86
4,774.60
1,101.96
15,330.54
3,207. 78
781.41
419. 51
1,060. 44
92.34
331.17
471.84
22,608. 01
2,002.18
604. 47
570. 64
1,183. 65
64.49
290.93
105. 70
111. 70
242. 77
E X P E N D I T U R E S BY B U B E A U S , OFFICES, AND DIVISIONS.
Secretary and Assistant Secretaries
ChiefClerk and superintendent
Disbursing clerk
Division of—
Appointments
Bookkeeping and Warrants
Customs
Public Moneys
Printing and Stationery.
•
Loans and Currency
Special Agents
Secret Service
Mall and Files
Government Actuary
Section of Surety Bonds
Ofiice of—
Comptroller of the Treasury
Comptroller of the Currency
Auditor for the Treasury Department
Auditor for the War Department
Auditor for the Interior Department
Auditor for the Navy Department
Auditor for the State and other Departments.
Auditor for the Post Office Department
Treasurer of the United States
Register of the Treasury
120.47
237.09
3,990.71
21,216.22
801.53
671.23
1,287.66
2,893.50
732.50
5,113. 97
7, 765.00
259.52
3,730.32
29,557.59
996. 67
1,027.16
755.65
3,035.67
671. 69
4,683.66
8,192. 67
326. 99
$283.42
17.68
630.12
7,277.47
1,205.60
176.94
161.13
123.21
27.85
40.24
106.70
8.77
260.39
!,341.37
195.14
356.92
532.11
142.07
60.81
430.41
427.67
67.47
196
REPORT ON THE FINANCES.
Appropriations, expenditures, and reimbursements for printing and binding—^Contd.
Fiscal
' year
1914.
Officeof—
Commissioner of Internal Revenue
Director of Bureau of Engraving and Printing..
Supervising Architect
Dil'ector of the Mint
Surgeon General, U. S. Public Health Service..
Captain Commandant, U. S. Coast Guard
Miscellaneous
Customs Service
Independent Treasury Service
National bank depositaries
Public Health Service
:
Coast G uard
Internal Revenue Service.
Mint and assay offices
Custodians, etc., of public buildings
Transportation companies
Total.
Fiscal
year
Increase.
$9,136.42 $18,468.61
5,898.98
6,627.39
39,300.22 36,585.24
2,973.38
3.160.09
52,293.01 64,689.49
5,505.92
8.009.10
22,468.91 26,153.06
59,942. 60 44,131.58
3,855. 61
4.265.11
3,995.52
3,919. 70
2,854.69
2,922.14
3,585.96
5, 749.91
55,384.65 65,201.55
3,897.92
2,618.52
1,667.66
3,000.66
75.39
95.58
$9,332.19
352,000.16
391,049.12
63,878.62
8,258.67
604.31
144.45
2,972.98
7,294.39
574.68
Decrease.
$271.59
3,714.98
186.71
12,396.48
2,503.18
3,684.15
15,811.02
409.50
75.'82
67.45
2,163.95
9,816.90
1,279.40
""'26.'i9
24,829.66
REIMBURSED EXPENDITURES.
National Bank Redemption Agency
Bureau of Engraving and Printing
Life-Saving Service
Reserve Bank Organization Committee.
Federal Reserve Board...
Federal Reserve Issue Division
Bureau of War Risk Insurance
Panarria-Pacffic Exposition
3,219.93
4,268.19
248.90
442.04
1,089.10
Total.
17,137.23
Total expenditures
363,980.57
408,186.35
Increased expenditures 1915 over 1914.
246.95
4,268.19
248. 90
442.04
1,089.10
6,295.18
964.28
29.63
144.45
1,138.36
25,968.02
70,173.8
44,205.78
Stationery.
Statement of the appropriation for stationery for the fiscal year.
1915 and statements of the cost of the stock on hand and issues to
various offices and services of the department for the year foUow:
Appropriation...
Reimbursements
Total
Purchase orders
$145,000. 00
6,996. 96
'.
,
151,996.96
151,505. 35
Balance
491. 61
STATIONERY
STOCK.
On hand July 1, 1914....
Purchase orders.
Total
Issues for the year
Inventory as of July 1, 1915
Inventory, 1916 value
30,962. 36
151,505. 35
-
182,467. 71
146,238.22
36,229.49
35,060. 20
•SECRETARY OF THE TREASURY.
197
ISSUES NOT REIMBURSED.
Oflice of the Secretary:
Secretary and Assistant Secretaries
Chief clerk and superintendent
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 Mail and Files
Division of Special Agents
Disbursing clerk
Section of Surety Bonds
Oflice 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
Office of Comptroller of the Treasury
Office of Comptroller of the Ciu:rency
Office of Treasurer of the United States
Office of the Register of the Treasury
Office of the Supervising Architect
Office of the Commissioner of Internal Revenue
Office of Surgeon General, Public Health Service
Office of Captain Commandant, United States Coast Guard
Office of Director of the Mint
Secret Service
Office of Director of the Bureau of Engraving and Printing
General Supply Committee
Independent Treasury Service
:
Mints and assay offices
Coast Guard
J
Public Health Service
Custodians of public buildings
Superintendents of construction of public buildings.
Customs Service
Internal Revenue Service
.
:......
Total
$1,047. 77
421. 51
278.10
477.05
432. 65
158. 74
1, 227. 35
1,065. 31
26. 94
147. 51
276. 35
52. 78
447.03
1,084. 81
696. 76
514. 35.
334.37
5,649.44
251.12
7, 268.33
8,258. 57
76.82
3,922.59
18,471. 85
2,167.39
1,049. 65
76. 22
240.94
3,697. 55
546.44
4,323. 55
1,161.05
2,149.45
3,013. 25
1,546, 61
982. 30
30,449. 77
. 35,248. 99
139,241. 26
ISSUES FOR REIMBURSEMENT,
Treasurer of the United States (N. B. R. A.)
:
Federal Reserve Board and Reserve Bank Organization Committee
Bureau of War Risk Insurance
United States cotton futures attorney
Panama-Pacific International Exposition
Customs (collector at San Juan, P. R.)
;
Bureau of Engraving and Printing.
Total
Total, issues, 1915
Total issues, 1914
••-.
2,872. 78
3,007.50
131.88
123.34
209. 93
631.38
20.15
6,996.96
'.
146, 238. 22
134,315. 84
198
REPORT ON THE FINANCES.
Postage.
The appropriation for the fiscal year 1915 for postage to prepay
matter addressed to Postal Union countries and for postage for the
Treasury Department was $1,000, which sum was entirely expended.
Materials for bookbinder.
—
•
The appropriation for the fiscal year 1915 for materials for the
Treasury Department bookbinder was $250. Of this amount $248.27
was expended, leaving a balance on hand of $1.73.
Department advertising.
The amount expended for department advertising during the fiscal
year 1915 was $11,185, against $15,000 for the previous fiscal year,
showing a decrease of $3,815. There were 2,603 authorizations for
advertising, which is a reduction of 86 over the fiscal year 1914.
TABLES ACCOMPANYING THE REPORT ON THE FINANCES.
199
TABLE A.—Statement ofthe outstanding principal ofthe public debt ofthe United States June 30,1915.
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 Octoberl2,1837 (5 Statutes, 201); May 21,1838 (5 Statutes, 228);
March 2,1839 (5 Statutes, 323); March 31, 1840 (5 Statutes, 370); February 15,1841 (5 Statutes, 411); January 31,1842 (5 Statutes, 469); August 31,1842 (5 Statutes, 581); and March 3, 1843 (5 Statutes, 614).
TREASURY NOTES OF 1846.
Actof July 22, 1846 (9 Statutes, 39)
MEXICAN INDEMNITY.
Act of August 10, 1846 (9 Statutes, 94)
TREASURY NOTES OF 1847.
Act of January 28, 1847 (9 Statutes, 118)
TREASURY NOTES OF 1857.
Actof 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 STOCK.
Act of September 9,1850 (9 Statutes, 447)
LOAN OF 1858.
Actof June 14,1858 (11 Statutes, 365)
?
LOAN OF FEBRUARY, 1861 (1881s).
Act of February 8,1861 (12 Statutes, 129)...
TREASURY NOTES OF 1861.
Actof March 2, 1861 (12 Statutes, 178)
OREGON WAR DEBT.
Actof March 2,1861 (12 Statutes, 198)
1 Included in old " debt,"
When redeem- Rate of in- atPrice
which
able.
terest.
sold.
On demand..
5 and 6 per
cent.
Amount
authorized.
Amountissued.
Amount oiit-standing.
$151,610.26
Indeflnite .
l a n d 2 years 1 and 2 years iV of 1 to 6 P a r .
per cent.
from date.
^51,000,000.00 W7,002,900.00
o.
w
1 year
1 year from x^^ of 1 to 5-1 P a r .
date.
per cent.
10,000,000.00
7,687,800.00
5 years
5 years from
date.
5 per cent-.
Par.
320,000.00
303,573.92
0)
l a n d 2 years 1 and 2 years 5f and 6 per
cent.
from date.
Par.
23,000,000.00 2 26,122,100.00
0)
1 year
1 year from 3 to 6 per
cent.
date.
Par.
Indefinite
52,778,900.00
0)
Indefinite .
Par.
Indefinite
233,075.00
0)
20 years
At the pleas- 6 per cent..
ure of the
Government.
Jan. 1,1868.... 6 per cent..
14 years
J a n . l , 1865.... 5 per cent..
l i to 2
per ct.
pre.*
Par
15 years
Jan. 1,1874.... 5 per cent..
Av. pre.
of 3^%.
o
H
23,000,000.00 3 28,230,350.00
950.00
10,000,000.00
5,000,000.00
20,000,000.00
20,000,000.00
2,000.00 '
lOor 20 years Dec. 31,1880... 6 per c e n t . . . (Av.)89.03| 25,000,000.00
18,415,000.00
5,000.00
60 days or 2 6 p e r c e n t . . Par to Indefinite
35,364,450.00
WirPer
years after
ct. pre.
date.
2,800,000.00
July 1,1881 ... 6 per c e n t . . . Par
1,090,850.00
20 years
3 Including conversion of Treasury notes.
? Including reissues.
60 days or 2
years;
20,000.00
Ul
Ki
2,300.00.
to
O
TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
o
fcO
Length of
loan.
When redeemable.
Rate of interest.
After June 30,
1881.
6 per cent..
Price
at which
sold.
Amount
authorized.
Amountissued.
Amount outstanding.
LOAN OF JULY AND AUGUST, 1861.
The act of July 17,1861 (12 Statutes, 259), authorized the issue of 20 years.
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
8150,000,000 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, 850,000,000 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 8150,000,000, 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
835,000,000 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 8150,000,000, 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
8250,000,000.00 8189,321,350.00
Indefinite .
At the pleas- 3^ per cent.
ure of the
Government.
Indefinite .
On demand...
3 years.
Aug. 19 and
Oct. 1, 1864.
7^?^ per cent. Av. pre.
5 or 20 years. May 1, 1867 ..
6 per cent.., Av. pre.
ofy^oV
Par.
815,050.00
1,600.00
I 60,030,000.00
53,152.50
Indefinite
139,999,750.00
9,360.00
515,000,000.00
514,771,600.00
105,450.00
60,000,000.00
O
H
Indefinite .
of TWIJ.
On demand... None .
^
>
450,000,000.00
346,681,016.00
O
C/2
Treasury notes might be exchanged for United tates bonds to July
1,1863. The amount of notes authorized by this act were to be in
lieu of 8100,000,000authorized by the resolution of January 17,1863
(12 Statutes. 822). The act of May 31,1878 (20 Statutes, 87), provides
that no more of the United States legal-tender notes shall be canceled or retired, and that when any of said notes are redeemed or
received into the Treasury under any law; from any source whatever, and shall belong to the United States, they shall not be retired,
canceled, or destroyed, but shall be reissued and paid out again, and
kept in circulation.
The act of March 14, 1900, provides that United States notes, when
presented to the Treasury for redemption, shall be redeemed in gold
coin of the standard fixed in said act, and that in order to secure
the prompt and certain redemption of such notes it shall be the
duty of the Secretary of the Treasury to set apart in the Treasury a
reserve fund of one hundred and fifty million dollars in gold coin and
bullion, to be used for such redemption purposes only, and that
whenever and as often as any of said notes shall be redeemed from
said fund it shall be the duty of the Secretary of the Treasury.to
use said notes so redeemed to restore and maintain the reserve fund
so established—first, by exchanging the notes so redeemed for any
gold coin in the general fund of the Treasury; second, by accenting
deposits of gold coin at the Treasury or at any subtreasury in exchange for such notes; third, by procuring gold coin by the use of
said notes in accordance Avlth 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 anytime fallbelow 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 paj^able,
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
w
O
>
ZP
to
1 Including reissues.
o
CO
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.
to
outAmountissued. Amount
standing.
o
LEGAL-TENDER NOTES—Continued.
for other purposes," approved March fourteenth, nineteen hundred,
shall be, in the opinion of the Secretary of the Treasury, insufficient
to meet the public demand therefor, he is hereby authorized to issue
United States notes of the denominations of one dollar, two dollars,
and five dollars, and upoti the issue of United States notes of such
denominations an equal amount of United States notes of higher
denominations shall be retired and canceled: Provided, however,
That the aggregate amount of United States notes at any time outstanding shall remain as at present fixed by law: And provided
further, That nothing in this act shall be construed as affecting the
right of any national bank to issue one-third in amount of its circulating notes of the denomination of five dollars, as ow provided by
law
TEMPORARY LOAN.
Acts of February 25,1862 (12 Statutes, 346); March 17,1862 (12 Statutes, 370); July 1^, 1862 (12 Statutes, 532), and June 30, 1864 (13 Statutes, 218).
he)
o
w
.
Indefinite .. After 10 days'
notice.
4, 5, and 6
per cent.
Par
.H
O
8150,000,000.00 18716,099,247.16
82,850.00
561,753,241.65
3,000.00
CERTIFICATES OF INDEBTEDNESS.
Acts of March 1, 1862 (12 Statutes, 352); May 17, 1862 (12 Statutes, 370),
and March 3, 1863 (12 Statutes, 710).
lyear
1 year. after 6 per c e n t . . . P a r - . . . . No limit
date.
Q
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).
Ul
None
Par
50,000,000.00 1368,720,079.51
6,850,239.90
LOAN OF 1863.
July 1, 1881... 6 per c e n t . . . Av. pre.
TheactofMarch3,1863(12rstatutes,709),authorized aloan of 8900,000,000, 17 years
and the issue of bonds, with interest not exceeding 6 percentum per
of4yW^.
annum, and redeemable in not less than ten nor more than forty
years, principal and interestpayable in coin. The act of June 30,1864
(13 Statutes, 219), repeals the above authority, except as to the
876,000,000 of bonds already advertised for. '
Bonds of this loan continued at 3^ per cent interest, and redeemable Indefinite .. At the pleas- .3i percent.. Par
ure of the
at the pleasure of the Government.
Government.
75,000,000.00
'75,000,000.00
3,100.00
100.00
O K E - Y E A R NOTES OP
186^.
Actof March 3, 1863 (12 Statutes 710)
lyear
TWO-YEAR NOi?ES OF 1863.
Actof March 3, 1863 (12 Statutes, 710)
.". 2 years
COMPOUND-INTEREST NOTES.
1 year
date.
after 5per c e n t . . . Par
400,000,000.00
44,520,000.00
30,270.00
2 years after
date.
5per c e n t . . . P a r . . . . . . 400,000,000.00
166,480,000.00
26,800.00
3 years from
date.
6 per cent Par
compound.
400,000,000.00
266,595,440.00
5 per c e n t . . - Par to 7
per ct.
prem.
200,000,000.00
196,118, 300.00
Acts of March 3, 1863 (12 Statutes, 710), and June 30,1864 (13 Statutes,
218).
TEN-FORTIES OF 1864.
3 years
Actof March 3,1864 (13 Statutes, 13)
10 or 40 years Mar. 1,1874.
FIVE-TWENTIES OF 1864.
Act of June 30,1864 (13 Statutes, 218)
5 or 20 years. N o v . l , 1869... 6 per c e n t . . . Av. pre. 400,000,000.00
of2xVT^.
125,561,300.00
18,550.00
^
14,000.00
O
t^
H
SEVEN-THIRTIES OF 1864 AND 1865.
Actsof J u n e 30, 1864 (13 Statutes, 218); January 28,1865 (13 Statutes,
425), and March 3,1865 (13 Statutes, 468).
3 years
[Aug. 15,1867
June 15, 1868 •7x% per cent. Av. pre. 800,000,000.00 1829,992,500.00
[July 15, 1868
of 2xB§tj.
;>
Kl
120,100.00
fe]
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.,
H
6 p e r c e n t . . . Av. pre. Indefinite .
of Sj%Vrs-
203,327,250.00
19,850.00
fei
6 p e r c e n t . . . A v.. pre. Indefinite .
ofl^%V
332,998,950.00
57,400.00
^
Cl
6 per cent.. - Av. pre. Indefinite .
379,618,000.00
93,750.00
42,539,930.00
9,900.00
75,000,000.00 I 185,155,000.00
6,000.00
CONSOLS OF 1865.
Acts of March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5 or 20 years. July 1,1870-.
>
CONSOLS OF 1867.
Acts of March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 5 or20 years. July 1, 1872.
of TMT5-
CONSOLS OF 1868.
Acts of March 3,1865 (13 Statutes, 468), and April 12,1866 (14 Statutes, 31).. 6or 20 years. July 1, 1873.
6 p e r c e n t . . . Av. pre. Indefinite .
THREE-PER-CENT CERTIFICATES.
Acts of March 2,1867 (14 Statutes, 558), and July 25,1868 (15 Statutes, 183).. Indefinite ..| On demand.
1 Including reissues.
3 p e r c e n t . . . Par
bO
o
TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
Length of
loan.
When redeemable.
Rate of interest.
Price
at which
sold.
to
o
Amount
authorized.
outAmountissued. Amount
standing.
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 t h a n 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 ol fractional currency In
silver coins of the denominations of ten, twenty-five, and fifty cents
of standard value.
The act of March 3,1875 (18 Statutes, 466), directs the Secretary of the
Treasury to issue bonds of the character and description set out in
the act of July 14, 1870 (16 Statutes, 272), to James B. Eads, or his
legal representatives, in payment at par of the warrants of the Secretary of War for the construction of jetties and auxiliary works to
maintain a wide and deep channel between the South Pass of the
Mississippi River and the Gulf of Mexico, unless Congress shall have
previously provided for the payment of the same by the necessary
appropriation of money.
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of
8200,000,000 at 5 per centum, principal and interest payable in coin
of the present standard value, at the pleasure of the United States
Government, after ten years; these bonds to be exempt from the
payment of all taxes or duties of the United States, as well as from
taxation in any form by or under State, municipal, or local authority.
Bonds and coupons payable at the Treasury of the United States.
This act not to authorize an increase of the bonded debt of the
United States. Bonds to be sold at not less t h a n par in coin, and
the proceeds to be applied to the redemption of outstanding 6-20's
or to be exchanged for said 5-20's, par for par. Payment of these
bonds, when due, to be made in order of dates and numbers, beginning 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 6 per
cents to 8500,000,000, provided the total amount of bonds issued shall
not exceed the amount originally authorized, and authorizes the
interest on any of these bonds to be paid quarterly.
The act of December 17,1873 (18 Statutes, 1), authorized the issue of
an equal amount of bonds of the loan of 1858, which the holders
thereof may, on or before February 1,1874, elect to exchange for the
bonds of this loan.
O
pi
H
O
lOj'ears.
May 1, 1881..
8517,994,150.00
5 percent..
822,400.00
W
fei
>
a
fe]
ZP
• 81,500,000,000
FUNDED LOAN OF 1891. (REFUNDING.)
The act of July 14,1870 (16 Statutes, 272), authorizes the issue of
8300,000,000 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 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.
15 years.
Sept. 1,1891... 4i per cent.
185,000,000.00
23,660.00
ZP
O
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 coin,
at the office of the assistant treasurer of the United States in New
York, the outstanding United States legal-tender notes when presented in sums of not less than fifty dollars.
FUNDED LOAN OF 1907.
w
15 years.
Sept. 1,1891..
4i per cent.
P a r to
1^ per
ct.pre.
Indefinite .
fei
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65,000,000.00
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(REFUNDING.)
The act of July 14, 1870 (16 Statutes, 272), authorizes the issue of
81,000,000,000 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 Avell as from taxation in any form by
or under State, municipal, or local authority. Bonds and coupons
payable at the Treasury of the UnitedStates. This act not to authorize an increase of the bonded debt of the United States. Bonds
to be sold at not less 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. See Refunding Certificates, page 210.
30 years.
J u l y ] , 1907.
4 per cent.
Par to
i pe r
ct. pre.
710,430,950.00
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552,350.00
FUNDED LOAN OF 1907. (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,
July 1,1907 .
4 per cent .
Indefinite .
• 30,500,000.00
to
o
to
TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
Length of
loan.
When redeem- Rate of in- atPrice
which
terest.
able.
sold.
o
00
Amount
authorized.
Amountissued,
Amount outstanding.
FUNDED LOAN OP 1907 (RESUMPTION)—Continued.
at not less than par, in coin, either of the description of bonds of
the United States described in the act of July 14, 1870 (16 Statutes,
272), for the purpose of redeeming, on and after January 1, 1879, in
coin, at the office of the assistant treasurer of the United States in
New York, the outstanding United States legal-tender notes when
presented in sums of not less than fifty dollars.
GOLD CERTIFICATES.
The act of March 3,1863 (12 Stat., 711), authorizes the Secretary of Indefinite .. On demand ..
the Treasury to receive deposits of gold coin and bullion in sums of
not less than twenty dollars, and to issue certificates therefor in
denominations of not less than twenty dollars each; the coin and
bullion deposited for or representing the certificates to be retained
in the Treasury for the payment of the same on demand. The 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 certificates herein provided for; and further, that the Secretary of the Treasury may, in his discretion, issue such certificates in
denominations of ten thousand dollars, payable to order.
Indefinite .
1,218,182,769.00
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The actof March 2,1911 (36 Stat., 9.65, 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.
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SILVER CERTIFICATES.
The act of February 28,1878 (20 Statutes, 26, sec. 3), provides that any Indefinite .
holder of the coin authorized by this act may deposit the same with
the Treasurer or any assistant treasurer of the United States in sums
not less than ten dollars and receive therefor certificates of not less
than ten dollars each, corresponding with the denominations of the
United States iiotes. The coin deposited for or representing the certificates shall be retained in the Treasury for the payment of the
same on demand. Said certificates shall be receivable for customs,
taxes, and all public dues, and, when so received, may be reissued.
The actof August 4, 1886 (24 Statutes, 227), authorizes the issue of
silver certificates in denominations of one, two, and five dollars; said
certificates to be receivable, redeemable, and payable in like manner and for like purposes as is provided for by the actof February 28,
1878.
The act of March 14, 1900, provides that it shall be the duty of the
Secretary o,f 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 i n 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
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On demand... None .
493,459,000.00
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TABLE A.—Statement ofthe outstanding principal ofthe public debt, etc.—Continued.
Length of
loan.
When redeem- Rate of in- at Price
which
terest.
able. sold.
Amount
authorized.
to
O
outAmountissued. Amount
standing.
SILVER CERTIFICATES-Continued.
like volume of ITnlted States notes of less denomination than ten
dollars shall from time to time be retired and canceled, and notes
of denominations of ten dollars and upward shall be reissued in
substitution therefor, with like qualities and restrictions as those
retired and canceled.
REFUNDING CERTIFICATES.
The act of February 26,1879 (20 Statutes, 321), authorizes the Secretary
of the Treasury to issue, in exchange for lawful money of the United
States, certificates of deposit of the denomination of ten dollars,
bearing interest at the rate of four per centum per annum, and convertible at any time, with accrued Interest, into the four per centum
bonds described in the refunding act, the money so received to be
applied only to the payment of the bonds bearing interest at a rate
not less than five per centum, in the mode prescribed by said act.
FUNDED LOAN OF 1881, CONTINUED AT THREE AND ONEHALF PER CENT.
These bonds were issued in exchange for five per cent bonds of the
funded loan of 1881, by mutual agreement between the Secretary of
the Treasury and the holders, and were made redeemable at the
pleasure of the Government.
FUNDED LOAN OP 1891, CONTINUED AT TWO PER CENT.
These bonds were issued in exchange for the four iand one-half per
cent funded loan of 1891, by mutual agreement between the Secretary of the Treasury and the holders, and were made redeemable at
the pleasure of the Government.
LOAN OP JULY 12, 1882.
These bonds were issued in exchange for the five and six per cent
bonds which had been previously continued at three and one-half
per cent by mutual agreement between the Secretary of the Treasury and the holders, and were made redeemable at the pleasure of
the Government.
LOAN OP 1904.
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in the
Treasury not otherwise appropriated, and to issue, sell, dispose of at
not less than par, in coin, either of the descriptions of bonds of the
fei
Indefinite .. C o n v e r t i b l e
into 4 per
cent bonds.
4 per c e n t . . . Par
No limit
840,012,750.00
812,590.00
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Indefinite .. At pleasure of
the Government.
3i per cent.. Par
Indefinite .. At pleasure of
the Government.
2 per c e n t . . . Par
Indefinite .. At pleasure of
the Government.
3per c e n t . . . Par
10 years
50.00
5^
>
a
Feb. 1,1904... 5 p e r c e n t . . . /117.223
\117.077
25,364,500.00
4,000.00
200.00
I1
100,000,000.00
13,050.00
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United States described in the act of July" 14, 1870 (16 Statutes, 272),
for the purpose of redeeming, on and after January 1, 1879, in coin,
at the office of the assistant treasurer 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 OP 1925.
The act of January 14,1875 (18 Statutes, 296), authorizes the Secretary
of the Treasury to use any surplus revenues from time to time in-the
Treasury not otherwise appropriated, and to issue, sell, dispose of at
not less than par, in coin, either of the descriptions of bonds of the
United States described in the act of July 14, 1870 (16 Statutes, 272),
for the purpose of redeeming, on and after January 1,1879, in coin,
at the office of the assistant treasurer of the United States in New
York, the outstanding United States legal-tender notes, when presented in sums of not less than fifty dollars.
30 years ..
LOAN OP 1908-1918!
The act of June 13, 1898 (30 Statutes, 467, sec. 33), authorizes the Sec- 10 years ..
retary of the Treasury to borrow on the credit of the United States,
from time to time, as the proceeds may be required, to defray expenditures authorized on account of the war with Spain (such proceeds when received to be used only for the purpose of meeting
. such expenditures), the sum of four hundred million dollars, or so
much thereof as may be necessary, and to prepare and issue therefor coupon or registered bonds of the United States in such form as
he may prescribe, and in denominations of twenty dollars or some
multiple of that sum, redeemable i n coin at the pleasure of the
United States after ten years from the date of their issue, and payable twenty years from such date, and bearing interest payable quarterly, in coin, at the rate of three per centum per annum; the bonds
so Issued to be exempt from all taxes or duties of the United States,
as well as from taxation in any form by or under state, municipal,
or local authority.
CONSOLS OP 1930.
The act of March 14,1900, section 11, authorizes the Secretary of the 30 years
Treasury to receive at the Treasury any of the outstanding bonds of
the United States of the five per cent loan of 1904, of the four per cent
funded loan of 1907, and of the three per cent loan of 1908-1918, and
to issue in exchange therefor an equal amount of coupon or registered
bonds of the United States, in such form as he may prescribe, in denominations of fifty dollars, or any multiple thereof, bearing interest
at the rate of two per centum per annum, payable quarterly, such
bonds to be payable at the pleasure of the United States after thirty
years from the date of their issue. The principal and interest of
said bonds to be payable in gold coin of the present standard value,
and to be exempt from the payment of all taxes or duties of the
United States, as well aa from taxation in any form by or understate,
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.
4 percent.
fl04.4946
till.166
162,315,400.00
118,489,900.00
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After Aug. 1,
1908.
3 percent.., Tar.
8400,000,000.00
198,792,660.00
3,945,460.00
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After Apr. 1,
1930.
2 per c e n t . .
Par.
839,146,340.00
646,250,150.00
646,250,150.00
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to
TABLE A.—Statement ofthe outstanding principal of the public debt, etc.—Continued.
Length of
loan.
CONSOLS OP 1930—Continued.
paid, and this order followed until all the bonds are paid. Interest
to cease three months after any call made by the Government to
redeem.
TREASURY NOTES OP 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 of four million five hundred thousand ounces, or so
much thereof as may be offered, in each month, at the market price
thereof, not exceeding one dollar for three hundred and seventy-one
and twenty-five hundredths grains of pure silver, and to issue in payment for such purchases of silver bullion Treasury notes of the United
States, to be prepared by the Secretary of the Treasury, in such form
and of such denominations, not less than one dollar nor more than
one thousand dollars, as he may prescribe. That said notes shall be
redeemable on demand, in coin, at the Treasury of the United States,
or at the office of any assistant treasurer of the United States, and
when so redeemed may be reissued; but no greater or less amount of
such notes shall be outstanding at any time than the cost of the silver bullion and the standard silver dollars coined therefrom then
held in the Treasury, purchased by such notes; and such Treasury
notes shall be a legal tender in pajnnent of all debts, public and private, except where otherwise expressly stipulated in the contract,
and shall be receivable for customs, taxes, and all public dues, and
when so received may be reissued; and such notes, when held by any
national banking association, may be counted as a part of its lawful
reserve. That upon demand of the holder of any of the Treasury
notes provided for, the Secretary of the Treasury shall redeem the
same in gold or silver coin, at his discretion, it being the established
policy of the United States to maintain the two metals on a parity
with each other upon the present legal ratio, or such ratio as may be
provided by law.
The act of November 1,1893 (28 Stat., 4), repeals so much of the act of
July 14, 1890, as directs the Secretary of the Treasury to purchase
from time to time silver bullion to the aggregate amount of four
million five hundred thousand ounces, or so much thereof as may
be oft'ered in each month, at the market price thereof, and to issue
in payment for such purchases Treasury notes of the United States.
The act of June 13, 1898 (30 Stat., 467), directs that alb of the silver
bullion in the Treasury purchased in accordance with the provisions of the act of July 14, 1890, shall be coined into standard silver
dollars as rapidly as the public interests may require, to an amount
of not less than one and one-half millions of dollars in each month,
and that said dollars, when so coined, shall be used and applied in
When redeemable.
Rate of interest.
Price
at which
sold.
Amount
authorized.
to
toAmount issued.
Amount outstanding.
$2,254,000.00
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the manner and for the purposes named in said act. The act of
March 14, 1900, provides that United States notes, and Treasury
notes issued under the act of July 14, 1890, when presented to the
Treasury for redemption, shall be redeemed in gold coin of the
standard fixed by^said act, and requires that the Secretary of the
Treasury shall set apart in the Treasury a reserve fund of one hundred and fifty million dollars to be used for such redemption purposes only. It also provides that it shall be the duty of the Secretary of the Treasury, as fast as silver dollars are coined under the
provisions of the acts of July 14,1890, and June 13, 1898, from bullion
purchased under the act of July 14, 1890, to retire and cancel an
. equal amount of Treasury notes whenever received into the Treasury, and upon such cancellation to issue silver certificates against
the silver dollars so coined.
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PANAMA CANAL LOAN.
The act of June 28,1902 (32 Stat., 484, sec. 8), provides t h a t the Secretary 10 years
of the Treasury is hereby authorized to borrow on the credit of the
United States from time to time as the proceeds may be required to 10 years
defray expenditures authorized by this act (such proceeds when received to be used only for the purpose of meeting such expenditures), 50 years
the sum of one hundred and thirty million dollars^ or so much thereof
as may be necessary, and to prepare and issue therefor coupon or registered bonds of the United States in such form as he may prescribe,
and in denominations of twenty dollarsorsomemultiple of thatsum,
redeemable in gold coin at the pleasure of the United States after ten
years from the date of their issue, and payable thirty years from such
date, and bearing interest payable quarterly in gold coin at the rate
of two per centum per annum; and the bonds herein authorized shall
be exempt from all taxes or duties of the United States, as well as from
taxation in any form by or understate, municipal, or local authority:
Provided, That said bonds may be disposed of by the Secretary of the
Treasury at not less than par, under such regulations as he may prescribe, giving to all citizens of the United States an equal opportunity
to subscribe therefor, but no commissions shall be allowed or paid
thereon;, and a sum not exceeding one-tenth of one per centum of
the amount of the bonds herein authorized is hereby appropriated;
out of any money in the Treasury not otherwise appropriated, to pay
the expense of preparing, advertising, and issuing the same; and the
actof December 21,1905 (34 Stat., 5, sec. 1), provides that the two per
cent bonds of the United States authorizedby section eight of the act
entitled " A n act to provide for the construction of a canal connectr
ing 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
UnitedStates, 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 iiotes, shall pay to
the Treasurer of the United States, in the months of January and
July, a t a x of one-fourth of one per cent each half year upon the average amount ol such of ita notes in circulation as are based upon the
After Aug. 1, 2 percent.
1916.
After Nov. 1, 2 per cent.
1918.
June 1,1961... 3 per cent.
Average
8103.513
fei
854,631,980. 00
102.436 -8375,200,980.00
30,000,000.00 134,631,980.00
102.582
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 interest.
Price
at which
sold.
Amount
authorized.
to
outAmountissued. Amount
standing.
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 act of August 6, 1909 (36 Stat., 117, sec.39), providesthat the Secretary 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 Ganal and to reimburse the Treasury for such expenditures already made and not
covered by previous issues of bonds, t h e sum of two hundred and
ninety million five hundred and sixty-nine thousand dollars (which
sum together with the eighty-four million six hundred and thirtyone thousand nine hundred [and eighty] dollars already borrowed
upon issues of two per cent bonds under section eight of the act of
June twenty-eighth, nineteen hundred and two, equals the estimate
of the Isthmian Canal Commission to cover the entire cost of t h e
canal from its inception to its completion), and to prepare and issue
therefor coupon or registered bonds of the United States in such
form as he may prescribe, and in denominations of one hundred
dollars, five hundred dollars, and one thousand dollars, payable fifty
years from the date of issue, and bearing interest payable quarterly
in gold coin at a rate not exceeding three per centum per annum;
and the bonds herein authorized shall be exempt from all taxes or
duties of the United States, as well as from taxation in any form
by or under State, municipal, or local authority: Provided, That said
bonds may be disposed of by the Secretary of the Treasury at not
less than par, under such regulations as he may prescribe, giving to
all citizens of t h e 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, advertisiug, and issuing the same; and the
authority contained in section eight of the act of June twentyeighth, nineteen hundred and two, for the issue of bonds bearing
interest at two per centum per annum, is hereby repealed.
The act of March 2,1911 (36 Stat., 1013), provides that the Secretary of
the Treasury be, and he is hereby, authorized to insert in the bonds
to be issued by him under section thirty-nine Of an Act entitled "An
Act to provide revenue, equalize duties, and encourage the industries of the United States, and for other purposes," approved August
fifth, nineteen hundred and nine, a provision that such bonds shall
not be receivable by the Treasurer of the United States as security
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for the issue of circulating notes to national banks; and the bonds
containing such provision shall not be receivable for that purpose.
POSTAL SAVINGS BONDS.
Theact of June 25,1910 (36 Stat., 817, sec. 10) provides that any depositor in 20 years.
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 annum, payable semiaimually, 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 principaland interest shall be
payable in United States gold coin ofthe present standard of value: Provided, That the bonds herein authorized shall be Issued only (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 outstandmg bonds ofthe United States subject to call; and (second) at
times when under authority of law other than that contained in this act
tho Government desires to issue bonds for the purpose of replenishing
the Treasury, in which case the issue of bonds under authority of this Act
shall be in lieu of the issue of a like amount of bonds issuable under authority of law other than that contained in this Act: Provided further,
That tho bonds authorizedbythis Act shall be Issued by the Secretary of
the Treasury under such regulations as he may prescribe: And provided
further, That the authority contained in section nine of this Act for the
investment of postal savings funds in United States bonds shall include
the authority to Invest in the bonds herein authorized whenever such
bonds may bo lawfully issued: And provided further, That tho 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 security for the Issue of circulating notes by national banking associations.
NATIONAL-BANK NOTES (REDEMPTION ACCOUNT).
The act of July 14, 1890 (26 Stat., 289), provides that balances standing with the Treasurer of the United States to the respective credits
of national banks for deposits made to redeem thc 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 thc 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.
1 year after
date.
2^ per cent
Par.
Indefinite.
S6,441,000.00
S6,441,600. CO
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19,390,345.50
3,058.136,873.16
Ol
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 1915, inclusive.
Year.
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
T o t a l interestbearing d e b t .
$31,762, 76L77
28,460, 958.93
44,700, 838.11
58,290, 738.11
64,640, 838.11
90,380, 873.95
365,304, 826.92
707,531, 634.47
1,359,930, 763.50
2,221,311, 918.29
2,381,530, 294.96
2,332,331, 207.60
2,248,067, 387.66
2,202,088, 727.69
2,162,060, 522.39
2,046,455, 722.39
1,934,696, 750.00
1,814,794, 100.00
1,710,483, 950.00
1,738,930, 750.00
1,722,676, 300.00
1,710,685, 450.00
1,711,888, 500.00
1,794,735, 650.00
1,797,643, 700.00
1,723,993, 100.00
1,639,567, 750.00
1,463,810, 400.00
1,338,229, 150.00
1,226,563, 850.00
1,196,150, 950.00
1,146,014, 100.00
1,021,692, 350.00
950,522, 500.00
829,853, 990.00
725,313, 110.00
610,529, 120.00
585,029, 330.00
100.00
585,037, 890.00
635,041, 060. 00
716,202
847,363, 890.00
D e b t on w h i c h interest h a s ceased.
S209, 776.13
238, 872.92
211, 042.92
206, 099.77
201, 449.77
199, 999.77
280, 195.21
473, 048.16
416, 335.86
1,245, 77L20
1,503, 020.09
935, 092.05
1,840, 615.01
1,197, 340.89
5,260, 181.00
3,708, 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
165.26
6,115, 095.26
2,496, 485.26
1,911 805.26
1,815; 705.26
1,614, 875.26
2,785, 060.26
2,094, 240.26
1,851, 590.26
1,721 890.26
1,636,
D e b t bearing no
interest. 1
S158, 591,390.00
411, 767,456.00
455, 437,271.21
.458, 090,180.25
461, 616,31L51
439, 969,874.04
428, 218,101.20
408, 401,782.61
421, 131,510.55
430, 508,064.42
416, 565,680.06
430, 530,431.52
472, 069,332.94
509, 543,128.17
498, 182,411.69
465, 807,196.89
476, 764,031.84
455, 875,682.27
410, 835,741.78
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, Oil,289.47
933, 852,766.35
1,000, 648,939.37
958, 854,525.87
995, 360,506.42
958, 197,332.99
920, 839,543.14
O u t s t a n d i n g principal.
Cash in t h e T r e a s u r y J u l y 1.2
T o t a l d e b t less cash
in T r e a s u r y .
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
2,680, 647,869.74
2,844, 649,626.56
2,773, 236,173.69
2,678, 126,103.87
2,611, 687,851.19
2,588, 452,213.94
2,480, 672,427.81
2,353, 211,332.32
2,253 251,328.78
2,234 482,993.20
2,251 690,468.43
2,232, 284,531.95
2,180, 395,067.15
2,205 301,392.10
2,256, 205,892.53
2,245, 495,072.04
2,120; 415,370.63
2,069, 013,569.58
1,918: 312,994.03
1,884, 171,728.07
1,830, 528,923.57
1,863, 964,873.14
1,775, 063,013.78
1,657, 602,592.63
1,692, 858,984.58
1,619; 052,922.23
1,552, 140,204.73
1,545, 996,591.61
1,588, 464,144. 63
1,545, 985,686.13
1, 632, 253,636.68
1,676, 120,983.25
1,769, 840,323.40
821,006,584.89
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
142,243,36L82
119,469,726.70
186,025,960.73
256,823,612.08
249,080,167.01
201,088,622.88
249,363,415.35
243,289,519.78
345,389,902.92
391,985,928.18
488,612,429.23
492,917,173.34
482,433,917.21
629,854,089.85
643,113,172.01
661,355,834.20
694,083,839.83
746,937,68L03
707,016,210.38
732,940,256.13
774,448,016.61
814,543,069.70
810, 965,953.01
9, 998,621.76
37, 900,191.72
53, 405,234.19
59, 964,402.01
87, 718,660.80
505, 312,752.17
1,111, 350,737:41
1,709, 452,277.04
2.674, 815,856.76
2,756, 431,57L43
2,636, 036,163.84
2,508, 151,211.69
2,480, 853,413.23
2,432, 771,873.09
2,331, 169,956.21
2,246, 994,068.67
2,149, 780,530.35
2,105, 462,060.75
2,104, 149,153.69
2,090, 041,170.13
2,000, 925,340.45
2,019, 275,431.37
1,999, 382,280.45
1,996, 414,905.03
1,919, 326,747.75
1,819, 650,154.23
1.675, 023,474.25
1,538, 781,825.15
1,438, 542,995.39
1,375, 352, 443.91
1,282, 145,840.44
1,175, 168, 675.42
a , 063, 004, 894.73
939,750.22
975, 784,370.53
890, 912,75L78
851, 526, 463.60
841, 969,475.75
838, 313,380.55
899, 672,966.74
901, 297,263.70
955,
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H
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ZP
1897.
1898.
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913
1914.
1915
847,365, 130.00
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
963,776,770.00
965,706,610.00
967,953,310. 00
969,759,090.00
1,346,880.26
1,262,680.26
1,218,300.26
1,176,320.26
1,415,620.26
1,280,860.26
1,205,090.26
1,970,920.26
1,370,245.26
1,128,135.26
1,086,815.26
4,130,015.26
2,883,855.26
2,124,895.26
1,879,830.26
1,760,450.26
1,659,550.26
1,552,560.26
1,507,260.26
968, 960,655.64
947: 901,845.64
944', 660,256.66
1,112: 305, o n . 41
1,154 770,273.63
1,226, 259,245.63
1,286: 718,281.63
1,366: 875,224.88
1,378: 086,478.58
1,440 874,563.78
1,561, 266,966.28
1,725: 172,266.28
1,723, 344,895.78
1,737; 223,452.78
1,848, 367,586.43
1,902; 836,653.90
1,948, 838,753.40
1,942, 993,398.90
2,086, 870,522.90
1,817, 672,665.90
1,796, 531,995.90
1,991, 927,306.92
2,136: 961,09L67
2,143: 326,933.89
2,158: 610,445.89
2,202:,464,781.89
2,264,003,585.14
2,274:,615,063.84
2,337:,161,839.04
2,457:,188, OOL 54
2,626:,806,271.54
2, m ,546,241.04
2,652: 665,838.04
2,765:,600,606.69
2, ' 373,874.16
2,916; 204,913.66
2,912, 499,269.16
3,058, 136,873.16
831, 016,579.76
769, 446,503.76
836, 607,07L73
1,029, 249.833.78
1,098, 587,813.92
1,189, 153,204.85
1,277, 453,144.58
1,296, 771,8U.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
1,967, 988,867.16
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, 009.50
1,090,148 006.00
1 C o n t a i n i n g legal-tender n o t e s , gold a n d silver certificates, etc.
2 I n c l u d i n g gold reserve a n d coin set a p a r t for r e d e m p t i o n of certificates a n d t r e a s u r y n o t e s a n d exclusive of n a t i o n a l b a n k 5 p e r c e n t fund, o u t s t a n d i n g w a r r a n t s a n d checks
a n d d i s b u r s i n g officers' b a l a n c e s .
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TABLE C.—Analysis ofthe principal ofthe interest-bearing public debt ofthe United States from July 1,1856, to July 1, 1915.
to
00
Year.
2 percents.
1856—July 1 . . .
1857
1858
1859
I860..:
1861
1862... .
1863
1864
1865....:
1865—Aug. 3 1 . .
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.
3J percents.
$64,000,000.00
66,126,000.00
59,560,000.00
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, OOP, 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
208,190,600.00
168,046,600.00
33,716,500.00
14,000,000.00
. 14,000,000.00
14,000,000.00
4^ percents.
4 percents.
$67,926,116.57
105,629,385.30
77,547,696.07
90,496,930.74
618,127.98
121,341,879.62
17,737,025.68
• 801,36L23
'x
678,666.66
678,000.00
678,000.00
678,000.00
678,000.00
98,860,000.00
741,522,000.00
739,347,800.00
739,347,800.00
739,349,350.00
737,942,200.00
737,951,700.00
737,960,450.00
737,967,500.00
737,976,850.00
714,316,460.00
676,214,990.00
602,297,360.00
. 569,659,920.00
559,664,830.00
569,672,600.00
559,677,390.00
690,837,660.00
721,999,390.00
722,000,630.00
$140,000,000.00
240,000,000.00
250,000,000.00
250,000,000.00
260,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
250,000,000.00
222,207,050.00
139,639,000.00
109,015,760.00
50,869,200.00
125,364,500.00
126,364,600.00
125,364,600.00
125,364,600.00
126,364,600.00
125,364,500.00
5 percents.
$3,632,000.00
3,489,000.00
23,538,000.00
37,127,800.00
43,476,300.00
33,022,200.00
30,483,000.00
30,483,000.00
300,213.480.00
245,709,420.63
269,176,727.66
201,982,665.01
198,633,436.01
221,586,186.01
221,588,300.00
221,588,300.00
274,236,460.00
414,567,300.00
414,567,300.00
510,628,050.00
607,132,760.00
711,685,800.00
703,266,660.00
703,266,660.00
508,440,350.00
484,864,900.00
439,841,350.00
6 percents.
T o t a l interestbearing d e b t .
A n n u a l interest charge.
$31,762,761.77 $1,869,445.70
$28,130,761.77
28,460,958.93 1,672,767.53
24,971,958.93
44,700,838.11 2,446,670.28
21,162,838.11
58,290,738.11 3,126,166.28
21,162,938.11
04,640,838.11 3,443.087.29
21,164,538.11
90,380,873.95 5,092,630.43
57,358,673.95
365,304,826.92 22,048,509.59
164,313,225.01 $122,582,485.34
707,531,634.47 41,854,148.01
431,444,813.83 139,974,435.34
842,882,662.09 139,286,935.34 1,359,930,763.50 78.853,487.24
1,213,496,169.90 671.610,397.02 2^221,311,918.29 137,742,017.43
1,281,736,439.33 830 000,000.00 2,381,630,294.90 150,977,697.87
1,196,546,041.02 813.460,62L95 2,332,331,207.60 146,068,196.29
1,643,452,080.02 488,344,846.95 2,248,067,387.66 138,892,451.39
1,878,303.984.50
37,397,190.96 2,202.088,727.69 128,459,598.14
2,162,060,522.39 126,523,998.34
1,874,347,222.39
2,046,465,722.39 118,784,960.34
1,765,317,422.39
1,934,696,750.00 111,949,330.50
1,613,897,300.00
1,814,794,100.00 103,988,403.00
1,374,883,800.00
1,710,483,950.00 98,049,804.00
1,281,238,650.00
1,738,930,750.00 98,796,004.50
1,213,624,700.00
1,722,676,300.00 96,865,690.50
1,100,865,550.00
1,710,685,460.00 96,104,209.00
984,999,660.00
1,711,888,500.00 93,100,043.50
854,621,860.00
1,794,735,650.00 94,054,472.50
738,619,000.00
1,797,643,700.00 83,773,778.50
283,681,360.00
1,723,993,100.00 79,033,981.00
236,780,400.00
1,039,507,750.00 75,018,695.50
196,378,600.00
1,403,810,400.00 57,300,110.75
1,338,229,150.00 61,436,709.501,220,563,850.00 47,926,432.50
1,196,150,950.00 47,014,133.00
1,146,014,100.00 45,510,098.00
1,021,692,350.00 41,780,529.50
950,522,500.00 38,991,935.25
829,853,990.00 33,752,354.60
725,313,110.00 29,417,603.15
610,529,120.00 23,615,735.80
585,029,330.00 22,893.883.20
585,037,100.00 22,894,194.00
635,041,890.00 25.394,385.00
716,202,060.00 29 140,792 40
847,363,890.00 34,387,2fi5.60
847,365,130.00 34,387,315.20
. . .
'
50,000,000.00
100,000,000.00
100,000,000.00
100,000,000.00
7x% percents.
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1898..
1899..
1900..
1901..
1902..
1903..
1904..
1906..
1906..
1907..
1908..
1909..
1910.,
1911..
1912.
1913.,
1914.
1915.
8307,125, 350.00
445,940, 750.00
445,940, 750.00
520,143: 150.00
542,909, 950.00
542,909 950.00
595,942, 360.00
676,250, 150.00
700,882, 130.00
730.882. 130.00
730,882, 130.00
730,882, 130.00
r 730.882, 130.00
[
2 459^2S0.00/
' 730,882, 130. 00, \
3 2.389, 120.00/
730.882, 130.00 \
2 4.63-), 820.no I
730,882, 130.00 \
2 6,441, 600.00 /
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,
722,
517,
419,
368,
291,
275,
275,
236,
154.
118,
118,
118.
118,
970.00 125,364,500.00
530.00 125,364,500.00
220.00 121,979,850.00
770.00
580.00
150.00
130.00
030.00
330.00
670.00
900.00
900.00
900.00
900.00
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.
1,046, 048,750.
1,023, 478,860.
987, 141.040.
931, 070,340.
914 541.410.
895, 157,440.
895, 158.340.
895, 159,140.
894 834: 280.
897. 503,990.
913, 317,490.
913 317,490.
915 353,190.
387,408.80
347,872.80
545,130.00
789.163.40
542,945.50
541,573.30
176,745.00
176,781.00
248,064.00
628,913.60
946.270.41
275,602.40
276.602.40
336,673.40
113,945,460.00
118,489,900.00
963,776,770.00 22,787,084.40
ZP
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
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113,945,460.00
118,489,900.00
969,759,090.00 22,936,642.40
1 Continued at 2 per cent.
2 Postal savings bonds, 2§ per cent.
NOTE 1.—Annual interest charge is comptited 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.—Tho temporary loan por act of July 11, 1862, is Included in the 4 percents from 1862 to 1868, Inclusive, with the exception of the amount outstanding Aug. 31, 1865,
t h i ' toeing tho date at which the publicdoht 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, b u t
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 FINANCES.
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 the fiscal
year ended June 30, 1915.
Issues and deposits.
Legal-tender notes, acts of Feb. 25
and July 11,1862, Jan. 7 and Mar. 3,
$159,990,000.00
1863, Mar. 14,1900
jrive-twenties of 1862, act of Feb. 25,
1862
Fractional currency, acts of July 17,
1862, Mar. 3,1863, and June 30.1804.
Compound-interest notes, acts of
Mar. 3, 1863, and June 30, 1864....
Gold certificates, acts of Mar. 3,1803,
July 12,1882, andMar. 14.1900
606,400,000.00
One-year notes of 1863, act of Mar. 3,
1863
Silver certificates, acts of Feb. 28,
1878, and Mar. 14,1900
398.328,000.00
Refunding certificates, act of Feb.
26, 1879
National-bank note account, act of
21,453,415.00
July 14,1890
Treasury notes of 1890, acts of July 14,
1890, and Mar. 14,1900
Funded loan of 1907, acts of July 14,
1870, Jan. 20,1871, Tan. 14,1875, and
Mar. 14,1900
:.
.Postal savings bonds, act of June 25,
1,805,780.00
1910
1,187,977,195.00
Total.
Redemptions.
$159,990,000.00
1,700.00
$1,700.00
2,233. 00
2,233.00
300.00
300.00
469,192,100.00 $137,207,900.00
40.00
395,719,000.00
^2,609,000.00
710.00
17; 205,958.00
710.00
4,247,457.00
185,000.00
185,000.00
42,550.00
42,550.00
1,805,780.00
1,042.339,591.00 145,870,137.00
145,637,604.00
TABLE E.—Sinking fund account for fiscal year 1915.
TO balance from last
year
$930,446,900.49
1,1914 TO 1 per cent on the
principal of the
public debt on
June 30, 1914, less
coin certificates.
Treasury notes,
national-bank
note redemption
account, and cash
available for reduction of the
debt, viz, $1,173,092,511.66.
11,730,925.11
June 30,1915 To interest on redemptions prior
to fiscal year 1915.. '48,965,047.44
To interest on $45,883, amount of
debt pa'd during
1,247.30
fiscal year 1915....
July
232. .^33 00
145,870,137.00
232,533.00
Excess of issues
Excess of redemptions..
Net excess of Issues.
DR.
Excess of
Excess of
issues and de- redemptions.
posits.
991,144,120.34
June 30,1915
CR.
By principal of
bonded debt redeemed in 1915...
$42,600.00
By accrued interest
thereon
906.98
By fractional currency and notes
redeemed in 1915..
3,283.00
By accrued interest
thereon
862.50
By balance . . . . 991,096,467.86
991,144,120.34
221
SECRETARY OF THE TEEASURY,
TABLE F.—Population, ordinary receipts and disbursements of the Government from
1840 to 1915, exclusive of postal, and per capita on receipts and per capita on
disbursements.
Population.
Year.
1840
1841
1842
1843 ( s i x m o n t h s )
1844
.
1845
1846
1847
1848
....
1849
1850
1851
1852
1853
1864
.. . .
1855
1856
1857
1858
1859
I860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
\..
1873.
1874
1875
1876
1877
1878
1879
1880.
1881
1882
1883
1884.
1885
1886
1887
1888 .
1889
1890
1891..
1892.:
1893
1894
1895
1896
1897
1898
1899
.
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
Ordinary
receipts.
17,069,453 $19,480,115.00
17,591,000
16,860,160.00
18,132,000
19,976,197.00
18,694,000
8,231,001.26
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
30,721,077.60
23,191,876
43,592,888.88
23,995,000
52,555,039. 33
24,802,000
49,846,815.60
25,615,000
61,587,03L68
26,433,000
73,800,341.40
27,256,000
65,350,674.68
28,083,000
74,056,699.24
28,916,000
68,965,312.67
29,753,000
46,656,365.96
30,596,000
52,777,107.92
31,443,321
66,054,599.83
32,064,000
41,476,299.49
32,704,000
61,919,261.09
33,365,000 112,094,946.61
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
396,959,833.87
...-. . . .
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
52,495,000 403,625,260.00
53,693,000 398,287,582.00
54,911,000 348,619,870.00
56,148,000 323,690,706.00
57,404,000 336,439,727.00
68,680,000 371,403,277.00
59,974,000 379,266,076.00
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
66,456,000 386,819,628.78
•.
67,740,000 297.722.019.26
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
76,295,220 667,240,861.89
77,754,000 587,685,337.63
79,117,000 562.478.233.21
80,847,000 660,396,674.40
81,867,000 639,716,913.86
83,260,000 644,606,758.62
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
1 90,363,000 676,511,715.02
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
100,725,000 697,910,827.58
Per capita on
receipts.
$L14
.96
1.10
.44
1.52
L61
1.46
1.26
1.64
L37
L88
2.19
2.01
2.40
2.79
~2.40
2.64
2.38
1.57
L72
1.78
1.30
1.68
3.36
7.14
9.26
14.66
12.78
10.18
9.46
10.26
9.47
8.98
7.73
7.01
6.46
6.43
6.06
5.41
6.67
6.65
7.00
7.68
7.41
6.36
5.76
5.86
6.33
6.32
6.31
6.43
6.14
6.44
5.-81
4.40
4.54
4.65
4.85
5.65
6.93
7.43
7.66
7.11
6.93
6.69
6.64
7.02
7.70
6.87
6.79
7.48
7.46
7.23
7.44
7.42
6.93
O r d i n a r y disbursements.
m , 314,618.19
26,481,817.84
26,134,886.44
11,780,092.51
22,483,660.14
22,936,827.79
27,261,182.86
54,920,784.09
47,618,220.65
43,499,078.39
40,948,383.12
47,751,478.41
44,390,252.30
47,743,989.09
65,038,456.11
68,630,662.71
68,726,350.01
67,634,408.93
73,982.492.84
68,993.699.77
63,200,876.65
66,650,213.08
469.570.241.66
718,734,276.18
864.969.100.83
1,295,099,289.68
519,022,356.34
346,729,326.78
370.339.133.82
321,190,697.75
293,657,005.15
283,160,393.61
270,559,696.91
286.239.326.34
301,238,800.21
274.623.392.84
265,101,084.69
241,334,474.86
236.964.326.80
266.947.883.53
264,847,637.36
269.661.638.81
267.981.439.67
265.408.137.54
244,126,244.33
260,226,935.11
242,483,138.60
267,932,179.97
259,653.958.67
281,996,615.60
297,736,486.60
356,372,684.74
345,023,330.58
383,477,954.49
367.526.279.83
366,195,298.29
362,179,446.08
366,774,159.67
443,368,682.80
605,072,179.86
487,713,791.71
509,967,353.15
471,190,857.64
606,089,022.04
632,237,821.31
663,360,093.62
549.405.425.35
561,706,129.04
621,102,390.64
662,324,444.77
659,705,391.08
•654,137,997.89
654,553,963.47
682,770,705.61
700,2.^4,489.71
731,399,759.11
Per capita
on
disbursements.
$1.42
1.61
1.39
63
1.17
1.16
1 33
2.60
2 18
1.93
1 77
1.99
1 79
1.86
2 08
2.15
2.45
2 33
2.49
2.25
2 01
2.14
14.35
21 64
25.40
37 27
14 63
9.58
10 01
8.51
7 61
7.16
6 66
6 84
7 04
6 25
6 87
5 21
4.98
5 46
6.28
6 06
4 92
4.94
4 45
4.63
4 22
4.56
4 32
4.60
4 75
5 56
5.29
6 77
6.43
6 16
5.01
5 10
6.07
8 14
6.39
6.56
5.96
6.26
6.60
6.77
6 49
6.41
7.10
7.45
7.30
6.96
6.84
7 01
7.07
7.26
1 Estimated July 1.
NOTE.—The ordinary receipts and disbursements and per capita on receipts for 1891 were erroneously stated b y t h e Register of the Treasury in his reports for 1891,1892, and 1893. (See Finance
Reports for those years, pp. 845,767, and 906.)
TABLE G.—Statement showing the ordinary receipts and disbursements ofthe 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, 1915, inclusive.
Month.
1896—July
•
August
September
October
November
December
1897—January
February
March
April
May
.June
T o t a l for 12 m o n t h s
July
Augu.st
September
October
November
December
1898—January
February
March
April
May
June
,
T o t a l for 12 m o n t h s
July
August
September
October
November
December
Ordinary
disburseO r d i n a r y m e n t s , exclureceipts,
s i v e of postal,
e x c l u s i v e of p r i n c i p a l of
postal.
debt, a n d
premium.
Surplus
receipts.
Balance in
Net gold
g e n e r a l fund,
in Treasury. including
n e t gold.
$29,029,
25,562,
24,584,
26,282,
25,210,
25,857,
24,316,
24,400,
36,217:
37,812;
29,797,
36,584,
$42,088,468 i$13,059,269 $110,718,746
35,701,677 110,139,580 100,957,661
26,679,535
124,034,672
11,995,290
33,978,277
117,126,624
»7, 695,447
050,024
33,260,720
131,510,353
*8,
23,812,665
137,316,644
2,044,449
30,269,389
144,800,493
^5, 952,395
28,796,057
148,661,209
^4, 396,060
004,664
27,212,998
161,786,464
9,740,038
32,072,097
153,340,890
5,688,132
29,109,269
144,319,563
22,934,695
140,790,738
13,650,013
347,721,705
365,774,160
118,062,456
39,027,364
19,023,615
21,933,098
24,391,416
43,363,605
69,646,698
37,333,628
28,672,358
32,958,751
33,012,943
30,074,818
33,609,313
100,909
588,047
368,816
701,612
810,839
634,092
696,711
599,256
882,444
314,062
849,909
852,282
111,073,546
114,564,432
13,435,718
1 9,310,097
5,552,766
32,012,606
636,917
1,973,102
• 1,076,307
111,301,119
117,776,091
114,342,969
405,321,335
443,368,683
138,047,248
43,847,109
41,782,708
39,778,070
39,630,061
38,900,915
41,404,794
74,263,476
66,260,718
64,223,921
53,982,277
49,090,981
41,864,808
130,416,366
114,478,010
114,445,851
114,362,226
110,190,066
1 460,014
$256,168,473
243,346,401
241,154,457
233,572,762
225,357,098
228,320,380
215,362,421
212,837,256
222,045,606
228,090,517
230,113,813
244„466,202
140,817,699
144,216,377
147,663,105
153,573,147
157,303,-851
160,911,547
164,236,793
167,623,182
174,584,136
181,238,137
171,818,055
167,004,410
233,016,457
218,561,207
215,192,787
207,756,100
220,663,560
235,474,769
223,871,786
225,564,204
226,166,944
215,810,622
195,764,815
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
307,657,504
300,238,276
292,376,790
294,764,695
I m p o r t s of
gold. ^
to
to
to
E x p o r t s of
gold.
$1,667,986
4,289,538
34,347,009
28,193,769
7,487,300
2,801,044
943,306
830,180
1,439,439
971,606
951,615
1,092,188
$11,931,436
' 1,972,544
93,655
368,007
468,010
431,826
442,365
353,147
675,205
6,631,216
9,468,471
7,625,808
85,014,780
40,361,580
• 938,961
4,720,569
4,723,181
11,776,483
3,054,089
2,582,405
6,493,414
6,162,681
30,708,320
32,679,858
13,322, 111
3,330,612
5,462,869
1,983,688
142,922
313,311
699,613
577,996
2,658,663
1,030,412
728,707
1,323,724
109,157
376,529
120,391,674
15,406,391
2,641,668
16,296,811
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
fei
O
w
H
O
>
o
fei
ZP
1899—January..
February.
March —
April
May
June
Total for 12 months.
July
August
September.,
October
November.
December .
1900—January...
February..
March
April
,
May
'...
June
Total for 12 months.
Total for 12 months.
51,122,771
43,918,929
42,978,671
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
516,960,620
605,072,180
189,111,560.
48,054,268
49,978,173
45,334,145
47,533,689
46,945,572
46,759,104
48,012,165
45,631,265
48,726,837
45,039,327
45,166,053
61,436,832
56,561,090
• 46,622,312
37,679,372
44,174,027
40,769,848
39,145,560
39,189,097
37,738,472
32,188,271
40,903,928
40,361,525
33,640,673
18,606,832
4,455,861
7,754,773
3,359,562
6,176,724
7,613,644
8,823,068
7,892,793
16,638,666
4,135,399
4,814,528
17,895,169
667,240,852
487,713,792
79,527,060
49,955,161
49,688,756
45,304,326
51,626,067
48,344,515
46,846,608
47,520,287
45,844,123
49,891,125
47,767,861
62,629,440
60,333,908
63,979,653
50,500,199
39,169,971
47,993,638
41,278,661
40,204,622
40,109,707
38,880,636
40,762,862
41,968,246
42,136,561
33,045,147
1 4,024,492
1811,443
6,134,365
3,632,429
7,066,854
6,641,886
7,410,580
6,963,487
9,128,263
5,799,605
10,492,879
17,288,761
587,686,338
509,967,353
77,717,985
52,320,340
46,394,125
44,434,423
49,831,953
46,716,777
47,061,965
52,307,591
39,351,498
32,310,736
40,645,936
40,198,917
37,318,998
12,749
6,042,628
12,123,687
9,186,017
5,517,860
9,742,967
228,662,341
231,124,638
246,413,707
246,140,226
228,415,238
240,737,212
274,584,676
269,103,513
284,043,164
263,127,533
267,584,094
284,488,516
246,254,634
248,757,971
254,328,820
252,223,797
239,744,905
236,909,230
218,613,617
232,225,336
248,358,064
229,461,962
218,857,545
220,657,185
274,844,167
279,352,872
287,695,613
289,391,640
286,216,440
283,595,453
292,490,973
298,362,824
306,792,996
296,117,648
. 295,783,630
306,827,605
223,567,376
218,263,969
230,131,162
242,670,175
243,235,735
246,661,322
221,183,644
231,150,064
249,046,644
246,767,053
244,432,246
248,605,794
299,859,365
285,419,696
288,204,878
287,005,032
289,176,791
290,107,336
293,012,973
298,916,149
308,443,522
306,494,208
312,338,469
328,406,798
6,392,344
5,148,906
3,187,675
2,482,871
3,070,265
3,105,686
1,755,451
567,962
1,109,845
1,162,484
2,049,256
20,908,327
• 88,964,603
37,522,086
2,895,469
5,391,411
2,593,894
8,542,254
2,904,043
. 6,620,246
1,992,692
1,911,116
1,921,036
3,388,813
3,683,634
3,728,576
2,606,467
2,099,062
X.
618,995
%
379,752
264,310
11,857,511
5,691,290
1,403,658
1,081,280
' 1,961,580
12,209,596
8,093,268
44,573,184
48,266,759
11,263,332
4,238,358
7,861,563
10,731,375
12,641,988
3,386,611
4,265,626
1,859,274
2,520,455
2,249,038
1,772,834
3,260,743
3,272,739
18,084,938
806,672
441,962
677,207
410,633
8,221,159
416,812
490,269
4,916,965
10,101,177
5,344,844
66,051,187
53,185,177
4,076,113
3,490,528
11,905,431
9,138,638
7,431,678
2,791,622
2,875,120
160,861
163,362
4,066,747
16,292,500
4,744,123
Ul
fei
1
fei
uo
fei
July
August
September.
October —
November.
December .
1901—January . . .
February..
March.
April
May
June
July
August
September.
October
November.
December..
41,774,930
37,979,333
57,030,240
41,611,687
44,786,014
47,126,915
1
249,955,831
258,455,786
261,636,3.54
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
.
^
fei
t>
("1
fei
ZP
Kl
x c e s s of d i s b u r s e m e n t s .
to
to
CO
to
to
TABLE G.—Statement showing the ordinary receipts and disbursements ofthe Government by months, etc.—Continued.
Ordinary
rseO r d i n a r y m ednitssb,uexclureceipts,
s i v e of postal,
e x c l u s i v e of p r i n c i p a l of
debt, a n d
premium.
1902—January
February
March
April
May
June
T o t a l for 12 m o n t h s
July
August
September
October
November
December
1903—January
February
March
April
May
June
T o t a l for 12 m o n t h s
T o t a l for 12 m o n t h s
Balance in
Net gold
g e n e r a l fund,
in Treasury. including
n e t gold.
$239,040,401
238,821,209
244,868,050
242,945,286
246,564,393
253,801,291
$46,582,144
41,159,739
46,601,414
45,215,390
49,509,449
49,677,469
$38,648,278
39,099,291
38,102,437
40,799,263
38,746,798
33,837,869
$8,033,866
2,060,448
8,398,977
4,416,127
10,762,652
15,839,609
562,478,233
471,190,878
91,287,376
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
11,025,683
4,486,297
662,728
10,617,556
3,364,094
5,277,430
447,848
1,662,287
3,626,973
13,790,316
560,396,674
606,089,022
54,307,652
48,611,576
49,852,678
44,969,819
46,963,213
44,692,595
42,747,592
41,588,370
46,895,407
44,761,499
41,529,422
41,688,060
48,215,414
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
36,922,016
17,776,613
6,828,133
6,545; 865
14,947,266
12,735,193
10,491,787
16,784,184
3,242,635
3,072,101
1 4,480,843
15,664,913
11,293,399
539,716,914
532,237,821
7,479,093
:
July
August
September
October
November
December
1904—January
February
March
April
May
June
Surplus
receipts.
$324,796,646
325.361,866
327,856,289
334,739,983
345,350,229
362,187,361
353,974,699
369,491,501
371,253,394
356,421,878
354,675,588
364,409,380
368,345,963
374,543,470
372,921,989
373,326,187
•375,168,898
388,686,114
I m p o r t s of
gold.
E x p o r t s of
gold.
$1,405,787
1,696,967
2,636,313
1,864,767
1,497,063
4,086,467
$1,973,675
8,665,480
4,432,946
2,844,214
1,968,407
391,525
62,021,254
48,568,960
1,594,421
6,143,597
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
2,767,653
7,884,339
2,305,714
630,029
1,460,829
720,331
2,853,112
85,951
1,506,370
1,042,598
1,705,466
14,488,268
12,507,688
44,982,027
47,090,595
o
4,631,207
7,848,653
5,184,858
6,026,036
11,370,690
17,230,298
8,226,508
5,034,372
8,856,162
10,289,869
10,472,582
4,886,233
9,117,768
84,776
998,076
352,177
993,150
1,464,656
591,567
732,614
3,063,468
19,470,167
43,069,053
1,522,544
ZP
99,055,368
81,459,986
pi
fei
nd
O
o
H
W
fei
fei
fei
248,499,879
253,201,871
260,714,057
258,892,307
267,Oil, 715
265,671,972
229,362,090
236,241,028
248,629,691
231,877,090
217,692,391
216,183,723
378,291,444
383,460,710
389,417,184
378,637,402
369,237,430
379,374,895
378,745,084
373,068,505
374,699,996
370,919,188
313,287,616
322,051,568
July
August
,
September
J!
October
^
November
**%
December
I 1906—January
1
February
M
March
^
April
J2
,
May
Ol
June
S
July
Total for 12 months
46,786,387
44,903i 392
46,344,683
48,990,608
46,576,877
45,047,906
43,410,285
44,608,073
46,267,756
39,778,182
43,758,933
47,950,777
64,019,115
51,131,604
40,391,358
52,500,873
49,434,318
41,315,731
49,488,299
41,151,234
44,985,127
48,339,465
46,048,144
34,687,523
117,232,728
16,228,212
5,953,326
13,610,265
13,857,441
3,732,174
.16,078,014
3,456,839
1,282,629
18,561,283
12,289,211
13,263,254
544,606,758
663,360,093
118,753,335
49,273.134
47,490,432
50,251,169
50,492,692
49,000,869
50,360,463
50,790,096
48,194,728
50,631,169
45,092,868
47,980,024
55,367,081
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
46,141,796
43,124,646
34,001,866
112,318,347
1 3,109,895
9,740,537
14,097,144
2,789,325
7,520,152
5,018,743
6,785,633
6,965,846
148,928
4,&55,378
21,365,225
594,717,942
549,406,425
' 45,312,617
52,298,853
56,007,697
51,497,191
57,241,999
55,602,498
55,812,980
55,237,600
63,925,496
54,221,954
53,260,692
57,488,012
62,711,463
63,483,563
45,997,502
39,154,801
62,678,473
46,642,880
44,497,456
45,732,517
43,983,148
40,160,934
45,324,832
45,940,845
38,475,021
111,184,710
10,010,095
12,342,390
4,563,526
8,969,618
11,315,624
9,504,983
9,942,348
14,071,020
7,936,760
11,547,167
24,236,442
663,126,659
551,705,129
111,420,530
197,445,631
304,081,679
199,512,294
297,976,365
223,098,966 ., 301,414,163
231,060,229
296,352,797
233,812,615
293,344,658
229,664,318
296,592,689
201,244,581
290,625,796
202,857,181
290,681,839
221,231,681
291,821,624
212,331,729
284,318,681
218,172,921
281,141,378
221,381,650
295,477,492
8,926,418
7,764,491
4,241,035
8,045,275
4,727,105
3,336,184
1,895,691
2,192,919
5,133,592
2,681,057
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
481,670
4,030,882
53,648,961
92,694,024
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
38,573,691
9,834,333
7,972,868
31,431,038
27,250,852
8,935,274
7,617,237
3,270,505
3,329,867
5,046,243
4,974,527
2,682,163
2,165,342
1,302,248
598,078
2,278,922
7,074,544
1,963,757
1,880,895
2,450,072
1,127,059
2,126,173
2,219,844
4,505,444
23,872,140
114,510,249
51,899,176
ZP
fei
August..,
September
October
November
December
1906—January
February
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.
224,372,884
235,465,627
263,331,814
273,076,079
285,682,811
284,836,080
2.^9,856,877
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
807,126,224
310,385,376
330,689,355
o
fei
H
>
o
fei
290,313,454
311,358,446
313,714,775
302,973,951
317,952,371
313,999,622
286,011,577
310,617,216
310,760,992
296,040,433
292,821,224
304,619,431
319,963,942
350,686,875
371,213,096
373,300,810
381,470,287
388,997,076
394,708,206
400,154,655
402,868,003
401,388,342
407,629,665
422,061,445
>fej
ZP
w
Kl
1 Excess of disbursements.
bO
to
Ol
to
to
TABLE G.—Statement showing the ordinary^receipts and disbursements ofthe Government by months, etc.—Continued
Month.
1907—July
August
September
October
N o v e m ber
December
1908—January
February
March'
April
May
June
Ordinary
. uiBuUIoeOrdinary
m
e
n t s , exclureceipts,
e x c l u s i v e of s i v e of p o s t a l ,
p
r
i n c i p a l of
postal.
.debt, a n d
premium.
Surplus
receipts.
1 $4,958,459
5,431,235
6,792,014
13,439,949
3,904,972
1 5,540,922
14,255,008
15,848,301
1 4,539,831
112,728,870
18,787,175
5,631,966
,
$55,906,465
58,226,2«2
51,438,483
69,028,246
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
62,995,047
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
T o t a l for 12 m o n t h s
001,060.723
621,102,390
120,041,667
,
,
49,189,846
44,680,639
48,224,558
48,304,8':5
49,908,715
51,197,210
46,259,139
47,675,568
53,554,602
51,278,212
54,416,058
58,900,118
71,390,958
48,114,783
62,209,676
56,858,544
68,302,928
56,384,477
58,653,229
51,693,985
53,857,118
52,044,182
64,905,437
47,909,128
1 22,201,112
1 3,434,144
1 3,985,118
1 8,553,719
18,394,213
15,187,267
112,394,090
14,018,417
1 302,516
1 765,970
1 489,379
10,990,990
T o t a l for 12 m o n t h s ,
603,589,490
662,324,445
158,734,955
57,677,081
51,081,777
52,347,659
57,176,765
51,727,571
66,968,269
50,3_2,176
50,278,783
60,151,772
70,681,030
58,490,754
'52,968,845
59,100,660
56,318,678
53,239,067
52,046,922
49,238,877
51,697,831
113,103,949
1 7,408,977
• 1621,186
11,923,895
14,591,107
3,729,202
11,724,746
1,039,906
8,554,441
July
August.
September
October
Novem ber
December
1909—January
February
March
April
May
June
,
,
,
•
July
August
September
October
November
December
1910—January
February
March
,
,
».,
Balance in
Net gold
general fund,
in Treasury.
including
net gold.
$293,670,624
284,300,724
280,808,612
237,987,860
245,500,558
249,344,971
217,475,100
210,382,618
204,492,080
.193,772,017
213,684,683
221,924,733
$388,674,188
386,660,408
389,551,314
387,227.019
400,551,014
419,519,991
416,417,301
418,845,804
412,608,191
401,596,987
390,933,256
395,171,348
230,238,004
214,915,676
222,058,504
232,051,793
228,201,751
232,703,467
204,776,864
234,094,571
240,173,188
235,690,916
224,203,038
227,698,852
353,628,173
339,890,139
329,052,573
316,882,253
301,387,362
319,501,417
299,701,585
291,263,813
283,934,071
277,433,835
269,901,309
276,375,428
235,720,333
237,184,857
242,873,342
264,735,467
250,567,638
241,989,339
220,266,764
226,656,329
247,576,175
258,437,755
247,950,871
244,206,114
239,103,078
231,935,125
234,048,866
230,960,804
230,571,813
238,885,265
I m p o r t s of
gold.
E x p o r t s of
gold:
$3,410,782
3,223,772
2,769,019
4,512,466
63,574,871
44,448,515
10,799,484
2,847,133
3,649,407
2,661,197
3,101,002
3,449,673
$7,478,366
4,596,879
1,503,836
3,716,258
615,169
1,004,441
444,200
1,967,597
1,447,206
14,476,341
26,655,913
8,626,718
148,337,321
72,432,924
2,949,179
4,303,847
4,767,051
3,785,705
2,909,883
5,152,732
3,420,183
3,576,444
6,161,648
3,345,861
2,263,721
2,307,735
4,846,272
6,599,742
8,974,391
1,952,574
2,967,795
7,357,707
7,866,356
8,860,814
21,252,462
6,337,994
11,171,266
8,346,446
44,003,989
91,531,818
3.269,886
5,348,757
2,351,158
7,034,164
3,863,637
2,083,772
2,131,357
3,063,116
4,373,885
16,661,782
9,230,273
7,546,442
9,379,402
15,649,281
10,579,304
6,163,132
2,937,134
1,816,815
O
w•
O
W
fei
>
O
fei
ZP
April .
May..
June..
Total for 12 months .
July
August
September.
October ...,
November.
December.
1911—January
February..
March.
April
May
June
Total for 12 months.
July
August
Septernber..
October....
November..
December..
1912—January
Febmary...
March
April
May
June
Total for 12months..
July
August
September.
October . . .
November.
December .
1913—January . . .
February..
March
AprU
May
June
Total for 12 months.
1653,513
3,428,713
29,081,435
53,153,520
51,608,384
.83,117,958
53,807,033
48,179,671
54,036,523
675,611,715
659,705,391
15,806,324
58,817,953
54,969,254
55,983,578
65,266,442
58,471,176
57,689,458
62,005,193
60,390,629
68,465,369
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
52,658,029
55,908,354
46,630,466
1 9,693.756
13,669,534
3,456,572
13,293,881
4,239,345
4,890,747
1266,717
339,612
6,815,504
11,466,067
5,324,090
40,358,462
701,372,375
654,137,998
47,234,377
52,085,062
54,803,683
56,335,353
56,054,411
56,588,832
63,749,606
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
57,049,326
64,606,903
53,422,057
62,144,834
48,658,152
55,954,196
62,251,663
41,108,771
116,093,440
15,483,814
5,529,816
1 4,133,126
1460,493
1756,297
1960,346
1,787,775
10,637,876
12,648,484
6,118,299
43,686,736
691,778,465
654,553,963
37,224,602
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
1 743,184
13,110,649
12,763,699
3,862,970
4,828,246
13,595,622
6,936,573
1,963,974
5,241,531
13,653,658
12,587,506
34,961,548
724,111,230
682,770,706
41,340,524
Excess of disbursements.
244,001,134
229,620,847
242,411,286
233,462,139
232,165,417
256,894,676
228,421,383
229,628,447
244,362, Oil
261,024,062
256,832,205
254,003,671
220,261,901
227,178,354
231,726,269
220,749,280
206,383,234
233,533,255
242,356,224
239,523,208
240,984,016
235,688,932
236,683,886
239,393,472
235,466,829
235,525,708
239,454,626
235,705,902
236,477,947
290,176,926
262,780,234
258,319,307
257,503,487
280,180,440
285,303,171
276,029,643
235,654,366
239,947,601
254,136,930
263,187,522
244,189,050
264,028,646
302,525,300
292,408,854
294,394,996
286,522,399
282,243,628
276,926,992
273,413,503
271,892,704
281,534,096
275,613,948
276,997,558
317,152,479
268,747,666
271,733,772
285,229,839
302,675,620
304,384,340
299,730,929
255,750,031
262,746,118
267,930,180
266,188,309
263,778,072
268,363,327
311,648,787
304,641,784
299,846,616
298,724,219
299,946,420
293,576,381
295,846,020
297,036,683
298,496,280
291,333,044
283,977,282
315,960,985
2,100,918
3,143,338
4,575,917
36,283,625
718,678
1,598,347
43,339,905
118,563,215
10,282,649
12,818,6.06
3,192,341
4,250,259
4,313,500
4,976,632
9,540,830
5,805,844
4,119,063
4,524,835
6,014,740
4,767,714
828,461
3,150,423
1,822,476
750,330
1,376,011
1,330,400
923,676
424,733
505,615
1,605,634
6,817,149
3,074,755
73,607,013
22,509,653
2,594,663
4,106,331
4,704,096
4,102,427
3,468,321
4,707,330
6,141,243
2,937,274
4,335,678
3,892,599
3,346 491
5,611,057
2,178,088
480,799
2,362,861
3,983,994
13,941,093
994,677
1,916,202
10,589,295
7,453,589
1,816,816
4,450,899
7,171,035
48,936,500
57,328,348
3,747,869
5,576,900
4,200,682
11,887,492
4,474,480
11,397,007
6,210,360
5,356,471
4,380,993
4,013,537
4,561,260
3,386,974
7,264,664
2,498,472
668,302
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
77,762,622
W
o
H
?S
Kl
o
fei
H
fei
a
fei
r]
^
><
K)
to
-CI
TABLE G.—Statement showing the ordinary receipts and disbursements ofthe Government by months, etc.—Continued.
bO
to
00
Month.
1913—July
August
September
October
November
December....
1914—January....:
February
March....
April
May
June
.,
Total for 12 months
July
August..
September
October
November
December
1915—January
February
March
April
May
June
Total for 12 months
Ordinary
disburseOrdinary ments, exclureceipts,
sive of postal,
exclusive of principal of
postal.
debt, and
premium.
Surplus
receipts.
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
56, 389,212
124, 710,233
$70,208,747
62,163,712
56,066,563
60,095,057
68,228,865
57,761,643
58.990,149
52,844,140
64,976,666
67,585,688
59,242,971
52,090,309
1 $9,977,223
1563,615
406,844
4,101,576
12,713,732
1 4,609,207
14,512,302
19,210,283
1172,765
1 7,096,881
13,853,759
72,619,924
734,673,167
700,254,490
34,418,677
73, 224,173
51 072,898
51, 971,395
44, 563,946
44, 825,384
51, 429,362
50, 712,626
43, 636,272
56, 398,959
48, 042,077
54, 238,901
127, 794,835
70,704,496
69,046,272
69,602,779
62,771,226
60,706,247
56,994,982
58,829,063
56,137,624
61,308,792
61,992,174
57,925,408
66,380,706
2,519,677
117,973,374
17,631,384
118,207,280
116,880,863
15,665,620
18,116,427
112,501,352
14,909,833
113,950,097
13,686,507
72,414,129
697,910,828
731,399,769
133,488,931
Balance in
general fund,
Net gold
in Treasury. including
net gold.
$266,417,431
269,854,062
264,875,056
269,971.436
268,080,256
262,442,831
216,069,924
213,874,463
226,993,774
209,366,825
210,156,910
252,962,971
$282,263,619
277,211,119
273,.416,613
274,923,503
269,466,111
261,854,318
254,761,268
242,866,548
240,916,421
230,237,516
224,151,013
311,612,616
280,551,354
273,875,755
272,503,812
256,214,220
251,062,728
263,650,971
242,248,709
257,525,963
275,337,786
266,586,196
236,536,259
247,746,370
293,776,801
271,500,400
262,372.102
242,296,082
224,826,733
218,759,495
209,474,752
195,358,799
188,621,178
173,741,660
167,958,342
267,147,142
Imports of
gold.
Exports of
gold.
$7,859,512
5,803,763
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
6,662.968
10,572,693
6,914,056
9,078,778
2,632.049
407,386
16,835,202
48,107,064
66,538,659
112.038,529
3,391,715
3,045,219
2,761,590
5,945,003
7,391,729
4,109,063
6,896,398
12,726,492
25,620,467
16,203,028
31,136,311
52,341,740
33,669,424
18,125,617
21,887.202
50,301,972
14,526,482
130,924
691,509
1,053.879
923.891
813,706
1,277,554
2,821,988
171,568,755
146,224,148
1 Excess of disbursements.
NOTE.—The above figures are exclusive of disbursements for the Panama Canal, the first payments for which occurred in the fiscal year 1903.
NOTE.—The receipts and disbursements by months were made up from the partial reports prior to July 1,1908; and being subject to change by subsequent concentration of
accounts, did not agree with the totals by years. The latter are tho actual results, as shown by complete returns.
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SECEETARY OF THE TREASURY.
229
TABLE H.—Statement of the balance in the general fundof the Treasury, including the gold
reserve, by calendar years from 1791 to 1842, and by fiscal years from 1843 to 1915.^
Balance in
general fund,
including
gold reserve
sincel875.
Date.
1791—December 31
1792—December 31
1793—December 31
1794—December 31
1795—December 31
1796—December 31
1797—December 31
1798—December 31
1799—December 31
1800—December 31
1801—December 31
1802—December 31
1803—December 31
1804—December 31
1805—December 31
1806—December 31
1807—December 31
1808—December 31
1809—December 31
1810—December 31
1811—December 31
1812—December 31
1813—December 31
1814—December 31
1815—December 31
1816—December 31
18i7_D ecember 31
1818—December 31
1819—December 31
1820—December 31
1821—December 31
1822—December 31
1823—December 31
1824—December 31
1825—December 31
1826—December 31
1827—December 31
1828—December 31
1829—December 31
1830—December 31
1831—December 31
1C32—December 31
1833—December 31
1834—December 31
1835—December 31
1836—December 31
1837—December 31
1838—December 31
1839—December 31
1840—December 31.
1841—December 31
1842—December 31
1843—June 30
1844—June 30
1845—June 30
1846—June 30
1847—June 30
1848—June 30.
1849—June 30
1860—June 30
1851—June 30
1862—June 30
1863—June 30
....
'.
$973,905.75
783,444.51
753,661.69
1,151,924.17
616,442.61
888,995.42
1,021,899.04
617,451.43
2,161,867.77
2,623,311.99
3,295,391.00
6,020,697.64
4,825,811.60
4,037,005.26
3,999,388.99
4,538,123.80
9,643,850.07
9,941,809.96
3,848,056.78
2,672,276.57
3,502,306.80
3,862,217.41
5,196,542.00
1,727,848.63
13,106,592.88
22,033,519.19
14,989,466.48
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
6,342.289.48
6,649,604.31
6,966,974.27
2 4,362,770.76
4,761,409.34
3,053,613.24
911,863.16
10,658,283.61
7,861,093.60
26,729,316.72
46,766,833.54
3 6,804,953.64
6,633,715.23
4,683,416.48
1,704,661.80
375,692.47
2,079,908.13
11,196,166.21
8,612,850.23
8,110,649.86
9,683,869.83
6,446,382.16
758,332.15
3,208,822.43
7,431,022.72
12,142,193.97
16,097,880.36
22,286,462.49
Date.
1864—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
1866—June 30
1866—June 30
.-...:
1867—June 30
1868—June 30
:
1869—June 30
1870—June 30
187i_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—June30
. < ..
1885—June 30
1886—June 30
1887—June 30
1888—June 30
1889—June 30
1890—June 30
1891—June 30
1892—June 30
1893—June 30
1894—June 30
1896—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—.Tmie30 .
I.n3—June 30
1914—June 30
1915—June 30
Balance In
general fund,
including
gold reserve
since 1875.
$20,300,636.61
19,629,841.06
20,304,844.78
18,218,770.40
6,698,157.91
4,685,626.04
3,931,287.72
2,005,286.24
18.265.984.84
8,395,443.73
112,002,776.10
26,440,930.29
112,476,770.66
161,175,174.31
116,133,629.82
126,642,842.77
113,486.981.01
91,739,739.00
74,437,368.54
59,762,346.64
72,159,697.17
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
322,051,668.02
296.477,491.89
330.689,354.82
422.061,445.47
396,171,347.73
276.375,428.10
256.894,675.67
290,176,926.13
317.152 478 99
315,960,984.79
311 612,615.53
257,147,142.41
1 This statement Is made from warrants paid by the Treasurer of the United States to Dec. 31,1821,
and by warrants issued after that date.
» The unavailable funds are not included froni and after this date.
*The araount 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.
to
TABLE I.—Receipts and disbursements of the UnitedStates.
CO
o
RECAPITULATION OF RECEIPTS BY FISCAL YEARS.
Ordinary receipts.
Miscellaneous.
Year.
Customs.
1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
399,473.09
443,070.86
255,306.56
801,066.28
588,461.26
567,987.94
549,649.65
106,061.93
610,449.31
080,932.73
750,778.93
438,235.74
479,417.61
098,665.33
936,487.04
667,698.17
845,521.61
363,650.68
257,506.62
583,309.31
313,222.73
958,777.53
224,623.25
998,772.08
282,942.22
306,874.88
283,348.49
176,385.00
283,608.76
005,612.15
004,447.15
589,761.94
088,433.44
878,325.71
098,713.45
341,331.77
712,283.29
205,623.64
681,965.91
922,391.39
Internal
revenue.
$208, 942.81
337, 706.70
274, 089. 62
337, 766.36
475, 289.60
576, 491. 46
644, 357.95
779; 136. 44
809, 396.65
1,048, 033.43
621, 898.89
216, 179.09
60, 941.29
21, 747.15
2o; 101.45
13, 051.40
8, 190.23
4, 034.29
7, 430.63
2, 295.95
4, 903.06
4; 755.04
1,662: 984.82
4,678: ,059.07
5,124: 708.31
2,678: 100.77
955: 270.20
229: 593.63
loo: 260.53
69; 027. 63
67, 665.71
34; 242.17
34, 663.37
25, 771.35
21, 589.93
19, 885.68
17, 451.54
14. 502.74
12; 160.62
Sales of p u b l i c
lands.
Direct t a x .
$4,836.13
83,540.60
11,963.11
443.75
167, 726.06
188',628.02
165, 675.69
487, 626.79
540, 193.80
766, 245.73
466, 163.27
647, 939.06
442; 252.33
696, 548.82
1,040, 237.53
710, 427.78
835: 655.14
1,135: 971.09
1,287: 959.28
1,717: 985.03
1,991: 226.06
2.606: 564.77
3; 274:422.78
1,635: 871.61
1,212: 966.46
1,803: 581.54
916: 523.10
984; 418.15
1,216,090.56
1,393.785.09
1,495,845.26
1,018 308.75
1,517,175.13
2.329,366.14
$734,223.97
634,343.38
206,565.44
71,879.20
50,198.44
21,882.91
56,763.86
34,732.66
19,169.21
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
2,626.90
2,218.81
11,335.05
16,980.59
O t h e r miscellaneous items.i
$10,478.10
17,946.06
59,910.88
356,749.97
193,117. 97
1,372,216.98
480,099.29
216,787.81
167,227.56
223,762.10
444,674.15
1,540,465.86
131,945.44
139,075.53
40,382. .30
51,121.86
38,660.42
21,822.86
62,162.57
84,476.84
59,211.22
126,165.17
271,871.00
164,485.00
296,824.58
342,447.51
580,006.52
583,0.30.33
732,098.42
1,061,338.44
257,589.43
750,457.19
491,129.84
477,603.00
497,951.81
497,088.66
1,735,722.83
620,126.49
602,648.65
563,227.77
Total ordinary
receipts.
$4,409,951.19
3,669,960. 31
4,652, 923.14
5,431 904.87
6,119,334.69
8,420. 329.65
8,688, 780.99
7,979,170.80
7,546,813.31
10,848, 749.10
12,945,455.95
14,996,793.95
11,064,097.63
11,826,307.38
13,660, 693.20
16,669,931.07
16,398,019.26
17,060, 661.93
7,773,473.12
9,384, 214.28
14,422; 634.09
9,801,132.76
14,340, 709.95
11,181 710.95
15,708; 458.56
47,745 650.82
33,366: 868.88
21,585: 583.66
24,603;374.37
17,840, 609.^5
14,573,379.72
20,232 427.94
20,540: 666.26
19,38i; 212.79
21,840,858.02
25,260,434.21
22,966, 363 96
24,763, 629.23
24,827,627.38
24,844 116.51
Postal
revenue.
$71, 295.93
92, 988.40
103, 883.19
129, 185.87
163, 794.64
195, 043. 44
213, 992.74
233, 144.73
264, 850.39
280, 806.06
320, 444.81
326, 831.05
359; 952.41
389, 711.49
422, 129.07
446: 620.34
484: 134.46
460:,717.77
506:,633.95
661: ,764.97
687,,256.73
649:,151.22
703:,220.73
730:,953.13
1,043 ,021.74
961 ,718.04
1,002 ,973.26
1,130 ,202.99
1,204 ,737.39
1,111 ,760.72
1,058 ,302.10
1,117 ,555.36
1,130 ,214.35
1,197:,298.93
1,306:,253.59
1.447:,660.04
1,524,,601.79
1,660: 276.46
1,778: 471.83
1.919: 313.70
Surplus ( + ) 0
Total ordinary
deficit ( - ) on
receipts a n d o r d i n a r y receipts,
postal revenue. including postal
deficiencies.
$4,481, 247.12
3,762; 948. 71
4,756, 806.33
5,661 090.74
6,283, 129.13
8,616, 373.09
8,902, 773. 73
8,212, 316.53
7,811, 663.70
11,129, 655.16
13,266, 900.76
15,322, 625.60
11,424, 060.04
12,216, 018.87
13,982, 822.27
16,006, 461.41
16,882, 153.71
17,621, 379.70
8,280: 107.07
9,935, 969.25
15,009: 900.82
10,450 283.98
15,043: 930.68
11,912: 664.08
16,751: 480.30
48,707 368.86
34,369 842.14
22,715: 786.65
25,808 111.76
18,952 430.27
15,631 681.82
21,349 983.30
21,670 880.61
20,578: 511.72
23,147: 111.61
26.708: 094.25
24,490, 965.75
26,423, 905.16
26,606i 099.29
26.763, 430.21
+$1,312, 498.64
- 4,599,909.44
-i- 806, 993.24
865,917.17
- 1,190,266.19
+ 2,629,678.82
-\- 2,680, 163.74
+
371,684.48
- 1,749,004.82
+
34,778.09
-{- 3,661, 955.99
+ 7,019,541.88
+ 3,111,811.03
+ 3,188, 399.73
+ 4,646, 344.36
-f- 6,110, 753. 46
+ 8,043,867.89
+ 7,999, 248.85
- 2,507, 273.92
-\- 909, 460.91
+ 6,244,593.66
-10,479, 638.51
-17,341, 142.19
-23,549,214.47
-17,235, 202.68
+16,549, 294.90'
+13,375, 976.41
+ 1,566,955.85.
+ 3,091,370.37
444,865.34
- 1,276,173.14
+ 5,231, 995.64
+ 5,834,036.27
489.85
+ 5,983: 640.68
+ 8.232, 574.99
+ 6,827, 196.80
+ 8,368, 787.18
+ 9,643, 673.75
+ 9,702, 008.25
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1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1860
1851
1862
1863
1864
1855
1856
1867
1868
1869
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1S79
1880
224,441.77
465,237.24
032,508.91
214,957.15
391,310.59
409,940.53
169,290.39
158,800.36
137,924.81
499,502.17
487,216.74
187,908.76
046,843.91
183,570.94
528,112. 70
712,667.87
747,864.66
757,070.96
346,738.82
668,686. 42
017,567.92
339,326.62
931,805.62
224,190. 27
025,794. 21
022,803. 60
876,905.05
789,620. 96
665,824.38
187,511.87
682,126.04
056,397.02
069,642. 40
316,152.99
928,260.00
046,651.58
417.810.88
464,699.56
048,426.03
538.374. 44
270.408.05
370,286.77
089,522.70
103,833. 69
167,722.35
071.984.61
,966.493.07
,170.680.20
,250,047.70
,622.064.60
3,210, 815.48
2,623, 381.03
3,967, 682.55
4,857, COO. 69
14,757, 000.75
24,877, 179.86
6,776,236.52
3,730, 945. f 6
7,301, 576. 40
3,411, 818. r3
1,365, 627. 42
1,335, 797.52
898, 158.18
2,069,939.80
2,077, 022.30
2,094. 452. 48
2,498, 355.20
3,328, 642.56
1,688, 959. 55
1,859, 894. 25
2,352, 305.30
2,043, 239. 58
1,607, 084. 99
8,470, 798. 39
11,497, 049. 07
8,917, 644. 93
3,829, 480. C4
3,513, 715.87
1,766, 687.30
1,778. 557. 71
870, 658.64
152, 203.77
107. 617.17
37,640. 787.96
109,741, 134.10
588, 333.29
209,404. 215.25
996, 653.31
309,220, 813-42
666, 031.03
206.027. 537. 43
1,163, 575.70
191,087,689. 41
1,348, 715.41
158,356. 460.80 • 4,020,344.34
184.899, 766. 49
3,360, 481.76
143,098. 163. 63
2,388, 646. 68
130,642, 177.72
.2,575, 714.19
113.729, 314.14
2,882, 312. 38
102,409: 784.90
1.862. 428.93
110,007, 493.58
1.413, 640.17
116,700, 732.03
1,129. 466. 95
118,630, 407. a3
976, 253.68
110,681, 624. 74
1,079, 743.37
113.661 610.68
924, 781.06
124,009,373.92
1,016, 606.60
6,933.51
11,030.65
2,759.00
4,190.09
10,459.48
370.00
5,493.84
2,467.27
2,553.32
1,682.25
3,261.36
495.00
103. 25
1,777.34
3,517.12
2,897.26
375.00
375.00
1,074,124.05
760, 410.61
945,081.67
715, 161.82
1,206. 452.95
2,538, 676.90
7,001,444.69
6,410,348. 45
755.22
979, 939.86
2,607, 112. 28
1,004,054. 75
451,995.97
285, 895.92
1,075,419. 70
361, 453. G8
289,950.13
220, 808. 30
612, 610. 69
085, 379.13
2,004, 308. 21
1,185,106.11
4G4, 249. 40
988, 081.17
1,105,352. 74
827, 731.40
1.110, 190.81
1,259,920.88
1,352,029.13
1.454, 590.24
1.088. 530.25
1,023,515.31
915, 327. 97
1,795,331.73
3,741, 794. 38
1,485,103.11
695.99
49,690,
476,648.9)
30,693. 916.49
1,200,673.03
66,903. 980.19
1,974,764.12
29,192, 305. 70
4,200,233.70
39.080. 390.13
1,788,146.85
26,373, 628. 03
765,685.01
229,102.88 1 28.236. 266. 67
580,366.37
30.986, 381.16
24,618, 688.88
28.721, 800.94
316,254.51
37,612. 708. 54
19,411. 195.00
27.794. 148.11
93,798.80
30.687. 068. ?0
15.931. 830.39
20, .593.801.^7
21,978, 526.01
30.85
10,506.01 1
6,791.13
304.12
19.8)
4,203.33
728.79
1,687.70
28,526,820.82
31,867,450.66
33,948,426.25
21,791,935.55
35,430,087.10
50,826,796.08
24,964,153.04
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
52,566,039.33
49,846,815.60
61,587,031.68
73,800,341.40
65,350,574.68
74,056,699.24
68,965,312.57
46,666,366.96
62.777,107.92
66,054.599.83
41,476,299.49
61,919,261.09
112,094,945.51
262,711,865.33
327,283,518.68
567,817,230.34
477,001,623.47
398,369,440.30
309,564,545.47
411,253,971.24
383,323,944.89
374,106,867.56
333,738,204. 07
304,978.766.00
288.000,061 10
293,790.130 50
281,260.222.78
267,763.878.70
272. .330.241. 21
333,526,600.98
2,105,721.94
2,258,570.17
2,617,011.88
2,823,749.34
2,993,556.66
3,408,323.59
4,946,608.21
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
6,255,686.22
6,642,136.13
6,920,821.66
7,363,951.76
7,486,792.86
7,968,484.07
8,518,067.40
8,349,296.40
8,299,820.90
11,163,789.69
12,438,263.78
14,566,158.70
14,436,986.21
15.297,020.87
16,292,600.80
18,344,610.72
19,772,220.05
20,037,046.42
21.916,426.37
22,996,741.67
26,471,071.82
26.791.360.69
28.644,197.50
27.531.686.26
29.277.516.95
30.041.982.86
33,316,479.34
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
24,623,046.90
12,627,226.69
33.557,995.61
34,259,947.60
33,187,167.09
30,347,712.39
40,263,910.31
35,426,253.78
49,092,873.74
58,965,643.66
55,031,342.44
66,827,756.38
80,055,927. C2
71,992,710.81
80,977,620.90
70,319,204.33
54,142,158.82
GO,746,591.99
64,672,667.23
49,826,596.89
60,219,081.99
123.268,736.10
275,150,119.11
341,839,677.38
572,264,216.55
492,298,660.34
414,662,041.16
387,909,056.19
431,026,191.89
403,360,990.31
396,022,293.93
366,734,946.24
331,449,827.88
314,791,411.69
322.434.328. 00
308,781,808.04
287,041,396.65
302.372,224.07
306,841,980.32
+ 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
- 7,562,162.82
+ 4,585,966.99
- 4,834,402.86
621,657.57
158,689.19
549,091.25
837,147.64
034,278.01
438,784.88
- 28 463,380.93
- 11 919,621.44
- 12: 778,000.89
2: 644,606.76
+ 803,660.92
+ 456,663.24
+ 843,042.69
+ 761,886.29
+ 719,9U.97
+ 330,349.23
+ 330.903.64
- 27 327,126.88
- lo; 216,491.85
- 7,146.276.82
173,913.69
- 25,660,980.66
-417, 639,330.67
-606, 267.235.50
-602, 816,770.90
- 9 6 7 , 794,874.00
+ 38,272,197.69
+ 130,030,306.54
+ 28,373,947.72
+ 48,696,966.09
+ 117, 163,661.38
+ 100,
+ 103.547.171.65
+ 48,498.879.33
+ 3,739.965.85
+ 13.376,658.26
+ 28,689.046.91
+ 39,915,747.92
+ 20.799.561.90
+ 5.382,367.68
678,863.62
1 Including profits on coinage, payments by Pacific railways, tax on national-bank circulation, forest reserve fund, head tax on Immigrants, fees, fines, and penalties, rent and sale
of Oovernment property, District of Columbia receipts, etc.
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TABLE I.—Receipts and disbursements of the UnitedStates—Continued.
CO
R E C A P I T U L A T I O N O F R E C E I P T S B Y FISCAL YEARS—Continued.
Ordinary receipts.
Miscellaneous.
Year.
Customs.
1881.
1882.
1883.,
1884.
1885.,
1886.
1887.
1888.
1889.
1890.,
1891.
1892.,
1893.
1894.,
1896.,
1896.,
1897..
1898.,
1899.,
1900.,
1901..
1902..
1903..
1904..
1905..
1906..
1907..
1908..
1909..
1910..
1911..
1912..
1913..
1914..
1915..
$198, 169,676.02
220, 410.730.26
214, 706,496.93
195, 067,489.76
181, 471,939.34
192, 906,023.44
217, 286,893.13
219, 091,173.63
223, 8.32,741.69
229, 668,684.67
219, 622,206.23
177, 452,964.15
203, 356,016.73
131, 818,630.62
162. 158.617.45
160. 021,751.67
176. 654.126.65
149, 576,062.35
206, 128.481.75
233, 164.871.16
238, 585,465.99
254, 444,708.19
284. 479,681.81
261. 274.664.81
261. 798,856.91
300, 261,877.77
332. 233,362.70
286. 113,130.29
300. 711,933.96
333. 683,446.03
314, 497,071.24
311, 321,672.22
318, 891,396. F6
292 320,014.51
786,672.21
Internal
revenue.
$135,264, 385.51
146,497: 595.46
144,720:,368.98
121,586, 072.61
112,498: 725.64
116,806 ; 936.48
118,823: 391.22
124,296,,871.98
130,881 613.92
142,606; 705.81
145,686, 249.44
163,971, 072.57
161,027, 623.93
147, i n ; 232.81
143,421, 672.02
146,762, 864.74
146,688, 674.29
170,900, 641.49
273.437, 161.61
295,327, 926.76
307,180, 663.77
271,880, 122.10
230,810, 124.17
232,904, 119.46
234,096, 740.86
249,160, 212.91
269,666, 772.85
261.711, 126.70
246,212, 643.69
'289,933, 619.45
2.322,529, 200.79
•'321,612, 199.66
4 344,416.965.66
•'^3X0.041, 007.30
6 416,669, 646.00
Sales of p u b l i c
lands.
$2,201,863.
. 4,763,140,
7,965.864,
9,810,706,
6,706,986,
6,630,999,
9.264,286.
11,202.017.
8.038,661.
6.358.272.
4,029.635.
3,261.875.
3,182,089.
1,673,6.37.
1,103,347.
1,005.623.
864,581.
1,243.129.
1.678,246.
2,836.882.
2,965.119.
4,144,122.
8,926,311.
7,453,479.
4,859.249,
4,879,833.
7,878.811.
9,731,560.
7,700,567.
6.365,797.
5,731,636.
5,392,796,
2,910,204.
2,571,774.
2,167,136,
Direct t a x .
$1,516.89
160,141.69
108,156.60
70,720.75
108,239.94
32,892.05
1,665.82
O t h e r miscellaneous i t e m s .
Total ordinary
receipts.
Postal
revenue.
Surplus ( + ) o r
deficit ( - ) o n
Total ordinary
receipts a n d ordtnary receipts,
p o s t a l r e v e n u e . liT^iiidlng p o s t a l
deficiencies.
$25,164, 850.98 $360,782, 292.57 $36,785, 397.97 $397,567, 690.54
31,703 642.62 403,625, 250.28
41,876, 410.15 445,401 660.43
30,796 695.02 398,287, 581.95
46,508, 692. 61 443,796: 274.66
21,984, 881.89 348,619, 869.92
43,325, 958. 81 391,845, 828. 73
24.014, 055.06 323,690, 706. 38 42,660, 843.83 366,261 650. 21
20,989, 527.86 336,439,,727.06
43,948. 422.95 380,388 160.01
26,005, 814.84 371,403 277.66
48,837, 609.39 420,240, 887.05
24,674, 446.10 379,266, 074.76
52,695, 176. 79 4,31.961 261.55
24.297, 151.44 387.050. 068.84
66.176, 611.18 443,225, 670.02
24,447, 419.74 403,080, 982.63
60.882, 097.92 463.963, 080.55
23,374, 457.23 392.612, 447.31
05,931, 786.72 458.544. 233.03
20.251 871. 94 354,937, 784.24
70,930, 476.98 425.868. 260.22
18,254,
.34 385.819, 628. 78 76,896, 993.16 461,716, 621.94
17,118, 618. 52 2P7.722, 019.25
75,080, 479.04 372,802, 498. 29
16,706, 438.48 313.390. 076.11
76,983, 128.19 390,373, 203.30
19.186, 060.64 326,976, 200.38
82,499, 208.40 409.476, 408.78
23,614 422.81 347,721, 705.10
82,665. 462.73 430,387, 167.89
83,602, 601.94 405,321, 335.20
89,012. 618.55 494,333. 953.75
34,716, 730.11 616,960, 620.18
95,021. 384.17 610,982. 004.35
35.911, 170.99 667,240. 851.89 102,364. 579.29 069,595. 431.18
38.964. 098.12 687,685, 337; 63 111,631, 193.39 699,316. 630.92
32,009, 280.14 662,478, 233.21 121.848 047.26 684,326, 280.47
36,180 657.20 660,396, 674.40 134.224 443.24 694,621, 117.64
38.084, 749.88 639,716, 913.86 143.682. 624.34 683,299. 638.20
43.852 911.06 644,606, 768.62 152,826, 586.10 697.433, 343.72
40,436, 017. 99 694,717. 942.32 167,932. 782.95 762,650, 726.27
63,.346 713.24 663.125. 669.92 183,585. 006.57 846,710, 665.49
63.604: 906.05 601,060, 723.27 191,478, 663.41 792,539, 386.68
48,964: 344.52 603,689, 489.84 203,562, 383.07 807,161, 872.91
46,538, 953.05 675,511, 716.02 224,128, 657.62 899,640, 372.64
58,614 466.08 701.372, 374.99 2;i7.879.823.60 9.39,252,198.59
63,451 796.74 691,778. 466.37 246,744 015.88 938,622, 481.25
67,892; 663.64 724,111, 229.84 2''.6,«19,625.65 990,730, 766.49
69,740, 370.13 734.673, 166.71 287,934, 565. 67 1,022,607,.732.38
70,287, 372.90 ^97,910, 827.58 287,248, 165.27 985,158, 992.85
+$101,130, 653. 76
145,643, 810. 71
132,879, 444. 41
104,393, 626. 59
+ 63,463, 771. 27
+ 93,956, 588.56
+ 103,471, 097. 69
+ 119,012, 116.09
+ 105,053, 443.24
+ 105, .344, 496.03
+ 37,239, 762. 67
+
9,914, 453. 66
+
2,341, 674.29
69,803, 260.58
42,805, 223.18
26,203 245. 70
18,062: 464. 41
38,047, 247. 60
89,111, 669. 67
+ 79,527, 060.18
+ 77,717, 984. 38
+ 91,287, 376. 67
+ 64,307, 662. 36
+
7,479, 092. 55
336. 00
18,763, 616. 97
+ 45,312, 6.30.88
+ 111,420, 667.37
20,041, 954. 93
68,734, 323. 94
+ 15,806, 377.10
+ 47,234, 501.90
+ 37,224 .524.33
+ 41 .340, 677.00
+ 34,418,
.53
33,488,
1 I n c l u d e s $20,951,780.97 c o r p o r a t i o n t a x .
2 I n c l u d e s $33,510,976.69 c o r p o r a t i o n t a x .
3 I n c l u d e s $28,583,303.73 c o r p o r a t i o n t a x .
* I n c l u d e s $35,006,299.84 c o r p o r a t i o n t a x .
6 I n c l u d e s $10,671,077.22 corporation excise t a x ; $32,466,662.67 c o r p o r a t i o n i n c o m e t a x , a n d $28,253.5,34.85 i n d i v i d u a l i n c o m e t a x .
6 I n c l u d e s $52,069,126.29 e m e r g e n c y r e v e n u e ; $39,156,596.77 c o r p o r a t i o n i n c o m e t a x ; a n d $41,046,162.09 i n d i v i d u a l i n c o m e t a x .
O
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P u b l i c d e b t receipts.
P a n a m a Canal
receipts—proProceeds
of
Premium
Total public
ceeds of b o n d s b o n d s a n d other
debt.
and premium.
received.
securities.
Year.
1791
1792...
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815 . .
1816
1817
1818 .
1819
1820 . .
1821
1822
1823
1824
1825 . . .
1826
1827
1828
1829
1830
18.31
1832
1833
:
E x c e s s of deposits t o retire
national-bank
notes over
redemptlons.i
$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
5,102,498.46
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
1
. . .
.
.
.
1
2,750,000.00
2,750,000.00
12,837,900.00
26,184,135.00
23,377,826.00
35,220,671.40
9,425,084.91
466,723.45
8,353.00
2,291.00
3,000,824.13
6,000,324.00
12,837,900.00
26,184,135.00
23,377,826.00
35,252,779.04
9,425,771.00
466,723.45
8,353.00
2,291.00
3,040,824.13
5,000,324.00
5,000,000.00
5,000,000.00
$32,107.64
686.09
40,000.00
5,000,000.00
5,000,000.00
....
• -•-
T o t a l of all
recelpts.2
$4,842,638.46
8,865,447.16
0,554,078.34
9,669,041.62
9,679,553.13
8,935,3/3.09
8,972,773.73
8,412,316.53
12,811,663.70
12,694,784.40
13,265,900.76
16,322,626.60
11,424,050.04
12,216,018.87
13,982,822.27
16,006,451.41
16,882,153.71
17,621,379.70
8,280,107.07
12,685,969.25
15,009,900.82
23,288,183.98
41,228,065.68
35,290,490.08
52,004,259.34
58,133,139.86
34,836,565.59
22,724,139.65
25,810,402.76
21,993,254.40
20,632,005.82
21,349,983.30
21,670,880.61
25,578,511.72
28,147,111.61
26.708,094.25
24,490,965.75
26,423,905.69
26,606,099.21
26,763,430.21
30.6.32,542.76
34,126.020.83
36,565,438.13
1 Only the annual excess of deposits over redemptions included in this column.
2/National-bank redemption fimd herein includes only the annual excess of deposits on account of national-bank redemption fund since 1890.
S u r p l u s ( + ) or
deficit ( - ) o n
all receipts.
+ $978,088.02
—
174,059. 44
60.66
+
432,060.82
596,725.64
+
430,957.17
+
190,308.33
366,610.89
+ 1,624,430.85
+
535.114.32
+
744,381. 90
+ 1,776,281.60
151,246.00
733,072.08
1,602.72
+
571,440:70
+ 5,170,944.69
+
311,762.86
- 6,092,235.17
— 1,176,016.46
+
899,375.23
+
456,590.30
+ 1,402,133.60
- 3,464,115.10
+ 11,678,010.38
+ 9,080,769.20
— 6,958,209.31
-13,412,534.93
+
692,170.44
—
932,961.78
+
363,906.85
+ 2,506,031.71
+ 6,197,932.12
- 7,510,505.04
+ 3,322,394.60
+ 1,208,897.01
+
352,582.03
714.890.28
—
310.963.86
+
228.032.48
— 1,412.646.16
- 2,496,848.89
+ 9,377,724.77
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TABLE I.—Receipts and disbursements ofthe United States-^Continned.
to
CO
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
Total public
Premium
ceeds of b o n d s b o n d s a n d o t h e r
received.
and premium.
debt.
securities.
Year.
1834
1836
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846.....
1847
1848
1849
1850
1851
1852
1853
1854
1865
1856
1857
1858
1869
1860
1861
1862
1863.....
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
.
.
.
.
..i
...
:
$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
40,300.00
10,350.00
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
774,583,301.57
1,086,312,896.82
1,468,064,910.85
612,035,278.06
473,024,790.29
537.099.974.00
100.069,07L06
31,669,916.00
91,603,212.47
173,717,750.00
38,681,450.00
183,236,866.00
• $71,700.83
666. GO
28,365.91
37,0^^0.00
487,065.48
10,550.00
4,204.92
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
7,208.642.96
1,379.201.74
1,606.39
$2,992,989.15
12,716,820.86
3,857,276.21
5,589,547.51
13,659,317.38
14,808,735.64
12,551,409.19
1,877,847.95
28,900,765.36
21,293,780.00
29,075,815.48
4,056,500.00
207,664.92
46,300.00
16,372.50
2,001.G7
800.00
200.00
3,900.00
23,717,300.00
28,996,857.72
20,786,808.00
41,895,340.04
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
31,571,422.39
91,603,212.47
173,717.750.00
38,081,450.00
183,236,866.00
E x c e s s of d e posi is to retire
national-bank
notes over
redemptions.
T o t a l of all
receipts.
S u r p l u s ( + ) or
deficit ( — ) on
all receipts.
$24,615,648.89
38,423,643.76
64,235,119.67
32,892,810.40
43,258,116.06
39,824,682.52
29,613,184.76
34,927,203.92
39,331,782.54
25,078,035.88
35,435,843.56
34,259,947.60
. 33,187,107. 09
59,248,477.75
01,547,090.31
64,502,009.26
53,149,373.74
59,173,308.58
65,077,042.44
66,844,128.88
80,057,929.29
71,993,510.81
80,977,720.90
70,323,104.33
77,859,458.82
89,742,449.71
85,359,475.23
91,720,930.53
589,979,942.49
898,444,442.11
1,303,338.222.81
1,810,335,074.63
1,184,504,884.32
978,955,827.43
959,030,668.12
489,357,328.99
462,697,614.28
494,964,202.78
669,740,043.93
395,416,396.24
614,685,693.88
— $2,896,938.63
+ 18,093,152.12
+ 20,525,189.27
7,660,545.78
627,984.50
2,426,789.94
3,331,584:69
1,369,853.72
+
720 154 21
+ 8,585,777.02
2,502,679.99
—
551,193.10
+ 1.478.847.28
5,251,916.09
3,434,303.15
+ 3,636,597.39
+ 3,331,702.05
+ 4,418,802.59
+ 1,256,683.57
+ 7,020,342.44
1,670,827.68
813.401.28
+ 1,330,557.67
2,305,374.80
- 11,689,620.78
1,904,077.28
213,717.82
2,016,072.96
+ 16,012,557.85
- 10,430,258.73
+ 97,919,902.71
-100,493,985.44
+120,757,951.16
+ 29,995,625.29
- 38.051,314.22
+
9,436,292.16
7,638,809.25
- 24,927,570.64
- 15,571,348.65
- 14,479,070.24
+
9,167,257.53
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1875..
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1896
1896
1897
1898
.
1899
1900
...
1901
1902
1903
1904
1906
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
.
.
..
..
..
:
...
133,118,500.00
132,928,950.00
141.134,650.00
198,850,250.00
617,578,010.00
73,065,540.00
678,200.00
225,300.00
304,372,850.00
1,404,650.00
58,150.00
39,850.00
40,900.00
48,650.00
24,350.00
21,650.00
13,750. 00
16,250.00
22,900.00
50,014,250.00
81,105,050.00
131,168,800.00
3,250. 00
5,950.00
199,201,210.00
117,770.00
3,700.00
2,370.00
2,050.00
2,600.00
2,750.00
2,050.00
$31,210,817.95
5,100.00
25,367,708. 67 15,436,600.00
30,731,008.21
118,102,170.04
33,189,104.15
133,118,600.00
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
110.00
73,065,050.00
678,200.00
225,300.00
304,372,850.00
1,404,650.00
68,150.00
39,850.00
40,900.00
48,650.00
24,350.00
21,650.00
13,750.00 $40,018,392.25
15,250. 00
22,900.00
8,633,295.71
68,647,545.71
6,708,247.76
11,339,344.02
92,604,394.62
11,166,246.41 142,335,046.41
3,250.00
4,356,614.50
5,950.00
6,034,510.00
6,324,234.60
199,201,210.00
117,770.00
3,700.00
2,370.00
12,650, ieo. 66
1,484,048.00
1,486,098.00
456,336.00
457,930.00
2,750.00
530,324.00
532,374.00
16,468,537.66
1,609,234.00
1,514,334.00
6,023,165.50
16,436,500.00
24,797,980.00
5,255,7i5.66
459,280.00
1,929.840.00
3.118.940.00
933;540.00
459,280.00
1,929,840.00
3,118,940.00
933,540.00
4,347,457.66
4,655,478.22
447,909, 911.69 4,204,784.11
455,""" 012.781 450,072,' 653.84 + 29,967,068.67
485,891 645.65 + 75,651,808.00
921,447; 177.32 +144,675,084.77
439,907, 630.32 -141,485,744.21
398,245, 890.54 + 14,637,023.93
445,626, 960. 43 - 20,736,144.84
748.169, 124.56 1,178,462.55
393,250, 478.73 +
4,531,941.09
366,309, 700.21 + 17,479,285.84
380,428, 000.01 + 49,412,595.20
420,281, 787.05 - 24,447,370.46
432,009, 901.55 + 36,527,710.58
443,250, 020.02 - 33,503,357.76
403,984, 730.55 - 19,601,877.53
498,576, 375.28 - 34,132,372.16
425,883, 610.22 - 27,673,266.32
461,739, 521. 94 4,445,400.21
437,158, 291.75 5,703,914.32
482,877, 597.92 + 46,192,425.01
551,810, 455.19 +104,680,230.86
434,747, 032.39 - 25,071,091.91
500,374, 413.75 - 61,948,849.60
815,607, 448.85 +100,791,521.35
669,713, 201.18 + 23,038,214.12
699,320, 230. 92 + 21,215,743.65
696,978, 810.47 + 33,672,596.43
696,107 215.64 + 26,266,651.64
683,757; 474.20 - 66,634,546.21
697,436, 093. 72 - 26,574,076.13
773,591, 636.27 + 35,211,862.93
!.94 + 91,372,090.65
. 884,458:
858,141, 635.35 - 26.890,097.74
837,882,
.12 -118,795,919. 63
899,640; 372. 64 - 19,480,752.43
962,610, 083.63 + 33,501,36a 68
972.170, 865.40 + 26,975.552.86
992,660, 595.49 + 3,319,156.71
28,093.79
1,025,726, 672.38 +
990, "^~ 989.85 - 57,442,509.75
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1 I n c l u d e s d e p o s i t s of $17,641,634, for p r i n c i p a l of b o n d s , o n l y $2,035,700 of w h i c h w e r e a c t u a l l y issued i n 1911; t h e b a l a n c e w a s issued i n t h e fiscal y e a r 1912.
NOTE.—The disbursements are stated by warrants paid to June 30,1866, and by warrants issued since that date.
The disbursements lor 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.
OflBce Department.
Issues and redemptions of certificates and notes not affecting the cash in general fund are excluded from the public debt figures in this statement.
to
CO.-
TABLE I.—Receipts and disbursements ofthe United States—Continued.
to
00
05
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 miscell a n e o u s , exclusive
of p o s t a l deficiencies.
War Department.
$1,083,971.61
4,672,664.38
511,461.01
750,350.74
1,378,920.66
801,847.68
1,259,422.62
1,139,524.94
1,039,391.68
1,337,613.22
1,114,768.46
1,462,929.40
1,842,635.76
• 2,191,009.43
3,768,598.75
2,890,137.01
1,697,897.61
1,423,285.61
1,215,803.79
1,101,144.98
1,367,291.40
1,683,088.21
1,729,435.61
2,208,029.70
2,898,870.47
2,989,741.17
3,518,936.76
3,835,839.51
3,067,211.41
2,592,021.94
2,223,121.54
1,967,996.24
2,022,093.99
7,155,308.81
2,748,544.89
2,600,177.79
$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
2,660,878.77
1,672,944.08
1,179,148.26
822,055.85
875,423.93
712,781.28
1,224,356.38
1,288,685.91
2,900,834.40
3,345,7.72.17
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
6,606,300.37
2,630,392.31
4,461,291.78
3,111,981.48
3,096,924.43
3,340,939.85
3,669,914.18
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
2,868,081.84
3,448,716.03
2,111,424.00
915,561.87
1,215,230.53
1,189,832.76
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
2,603,766.83
2,904,681.56
. 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
151,876.00
277,846.00
167,358.28
167,394.86
530,760.00
274,512.16
319,463. 71
505,704.27
463,181.39
315,750. 01
477,005.44
675,007.41
380,781.82
429,987.90
724,106.44
743,447.83
Pensions.
•
'
$175,813.88
109,243.16
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
81,875.63
70,500.00
82,576.04
87,833.54
83,744.16
76,043.88
91,402.10
86,989.91
90,164.36
69,656.06
188,804.15
297,374.43
890,719.90
2,415,939.86
3,208,376.31
242,817.25
1,948,199.40
1,780,588.62
1,499,326.59
1,308,810.57
1,556,693.83
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
2,667,074.23
2,866,074.90
3,163,671.09
2,585,435.57
2,451,272.57
3,699,455.22
. 4,593,239.04
5,990,090.24
7,822,923.34
4,636,282.55
6,209,954.03
6,211,730.66
6,161,004.32
6,126,073.79
5,172,788.79
4,922,475.40
4,943,567.93
4,366,757.40
3,975,642.95
Total ordinary
disbursements,
exclusive of
postal deficiencies.
$3,097,462.55
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
10,813,97L01
9,393,499.96
7,976,262.07
7,952,286.60
8,637,907.65
9,014,348.84
9,449,177.62
8,354,15L37
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
31,196,356.92
19,990,892.47
20,018,627.81
21,512,004.00
18,285,634.89
15,849,562.88
15,000,432.30
14,706,629.99
20,273,702.64
15,857,217.34
17,037,859.22
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1827.
1828.
1829.
1830.
1831.
1832.
1833.
1834.
1835.
1836,
1837,
1838.
1839,
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859,
1860,
1861,
1862,
1863,
1864,
1865,
1866,
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877,
1878.
2,713,476.68
3,676,052.64
3,082,234.65
3,237,416.04
3,064,646.10
4,677,141.45
6,716,245.93
4,404,728.95
4,229,698.63
6,393,279.72
9,893,370.27
7,160,664.76
6,726,990.89
6,995,398.96
6,083,224.45
6,721,927.61
3,181,410.0)
5,645,183.86
6,911,760.98
6,901,062.27
6,349,309.36
6,628,629.29
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
18,088,432.68
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
61,078,551.25
48,392,882.35
65,350,606.23
55,809,757.42
67,837,635.06
80,427,548.90
63,859,056.88
68,507,120.68
62,756,193.59
47,424,309.66
3,948,,977.88
4,145,,544.56
4,724,,291.07
4,767,,128.88
4,841..835.55
6,446,,034.88
6,704,,019.10
5,696,,189.38
5,769,,156.89
11,747,,345.25
13,682,,730.80
12,897,,224.16
8,916,,996.80
7,096,,267.23
8,801,,610.24
6,610,,438.02
2,908,,67L95
6,218,,183.66
6,746,,291.28
10,413,,370.68
35,840,,030.33
27,688,,334.21
14,558,,473.26
9,687,,024.58
12,161,,965.11
8,521,,606.19
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,,416.63
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
32,164,,147.86
4,263,877.45
3,918,786.44
3,308,746.47
3,239,428.63
3,866,183.07
3,966,370.29
3,901,356.75
3,956,260.42
3,864,939.06
5,807,718.23
6,646,914.53
6,131,680.63
6,182,294.25
6,113,896.89
6,001,076.97
8,397,242.95
3,727,7n. 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
8,880,681.38
8,918,842.10
11,067,789.63
10,790,096.32
13,327,096.11
14,074,834.64
12,651,694.61
14,053,264.64
14,690,927.90
11,514,649.83
12,387,166.62
42,640,353.09
63,261,235.31
85,704,963.74
122,617,434.07
43,286,662.00
31,034,011.04
25,775,502.72
20,000,767.97
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
14,969,935.36
17,366,301.37
750,624.88
705,084.24
576,344.74
622,262.47
930,738.04
1,352,419.75
1,802,980.93
1,003,953.20
1,706,444.48
5,037,022.88
4,348,036.19
6,504,191.34
2,528,917.28
2,331,794.86
2,514,837.12
1,199,099.68
578,371.00
1,256,632.39
1,539,351.36
1,027,693.64
1,430,411.30
1,252,296.81
1,374,161.55
1,663,691.47.
2,829,801.77
3,043,676.04
3,880,494.12
1,660,339.65
2,772,990.78
2,644,263.97
4,354,418.87
4,978,266.18
3,490,534.53
2,991,121.54
2,866,481.17
2,327,948.37
3,162,032.70
2,629,975.97
5,059,360.71
3,295,729.32
4,642,531.77
4,100,682.32
7,042,923.06
3,407,938.15
7,426,997.44
7,061,728.82
7,951,704.88
6,692.462.09
8,384,656.82
5,966,558.17
6,277,007.22
4,629,280.28
976,1,138.86
850,),573.57
949,1,594.47
1,363,t, 297.31
),666.14
1,170,
1,184,1,422.40
4,589,1,152.40
3,364,1,285.30
1,954,1,711.32
J, 797.96
2,882,
2,672,1,162.45
2,156,),057.29
3,142,5,760.51
2,603,5,562.17
2,388,1,434.51
1,378,;,931.33
839,1,041.12
2,032,J, 008.99
2,400,1,788.11
1,811,L, 097.66
1,744,fc,883.63
1,227,', 496.48
;, 867.64
1,328,
5,886.02
1,866,
, 377.22
2,293,;,868.78
2,401,i, 306.20
1,756,!, 666.00
1,232,
^ 612.33
1,477,
. 229. 65
1,296.i1,380.58
1,310,1,768.30
1,219,!.222.71
1,222.1,802.32
1,100, 19.73
1,034,:, 170.47
862,
1,078,t, 513.36
4,985,»,473.90
', 621.34
16,347,i, 549.88
15,605,(,551.71
20,936,1,386.78
23,782,), 621.78
28,476,1,202.17
28,340,,894.88
34,443,,402.76
28,533,,426.86
29,359,1,414.66
29,038,i, 216.22
29,456,,395.69
28,257,i, 752.27
27,963,',019.08
27,137,
3,486,071.61
3,098,800.60
2,542,843.23
1,912,674.93
1,373,748.74
772,661.50
303,796.87
202,152.98
57,863.08
14, 996.48
399, 833.89
174, 598.08
284, 977.55
773, 649.85
623, 583.91
1,833, 452.13
1,040, 458.18
842, 723.27
1,119, 214.72
2,390, 765.88
3,565, 635.78
3,782, 393.03
3.696, 760.75
4,000, 297.80
3,665, 832.74
3,070, 926.69
2,314, 464.99
1,953, 822.37
1,593, 265.23
1,652, 066.67
2,637, 649.70
3,144, 120.94
4,034, 157.30
13,190, 344.84
24,729, 700. 62
53,685, 421.69
77,395. 090.30
133,067, 624.91
143,781, 591.91
140,424, 045.71
130,694, 242.80
129,236, 498.00
125,576, 565.93
117,357, 839,72
104,750, 688.44
107,119, 815.21
103,093, 544.57
100,243, 271.23
97,124, 511.58
102,600,874.65
16,139,167.16
16,394,842.05
15,184,053.63
15,142,108.26
15,237,816.64
17,288,950.27
23,017,551.98
18,627,570.23
17,572,813.36
30,868,164.04
37,243,214.24
33,864,714.56
26,896,782.62
24,314,518.19
26,074,160.84
25,081,189.44
11,758,789.51
22,483,560.14
22,935,827.79
26,450,951.24
54,384,485.10
47,595,998.69
43,499,078.39
40,948,383.12
47,751,478.41
43,348,807.92
45,590,239.09
51,831,109.48
56,551,848.71
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
34,3,212.659.11
366,285,942.16
315,795,087.47
288,812,425.94
278,029,143.51
265.384,696.91
279,748,850.34
296,524,755.50
267,411,746.74
260.008.544.23
235,164,135.92
231,210,932.78
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TABLE I.—Receipts and disbursements of the UnitedStates—Continued.
CO
RECAPITULATION OF DISBURSEMENTS BY FISCAL YEARS—Continued.
00
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.,
1915..
Civil and miscellaneous, exclusive
of postal deficiencies.
War Department.
$60,968,031.00
61,642, 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, 578.64
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
172,266,794.41
169,802,304.63
170,530,235.45
200,533, 231.45
$40,425, 660.73
38,116,916.22
40,466,460.55
43,570,494.19
48,911,382.93
39,429, 603.36
42,670,578.47
34,324, 152.74
38,561,025.85
38,522,436.11
44.435,270.85
44,582,838.08
48,720,005.01
46,895,456.30
49,641. 773.47
64,567,929.85
51,804,759.13
50,830,920.89
48,950,207.89
91,992,000.29
229,841,254.47
134,774, 707.78
144,615,697.20
112,272,216.08
118,619,520.15
115,035,410.58
122,175,074.24
117,946, 1.37
122,576, 465.49
137,746,523.95
161,067,462.39
155,911 705.93
160,135,975. 89
148,795,421.92
160,387,452.85
173,522,804.20
172,973,091.73
Navy Department.
$15,125,126.84
13,536,984.74
15,686,671.66
15,032,046.26
15,283,437.17
17,292,601.44
16,021,079.67
13,907,887.74
15,141,126.80
16,926,437.65
21,378,809.31
22,006,206.24
26,113,896.46
29,174,138.98
30,136,084.43
31,701,293.79
28,797,795.73
27,147,732.38
34,561,546.29
58,823,984.80
63,942,104.25
55,953,077.72
60,506,978.47
67,803,128.24
82,618,034.18
102,950,101.55
117,550,308.18
110,474,204.40
97,128,409.36
118,037,097.15
115,546,011.09
123,173,716.68
119,937,644.39
135,591,955.72
133,262,861.97
139,682,186.28
141,835,653.98
Indians.
$5,206,109.08
6,945,457.09
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
15,103,608.41
14,579,755.75
15,694, 618.11
18,504,131.60
20,933,869.44
20,134,839.80
20,306, 158.90
20,215: 07.5.96
22,130;350.70
Pensions.
$35,121,482.39
66,777,174.44
50,059,279.62
61,345,193.95
66,012,573.64
55,429,228.06
56,102,207.49
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
141,053,104.63
147,452,368.61
139,394,929.07
140,877,316.02
139,323,621.99
138,488,559.73
138,425,646.07
142,5.59,266.36
141,773,964.57
141,034,561.77
139,309,514.31
163,892,467.01
161,710,307.25
160,696,415.88
157,980,575.01
153,590,466.26
175,085,450.29
173,440,231.12
164,387,941.61
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
61,386,256.47
50,580, 145.97
47,741,577.25
44,715,007.47
41,001, 484.29
36,099,284.05
37,547, 135.37
23,378, 116.23
27,264,392.18
27,841, 405.64
30,978,030.21
35,385,028.93
37,791, 110.48
37,585,056.23
39,896,925.02
40,160,333.27
32,342, 979.04
29,108, 044.82
28,556,348.82
24,646,489.81
24,590, 944.10
24,308, 576.27
24,481, 158.34
21,426, 138.21
21,803, 836.46
21,342, 978.83
21,311,334.12
22,616, 300.48
22,899, 108.08
22,863,956.70
22,902, 897.04
Total ordinary
disbursements,
exclusive of
postal deficiencies.
$262,174,369.04
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
548,294,830.62
536,732,130.96
544,075,746.23
608,214,349.70
642,823,382.40
651,209,778.71
654,137,997.89
652,985,768.69
681,743,336.72
700.254,489.71
724,763,166.51
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Postal disbursements.
Year.
1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809...........
1810
1811
1812
1813
1814
1815
1816
1817.
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828.
1829
1830
1831
1832
F r o m postal
revenue.
$67,113.66
76,586.60
74,161.03
95,397.53
125,038.62
136,639.08
156,688.03
185,308.01
184,835.88
207,135. 96
248,141.92
275,856.69
316,312.37
333,977.23
386,115. CD
413,814.45
418,916.03
446,914.80
505,115. 94
560,991.22
517,920.73
562,472.53
635,411.72
726,374.86
743,756.61
807,875.15
917,128.86
1,031,799.18
1,114,032.59
1,163,191.33
1,177,526.28
1,167,368.96
1,158,777.49
1,190.478.29
1,238,912.29
1,395,798.78
1,481.619.68
1.679,316.45
1,872,704.67
1,950,116.18
2,006,742.80
2,266,171.66 1
Total ordinary
disbursements
a n d postal
P a n a m a Canal
service,
includ- d i s b u r s e m e n t s .
From Treasury
Total postal
i
n
g g r a n t s for
g r a n t s for
disbursements.
.deficiencies
deficiencies.
therein.
$67,113.66
76,586.60
74,161.03
05,397.53
125,038.62
136,639.08
156,588.03
185,308.01
184,835.88
207,135.96
248,141.92
275,856.69
316,312.37
333,977.23
386,115.52
413,814.45
418,916.03
446,914.80
505,115.94
650,991.22
617,920.73
552,472.53
635.411.72
726,374.86
743,755.61
807,875.16
917,128.86
1,031,799.18
1,114,032.59
1,163,191.33
1,177,626.28
1.167,358.96
1.158.777.49
1.190.478.29
1.238.912.29
1,395,798.78
1.481,619.68
1.679.316.45
1,872,704.67
1,950.116.18
2,006,742.80
2,266,171.66
$3,164,666.21
8,346,456.35
3,921,090.93
6,393,219.57
7,434,639.40
6,927,289.91
6,165,215.28
7,792,894.33
9,480,054.01
11,021,106.97
9,641,641.88
8,252,108.76
8,268,598.97
8,971.884.88
9,400,404.36
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
36,447.300.28
33,687,416.85
32,004,231.07
20,908,021.33
21,050,426.99
22,626,036.59
19,448,726. 22
17.027,079.14
16,167.791.26
15,865.407.48
21,464,180.93
17,096.129.63
18,433,658.00
17.620,786.84
18.074,158.60
17,056,758.30
17,092,224,44
17.244,559.44
19,555,121.93
Public debt disbursements.
Redemption
of b o n d s
a n d otber
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
5,294,236.24
3,306,697.07
3,977,206.07
4,583,960.63
5,572,018.64
2,938,141.62
7,701,288.90
3,586,479.26
4,835,241.12
5,414,564.43
1,998,349.88
7.508,608.22
3,307,304.90
6,638,832.11
17,048,139.69
20,886,753.57
15,086,247.59
2,492,195.73
3,477,489.96
3,241.019.83
2,676,100.33
607,541.01
11,624,835.83
7,728,587.38
7,065.639.24
6,517,596.88
9.064,637.47
9,860,304.77
9,443.173.29
14,800,629.48
17,067,747.79
P r e m i u m 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
1,706,678.84
1,138,563.11
2,879,876.98
6,294,235.24
3,306,697.07
3,977.206.07
4,583,960.63
6,572,018.64
2,938.141.62
7,701,288.96
3,586,479.26
4,835,241.12
6,414,564.43
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
0.064.^37.47
9,860,304.77
9,443,173.29
14,800 6'9.48
17,067.747.79
E x c e s s of
national-bank
notes retired
over deposits
for retirement.
'
T o t a l of all
disbursements.
$3,864,550.44
9,039,506.60
6,564,139.00
9,136.990.70
10,276,278.77
8,504,415.92
8,782,466.40
8,768,926.42
11,187,232.85
12,159.670.08
12,621,518.86
13,646,344.00
11,576,296.04
12,949.090.95
13,984.424.99
16,435,010.71
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
38,764,606.18
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
26,499,197.24
24.138.383.72
27,138.795 97
26,917,063.07
26,535 397.73
32,045,188.92
36,622,859.72
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TA^LE I.—Receipts and disbursements of the United States—Continued.
o
RECAPITULATIOlSr OF DISBURSEMENTS BY FISCAL YEARS—Continued.
Postal disbursements
Year.
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..
:3l859.,
I860..
1861..
1862..
1863.,
1864..
1865.,
1866..
1867..
1868..
for 1869..
FRASER
From postal
revenue.
32,930. 414.87
2,910,605.08
2,757 350.08
2,841 766.36
3,288. 319.03
4,430, 662.21
4,636,536.31
4,718, 235.64
4,499,627.61
5,674, 761.80
4,374, 753.71
4,296, 612.70
4,320, 731.99
4,076,036.91
3,979, 542.10
4,326,850.27
4,479,049.13
6,212, 953.43
6,278, 401.68
7,108,450.04
5,240,724.70
6,255,586.22
6,642,136.13
6,920,821.66
7,353,951.76
7,486,792.86
7,968,484.07
8,518,067.40
8,349,296.40
8,299,820.90
11,163 789.59
12,438: 253.78
14,558;158.70
14,436,986.21
15,297 026.87
16,292,600.80
18,344,610.72
Digitized
Total ordinary
disbursements
and postal
service,
includ- Panama Canal
From Treasury Total postal
ing grants for disbursements.
grants for
deficiencies. disbursements. deficiencies
therein.
$407,657.00
63,697.00
21,303.00
810,231.62
636,298.99
22,221.96
1,041,444.44
2,153,750.00
3,207.345.63
3,078,814.00
3,199,118 00
3,616,883.00
4,748,923.00
4,808,558.41
9,889,545.72
6,170,895.03
3,561,728.55
749, 313.98
999, 980.00
250, 000.00
3,516,666.67
4,053,19L66
6,396,.6ia^,
$2,930, 414.87
2,910, 605.08
2,767, 350.08
2,841, 766.36
3,288, 319.03
4,430, 662.21
4,636, 536.31
4,718, 235.64
4,907, 184.61
6,728, 448.80
4,396, 066.71
4,296, 512.70
4,320, 731.99
4,886, 268.63
4,516, 841.09
4,349, 072.23
4,479, 049.13
5,212, 963.43
6,278, 401.68
8,149, 894.48
7,394, 474.70
9,462. 931.85
9,720. 950.13
10,119, 939.66
10,970, 834.76
12,235, 716.86
12,777, 042.48
18,407, 613.12
13,520, 191.43
11,861, 549.45
11,913, 103.57
13,438, 233.78
14,806, 168.70
14,436. 986.21
i.64
18.813, 792.46
20,345, 02L00
23,740,
$25,947,966.
.21,638,175.
20,330,163,
33,709,930.
40,531,533.
38,295,376.
31,533,318,
29,032,763.
30,981,346.
30,809,638.
16,154,846.
26,780,072.
27,266,559,
31,337,219.
58,900,326.
61,945,070.
47,978,127.
46,161,336.
54,029,880.
51,498,702.
52,984,713.
61,294,041.
66,272,798,
75,647,171.
74,988,360.
81,469,285.
76,962,083,
71,718,943.
74,999,509.
477,870,062.
729,898,065.
877,407,354.
1,309,655,448.
633,469,342.
302,026,352.
386,631.734.
339,636,108.
Public debt disbursements.
Redemption
of bonds
and other
securities.
public
Premium i)ald. Total
debt.
$1,239,746.51
5,974,412.21
328.20
$1,239,746.61
5,974,412.21
328.20
21,822.91
5,590,723.79
10,718,153.53
3,912,015.62
5,316,712.19
7,801,990.09
338,012.64
11,158,450.71
7,636,349.49
371,100.04
5,000,007.65
13,036,922.64
12,804,478.64
3,656,336.14
.654,912.71
2,162,293. 06
0,412,574.01
17,656,896.95
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
605,466,311.68
530,229,114.10
576,120,500.11
603,449,086.68
138,711,248.31
21,822.91
590,723.79
718,163.63
912,015.62
315,712.19
801,990.09
338,012.64
158,450.71
664,580.92
371,100.04
600,067.66
036,922.64
887,344.35
666,336.14
724,625.90
322,366.47
833,072.66
20, 434,716.64
7, 634,113.25
3, 999,991.56
3, 640,178.44
8, 079,693.90
686,043.15
14, 854,250.00
13, 737,100.00
18, 097,322.09
96,
178, 982,635.07
388, 010,966.49
174,2n.79
607, 287,590.61
630, 933,849.49
586, 450,237.72
610, 386,928.36
140,
$18,231.43
82,865.81
69,713.19
170,003.42
420,498.64
2,877,818.69
872,047.39
385,372.90
363,572.39
574,443.08
1,717,900.11
68,476.51
10,813,349.38
7,001,151.04
1,674,680.05
Excess of
national-bank
notes retired
over deposits
for retirement.i
Total of all
disbursements. 2
$27,187, 713.36
27,612, 587.62
20,330, 491.64
33,709, 930.40
40,553, 366.18
43,886, 100.66
42,251, 472.46
32,944, 769.4^
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
64,754, 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
,265,418;320.10
,916,829,660.07
,063,746 933.16
948,960: 202.14
997,081.'972.34
479,921, 036.83
fej
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w
o
H
W
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fei
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ZP
1870,
1871,
1872,
1873,
1874,
1875,
1876,
1877.
1878,
1879.
1880.
1881
1882.
1883,
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
1893.
1894.
1895.
1896.
1897.
1898.
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913.
1914.
1915.
19,772, 220.65
20,037,045.42
21,916,426.37
22,996, 741.57
26,471, 071.82
26,791,360.69
28,644, 197.50
27,531, 585.26
29,277, 516.96
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, 1.16
75,080,479.04
76,983, 128.19
82,499,208.40
82,665; 462.73
89,012,618.55
95,021,384.17
102,354,579.29
111,631,193.39
121,848,047.26
134,224, 443.24
143,582,624.34
152,826, 585.10
167,932,782.95
183,585,005.57
191,478, 663.41
203,562; 383.07
224,128,657.62
237,660,705.48
246,744,015.88
262,108,874.74
283,558,102.62
287,248,165.27
4,844, 679.21
5,131,250.00
5,175,000.00
5,490, 475.00
4,714,044.71
7,211,646.10
5,092, 540.36
6,170,338.94
6,753,394.02
4,773,524.49
3,071, 000.00
3,895, 638.66
74,503.18
4,541, 610.58
8,193, 652.02
6,501,247.05
3,056,037.13
3,868, 919.73
6,875; 036.91
4,741, 772.08
4,051, 489.71
5,946, 795.19
8,250,000.00
11,016, 541.72
9,300,000.00
11,149, 206.13
10,504, 040.42
8,211, 570.08
7,230, 778.79
4,954, 762.21
2,402,152.52
2,768, 919.20
6,502,630.86
15,065,257.00
12,673,294.39
7,629,382.81
12,888,040.94
19,501,062.37
8,495,612.37
24,616,799.86
26,168,296.42
27,090,426.37
28,487,216.57
31,185,116.63
34,003,006.69
33,736,737.86
33,701,924.20
36,030,910.97
34,815,507.35
36,386,479.34
40,681,036.63
41,876,410.15
45,583,195.79
43,325,958.81
47,102,454.41
52,142,074.97
55,338,856.44
55,751,213.92
60,044,530.91
67,757,134.83
70,673,557.80
74,981,965.69
81,843,788.35
83,3a0,479.04
87,999,669.91
91,799,208.40
93,814,668.86
99,516,J658.97
103,232,954.25
109,585,358.08
116,585,955.60
124,250,199.78
136,993,362.44
150,085,155.20
167,891,842.10
180,606,077.34
191,214,388.38
204,366,704.35
223,063,445.44
232,624,269.99
237,660,705.48
1,568,194.88 248,312,210.76
1,027,368.79 263,136,243.53
283,558,102.62
6,636,592.60 293,884,757.87
313,429,225.80
303,197, 438.93
292,476,122.28
308,236,066.91
327,709,872.03
301,414,763.43
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
700,093,664.02
590,068,371.00
621,598, 546.54
693,038,904.90
640,313, 465.28
675,820, 445.65
716,186,678.72
717,338,208.30
735,290 134.61
812,581: 054.05
865,886;827.84
883,834,048.70
891,798, 703. 37
901,297, 979.35
944,879: 580.25
983,812,592..33
1,018,647,,924.38
$9,985.00
. 50,164,600.00
3,918,819.83
19,379,373.71
27,198,618.71
38,093,929.04
31,419,442.41
33,911,673.37
37,0&3,515.33
35,327,370.66
41,741,258 03
34,826.94L76
29,187,042.22
140,810,642.13
207,677,539.65
285,878,003.64
96,563,485.58
176,423,490.77
151,150,636.48
166,128,514.80
151,239,525.05
143,997,993.90
479,882,226.16
280,434,937.41
86,110,581.05
166,505,255.65
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
66,223,918.00
16,608,833.00
18,622,730.75
605,230.80
244,711.80
30,373,043.00
34,356,750.00
16,434,687.00
760,925.00
246,496.35
120,616.03
102.576.00
109,127.00
47,533.00
15,996,555.60
9,016,794.74
6,958,266.76
5,106,919.99
1,396,073.65
2,796,320.42
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
156,807,197.73
216,694,334.39
292,836,270.30
101,659,405.57
177,818,564.32
151,160,636.48
166,128,614.80
151,239,625.05
143,997,993.90
479,882,226.16
283,230,267.83
87,171,829.83
166,505,255. 55
438,430,756.96
101,266,334.50
46,042,635.43
44,583,843.36
127,959,368.15
83,133,055.51
138,581,151.00
124,968,023.56
111,404,276.98
24,348,086.98
709,903.00
256,447.20
2,494,549.93
7,294,103.35
11,378,502. uO
29,942,062.00
14,622,363.48
55,937,113.06
50,762,371,73
70,267,309.14
27,515,952.82
19,880,308.76
605,230.80
1,662,191.33
30,598,138.97
34,356,750.00
15,434,687.00
760,925.00
246,49&35
120,616.03
102,575.00
109,127.00
47,533.00
$13,254,883.00
6,100,071.50
1,012,196.50
5,257,466.50
669,503.00
6,743,669.00
2,001,161.00
4,526,766.00
3,299,440.50
43,937,843.50
614,478.00
8,449,346.50
2,618,025.50
6,949,917.50
470, 236,423.63
519, 891,773.32
585, 311,392.58
409, 895,472.48
605, 528,436.35
452, 566,389.91
459, 873,796.89
420, 106,685.17
410- 239,837.65
776, 872,092.65
581, 393,374.63
383, 608,866.61
466, 363,105.27
749, 347,587.11
388, 718,537.64
348, 830,414.37
331, 015,404.81
444, 729,157.51
395, 482,190.97
476, 753,377.78
483, 686,608.08
532, 708,747.44
453, 656,776.64
466, 184,922.15
442, 862,206.07
436, 685,172.91
447, 230,224.33
459 818,124.30
562: 323,263.35
714: 715,927.50
646; 674,987.06
678, 104,487.27
663, 306,214.04
669, 840,564.10
750, 392,020.41
724 010,169.85
738: 379,773.34
793; 086,892.29
885, 031,733.09
956, 678,800.75
919, 121,126.07
929, 108,715.05
945, 195,312.54
989, 341,438.78
1,025 698,578.69
1,047, 882,499.60
ZP
fei
Q
W
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o
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M
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1-3'
ZP
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1 O n l y t h e a n n u a l excess of r e d e m p t i o n s o v e r d e p o s i t s i n c l u d e d i n t h i s c o l u m n .
2 N a t i o n a l - b a n k r e d e m p t i o n fund h e r e i n i n c l u d e s o n l y t h e a n n u a l excess of r e d e m p t i o n s o n a c c o u n t of n a t i o n a l - b a n k r e d e m p t i o n f u n d since 1890.
to
242
REPORT ON THE FINANCES.
TABLE J.—Internal and customs receipts and expenses of collecting, from 1858 to 1915.
Internalrevenue.
Year ended
June 30—
Receipts.
Customs receipts.
Expenses of collecting. 12
Receipts.
Expenses of collecting.^ 3
Dollars.
DoUars.
Per cent.
Percent.
DoUars.
DoUars.
41,789,620.96
2,903,336.89
6.94
858
(*)
49,566,824.38
3,407,931.77
6.85
859
53,187,5n. 87
3.337.188.16
6.27
860
39,582,125.64
2,843,455.84
7.18
861
:.
49,056,397.62
3,276,660.39
6.67
862
(*)
69,059,642.40
3.181.026.17
4.60
863
37,640,787.96
.29 102,316,152.99
4,192,582.43
4.09
109,741,134.10
864
.23 84,928,260.00
108,685.00
5,415,449.32
6.39
209,461,216.26
866
.18
253,372.99
5,342,469.99
179,046,651.68
2.98
309,226,813.42
866
L87
385,239.62
5,763,979.01
176,417,810.88
266,027,537.43
3.26
867
2.77
6,783,128.77
7,641,116.68
191,087,589 41
4.65
868
4.65 164,464,699.56
7,335,029.81
5,388,082.31
168,356,460.86
180,048,426.63
2.99
869
4.59 194,538,374.44
8,705,366.36
6,233,747.68
184,899,756.49
3.20
870
3.92 206,270,408.05
7,257,176.11
6,568,350.61
143,098,153.63
3.18
871
6.30
7,253,439.81
6,950,173.88
130,642,177.72
3.21
216,370,286.77
872
4.36
.7,693,714.17
7,077,864.70
113,729,314.14
188,089,522.70
3.76
873
4.69 163.103.833.69
6,694,116.86
7,321,469.94
102,409,784.90
4.49
874
4.40
7,028,52L80
110,007,493.58 ' 5,340,230.00
157,167,722.35
4.47
876
3.89 148.071.984.61
4,609,976.05
6,704,858.09
116,700,732.03
4.63
876
3.38
4,289,442.71
6,501,037.57
118,630,407.83
130,956,493.07
4.96
877
2.99
3,942,613.72
5,826,974.32.
110,581,624.74
4.47
878
2.96 130,170,680.20
3,656,943.85
5,477,421,52
113,561,610 58
3.96
879
3.10 137.250.047.70
3,280,162.22
6,023,253.53
124,009,373 92
186,522,064.60
3.23
880
2.95
3,527,956.66
6,383,288.10
135,264,385 51
198,159,676.02
3.22
881
3.20 220,410,730.25
3,657,105.10
6,506,359.26
146,497,695 45
2.96
882
2.80
4,327,793.24
6,593,509.43
144,720,368 98
8.07
883
3.06 214,706,496.93
4,097,241.34
6,709,485.76
121,586,072 51
3.44
884
3.47 195,067,489.76
4,424,707.39
6,494,847.29
112,498,725 54
181,471,939.34
3.68
885
3.42 192,905,023.44
4,216,847.26
6,427,612.67
116,805,936.48
3.33
886'
3.06
3,853,035.94
6,855,801.74
118,823,391.22
3.16
887
3.22 217,286,893.13
3.578.679.42
7,156,187.77
124,296,871 98
219,091,173.63
3.27
888
2.92
3,826,607.98
7,030,487.00
130,881,613.92
223.832.741.69
3.14
889
2.88
3,626,038.91
6,859,986.09
142,606,705.81
584.57
2.98
890
2.65 229,668,
3,770,388.72
6,964,367.09
145,686,249 44
219,522,205.23
3.17
891
2.75 177,452,964.15
3,780,950.41
6,646,276.06
153,971,072 67
3.74
892
2.52 203,355,016.73
4,003,485.65
6,756,790.98
161,027,623 93
3.32
893
2.57
3,879,082.31
6,791,872.86
147,111,232 81
131.818.630.62
5.15
894
2.55
4,144,927.02
6,736,690.92
143,421,672 02
4.43
895
2.62 152,158.617.45
3,749,029.22
7,237,796.40
146,762,864 74
160,021;751.67
4.62
896
2.62
3,754,935.45
7,075,372.05
146,688,674 29
176,554,126.65
4.01
897
2.46
3,846,887.55
7,152,276.68
170,900,641 49
149,675,062.35
4.78
898
2.17
3,606,798.85
7,361,562.83
273,437,161 51
206,128,481.75
8.67
899
L59
3,705,256.95
7,467,692.48
295,327,926 76
233,164,871.16
3.20
900
1.51
4,350,543.05
7,713,418.82
307,180,663.77
3.23
901
L43 238,585,455.99
4,446,318.98
7,967,472.89
271,880,122.10
254,444,708.19
8.13
902
1.60
4,404,986.68
8,468,710.19
230,810,124.17
284,479,681.81
2.98
903'
1 95
4,360,144.97
8,665, 636.37
232,904,139.46
261,274,564.81
3.32
904
1.94
4,496,479.28
9,115,499.44
234,095,740.85
261,798,856.91
3.48
905
1.85
4,607,867.83
8,997,669.41
249,160,212.91
300,261,877.77
3.00
906
1.76
4,338,184.70
9,436,752.68
269,666,772.85
2.55
907
1.72 332.233.362.70
4,391,660.66
9,580,626.25
251,711,126.70
3.85
908
1.85 286,113,130.29
4,641,169.95
246,212,643.59
1
300,711,933.95
10,261,073.33
3.41
909....
1
1.85 j
4,650,049.89
4,647,715.05
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.
s 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.
8 The expenses of collecting the revenue from customs Includes all sums drawn from the appropriation made by Congress for that purpose. (See details, Table N.) 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.
il
i
f\
243
SECRETAEY OF THE TREASURY.
TABLE J.—Internal and customs receipts and expenses of collecting, from 1858 to 1915—
Contiaued.
Internal revenue.
Year ended
June 30—
1910
1911
1912
1913
1914
1915
Receipts.
Dollars.
1289,933,619.45
2322,529,200.79
3321,112,199.66
4344,466,965.65
5380,041,007.30
6416,669,646.00
Customs receipts.
Expenses of collecting.
Dollars.
5,008,191.77
5,027,871.39
5,069,286.49
5,166,301.36
5,542,353.55
6,236,046.55
Per cent.
1.73
1.65
1.57
1.50
1.46
1.50
. Receipts.
Dollars.
333,683,446.03
314,497,071.24
311,321,672.22
318,891,395.86
292,320,014.51
209,786,672.21
Expenses of collecting.
Dollars.
10,665,770.12
11,015,254.24
10,804,979.15
10,285,613.96
9,804,771.72
9,268,403.58
Per cent.
3.20
3.50
3.47
3.23
3.35
4.42
1 Includes $20,951,780.97 corporation tax.
2 Includes ^33,516,976.59 corporation tax.
8 Includes $28,583,303.73 corporation tax.
* Includes $36,006,299.84 corporation tax.
6 Includes $10,671,077.22 corporation excise tax, $32,456,662.67 corporation income tax, and
$28,253,534.85 individual income tax.
eincludes $52,059,126.29 emergency revenue, $39,165,696.77 corporation income tax, and $41,046,162.09
individual income tax.
244
REPORT ON THE FINANCES.
TABLE K.—Statement of United States bonds and other obligations received and issued
by the office ofthe Secretary ofthe Treasury from July 1, 1914, to June 30,1915.
Received
for transfer Received
for
and
exchange. redemption.
Title of loan.
Loan of 1862, 6 per cent (act of Feb. 26,1862)
Funded loan of 1907, 4 per cent (acts of 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)
$37,707,700
Loan of 1908-1918, 3 per cent (act June 13,1898)
7,302,460
Loan of 1926, 4 per cent (act Jan. 14,1876)
15,371,800
Panama Canal loan, 2 per cent (acts June 28,1902, and
1,265,540
Dec. 21,1906), series 1916-1936
Panama Canal loan, 2 per cent (acts June 28,1902, and
1,752,180
Dec. 21,1905), series 1918-1938
Panama Canal loan, 3 per cent (acts Aug. 6, 1909;
7,155,700
Feb. 4,1910; and Mar. 2,1911): series 1911-1961
Postal savings bonds, 2h per cent (act June 26,1910):
6,680
First series. 1911-1931
41,860
Second series, 1912-1932
86,360
Third series, 1912-1932
120,240
Fourth series, 1913-1933
134,360
Fifth series, 1913-1933
132,020
Sixth series, 1914^1934
81,680
Seventh series, 1914-1934
,
27,840
Eighth series, 1915-1935
Total
:
71,185,420
Issued.
$1,700
$1,700
42,650
710
$37,707,700
7,302,460
16,371,800
42,560
710
75,415,400
14,604,920
30,743,600
1,266,640
2,531,080
1,752,180
3,604,360
7,156,700
14,311,400
.
6,680
41,860
86,360
120,240
134,360
132,020
953,920
961,380
44,960
Total
transactions.
11,360
83,720
172,720
240,480
268,720
264,040
1,03.5,600
989,220
72,991,200 144,221,680
245
SECEETAR.Y OF THE TEEASURY.
TABLE L.—Statement of the coin and paper circulation of the United States from 1860 to
1915, inclusive, with amount of circulation per capita.
Coin, bullion,
and paper
Year Coin, includ- United States
ending ing bullion in notes and Total money. money in Circulation.
Treasury,
as
bank notes.
June 30. Treasury.
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...
1915...
$235,000,000
250,000,000
25,000,000
25,000,000
^25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
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
1,007,513,901
1,092,391,690
1,100,612,434
1,152,471,638
1,112,956,637
1,131,142,260
1,066,223,357
1,098,958,741
1,114,899,106
1,097,610,190
1,213.780,289
1,397,785,969
1,608,643,738
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
2.365,612,264
2,355,807,734
2,477,837,453
2,554,126,643
2,611,671,094
2,638,496,956
2,739,241,077
$207,102,477
202,005,767
333,4.52,079
649,867,283
680,688,067
745,398,620
729,430,711
703,334,669
692,336,115
691,471,653
698,940,094
719,539,283
740,960,724
751,363,213
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
672,584,935
706,618,677
704,460,461
702,364,843
692,989,982
675,788,473
681,550,167
732,348,460
748,206,203
733,353,107
779,594,666
808,894,111
851,813,822
915,179,376
956,457,706
1,049,996,933
1,040,816,090
1,063,783,749
1,078,121,524
1,094,746,008
1,108,498,922
1,099,791,915
1,250,215,109
$442,102,477
$6,695,225 $435,407,252
3,600,000 448,405,767
452,005,767
23,754,335 334,697,744
358,452,079
79,473,246 595,394,038
674,867,283
35,946,589 669,641,478
705,588,067
55,426,760 714,971,860
770,398,620
80,839,010 673,691,701
754,430,711
66,208,541 662,126,128
728,334,669
36,449,917 680,886,198
717,336,115
50,898,289 665,573,364
716,471,653
47,665,667 676,284,427
723,940,094
25,923,169 718,616,114
744,539,283
24,412,016 741,548,708
765,960,724
22,563,801 753,799,412
776,363,213
29,941,750 776,083,031
806,024,781
44,171,562 754,101,947
798,273,509
63,073,896 727,609;388
790,683,284
40,738,964 722,314,883
763,053,847
60,658,342 729,132,634
789,790,976
1,033,640,891 216,009,098 818,631,793
212,168,099
1,185,550,327
973,382,228
1,349,592,373 235,354,254 1,114,238,119
1,409.397,889 235,107,470 1,174,290,419
1,473,236,574 242,188,649 1,231,047,925
1,487,249,838 243,323,869 1,243,925,969
1,537,926,771 244,864,935 1,293,061,836
1,558,718,780 308,707,249 1,250,011,531
1,633,412,706 315,873,662 1,317,539,143
1,691,435,027 319,270,157 1,372,164,870
1,658,672,413 278,310,764 1,380,361,649
1,685,123,429 255,872,159 1,429,251,270
1,677,793,644 180,353,337 1,497,440,307
1,752,219,197 150,872,010 1,601,347,187
1,738,808,292 142,107,227 1,596,701,065
1,805,577,418 144,270,253 1,661,307,165
1,819,359,557 217,391,084 601,968,473
1,799,975,033 293,540,067 1,506,434,966
1,906,770,271 265,787,100 1,640,983,171
2,073,574,442 235,714,547 1,837,859,895
2,190,093,905 286,022,024 1,904,071,881
2,339,700,673 284,649,675 2,055,150,998
2,483,067,977 307,760,016 2,175,307,962
2,563,266,658 313,876,107 2,249,390,551
2,684,710,987 317,018,818 2,367,692,169
2,803,504,135 284,361,276 2,519,142,860
2,883,109,864 295,227,211 2,587,882,653
3,069,976,591 333,329,963 2,736,646,628
3,116,661,007 342,604,552 2,772,956,456
3,378,764,020 340,748,532 3,038,016,488
3,406,328,364 300,087,697 3,106,240,657
3,419,591,483 317,235,878 3,102,355,605
3,555,958,977 341,956,381 3,214,002,596
3,648,870,661 364,367,567 3,284,513,094
3,720,070,016 356,331,667 3,363,738,449
3,738,288,871- . 336,273,444 3,402,015,427
3,989,456,186 420,236,612 3,569,219,574
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
56,148,000
57,404,000
68,680,000
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
95,666,000
97,337,000
99,027,000
100,726,000
Circulation
per
capita.
$13.86
13.98
10.23
17.84
19.67
20.58
18.99
18.29
18.42
17.63
17.61
18.17
18.27
18.09
18.13
17.16
16.12
16.58
16.32
16.76
19.41
21.71
22.37
22.93
22.66
23.03
21.78
22.46
22.88
22.52
22.82
23.46
24. 60
24.07
24.56
23.24
21.44
22.92
25.19
26.62
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
34.36
35.44
NOTE 1.—Revised figures for June 30 of each year used in above table.
NOTE 2.—Specie payments were suspended from January 1, 1862, to January 1,1879, during the
greater part of which period gold and silver coins were not in circulation except on the Pacific coast,
where, it is estimated, the specie circulation was generally about $25,000,000. In 1876 subsidiary silver
again came into use. The coinage of standard silver dollars was resumed in 1878 and again discontinued during the fiscal year 1905. First issue of Federal reserve notes in fiscal year 1916.
NOTE 3.—For redemption of outstanding certificates an exact equivalent in gold coin or bullion or
standard silver dollars is held in the Treasury, and is not included in the account of money held as
assets of the Treasury. During the fiscal year 1915 there is included with the Treasury assets the
amount of money held by Federal reserve banks and Federal reserve agents against issues of Federal
reserve notes.
NOTE 4.—In 1907 the Directorof the Mint reduced his estimate of the stock of gold coin in the
United States by $136,000,000, and in 1910 reduced his estimate of the stock of subsidiary silver coin in
the United States by $9,700,000.
246
REPORT ON THE FINANCES.
TABLE M.—Statement showing the aggregate receipts, expenses, average number of persons employed, and cost to collect internal revenue, fiscal year 1915.
Collection districts.
Aggregate receipts.
Expenses.
Average
number
of persons employed.
$885,183.48
$51,488.43
Alabama.
37
394,536.43
37,185.01
Arkansas
25
10,796,672.61
209,060.15
First California
139
2,503,448.97
61,959.30
Sixth California
44
1,643.282.95
54,016.45
Colorado
39
5,020,153.20
70,728.90
Connecticut.
55
1,-562,425.02
43,440.99
Florida
36
1,041,349.35
58,125.52
Georgia
39
434,582.62
15,100.23
Hawaii
10
143,344.46
First Illinois
19,329,868.17
114
204,305.15
Fifth Illinois...:
26,493,570.72
144
88,400.49
Eighth Illinois
9,459,747.27
62
26,415.54
Thirteenth Illinois
959,359.96
20
106,997.01
10,449,099.67
78
Sixth Indiana
118,659.82
83
Seventh Indiana
15,312,093.78
57,485.38
45
2,621,308.38
Third Iowa
32,729.34
23
1,101,868.00
Kansas
99,066.43
75
3,888, 111. 83
Second Kentucky
356,314.16
18,375,485.34
Fifth Kentucky
278
92,181.58
4,452,990.77
Sixth Kentucky
70
141,454.12
4,507.987.43
Seventh Kentucky
107
139,639.25
2,429,272.84
Eighth Kentucky
106
8,604,940.00
73.317.74
Louisiana
53
9,934,468.82
198,576.67
Maryland
150
12,094,625.11
139,540.32
Third Massachusetts
103
9,652,006.31
First Michigan
64,271.06
47
1,433,036.76
Fourth Michigan
29,210.21
24
5,195,257.80
Minnesota
70,174.15
49
11,836,741.41
First Missouri
75,716.92
67
3,038,104.27
Sixth Missouri
67,850.57
57
1,537,634.24
45,254.27
35
Montana
2,878,265.06
56,741.85
46
Nebraska
1,777,764.98
44,762.14
35
New Hampshire
1,272,954.69
24,537.68
16
First New Jersey
14,086,059.39
73,370.08
61
Fifth New Jersey
. 351,505.13
28,906.09
19
New Mexico
13,864,364.91
88,244.35
64
First New York
26,206,431.92
89
Second New York
123,001.27
61
Third New York
19,933,025.73
90,531.08
53
Fourteenth New York
7,671,052.84
68,808.83
46
Twenty-first New York
4,147,571. 76
56,984.35
47
Twenty-eighth New York
5,074,254.68
62,108.48
33
5,477,314.71
Fourth North Carolina
46,276.98
45
8,174,622.67
Fifth North Carolina
72,666.09
20
621,161.30
North and South Dakota
28,709.70
First Ohio
16,151,289.50
138
194,756.89
Tenth Ohio
3,357,465.16
35
42,448.42
Eleventh Ohio
2,033,047.43
27
39,117.15
Eighteenth Ohio
5,882,492.11
52
62,846.99
729,323.56
Oklahoma
18
25,842.87
1,160,496.09
Oregon
29
36,469.89
First Pennsylvania.
16,347,199.39
154,206.33
117
Ninth Pennsylvania
5,760,696.28
108,661.84
62
Twelfth Pennsylvania i
..
1,257,337.79
8,316.38
39
Twenty-third Pennsylvania..
14,246,557.86
186
214,083.93
South Carolina
453,396.66
27
39,953.99
Tennessee
2,375,418.27
59
86,701.44
ThirdTexas
2,841,336.60
61
62,364.49
Second Virginia
7,385,033.37
67
93.719.75
Sixth Virginia
,
1,250,274.48
62
78,941.33
Washington
2,361,011.30
38
49,037.54
West Virginia
,
1,969,473.72
41
63,008.30
1 That portion of the ninth district of Pennsylvania formerly constituting the twelfth district was
detached from the ninth district and reestablished as the twelfth district of Pennsylvania, in effect
M a y l , 1915.
247
SECEETARY OP THE TREASUEY.
TABLE M.—Statement showing the aggregate receipts, expenses, average nurriber of persons employed, and cost to collect internal revenue, fiscal year 1915—Continued.
Collection districts.
First Wisconsin
Second Wisconsin
Alaska ^special fund)
Philippme Islands
Total
Expenses not included in above
Total expenses fiscal year ended June 30,1916..
Cost to collect $1
Aggregate receipts.
Expenses.
Average
number Cost to
of per- collect
sons em$1.
ployed.
$9,537,606.71
1,852,637.16
111,065.06
2193,302.08
$89,866.66
44,111.15
73
34
416,681,023.86
5,322,112.83
3,982
$0,009
.024
3 $1,482,575.94
46,804,688.77
0.0164
1 Income tax collected on raUroads in Alaska to be paid over to the treasurer of the Territory of
Alaska.
2 Tax collected uj)on Philippine products to be paid into the insular treasury.
8 These expenses include salaries and expenses ol internal-revenue agents and inspectors, salaries of the
officers, clerks, and employees in the office of the Commissioner of Internal Revenue, amoimts expended in
detecting and punishing violations of internal-revenue laws, cost of paper for internal-revenue stamps,
amounts paid for enforciug the provisions of the "cotton futures" act, and certain miscellaneous
expenses, out 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 of the customs districts and ports for thefiscal year ended June 30, 1915.
GO
Vessels entered.
Districts and ports.
Foreign,
Alaska (No. 31):
Ketchikan
Wrangell
Skagwav
•
Ea^.:r..::::.::::::::::::::::::::::::::::::
Forty Mile
St. Michael
Nome
Unalaska
Cordova .
Sulzer
Juneau
.
.
.
::
.
..
..
Domestic. Foreign.
724
6
306
36
50
7
3
5
21
12
5
12
8
443
793
26
2
Total
Arizona (No. 26):Nogales
Naco
Yuma
Douglas
Arlvaca
Lochiel
313
37
1
64
Entries of merchandise.
Vessels cleared.
19
1
11
423
Documents
issued to
vessels. .
Domestic.
666
9
3
219
. 81
1
22
17
18
13
14
24
58
14
14
13
155
763
. 581
Total
•
1
66
549
•..
;
.
428
16
1
14
639
101
117
..
Warehouse.
LT.
T. & E .
80
245
3
4
2
.
1
2
54
8
3
53
15
2
16
1
14
30
330
95
104
447
21
41
5
8
11
30
5
6
..
.
1,761
9
2
20
23
181
207
2
50
;787
1,523
2,835
279
13
22
638
93
117
2,012
7
•20
15
329
1
184
184
33
710
1,346
"2,981
330
I'
hj
OPi
^'
4
64
9
Miscellaneous.
Mail.
82
47
56
.
Total
.
'
1,157
319
8
980
.
.
114
23
199
62
61.
1
26
6
3
.
...
Buffalo (No. 9):
Buffalo
Niagara Falls
North Buffalo
Dunkirk
Black Rock Ferry
Lewiston .
North Tonawanda
Olcott..... .
Youngstown
Lackawanna
Nleht Clearance
Consumption.
p>
o
2,520
110
. 82
498
51
24
9,548
10,553
6,483
43
214
231
132
11
17
14
58
776
1,569
395
3,762
11,451
3,416
1,887
32
265
1
(-.
1
27,232
72
18,629
1,924
2,740
4
266
ZP-
Chicago ( N o . 39):
Chicago
Peoria.
Michigan C i t y
177
Total
193
16
5,686
41
5,727
337
• 5,567
12
32
349
5,599
341
2
17,765
132
2,430
48
477
25,353
165
6
343
17,897
2,430
48
477
25,353
160
687
24
1,374
305
410
86.
57
18
553
441
15
72
6
56
131
58
1.4
59
2
2
90
58
17
329
8
144
69"
221
468
2
67
35
30
22
21
33
12
2
Colorado ( N o . 47):
Denver
Coimecticut ( N o . 6 ) :
BridErenort . . . . . . . . .
Norwalk
Stamford
Greenwich.
Hartford..
N e w HavGli
New London
. . . . . . . . . .. .
.
...
Total
Dak:ota(No.34):
Pembina
Portal
Noyes . Neche
St. John
Northsrate
Walhalla.
Mowbrav.
. .
TTannab
,
Sarles
Hansboro
Souris
"Wfisthone
Antler
Sherwood
Kermit
Crosby
Ambrose
Fortuna
300
6
2
20
^ 2
11
2
1
11
6
15
53
646
33
22
34
3
1
24
20
17
4
5
3
1
2
1
7
6
137
38
169
191
46
6
....
.
.;
'
Total
D u l u t h a n d Superior ( N o . 36):
D u l u t h a n d Superior
Warroadu.
Baudette
International Falls
Ranier.
Two Harbors
«
367
84
117
52
3,490
17
706
2
434
86
121
52
3,430
17
753
2
1,580
564
2,320
3,669
211
126
80
21
5
47
33
42
24
3
.53
155
2
27
134
264
17
813
1,653
20
13
2
ZP
o
w
o
fej
1
2
fej
5
16
8
fej'
>
ZP
17
32
34
139
6
7,516
264
2,518
356
54
492
875
98
161
390
3,700
2
10
294
43
2
3
675
99
«
68
266
147
25
326
'^,567
to
CO
to
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1915—Continued.
Ol
o
Vessels entered.
Vessels cleared.
Districts and ports.
Foreign.
Duluth and Superior (No. 36)—Continued.
Ashland
Bayfield
..
Washburn
Isle Royale
Indus
Pinecreek
Total
Domestic. Foreign.
46
3
3
4
467
10
33
693
4,708
Entries of merchandise.
Documents
issued to
vessels.
Domestic.
34
5
4
4
487
8
27
767
4,707
492
Total...
,
...
Miscellaneous.
Mail.
i
1
1
2
4
5,237
2
685
393
49
3,333
786
300
20
42
1
24
5
1
1,518
783
201
1,106
42
1
24
6
2,502
2,809
263
270
330
118
. 169
650
3,072
270
330
^^118
169
660
170
38
6
2
28
16
226
164
107
138
9
. 8
75
1,410
715
88
29
42
16
1
150
948
146
80
1
2
13
1
11
99
987
2,753
836
•
-
.. .
T.&E.
LT.
1
Total
E l Paso (No. 24):
E1 Paso
Columbus
Total
Florida (No. 18):
Tampa
Apalachicola
Boca Grande
CarrabeUe
Cedar Keys
FflirtiaTidina...
Jacksonville
Key W e s t . . .
Miami
Pensacola
Port Inglis
St. Andrews
St. Augustine
Tarpon Springs
Warehouse.
6
.
Eagle Pass (No. 25):
Eagle Pass
DelRlo...
Presidio
Consumption.
108
5
18
3
207
2
6
98
1
9
5
49
2
13
15
45
578
147
139
2
16
19
96
23
13
45
155
72
2
34
14
25
545
143
171
2
31
1,076
461
1,044
45
3
10
335
o
o
fej
a
fej
ZP
1
1
87
3
1
2
10
179
31
1,654
671
30
1
6
882
2
4
1
2,402
907
Galveston (No. 22):
Galveston
Texas City
Houston
Dallas .
Sau A ntouio^ . . . . . . . .
Freeport
Port Lavaca
,
Total
Georgia (No. 17):
Savanriah . _
Atlanta
Brunswick
Darien
Total
Hawaii (No. 32):
Honolulu..
Hfio
Kahului ..
Koloa
Mahukona..
-.. r
868
59
2
337
8
1
9
11
12
759
615
940
358
177
588
252
29
1
207
28
10
37
8
297
688
58
2
603
3
11
626
144
150
31
250
561
269
17
36
38
18
1
5
45
294
281
652
293
359
210
2
6
3
18
26
843
9
1
2
110
571
9
18
878
3
82
951
137
122
301
152
5
37
142
1,668
518
91
15
2
16
3
535
22
7
1
38
ZP
fej
fej
105
4
3,301
114
4
4
. 1
86
9
87
5,031
40
4
1
274
21
12
9
11
45
\
260
16
12
3
9
155
300
109
327
45
3,424
86
9
87
5,031
40
Indiana (No. 40):
Indianapolis
Evansvule
37
604
40
2
6
65
9
12
Total
37
644
8
74
12
Iowa (No. 44):
Des Moines
Sioux C i t y . . .
Dubuque
13
6
207
105
213
13
74
48
71
1
Total
19
525
13
193
1
144
22
535
27
1
1
,817
348
166
535
27
1
1
817
348
4
1,374
33
1
148
22
139
16
145
.
.
Total
Kentucky (No. 42):
Louisville
Paducah
.
Total
Laredo (No. 23):
Laredo
Aransas
o
. .
40
4i
n
o
:
fej
i^
W
fei
>
ZP'
W
TABLE "N .—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1915—Continued.
Vessels entered.
Foreign.
Entries of merchandise.
Vessels cleared.
Districts and ports.
Domestic. Foreign.
Documents
Issued to
vessels.
Domestic.
Laredo (No. 23)—Continued.
Rio Grande City
Hidalgo
Brownsville
Total
Maine and New Hampshire (No. 1):
Portland
Houlton
Fort Fairfield
Mars HiU
Van Buren
Madawaska
MonticeUo
Machias
Lubec
Boothbay
Bath
Limestone
Fort Kent
Bridgewater:
Eastport
Calais
Bangor
EUsworth
Rockland
;
Vanceboro
LoweUtown
Belfast
Castine
Vinal Haven
South West Harbor
Portsmouth..;
St. Luce.
Moose River
Stonington and Deer Isle
Moimt Desert Ferry
Jonesport
:....
40
237
. . .
17
137
26
56
41
371
5
11
2
221
5
129
10
50
457
T.&E.
LT.
Miscellaneous.
Mail.
1
17
5
6
12
4
2,180
15
165
27
144
29
333
451
770
506
29
551
26
54
1
77
3
41
131
401
47
946
980
91
21
5
1
54
68
187
1
87
329
242
16
65
88
43
15
139
15
2
49
117
768
121
6
285
127
2
135
4
112
107
54
69
187
3
12
6
46
28
2
4
8
7
38
23
}
33
88
8
98
32
1
79
21
5
2
47
Warehouse.
14
284
2
4
1
Consumption.
166
74
533
843
105
4
3
2
29
cn
to
115
4,931
586
2
44
98
28
2
175
2
1
ii
6
28
40
49
43
3
4
1
1
944
1
1
2
2
27
2
3
5,265
400
1,288
7
1
231
10
380
3
1
1
68
12
7
77
.103
20
TJ
O
o
w
fej
>
"A
o
fej
xn
Robbinston
Baring . .
Cutler
Rockport. . . .
Millbrifige.-
...
.
,
.
Total.
90
7
2
3
10
10
8
. . .
. .
Total
M a r y l a n d ( N o . 13):
Baltimore
Washington
Alexandria
Crisfield
Auriapnlis.,
52
.
.
. . .
1,740
684
1,671
781
1,526
10,939
103
1,096
625
5,567
3,040
988
2
1,435
1,076
1,785
1,171
73
47
612
179
5,904
1,603
274
21
1,475
366
1,786
3,023
44
18
990
1,435
1,076
1,785
2,082
7,507
295
1,475
366
4,809
62
1,225
1,061
.961
1,183
596
1,702
14
38
3,167
2,685
2
48
4
5
15
27
37
19,253
81
390
138
1
12
186
71
13
22
29
12
6
123
1
32,223
391
439
33
124
151
22
256
10
o
7
1
fej
.
..
. .
.
..........
...
M a s s a c h u s e t t s ( N o . 4):
Boston
Worcester
SpriQgfield.. .
Salem
N e w Bedford
Fall River
Plymouth
Gloucester
.
Vineyard Haven
Barnstable
Provincetown
o
.
. . .
.
.
.
. . .
Total
M i c h i g a n ( N o . 38):
Detroit
Port Huron
Saginaw . .
..
Alpena
B a y City
Marine City.
S t . Clair
Grand Rapids
. Grand Haven
Charlevoix
Ludington...
.
Manistee
Manistique
Muskegon..
St. Joseph
S a u l t Sfe. Marie
Cheboygan..
Mackinac
ZP
fej
1
6
3
37
121
46
2
301
85
94
32
1,538
1,117
1,160
1,322
1,314
33,643
1,754
3,167
2,687
19,897
281
2,508
907
39
43
36
109
650
1,298
230
6
8934
85
49
2,477
900
36
24
45
95
633
1,377
210
4
94
27
' 39
63
255
109
19,159
11,459
116
56
2
1,859
1,656
124
5
3,232
46
10
21,012
4,348
35
1,071
43
2,179
221
56
387
834
129
32
209
502
7
67
35
12
17
136
37
1
8
'.
1
1
.
.
...
.
. . . . .
3
2
1,314
83
84
5
38
5
6
1
1,068
42
2,173
226
52
384
855
194
34
181 i
•
•
1
3
1
1,381
84
64
14
1
4
43
78
103
296
7
1
1
27
11
4
8
822
415
92
fej
ZP
d
w
K!
2
3
1
2,441
73
4
9
55
2
18
1,799
6
to
CR
CO
TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1915—Continued.
fcO
cn
Vessels e n t e r e d .
Vessels cleared.
Districts a n d ports.
M i c h i g a n ( N o . 38)—Continued."
Detour
.
Escanaba
Gladstone
" Houghton
Marouette
Lake L i n d e n . . .
. .
Muiiising
St. Ignace'
Calcite
Frankfort
Ontonagon
...
.
Foreign.
57
38
56
9
40
43
567
63
183
218
81
6
13
70
1,165
7
58
28
74
19
8
4
3
2
14
9,416
5,944
1
;
7
Total
•.-.•.-....
5,988
41
575
52
171
262
78
5
11
65
1,104
7
9,-346
Consumption.
Warehouse.
LT.
T.&E.
MaU.
Miscellaneous.
103
104
26
27
21
9
o
w
H
O
6
906
33,922
•62
24
3,024
73
548
38
22
2
3,674
131
3,377
28,536
6,965
524
22
32
1
21
W
fej
,
M o b i l e ( N o . 19):
Mobile
Birmingham....
Gulfport
Scranton
Biloxi
- .
....•
505
159
503
144
201
84
54
39
12
114
60
20
8
123
'
55
2
...
643
210
677
•.
.•
. . .
1
1
172
461
608
11
10
452
1,284
581
6
80
173
131
24
6
2
55
11
634
2.
65
21
1,832
1
8
20
fei
>
a
fej
ZP
10
i37
Total
...
Domestic.
.
M i n n e s o t a ( N o . 35):
St, P a u l a,nd Minriflapolis-, -
M o n t a n a a n d I d a h o ( N o . 33):
Great Falls
.'
Gateway
Eastport
Sweetgrass
PorthUl
Peskan
WhitetaU
Westby
Havre
Baylor
.. . .
'..
Foreign.
E n t r i e s of m e r c h a n d i s e .
Documents
issued to
vessels.
Domestic.
8
1
13
20
56
Plentywood
Scobey
Dooley
1
Total
N e w Orleans ( N o . 20):
N e w Orleans
Vicksburs:
.
Morgan City a n d Calcasieu P a s s
1,545
Total
1,534
372
16
'.
.
.
2,836
11
634
34
351
15
53
6,567
269
1,571
662
.
Total
.
2,624 '
9
353
2
1,534
372
419
6,567
269
1,571
662
2,626
353
4,783
2,651
4,399
2,886
162
160
123
233
31
60
4,241
425
96
395
123
186
220,530
494
860
76
26,450
22
111
128
52,278
60
41
29,369
15
127
493
94,515
938
249
41
203,339
27
216
254
4,884
2,973
4,755
2,977
5,466
221,960
26,711
52,278
30,004
95,743
203,836
47
90
30
109
86
215
110
24
85
79
94
1
fei
o
o
57
1
ZP
fej
.fej
47
91
30
109
599
94,
" 842
1,726
927
1,593
57
128
301
315
1,121
554
549
55
91
66
1,071
227
414
1,015
833
252
405
127
291
317
1,160
583
581
11
100
70
1,142
264
425
964
838
253
432
128
28
87
62
3,832
1,857
449
296
514
190
525
40
29
5
202
80
7
42
8
3,894
6,070
4,040
6,039
362
7,736
339
,
.
1,832
363
.
Total.
5
11
1,561
•
N o r t h Carolina ( N o . 15):
Wilmington
Beaufort
.
E l i z a b e t h City
Manteo
Newbern
Washington
O h i o ( N o . 41):
Cleveland
Cincinnati
ColuTribus..
Dayton
Toledo
Erie
Sandusky
Cnnnp.aut
Ashtabula
Fairport
.
Lorain
Put-in-Bay
363
. . .
Total
N e w Y o r k ( N o . 10):
New York
Albany
Newark
Perth Amboy
Patchogue
Greenport
1
2
3
H
57
1
3
1
1
9
3
5
4,949
196
94
31
18
43
12
707
35
4
81
42
2
352
5,343
1,224
>
ZP
12
10
1
.
17
32
to
cn
cn
TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1915—Continued.
Vessels entered.
Vessels cleared.
Districts and ports.
Foreign. Domestic. Foreign.
Entries of merchandise.
Documents
issued to
vessels.
Domestic.
Omaha (No. 46):
Omaha
Line oin
.
Total
Oregon (No. 29):
Portland
Astoria
Newport
Marshfield
•
Total
Total
4
487
61
4
548
135
105
2
16
2,208
18
Warehouse.
I.T.
T.&E.
21
1
22
79
5
1
MisceUaneous.
MaU.
2
359
7
18
36
2
366
64
16
1,952
4
s
99
25
2
2
769
1,134
164
1
116
2,208
126
2,058
258
2,226
79
6
16
1,966
g
845
4
20
90
776
3
843
3
1,280
150
17,506
237
1,340
7
1,134
1,605
1
7
21,812
8
207
7
55
1,030
6
17
56
901
1,109
1,722
1,613
21,829
214
16
242
449
904
26
21
90
24
29
.
Total
Pittsburgh (No. 12):
Pittsburgh
Porto Rico (No. 49):
San .Tuan
Ponce
Mayaguez
Arecibo
AguadUla
Guanica
Arroyo
Humacao
Fajardo
Consumption.
862
1,176
169
1
4
110
PhUadelphia (No. 11):
Philadelphia
WUmington
Lewes
Chester
Somers Point
Tuckerton..:
to
cn
959
24
803
250
42
223
55
94
2
^.
223
82
103
1
1
128
2
7
6
219
19
30
12
6
20
18
6
7
86
129
1
8
9
259
24
33
7
3
9
13
6
5
521
359
553
337
86
n
o
51
17,794
1,347
2,034
97
2,516
1,000
478
86
.58
141
47
9
18
46
18
2
4,353
66
1,134
.
^
951
W
fej
fei
H-i
9
.
,
O
143
a
fej
zp-
R h o d e I s l a n d ( N o . 5):
Providence
Newport
.1
Total
R o c h e s t e r ( N o . 8):
Rochester
Utica
Syracuse
Charlotte
Oswego
F a i r H.aven
Sodus Point
Total
.
. .
30
5
146
23
1
147
1
213
198
1,567
151
40
1
35
146
24
148
411
1,718
40
. 1
1,665
248
389
913
187
2.
5
62
239
1
8
3,409
310
808
704
174
83
147
196
66
12
792
674
200
96
153
213
41
11
1,769
421
1,762
418
15
15
2
399
106
33
9
149
114
25
Total
392
143
505
42
149
139
657
9
42
1,156
71
29
646
29
60
1,691
62
23
1,452
7
23
14,694
2
1,965
708
1,256
735
1,776
1,482
14,696
1,965
7,170
194
662
97
455
150
269
303
261
48
2,880
6
821
1,535
73
149
52
147
332
12
6
-, , , . . - " . . . , . -
Total
S o u t h e r n California ( N o . 27):
L o s Angeles
Andrade
S a n Diego
Calexico
Campo
Tia Juana
..;
Tecata
Total
Total
2
410
60
3
96
102
50
7
25
35
257
32
ZP
fej
o
110
33
S t . L a w r e n c e ( N o . 7):
Ogdensburg
Rouses Point
Malone
57
3
32
2
310
82
S o u t h Carolina ( N o . 16):
Charleston.
Georgetown
Beaufort
380
30
1
9
S a b i n e ( N o . 21):
Port Arthur
Sabine
S a n F r a n c i s c o ( N o . 28):
Sa"n Franoisno
Eureka
P o r t Harford
<i
. .
8
.
286
19
11,328
29
2,624
1
305
11,357
2,525
159
11
6,407
28
39
7
54
4
531
17
46
630
9
1,897
7,170
62
6,465
3,130
4
47
30
47
30
50
107
2
278
65
14
931
400
706
198
6,516
165
92
174
35
70
66
9
64
21
12
182
1
8
5
626
, .
fej
187
o
fei
fej
>
ZP
d
w
1
93
209
70
75
87
183
4
2,203
1,307
290
1,462
1,228
388
68
355
4,169
7,809
4,270
2
1
381
487
641
370
467
1.232
to
cn
-CI
to
cn
00
TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1915—Continued.
Vessels entered.
Districts and ports.
Foreign.
St. Lawrence (No. 7)—Continued.
Fort Covington
Plattsburg
•Champlain
Chateaugav.
Mooers Junction
Cape Viucent
Alexandria Bay
.
Chaiunont
ClsLYton
Nyando
Morristown
Waddington
. ..
St. Louis (No. 45):
St. Louis
Kansas City
St. Joseph
Cairo
Tennessee (No. 43):
Memphis....
NashvUle.
Chattanooga
Knoxville
.
:
Total
Utah and Nevada: Salt Lake City (No. 48)
Vermont (No. 2): • •
Saint Albans
• Canaan .
Alburg
Domestic. Foreign.
Documents
issued to
vessels.
Domestic.
:
Total
Total
Entries of merchandise.
Vessels cleared.
567
608
15
47
567
508
16
50
54
50
1,241
22
299
22
28
427
141
4
410
6
6
6,494
378
4,480
482'
Consumption.
3,052
6
212
204
306
1,376
520
1
452
2,198
931
489
Warehouse.
T.&E.
LT.
MisceUaneous.
MaU.
1
7
O
5
31
5
w
O
9
3
4
9
143
1,518
2,217
198
374
2,989
2,160
17
35
545
25,995
7
277
19
5
13
3,495
1,123
292
249
539
2
1
493
314
4,910
790
.494
5,166
37
70
60
34
358
91
31
29
25
1
58
13
33
8
7
1
114
1
164
509
27
115
112
8
164
4
4,998
127
4,067
41
558
1,411
3
9
25
>
2
1
1,066,
32
fej
297
69
O
fej
ZP
East Alburg
Swanton
Highgate
Franklin
E a s t Bp,rk.«;hirp.
Richford
E a s t Richford
Burlington
Newport
North Troy
Derby Line.
Island Pond
Beecher Falls
10
495
Total
Total.
Total
:
52
36
495
505
52
531
992
3,321
2,327
1
**
14
.. . ^
16
226
29
1
66
6
19
7i6
1
194
i
36
24
14
1,988
16
7
9
6
247
1
14
35,288
96
878
4,398
100
589
2,356
848
47
1
210
254
29
984
339
51
8
37
72
200
11
13
57
17
46
430
121
ZP
fej
Virginia ( N o . 14):
Norfolk a n d N e w p o r t N e w s
Richmond
Petersburg
Cape Charles
ReedvUle
Chincoteague
W a s h i n g t o n ( N o . 30):
Seattle
Tacoma
Port Townsend
Everett
Bellingham
Blaine
P o r t Angeles
Northport
Roche Harbor
Aberdeen
Anacortes.
Sumas
DanviUe
Friday Harbor
South Bend
OrovUle
Spokane
Molson
1
Chopaka
Laurier
Ferry
Kalama
... .
221
146
757
130
1.112
5.043
• 90
84
8,973
1,361
641
5,368
•2,170
1
3,809
3,321
2,327
2,356
1,389
1,374
117
200
3,820
87
597
1,713
286
190
52
141
305
418
1,526
90
59
14
22
3
18
1,936
240
88
46
133
267
460
1,442
97
58
18
37
7
29
1,297
234
56
150
18
6,015
2,444
223
82
1
1
418
1
24
8,716
1,389
14
9
3
1
4
1
66
43
205
2
24
20
1 163
467
2
16
12
30
68
86
4
105
17
61
54
198
131
3
4
6
134
5
2
3
6,818
1,479
18
60
121
2,972
104
258
15
5
163
905
55
14
;
36
327
33
134
170
57
L
3,553
5
1
3
1,869
3,623
1,742
1,679
fej
H
\>
pi
992
92
o
w
13,744
1
16
306
.
5
5
1
174
9,184
338
H
H
W
fej
•>
ZP
d
1
175
1
1
6
1,998
4
15
382
27
86
79
122
12,162
2,736
1
O
fei
to
cn
CO
to
o
TABRE N.;—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1915—Continued.
Vessels e n t e r e d .
Districts a n d ports.-
Wisconsin (No. 37):
MUwaukee
Marinette
Green B a v
Kenosha
Kewaunee
L a Crosse
Manitowoc . .
Racine
Sheboveran
Sturgeon B a y
Total
Grand total
Foreign.
.Domestic.
Foreign.
Domestic.
6
2
6
5,712
979
459
331
319
15
5
7
1
5,663
976
445
327
321
1,633
1,668
579
606
4
4
1,632
1,655
584
619
2
1
-..
E n t r i e s of m e r c h a n d i s e .
Vessels cleared.
Documents
issued t o
vessels.
647.
Consumption.
1,706
Warehouse.
75
T.&E.
I.T.
48
36
MaU.
268
Miscellaneous.
146
Pi
fej
O
W
H
O
17
12,286
36
12,222
647
1,706
75
48
42,671
62,385
41,729
61,696
26,156
540,385
39,339
91,366
268
146
69 333 j 0.A1 R.fi4
36 1
258,388
til
fej
>
O
fej
ZP
TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1915—Continued.
[Extension of items.]
Sheet No. 1.
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 e x p o r t s .
Districts a n d p o r t s .
Dutiable.
A l a s k a ( N o . 31):
Juneau.
Ketchikan
WrangeU
Skagway
Eagle
F o r t y Mile
S t . Michael
Nome
Unalaska.....
Cordova.
Sulzer
Free.
$21,097
$619,789
$997,184
Excess
deposits
refunded.
$3.46
...»
21,097
619,789
997,184
3.46
Arizona ( N o . 26):
Nogales
Naco..
Vnma
Douglas
Lochiel
151,004
36,530
385
95,618
.1,799
3,726,386
1,138,683
1,545
3,005,933
1,330
1,835,804
574,990
1,157
1,009,573
4,015
750.71
Total
285,336
7,873,877
3,425,539
750.71
6,312,557
1,190,188
1,738,461
11,606
10,268
3,278
6,665,413
7,195,131
6,810,080
8,295
63,992
16,968
2,045,781
22,114,555
43,296,740
6,701.09
Estimated
duties.
Duties,
including Increased a n d F i n e s , p e n - All o t h e r
fines o n
alties, a n d c u s t o m s
additional
mail imporforfeitures. receipts.
duties.
tations.
$643.42
997.20
643.85
366. 44
839. 91
302. 26
$31.95
3.85
1,218. 20
90.80
20. 23
64.59
18.75
$15.75
2.04
38.07
20.92
4.54
$9.60
6.00
Total
Buffalo ( N o . 9):
Buffalo
N i a g a r a Falls
N o r t h Buffalo
Dunkirk
Black Rock Ferry
Lewiston
Drawback .
paid.
ZP
fej
o
$109.89
301.93
146. 97
834. 65
188.05
2.45
11.17
10.70
1.10
1.00
5.10
5,008. 08
139.37
81.32
9.60
1,613.01
pi
fej
18,298. 76
2,505.49
38.50
9,466.78
301. 79
69.49
22.30
599.44
434.17
4,870.05
395.19
307.83
.15
174.54
9.00
ZP
4,853.48
30,611.32
102.59
15,805.44
994,086.34
151,429. 76
192,655.69
2,918. 75
1,313.71
232.01
2,446.65
24.88
>
90,414
26,072
$4,853.48
19.57
10.80
1,131.01
2,164.62
5,324.05
2,291. 79
1,199.33
4,889.62
886.71
18,171.96
16,771.66
d
6.90
C5
TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1915—Continued.
Customs receipts.
V a l u e of i m p o r t s .
Districts a n d p o r t s .
Value of e x p o r t s .
Dutiable.
Buffalo ( N o . 9)—Continued.
North Tonawanda
Olcott
Youngstown
•.
to
to
Free.
$7
$1,392,409
.71
1,233
Excess
deposits
refunded.
Drawback
paid.
Estimated
duties.
Duties,
including Increased a n d F i n e s , p e n - All o t h e r
fines on
alties, a n d c u s t o m s
additional
mall imporforfeitures. receipts.
duties.
tations.
S2.10
$26.84
17.62
fej
Total
9, 266,436
22,153,521
$67,573,562
$6,701.09
$15,805.44
1,342,680.72
2,480.53
$8,815.17
Chicago ( N o . 39):
Chicago
Peoria
20,195,828
35, 275
9,201,543
86,585
23,569,129
123,278.85
90.57
37,299.62
7, 273,995. 70
31,434.83
76,070.75
91,716.30
" 593.19
2,501.21
15,453.68
29.00
Total
20,231,103
9,288,128
23,569,129
123,369.42
37,299.62
7,305,430. 53
76,070. 75
92,309. 49
2,501. 21
15,482. 68
217,593
73,586
2,221.06
110,962.29
5,211.05
2,694.38
847,023
67,690
2,022
1.596
879; 561
224,379
191,302
84,699
290,560
11,192
1,069,968
121,066
75,005
1,514.39
11.69
54.03
69.45
536.94
597.92
84.12
2,083
4,780.41
38.17
98.50
4.90
664.72
783. 99
15.00
3,585.44
5,632. 72
254,940. 05
17,611. 40
1,480. 55
680. 98
225,261.19
65,239.39
2,022,271
1,843, 792
2,083
2,784. 42
9,857.10
565,213.56
342. 24
6,370. 69
15.00
1,477.10
10,173
328,418
139,346
4,084
6,450
7,422
1,300
60
3, 789
665,215
4,303,981
5,352,051
140,983
44,493
22,161
6,407
1,443
22.329
3,397,821
10,560,051
• 10,273,018
423,042
366,032
296,826
27,537
. 252. 30
1,806.00
26,657. 59
18,531. 97
566. 04
1,080.82
1,115. 96
172.80
12.00
•421. 79
26. 21
25.87
49.30
419. 72
25.90
31.60
13. 95
3,124.63
7.87
20.35
26.65
75 10
101. 20
1 25
6.45
Colorado ( N o . 47):
Denver
Connecticut ( N o . 6):
Bridgeport
Norwalk
Stamford
Greenwich
Hartford
New Haven
New London
Total
D a k o t a ( N o . 34):
Pembina
Portal
Noyes
Neche...-.
St. J o h n
Northgate
Walhalla
Mowbray
Hannah
638.94
150.32
83.24
24.56
4.70
2.15
$18,171.96 $16,771.66
O
o
99.72
314.52
1.00
>
a
1 067 95
' 92 98
.65
1.95
fej
Sarles
Westhone
Antler
Kprmit
• Ambrose
Total..
. . . .
D u l u t h a n d Superior (No. 36):
D u l u t h a n d Superior
Baudette
Iritpmational Falls
Ranier
Vshland
Bavfield
443.40
469. 90
263. 60
5.88
606. 66
1,940.10
20.00
354.95
• 1,450. 71
3,062
2,691
1,827
30
3,435
13,171
58
2,044
9,138
6,421
4,399
3,519
856
996
3,685
450
536,498
10,582,876
25,344,327
252.30
1,934,811
3,599
2,692
3,509
. 124,427
237,237
43,907
36,215
849,469
2,475,831
5,994,310
204,944
113,034
178,247
3,290,158
3,640.21
4
193,900
241,068
185
3,487
318.09
17.40
17.25
95.60
Pinecreek
Total
E a g l e P a s s ( N o . 25):
Eagle Pass
Del R i o
Presidio
• Total
E l P a s o ( N o . 24):
E l Paso
Total
F l o r i d a ( N o . 18):
Tampa
Apalachicola
Boca Grande
Carrabelle
Cedar K e y s
Fernandina
Jacksonville
Key West
Miami
... 84.00
165. 00
10.50
55,920.17
56.78
557.12
3,401.85
212. 60^
267,210.21
. 614.96
507. 68
551. 57
12,955.75
64.58
1.00
5.50
979.77
1,164.26
7,422.06
5.36
10.18
112. 22
25.68
24.73
11.93
..50
.58
2.28
.05
7.70
: 42.45
2.10
'
48,182
615
I'=;lfl R o v a l e
4.00
44.00
44.05
410
402
250
2,069,854
3,884,991
10,022,561
3,770.46
318.09
281,928.22
73.18
1,022.22
1^171.96
7,615.57
488,983
39,720
31,288
1,050,009
543,651
66,210
597,916
103,420
3,234
106. op
24.00
21,143.00
5,256.00
, 2,754.00
10.00
4.00
427.00
3.00
2,654.00
454.00
137.00
36.00
7.00
1.00
559,991
1,659,870
704,570
106.00
24.00
29,153.00
14.00
430.00
3,245.00
44.00
1,176,675
8,858
7,581,988
617,105
7,939,993
•19,454
1,242.08
220.44
108,837.49
915. 45
795.29
2,23L56
4.225.24
5,718.51
1,185,533
8,199,093
7,959,447
1,242.08
220.44
109,752.94
795.29
2,231.66
4,225.24
5,718.51
3,140,594
297,382
742.42
441,72
1,668,888.43
90.04
26,204.04
251.91
19
1,205,197
18,426
290,395
49,421
40,177. 40
6.36
1.17.16',
100
29,007
610,083
9,831
1,205,714
332,411
6,327,061
67,358
834. 49
715.99
1,591.29
9,131.18
335,603. .39
1,781.42
3,164.94
871.07
67.99
2.93
73.85
2,066.96
21.38
325.00
6,237.90
41,625
958,860
251,670
7,227
•
.
-•
3.70
-.^V;.;^
-
43.92
356. 48
•7.80
39.83"321. 77
6,917.16,
16., 33.
fe:
>
ZP
d
to
to-)
Oi...
OP*:
TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1915—Continued.
V a l u e of i m p o r t s .
C u s t o m s receipts.
V a l u e of e x p o r t s .
Districts a n d p o r t s .
Free.
Dutiable.
Florida (No. 18)—Continued.
Pensacola
P o r t Inglis
St. Andrews
St. A u g u s t i n e
T a r p o n Springs
Total
•...
$9,883,515
96,600
232,448
Estimated
duties.
Duties,
i n c l u d i n g Increased a n d F i n e s , p e n - Ail o t h e r
additional
fines on
alties, a n d c u s t o m s
duties.
mail imporforfeitures. receipts.
tations.
$34.05
$1,657.13
$3.00
$18.49
15.65
3.02
4,908.82
7.71
2.55
$19.07
.23
1.66
85.53
$50.00
3,801,646
2,806,123
18,708,546
1,200.22
$1,992.20
2,023,568.38
4,194.75
28,380.20
6,864.81
.
47,585.56
3,634,166
126,538
53,934
166,853
96,420
4,656,100
1,287,248
115,025
21,231
8,805
127,591
207,982,304
21,222,760
6,388
21,028.72
2,680.66
193. 52
649.11
28L72
24,744.58
962,277.04
27,201.42
16,884.04
65,085.04
30,707.37
933.71
1,461.39
5,789.55
59.54
44.41
81.27
10,281.52
204.42
67.76
545.06
153.31
4,077,901
6,216,000
229,211,452
1,102,154.91
1,118.93
11,252.07
2,244.84
pi
fej
o
783.45
24,833.73
24,744.58
30.21
69.55
104.22
.20
6,983.73
>
o
Georgia ( N o . 17):
Savannah
Atlanta..
.
Brunswick
Darien...... .
' Total
$1,236,410
12,046
400
503
Drawback
paid.
*
Total.
H a w a u ( N o . 32):
Honolulu...
HUo
Kahului...
Koloa
Mahukona
13
9,514
Excess
deposits
refunded.
o
Galveston ( N o . 22):
Galveston.
T e x a s City
Houston
Dallas
San Antonio
Freeport
Port Lavaca
Total
$2,485
to
•
. . . .
39.23
1,446.78
6.03
290.98
282.90
64.57
648.07
216 66
491. 61
.
87,304.11
1,492.04
573.88
64.57
1,356.34
12,466.67
396.83
900.44
893,063.57
54,894.38
208.00
74.50
22.34
10,178.53
16,015.61
408.37
1,483.38
6,163.17
71.00
12,863.50
900. 44
948,262.79
10,178. 53
16,425.54
1,483.38
6,236.17
2,920,853
20,616
7,270
64,802,431
302,409
2,948,739
74,775,623
488.35
2,868,367
2,485,249
517,562
2,080
83,711
617,562
g
:
52,253.41
35,043.18
7.52
185,645
116,732
32
96
4,961
2,870,543
2,573,921
>88.35
9,781,538
191,654
2.00
1.66
fej
ZP
I n d i a n a ( N o . 40):
Indianapolis
Evansville
232,343
465,009
199,468
48,286
820.08
607.76
78,594.58
188,517.80
149.19
11.20
1,096.82
13.60
220.77
95.72
Total
687,352
247,744
820.08
607.76
267,112.38
160.39
1,110.32
316.49
54,428
26,581
33,837
22,472
39,557
49,611
40,808
251.66
112.94
48.66
491.06
21,233.02
8,045.18
13,849.46
94.54
100.11
108.42
146.44
77.20
163.88
12.36
2.62
4.44
114,846
111,640
40,808
413.24
491.06
43,127.66
303.07
386.62
19.42
194,613
306,954
2,154
.466.78
121,607.31
2,213 64
2,723.96
789.89
194,613
306,954
2,154
466.78
121,607.31
2,213.64
2,723.96
789.89
613,546
1,617,654
493,260
135,855
85,142
1,119,618
1,161,887
62,730
29,775
20,254
791,032
733.98
14,033.35
17,090
4,046
61,415
686,097
3,451,529
2,055,678
798.93
224,305
37,355
11,064
805
10,869
2,347
2,164
40
221
957,318
82,150
89,0.58
4,212
73,033
1,331
3,872
14,363,937
40,029
4,366
684.14
11.70
42,586
4,398
69,124
5,035
40,999
9,647
609.977
407,418
106,436
1,000
I o w a ( N o . 44):
Des M o i n e s . . .
Sioux C i t y .
Dubuoue
. .
Total
K e n t u c k y ( N o . 42):
Louisville
Paducah. ^
Total
L a r e d o ( N o . 23):
Laredo
Aransas....
R i o G r a n d e City
Hidalgo
Brownsville.
Total..
Maine a n d N e w H a m p s h i r e
( N o . 1):
Portland
Houlton...
F o r t Fairfield
Mars H U l . . - .
Van Buren
Madawaska
Monticello. .
Machias
Lubec
Boothbay
Bath......']..!.!...!...!.
Limestone..
Fort Kent
Bridgewater. . .
Eastport
Calais
Bangor....
Ellsworth
Rockland..
Vanceboro
LoweUtown
Belfast
fej
-
861
1,949
7,620
853
28,370
22,593
20,134
1
616
88,692
29,172
164.155
4,053,398
66,933
202.84
606.01
7,877.79
434.07
284.16
3,004.53
8.96
32.16
3.30
41.99
4,609.46
2,626.78
1,818.12
1,779.67
121.30
120.69
127.89
647.30
567.67
17,766.11
211.79
583.46
16,932.16
2,796.66
1,480.97
47,206.91
3,315.64
1,16L81
101. 71
1,394.93
211.95
183.69
6.00
39.81
225.43
2,454.29
583.71
13.45
6,945.50
310.00
350.00
37.00
62.00
25.00
10.00
2,250.83
79.14
348.29
2.70
19.94
19.52
79.60
657.67
64.96
1,844
.40
.15
6.76
2.76
o
pi
fej
>
Pi
Kl
O
fej
Pi
fej
>
ZP
d
'pi.
6.55
2.80
235
1,393,146
127,555
5,592
L20
949
3,717,460
82,886
37,073
9L85
200.35
147. 64
926.33
86.88
30,735.23
2,279.90
1,944.64
68.56
10,217.80
4,466.33
LOO
2.00
9.00
6.40
3,397.06
.16
176.11
256.40
16.45
2.09
3,139.70
396.78
137.00
716.50
272.76
6.36
345.00
267.42
7.80
35.50
5.15
3.10
.18
42.31
28.99
339.46
2.50
329.19
195. 71
to
cn
TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1915—Continued.
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 e x p o r t s .
Districts a n d p o r t s .
Dutiable.
Maine a n d N e w H a m p s h i r e ,
(No. 1)—Continued.
Castine
Vinal H a v e n
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 I s l e . .
M o u n t Desert F e r r y
Jonesport
Robbinston
Baring
Cutler
Rockport
MUlbridge
Total.
.
M a r y l a n d ( N o . 13):
Baltimore
Washington
Alexandria
Crisfield
Annapolis
Total.
Massachusetts (No. 4):
Boston
Worcester
Springfield
Salem
N e w Bedford
F a n River
Plymouth
Gloucester
Free.
$3
'
6
4,040
6,857
45,292
19
16
353
to
$21,193
77,949
34.351
66,613
3,133
7,756
5,918
1
7,398
1,152
119,710
840
Excess
deposits
refunded.
Drawback
paid.
Estimated
duties.
Duties,
i n c l u d i n g Increased a n d F i n e s , pen- All o t h e r
alties, a n d c u s t o m s
fines o n
additional
forfeitures. r e c e i p t s .
mail imporduties.
tations.
$0.49
.12
2.31
2.22
10.51
.86
$L25
$35
$10.00
118
3,873
$0.50
590.71
579.98
;4,69L00
$6.30
17,683
.75
59.54
•
3.63
$n.37
80.00
.25
43.59
1.93
18.94
6.02
2.50
22.50
19,356
645,307
7,137,093
19,807,136
695.19
$1,480.97
110,583.30
3,714.17
7,060.85
8,58L34
3,869.88
'6,646,658
314,369
17,634,259
471,723
131,973,754
100,395.41
21,998.79
2,018,897.31
133,920.16
7, OOL 24
8,930.04
13,664.85
• 1,938.95
l", 736.95
7,427.88
286.39
•
6,961,027
18,105,982
131,973,754
32,543,988.00
161,077.00
557,478. 00
109,673,965.58
6,876,00
13,656.00
129,282,122. 78
405,478.00
372,259.00
81,478.33
362,418,00
10,299.00
1,180,865.58
812,379.00
165.25
50,450.00
88,145.66
100,395.41
562,360.28
21,998.79
2,152,817.47
16,831. 28
15,603.80
.1,736.95
7,714.27
69,151.47
9,751, 765.19
27,801.86
101,864.38
178,956.24
138.14
505.39
12,546.26
38,284.94
373.15
330.00
2.41
5,999.54
24,968.47
62,669.57
142.38
.361.34
' • 232. 04
55.30
26.28
2,488.62
ii.68
3.23
.11.28
692.21
26.10
22.74
259.70
o
o
o
Vinevard Haven
Barnstable
Provincetown
Total...:
Michigan (No. 38):
Detroit..
". .
Port Huron
Saginaw
Alpena...
B a y City
Marine City
St. C l a i r . . :
Grand Rapids
Grand H a v e n
Charlevoix
Manistee
Manistique
Muskegon
St. Joseph •
Sault S t e Marie
Chebovean
Mackmac
Detour
Escanaba..
Gladstone
Houghton
Marquette
122.50
3,864.48
7,629.42
33,286,618.50
132,500,805.17
109,827,231.25
562,360.28
2,783,980.00
550,900.00
10,900.00
9,471,834.00
7,467,257.00
316,825.00
1,360.00
4,616.00
1,201.00
112,669.00
724.00
946.00
358,295.00
11,303.00
15,331.00
50,826.00
5,754.00
74,167,541.00
37,147,099.00
797.00
30,851.00
7,155.00
6,089.00
48,580.00
4,174.24
3,142.15
5.85
158.60
2.50
16,060.00
25,935.00
2,415.00
2,148.00
"3,695.00
486,916.00
169,207.00
7,511.00
141,489.00
3,512,753.00
21,644,361.00
117,126,634.00
1,386,503.00
2,387,510.00
MobUe (No. 19):
Mobile
Birmingham
Gulfport
Scranton
Biloxi..
587,768.00
8,629.00
26,187.00
4,274,216.00
9,909.00
157,084.00
18,230,614.00
Total
622,608.00
4,441,209.00
21,110,614.00
M o n t a n a a n d I d a h o ( N o . 33):
Great Falls
Gateway
Eastport
S w e e t Grass. . . .
Porthill
9,914,901.84
63,512.81
180,306.49
12,546.26
39,301.47
14,982.24
1,511,514.32
78,153.44
2,604.47
8,180.44
36.01
4.21
6,917.13
SOI. 41
2,657.98
108.10
10,300.62
1,657.16
.40
267.15
447. 98
184.43
74,785. 70
129.80
189.28
31.80
26.04
10.35
60.96
14.25
9.99
4,888,470.00
238.08
122.94
3,382.46
113.92
.
25.09
^
•
O
•rr-
1.00
21.02
13.19
is. 37
25.20
54.06
. 1,529.15
289.24
128.30
8,640.72
57.45
242.31
fej
>
Pi
K
5.00
6.00
ofej
fe-:
718.30
70.35
fej
7,782.92
14,982.24
1, 681,683.68
8,396.86
9,551.71
2, 780.33
12,222.48
3,934.11
4,830.04
471,480.94
9,074.22
6,253.62
1,374.62
5,271.14
680.07
659.71
73,813.43
3,933.03
2,329.06
74.58
75.09
17.16
1,066.94
22.39
80,075.52
180.82
380.91
353.51
6,040.26
1, 787.11
7.00
3,340.49
2,566,609..00
313,391.00
1-3
'rr.
167.31
25.00
3,839.97
31.70
71.24
15.42
•
>
CC'
G
Pi
K;
13.99
24.00
9,443.33
2,925.00
23,938.28
21,532.44
20.00
3.25
3.45
14,422.00
242.00
Total
69,151.47
99.51
35.86
3,791.304.00
28,943.00
281.00
105,876.00
Mimiesota (No. 35):
St. P a u l a n d M i n n e a p o l i s . .
34
13.76
.72
9,552.00
15,377.00
1,072.00
2.43
14.38
7,755.20
932,044.46
428,012.15
296,975.12
1,770.00 1
110,204.00
1,517,904. 00
307,908.00
1,605.00
680.07
659.71
1,089.33
192.31
3,958.33
60.00
35.00
348.00
. 37.00
297.37
118.31
411. CS
to
TABLE N.—Statement of business of the customs districts and ports for thefiscal year ended June 30, 1915—Con tinued»
to
00
C u s t o m s receipts.
V a l u e of i m p o r t s .
Districts a n d p o r t s .
V a l u e of e x p o r t s .
Dutiable.
Free.
Excess
deposits
refunded.
Drawback
paid.
Estimated
duties.
Duties,
including Increased a n d F i n e s , p e n - All o t h e r
fines o n
additional
alties, a n d c u s t o m s
mall imporduties.
forfeitures. receipts.
tations.
•
M o n t a n a a n d I d a h o (No. 33)—
Continued.
Peskan
WhitetaU . .
Westby
Havre.. ..
. . . .
Baylor
Plentywood
Scobey.
Banff
Dooley
•.
Total
N e w Orleans ( N o . 20):
N e w Orleans
;
Morgan City a n d Calcasieu
Pass
$24,968.00
11,649.60
6,391.15
2,994.03
65.00
507.00
800.00
$177,468.00
16,498.00
190.00
179, 720.00
4, 700.00
3,598.00
8, 725.00
$13,107.00
$3,309.05
1,597.27
933. 78
422.10
10.20
227.10
125.84
$131.60
$161.00
•^
700.00
107, 788.83
2,056,455.93
1,950, 728.00
23,468,197.00
56,286,206.00
210,696,127. 00
$102,078.86
$232,671.85
15,595.23
$3,340.49
614.60
$97.00
1,688.66
6,843,668.42
6,583.12
215,108.67
3,885.34
7,990; 00
3,885.34
7,990.00
6.30
56,286,206.00
210,696,127. 00
102,078. 85
232,67L85
6,843,668.42
5,589. 42
215,108. 67
440,491,771.00
819,030.00
860,846. 00
956,370.00
482,146,358. 00
984,284.00
746,795.00
2,637,016.00
1,193,552,058.00
7,997.00
710,478. 00
2,314,372.00
2,850,015.24
6,542,461.26
144,503,814.99"
226,041.45
161,044.72
'
64,133.41
380,867.86
850. 67
657.37
108. 95
1,264,760.9^
1,398.31
5,756.94
2,436.22
115,462.90 305,724.31
361 52
3,027.68
2,933.38
. ..
443,128,017.00
486,514,453.00
1,196,584,905.00
2,850,015.24
6,542,461.26
144,955,034.57
382,484.85
1,274,352.45
115,462. 90 312 046.89
N o r t h Carolina ( N o . 15):
Wilmington
73,863.00
1,916,892.00
11,308,535.00
201.83
10,487.03
76.50
2,288,862.00
965,545. 00
269,820.00
- 71,171.00
399,489.00
2,194,912.00
350,433. 00
609,498.00
39,804.00
664,79L00
3,859,193. 00
7,678.07
689,640. 03
493,226.53
95,595. 83
63,621.99
72,090.45
17,483.09
321.96
87. 63
79.79
75.16
>
o
fej
N e w Y o r k ( N o . 10):
New York
Albany
Newark
Perth Amboy
Total
o
401.10
2,555.00
23,468,197.00
Total
o
Ohio ( N o . 41): .
Cleveland
Cinm'nnati
Columbus
Dayton
Toledo
i, 726,757.66
6,144. 29
2,593.08
8,950.41
7,343.68
832. 84
180.57
640.20
5,234.94
110.16
73.27
6,258.75
1,219.59
59 82
100. 24
188.96
ZP
Erie
Sandusky
OoTTnfiaut...
Ashtabula
Fairport
Lorain
Put-in-Bav
22,159.00
5,030.00
4.00
247.00
339,485.00
84,610.00
16,768.00
15,66L00
8,341.00
4,022,327.00
4,324,340.00
O m a h a ( N o . 46):
Omaha
Lincoln.
364,240.00
8,097.00
Total
1,008,663.00
705,125.00
2,234,081.00
2,382,676.00
110,830.00
677,563.00
.
.
•
7,177.21
1,700.69
.80
37.58
52.66
8.84
7.67
53.82
154.69
37.00
Total
8,035. 87
7,678.07
6,144.29
1,423,091.11
18,109.13
17,955.37
323,724.00
15,068.00
160.32
32.64
11,147.22
71,071. 21
5,356.82
1,266.70
12.60
271.98
27.69
140.13
20.22
192.96
11,147.22
76,428.03
1,279.30
299. 67
160. 35
1,640.54
362,304.58
2,960.65
7,435,50
7.75
8,638. 25
39.05
1,490.34
' ^12,698,888.00
5,418. 37
372,337.00
338,792.00
Oregon ( N o . 29):
Portland
Astoria
Marshfield
1,547,817.00
3,789.00
• 1,680,450.00
17,490.00
19,007,848.00
420,216.00
5,460.18
Total
1,551,606.00
1,697,940.00
19,428,064. 00
5,460.18
1,640. 54
365,265.23
7,443,25
8,677.30
1,490.34
2,853. 35
35,295,876.00
69,611.00
35,404,223.00
1,610,618.00
87,173,342.00
492,510.32
179,308.85
11,672,603.02
14, OOL 19
52,760.13
32.75
159,571.69
60.37
785. 45
o
50,607.00
611,589. 00
3,462,499.00
6,109.60
3.46
47.50
31,743.79
174.20
11.50
1,974. 30
90,635,841.00
33,903.79
fej
93.85
H
Pi
fej
ZP
P h U a d e l p h i a ( N o . 11):
Philadelphia
Wilmington
.
Lewes
Chester
. .
492,510.32
179,308.85
11,693,613.81
52,796.34
159,679.56
2,870.65
410.41
471,118.82
483.31
689.39
4,130,500.00
2,377,840.00
934,069.00
.140,836.00
228,882.00
5,205.00
4,118.51
1,634. 72
938.85
. 9.22
31.10
557.86
14.80
3,718.43
21.70
4L20
4,209T76
415.43
553.82
6,109.92
6,542.00
913.90
148.51
48.73
4,824.07
1,423.03
42,157.00
400.00
3.18
233,690.60
101,756. 75
34,288.57
6,357.10
4,187.90
38,433.07
1,339.37
670.24
2,546.23
20.83
88.98
1,830,407.00
1,124,058.00
7,817,732.00
7,308.24
423,269.83
5,179.01
20,030.99
1,480.70
8,517.75
1,145,742.00
77,279.00
412,871.00
182,415.00
1,725.00
6,155.73
237,807.59
29,690. 79
855.26
110.69
754!33
27.70
186.75
34,682.55
10.03
1,223,021.00
595,286.00
1,725.00
6,155.73
267,498.38
965.95
782.03
186.75
34,692.58
35,416,094.00
37,626,430.00
P i t t s b u r g h ( N o . 12):
Pittsburgh
1,400,359.00
569,118.00
P o r t o Rico ( N o . 49):
San J u a n . .
Ponce
Mayaguez
Arecibo
Aguadilla
Guanica..
Arroyo
Humacao..
Fajardo
959,048.00
415, 743.00
149,642.00
35,971.00
18,807.00
228,645.00
10,072.00
4,708.00
7,771.00
400,787.00
432,826.00
•87,142.00
26,735.00
6,424.00
106,108.00
21,879.00
Total
Total
R h o d e I s l a n d ( N o . 6):
Providence
Newport
Total
2,453. 43
386. 00
13. 92
785.45
o
w
fej
fej
>
107.92
3,889.25
1,344.92
46.80
6,687.15
825.16
646.39
21.60
22.48
281.23
13.74
20.00
ZP
d
w
KJ
to
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1915—Continued.
to
O
V a l u e of i m p o r t s .
Value of e x p o r t s .
Districts a n d p o r t s .
Dutiable.
Rochester ( N o . 8):
Rochester
Utica
.
Syracuse
Charlotte
Oswego
.
Fair Haven
Sodus P o i n t
Customs receipts.
. .
Free.
•
$1,220,128.00
237,506. 00
109,781.00
26,713.00
1,399.00
93.00
$452,519.00
16,103.00
91,289.00
564,798.00
499,011.00
101. 00
1,242.00
$1,717,951.00
2,520, .399.00
579,178.00
. 110,336.00
Excess
deposits
refunded.
$3,519.53
Drawback
paid.
$7,660.92
Estimated
duties.
Duties,
Including Increased a n d F i n e s , p e n - AU other
alties, a n d c u s t o m s
additional
fines on
forfeitures. receipts.
duties.
mail importations.
$314,442.62
57,170.25
24,704.87
2.274.85
' 450.69
46.27
$254.27
138.52
102,78
$6,636.21
1,403.20
296.12
19.62
4.00
.
$471.09
252.89
27.52
12.25
40.20
8.25
3.82
1,595,620.00
1,625,063.00
4,927,864.00
3,519.53
7,660.92
399,089.55
515.19
8,339.53
816.02
Sabine ( N o . 21):
Port Arthur
Sabine
177,314.00
30.00
359,656.00
285,762.00
23,905,831.00
• 5,364,940.00
15.77
18,932.78
26.616.34
6.00
10.69
3.-22
41.86
8.00
Total
177,344.00
645,418.00
29,270,771.00
15.77
18,932.78
26,622.34
10.69
3.22
49.86
16,241,538.00
49.00
87,848,607.00
9,902.00
76,395,493.00
866,717.00
• 2,163,932.00
123,980.32
116, 7*75.81
4; 612,336.05
66,719.63
20.27
74,129.01
$8,709.61
26,279. 72
.31
16,241,587.00
'87,858,509.00
79,426,142.00
123,980.32
116,775.81
4,612,336.05
66,739.90
74,129.01
8, 709.61
26,280.03
1,430,389.00
1,106,540.00
12,854.00
403,340.00
654,968.00
24,570. 00
°
310,436.00
28,953.00
8,104.64
351.79
494,653.38
7.08
29,085.05
16,631.16
199.17
4,108.56
62.16
14,837.07
15,390.88
138,430.00
27,486.00
1,247.00
14,448.00
342.00
1,110,661.00
1,678.00
359,177.00
1,541,623.00
30,975.00
46,965.00
33,091.00
• 169.60
6.06
887.92
705.03
4.27
86.80
379.07
2.08
109.77
22,879.61
.47
745.08
600.74
2.76
3.66
14.12
1,612,342.00
3,124,170.00
2,541,661.00
8,411.55
544,746.56
15,012.73
1,287.02
24,246. 44
Total
S a n Francisco ( N o . 28):
San Francisco... .
Eureka
P o r t Harford
Total
S o u t h e r n California ( N o . 27):
Los Angeles
Andrade
San Diego
Calexico...
Campo
Tia Juana. .
Tecata.
Total...
306.91
351.79
9.02
16,287.82
S o u t h Carolina ( N o . 16):
Charleston
Beaufort
^
Total.....
. ...
S t . L a w r e n c e ( N o . 7):
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 . . . .
Alexandi'ia B a y
Chaumont
Clayton
Nyando.
Morristown
Waddington
Total
St. Louis ( N o . 45):
S t . Louis..K a n s a s City
S t . Joseph
Total
T e n n e s s e e ( N o . 43):
Memphis
Nashville
Chattanooga
K n o x v i l l e , -.
Total
U t a h a n d N e v a d a ( N o . 48):
Salt L a k e City
V e r m o n t ( N o . 2):
S t . -Albans
Canaan
Alburg
East Alburg
Swanton
Highgate . . .
Franklia
14,745.00
2,737,214.00
1,541.00
13,015,230.00
14,745.00
2,738,755.00
13,015,230.00
212,343.00
317,029.00
151,710:00
331,016.00
5,189.00
1,717.00
7,906.00
9,267.00
33,194.00
3,126.00
19.00
3,207.00
123,616.00
5,606.00
5,580.00
13,315,156.00
6,940,977.00
2,753,032.00.
638,283.00
3,966,370.00
12,615,449.00
12,709,884.00
858,943.00
24.95
346.84
721.15
70.80
31,879. 73
6,908.87
92.29
445.31
764.91
6,908.87
92.29
445.31
764.91
12,235.14
75,085.43
33,729.34
38,591.46
2,837.17
216.66
808.35
969.97
5,134.88
429.13
9.30
831.97
9,513.77
668.45
644.74
54.19
102.53
1.50
1.01
6.33
431.45
1,032.33
800.06
6.53
... .. ..
18,003.00
45,092.00
22,277.00
152,391.00
9,556.00
30.00
64,703.00
2,971,672.00
114,336.00
32,318.00
1,035.00
2,252,782.00
25,731. 00
1^,642. 00
1.84
11.00
16.50
1,210,525.00
27,077,826.00
32,435,331.00
1,193.08
31,879.73
181,705.76
3,440,563.00
504,234.00
188,407.00
857,363.00
855,788."00
137,083.00
616,138.00
9,060.36
913.96
368.96
11,122.76
20,418.35
4,133,204.00
1,850,234.00
616,138.00
10,343.28
31,541.11
62,301.00
15,560.00
9,396.00
8,405.00
7,008.00
6,239.00
11,756.00
5,384.00
54,195.00
355.00
95,662.00
30,387.00
54,550.00
40,659.00
22,647.00
438,409.00
246.00
61,487.00
4,239.00
10,914.00
1,348.00
1,243.00
3,963,543.00
8,145.00
1,038,592.00
5,711.00
25,814.00
58,022.00
2,473.00
3,495.00
1,180,714.00
1.60
24.38
1,360.38
73.94
1,275.62
21.59
.10
4.84
5.43
7.30
49.02
24.90
33
17.24
4.00
22.73
16.73
6.97
241.80
7.25
189.94
2,520.74
3,568.14
2,884.15
1,364,524.64
244,450.32
73,047.12
10,752.77
4,699.82
26.03
15,358.08
8,488.24
1,301.77
78.17
15.06
2,031.69
4,546.86
74.18
1,682,022.08
15,478.62
25,148.09
93.23
6,652. 73
9.40
26,535.74
6,307.39
2,270.47
3,211.55
81.79
13.16
39.48
14.05
253.90
139.12
58.21
12.00
310.71
100.78
113.23
5.73
223.35
38,325.15
148.48
463.23
530.45
14,025.53
1,743.15
110.85
2.16
71,910.32
48.70
8,567.05
474.16
1,353.28
127.14
100.29
36.11
2,140.20
2,086.67
1,284.55
2.20
66.30
147.65
8,943,859.00
2,277.55
468.43
414.99
399.92
656.69
2,327.47
•
4.70
2 889.50
2.59
43.47
4 20
2.62
2.52
2.61
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TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30,1915—Continued.
C u s t o m s receipts.
V a l u e of i m p o r t s .
Districts and ports.
V a l u e of e x p o r t s .
Dutiable.
V e r m o n t ( N o . 2)—Continued.
West Berkshire
Richford
E a s t Richford
Burlington
Newport
North Troy
Derby Line
Island Pond
Beecher F a l l s
Total
Virginia ( N o . 14):
Norfolk a n d N e w p o r t N e w s
Richmond
Petersburg
Total
W a s h m g t o n ( N o . 30):
Seattle
Tacoma
Port Townsend
Everett
Bellingham
Blaine
P o r t Angeles
Northport
Roche Harbor
Aberdeen.....
Anacortes
Sumas
Danville.
Friday Harbor...:
South Bend
to
to
Free.
Excess
deposits
refunded.
Drawback
paid.
Estimated
duties.
Duties,
i n c l u d i n g Increased a n d F i n e s , p e n - A l l o t h e r
additional
alties, a n d c u s t o m s
fines o n
forfeitiues. r e c e i p t s .
duties.
maU i m p o r tations.
$27.51
37,858.05
2.35
2,189.83
16,371.47
994.75
928.14
9,516.02
1,809.14
$0.60
$1,662.39
$750.37
35.21
66.98
61.74
1,684.98
7:06
6.10
1,959.49
26.00
352.45
11.00
133.45
45.60
30.00
$1.68
9.10
2.26
3,085.60
54.16
3.94
14.04
23.93
14.91
3,857.82
152,278.20
145.95
8,789.45
3,441.44
6,156.93
853.69
1,829.60
207,424.25
815,910.17
84,145.77
27.04
152.52
21.87
2,693.64
568.77
1.35
1,024.92
3,365.09
, 1,287.62
2,704.00
853.69
1,829.60
1,107,480.19
201.43
3,263.66
1,024.92
7,356.61
$177.00
264,687.00
16.00
5,870.00
101,388.00
8,668.00
8,043.00
75,505.00
15,251.00
$63,229.00
3,770,785.00
29,340.00
156,190.00
3,797,037.00
135,518.00
93,517.00
3,520,239.00
427,795.00
$14,878.00
$72.15
75.00
17,402,311.00
2,662.00
26.80
1,663,718.00
137,683.00
15.07
26.70
997,391.00
17,095,950.00
29,345,900.00
696.41
684,442.00
. 139,488.00
116,864.00
4,502,192.00
297,546.00
139,997.00
89,355,256.00
940,794.00
4,939,735.00
89,355,256.00
$73.13
1,457.22
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3,833,980.00
885,131.00
1,911.00
6,871.00
8,002.00
73,904.00
5,993.00
7,879.00
1,872.00
.1,193.00
8.00
14,045.00
877.00
171.00
46,148,837.00
10,036,522.00
643,524.00
85,585.00
200,182.00
1,808,398.00
27,809.00
58,126.00
6,041.00
19,160.00
437,635.00
2,437,482.00
8,140.00
19,899.00
27,305,964.00
32,452,799.00
473,493.00
383,869.00
463,971.00
3,989,325.00
248,041.00
321,501.00
41,148.00
580,035.00
75,406.00
866,116.00
47,699.00
22,071.00
55,798.00
6,910.82
10,987.79
'
972,663.77
258,063.12
793.52
1,681.92
836.53
9,966.79
957.50
854.05
294.14
179.35
3.10
3,324.62
152.65
3.00
25,294.94
6,966.86
3.15
8.60
6.88
12,316.46
7,241.67
4,254.57
84.16
13.75
653.45
250.75
10.00
47.41
230.65
3.18
23.40
15,699.82
2,234.93
275. 26
10 40
69.03
575.00
21 28
70.08
11.00
63 00
219 37
67.40
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Oroville
Spokane
Molson
Chopaka . . .
Laurier
Ferry
Kalama.
Total
•
Wisconsin ( N o . 37):
Milwaukee .
Grand total
. .•..
.-...
1,281.00
33,621.00
1,001.00
686.00
914.00
1,388.00
34,104.00
145,666.00
6,387.00
62,458.00
1,396,085.00
15,799.00
4,880,728.00
63,585,839.00
6,036.00
3,621.00
149,102.00
102,152.00
35,226.00
27,994.00
67,651,.366.00
10,987.79
5,910.82
188.67
21,277.97
110.11
113.11
110.28
216.91
10.05
2,443.20
3.15
11.25
388.20
1.50
1.76
10.00
1,271,791.11
34,763.41
20,575.46
4,840.12
216.60
94.25
184.13
674.05
29.75
20,305.34
727,525.00
1,090,898.00
55,480.00
1,746.68
386.33
402,912.48
487.28
3,904.31
3,734.42
638,877,671.33
1,074,670,657.10
2,756,756,096.25
4,488,069.09
7,403,686.23
205,420,941.73
814,966.68
2,240,017.93
'242,723.63 691,181.86
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TABLE N,—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1915—Continued.
to
[Extension of items.]
Commerce receipts.
•
Districts and ports.
Head tax.
Alaska (No. 31):
Juneau
Ketchika^n..
Wrangell
Skagway
Eagle
.
Forty Mile
St. Michael
Nome
Unalaska
Cordova
Sulzer.
.
Total
Arizona (No. 26):
Nogales
Naco.
Yuma
,.,
Douglas.
Arlvaca
Lochiel
Total
.Buffalo (No. 9):
Buffalo
Niagara Falls
North Buff?lo
Dunkirk
Black Rock Ferry
Lewiston
North Tonawanda
Olcott.
Youngstown.. ..
Lackawanna
Night Clearance
Total
.
'
,
..
-
All other
commerce
receipts.
108.00
8.00
$99.06
1,072. 48
23.84
29.90
369.48
$176.20
1,959.65
242.57
61.57
344.18
40.00
8.00
103. 46
239.40
128.70
14.70
1.34
64.32
232.00
1,938.96
3,087.69
$4.00
64.00
,...,
Tonnage tax.
Expenses.
ios. 80
CoUecting
revenue.
Enforcement
of n a v i g a t i o n CompUation
of s t a t i s t i c s .
laws.
$1,948.94
1,182.87
436.61
4,396.21
1,029.19
3,260.00
245.63
563.04
415.80
42.00
$9,744.64
3,548.46
1,309.91
1,099.04
1,911.23
13,520.29
23,732.55
Average
n u m b e r of
persons
employed.
Cost t o
collect
$1.
5
2
1
4
1
1
1
1
1
1
1
$12.20
1.07
1.82
3.63
1.64
10 55
21.00
1 48
5.87
1,299.26
19
3 18
23,806.58
6,251.43
3,080.94
7,337.43
1,534.16
3,027.29
658.08
154.80
77.40
193.56
38.76
77.40
17
4
2
5
1
2
1 00
1 95
81.00
45,037.83
1,200.00
31
1 19
2,430.00
1,830.00
47
47
18
1
4
6
1
1
1
1
2
.062
90.00
3,673.17
733.34
48.00
300.00
1,427.50
1,799. 75
412.50
114.00
282.25
.50
1,002.00
131,096.58
9,793.01
4,260.00
$1,299.26
2,209.95
1,689.12
1,663.20
378.00
179.00
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2 67
H
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64.00
.
....
. 64.00
33.24
571.94
.
. . .
718.55
2.40
•
:...
71.04
.60
676.22
721.55
58,196.14
46,592.09
19,487.23
792.18
1,896.02
2,649.20
682.60
114.00
597.22
129
697
9 98
318
.10
.373
2 53
19.17
14 80
8.44
48.83
104
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Chicago ( N o . 39):
Chicago
Peoria
Michigan C i t y . .
1,189.00
Total
1,189.00
.0403
.045
.
.
287,247.99
11,139.66
4,000.00
210
.0403
600.00
7
.108
9
5
6
4
.06
.012
.109
.065
.035
.108
5.47
.062
13,100.31
124.05
111.97
30.80
6,457.56
6,077.83
3,654.23
1,690.00
90.35
100. 20
15.59
1,600.00
1,108.10
1,094.25
1,030.00
74.68
621.57
1,442.50
25.05
126.37
11.67
16.20
135.04
220.63
1,090.82
1,977.46
29,556.75
5,598.49
1,030.00
24
10,230.09
4,339.40
6,505.42
1,325.50
1,323.50
1,417.50
1,437.50
238.00
1,277. 50
1,277.50
1,277.50
1,277.50
192.50
1,277.50
1,277.50
192.50
1,241.50
1,277.50
339.00
208.00
832.00
• 832.00
132.00
134.00
. 40.00
20.00
6
4
6
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2.07
.19
.392
.241
1.32
1.30
8.23
19.83
3.02
2.88 .
2.71
3.62
32.00
1.65
.654
9.60
3.60
.88
37,724.91
2,198.00
32
.663
1,101.00
28
5
3
3
3
2
3
.093
7.97
7.05
5.56
.309
27.84
62.35
122.42
32.86
234.74
4.55
.
..
^
;
'.
•
. .
.
.
:
• •
...
-.
Total
D u l u t h a n d Superior ( N o . 36):
D u l u t h a n d Superior
Warroad
Baudette
International Falls . .
Ranier
Two Harbors
Ashland
208
1
1
4,000.00
•
12,257.35
. . .
Total
D a k o t a ( N o . 34):
Pembina
Portal
Noyes
Neche
St J o h n
Northgate
Wallhalla
Mowbray
Hannah
Sarles
Hansboro
Souris
Westhope
Antler
...
Sherwood
Kermit
Crosby
Ambrose
Fortuna
10,762.16
377.50
Colorado ( N o . 47):
Denver
C o n n e c t i c u t ( N o . 6):
Bridgeport
Norwalk
.
Stamford
Greenwich
Hartford
New Haven
New London .
285,787.99
1,460.00
.22
.
.
.
.
338.60
21,357.44
4,757.92
3,415.12
3,458.07
4,024.63
30.00
3,345.78
274.50
274.50
274.50
696.50
843.00
ZP
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TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1915—Continued.
to
C5
C o m m e r c e receipts.
Districts a n d ports.
.
Head tax.
D u l u t h a n d Superior ( N o . 36)—Continued.
Bayfield
Washburn
Isle R o y a l e
Indus
Pinecreek
Allother
Tonnage tax. commerce
. receipts.
$29.30
Collecting
revenue.
Enforcement
of n a v i g a t i o n
laws.
CompUation
of s t a t i s t i c s .
$137.50
137.50
92.00
$0.30
$182.56
182.50
29.52
Total
E a g l e P a s s ( N o . 25):
Eagle Pass
DelRlo
Presidio
Total
338.90
37,408.78
.6,075.78
Average
n u m b e r of
persons
employed.
Cost to
collect
$1.
1
1
1
1
1
$4.56
46.00
4.13
4.13
$1,101.00
62
.152
$4.00
32,943.00
7,407.00
5,582.00
600.00
24
6
4
1.38
1.29
1.90
4.00
45,932.00
600.00
33
1.41
1,400.00
44
6
.634
8.26
1,400.00
49
.691
6,777.00
1,575.90
1,395.90
1,360.55
570.90
829.80
3,064.32
9,122.33
900.00
5,685.40
950.05
1,367.66
360.00
563.90
700.00
25.00
25.00
25.00
25.00
50.00
250.00
475.00
50.00
250.00
25.00
25.00
50.00
25.00
45
2
1
1
1
1
4
18
2
5
1
1
1
1
.036
4.76
.535
16.40
19.86
.589
.438
.077
.14
.624
10.83
1.94
.285
34,523.71
2,000.00
84
w
fej
fej
o
o
H
W
fej
E l Paso ( N o . 24):
E1 P aso
Columbus
.^
Total
F l o r i d a ( N o . 18):
Tampa.
Apalachicola
Boca G r a n d e
Carrabelle
Cedar K e y s
Fernandina
JacksonvUle
Key West.
Miami
.
Pensacola
P o r t Inglis
St. An(hews
St. A u g u s t i n e
T a r p o n Springs
Expenses.
72.00
2,262.50
65,010.37
7,554.88
72.00
2,262.50
72,565.25
1,374.13
43.15
122.06
29.18
30.00
146.85
915.79
2,363.85
661.14
1,309.42
22.94
175.18
70.00
56,482.95
7,263.69
84,194.84
'
o
1,492.00
1
64.00
2,156.00
11,384.00
12.00
'
Total
5,638.64
286.32
2,528.34
56.66
1,070.36
2,063.26
2,415.88
389.24
10,985.94
66.90
535.18
866.66
3,728.65
18,244.65
1,058.05
2,842.71
1,037.83
".
15,108.00
26,036.62
. 0559
fej
ZP
Galveston ( N o . 22):
Galveston
Texas C i t y . . .
Houston
Dallas
San A n t o n i o .
Freeport
Port Lavaca
66,492.84
1,249.58
6,323.85
430.58
111.34
25.58
2,384.00
62.00
49
2
2
2
2
1
1
.074
.106
.173
.048
.091
3.94
59
.076
17,144.45
577.95
70.65
51,923.13
2,532.45
2,972.05
3,178.13
2,902.00
206.50
67,768.00
5,936.32
63,714.26
18,194.80
9, eoo. 00
20,319.28
2,103.15
3,600.00
297.20
32.97
5,797.53
4,837.72
210.92
35.45
1,200.00
2,591.28
121.56
9
2
1
1
.14
.13
50
1.84
23,032.12
2,433.32
10,881.62
2,926.81
3,600.00
13
15
H a w a u ( N o . 32):
Honolulu
HUo
Kahului
Koloa
Mahukona
33,658.80
22.36
263.70
298.92
60.66
2,567.79
38.20
17.21
15.08
5.50
79,622.80
2,142.81
4,800.00
1,529.16
300.00
290.83
300.00
3,800.00
64
1
1
1
1
.091
.066
613
• .75
3 26
Total
34,304.44
3,800.00
68
.091
177.76
6
2
.137
014
2,288.00
88.00
8.00
:
Total
Georgia ( N o . 17):
Savannah
Atlanta
Brunswick .
Darien
Total
ei
52.00
9,600.00
172.40
300.00
1,476.43
250.38
.
2,643.78
81,765.61
7,219.99
13.00
10,803.93
2,156.85
500.00
Total
13.00
12,960.78
500.00
177.76
8
. 0507
8.00
515.00
4,637.06
955.52
1,126.35
1,100.00
65.00
170.00
300.00
3
1
1
274
.124
091
8.00
515.00
6,718.93
1,335.00
300.00
5
.188
290.00
11,058.39
600.00
360.00
600.00
7
2
.096
290.00
11,058.39
960.00
600.00.
9
.097
34,507.47
613.40
6,595.43
1,200.00
446.51
1,242.60
26
1
5
I o w a ( N o . 44):
Des Moines
Sioux City
Dubuque
Zfl
-.
K e n t u c k y ( N o . 42):
Louisville
Paducah
Total
L a r e d o ( N o . 23):
Laredo.
.
Aransas
R i o G r a n d e City
fej
o
fe3
I n d i a n a ( N o . 40):
Indianapolis
EvansvUle..
Total
Zfi
468.00
8.00
585.20
1 42
1.60
1.25
d
to
-J
-a
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1915—Continued.
to
00
Expenses. .
Commerce receipts.
Districts a n d ports.
Head tax.
L a r e d o ( N o . 23)—Continued.
Hidalgo
BrownsviUe
$24.00
500.00
512.00
•
.
CoUecting
revenue.
E n f o r c e m e n t CompUation
of n a v i g a t i o n of statistics.
laws.
$6,766.26
24,053.43
:
Total
Maine a n d N e w H a m p s h i r e ( N o . 1):
Portland.
Houlton
F o r t Fairfield
Mars HUl
Van Buren...
Madawaska
Monticello
Machias..
Lubec
Boothbay
. . . .
Bath
Limestone..... . . .
. . .
Fort Kent
Bridgewater
Eastport
:
Calais
Bangor
Ellsworth
Rockland..."
Vanceboro
Lowelltown
Belfast
Castine
'..
.
Vinal H a v e n
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
M o u n t D€>sert F e r r y
Jonesport
Tonnage tax.
All o t h e r
commerce
receipts.
$585.20
11,246.18
$446.51
3,579.57
99.40
88.86
91.18
161.36
189.04
87.91
108.34.
273.72
574.36
118.44
2.90
. 1,094.95
106.07
62.94
1.20
634.08
. . . .
..
286.28
106.42
22.40
4.34
202.56
129. 70
28.31
77.50
24.96
227.13
142.06
9.40
17.11
18.34
62.53
26.56
72,535.99
38,198.16
6,413.98.
4,378.58
1,443.45
2,886.23
1,402.45
1,356.75
312.50
480.00
388.50
1,542.18
1,377.50
1,668.37
1,359.25
7,056.50
8,552.78
4,062.42
319.84
1,023.50
9,941.25
4,214.50
464.22
495. 05
219. 25
350.04
1,110.25
1,586.08
1,100.00
191.00
249.60
273. 00
$1,242.60
$1,200.00
7,400.00
2,770.00
29.27
25.76
796.50
537.50
895.25
2,184.29
8.09
2.50
54.22
1,760.00
1,116.00
45.00
743.08
1,220.50
14.00
23.14
687.17
566.58
400.00
637.53
835.05
689.00
506.51
457.00
48.50
29.85
33. 67
122. 49
49. 43
30.96
56.12
41.02.
110.40
-
3.85
45.00
32.50
Average
n u m b e r of
persons
employed.
Cost t o
collect
$1,
5
19
$2.22
4.33
56
1.88
34
4
3
1
2
1
1
1
1
1
3
1
1
1
7
9
2
1
2
8
4
1
1
1
1
2
1
1
1
1
1
658
1.50
2.35
10.16
1.94
5.47
4.91
3 79
4.57
6 30
5.63
4.75
1.01
3.77
.271
3.08
.718
fej
fe)
o
td
H
O
fei
H3
K
fej
>
O
fej
ZP
2.25
.722
.846
8.75
10.96
15.87
2.37
2.21
2.68
.236
34.25
31.16
3.52
Robbinston
Baring
Cutler
Rockport
MUlbridge
Total
M a r y l a n d ( N o . 13):
Baltimore.
Washington
Alexandria...
Crisfield
Annapolis. .
-.
j
520.00
1,092.00
80.00
575.00
678.58
3.00
2.00
1
1
1
13,180. 72
6,772.84
106,109.18
22,767.68
3,498.63
102
.858
.
13,920.00.
92,493.16
6.88
8,931.94
66.87
252,126.85
15,638.28
30.32
175.04
30.00
9,131.70
399.96
272. 88
1,575.38
270.00
4,620.00
193
11
1
2
1
.122
.11
13,920.00
92,500.04
8,998.81
268,000.49
11,649.92
4,620.00
208
.123
82,024.00
77,842.96
12,257.59
18,598.72
11,540.00
666
.086
.168
.07
5.16
.368
.148
1.89
2.01
2.62
6.43
24.68
.'
.
228.88
193.98
47.46
590.46
844.42
158.68
19.56
1.98
461.25
737.36
125.64
148.24
1,230.81
254. 49
135.88
19.37
854,022.83
4,778.89
7,244.73
1,563.45
2, .336.00
2,047.00
722.00
6,384.10
. 245.07
1,069.00
222.66
79,928.38
15,370.63
880,635.63
30,914.36
11,540.00
727.40
1,491.70
23.10
96,371.24
39,725.15
938.00
203.00
203.00
586.75
1,437.50
4,070.13
582.86
15.60
11,470.29
5,010.61
209.25
924.75
928.00
583.25
597.50
3,753.79
1,200.00
.
4,000.00
....
Total
Michigan ( N o . 38):
Detroit
Port Huron
S a g i n a w '.
Alpena
B a y City
Marine City
S t . Clair .
.
Grand Rapids
Grand Haven
Charlevoix.
Ludington
Manistee
Manistioue
Muskegon
St. Joseph
S a u l t S t e . Marie
Cheboygan
"• M a c k i n a c
4.07
33.01
512.00
Total
Massachusetts ( N o . 4):
Boston
Worcester
Spiringfield
Salem.......'
N e w Bedford
Fall River
Plymouth
Gloucester
Vineyard Haven
Provincetown
'.
Barnstable
7.58
8.80
86,024.00
:
...
.
. . '.
•.
.
8.20
. .
....
...
ie.eo
.20
665.60
12,617.94
449.00
61.60
3,210.00
1,711.00
1,800.00
720.00
3,356.83
845.18
31.00
641.63
581.86
228.50
647.50
438.00
122.00
565.49
122.00
5,776.37
425.00
131.60
.1
..•
960.50
4
3
3
1
7
1
1
1
697
91
41
1
1
1
1
2
3
1
1
1
1
1
1
1
21
1
1
68.43
26.70
18.11
o
tu
fej
>
pi
fej
.088
.072
.568
.439
ZP
d
4.23
2.59
9.46
.053
7.87
1.29
146.00
4.08
.70
3.72
12.20
to
CO
to
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1915—Continued.
00
o-
Commerce receipts.
Districts a n d ports.
Head tax.
Michigan ( N o . 3 8 ) — C o n t i n u e d .
Detour
Escanaba
Gladstone
Houghton.
Marquette
Lake Linden
Munising
St. Ignace
Calcite....
Frankfort
Ontonagon
.
Toimagetax.
TotaL
CoUecting.
. revenue...
$120.00
$24.50
703.10
'
Total
M o n t a n a a n d I d a h o ( N o . 33):
Great F a U s . - .
.
Gateway
Eastport
Sweet Grass
PorthUl
Peskan
WhitetaU...
Westby
Havre
Baylor
All o t h e r
commerce
receipts.
1,803.84
$744.00
Minnesota ( N o . i35):
S t . P a u l a n d Minneapolis
Mobile ( N o . 19):
Mobile
Birmingham
Gulfport
Scranton
Biloxi
Expenses.
Enforcement
of n a v i g a t i o n CompUation
of s t a t i s t i c s .
laws.
$360.00
509.50
581.55
195.20
541.00
244.00
40.00
137.25
1.00
300.00
$1.15
101.80
.274
1.53
td
H
O
fei
$5,914.29
185
.115
.15.90
36,239.71
760.00
1,600.00
24
.079
7,331.95
704.00
11
I
2
1
1
.208
.311
.361
1.64
10.37
704.00
16
.246
1,200.00
6
2
3
2
2.78
6.82
.665
1.21
199.12
.513
.700
1.09
2.23
64. oa
3,896.06
4,462.46
424.52
844.50
354.38
100.00
11,272.02
1,276.55
1,209.59
595.06
101.85
1,607.08
852.75
1,080.15
5,194.94
14,455.07
. 10,871.93
.40
10,232.31
3,119.10
4,340.05
2,711.45
1,593.40
1,767.10
1,129.10
1,021.25
1,305.25
640.50
td'
fej
o-
31,571.37
9,190.20
.86
1
3
2
160,344.01
40.00
84.00
14,077.18
Cost to
collect
$1.
1,547.70
$520.00
644.00
Average
n u m b e r of
persons
employed.
w
fej
>
fei
o
fei
ZP'
Plentywood..
Scobey
Banff...
Dooley
397.65
637.00
778.20
521.50
.
Total
N o r t h Carolina ( N o . 15):
Wilmington .
. .
Beaufort
E l i z a b e t h City
Manteo
Newbern....
Washington
:
. . . .
.
O h i o ( N o . 41):
Cleveland
Cincinnati
Columbus
Dayton
Toledo
Erie
...
Sandusky
Cormeaut
Ashtabula
Fairport
Lorain
Put-in-Bay
Total
1.47
2.70
13,099.44
304,806.67
440. 00
274. 71
7,250. 25
300. 00
1,143. 29
7,785.77
156.18
211.50
244
1
2
7,576.00
102,783.10
13,539. 44
305,081.38
8,693.54
7,997.27
247
.044
952,512.00
457,984.48
82,188.23
55,805.57
65,898.13
599.24
2,413.79
563.92
782.53
4,073,471.01
10,3n.83
8,709. 78
7,05L36
3,084
7
7
6
2
1
.028
.045
.054
.111
o
720. 00
1,080.00
1,033. 43
444.00•
.044
ZP
fej
td
fej
>
Pi
952,512.00
460,997.51
83,534.68
4,099,543.98
59,083.00
65,898.13
3,107
.028
K1
16.00
4,456.06
1,158.18
4,400.25
2,200.12
419. 90
300. 00
240. 00
411. 00
226. 67
733.38
4
1
. 1
1
1
1
.390
O
fej
. .
Total
23
102,626.92'
7,576.00
Total...
1,200.00
30,193.86
.86
N e w Y o r k ( N o . 10):
New York
Albany
.
Newark
Perth Amboy
Patchogue
Greenport
1.75
5.05
1.11
1.30
.40
Total
N e w Orleans ( N o . 20):
N e w Orleans
Vicksburg
M o r g a n City a n d Calcasieu P a s s
1
1
1
1
'.
16.00
fej
4,456.06
1,158.18
4,400. 25
3,797.69
733.38
9
.475
1,228.94
500.30
152.00
4,50L75
532.77
1,200.00
7L02
721.72
129. 78
25.34
669.94
16.60
10.40
77.30
2.00
8.50
.80
2.80
45,126.28
24,251.35
2,994.50
2,522. 29
4,652.01
1,893.90
1,648.56
513.50
584.25
210. 00
66.00
35
16
2
2
4
2
5
2
2
2
2
1
.069
.048
.0309
.04
.068
348
1.63
50.43
2.14
770. 70
84,462.64
11,128.16
tc
fej
>
ZP
:
:
2,846. 74
325. 00
900. 00
1,731.64
899. 00
950. 00
545. 50
494. 00
248.50
1,200.00
75
d
td
186.66
.065
to
00
to
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30, 1915—Continued.
00
to
Expenses.
Commerce receipts.
Districts and ports.
Toimagetax.
Head tax.
Omaha (No. 46):
Omaha
. .
Lincoln
1
. . .
Total
Oregon (No. 29):
Portland
Astoria
Newport
Marsnfip.ld
Total
PhUadelphia (No. 11):
Philadelphia
Wilmington
Lewes . . . .
Chester
Somers Point
Tuckerton
Bivalve '.
Seaford
Total
Pittsburgh (No. 12):
Pittsburgh
Porto Rico (No. 49):
San Juan
Ponce
Mayaguez
Arecibo
Aguadilla
Guanica
Arroyo
Humacao
Fajardo
Total
All other
Commerce
receipts.
4
2
$0.125
.348
10,601.01
400.00
6
.14
$6,900.00
3,596.90
515.00
551.85
1,500.00
400.00
35
5
1
1
.144
.446
4.50
• .16
34.32
1,428.00
12,852.68
1,891.41
50,961.71
11,563. 75
1,900.00
42
38,260.00 .
70,146.00
754.98
982.80
6,617.86
8,557.42
185. 25
91.88
647.28
1,698.00
473,483.90
3,783.69
16,038.24
667. 71
1,099.13
675. 83
764. 75
378. 89
618.88
300; 00
8,655.85
379
3
1
3
1
1
3
1
....
•
38,260.00
3,829.77
•
170. 00
.041
.276
1.01
.292
.45
481,097. 36
20,543.43
8,655.85
392
.042
210.00
23,836.78
960.00
^ 240.00
16
.053
49,527.37
15,476.51
7,649.64
1,097.06
1,153.30
1,617.19
1,206.50
724.85
3,689.80
2,606.71
814. 55
402. 61
57.74
60.70
85.11
63.50
38.15
194. 20
1,400.00
34
14
9
56.86
288. 74
2,220.85
497. 51
590.48
16.87
5.00
1,031.25
7.26
38.87
40.65
3
.203
.146
.215
.174
.284
.037
.456
.97
1.30
11,670.48
4,448.74
82,142.22
4,323.27
1,400.00
65
.183
310.94
fej
fej
o
td
o
fej
3.64
11,349.83
78,601.64
9,223.96
1,358.28
366.56
65.14
:
• $400.00
47,364. 86
3,596.85
$12,818.36
Cost to
collect
$1.
$8,710.66
1,890.35
$1,032.37
779. 67
5.00
74.37
$1,416.00
12.00
:
CoUecting
revenue.
Average
number of
persons
Enforcement
employed.
of navigation Compilation
of statistics.
laws.
O
fej
ZP
R h o d e I s l a n d ( N o . 5):
Providence
;
Newport
12,644.00
Total
12,644.00
R o c h e s t e r ( N o . 8):
Rochester
Utica
Syracuse
Charlotte
Oswego
Fair H a v e n . .
Sodus Point
J...
.
-.
S a n Francisco ( N o . 28):
S a n Francisco
Eureka
Port Harford
Total
S o u t h e r n California ( N o . 27):
Los Angeles
Andrade
" S a n Diego
Calexico
Campo
Tia Juana
Tecate
Total
S o u t h Carolina ( N o . 16):
Charleston
Georgetown
Beaufort
Total
950.68
27. 28
22,924.44
2,136.24
509.00
855.35
957.00
50.90
17
2
.084
.10
2,815.84
977.96
25,060.68
1,364.35
1,007.90
19
.085
110.60
19,219.47
5,558.50
5,083.84
2,190.44
2,870.41
245.00
. 1,277.50
1,740.65
2,614.47
907. 60
855.01
. 592.94
13
3
3
4
4
1
1
.061
.094
.202
1.86
2.69
4.49
214.00
6,362.73
1,870.44
29
.105
140.12
1,513.72
144.72
L20
5.40
2.40
.20
1,798.56
119.80
34,922.66
ZP
fej
o
Total
S t . L a w r e n c e ( N o . 7):
Ogdensburg
Rouses Point
Malone
F o r t Covington
Plattsburg
2,300.54
515.30
. . . .
Total
S a b i n e ( N o . 21):
Port Arthur
Sabine
.
..
29,866.88
6,096.00
2,950.15
640.74
4,059.25
348.04
3,551.65
883.23
614.67
97.00
6
1
.138
.19
60.00
35,960.88
3,590.89
4,407.29
4,434.88
711.67
6
.144
43,136.00
72.00
41,984.64
1,076.14
3,260,54
9,484.47
102.90
300.64
426,136.29
33,549.33
1,448.00
1,693.57
7,552.00
345
1
2
.095
1.13
• .447
43,208.00
46,32L32
9,887.91
426,136.29
348
.096
220.00
. 8,40L26
2,478.58
64.00
8.00
879.66
1,559.22
^
36,590.90
7,552.00
51,840.03
1,190.09
6,877.18.
7,059.37
1,620.30
7,947.03
1,269.60
2,97L16
1,800.00
411.95
87.48
339.00
7.00
225.00
7.00
1
. 101
99.16
.19
.42
7.63
L93
16.57
292.00
9,280.92
4,037.80
76,803.50
3,383.11
2,465.48
52
.134
48.00
7,458.02
1,215.54
165.00
68.17
7,825.81
4,666.05
300.00
1,002.80
652.15
10.44
9
1
2
.77
1.81
12.75
7,468.46
1,448.71
7,825.81
5,867.85
652.15
12
.83
1,682.44
2,446.56
19.90
18.90
34,537. 68
14,607.11
12,843.47
4,158.99
946.30
1,715.00
771.00
2,335.00
1,245.00
1,142.00
340.00
27
12
11
4
1
2.13
.222
.386
.115
.332
48.00
.
..
56.00
4.00
34§
1
4
• 5
1
oh
i>
Pi
O
fej
fej
>
ZP
d
to
oo
to
00
TABLE N.—Statement of business ofthe customs districts and ports for thefiscal year ended June 30,1915—Continued.
Expenses.
C o m m e r c e receipts.
Districts and ports.
Head tax.
St. Lawrence (No. 7)—Continued.
Champlain..
.
Chateaugay
Mooers J u n c t i o n
Cape Vincent
Alexandria B a y
.•
Chaumont .
C l a y t o n '.
Nyando
Morristown
Waddington
Total
S t . Louis ( N o . 45):
St. Louis
Kansas City....
St. Joseph
Cairo
.
.
6,137.00
73
.481
$60.00
4.00
736.41
76.00
56,647.08
24,635. 68
2,592.70
1,682.42
300.00
1,283.34
42
17
2
1
.05
.095
.034
54.00
811.41
83,875.46
2,135. 42
1,283.34
62
.05
80.00
250.00
120.00
6,012.68
1,133. 33
899. 29
1,128. 60
707,38
133.35
121.92
353. 68
66.65
67.48
59.40
3
1
1
1
.222
.195
.418
.366
450.00
9,173. 90
962.65
547. 21
6
.267
3,649.61
192. 09
3
.241
24,673. 94
934. 00
7,852.26
1,929.11
2,217.97
949. 60
583.64
1,158. 00
2.00
882. 00
5.00
5.00
5.00.
5.00
18,
.326
18.35
.882
4.04
1.64
7.08
5.71
.
•
$3; 32
L26
.05
1.952
3.16
30.00
L54
.452
- 3.42
L50
3,766.00
Total
U t a h a n d N e v a d a ( N o . 48):
Salt L a k e C i t y . . . .
V e r m o n t ( N o . 2):
St.Albans.
Canaan
Alburg.
E a s t Alburg
Swanton
.
Highgate
Franklin.
1
1
1
4
2
1
1
4
2
1
84,125.41
320.00
120.00
. $100.00
6.00
600.00
50.00
30.00
240.00
60.00
153.00
..
Cost t o
collect
$1.
350.70
$0.50
172.60
138.80
4,149.08
Tennessee ( N o . 43):
Memphis
NashvUle
Chattanooga
TTnoTvilJe..
Average
n u m b e r of
persons
employed.
$320.00
290.00
60.00
170.00
$21.08
.
CoUecting
revenue.
Enforcement Compilation
of n a v i g a t i o n
of statistics.
laws.
$735.23
927.30
1,023.00
4,060.55
1,643.95
240. 00
1,340.80
4,184. 40
1,998.05
878. 58
'
Total..:
Tonnage tax.
AU o t h e r
Commerce
receipts.
4.00
6
1
2
1
1
td
fej.
fej
O
td
O
fei
H
fej
O
fej
ZP
W e s t Berkshire
Richford
E a s t Richford..
Burlington
Newport
North Troy
' Derby Line..
Island P o n d
Beecher FaUs
Depot Harbor, Canada... .
Montreal, C a n a d a
Noyan Junction, Canada..
Quebec, Canada
Total
33.60
.90
^
.
....;.......
. .
1,680.00
5,560.00
101
.755
1
11
14
2
2
12^
2§
1
7
2
4
34.60
43.07
123,626.51
133,539.44
16,145.18
10.00
40,206.50
9,917.05
5,763.64
4,326.10
288.00
200.00
537. 34
556. 65
166. 73
1,542.31
288.00
34
8
5
1
1
1
.125
.0128
.068
0
.
.
.
.
.
Total
Total
6.00
618.00
5.00
725.00
1,760.00
5.00
5.00
324.00
5L00
ZP
fej
Virginia ( N o . 14):
Norfolk a n d N e w p o r t N e w s
Richmond.......^
Petersburg
Cape C h a r l e s .
ReedvUle
Chincoteague...
.'
W a s h m g t o n ( N o . 30):
Seattle.
1
Tacoma
P o r t Towmsend
Everett..
BeUingham
Blaine
..
P o r t Angeles
Northport
Roche Harbor
Aberdeen
Anacortes
Sumas
Danville
Friday Harbor
South Bend
OrovUle
Spokane
ivfolson.
Chopaka
Laurier
Ferry
Kalama
V a n c o u v e r , B r i t i s h Columbia
42.07
LOO
30.70
.336
109. 80
L59
L05
2.24
2.05
1.37
L62
885.00
12,925.16
544. 00
7,995.00
17,711.19
2,265.70
2,215.80
15,505.09
2,968.57
1,276.00
12,669.23
2,369.25
5,056.00
o
I
>
1,680.00
133,539. 44
16,155.18
55,887.19
6,074.82
1,830.31
50
.05
12,148.00
5,980.00
568.00
27,511.48
8,984. 62
3,574.20
185.48
1,163.84
120. 50
1,474.66
9,475. 65
1,955.34
665. 64
333. 24
932.17
1,22L82
931.10
20,100.00
7,400. 00
2,400.00
1,800.00
1,100.00
2,400.00
1,200.00
6,200. 00
1,000.00
300. 00
200.00
200. 00
1,000.00
300.00
200.00
82
24
3
2
2
8
2
71.00
1,528.34
. 158.58
347.09
430.54
915. 48
92,523. 97
26,166.88
1,148.50
789. 21
1,429.50
7,380.46
1,280.63
1,552.98
90.83
1,038.12
721.92
5,068.46
2,705.30
520.00
308. 33
1,420.70
3,537.50
1,363.13
. 1,084.39
1,338.55
1,30L71
.11
.118
.654
1.24'
.885
.849
.799
1.89
.464
1.00
1 33
1.48
14.31
1.96
4.26
7.72
.145
6 22
4.30
2 25
6.08
2 63
o
fej
76.00
80.00
. .
556.00
. . .
.
37.66
35.04
...
530.20
83.87
•..
18.70
240.00
1,700.00
800.00
600.00
300.00
600.00
200.00
200,00
200.00
200.00
200.00
200.00
50.00
44,845.34
17,840.84
158,710.07
>
ZP
d
pi.
5
5,939.00
19,408.00
fei
39,990.00
11,300.00
149
.146
to
00
cn
TABLE N.—Statement of business ofthe customs districts-and ports for thefiscal year ended June 30, 1915—Continued.
to
00
Expenses.
Commerce receipts.
Districts and ports.
Head tax.
Wisconsin (No. 37):
MUwaukee
Marinette
Green Bay
Kenosha
Kewaunee
La Crosse
Manitowoc
Racine
Sheboygan
Sturgeon Bay
Oshkosh
Mineral Point
Tonnage tax.
Collecting
revenue.
Average
number of
persons
Enforcement Compilation
of navigation of statistics. employed.
laws.
Cost to
collect
$1.
17
$0.07
$2,897.50
350.00
500.00
250. 00
250. 00
300. 00
300.00
300.00
300.00
300. 00
250.00
$1,212.91
24,878.20
5,997.50
1,212.91
28
235,382.45 8,731,123.79
464,467.44
197,390.07
6,975
$194.00
,
$24,840.20
*•
:
Pi
fej
fej
O
td
H
O
fei
38.00
Total
Grand total
All other
Commerce
receipts.
194.00
.
$1,196,714.00 $1,304,645.15
Aggregate receipts. Including all customs receipts and collections for Departments of Commerce and Labor...."
Expenses reported by collectors, as above, to June 30,1915
Add salaries and expenses of Board of General Appraisers.: •.
Add payrnents for detection of frauds for 1915 account
:
Add salaries and expenses special agents and special inspectors for fiscal year 1915
Add payments for traveling and miscellaneous expenses
Add $37,000, transferred from customs appropriation for printing and stationery for the Customs Service
Total expense of the Customs Service for the fiscal year 1915
Deduct expense enforcement navigation laws. Department of Commerce
Deduct expense compUation of statistics, Department of Commerce
.077
fej
$212,146,473.42
90
_-.
_
$464,467.44
197,390.07
9,392,981.30
176,407.95
148,478.49
153,218.48
22,174.87
37,000.00
9,930,261.09
661,857.51
Net cost of coUecting customs revenue for the fiscal year 1915
,
Total number of employees, including special agents' and customs agents' forces, 7,079.
Cost to coUect $1, $0.0468-
H .
9,268,403.58
>
fei
O
fejZP
287
SECK.BTAEY OP THE TEEASUEY.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
collections, and expenses for thefiscal year ended June 30, 1915.
Districts and ports.
Alaska (No. 31):
Juneau.......
Ketchikan...
Wrangell
Skagway
Eagle
Forty Mile...
St. Michael..
Nome
Unalaska
Cordova
Sulzer
Total
Arizona (No. 26):
Nogales..
Naco
Yuma...
Douglas.
Arlvaca..
Lochiel..
Entries.
Receipts.
Expenses.
$1,064.52
4,414.86
959.27
1,512.82
1,789.29
309.25
116.97
1,521.29
354.00
1.00
66.76
$12,992.84
4,731.33
1,746.52
5,495.25
2,940.42
3,260.00
2,456.58
2,252.16
2,079.00
420.00
179.00
1,082
12,110.03
38,552.10
1,789
365
8
1,067
24,296.93
3,269.79
38.65
10,802.70
110
118
105
551
92
53
3
43
56
310.79
24,464.66
6,406.23
3,158.34
7,530.99
1,572.92
3,104.69
3,285
38,718.86
46,237.83
16,252
23,664
10,294
47
214
231
133
11
17
1,037,552.45
164,320.77
193,855.02
2,925.65
1,313.71
232.01
73.74
26.84
17.62
64,299.31
49,155.43
19,536.23
1,092.18
3,323.62
4,448.95
1,095.00
228.00
879.47
.60
1,092.00
Total.
Chicago (No. 39):
Chicago
Peoria
Michigan City.
50,863
1,390,317.81
145,149.59
46,228
137
7,460,926.64
32,057.02
300,550.15
1,460.00
377.60
Total
Colorado (No. 47):
Denver
Connecticut (No. 6):
Bridgeport
Norwalk
Stamford
Greenwich
Hartford..
,
New Haven
New London
46,365
7,492,983.66
302,387.66
2,290
118,967.44
12,857.35
675
523
34
261,699.02
17,708.48
1,940.16
702.10
227,160.38
66,409.32
867.41
15,820.31
214.40
212.17
46.39
7,957.56
7,185.93
4,748.48
2,482
576,486.87
36,185.24
634
3,519
5,369
235
139
81
23
5
52
49
50
24
3
70
187
2
61
273
5,032.79
27,186.15
18,679.42
603.59
1, IOL 22
1,116.96
176.90
12.00
42L79
443.40
469.90
10,438.09
5,171.40
7,337.42
1,457.50
1,457. 50
1,457.50
1,457.50
238.00
1,277.50
1,277.50
1,277.50
1,277.50
192.50
1,277.50
1,277.50
192. 50
1,24L50
1,277.50
339.00
Total
Buffalo (No. 9):
Buffalo
,
Niagara Falls
North Buffalo
,
Dunkirk
Black Rock Ferry.,
Lewiston
North Tonawanda.
Olcott
Youngstown
,
Lackawanna
...
Night Clearance
Total.
Dakota (No. 34):
Pembina
Portal
Noyes
Neche
St. John
Northgate ..
Walhalla....
Mowbray
Hannah
Sarles
Hansboro...
Souris...:.-.
Westhope...
Antler
Sherwood...
Kermit
Crosby
Ambrose
Fortuna
Total,
351.60
5.88
771.66
1,950.60
20.00
354.95
1,450.71
60,148. 52
39,922.91
288
REPORT ON THE FINANCES.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
collections, and expenses for thefiscal year ended June 30, 1915—Continued.
Districts and ports.
D u l u t h a n d Superior ( N o . 36):
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
Ram'er
T w o H a r b o r s 'A s h l a n d ...;
Bayfield
Washburn
Isle R o y a l e
Indus
•Pinecreek
1,490
247
189
716
7,041
-
Expenses.
3
6
$277,179.70
631.32
523.36
671. 49
13,023.88
24.73
14.03
.50
30.18
2.28
44.05
44.05
$25,804.22
5,032.42
3,689.62
3,733.17
4,024.63
696. 50
873.00
137.50
137. .50
92.00
182.50
182.60
9,699
292,189.57
44,685.66
2,376
1,084
221
24,274.00
5,724.00
2,892.00
33,643.00
7,407.00
5,682.00
7
•
Total
Eagle Pass (No. 25):
Eagle P a s s
DelRlo
Presidio
Receipts.
Entries.
1
Total
3,681
32,890.00
46,532.00
E l P a s o (No. 24):
E l Paso
Columbus
4,336
263
124,142.69
916.45
66,410.37
7,564.88
Total
4,599
125,068.04
73,965.26
Florida ( N o . 18):
Tampa
Apalachicola
Boca G r a n d e
Carrabelle
Cedar K e y s
Fernandina
Jacksonville..
Key West
Miami
Pensacola
P o r t Inglis
St. A n d r e w s
S t Aucfustine
T a r p o n Springs
2
1,821
2,689
181
82
1
2
28
1,744,116.49
336.83
2,651.57
89.70'
30.00
2,851.26
16,049.79
358,622.20
14,320.60
14,055.05
90.07
714.94
5,074.61
63,959.95
1,600.90
1,420.90
1,385.56
696.90
1,679.80
7,042.97
27,841.98
2,008.05
8,778.11
976.05
1,392.66
1,447.83
688.90
7,108
2,159,002.01
120,718.65
1,993
637
157
345
196
6
1,054,847.90'
29,174.00
17,160.89
66,734.06
31,829.62
96.33
78,667.58
3,110.40
2,972.05
3,178.13
2,902.00
378.90
300.00
3,233
1,198,842.80
91,609.06
410
1,058
11
75,770.69
36,989.52
3,393.64
154.53
10,597.63
4,837.72
1,687.35
285.83
Total
1,479
116,308.38
17,408.43
H a w a u (No. 32):
Honoliilii
HUo
Kahului
Koloa
Mahukona
8,554
114
4
4
1
963,130.75
55,434.31
488.91
388.50
92.16
88,222.80
3,671.97
300.00
290.83
300.00
Total
8,677
1,019,534.63
92,785.60
683
55
80,061.36
188,651.22
10,981.69
2,656.85
738
268,712.58
13,638.54
2,300
1
1
.
Total
Galveston (No. 22):
Galveston
T e x a s Citv
Houston
Dallas
San A n t o n i o
Freeport
.
Port Lavaca
Total
Georgia (No. 17):
Savannah .
Atlanta
Brunswick
Darien
I n d i a n a (No. 40):
Indianapolis
EvansvUle
Total. -.,
"
•
289
SECEETAEY OF THE TEEASURY.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
collections, and expenses for thefiscal year ended June 30, 1915—Continued.
Districts and ports.
Iowa (No. 44):
Des Moines.
Sioux City..
Dubuque...,
Total.
Kentucky (No. 42):
Louisville
Paducah
Total.
Laredo (No. 23):
Laredo
Aransas
Rio Grande City..
Hidalgo
Brownsville
Total.,
Maine and New Hampshire (No. 1):
Portland
Houlton
Fort Fairfield
MarsHiU
Van Buren
Madawaska
MonticeUo
Machias
Lubec
Boothbay
.«?
Bath
Limestone
Fort Kent
Bridgewater
Eastport
Calais.
B angor
Ellsworth
Rockland
Vanceboro
Lowelltown
Belfast
Castine
Vinal Haven
South West Harbor
Portsmouth
.'.
St. Luce.
Moose River
Stonington and Deer Isle
Mount Desert Ferry
Jonesport
Robbinston
Baring
Cutler
Rockport
MUlbridge
Tbtal.
Maryland (No. 13):
Baltimore
Washington
Alexandria
Crisfield
Annapolis
Total.
Massachusetts (No. 4):
Boston
Worcester
Springfield
Salem
New Bedford
Fan River
Plymouth
Gloucester
Vineyard H a v e n . . .
Provincetown
Barnstable
Total.
7424°—FI 1915-
-19
Entries.
Receipts.
Expenses.
281
154
297
$22,008.36
8,225.11
14,126.20
$6,037.06
1,020.52
1,296.35
732
44,359.67
8,353.93
1,729
127,524.80
12,258.39
360.00
127,524.80
12,618.39
1,700
33
167
74
586
24,867.56
1,161.01
5,196.28
3,042.13
5,644.89
35,707.47
1,8.56.00
6,595.43
6,766.26
24,053.43
2,560
39,811.87-
74,978.69
73,420.71
4,288.49
1,873.55
141.81
1,482.77
256.47
276.04
294.44
223.13
. 202.32
670.93
289.79
1,648.53
359.82
32,638.32
3,141.20
5,763.44
1.35
993.51
13,954.11
5,066.62
134. 73
101.64
39.42
433.25
924.23
590.49
4,706.86
26.61
24.61
206.68
16.08
41.44
4L81
48,368.16
6,443.25
4,404.34
1,443.45
2,886.23
1,402.45
1,356.76
1,117.09
1,020.00
1,283.76
3,780.69
1,377.60
1,668.37
1,359.25
8,866.00
9,698.63
4,141.09
1,062.92
2,244.00
10,077.74
4,287.07
1,182.36
1,117.76
619.26
1,028.69
2,046.70
1,586.08
1,113.85
925.00
788.61
730.00
1,095.00
1,095.00
760.58
21,370
154,275.10
132,375.49
9,849
4,665
2,164,973.33
145,149.29
265,878.55
16,038.24
303.20
1,750.42
300.00
1,105
749
45
618
114
97
1
78
5
43
133
429
47
1,666
2,271
5,366
1
116
6,614
596
15
6
29
117
126
158
3
20
4
13
18
14,514
2,310,122.62
284,270.41
59,216
559
880
171
125
173
22
264
10,216,346.75
28,455.53
103,061.11
924.58
10,097.46
25,886.16
761.44
4,837.26
415.94
170.54
35.11
884,161.55
4,778.89
7,244;73
4,773.45
4,047.00
3,847.00
1,442.00
9,740.93
1,090.25
1,100.00
864.19
61,429
10,391,891.88
923,089.99
290
REPORT ON T H E FINANCES.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
collections, and expenses for thefiscal year ended June 30, 1915—Continued.
Districts and ports.
Michigan (No. 38):
Detroit
Port Huron
Saginaw
Alpena
Bay City
Marine City
St. Clair
Grand Rapids...
Grand H a v e n . . .
Charlevoix
Ludington
Manistee
Manistique
Muskegon
St. Joseph
Sault Ste. Marie.
Cheboygan
Mackinac..:
Detour...
• Escanaba
Gladstone
Houghton
Marquette
Lake Linden
Munising
St. Ignace
Calcite
Frankfort
Total.
Minnesota (No. 35):
St. Paul and Minneapolis..
Mobile (No. 19):
Mobile
Birmingham.
Gulfport
Scranton
Biloxi
Total.
Montana and Idaho (No. 33):
Great Falls
Gateway
Eastport
• Sweet Grass
PorthiU
Peskan
WhitetaU
Westby
Havre
Baylor
Plentywood
Scobey
Banff
Dooley
Total.
New Orleans (No. 20):
New Orleans
Vicksburg
Morgan City and Calcasieu Pass.
Total.
New York (No. 10):
NewYork
Albany
Newark
Perth Amboy..
Patchogue
Greenport
Total.
Receipts.
Entries.
45,442
17,516
161
$1,641,789.59
80,779.22
2,609.08
51
900
519
419
18
1
267.15
451.23
216.23
74,896.94
148.35
189.28
12
1
4,315
73
9
103
276.90
177.00
5,167.11
3.45
Expenses.
$111,595.32
45,935.76
1,147.25
1,127.76
1,131.00
1,170.00
2,035.00
4,070.13
1,164.72
244.00
547.50
438.00
122.00
1,130.99
122.00
19,254.81
874.00
183.00
480.00
509.50
2,385.39
195.20
1,244.10
244.00
40.00
137.25
1.00
300.00
130
15.37
417.54
5.00
8,704.17
"*36"
813.15
69,702
1,716,926.76
197,829.67
493,470.44
38,589.71
10
92,568.49
4,062.21
7,789.42
878.32
113.99
19,307.97
1,276.55
2,816.67
1,447.81
1,182.00
753
105,412.43
26,031.00
10,5
648
72
23
1,842
453
1,937
582
6
80
181
151
24
6
13
20
61,
4,078.77
471.82
6,524.24
2,135.11
8.26
3,440.55
1,597.27
933. 78
583.10
10.20
227.10
125.84
700.00
401.10
11,432.31
3,119.10
4,340.05
2,711.45
1,593.40
1,767.10
1,129.10
1,021.25
1,30.5.25
640.50
397.65
637.00
778.20
521.50
5,356
21,237.14
31,393.86
12,046
7,199,437.91
2
*662.'48
319,842.69
300.00
1,629.50
12,048
7,200,040.39
321,772.19
026,481
1,496
1,563
148,063,315.75
228,651.95
171,649.87
72,808.28
4,195,174.71
10,311.83
9,429.78
8,131.36
1,033.43
444.00
630,632
148,536,425.86
4,224,525.11
291
SECRETARY OP THE TREASURY.
TABLE 0.—Statement, by districts and ports, showing total entries of rrierchandise,
collections, and expenses for thefiscal year ended June 30,1915—Continued.
Receipts.
Entries.
Districts and ports.
North Carolina (No. 15):
WUmington
Beaufort
. . .:
Elizabeth Citv
152
$18,786.85
Newbern
Washington
Total
Ohio (No. 41):
Cleveland
Cincinnati
Columbus
Dayton
Toledo
Erie
Sandusky
Conneaut
Ashtabula
Fairport.
Lorain .
Put-in-Bav
•
...
.
.
.
.
.
...
'.
Expenses.
$7,333.76
419.90
300.00
240.00
411.00
226.67
152
18,786.85
8,931.32
9,695
2,169
555
461
585
240
889
40
41
16
729,296.46
502,373.92
96,649.39
63,982.59
73,082.39
8,023.48
2,071.30
28.14
716.02
.80
2.80
50,828.03
24,784.12
2,994.50
2,522.29
4,977.01
2,793.90
3,380.20
1,412.50
1,534.25
765.50
660.00
248.50
1
Total ..
Omaha (No. 46):
Omaha ..
Lincoln
14,691
1,476,227.29
96,790.80
887
105
72,760.02
5,417.33
9,110.66
1,890.35
Total
Oregon (No. 29):
Portland
Astoria
Newport
Marshfield
992
78,167.35
11,001.01
4,268
23
384,770.47
17,003.48
5.00
122.61
55,764.86
7,593.75
515.00
651.85
4,291
401,901.56
64,425.46
43,604
260
12,034,427.50
16,108.74
1,086.18
15,400.00
1,698.00
498,177.99
4,451.40
1,099.13
4,505.60
764.75
378.89
618.88
300.00
Total
PhUadelphia (No. 11):
PhUadelphia
Wilmington
Lewes
Chester
Somers Point
Tuckerton
Bivalve
Seaford ..
67
170.00
43,931
12,068,890.42
610,296.64
2,838
472,595.37
25,036.78
3,556
1,068
530
86
58
141
47
9
18
263,487.16
111,441.93
37,359.72
6,609.22
4,264.11
44,880. 56
2,783. 40
785. 97
2,985.43
53,534.08
16,291.06
8,052.25
1,154.80
1,214.00
1,702.30
1,270.00
763.00
3,884.00
5,513
474,597.50
87,865. 49
2,047
184
290,181.70
30,381.79
24,390.44
3,042.49
Total
2,231
320,563.49
27,432.93
Rochester (No. 8):
Rochester
Utica
Syracuse
Charlotte
Oswego . .
Fair Haven
Sodus Point
1,833
614
440
955
196
2
5
321,914.79
.58,964.86
25,131.29
2,428. 42
2,033.63
201. 64
4.02
20,741.97
5,558.50
5,083.84
4,524.03
5,484. 88
907.60
855. 01
4,045
410,678.66
43,155.83
Total
Pittsburgh (No. 12):
Pittsburgh
Porto Rico (No. 49):
San Juan
Ponce
Mayaguez
Arecibo
AguadUla
Guanica
Arroyo
Humacao
Fajardo
Total
Rhode Island (No. 5):
Providence
Newport
...
T<)tal
•
. . . .
:
292
REPORT ON THE FINANCES.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise,
collections, and expenses for thefiscal year ended June 30,1915—Continued.
Districts and ports.
Sabme(No. 21):
Port Arthur.
Sabine.
Entries.
Total.
Southern California (No. 27):
Los Angeles
Andrade
San Diego
Calexico
Campo
Tia Juana
Tecate
Total.
South Carolina (No. 16):
Charleston
Georgetown
Beaufort
Total.
St. Lawrence (No. 7):
Ogdensburg
Rouses Point
Malone
Fort Covington...
Plattsburg
Champlain
Chateaugay
Mooers Junction..
Cape Vincent
Alexandria B a y . .
Chaumont
Clayton
Nyando
Morristown
Waddington
Expenses.
$59,544.14
6,753.74
$8,225.57
1,328.27
66,297.88
9,553.84
37,967
61
4,882,779.13
1,27L62
3,56L08
467,237.62
1,448.00
1,593.57
38,018
4,887,611.83
470,279.19
10,135
23
1,000
2,182
82
2,051
62
559,565.81
1L82
33,477.33
17,625.03
213.03
4,221.99
76.28
56,61L19
1,190.09
6,376.61
7,398.37
1,627.30
8,172.03
1,276.50
15,525
615,19L29
82,652.09
.....
263
16,932.94
165.00
78.61
13,043.01
300.00
1,002.80
264
17,176.55
14,345.81
5,249
8,935
6,161
3,053
13
212
204
306
1,412
525
1
452
2,363
934
18,061.05
79,227.12
36,221.51
39,020.51
2,843.60
221. 50
815.38
977.27
5,229.86
626.63
9.63
994.98
9,766.82
691.18
661.47
38,587.68
16,623.11
13,985.47
4,498.99
946.30
735.23
1,027.30
1,028.00
4,980.55
1,983.95
300.00
1,540.80
4,424.40
2,368.05
998.58
122
25
Total.
San Francisco (No. 28):
San Francisco
Eureka
Port Harford
Receipts.
Total.
30,309
195,368.51
94,028.41
St. Louis (No. 45):
St. Louis
Kansas City
St. Joseph
Cairo
6,769
4,315
313
1,393,53L76
262,279.30
74,449.10
59,612.84
24,935.68
2,592.70
153.00
Total-
11,397
1,730,260.16
87,294.22
Tennessee (No.-43):
Memphis
NashviUe
,
Chattanooga
KnoxvUle.
Total.
441
112
178
40
27,262.14
6,810.45
2, OOL 39
3,243.33
7,073.74
1,333.33
1,088.69
1,188.00
771
39,917.31
10,683.76
Utah and Nevada (No. 48):
Salt Lake City
1,234
15,885.6
3,84L70
Vermont (No. 2):
St.Albans
Canaan
Alburg
East Alburg
Swanton
Highgate
Franklin
West Berkshire..
Richford
East Richford..,
Burlington
,
7,337
127
4,173
221
146
757
130
1,112
6,190
90
121
79,062.80
5L29
9,897.27
478.36
1,355.90
134.36
102.90
29.09
40,280.51
4.61
5,462.95
25,83L94
936.00
8,734.26
1,934.11
2,222.97
954.60
588.64
890.00
13,543.16
549.00
8-720.00
293
SECEETAEY OF THE TEEASUEY.
TABLE 0.—Statement, by districts and ports, showing total entries of merchandise, collections, and expenses for thefiscal year ended June 30, 1915—Continued.
Entries.
Districts and ports.
Vermont (No. 2)—Continued.
Newport
North Troy
.
.
Derby Line
Island Pond
Beecher FaUs
. . . . .
Depot Harbor, Canada
Montreal, Canada
Noyan Junction, Canada .
Quebec, Canada
.
.
Total
Virginia (No. 14):
Norfolk and Newport News
Richmond
Petersburg
Cape Charles
ReedvUle
Chincoteague
..
Total
. . .
Washington (No. 30):
Seattle
Tacoma.Port Townsend...
Everett
Bellingham
Blaine
Port Angeles
Northport
Roche Harbor
Aberdeen
....
..
Anacortes
Sumas
DanvUle
Friday Harbor
South Bend
OroviUe
....
.
Spokane
Molson
Chopaka
Laurier
Ferry
Kalama
Vancouver, British Columbia
-.
:
$18,531.94
1,009.69
1,08L73
11,552.09
1,854.05
$19,471.19
2,270. 70
2,220.80
15,829.09
3,019.57
1,276.00
12,669.23
2,369.25
5,056.00
41,349
170,889.54
129,086.51
1,262
863
4,070
365,899.46
817,928.98
86,872.99
46,074.91
10,493.05
5,963.64
537.34
556.65
166.73
6,195
1,270,70L43
63,792.32
23,085
5,879
34
85
139
3,445
176
346
19
21
164
1,391
55
16
1,079,264.69
291,510.69
5,879.76
2,233.39
3,084.45
12,688.31
3,477.72
924.13
712.23
2,728.63
1,140.16
3,822.05
210. 05
570. 80
118.91
209.97
24,325.97
219.01
•299.00
684.33
246.66
18.70
118,823.97
34,566.88
3,848.60
2,789.21
2,729.50
10,780.46
2,780.63
1,752.98
330.83
2,738.12
1,521.92
5,668.46
3,005.30
1,120.00
508.33
1,620. 70
3,537.50
1,563.13
1,284.39
1,538.55
1,601. 71
50.00
5,939.00
38,338
1,434,369.61
210,000.07
2,279
411,232.49
28,950.61
350.00
500.00
250.00
250.00
300.00
300.00
300.00
300.00
300.00
250.00
- 38.00
-.
. ..
.
:
Total
Grand total
Expenses.
9,353
1,362
650
7,394
2,186
57
2,713
64
221
249
n79
Total
Wisconsin (No. 37):
Milwaukee
Marinette
Green Bay
Kenosha
Kewaunee
La Crosse
Manitowoc
Racine
Sheboygan
Sturgeon Bay . .
Oshkosh
Mineral Point
Receipts.
.
..
•.
2,279
411,232.49
32,088.61
1,246,665
1212,146,483.42
9,392,981.30
1 Includes all customs receipts and collections for Departments of Commerce and Labor.
NOTE.—Porto Rico figures not included in totals.
APPENDIX TO REPORT ON THE
FINANCES
295
^I>I>E]^DIX.
EEPOETS OF HEADS OF BUEEAUS.
REPORT OF THE TREASURER.
TREASURY DEPARTMENT,
O F F I C E OF THE TREASURER,
WashingtoUj October 13, 1915.
SIR: The transactions of the Treasnry of the United States for the
fiscal year ended June 30, 1915, and its condition at the close of the
year are presented in the following report.
The ordinary receipts and disbursements classified for the past two
years are compared in the following table:
Ordinary receipts and disbursements for the fiscal years 1914 and 1915.
Account.
1914
1915
RECEIPTS.
[$292,320,014.61 |$209,786,672.21
Customs
Internal revenue:
308,659,732.56 335,467,887.14
Ordinarjr
80,201,758.86
71,381,274.74
Corporation a n d income t a x
2,571,774.77
2,167,136.47
L a n d s -'50,855,941.14
59,441,800.12
Miscellaneous
8,752,-937.11
9,790,474.18
R e c e i p t s of t h e D i s t r i c t of C o l i m i b i a - . . .
Increase.
$82,533,342.30
6,808,154.58
8,820,484.12
8,585,858.98
1,037,537.07
734,541,674.83
Total
D e d u c t m o n e y s covered b y w a r r a n t in
505,970.59
year s u b s e q u e n t t o t h e deposit thereof.
696,855,728.98
45,252,034.75
637,462.47
131,491.88
734,035,704.24
696,218,266.51
45,120,542.87
637,462.47
1,692,561.07
1,055,098.60
734,673,166.71
697,910,827.58
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
13,577, 399.19
3,065, 880.50
4 — 606.79
71,107; 291.59
2,215, 535.19
• 885, 870.15
29,069, 642.99
1 "'^' 873.64
6,636, 592.60
29,131 112.07
11,499; 098.76
3,783, 611.86
10,434, 871.97
5,738, 773.78
13,220, 662.97
Total
A d d m o n e y s received i n fiscal y e a r b u t
n o t covered b y w a r r a n t
Net avaUable.
Decrease.
404,638.30
82,937,980.60
82,937,980.60
36,762,339.13
DISBURSEMENTS.
Legislative
Executive
•
state Department
-.—
Treasury Department
W a r D e p a r t m e n t , civil
Navy; D e p a r t m e n t , civil
Interior, civU
P o s t Office D e p a r t m e n t p r o p e r . .
P o s t a l deficiencies
D e p a r t m e n t of A g r i c u l t u r e . - . . . .
D e p a r t m e n t of Commerce
D e p a r t m e n t of L a b o r
D e p a r t m e n t of Justice
-.
I n d e p e n d e n t offices
-.
D i s t r i c t of Columbia
T o t a l civU a n d misceUaneous
Military
Establishment,
including
rivers a n d h a r b o r s
Naval Establishment
I n d i a n Service
-.
Pensions
Interest on the public debt
Total ordinary disbursements.
Net
Surplus
D eficit
22,208,141.12
10,958,882.40
3,768,904.05
10,188,151.26
3,232,179.61
12,756,971.18
170,530,235.45
207,169,824.05
173,522,804.20
139,682,186.28
20,215,075.96
173,440,231.12
22,863,956.70
172,973,091.73
141,835,653.98
22,130,350.70
164,387,941.61
22,902,897.04
700,254,489.71
731,399,759.11
108,571.53
2,501,746.14
345,304.99
10,967,434.81
*'2i,"534."i8
24,997.13
6,413,512.37
341,328.60
6,636,592.60
6,922,970.95
540,216.36
14,707.81
246,720.71
2,506,594.17
463,691.79
37,347,756.37
708,167.77
549,712.47
2,153,467.70
1,915,274.74
9,052,289.51
38,940.34
41,455,439.15
31,145,269.40
10,310,169.75
*34,'4i8,'677."66'
33,488,931.53
297
298
REPORT ON THE FINANCES.
The financial transactions of the Government have been seriously
and adversely affected by the European war. This condition was
anticipated at the beginning of the fiscal year, and to offset its effect
upon the income the emergency revenue act was passed by Congress,
but even the liberal provisions of this measure have not made good
the reduction in receipts due mainly to the faUing off in importations.
The ordinary revenues for the fiscal year 1915 were $697,910,827.58,
notwithstanding a decrease of $82,533,342.30 in receipts from customs,
as compared with those of 1914; the increased receipts from internal
revenue (ordinary), corporation and income tax, and miscellaneous
sources was $45,771,003.17, so that the net decrease from all ordinary
sources for the year was $36,762,339.13.
The total ordinary disbursements were $731,399,759.11, which by
classified comparison with 1914 shows a net increase in the total of
civil and miscellaneous accounts, the Naval Establishment, the Indian
Service, and interest on the public debt, while decreased disbursements are recorded in the Mihtary Establishment, and on account of
pensions. The net result on ordinary disbursements was an increase
of $31,145,269.40 as compared with those of 1914. The deficit on
ordinary transactions for the year was $33,488,931.53.
The total ordinary receipts and disbursements for the past 11 years
may be studied in the annexed table:
Fiscal year.
Receipts.
Disbursements.
$544,606,758.62' $563,360,093.62
594,717,942.32 549,405,425.35
663,125,659.92 551,705,129.04
601,060,723.27. 621,102,390.64
603,589,489.84 662,324,444.77
675,511,715.02 659,705,391.08
701,372,374.99 654,137,997.89
691,778,465.37 654,553,963.47
724,111,229.84 682,770,7.05.51
734,673,166.71 700,254,489.71
697,910,827.58 731,399,759.11
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
Surplus.
$45,312,516.97
111,420,530.88
15,806,323.94
47,234,377.10
37,224,501.90
41,340,524.33
34,418,677.00
Deficit.
$18,753,335.00
20,041,667.37
58,734,954.93
33,488.931.53
THE PANAMA CANAL.
The Secretary of the Treasury did not deem it advisable to offer
for sale additional bonds of the Panama Canal loan during the fiscal
year 1915, therefore the expenses incurred in the construction of the
canal during the year, amounting to $29,187,042.22, were paid out of
the general fund of the Treasury.
The total amount expended on account of the canal and the proceeds from sales of bonds to the close of the fiscal year 1915 are set
forth in the statement following:
Total amount
expended.
To June 30,1914.
Fiscal year 1915..
Less proceeds of bonds soldNet balance expended out of the general fund of
the Treasury reimbursable from the proceeds of
bonds not yet sold
Balance of bonds authorized but not yet issued.
$353,052,924.10
29,187,042.22
382,239,966.32
Deduct
amount not
reimbursable.
Net amount
reimbm-sable.
$16,594,781.35 $336,458,142.75
7,572,679.47
21,614,362.75
24,167,460.82
358,072,505.50
138,600,869.02
219,471,636.48
240,569,000.00
299
TREASURER.
RECEIPTS AND DISBURSEMENTS ON ACCOUNT OF THE POST OFFICE
DEPARTMENT.
The revenues and disbursements of the Post Office Department are
under the exclusive control of the Postmaster General. The postal
revenues during the fiscal year 1915 were $327,154,292.47 and the
disbursements $332,591,112.19; of the revenues stated $212,822,003.77 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. All Post Office
Department warrants issued by the Postmaster General are drawn on
the Treasurer of the United States, but they are payable by any
assistant treasurer or regular national-bank depositary of the United
States.
A statement of the transactions relating to the account for the
service of the Post Office Department with the Treasury during the
fiscal year 1915 may be observed on page 334 of this report.
TRANSACTIONS IN THE PUBLIC DEBT.
Deposits for postal savings bonds, authorized by the act of June 25,
1910, were received during the fiscal year 1915 to t h e amount of
$933,540. Under 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 $21,553,415, which, with the deposits for postal
savings bonds, makes a total of $22,486,955 in actual cash received on
account ..of the public debt proper, while the cash disbursements for
the principal of matured loans and fractional currency were $47,533,
and for national-bank notes canceled and retired $17,205,958, a
total disbursement for the public debt of $17,253,491. The net
result was an excess of receipts of $5,233,464.
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.
A comparison by items for the past two fiscal years is recorded in
the annexed table:
Receipts and disbursements on account ofthe public debt for 1914 and 1915.
Account.
1914
1915
Increase.
Decrease.
RECEIPTS.
Postal savings bonds
Lawful money deposited to retire
national-bank notes
Total
Notes acd certificates issued:
United States notes..
Gold certificates..,
Silver certificates.. . '
Total
Aereregate
Net..... .:.
$3,118,940.00
$933,540.00
19,902,282.50
21,553,415.00
$1,651,132.50
23,021,222.50
22,486,956.00
1,651,132.50
168,220,000.00
605,520,000.00
401,568,000.00
159,990,000.00
606,400,000.00
398,328,000.00
100,880,000.00
1,075,308,000.00
1,164,718,000.00
100,880,000.00
11,470,000.00
1,098,329,222.50
1,187,204,955.00
102,531,132.50
88,875,732.50
13,655,400.00
$2,185,400.00
2,185,400.00
8,230,000.00
3,240,000.00
300
REPORT ON THE FINANCES.
Receipts and disbursements on account ofthe public debt for 1914 and 1915—Continued.
1914
Account.
1915
Increase.
' Decrease.
DISBURSEMENTS.
United States bonds retired
Fractional currency retired
National-bank: notes retired
Total
Notes and certificates redeemed:
United States notes
Treasury notes
Gold certificates
Silver certificates.
Total
Net
'.
Aerereeate
Excess of receipts
Excess of disbursements
$106,990.00
2,137.00
26,852,200.00
$45,300.00
. 2,233.00
17,205,958.00
$96.00
26,961,327.00
17,253,491.00
96.00
168,220,000.00
221,000.00
511,272,300.00
394,268,000.00
159,990,000.00
185,000.00
469,192,100.00
395,719,000.00
1,451,666.66
1,073,981,300.00 1,025,086,100.00
1,461,000.00
50,346,200.00
1,100,942,627.00 1,042,339,591.00
1,451,096.00
60,054,132.00
58,603,036.00
2,613,404.60
$61,690.00
9,646,242.00
9,707,932.00
8,230,000.00
36,000.00
42,080,200.00
144,865,364.00
In 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
certificates, 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.
THE PUBLIC DEBT, 1914 AND 1915.
The principal of the interest-bearing debt outstanding at the close
of the fiscal year 1915 was $969,759,090.
The debt bearing no interest amounted to $374,482,014.16, an
increase of $4,199,924.
The certificates. and notes issued on deposits of coin and-bulhon
(trustfunds act of Mar. 14,1900) increased $139,331,900 aiid amounted
to $1,713,595,769 at the close of the fiscal year June 30, 1915.
Comparison of the public debt is made, by items, for the fiscal years
1914 and 1915.in the annexed statement:
Public debt 1914 and 1915.
Interest-bearing debt:
Consols of 1930
Loan of 1908-1918..
Loan of 1925
Panama Cianal loan..
Do
Postal savings bonds
Total
Rate.
When payable.
Per ct.
2
3
4
2
..
3
2
After Apr. 1,1930
After Aug. 1,1908
Feb. 1, 1925
Jime 1,1916
June 1,1961
J u l y l , 1931
..
Outstanding
June 30, 1914.
Outstanding
June 30, 1915.
$646,250,150.00
63,945,460.00
118,489,900.00
84,631,980.00
50,000,000.00
4,635,820.00
$046,250,150.00
63,945,460.00
118,489,900.00
84,631,980.00
50,000,000.00
6,441,600.00
967,953,310.00
969,759,090,00
301
TREASURER.
Public debt 1914 and 1915—Continued.
Rate.
Debt bearing no interest:
Matured loans
Old demand notes
United States notes
National-bank notes.
Fractional currency
;.. .
When payable.
On demand
.. . do
do
do .
do
Total.
Certificates and notes issued on deposits of coin and buUlon (trust
funds, act Mar. 14, 1900):
Gold certificates
Silver certificates
Treasury notes of 1890
Total
Aggregate
^... .
On demand
. .. do
do
Outstanding
June 30, 1914.
Outstanding
June 30,1915.
$1,552,560.26
53,152.50
346,681,016.00
15,142,888.50
6,852,472.90
$1,507,260.26
53,152.50
346,681,016.00
19,390,345.50
6,850,239.90
370,282,090.16
374,482,014.16
1,080,974,869.00
490,850,000.00
2,439,000.00
1,217,882,769.00
493,459,000.00
2,254,000.00
1,574,263,869.00
1,713,595,769.00
2,912,499,269.16
3,057,836,873.16
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 office of the Secretary of the
Treasury. Such checks bear a certificate as to the principal of bonds
registered in the name of the payee, over the facsimile signature of the
Chief of the Division of Loans and Currency; they also bear the facsimile signature of the Secretary of the Treasury, and are countersigned by a clerk in his 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 reserve fund received an increment of $2,977,036.63 during the
fiscal year, being the amount of taxes coUected on circulating notes,
secured otherwise than by bonds of the United States, issued under
the acb of May 30, 1908. The redemptions from the reserve fund
were, iii United States notes, $49,599,925, and in Treasury notes
$1,740, making a total of $49,601,665. The redeemed notes were,
under the provisions of the act of March 14, 1900, exchanged for gold
each day, and thereby the reserve was maintained at the fixed
amount.
The trust funds, gold and silver coins held at the close pf the fiscal
year to redeem outstanding notes and certificates, amounted to
$1,669,421,989 of which $844,574,849 was in gold coin, $329,134,140
in gold bulHon, and $495,713,000 in standard silver dollars. The
gold increased $92,734,120 and the silver $2,424,000 as compared
with the holdings of 12 months earlier.
302
REPORT ON THE FINANCES.
The amount of trust-fund obligations issued and redeemed during
the fiscal year 1915 is set forth in the statement foUowing:
Fiscal year 1915.
Outstanding
June 30,1914.
Issued.
Outstanding
June 30, 1915.
Redeemed.
Gold certificates
Silver certificates
Treasury notes
$1,080,974,869
490,850,000
2,439,000
$606,400,000
398,328,000
$469,192,100
395,719,000
185,000
$1,218,182,769
493,459,000
2,254,000
Total
1,574,263,869
1,004,728,000
865,096,100
1,713,895,769
The foregoing statement does not include $250,000 in gold certificates, series of 1900, that had been issued but not reported in time to
be included in the public debt statement for June.
STATEMENT
OF THE
TREASURY
OF THE
UNITED
STATES.
At the close of the fiscal year 1915 the Treasury holdings of moneys
amounted to $2,157,141,030.50 and from the revised figures of the
several funds, it was set apart as foUows:
RESERVE
FUND.
Gold coin and bullion
$152,977, 036. 63
TRUST FUNDS.
[Held for the redemption of the notes and certificates for which they are respectively pledged.]
Goldcoin
Gold bullion
Total gold
Silver dollars
Silver dollars of 1890
Total
$844,574,849
329,134,140
Gold certificates
outstanding
$1, 218,. 432, 769
Less demand gold certificates received in exchange for gold and
order gold certificates .
44, 723, 780
1,173, 708, 989
493,459, 000
2, 254, 000
Net
1,173, 708, 989
Silver certificates outstanding
493, 459, 000
Treasury notes of 1890
outstanding
2, 254, 000
1, 669, 421, 989
Total
1, 669, 421, 989
GENERAL FUND—CASH IN THE VAULTS.
The items composing the general fund are subdivided; the first
part shows the amount of each kind of avaiiable cash actually held
in the vaults of Treasury offices, after setting out from the assets
the appropriate kinds of money to meet the requirements of the
reserve and trust funds,- foUowed by the current demands against the
same; the second part shows the amounts of pubhc moneys in national banks and other depositaries to the credit of the Treasurer of
the United States and of disbursing officers, and the current demands
against the same, and finally the net balance in the general fund.
The assets in the general fund in the Treasury on June 30, 1915,
and the demand liabUities outstanding on that date^were as follows:
TREASURER.
I n Treasury offices.
Goldcoin
Gold certificates
Standard silver dollars
Silver certificates.
United States notes
Treasury notes of 1890
Federal reserve notes
National-bank notes
Certified cheeks on banks
Subsidiaiy silver coin
Fractional currency
Minor coin
Silver bullion (at cost)
Interest on public debt paid
$56,273,963.55
38,495,370.00 '
7, 911,499. 00
11,488, 605. 00
14, 338,770. 00
9,313. 00
3, 885, 850. 00
' 7, 806,405. 00
483,314. 66
26,164, 295. 47
77. 00
2, 810, 646. 83
4,273, 678.44
11, 344. 25
$173,953,132.20
Deduct current liabilities:
National-bank-note 5
per cent fund
$29,867,250. 94
Less notes in process
of redemption
26,074,141. 20
—
Outstanding warrants and c h e c k s . .
Balance to credit of disbursing officers, postmasters, etc
Post Office Department b a l a n c e . . . .
Board of trustees, Postal Savings
System.
Redemption fund, Federal reserve
notes
-.
Retirement of additional circulating
notes, act May 30, 1908
Miscellaneous items
Less warrants and checks not cleared
303
3,793,109.74
2,715,141. 62
57,700,899. 30
3,548,620.77
4,841,699.69
1,080,324. 71
67,174,190. 55
11,458, 894. 03
152, 312, 880. 41
1, 685,956. 53
:
150, 626, 923. 88
Working balance in Treasury offices.
$23,326,208. 32
I n national-bank depositaries:
To credit of the Treasurer of the
UnitedStates...
53,454,547.87
To credit of disbursing officers
6,484, 611. 32
I n transit to Treasury offices
24, 929,090. 81
I n transit to banks
282,000. 00
.
•
85,150,250. 00
I n treasury of Philippine Islands:
To credit of the Treasurer of the
UnitedStates
3,406,899.36
To credit of United States disbursing
officers....
1,433,802.11
4, 840, 701. 47
89,990, 951. 47 .
"Deduct current liabilities:
Outstanding warrants..
:
Balances to credit of disbursing officers, postmasters, etc
1,228,640.58
7,918,413. 43
9,147,054.01
Balance in banks and in treasury of Philippine Islands
Total balance in general fund June 30, 1915
Total balance in general fund June 30, 1914
Net decrease
80,843, 897. 46
104,170,105. 78
161, 612, 615. 53
57,442, 509. 75
304
REPORT ON T H E FINANCES.
AVAILABLE CASH BALANCE.
At the close of the fiscal year 1915 the available cash balance in
the general fund was $104,170,105.78, a decrease of $57,442,509.75 as
compared with that of 12 months earlier. This decrease is verified
by the net results in all accounts of receipts and disbursements
shown on previous pages of this report, which are brought together
here:
Available cash balance J u n e 30, 1914
$161,.612,615. 53
Add excess of public debt receipts over disbursements
for 1915 (see p . 299)
•
$5,233,464.00
Deduct:
Excess of ordinary disbursements
over receipts for 1915 (seep. 297) .$33,488,93L 53
Excess of Panama Canal disbursements over receipts (see p . 298).. 29,187,042. 22
62, 675,973. 75
57,442,509.75
Available cash balance June 30, 1915
104,170,105. 78
An ideal administration of the financial transactions of the Government would be that in which the annual income is but slightly
in excess of the outgo, but it is not practicable to attempt regulations
whereby the receipts and disbursements would be limited to a monthly
proportional part of the total for the fiscal year. Unexpected
occurrences, such as the European war, which has undoubtedly been
the cause of decreased importations, emphasize the fact that the
income of the Government is not exempt from the influences of trade
depression.
The balance in the Treasury at the end of each month from January, 1909, is stated in Table No. 19, page 359, and for July 1 in each
year since 1906 in the subjoined statement:
Available cash balance (including the reserve fund) on the dates named.
Available cash balance.
Dates.
Reserve fund.
July
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
1,1915
$150,000, 000.00
150,000,000.00
150,000, 000.00
150,000, 000.00
150,000, 000.00
150,000, 000.00
150,000, 000.00
150,000, 000.00
150,000, 000.00
152,977, 036. 63
General fund.
$180,689,354.82
272,061,445.47
245,171,347.73
126,375,428.10
106,894,675.67
140,176,926.13
167,152,478.99
165,960,984.79
161,612,615.53
104,170,105.78
Total.
354.82
422,061: 445.47
395,17i; 347.73
276,375 428.10
256,894; 675.67
290,176, 926.13
317,152, 478.99
315,960, 984.79
311,612, 615.53
257,147, 142.41
GOLD IN THE TREASUBY.
The gold held in the Treasury at the close of the fiscal year 1915
amounted to $1,382,959,989.18, an increase of $103,847,879.48 as
compared with that of 12 months earlier. The imports of gold during
the fiscal year were $171,568,755, the exports $146,224,148, and the
excess of imports $25,344,607.
30J
TREASURER.
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.
Date?.
J u l y l , 1906
July 1,1907
July 1,1908.
July 1,1909.
July 1,1010,
July 1,1911
July 1,1912,
J u l y l , 1913,
J u l y l , 1914,
July 1,1915
Reserve.
$150,000 000.00
150, ooo; 000.00
15C,000; 000.00
150.000; 000.00
000.00
150, ooo; 000.00
150,ooo;
000.00
150,000, 000.00
150,ooo; 000.00
150.000, 036.63
, 152,977,
For certificates in
circulation.
General fund
'(belon?:tng to
Treasury). .
$516, 561,849
• 600,072,299
782, 976,619
815,005,449
802, "54,199
930, 367,929
.943, 4.35,618
1,003,997,709
1,026,149,139
1,135,213,619
$140,489,841.30154,619,431.14
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
94,769, 333.55
' Total.
. $807., 051,690.30
904, 691,730.14
1,004, 888,682.18
1,042, 704,301.02
1,045, 165,485.24
1,163, 901,183.56
1,207, 464,26122
1,262, 361,035.87
1,279, 112,109. 70
1,382, 959,989.18
BONDS HELD AS SECURITY FOR NATIONAL BANKS.
The Treasurer held in trust at the close of the fiscal year 1915
United States bonds to the amount of $736,024,190 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 $54,854,619.
The kinds of bonds in the custody of the Treasurer of the Unite.d
States and the changes therein during the fiscal year 1915 are recorded
in the table foUowing:
Bonds held for national banks, close of June, 1914 and 1915, and changes during 1915.
Transactions during
1915.
June 30,
Rate. Held1914.
,
Kinds of bonds.
Deposited.
TO SECURE CIRCULATION.
United States
United States
United States
United States
United States
MisceUaneous
loan of 1925
loan of 1908-1918.
consols of 1930
Panama, 1936
Panama, 1938
P.ct.
4
3
2
2
2
$32,853,300
21,495,540
604,666,250
52,885,680
28,896,140
(0
Total.
With-
Held June
30,1916.
dra^ATi.
067,800 $4,587,000 $32,334,100
889,900
2,942,120
20,443,320
421,450 22,379,850 601,707,850
956,000
1,082,640 52,759,040
188,500 . 1,304,760 28,779,8.80
059,000
1,059,000
740,796,910
28,582,-650
33,355,370
736,024,190
376,000
675,500
712,000
1,306,350
82,500
28,000
267,000
248,000
150,000
45,000
4
4
3,908,700
4,575,400
14,653,900
12,737,850
1,280,000
546,000
6,824,000
2,035,000
958,000
2,093,000
918,000
10,000
14,171,500
734,000
487,000
2,115,000
2,011,000
135,000
53,000
1,365,000
824,000
516,000
690,000
212,000
5,218,319
8,823,400
3,550,700
4,763,900
13,250,900
12,033,200
1,227,500
521,000
4,726,000
1,459,000
592,000
1,448,000
706,000
10,000
10,666,419
0)
63,711,350
9,108,669
17,965,400
64,854,619
TO SECURE PUBLIC DEPOSITS.
Held by the Treasurer of the United States:
United States loan of 1925
United States loan of 1908-1918
United States Panama, 1961
United States consols of 1930
United States Panama, 1936
United States Panama, 1938.. .•
PhUippine loans
Porto Kico loans
District of Columbia
Territory of Hawaii
Philippine Railway
Manila Railway
Miscellaneous
.'
Total.
4
3
3
2
2
2
4
4
3.65
0)
1 Various.
7424°—FI 1915
-20
306
REPORT ON THE FINANCES.
BONDS HELD AS SECURITY FOR POSTAL SAVINGS FUNDS.
Under provisions of the act of June 25, 1910, the Treasui*er of the
United States held in trust at the close of the fiscal year 1915 bonds
and securities amounting to $91,321,801.43 as security for postal
savings funds deposited in 6,009 designated depositaries.
The kinds of securities held and the changes therein during the
year are set forth in the table foUowing:
Bonds held as security for postal savings funds, close of June, 1914 and 1915, and changes
during 1915.
Transactions d u r i n g 1915.
K i n d s of b o n d s .
Rate.
H e l d J u n e 30,
1914.
Deposited.
U n i t e d States loan of 1925
U n i t e d States loan of 1908-1918...
U n i t e d States P a n a m a , 1961
U n i t e d States p o s t a l savings
U n i t e d States 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 l i i c a n loans
District of Columbia
Territory of H a w a i i
s t a t e loans
...
Municipal loans
C o u n t y loans
Miscellaneous loans
Total
P.ct.
4
3
3
2.6
2
2
2
4
4
3.66
i
Held June
30, 1915.
Withdrawn.
893,300.00
121,600.00
43,500.00
1,674,000.00
1,548,000.00
140,000.00
1,267,000.00
9,883,500.00
35,568,238.09
7,422,580.00
8,473,,833.32
$1,272,000.00
121,100.00
338,000.00
1,000.00
713,900.00
27,000.00
8,000.00
427,000.00
573,000.00
20,000.00
243,000.00
7,313,302.00
16,564,167.45
3,144,750.00
2,667,275.00
153,800.00
7,500.00
5,000.00
148,000.00
238,000.00
6,500.00
156,000.00
2,932,700.00
6,552,994.43
1,755,030.00
"1,195,300.00
$1,881,400.00
664,880.00
3,197,500.00
1 000 00
1,453,400.00
141,000.00
46,500.00
1,953,000.00
1,883,000.00
154,500.00
1,344,000.00
14,264,102.00
45,579,411.11
8,812,300.00
9,945,808.32
71,964,831.41
33,433,494.45
14,076,524.43
91,321,801.43
$1,106,900.00
607,480.00
3,225,000.00
$497,500.00
63,700.00
365,500.00
1 Various.
The Board of Trustees of the Postal Savings System wiU accept as
security for postal savings deposits, at the respective values herein
fixed, negotiable interest-bearing bonds or securities of the foUowmg
classes, viz:
(a) Bonds of the United States, of the Phihppine Islands, of the
District of Columbia, and of Porto Rico, will be accepted at their par
value.
(J)) 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 peiiod 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 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, wiU be accepted at 90 per cent of their market
value, but if such market value is above par, they wiU be accepted
at 90 per cent of their par value.
(d) Bonds of any other city, town, county, or other legaUy constituted municipahty or district in' the United States, which has been
TREASURER.
307
i n 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 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, wdU be accepted at
75 per cent of their market value, but if such market value is above
par, they wiU be accepted at 75 per cent of their par value.
Bonds of the several classes described in paragraphs (5), (c), and
id)J to be acceptable as security, shaU be the general obligations of
the States, Territories, counties, cities, towns, or other pohtical divisions by or in behalf of which they are issued, and payable, either
directly or ultimately, without limitation to a special fund, from the
proceeds of taxes levied upon all the taxable real and personal property within the territorial limits of such political divisions.
The term ^^net funded indebtednessj^ for the purposes of paragraphs
(c) and {d)j 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 followmg items:
(1) The total of all sinking funds accumulated for the redemption
of such gross indebtedness, except sinking funds applicable to bonds
hereafter described in this section.
(2) The amount of outstanding bonds or other debt obhgations
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 aniounts to insure the payment of
interest on the bonds and the redeinption thereof: Provided, That
such bonds are direct obligations of the municipahty and included in
the gross indebtedness of the municipality.
Obligations of the general class embracing what are commonly
known as ^^revenue bonds,'' ^Hempcrary bonds," ^^ temporary notes,"
^^certificates of indebtedness," '^warrants," and the like obligations,
whether issued in anticipation of the collection of taxes, assessments,
or other revenues, or of the sale of bonds or other obhgations, or for
similar purposes, wUl not be accepted as secuiity for postal savings
deposits: Provided^ That, in applying this regulation, consideration
will be given to the legal status of the obligations submitted rather
than to the nomenclature employed in designating such obligations.
Bonds which in all other respects are found to be legally acceptable
as security under the postal savings act and these regulations wiU be
construed, as a matter of law, to conform to those provisions of section 8, paragraphs (c) and ((Z), respectively, which relate to term of
existence and nondefault, under the following conditions:
308
REPORT ON THE FINANCES.
(1) Bonds issued by or in behalf of any city, town^ county, or othef
legally eonstituted municipality or district in the United States which
was, subsequently to the issuance of such bonds, consohdated with,
or merged into, an existing political division which meets the requirements of these regulations, wiU be deemed to be the bonds of such
pohtical division: Providedj That such bonds were assumed by such
political division under statutes and appropriate proceedings the effect
of which is to make such bonds general obligations of such assuming
pohtical division, and payable, either directly or ultimately, without
hmitation to a special fund, from the proceeds of taxes levied upon
aU the taxable real and personal property within its-territorial hmits.
(2). Bonds issued by or in behah cf any city, town, county, or
other legaUy constituted municipality or district in the United States
which was, subsequently to the issuance of such bonds, whoUy succeeded by a newly organized political division, whose term of existence, added to that of such original pohtical division, or of any
other political division so succeeded, is equal to a period of 10 years,
wiU be deemed to be bonds of such succeeding pohtical division:
Provided, That during such period none of such pohtical divisions
shall have defaulted in the payment of any part of either principal
or interest of any funded debt authorized to be contracted by it;
And "provided furtlier. That such bonds were assumed by such new
pohtical division under statutes and appropriate proceedings the
effect of which is to make such bonds general obhgations of such
assuming political division, and payable, either directly or ultimately, without limitation to a special fund, from the proceeds of
taxes levied upon aU the taxable real and personal property within
its territorial limits.
(3) Bonds issued by or in behalf of any city, town, county, or
other legaUy constituted municipality or district in the United
States which, prior to such issuance, became the successor of one
or more, or was formed by the consolidation or merger of two or
more, preexisting political divisions, the term of existence of one or
more of which, added to that of such succeeding or consolidated
pohtical division, is equal to a period of 10 years, will be deemed to
be bonds of a political division which has been in existence for a
period of 10 years: Provided, That diiring such period, none of such
original, succeeding, or consolidated political divisions shall have
defaulted in the payment of any part of either piincipal or interest
of any funded debt authorized to be contracted by it.
The board of trustees reserves the right to reclassify the securities
acceptable for deposits and to change the valuation at which they will
be accepted. Under no circumstances wiU securities of other classes
than those above named be accepted.
POSTAL SAVINGS BONDS AND INVESTMENTS THEREIN.
The Trustees of the Postal Savings System, under a general
authority in the postal savings law, have arranged to take over at
par any of.the postal savings bonds that ^deposi tors may wish to turn
back.
Thefh^st investment in these bonds was made on December 9,1911,
when they were quoted in the open market at 92J cents on the
doUar. Under the arrangement made by the trustees they have
taken over at par all of the bonds offered by the depositors, and at
309
TREASU.RER.
the close of the fiscal year 1915 the Treasurer of the United States
held $95.4,040 of such bonds, which are registered in the name of the
b5a)rd of trustees.
WITHDRAWAL OF BONDS TO SECURE CIRCULATION.
Under the provisions of the act of March 4, 1907, the deposits of
lawful money of the United States to retire national-bank notes is
hmited to $9,000,000 per month, but this limitation is not applicable
to the additional circulation issued under the act of Ma}^- 30, 1908.
The deposits on the several accounts during the past year may be
studied in the stateihent foUowing.
Money deposited in the Treasury each month of the fiscal year
1915 for the redemption of notes of national banks faUed, in liquidation, and reducing circulation; also the amount of national-bank
notes outstandino;.
R e t i r e m e n t account.
National-bank
notes outstanding.
Reducing.
Months.
Insolvent and
liquidating.
A c t of 1874.
A c t of 1908.
1914-July
August
September
October...
November'.
/
December.
.1915—January...
February.,
Marchi...
April
May
June
$812,222.50
390,150.00
1,036,250.00
797,050.00
111,350.00
265,750.00
457,992.50
366,410.00
1,212,000.00
454,550.00
277,047.50
933,742.50
375, OOJ. 00
986,000.00
784,200.00
2,785,200.00
4,208, GOO. 00
3,061,000.00
110,000.00
564,500.00
56,100.00
$9,674, 240.00
93,151, 674.00
113,258, 679.20
78,191, 089. CO
29,984, 723.10
15,677, 358.80
8,168, 263.92
4,000, 088.40
2,034, 176.03
Total..
7,114,515.00
14,338,900.00
354,140,893.05
•' ,
$750,907,021.00
$807,500.00
600,600.00
1,077,884,776.00
1,121,468,911.00
1,111, 999,076.00
1,039;711,021.00
982, 206,133.00
938, 030,441.00
547,980.00
• 899,
867, 793,067.00
810, 287,947.00
819, 273,593.00
NATIONAL BANKS DESIGNATED AS DEPOSITARIES OF THE UNITED
STATES.
The Secretary of the Treasury determines the number of such
depositaries and the amount of public 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 public money deposited with
them, and for the faithful performance of their duties as financial
agents of the Government. The regular depositaries receive and
disburse the public moneys, while the special depositaries hold only
the ndoneys transferred to them from the Treasury. AU 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 1914 and 1915 are here stated:
Regular.
Depositaries J u n e 30, 1914.,
Depositaries J u n e 30, 1915..
960
8^8
Special.
624
643
Total.
1,584
1,491
310
EEPOET ON THE FINANCES.
PUBLIC DEPOSITS IN NATIONAL BANKS.
" The balance of public moneys in depositary banks at the close of
the fiscal year 1914, from revised returns, to the credit of the general
fund was $76,671,038.13 and to the credit of postmasters and
judicial officers $8,372,731.49, makmg a total of $85,043,769.62.
The working balance in the vaults of the Treasury offices at the
beginning of the fiscal year 1915 was $84,570,004.74.
Keports from the several sections of the country in the earlier
part of the month of July, 1914, indicated that an increased amount
of money would be required to facilitate the movement and marketing of the crops, and the Secretary of the Treasury sent a circular
letter to presidents of national banks throughout the country seeking
information for his guidance in the distribution of Treasury funds
available for crop-moving purposes this year. Replies received from
about 5,000 national banks mdicated that Government funds would
not be needed in the New England and Eastern States, and in certain
States in the West and Northwest and in California. Therefore, the
deposits were made principaUy in banks in Southern and Middle
Western cities, to an amount of approximately $34,000,000. On
August 1 the Secretary of the Treasury, by Department Chcular
No. 18,, announced that deposits would be made only in national
banks located in such of the principal cities or towns of the several
States as might be designated by him.
Such deposits were made to prevent or mitigate the financial tension so common incident to the movement of crops, and banks were
notified that it was expected that the funds received by them were
to be used in good faith for that purpose and not for speculative or
other transactions. I t was not intended that such funds should be
utilized by the depositaries selected to discharge their obligations to
other banks, such as rediscounts or biUs payable, but in order t h a t t h e
legitimate purposes of the deposit might be accomphshed the banks
receiving same were expected to extend to the banks in smaller
towns such accommodations as might be consistent with sound and
conservative principles of banking, and in all cases it was required
that the rate of interest charged such banks should be moiderate and
reasonable. I t was impracticable under existing conditions for the
Government to extend these deposits to the various s.maUer towns
and cities, therefore the depositaries selected were expected to act as
mediums of distribution in furnishing funds to the locahties needing
them for the purpose stated—of transporting and marketing the crops
and assisting legitimate business.
In apportioning the funds among the banks in each city, consideration was given to the character of business done by the applicant
bank and the extent to which it was lending money to its country
correspondent banks. Particular consideration was given to the
wiUingness of the banks receiving such deposits to lei\d to their
country correspondent banks at reasonable rates of interest. The
Secretary was deeply interested in having the Government money
distributed in such a way as to enable the ultimate borrower to get
it at the lowest possible rate of interest.
^
Deposits made under the provisions of this circular could be
secured—
(1) By United States Government bonds of any issue.
TREASURER.
311
(2.) By high-class State, municipal, or other bonds which had
been approved by the Secretary, and which, when so approved, were
accepted as security at 75 per cent of their market vahie.
(3) By prime commercial or business paper approved by the
Secretary, and which, when so approved, was accepted at 75 per
cent of its face value; all such paper to bear the indorsement of the
bank offering it.
The term commercial paper was used in its general, not technical,
sense, and consisted of first-class business paper executed by individuals, firms, or corporations of good standing and responsibility
for legitimate business purposes and not for speculative transactions.
I t was preferred that it should bear the names of not less than two
persons, firms, or corporations in addition to the indorsements of
banks submitting it, though single-name paper indorsed by the
bank was acceptable if the standing of the maker was regarded as
sufficient.
No commercial or business paper was approved by the Secretary
until it had been unanimously approved and recommended by a
committee appointed for that purpose, consisting of six members,
five of whom were selected by and were members of the clearinghouse association of the city in which the bank applying for the
deposit was located, the sixth being designated by the Secretary.
In those cities where there is a Subtreasury of the United States the
Assistant Treasurer was ex officio a member, in addition to the other
six members. This committee was called the securities committee.
In cities where there was no clearing house the committee w^as
composed of. officers or directors of local banks, recommended by
the Secretary's local representative and accepted by the Secretary.
The deposit of funds in all cases, except where in the judgment of
the Secretary special conditions justified a variation of this rule,
was made in instaUments of 25 or 50 per cent each of the amount
aUotted.
WitTidrawal of deposits.—Depositary banks were notified that aU
deposits were payable on demand and without previous notice, but
in order to afford the relief intended and to facilitate the movement
and marketing of crops it was expected that, except in cases where
variations of this rule might be deemed desirable by the Secretary,
25 per cent of the total deposit would be withdrawn by the Government on December 1, 1914; 25 per cent on January 1, 1915; 25 per
cent on February 1, 1915; and 25 per cent on February 15, 1915.
Banks had the right to return the deposits to the Treasury at an
earlier date if they so elected.
Interest and expenses of deposits.—The depositary banks were required to pay 2 per cent interest on the average balance maintained
during the period of the deposit and in addition to pay such expenses
as were incident to such deposit.
Under the foregoing terms deposits were made in the banks designated from August to November, and at the close of the latter montn
the balance in depositary banks to the credit of the general fund
was $72,931,349.79 and to the credit of postmasters and judicial
officers $8,773,733.58, making a total of $81,705,083.37.
The return to the Treasury of deposits by the depositary banks
in accordance with previous requirements caused a gradual reduction of the public moneys held by them monthly from December,
312
REPORT ON THE FINANCES.
1914, to the close of April, 1915. During the month of May, 1915,
the usual deposit of public moneys in depositary banks located in
the District of Columbia was made, the local taxes being coUected
and deposited in the Treasury mainly during the month of May.
The amount deposited as an offset to taxes collected was $3,138,000,
and was divided among the several depositary banks in proportion
to the total deposits therein and secured by bonds deposited with
the Treasurer of the United States. Interest at the rate of 2 per
cent per annum was paid on these deposits whUe they were retained
by the banks.
The public moneys handled by depositary banks during the
month of June is much greater in amount 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 l a s t day
of the fiscal year the collectors of internal revenue received payments of these taxes until a late hour, and as a result the coUections
were deposited in the depositary banks, in many instances after
banking hours, aad transfers thereof to Treasury offices could not
be effected until the succeeding business day. At the close of the
month of June, 1915, the banks held to the credit of the general
fund $53,454,547.87 and to the credit of postmasters. and judicial
officers $6,484,611.32, making a total of $59,939,159.19.
GENERAL ACCOUNT OF THE TREASURER OF THE UNITED STATES.
The Treasurer receives and keeps the moneys of the United States
and disburses the same upon warrants drawn by the Secretary of the
Treasury, countersigned by the Comptroller of the Treasury, and
not otherwise. He takes receipts for aU moneys paid by him and
gives receipts for all moneys received by him; and aU receipts for
moneys receiyed 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 aU times submits to the Secretary of the Treasury and the
Comptroller of the Treasury, or either of them, the inspection of the
moneys in his hands.
As a matter of information, it may be said that aU public moneys
aid into any subtreasury office, national-bank depositary, or other
epositary, are placed to the credit of the Treasurer of the United
States and held subject to his draft. The public moneys in the hands
of any depositary of public moneys may be transferred to the Treasury
of the United States or may be transferred from one depositary to any
other depositary, as the safety of the pubhc moneys and the convenience of the public service shaU 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 aU such committees.
S
TREASURER.
313
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, and in the discharge of that duty on October 25,
1914, he announced the 16th day of November, 1914, for the estabhshment of the Federal reserye banks in all the Federal reserve
districts. On that date the new reserve requirements for national
banks as prescribed by the act became operative.
Notwithstanding the short time aUowed to perfect the organization of the banks, their officers and directors responded with commendable zeal and vigor, and, as a result, the Federal reserve banks
were opened for business in each of the 12 Federal reserve cities on
Novenaber 16, 1914. The new reserve requirements which became
operative on that date released an enormous sum of reserye money
and largely increased the credit facilities of the banks of the country.
It is confidently beheved that the. reserve banks are going to exert
a far-reaching influence for good upon the banking system and business of the country.
Section 16 of the Federal reserve act authorized the Federal
Reserye Board, in its discretion, to exercise the functions of a clearing house for the Federal reserve banks. In the exercise of this
authority said board on May 8, 1915, devised and announced a
plan for the establishment and maintenance of a gold fund for the
settlement of balances arising out of transactions among the 12
Federal reserve banks, to be operated under the direction of the
Federal Reserve Board with the cooperation of the Treasury Department. Each Federal reserve bank was required to deposit not
later than May 24, 1915, with.the Treasurer or the nearest subtreasury, for credit to the account of the gold settlement fund,
$1,000,000 in gold, gold certificates, or gold order certificates, which
the Treasurer transferred through the medium of the general account
to Washington, and in payment thereof issued gold certificates,
series of 1900, drawn to tne order of the Federal Reserve Board.
The total amount deposited in the gold settlement fund to June
30, 1915, w-as $31,840,000. If the Treasury finds it necessary to
ship funds from one point to another to make payment on. account
of the said gold settlement fund the Federal Reserve Board wiU
refund any expenses incurred in making such shipments.
MONETARY STOCK.
There was a net increase of $251,167,315 in the monetary stock
of the country during the fiscal year 1915. The growth in gold was
$94,882,381, in silver $5,861,740, in national-bank notes $68,601,694,
and in Federal reserve notes (a new kind of money issued during the
year) $84,260,500, while the Treasury notes are no longer includeti
in the stock, having been replaced by the silver doUars held for their
redemption, which in previous years were not embraced in the
stock of money.
The amount of each kind of money included in the general stock
is given in the statement foUowing (this statement represents the
314
REPORT ON T H E FINANCES.
monetary stock of the United States as shown by the revised statements for June 30, 1914 and 1915):
Kinds.
In Treasury,
mints, and
I n circulation.
F e d e r a l reserve
banks.
TotaJ stock.
$1,279,112,110
495,532,993
22,040,989
$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
J U N E 30,1914.
Gold coin a n d buUion
Silver dollars
Subsidiary sUver
:
T o t a l metallic
U n i t e d States notes
T r e a s u r y n o t e s of 1890
N a t i o n a l - b a n k notes
T o t a l notes
Aggregate metallic a n d notes
Gold certificates
SUver certificates
T o t a l certificates.
44,338,468
1,055,453,447
1,099,791,915
1,841,024,560
1,897,264,311
3,738,288,871
54,825,730
12,248,023
1,026,140,139
478,601,977
67,073,753
1,504,7.51,116
3,402,015,427
3,738,288,871
1,395,405,553
503,624,469
26,164,295
590,133,619
64,647,156
159,265,955
1,985,539,172
568,271,655
185,430,250
1,925,194,347
814,046,730
2,739,241,077
14,338,7^0
3,885,850
33,880,546
332,342,246
80,374,650
785.393,047
346,681,016
84,260.500
819,273,593
Acerregate
J U N E 30,1915.
Gold coin a n d b u l l i o n . .
Silver dollars
Subsidiary sUver
T o t a l metallic
U n i t e d States notes
F e d e r a l reserve notes
N a t i o n a l - b a n k notes
T o t a l notes
Aggregate metallic a n d notes
Gold certificates
Silver certificates
T r e a s u r y notes o/ 1890
T o t a l certificates a n d notes
Aggregate
52,105,166
1,198,109,943
1,250,215,109
1,977,299,513
2,012,156,673
3.989,456,186
100,861,170
11,488,605
9,313
1,072,847,819
481,970,395
2,244,687
112,359,088
1,.557,062,901
3,569,219,674
3,989,456,186
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.
[ F r o m t h e revised 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 m e n t . ]
Dates.
July
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
1,1915
T o t a l stock of
rnoney.
Gold.
$3,069,976,591
3,115,728,887
3,378,764,020
3,406,328,354
3,419,591,483
3,555,958,977
3.648,870,650
0,720,070,016
?.738,288,871
3,989,456,186
$1,475,706,765
1,466,389,101
1,618,133,492
1,642,041,999
1,636,043,478
1,753,196,722
1,818,188,417
1,870,761,835
1,890,656,791
1,98^,539,172
Pei: cent.
48.07
47.06
47.89
48.20
47.85
49.30
49.82
60.28
50.67
49.76
§15
TREASURER.
MONEY IN CIRCULATION.
During the earlier part of the fiscal year 1915 an anomalous condition prevailed throughout the country owing to the outbreak of the
European w^ar, and ior a time all business and financial operations
were seriously in danger. 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 was averted. The Secretary of the Treasury, under the
provisions of the act of May 30, 1908, as amended, authorized the
issue of additional circulating notes to national banks upon their
apphcation. The banks were very prompt in applying for the
currency and during the months of August, September, and October
more than $382,500,000 of such currency was issued, thus affording
a medium that entered at once into circulation and contributed
largely to the general revival of business throughout the country.
When this currency had served the purpose for which it was issued
it was graduaUy retired. The national-bank notes (including the
additional circulating notes) in circulation on November 2, 1914,
amounted to $1,083,519,080 but this was reduced to $785,393,047
by the close of the fiscal year. The total amount of money in circulation on June 30, 1915, was $3,569,219,574, an increase of $167,204,147
as compared with that of the preceding year.
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 table following:
Money in circulation at the end of each fiscal year from 1906.
Money i n circulation.
Fiscal
years.
1900
1907
1908
1909
1910
1911
1912
1913
1914
1915
Gold coin
a n d gold
certificates
United
Sates n b t e s .
Treasury
notes, and
Federal
reserve
notes.
Nationalb a n k notes.
Silver coin
a n d silver
certificates.
$1,185,210,924
1,1161,769,670
1,390,221,429
1,414,343,147
1,393,632,192
1,519,663,467
1,554.159,771
1,612.398.508
1,637,093,820
1,662,981,438
$343,277,540
348,245,590
344,359,852
344.321,682
338,450,395
342,226,378
340,612,891
339,871,850
340,273,410
414,961,583
$548,001,238
589,242,125
031,648,680
665,538.800
080,659,535
687,701,283
705,142,259
715,754,230
715,180,037
785,393,047
$000,150,920
673,099,070
665,785,527
682,037,022
686,613,483
664,411,468
684,698,172
696,713,855
708,868,ir0
705,883,500
Total.
Circulation
per
capita.
Percentage of
gold coin
a n d certificates
to total
circulation.
$2,736,640,028
2,772,950,455
3,038,015,488
3,106,240,C57
3,102,355,605
3,214,002,596
3.284,513,093
3,303,738,449
3,402,015,427
3,569,219,574
$32.32
32.22
34.72
34.93
34.33
34.20
34.34
34.56
34.35
35:44
43.30
41.90
45.95
45.53
44.91
47.28
47.31
47.93
48.14
46. 59
316
REPORT ON T H E FINANCES.
OIROULATION 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.
Moneyin
circulation.
Fiscal years.
Population.
Circulation per
capita.
84,662,000
83,074,000
87,496,000
88,926,000
90,363,000
93,983,000
95,656,000
97,337,000
99,027,000
100,725,000
$32.32
32.22
34.72
34.93
34.33
34.20
34.34
34.56
34.35
35.44
•
19061907
1908
1909.
1910..
1911
1912.
1913
1914
1915.
..
.
. .
.
. .
$2,736,646,628
2,772,956,455
3,038,015,488
3,105,240,657
3,102,355,605
3,214,002,596
3,284,513,093
3,353,738,449
3,402,015,427
3,569,219,574
Per
Per
cent of
cent of increase
mcrease of circuof popu- lation
lation
per
per
capita
per
year.
year. '
1.7
1.7
1.6
1.6
1.6
4.0
1.7
1.7
1.7
1.7
3.9
a,3
7.8
.6
ol.7
a,3
.4
.6
a.6
3.1
•
•
a Decrease.
CONDITION OF THE UNITED STATES PAPER CURRENCY.
The total stock of paper currency in the United States at the close
of the fiscal year 1915 amounted to $2,964,110,878, of which the
Government issued directly $2,060,576,785, and the banks
$903,534,093. The denominations of $1, $2, and $5 are very popular, and the total ainount of such denominations outstanding June 30,
1915, was $793,652,282, of which the Government issued $623,885,862,
and^ the banks $169,766,420. National banks are precluded from
issuing $1 and $2 notes, and the issue of $5 notes is limited to onethird m amount of the total circulation of such banks. The Federal
reserve banks issue denominations of $5 and above to $100; therefore it can be readily observed that the burden of suppl3dng the
grea,ter part of the sjiaaUer denominations required must be borne by
the Government.
National-bank notes are not available for ^^ reserves, ^^ and for this
reason large amounts of such circulation are returned to the Treasury
by the banks for redemption in order to replenish their ^^ reserves.'^
The expense of transportation 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 owiier 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 equaUy upon the banks and other business interests in the
different sections of the country, as, for instance, the contract rates
from Chicago, St. Louis, and Boston to Washington are 20 cents per
$1,000, whue such rates from Savannah, Charleston, Richmond, and
other southern cities to Washington are 60 cents per $1,000. I t is
apparent that there is necessity for legislation that wiU equahze the
Expense of redemption between the different sections of the country.
This may be accomplished through a more extended use of the registered maU. Banking institutions in all parts of the country are
resorting to this method of transportation with satisfactory results.
317
TREASURER.
and the Treasury Department is making arrangements to use the
maUs wholly for shipments of currency, coin, bonds, and other securities in the near future.
Laundering machines for cleaning United States paper currency
received for redemption and rendering such currency fit for further
circulation are used in the Treasury at Washington and in the subtreasuries at New York, Boston, Philadelphia, and Chicago. The
washed notes are almost equal to new notes, and i t i s believed that the
life of usefulness of notes oy laundering is prolonged at a very small
expense.
UNITED STATES NOTES.
The United States notes are the weU-known ^^greenbacks'' or
^Megal tenders,'' the first issue of which was authorized by the 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 operations of enactments by Congress authorizing the
canceling and retiring of these notes as they were received in the
Treasury, the amount outstanding had been reduced more than
$100,000,000 when the process was finaUy stopped by the act of May
31, 1878, which required the notes to be reissued when redeemed.
At that time the amount 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 'Hhe 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 untU exchanged for gold,
and under this act $424,774,723 of the notes have been redeemed in
and exchanged for gold, making a total of $971,241,137 in gold that
has been paid in reaemption 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 $159,990,000, and the transactions resulted in a noticeable
growth in the volume of notes of the denomination of $10 outstanding.
The amounts issued and redeemed, by denominations, during the
fiscal year 1915 are set out in the table foUowing.
riscal year 1915.
Denominations.
Outstanding
Jime 30,1914.
Issued.
Redeemed.
Outstandmg
June 30,1915.
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 doUars..
$1,823,218
1,367,225
202,996,730 $103,580,000
52,880,000
93,753,256
8,470,812
• 880,000
1,690,275
600,000
3,775,000
3,867,500
50,000
2,000,000
29,927,000
Total
Unknown, destroyed.,
Net
347,681,016
1,000,000
159,990,000
159,990,000
347.681,016
1,000,000
346,681,016
159,990,000
159,990,000
346,681,016
$3,678
3,612
104,453,570
38,675,260
1,258,180
259,900
791,300
1,168,500
13,376,000
10,000
$1,819,541
1,363,612
202,123,180
107,957,996
8,092,632
2,030.375
2,983,700
2,749,000
18,551,000
10,000
318
REPORT ON T H E FINANCES.
TREASURY NOTES OF 1890
The issue of Treasury notes of 1890 for the purchase of sUver
buUion began on August 19, 1890, and from t h a t 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
$155,931,002, for which Treasury notes had been paid.
The amount of Treasury notes redeemed in gold up to the close of
the fiscal year 1915 was $110,712,364. Treasury notes redeemed in
standard silver dollars are canceled and retired in accordance with the
requirements of the act of 1890, and to the close of the year $84,556,867 had been so redeemed and retired. Sections 5 and 8 of the act of
March 14, 1900, also- provide for the cancellation and retirement of
Treasury notes to an amount equal to the coinage of standard silver
dollars and subsidiary silyer coin from the bullion purchased with
such notes. The canceUation of notes on account of coinage since
March 14, 1900, was $69,120,135, so that there remained outstanding
June 30, 1915, b u t $2,254,000, offset by an ecjual amount of standard
silver doUars held in the trust funds for their redemption when presented. The amount of each denomination issued, redeemed, and
outstanding may be studied in Table No. 21 on page 362.
GOLD CERTIFICATES.
The people of the United States, except on the Pacific coast, do
not care to handle large amounts of coin in their business transactions;
hence they exercise the option offered under existing law of depositing
the coin in the Treasury and receiving in its stead gold certificates.
These gold certificates are issued in denominations up to $10,000 and
furnish the larger denominations required for the reserves of banks
and in the channels of trade. The volume of gold certificates is
greater than that of any other kind of paper money in circulation.
The total amount of gold certificates outstanding on June 30, 1915,
was $1,218,182,769, an increase of $137,207,900, as compared with
that of 12 months earlier.
The transactions in this currency during the fiscal year 1915 are
recorded, by denominations, in the table foUowing.
Fiscal year 1915.
Denominations.
Outstanding
June 30,1914.
Outstanding
June 30,1916.
Issued.
Ten dollars
—
Twenty dollars
Fifty dollars
One hundred dollars..
Five hundred dollars.
One thousand dollars.
Five thousand doUars
Ten thousand dollars.
Total
Redeemed.
$282,555,660
267,294,054
58,659,256
87,959,900
21,337,600
67,068,500
73,460,000
222,640,000
$48,040,000
35,040,000
6,800,000
15,200,000
2,150,000
36,000,000
55,000,000
409,170,000
$115,655,240
88,048,160
17,891,900
33,805,800
3,686,000
17,720,000
32,575,000
169,810,000
$214,940,420
214,285,894
46,567,355
. 79,354,100
19,801,500
85,348,500
95,885,000
462,000,000
1,080,974,869
606,400,000
469,192,100
1,218,182,769
319
TREASURER.
SILVER CERTIFICATES.
SUver certificates of the denominations of $10 and above were
authorized by the act of February 28, 1878. The act of August 4,
1886, authorized the denominations of $1, $2, and $5. The act of
March 14, 1900, provided that thereafter the issue of silver certificates should be limited to the denominations of $10 and under, except
that 10 per cent of the total volume of such certificates, in the discretion of the Secretary of the Treasury, may be issued in denominations
of $20, $50, and $100.
The volume of the smaUer certificates became redundant about
January, 1915, 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. The
total amount of sUver certificates outstanding at the close of the
fiscal year 1915 was $493,459,000, an increase of $2,609,000 as compared with that of 1914.
The sUver certificates issued and redeemed, by denominations,
during the last fiscal year may be observed in the table foUowing:
Fiscal year 1915.
Denominations.
Issued.
$179,680,127 $196,816,000
63,907,425
60,272,000
209,369,677
88,760,000
20,993,971
12,120,000
15,760,000
5,997,270
24,600,000
10,479,310
382,820
20,500
19,000
One dollar
Two dollars
Five dollars
Ten doUars.. .
Twenty dollars
FUty doUars
One hundred doUars
Five hundred dollars
One thousand dollars
Total
Outstanding
Jime 30,1914.
...
490,850,000
398,328,000
Redeemed.
Outstandiag
June 30,1915.
$201,657,706
64,430,544
115,260,610
8,406,220
2,597,870
3,323,650
39,400
2,000
1,000
$174,838,421
59,748,881
182,868,967
24,707,751
19,159,400
31,755,660
343,420
18,500
18,000
395,719,000
493,459,000
CHANGES IN DENOMINATIONS.
The resources of the Treasury for the issue of paper money of the
smaller denominations is practically limited to the presentation of the
higher denominations which are redeemed and retired and are
replaced by the smaUer biUs. The needs of business make constant
demand for small notes as instruments of local trade. The extension
of habitation into remote districts, multiplication 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 dema;nd for such
bills is generally urgent during the first half of the fiscal year, b u t
from January to July the smaller denominations are returned in
great numbers to the Treasury for redeinption with requests for
larger denominations in return.
320
REPORT ON THE FINANCES.
The'total amount of United States paper currency of each denomination issued, redeemed, and outstanding at the close of the fiscal
year 1915 may be observed in the table following:
Fiscal year 1915.
Denominations.
Ono dollar
Two dollars.
Five dollars
Ten d o l l a r s . . .
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars..
Five thousand dollars
Ten thousand dollars
Total
Unknown, destroyed
Net
Outstanding
June 30,1914.
Issued.
Redeemed.
Outstanding
June 30,1915.
$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
$196,816,000
60,272,000
192,340,000
113,040,000
51,680,000
31,000,000
15,200,000
2,200,000
38,000,000
55,000,000
409,170,000
$201,667,257
64,439,058
219,755,105
162,806,830
91,942,750
21,476,200
24,652,400
4,856,500
31,105,000
32,575,000
169,810,000
$177,012,037
61,337,813
385,536,012
348,239,657
241,829,256
80,365,290
82,797,220
22,569,000
103,995,500
95,885,000
462,010,000
1,921,944,885
1,000,000
1,164,718,000
1,025,086,100
2,061,576,785
1,000,000
1,920,944,885
1,164,718,000
1,025,086,100
2,060,576,785
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,
loUowed 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 1914 and 1915.
Fiscal year 1914 outstanding. Fiscal year 1915 outstanding.
Months.
July
August
September
October...
November.
December.
January...
February.,
March....
AprU
May
June
Number of
pieces.
Total value.
355,061,301 $1,926, 447.185
359,691,761 1,940,005; 185
362,939,304 1,931 459,185
364,667,367
1,940,903,185
366,622,666 1,953,763,985
369,464,657
1,955,452,985
364,428,530
1,972,840,985
358,373,439 1,964,771,985
357,563,636 1,962,402,985
357,214,092 1,976,192,885
356,253,034 1,968,322,885
353,635,035 1,921,944,885
Number of
pieces.
Total value.
353,324,339
366,569,286
355,970,769
354,507,840
349,737,087
347,780,409
339,391,985
335,004,635
333,063,911
333,177,921
333,949,003
334,353,365
$1,861, 317,885
1,832,942,885
1,817, 219,885
. 1,790,878,885
1,807; 565,885
1,801, 711,885
1,823,811,885
1,854, 196,785
1,890,897,785
1,912, 894,785
1,979; 585,785
2,061; 576,785
PAPER CURRENCY, BY DENOMINATIONS, OUTSTANDING JUNE 30, 1915.
The kinds of paper currency and the amount of each denomination outstanding may be studied in the monthly statement for
June, 1915:
321
TEEAStrSEE.
United
states
notes.
Denomination.
Treasury
n o t e s of
1890.
O n e dollar
$1,819,540
T w o dollars
1,363,613
F i v e dollars
202,123,160
107,957,996
T e n doilars
8,092,632
T w e n t y dollars
F i f t y dollars
. . . 2,030,375
O n e himdred" dollars. 2,983;700
F i v e h u n d r e d dollars 2,749,000
O n e t h o u s a n d dollars 18,551,000
F i v e t h o u s a n d doll ars
T e n t h o u s a n d dollars
10,000
Fractional parts
Federal
reserve
notes.
Nationalbank
notes.
Gold certificates.
Silver certificates. .
Total.
$342,317
$354,076
$174,838,421 $177,354,354
225,319
61,501,381
163,568
59,748,881
543,885 $3i,379,6oO 1.37. SSL 5.35
182,868,967 554,796,547
633,490 28,054,060!354. OSO. .300 $214,940,420 24,707,751 730,974,017
291,330 14,837,440 249,9b9,o60 214,285,894 19,159,400 506,626,556
11,900 4,990,000 32,964,600
46;567,355 • 31,755,660 118,319,890
116,000 5,000,000 45,305,700
79,354,100
343,420 133,102,920
88,-500
19,801,500
22,657,500
1^,500
78,000
85,348,500
22,000
18,000 104,017,500
95,885,000
95,885,000
462;000,000
462,010,000
54,143
54,143
Total
347,681,016 2,254,000 84,260,500 821.462,523 1,218,182,769 493,459,000 2,967,299,808
U n k n o w n , destroyed
1,000,000
12; 188,930
3,188,930
346,681,016 2,254,000 84.260, 500'R19. 273.593 1,218,182,769 493 459,000'2.0fi4.1in S78
Net
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 ten dollars and less.
Total paper
currency.
Dates.
Julyl,
Julyl,
Julyl,
Julyl,
Julyl,
Julyl,
Julyl,
Julyl,
Julyl,
Julyl,
$1,953, 712,
2,111, 659,
2,345, 130,
2,375, 261,
2,419, 600,
2,538, 656,
2,619, 224,
2,681, 085,
2,674, 792,
2,967, 299,
1906
1907,
1S08,
1909,
1910
1911
1912
1913
1914
1915
One
dollar.
Two
dollars.
Five
dollars.
Ten
dollars.
..Total.
Per cent. Per cent. Per cent. Per cent. Per cent.
5.31
19.67
2.51
27.43
54.93
5.24
19.48
2.69
53.26
25.84
4.92
20.79
2.46
54.19
26.00
5.33
19. 84
2.44
53.40
25.77
5.93
20.62
2.54
55.62
26.53
6.02
20.39
2.45
55.16
26.28
6.25
20.55
2.46
55.65
26.33
6.76
20.82
2.53
6/. 28
27.15
6.81
2.45 . 20.56
57.11
27.28
5.97
2.07
51.38
18.69
24.63
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.
With the aUowance 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 foUows:
Total average expense of 4,000 notes issued.
Total average expense of 4,000 notes redeemed
Aggi'egate average expense of issue and r e d e m p t i o n . . . . . , , , . . . .
7424°—.FI 1915——21
$52. 50
8. 54
61.04
322
REPORT ON THE FINANCES.
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 redemptipn indicate results that wiU be very close to the
actual cost of maintenance of the paper currency, and such cost for
the fiscal years 1914 and 1915 may be studied from the detaUs set
forth in the subjoined statement:
Total expenses of issue, and redemption.
Number of
pieces.
Fiscal years.
Issued
Redeemed
1914.
.
.
Cost per 1,000 Total cost.
pieces.
298,780,482
299,607,371
...
$13.125 $3,921,493.82
2.135
639,661.73
Total
4,561,155.55
1915.
Issued.. . . .
Redeemed
280,174,317
299,455,985
13.125
2.135
3,677,287.91
639,338. 53
4,316,626.44
Total
•
United States paper currency outstanding and cost of maintenance.
Cost of maintenance.
Amount outstanding.
Fiscal years.
1914
1915
$1,920,944,885
2,060,576,785
Amount.
$4,561,155.55
4,316,626.44
Per cent.
0.237
.209
In 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 t h e increasing activities of such currency
in the channels of trade. This is particularly noticeable in the current issue of the smaUer denominations, $5 and under.
The average length of service, in years, of the different kinds and
denominations of paper currency may be studied in the table following:
Estimated length of service of paper currency.
United
states
notes.
Denominations.
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty aollars
One hundred dollars...
Five bundred dollars
One thousand dollars..
Five thousand dollars
Ten thousand dollars
All denommations
.. .
. . . .
Treasury
notes.
3.14
3.25
2.73
3.56
5.97
6.14
6.15
3.82
4.23
.32
.16
1.76
1.89
2.97
3.74
4.02
3.75
3.64
3.22
2.22
1.92
Gold
certificates.
1.89
3.22
3.55
3.61
3.54
.3.26
1.96
1.61
2.48
Silver
certificates.
Nationalbank
notes.
1.03
1.20
1.88
3.33
3.84
2.02
2.79
1.88
1.41
4.46
4.53
2 56
2.38
2.80
3.33
3 60
5.11
3.33
1.26
2.60
323
TREASURER.
PAPER CURRENCY PREPARED FOR ISSUE AND AMOUNT ISSUED.
I t is incumbent upon the Treasury to foresee the wants of the
people in the way oi a circulating medium and always to be ready
to meet any demand that may properly be made. The pieces of
United States paper currency outstanding at the close of the fiscal
year 1915 numbered 334,353,365, of the total value of $2,061,576,785.
The Treasury has to maintain this great number of pieces and also
to provide for the annual growth of such denominations as may be in
demand. Experience and forethought prompts the preparation of
an adequate volume of paper currency of the kinds and denominations authorized by law in advance of putting it into circulation.
The reserye yault should be weU stocked with such currency in order
that it may be properly seasoned before it is paid out. With the
improved facilities now in operation it is believed that the output in
future will be ample for this purpose.
The paper currency prepared for issue and the amount issued during
the fiscal year 1915 may oe observed in the annexed table:
P r e p a r e d for is.sue.
Fiscal years.
1903
1907
1908
1909
1910
1911
1912.;
1913.
1914
1915
N u m b e r of
notes a n d
certificates.
Total value.
157,425,000
178,180,000
197,012,000
206,898,000
235,210,400
268,450,000
301,302,000
307,188,000
294,418,000
284,436,000
$602,172,000
679,480,000
858,944,000
037,320,000
809,579,600
957,744,000
990,096,000
903,716,000
1,179,280,000
1,214,252,000
P a p e r currency issued.
Average
value.
N u m b e r of
notes a n d
certiacates.
Total value.
$3,825
3.813
.4.359
3.080
3.441
3.567
3.286
2.941
4.005
4:268
172,930,548
173,093,911
188,999,912
202,746,192
240,990,922
267,207,921
290,809,347
318,204,407
298,780,482
280,174,317
$629,820,000
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
1,104,718,000
Average
value.
$3.642
4.034
4.255
3.770
3.183
3.418
3.152
3.253
3.598
4.157
The number of pieces and amount issued monthly for the fiscal
years 1914 and 1915 are set out in the annexed statement:
United States paper currency issued during the fiscal years 1914 and 1915
Fiscal y e a r 1914.
N u m b e r of
notes and
certificates.
Months.
Julv
Auejust
September
October
November
December
January
February
March
April,
May
June
Total
!
:
Total value.
Fiscal y e a r 1915.
Average
value of
notes
a n d certUicates.
N u m b e r of
notes a n d
certificates.
Total value.
Average
v a l u e of
notes
a n d certmcates.
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
23,890,521
24,956.683
23,864,794
$86,198,000
81,914,000
94,520,000
86,022,000
79,970,000
90,516,000
130,912,000
69,126,000
80,280,000
92,766,000
93,608,000
89,470,000
$3.4143.292
3.613
3.556
3.499
2.996
4.784
3.567
3.111
3.088
3.750
3.748
26,127,483
22,983,975
18,514,409
21,248,891
20,029,533
24,942,410
22,426,053
20,321,979
25,026,532
25,568,994
26,615,490
26,368,568
$75,562,000
08,642,000
44,790,000
75,612,000
109,630,000
87; 730,000
115,188,000
92,306,000
111, 918,000
84,856,000
137,650,000
160,834,000
$2.892
2.986
2.419
Z. 558
5.423
3.517
5.136
4.542
4.471
3.318
5.171
6.099
298,780,482
1,075,308,000
3.598-
280,174,317
1,104,718,000
4.157
10.1
3.8
16.2
8.3
P e r cent of Increase
over-preceding y e a r .
•
1 Decrease.
324
REPORT ON T H E FINANCES.
SUPPLY OF UNITED STATES PAPER C U R R F J N C Y
HELD IN RESERVE.
At the close of the fiscal year 1915 the pieces of United States
paper currency held in the reserve vault num'bered 23,810,695, a
net increase of 4,261,647 pieces, as compared with like holdings of
12 months earher.
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 1914 and 1915 may be studied in the
foUowing statement:
Held June 30,1915.
Held June 30,1914.
Denominations.
Nuniber of
Total value.
3,104,000
1,516,000
5,080,000
6,488,000
2,776,000
460,000
48,000
• 53,500
22,500
6,300
6,200
10,648
$3,104,000
3; 032,000
25,300.000
64,880,000
55.520.000
23,000,000
4,800.000
26,750,000
22,500,000
26,500,000
62,000,000
105,480,000
6,112,000
6,476,000
3,004,000
852.000
96,000
49,100
20,500
2,300
2,400
16,396
$4,420,000
5,520.000
30,560,000
64,760.000
60,080'. 000
42,600.000
9,600;000
24,550,000
20,500.000
11,500.000
24,000,000
163,950,000
19,549,048
412,866,000
23,810,695
462,040,000
OnedoUar
Two dollars
Five dollars
Ten dollars..
Twenty dollars
Fifty dollars.
One hundred dollars..
Five hundred doUars.
One thousand dol lars.
Five thousand dollars
Ten thousand dollars.
Order gold certificates
Total
Number of
pieces.
Total value.
4,420,000
2,760,000
REDEMPTIONS OF PAPER CURRENCY.
During the fiscal year 1915 there were 299,455,985 pieces of United
States paper currency redeemed, a decrease of 151,386 pieces, as compared with, those for the preceding year. The pieces redeemed were
19,281,668 greater than those issued, white the amount was
$139,631,900 less than the amount issued during the year.
A comparison, by months, for the fiscal years 1914 and 1915 may
be observed in the annexed table:
United States paper currency redeemed (iuring the fiscal years 1914 and 1915.
• Fiscal year 1914.
Months.
July
August
September
October
November
December.
January
Februarv
March
April.
May
June......
Number of
notes and
certificates.
:
;...
—..
..Total.,
Per cent of increase
over preceding year.
Total value.
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
,.,2.6,482,844
$80,369,000
68,356,000
103,066,000
76,578,000
67,115,200
88,827,000
113,624,000
77,195,000
82.649,000
78,976,100
101,478,000
..135,848,000
299,607,371
1,073,981.300.
2.91
Fiscal year 1915.
Average
value of
notes
and certificates.
$3,261
3.375
4.498
3.410
3.211
3.246
3.504
3.035
3.105
3.257
3.915
,5.129
Number of
notes and
certificates.
Total value.
Average
value of
notes
and certificates.
26,438,181
19,739,028
19,112,920
22,711.821
24,800,286
26,899,089
30,814,477
24,709.329
26,967,263
25,454,977
25,844,408
. 25,964,206.
$136,189,000
97,017,000
60,513,000
101,953,000
92,943,000
93,584.000
93,088,000
61,921,100
75,217,000
62,859,000
70,959,000
78,843,000
$5 151
4 914
3 166
4 488
3 747
3.479
3.020
2 505
2.788
2.469
2.745
3.036
3,594. , 299,455,985'
1.025.086.100
3.423
8.8
1 Decrease,
10.05
4.5
325
TREASURER.
STANDARD SILVER DOLLARS.
The stock of standard silver dollars in the United States at the
close of the fiscal year 1915 was $568,271,655, of which $64,647,156
were in circulation and $503,624,499 were held in the Treasury,
against which Treasury notes of 1890 and sUver certificates to the
amount of $495,713,000 were outstanding. The silver doUars are
shipped to depositors therefore at the expense of the consignee for
transportation charges when there is demand for the same. Such
shipments average about $12,800,000 annually, but the sUver doUars
evidently are not wanted in circulation, and soon find their way back
into the Treasury, their place being taken by the sUver certificates.
The amount of sUver dollars in circulation at the close of the last
fiscal year was less by $5,653,329 than at the close of 1914.
SUBSIDIARY SILVER COIN.
The subsidiary silver coin in circulation at the close of the fiscal
year 1915 was $159,265,955, and there were held as assets in the
Treasury $26,164,295, the total stock being $185,430,250, an increase
of $3,423,563, as compared with that of the preceding year. The
amount of these coins shipped to depositors therefore average about
$22,000,000 annuaUy, and such shipments are made at the expense
of the consignee for transportation charges.
The subsidiary sUver 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 oJBaces in exchange for
other kinds of money.
The growth in the general stock of subsidiary sUver coins has
averaged about $5,439,000 for each fiscal year since 1908.
MINOR COIN.
The current minor coins are the bronze 1-cent pieces and the nickel
5-cent pieces. Such coins are shipped to depositors therefor at the
expense of the consignee for transportation charges, and they are
paid over the counter at Treasury offices in exchange for other kinds
of money. They are redeemable in the la^vful money of the United
States when presented in sums or multiples of $20 to the Treasurer or
any assistant treasurer of the United States.
The amount of each denomination of minor coin outstandihg at the
close of the fiscal years 1914 and 1915 is set out in the statement
o foUowing:
Fiscal year 1915.
Denominations.
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.....
$1,181,884.49
39,926.11
1,203,239.66
22,494,213.84
571,413.02
657,199.85
37,042,013.95
63,189,890.92
Remeited.
Outstanding
June 30,1915.
1,638,206.95
719.90
62,476.09
338.60
513.30
347,225.45
$1,181,579.09
39,926.11
1,202,519.76
22,993,639.70
571,074.42
656,686.55
38,332,995.45
2,200,108.90
411,578.74
64,978,421.08
$305.40
$561,901.95
326
REPORT ON T H E FINANCES.
TRANSFERS OF FUNDS FOR DEPOSITS MADE IN NEW YORK.
For many years past the cooperation of the Treasury has been
requested by banking institutions in the transfer of large sums of
money between subtreasury cities, through the medium of the general account, to facilitate 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 foUowing table gives the deposits ih New York in calendar years
and the resultant payments in the several cities from 1910 to June 30,
1915:
Gold coin and
certificates.
Transactions.
$11,815,000.00
1910—Receipts
Paid by the Treasurer and assistant
treasurers of the United States:
Washington
New Orleans
San Francisco
. . . .
rqil
United States Silver dollars
notes.
and certificates.
Total.
. $11,815,000.00
400,000.00
3,146,000.00
7,360,000.00
$780,000.00
$129,000.00
Total
10,906,000.00
780,000.00
129,000.00
Receints
23,350,000.00
23,350,000.00
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
Paid by the Treasurer and assistant
treasurers of the United States:
Washington
Chicacfo
• Cincinnati
New Orleans
Philadelphia
.
San Francisco
400,000.00
4,055,000.00
7,360,000.00
11,815,000.00
23,350,000.00
23,350,000.00
1912—Receints
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
Total
25,117,80.5.29
Total
1913—Receipts
13,818,958.33
Paid by the Treasurer and assistant
treasurers of the United States:
Washington
ChicaGfo
Cincinnati
New Orleans
San Francisco
105,000.00
100,000.00
1,700,000.00
1,075,000.00
10,838,958.33
400,000.00
4,220,000.00
2,900,000.00
250,000.00
17,347,805.29
•
.
.
25,117,805.29
::
13,818,958.33
105,000.00
100 000. 00
1,700,000.00
1,075,000.00
10,838,958.33
13,818,958.33
13,818,968.33
1914—Receints
14,863,000.00
14,863,000.00
Paid by the Treasurer and assistant
treasurers of the United States:
New Orleans
San Francisco
4,310,000.00
10,553,000.00
4,310,000.00
10,553,000.00
14,863,000.00
14,863,000.00
300,000.00
90,000.00
819,140.90
1,210,000.00
300,000.00
90,000.00
819,140.90
1,210,000.00
Total
Total
191&-Receipts:
In Fei )ruary
In March
In AprU
.T
327
TKEASTJBER.
Gold coin and
certiflcates.
Transactions.
1915—Receipts—Continued.
Tn May
In J u n e . . .
.
..
..
Total
Paid by the Treasurer and assistant
treasurers of the United States:
New Orleans
San Francisco
. .
Total
United States Silver dollars
notes.
and certiflcates.
Total.
$600,000.00
230,000.00
$600,000.00
230,000.00
3,249,140.90
3,249,140.90
2,990,000.00
"259,140.90
2,990,000.00
259,140.90
3,249,140.90
3,249,140.90
USE OF ORDER GOLD CERTIFICATES FOR EXCHANGE ON N E W YORK.
Previous to February 1, 1910, the banks in San Francisco, under
)royisions of existing law, exchanged gold coin at the Subtreasury
or demand gold certificates of large denominations, which they sent
by registered maU to their correspondents in New York, thus effecting a transfer of funds at small cost to the banks. The demand gold
certificates were shipped from Washington to San Francisco by
express at the rate of $1.75 per $1,000, whUe order gold certificates
(incomplete) were sent by express in packages of $5,000,000 at a
total cost of $15. .
•
In order to eliminate the expense of transporting demand certificates to San Francisco, and at the same time to ^rant to the banks
in that city their rights under the law to deposit gold coin in exchange
for gold certificates, it was deemed advisable to issue to said banks
order gold certificates, series of 1900, and to make them payable by
the assistant treasurer of the United States, New York.
The transactions, semiannually, since February, 1910, are recorded
in the statement following:
f
Period.
1910—rebruary td 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 June, inclusive...
July to December, iaclusive.,
1914—January to June, inclusive..,
July to December, inclusive.
1915—January to June, inclusive...
Aggregate.,
Order gold
Deposits in
New York for
certificates
which payissued in
ments were
San Francisco
made in
and redeemed
in New York. San Francisco.
750,000
600,000
100,000
$2,650,000
4,260,000
3,500,000
8,250,000
000,000
200,000
900,000
400,000
200,000
870,000
260,000
10,418,566
6,929,239
1,988,958
8,850,000
7,115,000
3,438,000
259,140
34,280,000
57,658,903
It will be observed that the deposits made in New York on account
of the return movement are $23,378,903 in excess of the payments
made for gold certificates issued at San Francisco. This method
of usin^ the order certificates is in the interest of good administration and has made ib possible to discontinue the shipments of demand
gold certificates from Washington to San Francisco, with a resultant
saving of transportation charges.
328
REPORT ON THE FINANCES.
DEPOSITS OF GOLD BULLION AT MINTS AND ASSAY OFFICES IN THE
FISCAL YEARS 1 9 1 4 AND 1 9 1 5 .
The facUities provided by the Treasury for marketing the new
product of gold bullion 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 of our gold mines
and all imports of gold may be deposited in the mints and assay
pffices, for which the full 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.
The new product of the mines or original deposits of gold bullion
at the mints and assay offices during the fiscal years 1914 and 1915
may be studied in the annexed statements:
1914
Office.
Philadelphia
San Francisco
Denver.
New York
New Orleans
Carson
Helena
Boise
Deadwood.
Seattle
Salt Lake City
:
...,
.
.'
.
.
.
.
'.:....
.
.
-
Total
-
:
•
1916
$1,548,892.20
46,588,789.25
20,994,150.26
68,716,110.04
717,585.34
321,300.56
708,279.82
1,072,499.13
2,678,993.89
8,114,050.54
111,606.00
$1,562,326.77
71,062,080.20
22,556,642.43
56,512,863.47
228,445.39
425,770.51
600,464.90
850,872.44
684,010 23
8,696,853.88
47,082.04
141,572,257.03
163,227,412.26
SHIPMENTS OF CURRENCY FROM WASHINGTON.
During the fiscal year 1915 the currency distributed from the
Treasury in Washington to the subtreasuries and to banks amounted
to $836,961,227, against $935,952,146 during the preceding 12 months.
Comparison of the transactions during the past two years is made
in the annexed statement:
Fiscal year 1914.
Number of
packages.
Total bv express .
Total by registered mail
.
.....'.
RECOINAGE
IN
Number of
packages.
103,485 $932,627, .504
3,324,642
IS,869
122,354
.\ ccrecrate
Amount.
Fiscal year 1915?
935,952,146
Amount.
95,490
17,727
$783,463,429
53,497,798
113,217
836,961,227
T H Ir F I S C A L YEAR 19 15.
Gold coins in the Treasury when reduced in weight by natural
abrasion more than.one-half of 1 per cent below the standard weight
prescribed' by law are recoined,. The subsidiary silver coins and
minor coins, when worn, so as to be unfit for circulation, are recoined.
The face value, by denominations and kinds, and the loss on the
recoinage during the past two fiscal years is compared in the statement
following:
329
TKEAS 0 BEE.
•
•
"
^
Fiscal year 1^915.
Fiscal year 1914.
Denominations.
Face value.
Double eacles
Eagles
...
Half eagles
Quarter eaules
Thiee-dollar pieces
One-dollar nieces
...
. .
3,833,045.00
Total gold
Half dollars
Quarter dollars
Twenty-cent pieces
Dirties
Half dimes
Three-cent nieces
. .
.
Total sUver
Minor coins
AETcrecate
.
..
.
.
.
Face value.
Loss.
$774,440.00
1,023,640.00
1,569,820.00
17,540.00
60.00
1 80.60
$765,600.00
1,269,420.00
" 1,784,650.00
13,285.00
33.00
57.00
. .
;
Loss.
.$7,789.30
2.55,433.00
312,988.00
193.00
303,197.40
727.20
136.05
3,385,580,50
$5,832.12
215.693.50
269,081.50
67.60
241,424.70
658.25
44.67
872,674.65
59,868.94
726,970.22
51,456.01)
596,657.50
7,413.54
411,107.75
21,266.96
5,302,377.15
75,071.78
4,523,658.47
78,555.17
1 Includes one 50-cent piece CalUomia token coin.
REDEMPTION OF NATIONAL-BANK NOTES.
The amount of money received by the National Bank Redemption
Agency during the fiscal year 1915 was $782,633,567, the largest for
any year, and an increase of $75,876,965 over that presented during
1914. Of the amount receiyed, 46.53 per cent came from banks
located in New York City. The number of packages was 45,532,
containing 76,287,975 notes, vdth an average value of $10.03, whUe
that of the outstanding circulation was $10.32.
Of the average amount of $5 notes outstanding, 88.58 per cent was
redeemed; of the $10 notes, 81.79 per cent; of the $20 notes, 68.50
per cent; of the $50 notes, 106.72 per cent, and of the $100 notes,
75.02 per cent. The receipts for the first half of the fiscal year, July
to December, 1914, were 46.47 per cent of the total, and those for the
last half, January to June,.1915, 53.53 per cent. The largest amount
received in any month was $132,509,108, in January, and the smallest
$26,713,805, in September
Payment for notes redeemed was made as foUows: By Treasurer's
checks, $122,230,578; by remittances of new United States currency,
$307,667,490, and gold, silver, and minor coin, $28,220; and by
; credit of $340,482,729 in various accounts. The unusually large
amount credited was due to the heavy deposits of national-bank notes
to retire additional circulation issued under the act of May 30, 1908.
These notes were paid in largely at subtreasuries and then forwarded
to the Treasurer of the United States, who received them as transfers
of funds.
The notes assorted and dehvered amounted to $764,926,023, cf
vhich sum $130,389,450, or 17.05 per cent, was fit for use and was
returned to banks of issue in 92,952 packages. The remainder,
$634, 536,573, or 82.95 per cent, was delivered to the Comptroller of
the Currency, $330,110,347.50, in 191,068 packages, as unfit for use, to
be destroyed and replaced by new notes sent to the banks of issue,
and $304,426,225.50, in 25,839'-packages, for destruction and retirement .from^^c^^^
330
REPORT ON THE F^INANCES.
-By the end of the fiscal year, aU banks except seven which had
taken out additional currency under the act of May 30, 1908, had
either returned the circulation to the ComptroUer of the Currency
for canceUation or had deposited funds with the Treasurer of the
United States for its retirement in full. The first of such deposits
was receiyed October 22, 1914, and the total received to June 30,
1915, -was $354,140,893.05, leaving $454,896.95 stUl due. The
amount of additional circulation yet to be presented to the Treasurer
for redemption at the close of the year was $67,640,187.50. Funds
had been deposited by the issuing banks to retire practicaUy all of
this.
The expenses of redemption amounting to $498,328.60 have been
assessed upon the banks in proportion to the amount of their notes
redeemed, the rate per $1,000 being $0.65147293.
The agency had received and stiU carried in its cash on June 30,
$2,824,705 in Federal reserve notes that had been presented for
redemption either assorted or mixed with national currency.
Statistics covering fuUy the operations of the agency in the redemption of national-bank notes for the fiscal year are to be found in
Tables No. 49 to 63 in the appendix.
SPURIOUS ISSUES DETECTED IN 1 9 1 5 .
The Treasury offices receive daUy large amounts of currency of
the various kinds in circulation, and it is carefuUy examined for the
purpose of. detecting raised notes, counterfeits, etc. The dUigence
of the experts detected of spurious issues only $13,996.67 in nominal
value in aU kinds during the fiscal year 1915.
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 kinds of bonds or obligations held on each account and transactions therein during the fiscal year 1915 are set out in the statement f oUowine;:
Accounts and kinds.
Held June 30,
1914.
State bonds belonging to the United States:
Louisiana State bonds
$37,000.00
North Carolina State bonds
68,000.00
Tennessee State bonds
335,666.66§
United States bonds held under special
provisions of law: Manhattan Savings
Institution
75,000.00
Held for the Secreatary of War: Captured
bonds of the State of Louisiana
545,480.00
Held for the Secretary of the Treasury:
3,247,332.11
Panama R. R. notes
Held for the District of Columbia:
United States bonds for account District of Columbia sinking fund
Bonds for account of District contractors .
. 169,330.00
84,285.00
Chesapealce & Ohio Canal bonds
20,134.72
Board of aud It certlfitates
Held for the Board of Trustees, Postal
Savings System: Postal savings bonds...
449,360.00
Total..
5,021,688.491
Fiscal year 1915.
Deposited,
Withdrawn.
Held June 30,
1915.
$37,000.00
58,000.00
335,666.66§
75,000.00
545,480.00
3,247,332.11
$296,000.00
62,530.00
295, OOOCOO
$38,420.00
504,680.00
862,210.00
19.3,440.00
84,285.00
20,134.72
954,040.00
38,420.00
5,845,378.493
TREASURER.
331
The General Assembly of the State of Louisiana in July, 1912,
passed a joint resolution proposing an amendment to the constitution
of the State, authorizing the board of liquidation of the State debt to
create a sinking fund and to provide for the payment in fuU out of
the first surplus accruing in the sinking fund the amount of principal
and interest due on the bonds of the State, the face value of which
aggregates $37,000, and which are held by the United States as trustee for certain Indian funds. This proposition 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 eonsideration a plan for settling the indebtedness of that State to the United States, but Congress postponed
action on a measure providing for representatives on the part of the
Government.
.
Commissioners representing the Government and the State of Tennessee, under provisions of law, have now under consideration a plan
for settling with that State. It is apparent that some progress has
been made toward a settlement with the three States named in the
foregoing for the unpaid 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 indemnit}^ for certain stolen bonds, as provided
by act of December 19, 1878 (20 Stat., 589), and wiU be held for such
time as, in the judgment of the Secretary of the Treasury, wiU 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 L^nion forces during the War of the KebeUion,
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 Raihoad 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,
investments on account of the sinking fund; second, the moneys
retained from contractors under provisions of law and invested at
the request and risk of said contractors; and, third, obligations that
belong to the District of Columbia.
The special trust held for the Board of Trustees, Postal Savings
System, consists whoUy of postal savings bonds, representing investments made by said board, as described on page 18 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 of Columbia, are fuUy set
forth in a separate report.
During the fiscal year 1915 the funded debt retired amounted to
$441,895.74, and there was purchased for this fund $295,000 United
States 3 per cent Panama Canal bonds.
Wlien the Treasurer of the United States w^as charged with the
duties of the District of Columbia sinking fund office on July 1, 1878,
332
REPORT ON THE FINANCES.
the bonded debt amounted to $22,106,650 with an annual interest
charge of $1,015,759.12. Tliis bonded debt has been reduced by
action of the sinking fund and otherwise to $6,518,000 with an annual
interest charge of $237,997.34, and against this there is held in trust
$295,000 in United States bonds, bearing 3 per cent annual mterest.
The balance held on account of the District of Columbia contractors 10 per cent guarantee fund was on July 1, 1914, $241,596.71, the
receipts during the year amounted to $55,307.09, and the settlements
were $65,834.70, leaving a balance of $231,069.10 on June 30, 1915.
This amount is held in United States and District of Columbia
bonds m the sum of $193,440, costing $200,279.11, and cash
$30,789.99.
The old securities of the District in the care and custody of the
Treasurer are:
Chesapeake & Ohio Canal boncls.
Board of audit certificates
Total
'
-
$84,285.00
20,134. 72
104,419. 72
LEGISLATION RECOMMENDED.
I t is suggested that recommendation to Congress be made in such
form as may be deemed advisable for legislation that wUl authorize
favorable action on the foUowing subjects:
1. Restriction on amount of $6 hanlc notes.—It appears that national
banks located in commercial centers are not disposed to issue the full
amount of $5 notes authorized by law, whUe 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 n a t i o n ^
banks would be the means of increasing the amount of such notes in
chculation, and would accordingly reduce the demand upon the
Treasury for United States paper currency of smaU denominations.
2. Removing limit on weight of registered pacTcages.—It is believed
that the removal of the limit on the weight of a package which may be
sent through the registered maU of the IJnited States would facUitate a
greater use of this method of transportation; and if foUowed by an
enactment that will authorize the transportation of paper currency
to and from the Treasury or between Treasury offices by registered
maU insured, it would be in the interest of economical administration.
The transactions which have been related in the foregoing, so
varied and so vast, were conducted with rare accuracy and promptness, and offer the best proof of the capacity, fidehty, and efficiency
of the officers, chiefs of division, clerks, counters, and employees of
every grade in this office. I t is a pleasure to record this acknowledgment due to each of them.
Respectfully,
JOHN B U R K E , Treasurer.
Hon.
WILLIAM G . MCADOO,
Secretary of tlie Treasury.
APPENDIX TO REPORT OF THE TREASURER.
No. 1.—Receipts and disbursements for thefiscal year 1915, as shown by warrants issued.
Account.
Customs
Internal revenue...
...
Lands
MisceUaneous
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
Receipts.
$209,786,672.21.
415,669,646.00
2,167,136. 47
69,696,554. 45
9,.535,719.85
Disbursements.
Repaj^ments
from unexpended appropriations.
Counter credits
to appropriations.
$13,220,662.97
82,139,354.92
$444,368.72
2,189,841.93
$439,675.22
911,658.17
29,069,642.99
164,387,941.61
71,107,291. 59
1,894,873.64
6,636,592.60
2,215, .535.19
885,870.15
172,973,091.73
141,835,653.98
22,130,350.70
22,902,897.04
696,855,728.98. 731,399,759.11
Total
Postal savinfi;s bonds
933,540.00
29,187,042. 22
Panama Canal
1,167,690,922.75 1,025,133,633.00
Public debt
Redemption national-bank notes...
21,453,415.00
.17,205,958. CO
Aegrecate
1,886,933,606.73
1,802,926,392.33
2,718,350.00
1,409,801.82
1,481,422.37
1,221,462. 76
1,893,361.85
7,799. 73 .
4,143. 42
12,040.75
1,939.03
20,657.93
13,577. 56
12,055,823.10
3,146,279.28
1,543,208. 86 139,887,911.49
2,265,021.29
280,528.45
3,198.95
4,61B. 25
24,639,238.90
147,317,450.03
878,025.09
2,995,290.71
25,517,263.99
150,312,740.74
•=«
No. 2.'—Net ordinary receipts and disbursements for each quarter of the fiscal year 1915,
as shown by warrants issued.
Account.
First quarter.
Second q u a r ter. -
Third quarter.
Fourth quarter.
Total.
Customs
Internal revenue..
Lands
Miscellaneous
$59,686,808.82 $48,918,973.94 $51,126,532.40 $50,054,357.05 ^^209,786,672.21
93,590,037.79 83,683,968.72 81,264,532. 28 157,131,107.21 415,669,646.00
674,889.37
595,052.88
449,447.
.547,746. 23
2,167,136.47
24,376,484.46 10,566,230.03 15,899,218.99 18,390,340.82 69,232,274.30
Total
178,228,220. 44 143,764,225.5: 148,739,731.66 226,123,551. 31 696,855,728.98
DISBURSEMENTS.
Civil a n d miscellaneous..
War
Navy
Indians
Interest on public d e b t . .
111,337,514.44 104,000,661.28 99,895,764.36 103,157,739.82 418,391,679.90
42,602,133.78 29,247,935.67 29,652,616.69 24,636,491.35 126,139,177. 49
35,044,180.12 35,731,339.15 35,664,898.28 35,395,236.43 141,835,653.98
6,402,748.30 5,843,701.38 4,956,518.29 4,927,382.73 22,130,350. 70
5,682,284.94 6,7.59,391.45 5,751,563. 53 5,709,657.12 22.902,897.04
Total
Excess receipts.
,
Excess d i s b u r s e m e n t s . . .
201,068,861.58 180,583,028.93 175,921,361.15 173,826,507.15 731,399,759.11
52,297,043. "~
22,840,641.14 36,818,803.46 27,181,629.-49
34,544,030.13
333
334
REPORT ON T H E FINANCES,
N o . 3.—Receipts and disbursements for service ofthe Post Office Department for thefiscal
year 1915.
Fiscal year 1915.
Balance June
30,1914.
Office.
Receipts.
Disbursements.
Washington
Receipts and disbursements by-postmasters for quarter ended—
Sept. 30,1914
Dec. 31,1914
Mar. 31,1915.....
June 30,1915
$10,648,112.72 $114,332,288.70 $119,769,108. 42
63,540,100. 70
54,219, 770. 09
52,808,510. 73
52,253,622. 25
53,540,100.70
54,219,770.09
52,808,510. 73
52,253,622.25
Total
Net excess of disbursements over receipts
327,154,292.47
332,591,112.19
Balance June
30,1915.
$5, 111, 293.00
5,436,819.72
1 Including deficiency appropriation of $6,636,592.60.
No. 4.—Post Office Department warrants issued, paid, and outstanding for thefiscal
year 1915.
Warrants drawn on—
Number
of warrants
issued.
Treasurer of the U n i t e d
States, Washmgton. .i
Assistant treasurer of the
United States:
Baltimore
Boston
Chicairo
Cincinnati
New Orleans
NewYork
Philadelphia
San Francisco
St. Louis
Total
354,806
Fiscal year 1915.
Warrants outWarrants outstanding June
standing June
30, 1914.
Amount of war- Amount of war.30,1915.
rants Issued.
rants paid.i
$2,117,071.68 $122,528,118.48 $119,893,149.29
21.34
4.00
9,520. .54
41.09
122.91
74,548.10
25.00
2,892.26
159.86
354,806
2,204,406.78
$4,752,040.87
21.34
4.00
5,404.08
41. 09
i
122. 91
52,019.75
25.00
1,640.86
159. 86
122,528,118. 48 119,952,588.18
4,116.46
22,528.35
1,251.40
4,779,937.08
I Including amounts canceled and warrants credited to outstandmg liabilities.
No. 5.—Distribution ofthe general Treasury balance June 30, 1915.
Receipts not
Treasurer's
by
general accoimt. . covered
warrants.
Location.
Washington
Baltimore
New York
Philadelphia
Boston
Cincinnati
Chicago
St. Louis
New Orleans
San Francisco
Mints and assay offices
National banks.
Treasurv of Philippine Islands
In transit
.•
Total Treasury balance
;
$21,745,109.35
12,534,962.94
263,082,289.27
25,661,148.01
33,613,474.49
29,651,111.06
106,128,029. 70
67,305,781.43
34,193,842.83.
118,993,992.45
1,179,393,478.26
:
53,352,988.44
2,279.818.21
33,456,894.97
1,971,292,911.41
Balance as shown
by warrants.
'
'
$2,046,674.96
$1,969,246,236.46
TREASURER.
335
No. Q.—Assets and liabilities ofthe Treasury offices, June 30, 1915.
Washington.
Baltimore.
New York.
Philadelphia.
Boston.
ASSETS.
$3,901,078.79 $3,003,469.20 $138^837,530.00 $14,631,166.63 $24,710,768.46
Gold coin
:
157,640,465.00 5,002,860.00 84,957,744.00 6,666,802.00 1,450,666.00
Standard silver dollars
707,906.85 8,166,744.65
752,710.20 1,035,846.30
Subsidiary silver coin
1,651,741.10
287,444.00 2,923,680.00
United States notes
1,487,220.00
243,490.00 3,183,640.00
31.00
Treasury notes of 1890
68.00
Gold certificates
4,611,650.00 3,139,770.00 32,481,270.00 3,427,8.30.00 2,932,490.00
3,824,672.00
196,318.00
813,488.00
Silver certificates
1,681,744.00
688,201.00
2,866,945.00
Federal reserve notes
..
.
68,846.00
7,915.000
26,100,141.20
National-bank notes
216,290.00
126,890.00
687,680.00
127,748.00
77,739.32
Minor coin
49,542.87
138,760.77
74,570.00
64,624.97
Fractional currency
67.00
Certifled checks on banks
io.548.26
472,766.40
Checks paid but not cleared....
94 842 10
Total
; . . 201,861,642.41 12,672,466.92 270,347,876.82 26.735,946.83 34,207,248.17
LIABaiTIES.
Outstanding warrants and
2,715,141.62
checks
49,268,044.72
Disbursing officers* balances
Post Office Department accoimt 3,648,620.77
Bank note 5 per cent redemp29,867,250.94
tion account
'
Other deposit and redemption
4,012,736.16
accounts
'.
Board of Trustees, Postal Sav2,841,101.01
ings System
Redemption fund, Federal re1,080,324.71
serve notes
Retirement of additional circulating notes, act May 30,1908.. 67,174,190.56
Assets of insolvent national
4,114.781.06
banks
108,306.71
4,439,209.91
391,976.50
206,566.91
18,340.00
1,681,886.06
586,059.20
438,770.00
10,867.27
1,144,491.59
96,763.12
48,436.77
Total agency account
164,622,191.54
137,613.98 7,265,587.55 1,074,798.82
693,773.68
Balance to credit of mints and
15,494,241.52
. assay offices
21.745,109.35 12,534,962.94 263,082,289.27 25,661,148.01 33,613,474.49
Balance general account.
201,861.542.41 12,672,466.92 270,347,876.82 26,735,946.83 34,207,248.17
Total
•
ASSETS.
Goldcoin
Standard silver dollars
Subsidiary silver coin
United States notes
Treasury notes of 1890
Gold certificates
Silver certfficates
Federal reserve notes
National-bank notes.
Minor coin
,
Cincinnati.
Chicago.
St. Louis.
New Orleans. SanFrancisco.
$21,220,331.60 $75,773,129.31 $38,0.50,803.84 $9,788,779.04 $90,679,791.85
4,828,016.00 9,894,508.00 2.029,605.00 16,016,384.00 24,111,633.00
1,106,572.15 3,197,224.30 3.158,680.00 1,170,498.46 1,461,588.50
356,710.00 2,703,037.00
1,567,500.00
677,181.00
82,785.00
4,000.00
1,868.00
766.00
2,264,700.00 16,401,280.00 10,665,000.00 3,944,590.00 2,442,200.00
135,720.00
729,930.00
448,427.00
233,380.00
135 825.00
60,000.00
423,750.00
462,395.00
220,710.00
73,690.00 . 1,771,250.00 2,010,760.00
623 697.00
27,306.32
49,614.38
34,191.69
32,433.84
9,824.43
Total
30,209,066.07 108,822,212.99
68,143,107.63 34,338,269.33 119,448,100.78
LIABILITIES.
Disbursing officers' balances
Other deposit and redemption
accounts
Board of Trustees, Postal Savings System
Total agency account
Balance general account
Total
299,341.80
2,001,809.37
683,104.01
86,712.16
37,910.00
489,190.00
48,992.73
19,600.00
10,600.00
220,702.21
203,183.92
106,229.36
38,114.34
132,810.10
310,698.23
657,954:01 2,694,183.29
837,326.10
144,426.50
454.108.33
29,651,111.06 106,128,029.70 •57,306,781.43 34,193,842.83 118,993,992.46
30,209,066.07) 108,822,212.99
68,143,107.63 34,338,269.33 119,448,100.78
336
REPORT ON T H E FINANCES.
No 7.—Assets of the Treasury in the custody of mints and assay offices, June 30, 1915.
Boise City.
Carson City.
Deadwood.
Helena.
BULLION F U N D .
Gold bullion
Silver bullion
Balance with Treasurer United States..
$54,087.43
Total
54,087.43
$1,239.40
813.19
21,909.12
$134.40
$27,314.48
30,859.60
109,788.25
23,961.71
30,994.00
137,102.73
Seattle.
New York.
$710,094.62
$27,825.63
96,144,929.50
11,555.02
86,454.63
.72
723,481.40
83. 00
.13,409,760.96
14,919.39
796,549.25
110,306,081.21
22,668,530.97
Philadelphia.
San Francisco.
Total. .
Salt Lake City.
New Orleans.
BULLION F U N D .
Gold coin
;
Gold bullion
Standard silver dollars
i
Subsidiary silver coin
Silver bullion
United States notes
Balance with Treasurer United States..
Total
$3,263.31
101.06
Denver.
$46,705.56
22,475,000.00
211.56
46,613. 86
BULLION F U N D .
$385,660,580.04. $185,901,812.50 $11,638,782.50 $583,229,000.67
Gold coin
Gold bullion
69,994,627.66
11,713,181.96 210,438,561. 48 379,134,139. 80
Standard silver dollars
107,254,937.00 61,397,000.00
191,126 937.00
2,131,347.60
1,297,660.60
425,774. 77
Subsidiarv silver coin
3,854,783.69
Silver bullion
.. .
1,736,877.07
990,229. 44
821,964.73
4,273,678.44
United States notes
83 00
Gold certificates
33,270.00
33,270.00
38.64
Minor coin
...
•38 54
160,973.19
Balance with Treasurer United States..
98,045.18
1,450,183.27
15,426,143.08
Total bullion fund
449,684,444.10
MINOR COIN A N D METAL F U N D .
Gold certificates
Minor coin
Balance with Treasurer United States..
Aggregate assets
307,289,136.68
286,172,266.75 1,177,078,074.22
^
574,126. 73
10,629.64
100.00
1,639,422.46
62,626.56
450,269,199.37
308,881,285.69
133,657.42
4,842.34
100.00
2,247,205.60
68,098.44
286,310,766.51 1,179,393,478.26
No. 8.—General distribution of the assets and liabilities of the Treasury, June 30, 1915.
Treasury
offices.
Mints and
assay offices.
National
banlc and
other deposi- In transit.
tories.
Total.
ASSETS.
Gold coin
$420,696,848.71 $583,229,000.67
Gold bullion
379,134,139.80
Standard silver dollars
312,497,562.66 191.126.937.00
22,309,612.60
3,854,783.^9
Subsidiary silver coin
4,273,678.44
Silver bullion
13,611,687.00
United States notes
83.00
6,713.00
Treasury notes of 1890
82,200,780.00
33,370.00
Gold certificates
8,787,605.00
Silver certificates
3,879,850.00
Federal reserve notes
31,858,666.20
National-bank notes, i. i . . r.
568,408.59
2,247,244.14
Minor coin
67.00
Fractional currencv
483,314.66
Certified checks on banks
Interest In public debt paid.
$1,003,825,849.38
379,134,139.80
503,-624,499.00
26,164,296.19
'4.273,678.44
$827,000.00
14,338,770.00
2,600.00
9 313 00
985,000.00
83,219,150.00
2,701,000.00
11,488,605.00
• 6,000.00
3,885,850.00
2,021,890.00
33,880,546.20
6,000.00
2,810,652.73
77.00
2a 00
483,314.66
11,344.26
11,344.25
337
TEEASUEEE.
No. 8.—General distribution ofthe assets and liabilities ofthe Treasury, June 30,1915—
Continued.
^
Treasury
offices.
Mints and
assay offices.
National
bank and
other deposi- In transit.
tories.
Total.
ASSETS—continued.
Deposits in national banks,
etc
Public moneys in transit to
or from national banks
$$64,779,860.66
$64,779,86a 66
$25,211,090.81
25,211,09a 81
Total available assets. $896,690,994.66 $1,163,899,236.74 64,779,86a 66 31,770,946.06 2,157,141,037.12
Balance with Treasurer
United States
15,494,241.52
15,494,241.62
Warrants and checks paid
94,842.19
1,780,798.72
but not cleared
1,685,96a 63
Aggregate
896,785,836.85 1,179,393,478.26 64,779,86a 65 33,456,901.59
LLA.BILITIES.
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.
Redemption fund-Federal
reserve notes
Retirement of additional
circulating notes, act May
30,1908
Assets of insolvent national
banks
2,716,141.62
67,795,77a 32
1,228,64a 58
7,918,413.43
3,943,782.20
65,714,183.75.
3,548,62a 77
3,548,62a 77
29,867,25a 94
29,867,25a 94
7,344,084.14
- 7,344,084.14
4,841,699.69
4,841,699.69
1,080,324.71
1,080,324.71
67,174,19a 55
67,174,190.55
4,114,781.06
4,114,781.06
Total agency account. 178,481,863.80
187,628,917.81
9,147,054.01
Balance to credit of mints
15,494,241.52
15,494,241.52
and assay offices
702,809,731.53 1,179,393,478.26 55,632,806.65 33,456,901.69 1,971,292,918.03
Balance general account
Asrcrecate
896,785,836.86 1,179,393,478.26 64,779,86a 66 33,456,901.59 2,174,416,077.36
No. 9.—Available assets and net liabilities ofthe Treasury at the close of June, 1914 and
1915.
June 30,1914.
June 30,1915.
ASSETS.
Gold:
Coin
Bullion
Total
Silver:
Dollars
Subsidiary coin
Bullion
. . .
Total
Paper:
United Statesnotes
Treasury notes of 1896
Federal reserve notes
National-bank notes
Gold certfficates
Silver certfficates
Total
7424°—FI 1915- -22
$985,516,603.50 $1,003,825,849.38
379,134,139.80
293,595,606.20
1,279,112,109.70
1,382,959,989.18
497,971,993.00
22,040,989.10
2,854,183.72
603,624,499.00
26,164,295.47
4 273 678 44
522,867,165.82
534,062,472.91
8,835,369.00
11,237.00
35,491,862.46
54,825,730.00
12,248,023.00
14,338,770.00
9,313.00
3,885,850.00
33,880,546.20
38,495,370.00
11,488,605.00
111,412,221.46
102,098,454.20
338
REPORT ON THE FINANCES.
No. 9.—Available assets and net liabilities ofthe Treasury at the close of June, 1914 and
°
1915—Continued.
Jime 30,1914.
ASSETS—continued.
Other:
Minor coin
Fractional.currency
Certified checks on banks
Deposits in national banks, etc
Public moneys in transit to and from national banlcs.
Interest on the public debt paid
Total.
Aggregate.
$2,117,480.49
243.22
379,907.03
88,938,679.00
9,749.30
June 30,1915.
$2,810,646.83
. 77.00
483,314.66
64,779,86a 66
25,211,090.81
11,344.25
91,446,059.04
93,296,334.21
2,004,837,556.02
2,112,417,25a 50
8,200,952.21
76,029,642.63
8,379,505.94
28,793,173.29
7,861,531.16
1,677,472.20
3,943,782.20
65,714,183.75
3,548,620.77
29,867,250.94
11,458,865.20
4,841,699.69
1,080,324.71
67,174,190.55
130,942,277.43
11,981,205.94
187,628,917.81
1,780,798.72
118,961,071.49
185,848,119.09
1,080,974,869.00
490,850,000.00
2,439,000.00
150,000,000.00
161,612,615.53
1,173,708,989.00
493,459,000.00
2,254,000.00
. 152,977,036.63
104,170,105.78
LLA.BILITIES.
Agency account:
Outstanding warrants and checks
Disbursing officers' balances
Postoffice Department account
Bank note 5 per cent redemption account
Other deposit and redemption accounts
Board of Trustees, Postal Savings System
Redemption fund—Federal reserve notes
Retirement of additional circulating notes, act May 30,1908..
Less warrants and checks paid but not cleared.
General account:
Gold certfficates
Silver certfficates
,
Treasury notes of 1890.
Reserve fund
Balance
Total..
1,885,876,484.53
1,926,569,131.41
2,004,837,556.02
2,112,417,250.50
No. 10.—Assets and liabilities of the Treasury in excess of certificates and Treasury notes
at.the close of June, 1914 and 1915.
Gold coin and bullion
Silver dollars and bullion
Subsidiary silver coin
United States notes
Treasury notes of 1890
Federal reserve notes
National-bank notes
Minor coin
Fractional cuirency
Certffied checks on banks
Deposits in national banks, .etc.
Interest on public debt paid
Total..
Agency account
Reserve fund
Available cash balance.
Total
June 30,1914.
June 30,1915.
$252, 962,970.70
19, 785,199.72
22, 040,989.10
835,369.00
11,237.00
35, 491,862.46
2, 117,480.49
243.22
379,907.03
938,679.00
9,749.30
$247,746,370.18
23,673,782.44
26,164,295.47
14,338,770.00
9,313.00
3,885,850.00
33,880,546.20
2,810,646.83
77.00
483,314.66
89,990,951.47
11,344.25
430,573,687.02
442,995,261.50
118,961,071.49
150,000,000.00
161,612,615.53
185,848,119.09
152,977,036.63
104,170,105.78
430,573,687.02
442,995,261.60
339
TREASURER.
i
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—Januar;^:
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...
Gold coin.
$1,638,476,008
932,531,108
.605,944,900
Gold bullion.
Total.
$110,553,295
110,553,295
$1,649,029,303
1,043,084,403
605,944,900
1,643,640,861
933,661,502
609,988,359.
113,075,248
113,076,248
1,656,726,109
1,046,736,750
609,988,359
1,531,914,472
923,621,.813
608,292,659
113,507,584
113,507,584
1,645,422,066
1,037,129,397
608,292,659
1,657,115,972
947,826,635
609,289,337
92,373,570
92,373,570
1,649,489,542
1,040,200,205
609,289,337
1,576,806,676
971,562,999
605,243,676
68,094,068
68,094,058
1,644,900,733
1,039,657,067
605,243,676
1,674,906,904
976,669,206
699,337,698
67,135,095
67,135,095
1,642,041,999
1,042,704,301
599,337,698
1,563,453,111
966,646,676
596,806,435
74,358,016
74,358,016
1,637,811,127
1,041,004,692
696,806,435
1,656,714,642
968,875,785
687,838,757
79,781,241
79,781,241
1,636,495,783
1,048,657,026
587,838,767
1,663,011,877
964,568,877
698,443,000
83,821,624
83,821,624
1,646,833,601
1,048,390,601
598,443,000
1,661,651,476
962,878,301
698,773,175
87,062,655
87,062,655
1,648,714,131
1,049,940,956
698,773,175
1,661,702,608
947,741,192
603,961,316
93,203,716
93,203,716
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
603,614,652
99,702,013
99,702,013
1,639,962,795
1,036,448,143
603,514,662
1,541,073,698
943,174,760
597,798,938
101,110,148
101,110,148
1,642,083,846
1,044,284,908
597,798,938
1,544,213,200
950,127,482
594,085,718
104,649,952
104,649,952
1,648,863,152
1,054,777,434
694,085,718
1,515,679,850
923,865,142
691,814,708
104,842,241
104,842,241
1,620,522,091
1,028,707,383
. 691,814,708
"1,525,000,144
930,045,336
594,954,808
102,428,170
102,428,170
1,627,428,314
1,032,473,506
594,954,808
1,531,074,997
940,197,004
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
591,666,438
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
340
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.
1910—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 the Treasury.
In circulation
1911—January:
Estimated stock.
I n the Treasury.
I n circulation...,
February:
Estimated stock.
I n the Treasury.
I n circulation
March:
Estimated stock.
In the Treasury.
I n circulation
April:
Estimated stock.
In the Treasury.
In circulation
May:
Estimated stock.
In the Treasury.
I n circulation...,
June:
Estimated stock.
In the Treasury.
In circulation...,
July:
. Estimated stock.
I n the Treasury.
In circulation....
August:
Estimated stock.
I n the Treasury.
In circulation...,
September
Estimated stock.
I n 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—January:
Estimated stock
I n the Treasury.
In circulation...
February:
Estimated stock
I n the Treasury.
In circulation...
March:
Estimated stock
In the Treasury.
In circulation...
April:
Estimated stock
In 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
1,764,107,103
1,173,876,283
590,230,820
1,627,640,691
1,034,154,933
593,485,758
147,854,063
147,854,063
1,775,494,754
1,182,^008,996
593,485,758
1,625,959,188
1,030,824,729
595,134,459
156,804,787
156,804,787
1,782,763,975
1,187,629,516
595,134,459
1,624,405,372
1,029,988,211
594,417,161
167,154,228
167,154,228
1,791,559,600^
1,197,142,439
594,417,161
1,622,798,501
1,006,020,860
616,777,641
174,923,059
174,923,059
1,797,721,560
1,180,943,919
616,777,641
1,614,288,817
1,000,261,911
614,026,906
182,712,099
182,712.099
1,797,000,916
1,182,974,010
614,026,906
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
341
TREAStrEEB.
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.
1912—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 cumulation...
September:
Estimated stock
In the Treasm'y.
In circulation...
October:
Estimated stock
In tho Treasury.
In circulation...
November:
• Estima,ted stock
In the Treasury.
In circulation...
December:
Estimated stock
In the Treasury.
In circulation...
1913—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 tho 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...
Aug-ust:
Estimated stock
In the Treasury.
In circulation...
September:
Estimated stock
In the Treasury.
In cii'culation...
October:
Estimated stock
In the Treasury.
In cu'culation...
' November:
Estimated stock
In the Treasury.
In cu'culation...
December:
Estimated stock
In the TreasuryIn circulation...
Goldcoin.
Gold bullion.
Total.
$1,613, 009.112
1,004, 469,096
608, 540,016
$200,027,283
200,027,283
$1,813,036,395
1,204,496,379
608,540,016
1,615, 248,998
1,004, .524,845
610, 724,153
202,939,419
202,939,419
1,818,188,417
1,207,464,264
610,724,153
1.617, 733,665
1,008, 987,295
608, 746,370
205,876,260
205,876,260
1,823,609,925
1,214,863,555
608,746,370
1,617, 182,123
1,005, 482,770
. 611, 699,353
214,901,441
214,901,441
1,832,083,564
1,220,384,211
611,699,353
1,614, 734,663
1,004, 824,337
609, 910,326
226,647,772
226,647,772
1,841,382,436
1,231,472,109
609,910,326
1,614, 949,636
1,004, 335,428
610, 614,208
241,885,521
241,885,521
1,856,8.35,157
1,246,220,949
610,614,208
1,615, 788,712
994, 582,600
621, 206,112
251,5.59,549
251,559,549
1,867,348,261
1,246,142,149
621,206,112
1,617, 073,329
993> 914,108
623, 159,221
261,503,793
261,503,793
1,878,577,122
1,255,417,901
623,159,221
1,619, 631,581
1,002, 577,743
617, 053,838
255,994,537
255,994,537
1,87.5,626,118
1,258,572,280
617,053,838
1,611, 790,988
1,001, 433,247
610, 357,741
255,429,710
255,429,710
1,867,220,698
1,256,862,957
610,357,741
1,610, 221,955
1,003, 086,482
607, 135,473
248,347,939
248,347,939
1,858,569,894
1,251,434,421
607,135,473
1,614, 806,056
1,003, 100,279
611, 705,777
252,281,029
252,281,029
1,867,087,085
1,255,381,308
611,705,777
1,615, 906,704
1,005, 902,275
610, 004,429
245,463,191
245,463,191
1,861,369,896
1,251,.365,466
610,004,429
1,619, 645,807
1,011, 245,008
608, 400,799
251,116,028
251,116,028
1,870,761,835
1,262,361,036
608,400,799
1,620, 395,858
1,014, 380,245
606, 015,613
252,597,600
•252,597,600
1,872,993,458
1,266,977,846
606,015,613
1,619, 821,973
1,014, 255,078
605, 566,895
261,618,203
261,618,203
1,881,440,176
1,275,873,281
605,566,895
1,622, 569,037
1,011, 834,007
610, 735,030
272', 869,208
272,869,208
1,895,438,246
1,284,703,216
610,735,030
1,622, 919,249
1,008, 441,048
614, 478,201
282,982,267
282,982,267
1,901,901,516
1,291,423,316
614,478,201
1,622, 737,965
989, 523,176
633, 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
1,924,360,606
1,290,420,360
633,940,156
342
REPOET 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.
1814—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
Tn circulation
October:
Estimated stock
In the Treasury.
In circulation
November:
Estimated stock..:
,.
In the Ireasury
In circulation
December:
Estimated stock
In the Treasurj'In circulation
1915—January:
Estimated stock
In the Treasury
In circulation
February:
Estimated stock
In the Treasury
Tn Federal reserve banks
In circulation
March:
Estimate .1 stock
In the Treasury'In Federal reserve banks
In circulation
April:
Estimated stock
In the Treasury
In Federal reserve banks
In circulation
May:
Estimated stock
In the Treasury
In Federal reserve banks
In circulation
June:
Estimated" stock
In the Treasury'In Federal reserve banks
In circulation
Gold coin.
Gold bullion.
Total.
$1,612,351,123
1,001,541,269
610,809,854
$304,462,433
304,462,433
$1,916,813,556
1,306,003,702
610,809,864
1,619,266,944
1,007,349,353
611,907,591
301,011,804
301,011,804
1,920,268,748
1,308,361,167
611,907,591
1,621,312,295
1,015,670,170
605,642,125
306,866,923
305,866,923
1,927,179,218
1,321,537,093
606,642,125
1,635,522,039
1,022,760,586
612,771,453
307,040,068
307,040,068
1,942,562,107
1,329,790,654
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
616,431,580
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
1,602,212,854
969,880,263
632,332,591
285,057,810
285,057,810
1,887,27a 664
1,254,938,073
632, .332,591
1,553,435,886
926,331,510
627,104,376
291,166,796
291,166,796
1,844,602,682
1,217,498,306
627,104,376
1,565,772,896
907,828,703
657,944,193
296,065,368
296,065,368
1,861,838,264
1,203,894,071
657,944,193
1,535,505,931
869,651,712
J65,854,219
299,910,367
299,910,367
1,835,416,298
1,169,562,079
665,854,219
1,513,772,657
876,219,214
637,553,443
303,349,043
303,349,043
1,817,121,700
1,179,568,257
637,553,443
1, .511,021,004
879,413,405
631,607,599
304,955,315
304,955,315
1,815,976,319
1,184,368,720
631,607,599
1,510,940,265
887,889,901
623,050,364
312,806,847
312,806,847
1,823,747,112
1,200,696,748
623,050,364
1,512,242,461
903,276,748
2,080,382
606,885,331
320,186,494
320,186,494
1,832,428,966
1,223,463,242
2,080,382
606,885,331
1,545,713,687
926,399,814
4,681,023
614,632,850
330,612,852
330,612,852
1,876,326,539
1,257,012,666
4,681,023
c 614,632,850
1,544,314,057
940,270,017
5,112,334
598,931,706
344,828,408
344,828,408
1,889,142,465
1,285,098,425
5,112,334
598,931,706
1,558,274,545
961,699,627
5,007,814
591,567,104
356,511,451
356,511,451
1,914,785,996
1,318,211,078
5,007,814
591,567,104 -
1,606,405,032
1,003,825,849
12,445,564590,133.619
379,134,140
379,134,140
1,985,539,172
1,382,959,989
12,445,564
590,133,619
343
TEEASUEEE.
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.
Months.
Standard
dollars.
Subsidiary
silver.
190&—January:
$164,387,552 $718,122,364
$563,
Estimated stock.
490,
22,899,998
613,864,135
In the Treasury..
72,
131,487,664
204,258,229
In circulation
February:
719,413,952
563,
155,622,140
Estimated stock.
491,
516,487,913
24,855,000
In the Treasury..
72,
202,926,039
In circulation
130,767,140
March:
717,706,847
563,
153,845,035
Estimated stock.
25,957,101
518,136,398
In the Treasury..
492,
127,887,934
In circulation....
199,570,449
71,
April:
718,539,211
164,608,399
563,
Estimated stock.
519,600,129
26,899,135
In the Treasury..
492,
198,939,082
127,709,264
In circulation....
71,
May:
663,
158,587,115
722,572,927
Estimated Stock.
520,495,749
27,250,163
493,
In the Treasury..
202,077,178
131,336,952
In circulation
70,
Tune:
664,
723,470,265
159,408,546
Estimated stock.
519,150,667
27,076,748
In the Treasury..
492,
204,319,698
In circulation....
132,331,798
71,
July:
564,
159,428,122
723,518,934
Estimated stock.
618,774,238
26,571,114
In the Treasury..
492,
204,744,696
132,857,008
In circulation
71,
August:
564,
155,766,307
719,906,119
Estimated stock..
491,
25,270,932
516,853,763
In the Treasury..
130,495,375
203,052,356
72,
In circulation
September:
564,
724,216,665
Estimated stock..
160,026,763
In the Treasury..
490,
21,677,881
612,187,964
138,448,872
In circulation....
73,
212,027,601
October:
664,
160,276,491
724,619,210
Estimated stock.
607,811,315
489,
17,952,453
In the treasury...
216,707,895
In circulation
142,324,038
74,
November:
564,2
726,699,352
161,304,633
Estimated stock.
505,669,901
489,6
16,963,689
In the Treasury..
145,341,044
219,939,461
74,6
In circulation
December:
727,135,866
664,
162,801,137
Estimated stock.
605,404,193
16,832,649
In the Treasury..
489,
221,731,663
146,968,588
In circulation
74,
1910—January:
727,718,824
163,336,105
664,
Estimated stock.
19,703,483
510,627,216
In the Treasury..
490,
143,632,622
217,091,608
In circulation
73;
February:
728,242,605
664,
163,815,886
Estimated stock.
613,014,382
21,389,008
In the Treasury..
491,
216,228,223
142,426,878
In circulation
72,
March:
664,
726,820,690
161,343,971
Estimated stock.
613,243,624
21,384,171
In theTreasury..
491
212,677,066
139,959,800
In circulation
72,
April:
725,992,026
664,
161,472,306
Estimated stock..
21,694,391
613,446,745
In the Treasury..
491,
139,877,915
In circulation
212^545,280
72,
May:
729,319,113
164,753,394
664,
Estimated stock.,
613,500,230
492,
21,367,285
In the Treasury..
215,818,883
72,
143,386,109
In circulation
June:
719,764,266
664,
1165,158,748
Estimated stock.
511,748,011
492,
19,676,017
In theTreasury..
208,016,245
135,683,731
72,
In circulation
July:
165,406,862
664,
720,060,581
Estimated stock..
20,377,827
612,866,392
492,
In the Treasury..
207,184,189
135,028,035
In circulation....
72,
I A revised estimate adopted, making a reduction of $9,700,000.
Other silver
items held.
$9,205,407
8,761,660
8,828,567
8,384,677
8,151,328
8,457,393
8,352,521
8,306,676
8,127,313
8,083,657
7,788,748
6,901,631
7,158,383
6,989,241
7,036,123
6,867,448
6,940,790
7,217,834
"6,'832*8i6
344
REPORT ON THE FINANCES.
No. 12.—Estimated stock of silver coin, etc.—Continued.
Months.
1910—August:
Estimated stock.
In the Treasury.
In cii'culation...
September:
Estimated stock
In the Treasury.
In circulation...
October:
Estimated stock,
In the Treasury.
In circulation...
November:
Estimated stock
In the Ti'easury.
In cii'culation...
December:
Estimated stock
In the Treasury.
In circulation...
1911—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
Ih the Treasury.
In circulation...
May:
Estimated stock
In theTreasury.
In circulation...
June:
Estimated stock,
In the Treasury.
In circulation...
July:
Estimated stock,
In the Treasm'y.
In circulation...
August:
Estimated stock.
In the Treasury.
Incirculatlon...
September:
Estimated stock,
In the Treasury.
Incirculatlon...
October:
Estimated stock
In the Treasury.
Incirculatlon...
November:
Estimated stock,
I n the Treasm'y.
Incirculatlon...
December:
Estimated stock.
In the Treasury.
In circulation...
1912—Januarj^:
Estimated stock.
In the Treasury.
Incirculatlon...
February:
Estimated stock.
In the Treasury.
Incirculatlon...
March:
Estimated stock,
In the Treasury.
Incirculatlon...
Standard
dollars.
Subsidiary
silver.
Other silver
items held,
$664, 690,508
491, 913,795
72, 776,713
$155,434,038
20,366,633
135,067,605
$720,124,646
512,280,328
207,844,218
664, 731,508
90, 733,647
473, 997,961
165,317,606
18,820,064
136,497,442
720,049,014
509,663,611
210,496,403
564, 769,608
489, 701,229
75, 058,279
156,146,796
16,995,617
139,161,279
720,906,304
606,696,746
.214,209,658
664, 783,608
489, 265,870
627,638
156,646,862
14,974,668
141,672,284
721,330,360
604,230,438
217,099,922
664, 806,608
489, 011,089
75, 794,419
157,864,053
15,401,350
142,462,703
722,669,661
504,412,439
218,257,122
664, 861,608
490, 627,211
74, 324,297
158,186,894
19,091,685
139,095,209
723,038,402
609,618,896
213,419,606
664, 889,508
490, 987,132
73. 902,376
166,369,641
20,661,890
136,707,661
721,269,049
511,649,022
209,610,027
564, 920,608
491 474,656
73; 446,962
158,546,029
20,936,886
137,610,143
723,466,637
612,410,442
211,056,095
564, 958,508
491, 903,106
73, 055,403
158,882,981
21,278,864
137,604,117
723,841,489
613,181,969
210,659,520
564, 991,508
492, 147,149
72, 844,359
169,201,448
21,388,360
137,813,088
724,192,956
513,535,509
210,657,447
565, 033,367
492, 587,318
72, 446,049
159,607,364
21,185,641
138,421,723
724,640,731
513,772,959
210,867,772
565, 059,508
492, 833,659
72, 225,849
159,709,862
21,153,059
138,556,803
724,769,370
513,986,718
210,782,652
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
565, 111,508
491 526,216
73; 585,292
162,804,189
. 19,537,456
143,266,733
727,915,697
511,063,672
216,852,025
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
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
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
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
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
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
346
TREASURER.
No. 12.—Estimated stock of silver coin, etc.—Continued.
Months.
1912—April:
Estimated stock.
In theTreasury.
Incirculatlon...
May:
Estimated stock.
In the Treasury.
Incirculatlon...
June:
Estimated stock.
In the Treasury.
Incirculatlon...
July:
Estimated stock.
In the Treasury.
Incirculatlon...
August:
Estimated stock.
.In the Treasury.
Incirculatlon...
September:
Estimated stock.
In the Treasury.
Incirculatlon...
October:
Estimated stock.
In the Treasury.
Incirculatlon...
November:
Estimated stock.
In the Treasury.
Incirculatlon..-.
December:
Estimated stock.
In the Treasury.
Incirculatlon...
1913—January:
Estimated stock.
I n t h e Treasury.
Incirculatlon...
February:
. Estimated stock.
In the Treasury.
Incirculatlon...
Maxch:
Estimated stock.
In the Treasury.
In circulation...
April:
Estimated stock.
In the Treasury.
In circulation...
May:
Estimated stock,
I n t h e TreasuryIn circulation...
June:
Estimated stock.
In the TreasuryIncirculatlon.'..
July:
Estimated stock.
In the TreasuryIncirculatlon...
August:
Estimated stock.
I n t h e Treasury.
Incirculatlon...
*
September:
"
Estimated stock,
. In the TreasuryIncirculatlon..'.
October:
Estimated stock,
I n t h e TreasuryIncirculatlon...
November:
Estimated stock.
In the Treasury.
. Incirculatlon...
Standard
dollars.
Subsidiary
silver.
Othea silver
items held.
$565,301,367 $165,763,883
24,738,979
494,884,971
70,416,396 141,024,904
$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
520,645,678
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
217,62i,853
5,296,650
565,442,020
491,842,930
73,599,090
172,078,534
20,498,062
151,580,472
737,520,554
512,340,992
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
228,231,466
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
231,252,306
4,L39,180
566,605,020
492,256,283
73,248,737
174,667,638
20,621,633
164,046,105
740,172,658
612,877,816
227,294,842
4,449,634
666,636,020
492,968,177
72,667,843
174,897,996
21,662,760
-163,335,236
740,434,016
514,530,937
225,903,079
4,665,187
665,556,020
493,269,843
72,286,177
174,981,948
21,865,085
163,116,863
740,537,968
616,134,928
226,403,040
4,609,071
665,569,020
493,372,856
72,196,164
175,087,365
21,624,333
163,463,032
740,666,385
614,997,189
226,659,196
4,680,186
566,590,020
493,494,137
72,095,883
175,299,876
21,179,168
164,120,718
740,889,896
514,673,296
226,216,601
4,719,810
665,613,263
493,486,070
72,127,193
175,195,996
20,737,926
164,468,070
740,809,259
614,223,996
226,586,263
4,724,332
565,633,020
493,459,589
72,173,431
176,582,664
20,174,519
155,408,145
741,215,684
613,634,108
227,581,576
4,786,288
565,649,020
493,129,262
72,519,758
175,645,870
19,493,192
156,162,678
741,294,890
512,622,454
228,672,436
4,765,712
665,666,263
492,381,773
73,284,490
176,617,586
17,829,718
157,787,867
741,283,848
610,211,491
231,072,357
4,636,038
565,683,263
491,671,111
74,012,152
176,239,292
16,753,104
160,486,188
741,922,556
507,424,215
234,498,340
4,612,126
666,699,263
491,629,463
74,069,800
177,470,610
14,411,274
163,059,236
743,169,773
606,040,737
237,129,036
"4,'47i,"22i
346
REPORT ON THE FINANCES.
No. 12.—Estimated stock of silver coin, etc.—Continued.
Months.
1913—December:
Estimated stock.
In the Treasury.
In circulation...
1914—January:
Estimated stock.
In the TreasuryIncirculatlon...
February:
Estimated stock.
In the Treasury.
Incirculatlon...
March:
Estimated stock.
In the Treasm'yIncirculatlon...
April:
Estimated stock.
In the Treasm'y.
Incirculatlon...
May:
Estimated stock.
In the Treasury.
Incirculatlon...
June:
Estimated stock.
In the Treasury.
Incirculatlon...
July: •
Estimated stock.
In the Treasury.
In circulation...
August:
Estimated stock.
I n the Treasm'y.
Incirculatlon...
September:
.Estimated stock.
In the Treasury.
In circulation...
October:
Estimated stock.
In the Treasury.
In circulation...
November:
Estimated stock.
In the Treasury.
Incirculatlon...
December:
Estimated stock.
Tn the Treasmy.
In circulation...
1915—January:
Estimated stock.
In the Treasury.
In circulation...
February:
Estimated stock.
In the Treasury.
In circulation...
March:
Estimated stock.
I n t h e Treasury.
Incirculatlon...
April:
Estimated stock.
In the Treasury.
Incirculatlon...
May:
Estimated stock.
In the .Treasm'y.
Incirculatlon...
June:
. Estimated stock.
In the Treasury.
In circulation...
Standard
dollars.
Subsidiary
silver.
Total.
$565,718,263
491,313,043
74,405,220
$178,306,350
14,036,410
164,269,940
$744,024,613
605,349,453
238,675,160
$4,169,606
565,734,263
493,027,602
. 72,706,661
178,931^965
18,057,610
160,874,345
744,666,218
511,086,212
233,681,006
4,793,788
565,754,263
493,559,703
' 72,194,660
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
514,462,566
231,380,138
5,466,186
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
5,322,762
565,813,263
495,133,181
70,680,082
181,200,547
21,571,234
159,629,313
747,013,810
616,704,415
230,309,396
5,846,769
565,833,478
495,532,993
70,300,485
182,006,687
22,040,989
159,965,698
747,840,165
617,573,982
230,266,183
6,293,184
565,840,263
495,858,521
69,981,742
182,447,433
22,318,627
160,128,806
748,287,696
518,177,148
230,110,548
5,754,180
565,858,263
495,039,178
70,819,085
182,819,021
21,924,920
160,894,101
748,677,284
516,964,098
231,713,186
6,213,100
565,878,478
495,154,167
70,724,311
183,059,092
21,493,978
161,565,114
748,937,570
516,648,145
232,289,425
6,189,563
565,886,478
495,613,027
70,273,451
183,644,414
21,174,024
162,470,390
749,530,892
516,787,051
232,743,841
6,020,731
565,904,478
496,172,527
69,731,951
184,100,675
21,015,502
163,085,173
750,005,153
517,188,029
232,817,124
5,841,623
565,921,478
496,600,375
69,321,103
184,533,627
20,670,681
163,862,946
750,455,105
517,271,056
233,184,049
5,730,944
565,941,478
498,319,556
67,621,922
184,797,402
24,462,626
160,334,776
750,738,880
522,782,182
227,956,698
5,851,712
565,953,478
499,162,568
66,790,910
184,883,474
25,728,109
159,155,365
750,836,952
524,890,677
225,946,275
6,1&5,071
565,975,478
499,995,016
65,980,462
185,158,009
26,551,441
158,606,568
751,133,487
526,546,457
224,587,030
6,231,306
568,272,478
503,033,956
65,238,522
185,067,966
26,793,168
158,274,798
753,340,444
529,827,124
223,^513,320
4,096,495
568,272,478
503,382,352
64,890,126
185,293,874
26,522,495
158,771,379
753,566,352
529,904,847
223,661, .505
4,174,661
568,271,655
503,624,499
64,647,156
185,430,250
26,164,295
159,265,955
753,701,905
529,788, 794
223,913,111
'4,*273 *678
Other silver
items held.
347
TEEASUEEE.
No. 13.— United States notes. Treasury notes. Federal reserve 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 the Treasury
Incirculatlon...
February:
Outstanding
In the Treasury
In circulation...
March:
" Outstanding
In the Treasury
Incirculatlon...
April:
Outstanding
In the Treasury
In cii'culation...
May:
Outstanding
I n the Treasury
Incirculatlon...
June:
Outstanding
In the Treasury
In cii'culation...
July:
Outstanding
In the Treasury
Incirculatlon...
August:
Outstanding
In the Treasury
Incirculatlon...
September:
Outstanding
In the Treasury
Incirculatlon...
October:
Outstanding....
In the Treasury
In circulation...
November:
Outstanding
In the Treasury
Incirculatlon...
December:Outstanding
In the Treasury
Incirculatlon...
1910—January:
Outstanding
In the Treasury
Incirculatlon...
February:
Outstanding
In the Treasury
Incirculatlon...
March:
Outstanding
In the Treasury
Incirculatlon...
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...
United
States notes.
Treasury
notes.
$346,681
8,661
338,019,
$4,526,000
15,276
4,509,724
346,681
10,922:
335,758;
4,468,000
15,336
4,452,664
678,285,600
30,686,733
647,598,867
1,029,434,616
41,624,579
987,810,037
346,681
7,552:
339,128;
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
5; 902
340,778:
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
7,158,
339,522.
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,
6,562
340, lis;
4,215,000
11,585
4,203,415
689,920,074
24,381,268
666,638,-806
1,040,816,090
30,955,602
1,009,860,488
346,681,
7,752:
338,928:
4,169,000
12,879
4,156,121
696,354,164
27,406,977
667,947,187
1,046,204,180
35,172,438
1,011,031,742
346,681
6,905:
339,775:
4,120,000
12,725
•4,107,275
698,845,474
26,902,024
671,943,450
1,049,646,490
33,820,500
1,015,825,990
346,681,
4,278:
342,402:
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,
4,501
342,179:
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
4,459:
342,221:
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
7,814:
338,866;
3,942,000
8,162
3,933,838
710,354,263
23,240,419
687,113,834
1,060,977,269
31,063,334
1,029,913,935
346,681
8,402:
338,278;
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
5,906:
340,774;
3,860,000
20,286
3,829,714
710,022,868
30,426,739
679,596,129
1,060,653,884
36,353,447
1,024,200,437
346,681
5,861
340,819;
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
6,857;
339,823;
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
6,835:
339,845;
3,711,000
10,797
3,700,203
712,242,841
29,373,061
682,869,780
1,062,634,867
36,219,371
1,026,415,486
346,681,
11,893:
334,787;
3,672,000
9,475
3,662,625
713,430,733
29,771,198
683,659,536
1,063,783^749
41,673,819
1,022,109,930
346,681
8,789;
337,891
3,632,000
11,046
3,620,964
712,029,468
36,666,030
676,363,438
1,062,342,484
45,466,115
1,016,876,369
Federal reserve notes.
Nationalbank notes.
Total.
$676,673,092 $1,027,879,108
37,762,721
46,439,993
638,910,371
981,439,115
348
REPORT ON THE FINANCES.
No. 13.— United States notes. Treasury notes, etc.-—Continued.
Months.
1910—Augusc:
Outstanding
In the Treasury
Incirculatlon...
September:
Outstanding
In the Treasury
Incirculatlon...
October:
Outstanding
In the Treasury
In circulation...
November:
Outstanding
In the Treasury
Incirculatlon...
December:
Outstanding
In the Treasury
Incirculatlon...
1911—January:
Outstanding....
In the Treasury
Incirculatlon...
February:
Outstanding....
In the Treasury
Incirculatlon...
March:
Outstanding
In the Treasury
Incirculatlon...
April:
Outstanding
In the Treasury
Incirculatlon...
May:
Outstanding
In the Treasm-y
Incirculatlon...
June:
Outstanding....
In the Treasury
Incirculatlon...
July:
Outstanding
In the Treasury
In cii'culation...
August:'
Outstanding
In the Treasury
In cii'culation...
September:
Outstanding....
In the Treasury
In cii'culation...
October:
Outstanding....
In the Treasury
• Incirculatlon...
November:
Outstanding....
In the Treasury
Incirculatlon...
December:
Outstanding
In the Treasury
Incirculatlon...
1912—January:
- Outstanding
In the Treasury
In circulation...
o February:
Outstanding
In the Treasury
Incirculatlon...
Nationalbank notes.
United
States notes.
Treasury
notes.
$346,681
6,320;
340,360,
'$3,687,000
10,719
3,676,281
346,681,
5,325,
341,355;
3,646,000
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,
6,496;
341,184,
3,518,000
7,442
3,610,558
724,874,308
18,805,902
706,068,406
1,075,073,324
24,309,908
1,050,763,416
346,681,
6,169;
340,611
3,494,000
9,626
.3,484,374
726,855,833
20,430,734
706,425,099
1,077,030,849
26,609,461
1,050,421,398
346,681,
9,268,
337,412,
3,472,000
10,507
3,461,493
727,705,981
23,614,689
704,091,292
1,077,858,997
32,893,958
1,044,965,039
346,681,
8,532;
338,148,
3,426,000
10,877
3,416,123
726,445,388
37,863,433
688,681,955
1,076,652,404
46,406,623
1,030,145,781
346,681
5,718;
340,962,
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
6,665;
341,016,
3,357,000
12,724
3,344,276
729,162,916. 1,079,190,932
27,560,025
33,238,695
701,692,891 1,045,952,237
346,681,
10,660,
336,020,
3,319,000
8,743
3,310,257
728,144,618
30,356,824
697,787,694
346,681,
11,664,
336,016,
3,286,000
10,194
3,275,806
728,478,011 1,078,445,027
30,964,360
42,638,968
697,513,651 1,035,806,059
346,681
7,691
338,989;
3,246,000
8,744
3,237,256
•728,194,508
40,493,225
687,701,283
1,078,121,524
48,193,863
1,029,927,661
346,681
5,032;
341,648,
3,218,000
9,315
3,208,685
732,824,016
42,774,016
690,050,000
1,082,723,032
47,816,057
1,034,906,975
346,681
4,249;
342,431
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
4,926;
341,764
3,166,000
10,251
3,165,749
737,788,358 1,087,635,374
41,068,954
46,005,489
696,719,404 1,041,629,885
346,681
4,768;
341,912,
3,138,000
9,868
3,128,132
739,166,313
33,166,353
705,998,960
346,681
6,868
340,812
3,111,000
8,230
3,102,770
346,681
8,730:
337,960;
3,093,000
14,386
3,078,614
740,603,187
35,366,945
705,236,242
.346,681
. 9,547:
337,133;
3,057,000
11,651
3,045,349
741,661,968 1,091,399,984
47,855,918
67,414,603
693,806,050 1,033,985,381
346,681
9,667:
337,113:
3,040,000
12,386
3,027,614
744,272,273 1,093,993,289
38,963,623
4S, 543,350
706,308,650 1,046,449,939
Federal reserve notes.
Total.
$717,321,051 |$1,067,689,067
35,698,345 '
41,929,342
681,722,706 1,025,659,725
1,078,144,534
41,026,094
1,037,118,440
1,088,984,329
37,944,322
1,051,040,007
739,764,346 1,089,556,362
36,676,870
29,800,608
.709,963,738 1,053,879,492
1,090,377,203
44,112,047
1,046,265,166
349
TREASURER.
No. 13.— United,States notes, Treasury notes, etc.—Continued.
Months.
1912—March:
Outstanding
In the Treasury
Incirculatlon...
April:
Outstanding
In the Treasury,
Incirculatlon...
May:
Outstanding
In theTreasury,
Incirculatlon...
June:
Outstanding
In the Treasury,
In circulation...
July:
Outstanding
In the Treasury,
In circulation...
August:
Outstanding
In the Treasury,
Incirculatlon...
September:
Outstanding
In the Treasury
In circulation...
October:
Outstanding
In the Treasury,
Incirculatlon...
November:
Outstanding
In the Treasury,
In cii'culation...
December:
Outstanding
I n the Treasury,
• Incirculatlon...
1913—January:
Outstanding
In the Treasury,
In circulation...
February:
Outstanding
In the Treasury,
Incirculatlon...
March:
Outstanding
In theTreasury,
Incirculatlon...
April:
Outstanding
. In the Treasury,
Incirculatlon...
May:
Outstanding
In the Treasury,
Incirculatlon...
June:
Outstanding
In the Treasury,
Incirculatlon...
July:
Outstanding
In the Treasury.
Incirculatlon...
August:
Oui-standing
In the Treasury,
Incirculaaon...
September:
Outstanding
In the Treasury
Incirculatlon...
October:
Outstanding
In the Treasury
Incirculatlon...
United
States notes.
Treasury
notes.
$346,681,016
8,880,271
337,800,
$3,010,000
11,004
2,998,996
Federalreserve notes.
Nationalbank notes.
Total.
$744,871,283 $1,094,562,299
34,887,276
43,778,551
709,984,007 1,050,783,748
346,681
9,625',
337,055;
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
8,657
338,023;
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
8,983
337,697
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
8,497:
338,183;
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
8,067;
338,613,
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
. 5,295;
341,385,
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
4,137
342,543;
2,836,000
10,113
2,825,887
749,348,859
27,700,595
721,648,264
1,098,865,875
31,847,810
1,067,018,065
346,681
5,824:
340,856;
2,813,000
8,440
2,804,560
760,185,776
27,800,403
722,385,373
1,099,679,792
33,633,022
1,066,046,770
346,681
6,995;
339,685,
.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
9,971
336,709;
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
7,729
338,951
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
8,560;
338,120,
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
8,456;
338,224;
2,709,000
13,766
2,695,234
753,076,674
36,495,987
7%580,687
1,102,466,690
44,966,122
1,057,500,568
346,681
7,845;
338,835,
2,688,000
9,639
2,678,361
755,294,066
40,620,480
714,673,586
1,104,663,082
48,476,066
1,056,187,016
346,681
9,465:
337,215;
2,660,000
3,330
2,656,670
759,157,906
43,403,670
715,754,236
1,108,498,922
62,872,836
1,055,626,086
346,681
8,057;
338,623,
2,646,000
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,
7, " '
339,244;
2,629,000
3,195
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
6,854
339,826;
2,607,000
4,250
2,602,760
769,030,694
49,353,596
709,677,098
1,108,318,710
66,212,408
1,052,106,302
346,681,
5,279:
341,401
2,590,000
6,126
2,583,874
768,899,709
36,283,469
722,616,240
1,108,170,725
41,669,198
1,066,601,627
350
REPORT ON THE FINANCES.
No. 13.— United States notes. Treasury notes, gfc—Continued.
Months.
1913—November:
Outstanding
In the Treasury.
In circulation...
December:
Outstanding
In the Treasury.
In circulation...
1914—January:
Outstanding
I n t h e Treasury.
In circulation...
February:
Outstanding
I n t h e Treasm'y.
In circulation...
March:
- Outstanding
In the Treasury.
In circulation...
April:
Outstanding
I n t h e Treasury.
Incirculatlon...
May:
Outstanding
In the Treasury.
In circulation...
June:
Outstanding
In the Treasury.
In circulation...
July:
Outstanding
I n t h e Treasury.
Incirculatlon...
August:
Outstanding
In the Treasm'y.
In circulation...
September:
Outstanding
I n t h e Treasury,
Incirculatlon...
October:
Outstanding
In the Treasury,
Incirculatlon...
November:
Outstanding
In theTreasury,
In circulation...
December:
Outstanding
In the Treasury
In circulation...
1915—January:
Outstanding
In the Treasury
In circulation...
February:
Outstanding—
In theTreasury
In circulation...
March:
Outstanding
In the Treasury
Incirculatlon...
April:
. Outstanding
In the Treasury
In circulation...
May:
Outstanding
In the Treasm'y
Incirculatlon...
June:
Outstanding
In the Treasury
Incirculatlon...
United
States notes.
Treasury
notes.
$346,681,016
6,778,535
340,902,481
$2,574,000
7,786
2,566,214
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
2,631,084
754,022,766
52,673,172
701,349,594
1,103,242,7S2
64,225,344
1,039,017,438
346,6.81,016
7,471,326
339,209,690
2,619,000
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
1,100,695,71.2
38,518,21.1
1,062,177,501
346,681,016
8,835,369
337,845,647
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
346,681,016
9,677,117
337,003,899
2,433,000
12,981
2,420,019
750,907,021
34,393,205
716,613,816
1,100,021,037
44,083,303
1,055,937,734
346/681,016
• 7,427,272
339,253,744
2,416,000
12,576
• 2,402,424
877,540,281
25,437,944
852,102,337
1,226,636,297
32,877,792
1,193,758,606
346,681,016
9,706,776
336,974,240
077,884,776
27,015,607
050,869,169
1,426,959,792
36,727,594
1,390,232,198
346,681,016
11,777,297
334,903,719
2,394,000
6,211
2,388,789
2,386,000
8,611
2,377,389
121,468,911
37,949,831
083,519,080
1,470,535,927
49,735,739
1,420,800,188
346,681,016
27,703,240
318,977,776
2,368,000
9,165
2,358,845
,111,999,076
69,950,581
042,048,495
i;464,358,092
97,662,, 976
1,366,695,1.16
346,681,016
36,268,000
310,413,016
2,351,000
9,759
2,341,241
039,711,021
65,208,492
974,502,529
1,405,942,262
101,486,251
1,304,456,011
346,681,016
26,969,790
319,711,226
2,331,000
9,032
2,321,968
982,206,133
102,708,252
879,497,881
1,351,772,874
129,711,074
1,222,061,800
346,681,016
21,840,716
324,840,300
2,319,000
13,296
2,305,704
20,554,725
24,000
20,530,725
27,589,725
375,300
27,214,425
938,030,441
72,328,212
865,702,229
1,314,620,182
94,557,524
1,220,062,658
346,681,016
17,734,659
328,946,357
2,297,000
11,465
2,285,635
41,685,500
949,370
40,736,130
899,647,980
56,932,010
842,616,970
1,290,211,496
75,627,504
1,214,583,992
346,681,016
14,107,422
332,573,694
2,291,000
13,093
2,277,907
64,335,500
585,640
53,749,860
867,793,067
52,960,728
814,832,339
1,271,100,583
67,666,883
1,203,433,700
346,681,016
14,442,525
332,238,491
2,270,000
10,856
2,259,144
67,766,500
2,366,800
66,389,700
840,287,948
38,034,479
802,263,469
1,256,994,464
54,853,660
1,202,140,804
346,681,016
14,338,770
332,342,246
2,254,000
9,313
2,244,687
84,260,500
3,885,850
80,374,650
819,273,593
33,880,646
785,393,047
1,252,469,109
52,114,479
1,200,354,630
Federal reserve notes.
Nationalbank notes.
Total.
$767,159,472 $1,106,414,488
30,614,870
36,401,191
726,544,602 1,070,013,297
$3,310,000
3,310,000
17,199,225
'i7,'i99,'225'
351
TEEASUEEE.
No. 14.—Gold certificates and silver certificates outstanding, in the Treasury, and in circulation at the end of each month, from January, 1909.
Months.
1909—January:
Outstanding
In the Treasury,
Incirculatlon...
February:
Outstanding
In the Treasury,
Incirculatlon...
March:
Outstanding
In the Treasury,
Incirculatlon...
April:
Outstanding
In the Treasury,
Incirculatlon...
May:
Outstanding
In the Treasury
Incirculatlon...
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...
1910—January:
Outstanding—
In the Treasury,
In circulation...
February
Outstanding
In the Treasury,
In circulation...
March:
Outstanding
Ih 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..,
Gold certfficates.
$864,263,869
25,956,330
838,307,539
Silver certfficates.
Total.
$480,898,000 $1,345,161,869
19,535,237
45,491,567
461,362,763 1,299,670,302
860,341,869
47,699,690
812,642,179
484,754,000
13,342,608
471,411,392
1,345,095,869
61,042,298
1,284,053,671
844,617,869
47,661,660
796,956,209
483,365,000
6,607,037
476,767,963
1,327,982,869
54,268,697
1,273,714,172
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
842,865,869
27,461,850
815,394,019
486,390,000
6,987,843
479,402,157
1,329,246,869
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
487,686,000
9,601,446
478,084,654
1,346,978,869
57,422,146
1,289,556,723
864,162,869
68,646,710
806,617,159
484,826,000
5,135,169
479,690,831
1,348,988,869
63,780,879
1,285,207,990
874,656,869
79,451,380
795,206,489
487,687,000
6,792,111
481,794,889
1,362,243,869
85,243,491
1,277,000,378
884,339,869
93,962,600
790,377,269
487,038,000
5,928,407
481,109,593
1,371,377,869
99,891,007
1,271,486,862
874,792,869
84,886,800
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
60,617,490
816,191,379
484,666,000
10,624,977
474,040,023
1,351,473,869
61,242,467
1,290,231,402
858,472,869
40,844,290
817,628,579
485,776,000
6,537,927
479,237,073
1,344,247,869
47,382,217
1,296,866,662
852,877,869
45,676,610
807,201,259
489,834,000
5,688,438
484,146,562
1,342,711,869
51,365,048
1,291,346,821
861,665,869
66,959,620
784,706,249
489,798,000
6,947,355
483,850,645
1,341,463,869
72,906,975
1,268,656,894
857,003,869
489,317,000 1,346,320,869
64,151,210 . 8,053,089
62,204,299
802,852,669
481,263,911 1,284,116,670
862,936,869
60,182,670
802,754,199
489,117,000
10,619,762
478,597,238
1,352,053,869
70,702,432
1,281,361,437
870,697,669
38,934,640
831,663,029
489,474,000
12,810,624
476,663,376
1,360,071,669
61,746,264
1,308,326,405
889,811,669
35,945,200
853,866,469
485,939,000
10,267,673
475,671,427
1,376,750,669
46,212,773
1,329,637,896
352
REPORT ON THE FINANCES.
No. 14.—rGold certificates and silver certificates, etc.—Continued.
Months.
1910—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
Incirculatlon...
April:
Outstanding
In the Treasury
Incirculatlon...
May:
Outstanding
In the Treasury
Incirculatlon...
June:
Outstanding
In the Treasury
Incirculatlon...
July:
Outstanding
In the Treasury
Incirculatlon...
August:.
Outstanding
In the Treasury
Incirculatlon...
September:
Outstanding
In the Treasury
Incirculatlon...
October:
Outstanding
In the Treasury
Incirculatlon...
November:
Outstanding
In the Treasury
Incirculatlon...
December:
Outstanding
In the Treasury
Incirculatlon...
1912—January:
Outstanding
In the Treasury
Incirculatlon...
February:
Outstanding
In the Treasury
Incirculatlon...
March:
Outstanding
In the Treasury
Incirculatlon...
April:
Outstanding
In the Treasury
Incirculatlon...
Gold certfficates.
$896,178,669
49,212,710
845,965,959
Silver certfficates.
Total.
$484,657,000 $1,379,835,669
5,238,487
54,461,197
479,418,513 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
7,462,588
480,727,412
1,398,544,669
74,942,8613
1,323,601,809
922,856,669
73,681,030
849,174,639
485,571,000
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
6,486,117
472,200,883
1,418,766,669
36,963,297
1,381,812,372
950,380,669
34,615,050
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
1,439,864,662
39,438,039
1,400,426,637
983,168,669
36,958,040
946,200,629
468,436,000
5,848,232
462,687,768
1,451,594,669
42,806,272
1,408,788,397
994,870,669
64,502,740
930,367,929
463,499,000
9,955,304
453,543,696
1,458,369,669
74,468,044
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
11,002,070,669
' 71,944,640
930,126,029
464,061,000
5,610,683
458,440,317
1,466,121,669
77,656,3513
1,388,566,34;6
997,062,669
80,100,670
916,961,999
484,281,000
8,590,586
475,690,414
1,481,343,669
88,691,2f^
1,392,652,413
1,002,579,669
106,938,921
895,640,748
490,45.3,000
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
1,600,122,369
115,160,718
1,384,971,651
1,035,612,369
71,458,840
964,153,529
484,594,000
16,934,925
468,659,075
1,520,206,369
87,393,765
1,432,812,604
1,025,723,369
66,580,673
969,142,796
477,919,000
10,235,603
467,683,397
1,503,642,369
76,816,176
1,426,826,193
1,028,432,369
81,295,114
947,137,255
487,163,000
12,307,624
474,855,376
1,515,695,369
93,602,738
1,421,992,631
1,034,296,369
82,329,040
951,967,329
486,191,000
10,883,976
475,307,024
1,520,487,369
93,213,01:6
l,427,274,3i>3..
353
TREASUBER.
No. 14.—Gold certificates and silver certificates, etc.—Continued.
Months.
1912—May:
Outstanding
In the Treasury
Incirculatlon...
June:
Outstanding....
In the Treasury
Incirculatlon...
July:
Outstanding
In the Treasury
In circulation...
August:
Outstandiag
In the Treasury
Incirculatlon...
September:
Outstanding
In the Treasury
Incirculatlon...
. October:
Outstanding
In the Treasury
Incirculatlon...
November:
Outstanding
In the Treasury
In circulation...
December:
Outstanding
In the Treasury
Incirculatlon...
1913—January:
Outstanding
In the Treasury
In circulation...
February:
Outstanding
In the Treasury
Incirculatlon...
March:
Outstanding...'.
In the Treasury
Incirculatlon...
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
Incirculatlon...
November:
Outstanding
In the Treasury
Incirculatlon...
December:
Outstanding
" In the Treasury
Incirculatlon...
7424°—FI 1915-
Gold certfficates.
$1,034,895,369
74,588,040
960,307,329
-23
Silver certfficates.
Total.
$483,223,000 $1,518,118,369
86,077,899
11,489,859
471,733,141 1,432,040,470
1,521,606,369
108,946,351
1,412,660,018
1,040,057,369
96,621,751
943,435,618
481,549,000
12,324,600
469,224,400
1,037,068,269
90,952,380
946,115,889
487,825,000 1,524,893,269
106,030,053
15,077,673
472,747.. 327 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
1,561,661,169
132,951,233
1,428,609,936
1,066,017,169
112,471,740
943,545,429
489,266,000
7,516,864
481,749,136
1,645,283,169
119,988,604
1,425,294,565
1,068,346,169
126,588,360
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
128,747,197
955,686,972
490,787,000
12,814,458
477,972,642
1,575,221,169
141,561,655
1,433,669,614
1,086,351,169
83,528,920
1,002,822,249
478,209,000
14,344,733
463,864,267
1,564,560,169
97,873,653
1,466,686,516
1,082,198,169
88,080,330
994,117,839
"469,324,000
8,401,306
460,922,694
1,551,522,169
96,481,636
1,455,040,533
1,068,610,169
85,106,928
983,504,241
474,826,000
10,216,446
464,609,555
1,543,436,169
96,322,373
1,448,113,796
1,075,198,169
85,005,170
990,192,999
480,697,000
11,405,472
469,191,528
1,556,795,169
96,410,642
1,459,384,627
1,079,407,169
81,819,776
997,687,394
483,067,000
15,685,730
467,381,270
1,562,474,169
97,505,505
1,464,968,664
1,086,947,169
82,949,460
1,003,997,709
483,650,000
14,421,408
469,128,592
1,570,497,169
97,370,868
1,473,126,301
1,092,252,169
91,691,765
1,000,660,414
483,869,000
13,290,883
470,578,117
1,576,121,169
104,982,638.
1,471,138,631
1,101,842,169
95,822,940
1,006,019,229
487,853,000
16,056,827
471,796,173
1,589,696,169
' 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
1,098,995,169
77,543,290
ly021,451,879
491,637,000
11,557,269
480,079,731
1,590,632,169
89,100,559
1,501,631,610
1,111,984,969
95,781,671
1,016,203,398
491,524,000
13,834,731
477,689,269
1,603,508,969
109,616,302
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
1,505,682,641
354
REPORT ON THE FINANCES.
No. 14.—Gold certificates and silver certificates, etc.—Continued.
Months.
1914—January:
Outstanding
In the Treasury
In circulation
February:
Outstanding
In the Treasury
Incirculatlon
March:
Outstanding
In the Treasury
Incirculatlon
April:
Outstanding
In the Treasury
In circulation
May:
Outstanding
In the Treasury
Incirculatlon..
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
Incirculatlon
1915—January:
Outstanding
In the Treasury
Incirculatlon
February:
Outstanding-.
In the Treasury
In Federal reserve banks.
In circulation.
March:
Outstandmg
In the Treasury
In Federal reserve banks.
In circulation
April:
Outstanding
Tn the Treasury
Tn Federal reserve banks.
In circulation
May:
Outstanding
Tn the Treasury
Tn Federal reserve banks.
I n circulation
June:
Outstanding.
In the Treasury
In Federal reserve banks.
In circulation
Gold certfficates.
Silver certfficates.
Total.
$1,138,711,969 $483,909,000 $1,622,620,969
64,449,004
48,778,191
15,670,813
1,089,933,778 468,238,187 1,558,171,965
1,140,698,969
46,212,275
1,094,486,694
473,873,000
12,497,052
461,375,948
1,614,571,969
58,709,327
1,555,862,642
1,142,471,969
47,928,650
1,094,543,319
469,749,000
8,944,558
460,804,442
1,612,220,969
56,873,208
1,555,347,761
1,158,997,869
38,574,040
1,120,423,829
467,033,000
10,329,883
456,703,117
1,626,030,869
48,903,923
1,577,126,946
1,138,602,869
32,849,260
1,105,763,619
479,579,000
.13,176,783
466,402,217
1,618,181,869
46,026,033
1,572,156,836
1,080,974,869
54,825,730
1,026,149,139
490,850,000
12,248,023
478,601,977
1,571,824,869
67,073,753
1,504,751,116
1,024,046,869
49,660,150
974,386,719^
487,157,000
12,555,662
474,601,338
1,511,203,869
62,215,812
1,448,988,057
989,314,869
44,692,318
944,622,551
493,532,000
12,126,826
481,405,174
1,482,846,869
66,819,144
1,426,027,725
973,777,869
42,387,610
931,390,259
493,367,000
10,474,879
482,892,121
1,467,144,869
52,862,489
1,414,282,380
946,979,869
33,632,010
913,347,859
493,832,000
11,055,801
482,776,199
1,440,811,869
44,687,811
1,396,124,058
972,298,869
43,793,340
928,505,529
485,218,000
20,570,980
464,647,020
1,457,516,869
64,364,320
1,393,152,649
967,974,869
47,257,120
920,717,749
480,259,000
25,058,292
455,200,708
1,448,233,869
72,315,412
1,375,918,467
996,590,869
38,142,830
958,448,039
476,018,000
23,404,726
452,613,274
1,472,608,869
61,547,556
1,411,061,313
1,019,100,769
53,163,490
20,520,320
945,416,959
481,678,000
18,835,799
1,500,778,769
71,999,289
20,620,320
1,408,259,160
462,842,201
1,045,641,769
63,966,890
30,469,650
951,205,229
494,743,000
15,174,247
1,071,081,769
42,569,540
41,064,500
987,447,729
493,306,000
13,593,579
1,131,334,769
49,659,950
54,180,800
1,027,494,019
495,177,000
12,652,252
1,218,432,769
83,219,150
62,365,800
1,072,847,819
493,459,000
11,488,605
479,568,753
479,712,421
482,524,748
481,970,395
1,540,384,769
79,141,137
30,469,650
1,430,773,982
1,564,387,769
56,163,119
, 41,064,.')00
1,467,160,160
1,626,511,769
62,312,202
54,180,800
1,510,018,767
1,711,891,769
• 94,707,765
62,365,800
1,654,818,214
355
TEEASUEEE.
No. 15.—Estimated stock of all kinds of money at the end of each month, from January,
1909.
[Notes include United States notes. Treasury notes. Federal reserve notes, and national-bank notes.) *
Months.
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
July
August
September
October...
November.
December.
1915—January...
February.,
March
April
May
Jime
..
Gold.
649,029,
656,725:
646,422:
649,489:
644,900:
642,041'
637,811
636,495
646,833:
648,714
644,906:
638,108:
639,962:
642,083:
648,863:
620,622:
627,428:
636,043:
651,749:
676,179:
683,398:
692,759:
701,198
708,828:
718,936:
730,461
737,760:
744,588:
753,448:
753,196:
764,107:
775,494'
782,763:
791,559:
797,721:
797,000:
803,282:
794,552:
798,389:
810,515:
813,036
818,188:
823,609:
832,083:
841,382:
856,835:
867,348:
878,577:
875,626:
867,220:
858,569:
867,087:
861,369:
870,761
872,993
881,440,
895,438
905,901
917,498
924,360
916,813
920,268
927,179
942,562
931,342;
890,656'
887,270,
844,602,
861,838:
835,416;
817,121
815,976;
823,747
832,428:
876,326
889,142:
914,785:
985,539:
Silver.
$718,
719;
717:
718:
722.
723
723
719
724
724
725
727;
727,
728.
725
725
729:
719:
720:
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;
748;
748,
748,
749,
750,
750,
750,
750,
751
753
753:
753:
Notes.
Aggregate.
',879,108 $3,395, 030,775
,434,616 3,405,673,677
,486,631 3,^98; 615,534
,418,243 3,406, 446,996
,138,131 3,406,611,791
1,816,090 3,406, 328,364
,204,180 3,407, 634,241
,646,490 3,406, 048,392
,559,475 3,424, 608,541
,655,772 3,427, 889,113
;, 096,473 3,428, 602,G4S
1,977,269 3,426, 221^946
1,454,349 3,428, 135,968
1,553,884 3,430, 880,335
,740,012 3,442, 423,864
,899,602 3,410, 413,718
;, 634,857 3,419, 382,284
i, 783,749 3,419, 591,483
:, 342,484 3,434, 142,915
,689,067 3,463, 893,537
,022,622 3,474, 469,686
,073,324 3,488, 738,804
,030,849 3,499, 659,996
,858,997 3,509, 356,865
1,552,404 3,518, 526>943
,004,057 3,530, 724,399.
,190,932 3,640, 418,414
,144,634 3,546, 574,337
,446,027 3,556, 086,198
,121,524 3,655, 958,977
,723,032 3,571, 699,605
,088,764 3,588, 277,865
,635,374 3,698. 376,046
,984,329 3,606, 919,722
,656,362 3,616; 526,676
,377,203 3,618; 363,798
,399,984 3,624; 672,121
,993,289 3,621 .117,239
,562,299 3,623. 294,849
,379,364 3,636; 960,395
,130,688 3,643 374,027
,745,008 3,648: 870,660
,497,957 3,654, 156,947
,066,323 3,664:,970,762
,315,670 3,675: 872,429
,865,875 3,693: 221,586
,679,792 3,705:,833,829
,450,262 3,719: 046,567
,936,785 3,715:,734,661
1,540,810 3,708:,196,524
,462,348 3,700: 570,210
,466,690 3,710:,210,160
,663,082 3,706:,922,873
,498,922 3,720:,070,016
,619,207 3,722 ,828,349
,030,045 3,733 ,766,111
,318,710 3,745:,040,803
,170,725 3,755:,994,796
,414,488 3,767:,082,704
,078,977 3,775:,464,096
,242,782 3,764',722,666
:, 368,847 3,767:,921,882
,232,315 3,774:,244,237
1,927,782 3,790:,046,421
1,695,712 3,779 ,051,631
,791,915 3,738:,288,871
1.021,037 3,735,579,397
1,636,297 3,819, 916,263
1,959,792 4,037,735,626
1,535,927 4,055,483,117
,258,092 4,031,484,945
,942,262 3,972, 373,686
.,772,874 3,926, 258,866
:, 620,182 3,897, 886,089
1,111,996 3,917,572,022
5,809,583 3,911,292,492
:, 724,464 3,923, 076,812
1,215,109 3,989,456,186
356
REPORT ON THE FINANCES.
No. 16.—Estimated amount of all kinds of money in circulation at the end of each month,
from January, 1909.
Months.
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.. i —
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
July
August
September
October...
November.
December.
1915—January...
February..
March
April
May
June
Gold.
$606, 944,900
609, 998,369
608, 292,669
609, 289,337
606, 243,676
.599, 337,698
596, 806,435
687, 838,757
598, 443,000
698, 773,175
603, 961,316
606, 212,413
603, 614,662
697, 798,938
694, 085,718
691. 814,708
694; 954,808
690, 877,993
691, 665,438
692, 685,008
693. 070,080
594; 934,945
601, 492,185
605, 650,087
597, 287,884
593, 671,450
590, 169,057
689, 433,°525
600, 864,352
589, 295,538
690, 230,820
693, 485,768
595, 134,459
594, 417,161
616, 777,641
614, 026,906
603, 474,436
595, 461,630
697, 115,340
605, 360,930
608, 540,016
610, 724,153
608, 746,370
611, 699,353
609, 910,326
610, 614,208
621, 206,112
623, 159,221
617, 053,838
610, 357,741
607, 135,473
611, 705,777
610, 004,429
608, 400,799
606, 015,613
605, 566,895
610, 735,030
614, 478,201
633, 214,789
633, 940,166
610, 809,854
611, 907,691
606, 642,125
612, 771,453
616, 431,580
611, 644,681
632, 332,591
627, 104,376
657, 944,193
665, 854,219
637, 653,443
631, 607,599
623, 050,364
606, 885,331
614, 632,850
698, 931,706
591, 567,104
590, 133,619
Silver.
$204 268,229
202; 926,039
199, 670,449
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, 267,122
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
216: 373,772
215; 687^586
217, 185,320
217; 624,853
225; 179,562
226, 231,466
231 252,306
227: 294,842
225: 903,079
225: 403,040
225; 659,196
226, 216,601
226, 585,263
227, 681,576
228, 672,436
231 072,357
234: 498,340
237: 129,036
238; 676,160
233 581,006
232; 431,546
231 380,138
230; 437,304
230, 309,395
230, 266,183
230, 110,548
231 713,186
232; 289,425
232, 743, ,841
232; 817,124
233, 184,049
227, 956,698
225; 946,275
224, 587,030
223; 513,320
223, 661,505
223, 913,111
Notes.
Certfficates.
Total.
$981,439,115 $1,299,670,302 |$3,091,312,646
987,810,037 1,284,053,671 3,684,778,006'
1,005,107,236 1,273,714,172 3,086, 684,616
1,007,243,619 1,281,191,086 3,096, 663,124
1,006,546,376 '1,294,796,176 3,108, 662,406
1,009,860,488 1,292,722,773 3,106, 240,657
1,011,031,742 1,282,498,126 3,095,080,999
1,016,825,990 1,289,556,723 3,096, 273,826
1,025,631,435 1,285,207,990 3.121,310,026
1,032,197,609 1,277,000,378 3.124,679,057
1,036,923,305 1,271,486,862 3,131,310,934
1,029,913,935 1,264,296,527 3.122, 154,538
1,014,749,058 1,290,231,402 3.125,586,720
1,024,200,437 1,296,866,652 3,134,093,250
1,040,264,206 1,291,346,821 3,138,273,811
1,031,630,391 1,268,556,894 3,104,547,2721
1,026,415,486 1,284,116,570 3^121,305,747
1,022,109,930 1,281,351,437 3,102,355,605
1,016,876,369 1,308,326,405 3,124,052,401
1,025,659,726 1,329,537,896 3,155,726,847
1,035,877,726 1,325,384,472 3,164,827,681
1,050,763,416 1,320,176,580 3,180,084,499
1,050,421,398 1,323,601,809 3,192, 615,314
1,044,965,039 1,323,508,138 3,192,380,386
1,030,145,781 1,370,697,294 3,211, 550,465
1,041,803,129 1,381,812,372 3,226, 896,978
1,045,952,237 1,383,288,246 3,230:,465,635
1,037,118,440 1,400,426,632 3,237; 638,117
1,035,806,059 1,408,788,397 3,256; 116,255
1,029,927,661 1,383,911,625 3,214,002,596
1,034,906,975 1,371,796,683 3,207, 717,130
1,039,393,276 1,384,038,600 3,228, 913,634
1,041,629,885 1,388,566,346 3,242; 182,715
1,051,040,007 1,392,652,413 3,254,966,451
1,053,879,492 1,379,092,721 3,270, 582,753
1,046,265,156 1,384,971,651 3,267,576,322
1,033,985,381 1,432,812,604 3,286, 269,640
1,046,449,939 1,426,826,193 3,284, 152,496
1,050,783,748 1,421,992,631 3,281, 187,766
1,052,122,056 1,427,274,353 3,296, 198,639
1,050,521,584 1,432,040,470 3,305,763,336
1,045,756,150 1,412,660,018 3,284, 513,093
1,043,275,626 1,418,863,216 3,286, 572,798
1,047,111,237 1,420,497,370 3,296, 493,280
1,055,240,647 1,428,609,936 3,311, 385,762
1,067,018,065 1,425,294,565 3,328, 106,400
1,066,046,770 1,421,793,472 3,337,277,820
1,062,656,539 1,433,659,514 3,350, 727,580
1,043,333,817 1,466,686,516 3,354, 369,013
1,053,044,442 1,455,040,533 3,344, 345,795
1,059,246,638 1,448,113,796 3,339, 89'8,947
1,057,500,568 1,459,384,527 3,354,250,068
1,056,187,016 1,464,968,664 3,357,376,710
1,055,626,086 1,473,126,301 3,363, 738,449
1,052,155,403 1,471,138,531 3,356, 891,123
1,053,801,042 1,477,815,402 3,365, 855,775
1,052,106,302 1,508,563,881 3,402, 477,570
1,066,601,527 1,501,531,610 3,417, 109,678
1,070,013,297 1,493,892,667 3,434, 249,789
1,069,070,498 1,505,682,541 3,447,368,355
1,039,017,438 1,558,171,965 3,441, 580,263
1,049,572,630 1,655,862,642 3,449, 774,409
1,057,646,403 1,555,347,761 3,450,015,427
1,055,889,676 1,577,126,946 3,476, 225,379
1,062,177,501 1,572,155,836 3,480, 074,312
1,055,453,447 1,504,751,116 3,402, 015,427
1,055,937,734 1,448,988,057' 3,367,36.8,930
1,193,758,505 1,426,027,725 3,478, 603,792
1,390,232,198 1,414,282,380 3,694, 748,196
1,420,800,188 1,396,124,058 3,715, 522,306
1,366,695,116 1,393,152,519 3,630, 218,232
1,304,456,011 1,375,918,457 3,545, 166,116
1,222,061,800 1,411,061,313 3,484, 130,175
1,220,062,658 1,408,259,160 3,461, 153,424
1,214,583,992 1,430,773,982 3,484,577,854
1,203,433,700 1,467,160,150 3,493,038,876
1,202,140,804 1,510,018,767 3,527,388,180
1,200,354,630 1,554,818,214 3,569,219,574
357
TEEASUBEE.
No. 17.—Assets ofthe Treasury other than gold, silver, notes, and certificates at the end of
eachmonth,from January, 1909.
Months.
1909—January
February...
March
Aprn
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
April
May
:..
June
July
Aueust
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
July
August
September.
October
November.
December..
1915—January
February..
. March
April
. May
' • Jiihe j r . / . " . ;
Minor coin
$2,360,179
2,423,955
2,802,819
2,745,130
2,582,133
2,607,433
2,430,978
1,923,098
1,972,344
1,519,743
1,222,515
1,060,531
1,167,889
1,192,280
1,022,457
1,148,185
1,257,024
936,199
1,144,107
922,151
882,828
652,18S
583,325
499,536
880,763
1,417,100
1,351,229
1,162,994
990,174
1,979,184
1,883,208
1,757,755
1,464,244
2,202,826
1,673,867
1,434,516
1,797,922
2,050,105
2,330,084
2,571,412
2,689,355
2,386,925
2,239,191
2,069,781
1,933,270
1,760,666
1,203,922
877,126
1,345,416
1,246,430
1,356,700
1,717,150
1,930,574
1,997,167
1,972,362
1,828,161
1,652,513
1,326,015
1,123,767
1,087,314
1,733,472
1,789,323
1,877,887
1,905,680
2,048,954
2,117,481
2,179,613
2,233,774
2,153,251
2,045,880
1,738,980
1,517,761
2,233,053
2,565,046
2,869,691
2,890,513
2,955,500
"2,810,648
Fractional
currency.
Deposits
in n a t i o n a l
banks.
Deposits in B o n d s a n d
t r e a s u r y of
mterest
Philippine
paid.
Islands.
$103 $100,511,200 $4,323,011
3,472,902
165
72,343,825
4,428,338
35
70,516,470
4,135,946
71,169,294
69
4,282,808
72,946,080
146
2,770,878
71,662,801
79
6,901,272
64,022,746
118
5,032,190
51,651,531
63
4,800,898
60,604,.523
' 63
6,107,046
49,497,654
126
5,863,025
49,069,718
59
6,631,183
47,926,877
110
4,725,884
48,353,942
183
4,243,930
48,618,090
87
4,857,190
47,603,386
136
4,481,524
46,944,661
138
4,728,696
60,841,325
78
.3,470,650
52,209,686
131
6,228,662
48,390,919
127
6,110,363
48,765,121
65
6,128,254
43,047,442
134
6,421,814
47,898,287
63
6,197,665
47,868,364
100
6,427,103
47,135,285
137
6,437,836
46,695,234
96
6,194,992
46,667,652
127
6,261,144
46,732,832
53
4,929,019
46,393,015
77
5,564,013
49,828,771
127
3,746,800
47,647,665
2,302,030
7,249,867
49,244,763
694,419
4,504,172
48,684,242
819,745
7,208,286
48,568,692
401,672
6,334,028
48,200,874
1,003,306
6,138,300
47,820,242
817,838
5,853,794
47,768,604
699,486
6,470,553
47,439,242
1,058,487
5,316,837
46,748,305
1,074,287
4,923,814
44,961,011
1,039,299
6,047,267
44,839,428
658,055
5,659,006
47,525,400
741,798
4,544,196
48,506,185
723,619
6,051,665
47,924,685
896,538
6,020,499
47,417,809
695,804
6,506,882
47,136,906
748,559.
6,739,170
46,787,010
910,803
6,849,320
46,798,058
861,271
6,269,211
46,524,643
704,473
6,380,664
46,580,888
844,999
4,847,339
49,068,482
955,914
5,192,919
47,731,531
10,690
5,326,282
48,239,524
51,917
5,570,176
.52,314,252
16,358
3,972,-380
76,263,615
343,468
4,828,638
64,369,295
915,058
4,886,001
60,747,275
238.702
4,625,571
85,206,999.
286,345
4,241,272
98,069,011
180,582
4,996,150
99,472,168
422,012
7,531,182
92,302,428
471,737
6,559,222
84,701,289
3.37,580
5,671,678
74,085,499
650,234
5,632, .374
63,040,181
.439,714
4,516,329
58,706,917
255,524
4,782,622
61,006,148
504,761
3,894,909
85,043,770
380,150
4,375,158
62,157,564
440,731
3,831,870
74,816,333
115,493
3,821,730
72,741,460
344,707
4,874,295
72,597,118
10,435
5,021,660
81,705,082
567,723
3,474,247
77,879,829
274,473
4,501,130
71,4o9,601
330.703
5,131,767
67,597,309
226,451
2,787,005
57,916,676
446,789
5,337,038
53,305,499
234,789
4,444,290
52,059,950
353,584
4,840,701
85,150,250
483,392
$23,526
24,988
18,087
24,688
59,070
18,663
26,376
9,115
4,579
14,654
26,718
8,830
6,994
48,045
17,253
27,569
16,470
12,097
28,994
14,621
12,062
15,586
20,108
9,006
18,495
25,179
18,026
22,265
10,668
7,678
11,779
14,801
7,466
6,067
60,378
10,280
6,969
21,633
4,037
4,560
9,561
34,623
5,191
30,344
13,425
5,736
20,349
2,528
7,282
85,209
66,927
13,746
.87,531
11,000
1 I n c l u d i n g certified checks on b a n k s from a n d after t h i s d a t e .
Total.
$107,218,019
78,266,835
77,765,749
78,065,117
79,870,237
77,059,864
62,381,490
68,616,987
57,382,397
57,139,222
56,182,036
54,627,531
64,263,892
54,102,432
63,500,422
52,602,077
56,843,693
66,628,663
66,792,809
66,812,221
.64,070,710
64,987,938
64,669,562
54,071,067
64,032,424
64,305,050
63,363,284
52,507,370
66,393,753
55,683,357
69,084,036
65,780,715
57,650,360
57,747,101
56,500,625
55,766,680
66,773,173
55,211,167
63,258,246
54,120,722
56,625,120
56,195,548
.56,117,270
66,234,237
.56,339,042
56,203,385
55,732,920
54,377,881
55,159,149
56,203,374
54,348,767
55,348,619
59,918,891
82,587,630
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
68,342,485
91,446,059
69,153,066
80,997,470
79,061,148
79,527,726
89,033,445
83,146,310
78,564,487
75,520,573
64,020,161
61,767,839
59,813,324
' '93,296,335
358
REPORT ON THE F^INANCES.
No. 18.—Assets ofthe Treasury at the end of each month, from January, 1909.
Months.
1909—January...
February..
March.!;...
Ajpril
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.
i
December.
1913—January...
February..
March
April
May
June
July
August
September,
October...
November.
December.
1914—January..
February.
March
April
May
June
July
August
September
October...
November.
December.
1915—January...
February.,
March
April
May.
June
Gold.
Silver.
043, 084,403 $623,069,642
046, 736,760
525 249,563
037, 129,397
526 964,965
040, 200,205
527 984,706
039, 657,057
528 647,077
042, 704,301
527 607,960
041, 004,692
527 126,759
048, 657,026
525 160,439
048, 390,501
520 315,280
049, 940,956
515 894,972
040, 944,907
513 448,649
031, 896,408
512 305,824
036, 448,143
517 785,598
044 284,908
520 003,623
054 777,434
520 278,749
028, 707,383
520 314,193
032, 473,506
520 441,027
045, 165,485
518 965,845
060, 084,412
519 969,208
083, 494,916
519 227,663
090, 327,970
616 406,976
097, 824,231
513 800,786
099, 706,602
511 275,782
103, 178,210
510 986,350
121, 648,253
516 147,376
136, 789,843
518 052,008
147, 691,888
519 475,581
165, 154,789
520 353,785
152, 683,863
520 728,735
163; 901.184
520 960,333
173, 876,283
6^1 263,655
182, 008,996
520 482,286
187, 629,516
517 669,349
197, 142,439
616 646,005
180, 943,919
613 973,762
182, 974,010
513 426,208
199, 807,885
518 426,770
199, 090,397
520 630,837
201; 274.185
523 760,855
205, 154,851
524 445, 743
204, 496,379
525 186,167
207; 464,264
525 564,311
214, 863,555
525 568,278
220, 384,211
524 543,358
231, 472,109
524 846,121
246, 220,949
517 764,174
246, 142,149
515 336,462
255, 417,901
512 906,057
258; 572,280
517 327,450
256, 862,957
519 086,124
251, 434,421
519 743,999
255, 381,308
519 677,375
251, 365,466
519 393,105
262, 361,036
518 948,328
266 977,845
618 420,396
275 873,281
517 388,166
284: 703,215
514 847,527
291 423,315
511, 936,341
284; 283,654
510 511,958
290, 420,350
509 509,059
306, 003,702 ' 516 879,000
308, 361,157
618 094,653
321, 537,093
519 918,752
329, 790,654
521 441,990
315, 910,529
522 551,174
279, 112,110
522 867,166
254; 938,073
523 931,328
217, 498,306
523 177,198
203, 894,071
522 837,708
169, 562,079
522 807,782
179, 568,257
523 029,652
184, 368,720
523 002,000
200, 696,748
528 633,894
223, 463,242
531 075,748
257; 012,666
532 777,763
285, 098,425
533 923,619
318, 211,078
534 079,508
382, 959,989
634 062,472
Notes.
Certfficates.
Other.
•Total.
$46,439,993 $45,491,567 $107,218,019 $1, 765, 303,624
41,624,579
61,042,298
78,265,835
1, 752, 919,025
30,379,395
54,268,697
77,765,749
1, 726, 608,203
31,174,624
48,054,783
78,065,117
1, 725, 479,435
32,592,755
34,449,693
79,870,235
1 715, 216,819
30,955,602
44,443,096
77,059,854
1, 722, 770,813
36,172,438
56,544,743
62,381,490
1, 722, 230.122
33,820,500
57,422,146
58,615,987
1, 723, 676,098
63,780,879
57,382,397
27,928,040
1, 717, 797,097
22,458,163
85,243,491
57,139,222
1, 730, 676,804
22,173, 1J68
56,182,035
1, 732, 639,766
99,891,007
31,063,334
97,861,342
54,627,531
1, 727, 744,439
45,705,291
61,242,467
54,253,892
1, 715, 435,391
36,353,447
47,382,217
54,102,432
1, 702, 126,627
27,475,806 • 51,365,048
53,500,422
1, 707, 397,459
32,269,211
72,906,976
52,602,077
1, 706, 799,839
1, 708, 181,796
36,219,371
62,204,299 . 56,843,593
41,673,819
70,702,432
66,628,663
1, 733 136,244
45,466,115
51,745,264
55,792,809
1, 733 057,808
41,929,342
46,212,773
55,812,221
1/ 746; 676,815
35,144,896
54,4.51,197
54,070,710
1, 750, 401,749
24,309,908
68,751,089
54,987,938
1, 759, 673,952
26,609,451
74,942,860
54,669,562
1, 767, 204,257
32,893,958
84,918,531
54,071,067
1, 786, 048,116
46,406,623
47,063,375
54,032,424
1, 786, 298,051
37,200,928
36,953,297
54,305,060
1, 783, 301,126
41,188,423
53,363,284
1, 794, 857,871
33,238,695
41,026,094
39,438,037
52,607,370
1, 808, 480,075
42,638,968
42,806,272
56,393,753
1, 815, 151,591
74,458,044
65,683,357
1, 863, 196,781
48,193,863
247,017
47,816,057
87,206,986
59,084,036
1,
678,554
47,695,488
76,711,069
55,780,715
1,
510,037
77,555,323
67,650,360
1,
46,005,489
37,944,322
88,691,256
57,747,101
1, 897, 171,123
35,676,870 113,939,948
56,500,625
1, 901, 035,124
44,112,047 115,150,718
55,766,680
1, 911, 429,663
57,414,603
87,393,765
56,773,17S
1, 919, 816,196
48,643,350
76,816,176
55,211,167
i ; 900, 291,927
43,778,551
93,602,738
53,258,245
1, 915, 674,574
43,257,308
93,213,016
54,120,722
1, 920, 191,640
44,609,104
86,077,899
56,625,120
1 916, 994,669
48,989,858 108,946,351
56,195,648
1, 947, 160,332
51,222,331 106,030,0.53
56,117,270
1, 953: 801,487
48,955,086 122,140,899
56,234,237
1 972; 257,791
42,076,023 132,951,233
56,339,042
1, 987, 683,528
31,847,810 119,988,604
56,203,385
1, 972, 024,922
33,633,022 136,130,697
55,732,920
1, 986, 975,250
37,793,723 141,561,655
54,377,881
2 002, 057,217
56,601,968
97,873,653
55,159,149
1, 985, 534,500
47,496,368
96,481,636
56,203,374
1, 976, 130,459
42,215,710
95,322,373
54,348,767
1, 963; 065,270
44,966,122
96,410,642
55,348,619
1, 971 784,066
48,476,066
97,505,505
59,918,891
1, 976; 659,033
140,698
52,872,836
97,370,868
82,587,630
2, 014, 930,036
56,463,804 104,982,638
72,085,353
2, 018,
57,229,003 111,879,767
67,700,139
2, 030; 070,356
56,212,408
72,607,288
91,771,428
2, 020, 141,866
846,293
41,569,198
89,100,559
103,816,880
2, 037; 827,202
36,401,191 109,616,302
106,014,097
2, 046, 864,977
038,
38,008,479
99,534,428
101,392,661
2,
64,225,344
64,449,004
93,331,563 . 2, 043, 888,613
52,796,217
58,709,327
82,196,734
2 020, 158,083
906,121
43,586,912
56,873,208
70,990,156
2, 012:
45,038,106
48,903,923
65,384,450
2, 010; 559.123
38,518,211
46,026,033
68,342,485
1, 991 348,432
44,338,468
91,446,059
2, 004; 837,556
67,073,753
44,083,304
62,215,812
69,153,066
1, 954, 321,583
32,877,792
56,819,144
80,997,470
1, 911, 369,910
36,727,594
52,862,489
79,061,148
1, 895, 383,010
49,735,739
79,527,726
1, 866, 321,137
44,687,811
97,662,976
64,364,320
89,033,445
1, 953, 658,650
101,486,251
72,315,412
83,146,310
1, 964, 318,693
129,711,074
61,547,556
78,564,487
1, 999, 153,759
94,557,524
71,999,289
75,520,573
1, 996, 616,371
75,627,504
79,141,137 • 64,020,161
2, 008, 579,236
67,666,883
61,767,839
2, 004, 619,885
56,163,119
54,853,660
62,312,202
69,813,324
2, 029, 269,772
62,114,479
94,707,755
93,296,335
2, 157, 141,029
TREASURER.
359
No. 19.—Liabilities ofthe Treasury at the end of each month, from January, 1909.
Months.
1909—January...
February.
March
April
May
June
July
August...
September
October...
November.
December.
1910—January...
February.
March.....
April.
May
Jurie
July
August...
September
October...
November.
December.
1911—January...
Febmary.
March
April
May
June
'.
July
Au.gust...
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
July
August....
September
October...
November,
December.
1915—January...
February.
March
April
May
June
Certificates
and Treasury notes.
Agency
account.
$115
112:
no;
869
869
869
114,
111,
105:
120;
124,
120;
125
125
127;
129,
123
122;
128,
125
'I20;
126,
127,
126,
131
128;
134,
128;
125
127:
129;
123
111
124:
126;
122
126;
122
131
123
121
115
121
118
105
114;
122,
123
125
126,
130,
122,
124
118;
121
127;
125
157;
160,
162
169:
171
169;
163
I6O;
157,
151
146:
118;
131,
139:
147;
164,
253:
279:
297;
281
257:
245;
21s,
185,
Balance.
$299,
291
283:
277:
269:
276;
258;
247:
244;
239:
231:
234;
230;
230;
238,
233,
232:
256;
242
239;
240,
235
236;
239,
235
235
239;
235
236;
290,
302,
292
294
286;
282
'276;
273
271:
281
276
276;
317
311
304;
299,
298,
299,
293
295:
297'
298:
291:
283:
315:
282:
277;
273
274;
269
261
254;
242,
240,
230,
224,
311
309;
286,
278,
258,
240,
233,
226,
212,
208,
192,
187,
257,
Total.
1,303,524
1,919,025
,508,203
,479,435
1,216,819
1,770,813
,230,122
,676,098
,797,097
^,676,804
,639,766
,744,439
,436,391
,126,627
,397,469
1,799,839
',,181,796
,136,244
,057,808
i, 676,815
1,401,749
1,673,952
,204,157
1,048,116
,298,051
,301,126 .
,857,871 '
1,480,075
,151,691
,196,781
1,247,017
!, 678,654
^, 610,037
,171,123
,035,124 ,
,429,663
1,816,196
1,291,927
,674,574
1,191,640
1,994,669
,160,332
,801,487
1,257,791
,683,628
,024,922
;, 976,250
,057,217
,534,600
1,130,459
1,066,270
,784,066
'.,659,033
,140,698
,930,036
1,070,356
1,141,866
',846,293
1,827,202
,864,977
,888,613
1,158,088
,906,121
1,659,123
,348,432
:, 837,556
[,321,583
,369,910
i, 383,010
1,321,137
!, 668,650
t, 318,693
t, 153,759
i, 615,676
1,579,231
,619,885
1,269,772
,141,030
360
REPORT ON THE FINANCES.
No. 20.— United States notes of each denomination issued, redeemed, and outstanding at
the close of each fiscalyear from 1908.
Denominations.
Issued durmg year.
Total Issued.
Redeemed
during year.
Total redeemed. Outstanding.
1908.
OnedoUar
• Two dollars
Five dollars
Ten dollars
Twenty doUars
Fifty doUars
One hundred doUars
Five hundred doUars
;One thousand doUars
Five thousand doUars...
•Ten thousand doUars
Total
Unknown, destroyed.
Net.,
$188, 364,160
186, 763,048
671, 741,760
1,335, 331,240
531, 562,400
147, 015,200
193, 914,000
219, 626,000
.432, 028,000
20, 000,000
40, 000,000
$14,046.00 $186,502,817.80 $1,861,342.20
185,355,022.20
1,408,025.80
13,344.00
596,425,295.00 75,316,465.00
9,523; 650.00
102,919,770.00 1,132,013,304.00 203,317,936.00
514,391,378.00
17,171,022.00
3,275., 240.00
144,039,425.-00
2,975,775.00
466,150.00
186,598,550.00
7,315,450.00
1,10
@FedFRASER